10-Q

UNITED STATES

SECURITIES & EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2019

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)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock (Par Value $0.01)	MGM	New York Stock Exchange (NYSE)

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   ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).   Yes   ☒    No  ☐

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

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

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 August 5, 2019
Common Stock, $0.01 par value	521,426,655 shares

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

FORM 10-Q

I N D E X

		Page
PART I.	FINANCIAL INFORMATION	1
Item 1.	Financial Statements (Unaudited)	1
	Consolidated Balance Sheets at June 30, 2019 and December 31, 2018	1
	Consolidated Statements of Operations for the Three Months and Six Months Ended June 30, 2019 and June 30, 2018	2
	Consolidated Statements of Comprehensive Income for the Three Months and Six Months Ended June 30, 2019 and June 30, 2018	3
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and June 30, 2018	4
	Consolidated Statements of Stockholders’ Equity for the Six Months Ended June 30, 2019 and June 30, 2018	5
	Condensed Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4.	Controls and Procedures	44
PART II.	OTHER INFORMATION	44
Item 1.	Legal Proceedings	44
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 6.	Exhibits	45
SIGNATURES		47

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

	June 30,			December 31,
	2019			2018
ASSETS
Current assets
Cash and cash equivalents	$	1,160,591		$	1,526,762
Accounts receivable, net		562,772			657,206
Inventories		106,707			110,831
Income tax receivable		20,994			28,431
Prepaid expenses and other		188,970			203,548
Total current assets		2,040,034			2,526,778
Property and equipment, net		21,054,337			20,729,888
Other assets
Investments in and advances to unconsolidated affiliates		746,733			732,867
Goodwill		2,080,904			1,821,392
Other intangible assets, net		3,922,684			3,944,463
Operating lease right-of-use assets, net		664,817			—
Other long-term assets, net		304,206			455,318
Total other assets		7,719,344			6,954,040
	$	30,813,715		$	30,210,706
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	277,591		$	302,578
Construction payable		231,740			311,793
Current portion of long-term debt		—			43,411
Accrued interest on long-term debt		136,790			140,046
Other accrued liabilities		2,140,418			2,151,054
Total current liabilities		2,786,539			2,948,882
Deferred income taxes, net		1,552,552			1,342,538
Long-term debt, net		14,661,695			15,088,005
Operating lease liabilities		529,171			—
Other long-term obligations		228,451			259,240
Commitments and contingencies (Note 8)
Redeemable noncontrolling interests		100,586			102,250
Stockholders' equity
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 526,333,157 and 527,479,528 shares		5,263			5,275
Capital in excess of par value		4,181,585			4,092,085
Retained earnings		2,359,966			2,423,479
Accumulated other comprehensive loss		(26,330	)		(8,556	)
Total MGM Resorts International stockholders' equity		6,520,484			6,512,283
Noncontrolling interests		4,434,237			3,957,508
Total stockholders' equity		10,954,721			10,469,791
	$	30,813,715		$	30,210,706
The accompanying 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						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Revenues
Casino	$	1,598,312		$	1,332,214		$	3,224,658		$	2,726,530
Rooms		586,503			563,871			1,160,718			1,103,351
Food and beverage		544,552			494,808			1,064,773			950,219
Entertainment, retail and other		382,738			363,242			727,112			692,992
Reimbursed costs		111,138			104,560			222,893			207,840
		3,223,243			2,858,695			6,400,154			5,680,932
Expenses
Casino		888,392			741,531			1,791,149			1,504,180
Rooms		208,643			202,968			412,637			392,026
Food and beverage		426,664			376,985			826,903			730,374
Entertainment, retail and other		269,983			243,370			513,613			470,204
Reimbursed costs		111,138			104,560			222,893			207,840
General and administrative		524,424			438,453			1,049,536			856,343
Corporate expense		108,061			103,438			237,497			202,947
Preopening and start-up expenses		879			19,077			4,166			85,994
Property transactions, net		5,790			16,970			14,566			22,868
Depreciation and amortization		334,788			296,208			651,202			565,030
		2,878,762			2,543,560			5,724,162			5,037,806
Income from unconsolidated affiliates		27,004			47,940			65,753			79,706
Operating income		371,485			363,075			741,745			722,832
Non-operating income (expense)
Interest expense, net of amounts capitalized		(215,829	)		(181,493	)		(431,949	)		(349,402	)
Non-operating items from unconsolidated affiliates		(21,477	)		(11,068	)		(39,642	)		(20,078	)
Other, net		(46,276	)		(6,381	)		(44,583	)		(8,297	)
		(283,582	)		(198,942	)		(516,174	)		(377,777	)
Income before income taxes		87,903			164,133			225,571			345,055
Benefit (provision) for income taxes		(11,734	)		(23,710	)		(83,245	)		61,669
Net income		76,169			140,423			142,326			406,724
Less: Net income attributable to noncontrolling interests		(32,764	)		(16,646	)		(67,624	)		(59,503	)
Net income attributable to MGM Resorts International	$	43,405		$	123,777		$	74,702		$	347,221
Net income per share of common stock attributable to MGM Resorts International
Basic	$	0.08		$	0.21		$	0.13		$	0.60
Diluted	$	0.08		$	0.21		$	0.13		$	0.60
Weighted average common shares outstanding
Basic		532,365			548,433			533,286			556,586
Diluted		535,417			554,339			536,456			563,108

The accompanying 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						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Net income	$	76,169		$	140,423		$	142,326		$	406,724
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		26,380			1,400			13,975			(22,752	)
Unrealized gain (loss) on cash flow hedges		(26,298	)		5,335			(39,621	)		19,191
Other comprehensive income (loss)		82			6,735			(25,646	)		(3,561	)
Comprehensive income		76,251			147,158			116,680			403,163
Less: Comprehensive income attributable to noncontrolling interests		(34,743	)		(19,138	)		(59,387	)		(55,569	)
Comprehensive income attributable to MGM Resorts International	$	41,508		$	128,020		$	57,293		$	347,594

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

3

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Six Months Ended
	June 30,
	2019			2018
Cash flows from operating activities
Net income	$	142,326		$	406,724
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		651,202			565,030
Amortization of debt discounts, premiums and issuance costs		19,735			19,956
Loss on retirement of long-term debt		53,211			2,636
Provision for doubtful accounts		17,328			17,324
Stock-based compensation		49,198			33,911
Property transactions, net		14,566			22,868
Income from unconsolidated affiliates		(26,111	)		(56,307	)
Distributions from unconsolidated affiliates		—			9,650
Deferred income taxes		68,613			(70,986	)
Change in operating assets and liabilities:
Accounts receivable		80,080			26,157
Inventories		5,113			(6,928	)
Income taxes receivable and payable, net		7,436			19,428
Prepaid expenses and other		21,682			8,855
Accounts payable and accrued liabilities		(119,205	)		116,060
Other		(17,341	)		(21,227	)
Net cash provided by operating activities		967,833			1,093,151
Cash flows from investing activities
Capital expenditures, net of construction payable		(321,618	)		(861,761	)
Dispositions of property and equipment		573			440
Acquisition of Empire City Casino, net of cash acquired		(535,681	)		—
Investments in unconsolidated affiliates		(80,669	)		(2,503	)
Distributions from unconsolidated affiliates		90,000			200,000
Other		(30,170	)		(15,609	)
Net cash used in investing activities		(877,565	)		(679,433	)
Cash flows from financing activities
Net repayments under bank credit facilities – maturities of 90 days or less		(1,979,956	)		(360,874	)
Issuance of long-term debt		3,250,000			1,000,000
Retirement of senior notes and senior debentures		(1,759,926	)		(2,265	)
Debt issuance costs		(45,546	)		(64,777	)
Issuance of MGM Growth Properties Class A shares, net		613,299			—
Dividends paid to common shareholders		(138,215	)		(133,334	)
Distributions to noncontrolling interest owners		(102,418	)		(101,407	)
Purchases of common stock		(281,833	)		(957,264	)
Other		(13,184	)		(18,230	)
Net cash used in financing activities		(457,779	)		(638,151	)
Effect of exchange rate on cash		1,340			(2,690	)
Cash and cash equivalents
Net decrease for the period		(366,171	)		(227,123	)
Balance, beginning of period		1,526,762			1,499,995
Balance, end of period	$	1,160,591		$	1,272,872
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized	$	415,196		$	324,779
Federal, state and foreign income taxes paid (received), net of refunds		7,069			(10,667	)

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

4

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In thousands)
(Unaudited)
																Total
										Retained			Accumulated			MGM Resorts
	Common Stock						Capital in			Earnings			Other			International			Non-			Total
				Par			Excess of			(Accumulated			Comprehensive			Stockholders'			Controlling			Stockholders'
	Shares			Value			Par Value			Deficit)			Income (Loss)			Equity			Interests			Equity
Balances, January 1, 2019		527,480		$	5,275		$	4,092,085		$	2,423,479		$	(8,556	)	$	6,512,283		$	3,957,508		$	10,469,791
Net income		—			—			—			31,297			—			31,297			32,635			63,932
Currency translation adjustment		—			—			—			—			(6,906	)		(6,906	)		(5,499	)		(12,405	)
Other comprehensive income - cash flow    hedges		—			—			—			—			(8,606	)		(8,606	)		(4,717	)		(13,323	)
Stock-based compensation		—			—			30,950			—			—			30,950			1,186			32,136
Issuance of common stock pursuant to    stock-based compensation awards		305			3			(4,278	)		—			—			(4,275	)		—			(4,275	)
Cash distributions to noncontrolling    interest owners		—			—			—			—			—			—			(5,133	)		(5,133	)
Dividends paid to common shareholders ($0.13 per share)		—			—			—			(69,799	)		—			(69,799	)		—			(69,799	)
MGP dividend payable to Class A    shareholders		—			—			—			—			—			—			(42,064	)		(42,064	)
Issuance of performance share units		—			—			1,546			—			—			1,546			—			1,546
Adjustment of redeemable non-controlling    interest to redemption value		—			—			(3,825	)		—			—			(3,825	)		—			(3,825	)
Empire City Acquisition		9,371			94			265,671			—			—			265,765			—			265,765
Empire City MGP transaction		—			—			(18,913	)		—			195			(18,718	)		23,745			5,027
MGP Class A share issuance		—			—			57,196			—			(774	)		56,422			472,421			528,843
Park MGM Transaction		—			—			(1,984	)		—			16			(1,968	)		2,496			528
Other		—			—			2,015			—			23			2,038			(917	)		1,121
Balances, March 31, 2019		537,156			5,372			4,420,463			2,384,977			(24,608	)		6,786,204			4,431,661			11,217,865
Net income		—			—			—			43,405			—			43,405			30,476			73,881
Currency translation adjustment		—			—			—			—			14,754			14,754			11,626			26,380
Other comprehensive income - cash flow    hedges		—			—			—			—			(16,651	)		(16,651	)		(9,647	)		(26,298	)
Stock-based compensation		—			—			15,991			—			—			15,991			1,073			17,064
Issuance of common stock pursuant to    stock-based compensation awards		182			1			(1,141	)		—			—			(1,140	)		—			(1,140	)
Cash distributions to noncontrolling    interest owners		—			—			—			—			—			—			(13,716	)		(13,716	)
Dividends paid to common shareholders ($0.13 per share)		—			—			—			(68,416	)		—			(68,416	)		—			(68,416	)
MGP dividend payable to Class A    shareholders		—			—			—			—			—			—			(43,310	)		(43,310	)
Repurchases of common stock		(11,005	)		(110	)		(281,723	)		—			—			(281,833	)		—			(281,833	)
Adjustment of redeemable non-controlling    interest to redemption value		—			—			992			—			—			992			—			992
Northfield OpCo transaction		—			—			21,681			—			(2	)		21,679			(27,439	)		(5,760	)
MGP Class A share issuances		—			—			9,905			—			105			10,010			52,189			62,199
Other		—			—			(4,583	)		—			72			(4,511	)		1,324			(3,187	)
Balances, June 30, 2019		526,333		$	5,263		$	4,181,585		$	2,359,966		$	(26,330	)	$	6,520,484		$	4,434,237		$	10,954,721
The accompanying notes are an integral part of these consolidated financial statements.

5

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In thousands)
(Unaudited)
																Total
										Retained			Accumulated			MGM Resorts
	Common Stock						Capital in			Earnings			Other			International			Non-			Total
				Par			Excess of			(Accumulated			Comprehensive			Stockholders'			Controlling			Stockholders'
	Shares			Value			Par Value			Deficit)			Income (Loss)			Equity			Interests			Equity
Balances, January 1, 2018		566,276		$	5,663		$	5,357,709		$	2,217,299		$	(3,610	)	$	7,577,061		$	4,034,063		$	11,611,124
Net income		—			—			—			223,444			—			223,444			40,740			264,184
Currency translation adjustment		—			—			—			—			(13,368	)		(13,368	)		(10,784	)		(24,152	)
Other comprehensive loss - cash flow    hedges		—			—			—			—			9,498			9,498			4,358			13,856
Stock-based compensation		—			—			14,742			—			—			14,742			1,375			16,117
Issuance of common stock pursuant to    stock-based compensation awards		493			5			(8,300	)		—			—			(8,295	)		—			(8,295	)
Cash distributions to noncontrolling    interest owners		—			—			—			—			—			—			(9,791	)		(9,791	)
Dividends paid to common shareholders ($0.12 per share)		—			—			—			(67,999	)		—			(67,999	)		—			(67,999	)
MGP dividend payable to Class A    shareholders		—			—			—			—			—			—			(29,777	)		(29,777	)
Issuance of performance share units		—			—			3,609			—			—			3,609			107			3,716
Repurchase of common stock		(10,000	)		(100	)		(362,300	)		—			—			(362,400	)		—			(362,400	)
Adjustment of redeemable non-controlling    interest to redemption value		—			—			(4,598	)		—			—			(4,598	)		—			(4,598	)
Other		—			—			(904	)		—			—			(904	)		(710	)		(1,614	)
Balances, March 31, 2018		556,769			5,568			4,999,958			2,372,744			(7,480	)		7,370,790			4,029,581			11,400,371
Net income		—			—			—			123,777			—			123,777			14,344			138,121
Currency translation adjustment		—			—			—			—			583			583			817			1,400
Other comprehensive loss - cash flow    hedges		—			—			—			—			3,660			3,660			1,675			5,335
Stock-based compensation		—			—			16,430			—			—			16,430			1,377			17,807
Issuance of common stock pursuant to    stock-based compensation awards		102			1			(1,096	)		—			—			(1,095	)		—			(1,095	)
Cash distributions to noncontrolling    interest owners		—			—			—			—			—			—			(24,287	)		(24,287	)
Dividends paid to common shareholders ($0.12 per share)		—			—			—			(65,335	)		—			(65,335	)		—			(65,335	)
MGP dividend payable to Class A    shareholders		—			—			—			—			—			—			(30,492	)		(30,492	)
Repurchase of common stock		(19,004	)		(190	)		(594,674	)		—			—			(594,864	)		—			(594,864	)
Adjustment of redeemable non-controlling    interest to redemption value		—			—			(5,986	)		—			—			(5,986	)		—			(5,986	)
Other		—			—			(818	)		—			—			(818	)		(216	)		(1,034	)
Balances, June 30, 2018		537,867		$	5,379		$	4,413,814		$	2,431,186		$	(3,237	)	$	6,847,142		$	3,992,799		$	10,839,941
The accompanying notes are an integral part of these consolidated financial statements.

6

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)  

NOTE 1 — ORGANIZATION

Organization. MGM Resorts International (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the “Company”) is a Delaware corporation that acts largely as a holding company and, through subsidiaries, owns and operates casino resorts.

The Company owns and operates the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada: Bellagio, MGM Grand Las Vegas, The Mirage, Mandalay Bay, Luxor, New York-New York, Park MGM, Excalibur and Circus Circus Las Vegas. Operations at MGM Grand Las Vegas include management of The Signature at MGM Grand Las Vegas, a condominium-hotel consisting of three towers. The Company operates and, along with local investors, owns MGM Grand Detroit in Detroit, Michigan, MGM National Harbor in Prince George’s County, Maryland, and MGM Springfield in Springfield, Massachusetts. The Company also owns and operates Borgata located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey, Empire City in Yonkers, New York, MGM Northfield Park in Northfield Park, Ohio, and the following resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike in Tunica. Additionally, the Company owns The Park, a dining and entertainment district located between New York-New York and Park MGM, Shadow Creek, an exclusive world-class golf course located approximately ten miles north of its Las Vegas Strip resorts, Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier, Mississippi.

MGM Growth Properties LLC (“MGP”), a consolidated subsidiary of the Company, is organized as an umbrella partnership REIT (commonly referred to as an UPREIT) structure in which substantially all of its assets are owned by and substantially all of its businesses are conducted through MGM Growth Properties Operating Partnership LP (the “Operating Partnership”). MGP has two classes of authorized and outstanding voting common shares (collectively, the “shares”): Class A shares and a single Class B share. The Company owns MGP’s Class B share, which does not provide its holder any rights to profits or losses or any rights to receive distributions from operations of MGP or upon liquidation or winding up of MGP. MGP’s Class A shareholders are entitled to one vote per share, while the Company, as the owner of the Class B share, is entitled to an amount of votes representing a majority of the total voting power of MGP’s shares so long as the Company and its controlled affiliates’ (excluding MGP) aggregate beneficial ownership of the combined economic interests in MGP and the Operating Partnership does not fall below 30%. The Company and MGP each hold Operating Partnership units representing limited partner interests in the Operating Partnership. The general partner of the Operating Partnership is a wholly-owned subsidiary of MGP. The Operating Partnership units held by the Company are exchangeable into Class A shares of MGP on a one-to-one basis, or cash at the fair value of a Class A share. The determination of settlement method is at the option of MGP’s independent conflicts committee. The Company and MGP’s ownership interest percentage in the Operating Partnership have varied based upon the transactions that MGP has completed, as discussed in Note 10. As of June 30, 2019, the Company owned 68.3% of the Operating Partnership units, and MGP held the remaining 31.7% ownership interest in the Operating Partnership.

Pursuant to a master lease agreement between a subsidiary of the Company (the “tenant”) and a subsidiary of the Operating Partnership (the “landlord”), the tenant leases the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Park MGM, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor, and MGM Northfield Park from the landlord.

In January 2019, the Company acquired the real property and operations associated with the Empire City Casino's race track and casino (“Empire City”). Subsequently, MGP acquired the developed real property associated with Empire City from the Company and Empire City was added to the existing master lease between the Company and MGP. Refer to Note 3 for additional information.

In March 2019, the Company entered into an amendment to the existing master lease with respect to investments made by the Company related to improvements at Park MGM and NoMad Las Vegas. Additionally, in April 2019, the Company acquired the membership interests of Northfield Park Associates, LLC (“Northfield”), the entity that owned the operating assets associated with Hard Rock Rocksino Northfield Park (rebranded to MGM Northfield Park upon the Company’s acquisition), from MGP, and MGP retained the associated real estate assets. MGM Northfield Park was then added to the existing master lease between the Company and MGP. Refer to Note 12 for additional information on these transactions.

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The Company has an approximate 56% controlling interest in MGM China Holdings Limited (together with its subsidiaries, “MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”). MGM Grand Paradise owns and operates the MGM Macau resort and casino and MGM Cotai, an integrated casino, hotel and entertainment resort located on the Cotai Strip in Macau, as well as the related gaming subconcession and land concessions. In March 2019, MGM Grand Paradise and its concessionaire, Sociedade de Jogos de Macau, S.A (“SJMSA”) entered into a Sub-Concession Extension Contract (the “Extension Agreement”), pursuant to which the gaming sub-concession of MGM Grand Paradise, which was due to expire on March 31, 2020, has been extended to June 26, 2022, which coincides with the current expiration date of all the other concessionaires and sub-concessionaires. In connection with the extension, MGM Grand Paradise paid the government of Macau approximately $25 million upon signing of the Extension Agreement as contract premium for such extension. In addition, in March 2019, MGM Grand Paradise also executed the MGM SJM Agreement with SJMSA, pursuant to which MGM Grand Paradise paid SJMSA an amount of approximately $2 million in connection with the extension of the sub-concession.

The Company owns 50% of and manages CityCenter Holdings, LLC (“CityCenter”), located between Bellagio and Park MGM. The other 50% of CityCenter is owned by Infinity World Development Corp, a wholly owned subsidiary of Dubai World, a Dubai, United Arab Emirates government decree entity. CityCenter consists of Aria, an integrated casino, hotel and entertainment resort; and Vdara, a luxury condominium-hotel. See Note 4 for additional information related to CityCenter.

The Company and a subsidiary of Anschutz Entertainment Group, Inc. (“AEG”) each own 42.5% of the Las Vegas Arena Company, LLC (“Las Vegas Arena Company”), the entity which owns the T-Mobile Arena, and Athena Arena, LLC owns the remaining 15%. The Company also manages the T-Mobile Arena. Additionally, the Company leases the MGM Grand Garden Arena, located adjacent to the MGM Grand Las Vegas, to the Las Vegas Arena Company. See Note 4 for additional information regarding the Company’s investment in the Las Vegas Arena Company.

The Company has three reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China. See Note 11 for additional information about the Company’s segments.

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 (“SEC”), certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2018 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

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.

Principles of consolidation. Management has determined that MGP is a variable interest entity (“VIE”) because the Class A equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance. The Company has determined that it is the primary beneficiary of MGP and consolidates MGP because (i) its ownership of MGP’s single Class B share entitles it to a majority of the total voting power of MGP’s shares, and (ii) the exchangeable nature of the Operating Partnership units owned provide the Company the right to receive benefits from MGP that could potentially be significant to MGP. The Company has recorded MGP’s ownership interest in the Operating Partnership of 31.7% as of June 30, 2019 as noncontrolling interest in the Company’s consolidated financial statements. As of June 30, 2019 and December 31, 2018, on a consolidated basis, MGP had total assets of $11.9 billion and $11.0 billion, respectively, primarily related to its real estate investments, and total liabilities of $5.5 billion and $5.1 billion, respectively, primarily related to its indebtedness.

Reclassifications. Certain reclassifications have been made to conform the prior period presentation.

Revenue recognition. The Company’s revenue contracts with customers consist of casino wager transactions, hotel room sales, food and beverage transactions, entertainment shows, and retail transactions.

For casino wager transactions that include incentives earned by customers under the Company’s loyalty programs, the Company allocates a portion of net win based upon the standalone selling price of such incentive (less estimated breakage). This allocation is deferred and recognized as revenue when the customer redeems the incentive. When redeemed, revenue is recognized in the department that provides the goods or service. Redemption of loyalty incentives at third party outlets are deducted from the loyalty liability and amounts owed are paid to the third party, with any discount received recorded as other revenue. During the three and six months ended June 30, 2019, commissions and incentives provided to gaming customers were $601 million and $1.2 billion, respectively. During the three and six months ended June 30, 2018, commissions and incentives provided to gaming customers were $520 million and $1.1 billion, respectively. After allocating revenue to other goods and services provided as part of casino wager transactions, the Company records the residual amount to casino revenue.

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Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resulting in a contract or contract-related liability. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) loyalty program obligations, which represents the deferred allocation of revenue relating to loyalty program incentives earned, as discussed above, and (3) customer advances and other, which is primarily funds deposited by customers before gaming play occurs (“casino front money”) and advance payments on goods and services yet to be provided such as advance ticket sales and deposits on rooms and convention space or for unpaid wagers. These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within “Other accrued liabilities” on the Company’s consolidated balance sheets.

The following table summarizes the activity related to contract and contract-related liabilities:

	Outstanding Chip Liability					Loyalty Program				Customer Advances and Other
	2019			2018		2019		2018		2019			2018
	(in thousands)
Balance at January 1	$	323,811		$	597,753	$	113,293	$	91,119	$	667,285		$	539,626
Balance at June 30		322,259			759,049		120,978		98,308		588,559			510,750
Increase / (decrease)	$	(1,552	)	$	161,296	$	7,685	$	7,189	$	(78,726	)	$	(28,876	)

Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) and by relevant geographic region within Note 11.

Leases. The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset.

For leases with terms greater than twelve months, the operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The initial measurement of the operating lease ROU assets also include any prepaid lease payments and are reduced by any previously accrued deferred rent. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company uses its incremental borrowing rate to discount the lease payments based on the information available at commencement date. Many of the Company’s leases include fixed rental escalation clauses that are factored into the determination of lease payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that such option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term.

The Company is a lessor under certain of its lease arrangements. Lease revenues earned by the Company from third-party tenants are classified within the line item corresponding to the type or nature of the tenant’s good or service. During the three and six months ended June 30, 2019, lease revenues from third-party tenants include $13 million and $25 million recorded within food and beverage revenue, respectively, and $22 million and $44 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. During the three and six months ended June 30, 2018, lease revenues from third-party tenants include $12 million and $25 million recorded within food and beverage revenue, respectively, and $22 million and $43 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations.

Recently issued accounting standards. In February 2016, the FASB issued ASC 842 “Leases (Topic 842)”, which replaces the existing guidance in Topic 840, “Leases”, (“ASC 842”). ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would classify and account for its lease agreements as either finance or operating. Both finance and operating leases will result in the lessee recognizing a ROU asset and a corresponding lease liability. For finance leases, the lessee will recognize interest expense associated with the lease liability and depreciation expense associated with the ROU asset; and for operating leases, the lessee will recognize straight-line rent expense. The Company adopted ASC 842 on January 1, 2019 utilizing the simplified transition method and accordingly did not recast comparative period financial information. The Company elected the basket of transition practical expedients which includes not needing to reassess: (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) direct costs for any existing leases. As a result of adoption, the Company recognized $656 million of operating ROU assets and $580 million of operating lease liabilities as of January 1, 2019.

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Prior to the adoption of ASC 842 on January 1, 2019, the master lease between subsidiaries of MGM and MGP was accounted for as a failed sale of the real estate assets due to the subsidiaries’ investments in the Operating Partnership, which constituted continuing involvement. As such, the real estate assets were reflected in the balance sheets of the applicable MGM subsidiaries as well as the associated finance lease liability. In connection with the adoption of ASC 842, the sale and leaseback of the real estate assets under the master lease now qualify as a passed sale and are determined to be operating leases. Accordingly, the real estate assets are now only reflected on the balance sheet of MGP and the MGM subsidiaries have recorded operating lease liabilities and operating ROU assets. The master lease and its related accounting eliminates in consolidation.

NOTE 3 — ACQUISITIONS

Empire City

On January 29, 2019, the Company acquired the real property and operations associated with Empire City for total consideration of approximately $865 million, plus customary working capital and other adjustments (“Empire City Acquisition”). The fair value of consideration paid included the issuance of approximately $266 million of the Company’s common stock, the incurrence of a new bridge facility, and the remaining balance in cash. If Empire City is awarded a license for live table games on or prior to December 31, 2022 and the Company accepts such license by December 31, 2024, the Company will pay additional consideration of $50 million. The acquisition expands the Company’s presence in the northeast region and greater New York City market. Subsequent to the Company’s acquisition, MGP acquired the developed real property associated with Empire City from the Company and Empire City was added to the existing master lease between the Company and MGP. See Note 12 for additional information.

The Company recognized 100% of the assets and liabilities of Empire City at fair value on the date of acquisition. Under the acquisition method, the fair value was allocated to the assets acquired and liabilities assumed in the transaction. The Company estimated fair value using both level 2 inputs, which are observable inputs for similar assets, and level 3 inputs, which are unobservable inputs. During the quarter ended June 30, 2019, the Company received updated information regarding facts and circumstances in existence as of the acquisition date that impacted the forecasted revenues and expenses utilized in the preliminary purchase price valuation. As a result, the Company recorded a measurement period adjustment that included a $76 million decrease to the racing and gaming license, a $17 million decrease to other intangible assets and a $20 million decrease to deferred income taxes, with the offset to goodwill. The allocation of fair value for the assets and liabilities remains preliminary, specifically for the intangibles, goodwill, and deferred income taxes, and may continue to be adjusted up to one year after the acquisition. Accordingly, final determination of the fair values may result in further adjustments to the values presented in the table below.

The following table sets forth the preliminary purchase price allocation (in thousands):

Fair value of assets acquired and liabilities assumed:
Property and equipment	$	645,733
Cash and cash equivalents		63,197
Racing and gaming license		52,000
Other intangible assets		34,000
Goodwill		256,133
Other assets		24,420
Deferred income taxes		(125,149	)
Other liabilities		(85,690	)
	$	864,644

The Company recognized the identifiable intangible assets at fair value. The estimated fair values of the intangible assets were preliminarily determined using methodologies under the income approach based on significant inputs that were not observable. The gaming license is an indefinite-lived intangible asset and the customer lists and trade name acquired, both of which comprise other intangible assets above, are amortized over their estimated useful lives of approximately four and five years, respectively. The goodwill is primarily attributable to the potential for a conversion to a full-scale gaming facility.

Consolidated results. For the period from January 29, 2019 through June 30, 2019, Empire City’s net revenue was $91 million, operating income was $9 million and net income was $20 million. Pro forma results of operations for the acquisition have not been presented because it is not material to the consolidated results of operations.

Northfield

On July 6, 2018, MGP completed its acquisition of 100% of the membership interests of Northfield. The financial results of Northfield have been included in the consolidated financial statements from the date of acquisition.

10

In April 2019, the Company subsequently acquired the membership interests of Northfield from MGP, and MGP retained the associated real estate assets. MGM Northfield Park was then added to the existing master lease between the Company and MGP. Refer to Note 12 for additional information on this intercompany transaction which eliminates in consolidation.

NOTE 4 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

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

	June 30,		December 31,
	2019		2018
	(In thousands)
CityCenter Holdings, LLC – CityCenter (50%)	$	528,634	$	589,965
Las Vegas Arena Company, LLC (42.5%)		74,032		73,540
Other		144,067		69,362
	$	746,733	$	732,867

The Company recorded its share of net income from unconsolidated affiliates, including adjustments for basis differences, as follows:  

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(In thousands)
Income from unconsolidated affiliates	$	27,004		$	47,940		$	65,753		$	79,706
Preopening and start-up expenses		—			—			—			(3,321	)
Non-operating items from unconsolidated affiliates		(21,477	)		(11,068	)		(39,642	)		(20,078	)
	$	5,527		$	36,872		$	26,111		$	56,307

CityCenter distributions. In March 2019, CityCenter paid a $64 million dividend, of which the Company received its 50% share, or approximately $32 million. In April 2019, CityCenter paid a $116 million dividend, of which the Company received its 50% share, or approximately $58 million. In May 2018, CityCenter paid a $400 million dividend, of which the Company received its 50% share, or $200 million.

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NOTE 5 — LONG-TERM DEBT

Long-term debt consisted of the following:

	June 30,			December 31,
	2019			2018
	(In thousands)
Senior credit facility	$	1,060,000		$	750,000
Operating Partnership senior credit facility		2,259,875			2,819,125
MGM China credit facility		700,862			2,433,562
$850 million 8.625% senior notes, due 2019		—			850,000
$500 million 5.25% senior notes, due 2020		267,476			500,000
$1,000 million 6.75% senior notes, due 2020		360,826			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		1,250,000			1,250,000
$1,050 million 5.625% Operating Partnership senior notes, due 2024		1,050,000			1,050,000
$750 million 5.375% MGM China senior notes, due 2024		750,000			—
$1,000 million 5.75% senior notes, due 2025		1,000,000			1,000,000
$750 million 5.875% MGM China senior notes, due 2026		750,000			—
$500 million 4.5% Operating Partnership senior notes, due 2026		500,000			500,000
$500 million 4.625% senior notes, due 2026		500,000			500,000
$750 million 5.75% Operating Partnership senior notes, due 2027		750,000			—
$1,000 million 5.5% senior notes, due 2027		1,000,000			—
$350 million 4.5% Operating Partnership senior notes, due 2028		350,000			350,000
$0.6 million 7% debentures, due 2036		552			552
		14,799,591			15,253,239
Less: Premiums, discounts, and unamortized debt issuance costs, net		(137,896	)		(121,823	)
		14,661,695			15,131,416
Less: Current portion		—			(43,411	)
	$	14,661,695		$	15,088,005

Debt due within one year of the June 30, 2019 and December 31, 2018 balance sheets was classified as long-term as the Company had both the intent and ability to refinance current maturities on a long-term basis under its revolving senior credit facilities, with the exception that $43 million related to MGM China’s term loan amortization payments in excess of available borrowings under the MGM China revolving credit facility were classified as current at December 31, 2018.

Senior credit facility. At June 30, 2019, the Company’s senior credit facility consisted of a $750 million term loan A facility and a $1.5 billion revolving facility. At June 30, 2019, $310 million was drawn on the revolving credit facility. At June 30, 2019, the interest rate on the term loan A facility was 4.40% and the interest rate on the revolving credit facility was 4.39%. The Company was in compliance with its credit facility covenants at June 30, 2019.

Operating Partnership senior credit facility. At June 30, 2019, the Operating Partnership senior credit facility consisted of a $470 million term loan A facility, a $1.79 billion term loan B facility, and a $1.35 billion revolving credit facility. At June 30, 2019, the interest rate on the term loan A facility was 4.15% and the interest rate on the term loan B facility was 4.40%. At June 30, 2019 no amounts were drawn on the revolving credit facility. The Operating Partnership was in compliance with its credit facility covenants at June 30, 2019. 

The Operating Partnership is party to interest rate swaps to mitigate the interest rate risk inherent in its senior secured term loan B facility. As of June 30, 2019, the Operating Partnership pays a weighted average fixed rate of 1.844% on total notional amount of $1.2 billion and the variable rate received will reset monthly to the one-month LIBOR, with no minimum floor. The Operating Partnership entered into additional interest rate swaps in December 2018 and June 2019. The December 2018 interest rate swaps have a notional amount of $400 million on which it will pay a fixed rate of 2.735% with a variable rate received resetting monthly to the one-month LIBOR with a floor of 0% and an effective date of December 31, 2019. The June 2019 interest rate swaps have a notional amount of $900 million on which it will pay a weighted average fixed rate of 1.801% with the variable rate resetting monthly to the one-month LIBOR with a floor of 0% and an effective date of November 30, 2021. As of June 30, 2019, and December 31, 2018, the derivative financial instruments have been designated as cash flow hedges and qualify for hedge accounting.

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MGM China credit facility. At June 30, 2019, the MGM China credit facility consisted of $599 million of term loans and a $1.0 billion revolving credit facility. MGM China permanently repaid $100 million and $199 million of the term loan facilities in the three and six months ended June 30, 2019 in accordance with the scheduled amortization. MGM China also used the proceeds from its senior notes issuance, discussed below, to permanently repay $1.0 billion of the term loan facilities, as well as pay down outstanding borrowings under its revolving credit facility in the three and six months ended June 30, 2019. At June 30, 2019, $102 million was drawn on the revolving credit facility. At June 30, 2019, the interest rates on the term loans and the revolving credit facility were both 4.77%. MGM China was in compliance with its credit facility covenants at June 30, 2019.

Bridge Facility. In connection with the Empire City transaction, the Company borrowed $246 million under a bridge facility, which was subsequently assumed by the Operating Partnership. The Operating Partnership repaid the bridge facility with a combination of cash on hand and a draw on its revolving credit facility, which was subsequently repaid with proceeds from its offering of its 5.75% senior notes due 2027, discussed below.

Senior Notes. In April 2019, the Company issued $1.0 billion in aggregate principal amount of 5.50% senior notes due 2027. The Company primarily used the net proceeds from the offering to fund the purchase of $639 million in aggregate principal amount of its outstanding 6.75% senior notes due 2020 and $233 million in aggregate principal amount of its outstanding 5.25% senior notes due 2020 through cash tender offers.

In February 2019, the Company repaid its $850 million 8.625% notes due 2019.

Operating Partnership senior notes. In January 2019, the Operating Partnership issued $750 million in aggregate principal amount of 5.75% senior notes due 2027.

MGM China senior notes. In May 2019, MGM China issued $750 million in aggregate principal amount of 5.375% senior notes due 2024 and $750 million in aggregate principal amount of 5.875% senior notes due 2026. The Company primarily used the net proceeds from the offering to pay down outstanding borrowings under the MGM China credit facility, as discussed above.

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $15.5 billion and $15.1 billion at June 30, 2019 and December 31, 2018, respectively. Fair value was estimated using quoted market prices for the Company’s senior notes and senior credit facilities.

NOTE 6 — INCOME TAXES

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 a provision of 13.3% and a provision of 36.9% for the three and six months ended June 30, 2019, respectively, compared to a provision of 14.4% and a benefit of 17.9% for the three and six months ended June 30, 2018, respectively.

The Company recognizes deferred income tax assets, net of applicable reserves, related to net operating losses, tax credit carryforwards and certain temporary differences. The Company recognizes future tax benefits to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied.

MGM Grand Paradise was previously granted an exemption from the Macau 12% complementary tax on gaming profits through March 31, 2020 and, given the Extension Agreement entered into last quarter, has applied for an extension of such exemption to June 26, 2022 to run concurrent with its extended sub-concession. Competitors of MGM Grand Paradise have received additional extensions of their complementary tax exemptions through June 26, 2022, which runs concurrent with the end of the term of their gaming concessions. The Company believes MGM Grand Paradise should also be entitled to such extension in order to ensure non-discriminatory treatment among gaming concessionaires and sub-concessionaires, a requirement under Macanese law. Based upon these developments, the Company re-measured the net deferred tax liability of MGM Grand Paradise assuming that it will receive an additional extension of its complementary tax exemption through June 26, 2022. This change in assumption resulted in a net increase in deferred tax liabilities in the amount of $35 million, due to an increase in the valuation allowance on certain net operating loss deferred tax assets partially offset by a reduction in certain intangible deferred tax liabilities, and a corresponding increase in the provision for income taxes for the six months ended June 30, 2019.

The Company recorded a $10 million increase in its valuation allowance on its foreign tax credit carryovers (“FTCs”) and a corresponding increase in its income tax expense for the six months ended June 30, 2019 based upon a revision of certain assumptions impacting the valuation allowance. The FTCs are attributable to the Macau Special Gaming Tax, which is 35% of gross gaming revenue in Macau. Significant judgment is required in assessing the need for a valuation allowance and future changes to these assumptions could result in material changes in the valuation allowance with a corresponding impact on the provision for income taxes in the period including such change.

Further, the Empire City Acquisition required a re-measurement of existing state deferred tax liabilities resulting in a $10 million increase in deferred tax liabilities and a corresponding income tax expense for the six months ended June 30, 2019.

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NOTE 7 — LEASES

The Company leases the land underlying certain of its properties, real estate, and various equipment under operating and, to a lesser extent, finance lease arrangements. The Company’s master lease agreement with a subsidiary of MGP for certain real estate assets is eliminated in consolidation and, accordingly is not included within the disclosures below; refer to Note 12 for further discussion of the master lease.

Lease expense for the three and six months ended June 30, 2019 includes operating lease cost of $26 million and $50 million, respectively. Other information related to the Company’s operating leases was as follows (in thousands, except for lease term and discount rate information):

	June 30, 2019
Supplemental balance sheet information	(In thousands)
Operating lease right-of-use assets	$	664,817
Operating lease obligation - short-term (recorded within “Other accrued liabilities”)	$	79,034
Operating lease obligation - long-term		529,171
Total operating lease liabilities	$	608,205
Weighted-average remaining lease term (years)	36
Weighted-average discount rate (%)	7

	Six Months Ended
	June 30, 2019
Supplemental cash flows information	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities - operating cash outflows    from operating leases	$	33,921

Maturities of operating lease liabilities were as follows:

Year ending December 31,	(In thousands)
2019 (excluding the six months ended June 30, 2019)	$	58,380
2020		92,443
2021		73,132
2022		58,641
2023		56,209
Thereafter		1,441,260
Total future minimum lease payments		1,780,065
Less: Amount of lease payments representing interest		(1,171,860	)
Total	$	608,205

NOTE 8 — COMMITMENTS AND CONTINGENCIES

October 1 litigation. The Company and/or certain of its subsidiaries have been named as defendants in a number of lawsuits related to the October 1, 2017 shooting in Las Vegas. The matters involve in large degree the same legal and factual issues, each case being filed on behalf of individuals who are seeking damages for emotional distress, physical injury, medical expenses, economic damages and/or wrongful death. Lawsuits were first filed in October 2017 and include actions originally filed in the District Court of Clark County, Nevada and in the Superior Court of Los Angeles County, California. In June 2018, the Company removed to federal court all actions that remained pending in California and Nevada state courts. The Company also initiated declaratory relief actions in federal courts in various districts against individuals who had sued or stated an intent to sue. Additional lawsuits related to this incident may be filed in the future.

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Since February of 2019, the Company and counsel representing plaintiffs in all pending matters and purporting to represent substantially all claimants known to the Company (collectively, the “Claimants”) have been, and continue to be, engaged in mediation efforts to resolve these matters. After multiple mediation sessions over several months, progress has been made, and while mediation is ongoing, the Company believes it is reasonably possible that a settlement will be reached. The related litigation is stayed pending mediation (the “Mediation Stay”) and the Company agreed to toll the statute of limitations to May 15, 2020, with respect to the Claimants. Although the Company continues to believe it is not legally responsible for the perpetrator’s criminal acts, in the interest of avoiding protracted litigation and the related impact on the community, the Company believes it is reasonably possible that continued mediation communications will result in a settlement with respect to the Claimants of approximately $735 million, subject to and depending on obtaining a minimum level of participation with escalators based on greater participation increasing the amount payable up to $800 million in the event of 100% participation. The Company has $751 million of insurance coverage available to fund this potential settlement, which the Company’s insurers have agreed to fund. The Company intends for substantially all Claimants to be covered by the settlement, however, it remains possible that certain Claimants may not join the settlement and/or additional claims may be asserted. The foregoing determination was made in accordance with generally accepted accounting principles, as codified in ASC 450-20, and is not an admission of any liability on the part of the Company or any of its affiliates.

If such a settlement is not consummated, the Mediation Stay will be lifted and the Company is currently unable to reliably predict the future developments in, outcome of, and economic costs and other consequences of any such litigation related to this matter. The Company will continue to investigate the factual and legal defenses, and evaluate these matters based on subsequent events, new information and future circumstances. The Company intends to defend against any such lawsuits and ultimately believes it should prevail, but litigation of this type is inherently unpredictable. Although there are significant procedural, factual and legal issues to be resolved that could significantly affect the Company’s belief as to the possibility of liability, the Company currently believes that it is reasonably possible that it could incur liability in connection with certain of these lawsuits. The foregoing determination was made in accordance with generally accepted accounting principles, as codified in ASC 450-20, and is not an admission of any liability on the part of the Company or any of its affiliates. Given that these cases would be in the early stages, and in light of the uncertainties surrounding them, the Company does not currently possess sufficient information to determine a range of reasonably possible liability. The insurance carriers have not expressed a reservation of rights or coverage defense that affects the Company’s evaluation of potential losses in connection with these claims. The Company’s general liability insurance coverage provides, as part of the contractual “duty to defend”, payment of legal fees and associated costs incurred to defend covered lawsuits that are filed arising from the October 1, 2017 shooting in Las Vegas. Payment of such fees and costs is in addition to (and not limited by) the limits of the insurance policies and does not erode the total liability coverage available.

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.

Other guarantees. The Company and its subsidiaries are 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 $250 million, the Operating Partnership’s senior credit facility limits the amount to $75 million, and MGM China’s credit facility limits the amount to $100 million. At June 30, 2019, $12 million in letters of credit were outstanding under the Company’s senior credit facility. No letters of credit were outstanding under the Operating Partnership’s senior credit facility or MGM China’s credit facility at June 30, 2019. The amount of available borrowings under each of the credit facilities are reduced by any outstanding letters of credit.

In connection with the Extension Agreement, MGM Grand Paradise provided a bank guarantee in an amount of approximately $102 million to the government of Macau in May 2019 to warrant the fulfillment of labor debts upon the expiration of the Extension Agreement in June 2022.

15

NOTE 9 — INCOME PER SHARE OF COMMON STOCK

The table below reconciles basic and diluted income per share of common stock. Diluted net income attributable to common stockholders includes adjustments for redeemable noncontrolling interests and the potentially dilutive effect on the Company’s equity interests in MGP and MGM China due to shares outstanding under their respective stock compensation plans. Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan.   

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(In thousands)
Numerator:
Net income attributable to MGM Resorts International	$	43,405		$	123,777		$	74,702		$	347,221
Adjustment related to redeemable noncontrolling interests		992			(5,986	)		(2,832	)		(10,584	)
Net income available to common stockholders - basic		44,397			117,791			71,870			336,637
Potentially dilutive effect due to MGP and MGM China stock compensation plans		(35	)		(26	)		(86	)		(158	)
Net income attributable to common stockholders - diluted	$	44,362		$	117,765		$	71,784		$	336,479
Denominator:
Weighted-average common shares outstanding - basic		532,365			548,433			533,286			556,586
Potential dilution from share-based awards		3,052			5,906			3,170			6,522
Weighted-average common and common equivalent shares - diluted		535,417			554,339			536,456			563,108
Antidilutive share-based awards excluded from the calculation of diluted    earnings per share		2,411			2,441			2,170			1,305

NOTE 10 — STOCKHOLDERS’ EQUITY

Noncontrolling interest ownership transactions

Empire City transaction. As further discussed in Note 12, in January 2019, MGP acquired the developed real property associated with Empire City from the Company for consideration that included the issuance of approximately 13 million Operating Partnership units to a subsidiary of the Company. The Company adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the Empire City transaction, the Company indirectly owned 74.6% of the partnership units in the Operating Partnership.

MGP Class A share issuance. In January 2019, MGP completed an offering of approximately 20 million of its Class A shares. In connection with the offering, the Operating Partnership issued 20 million Operating Partnership units to MGP. The Company has adjusted the carrying value of the noncontrolling interests as a result of MGP’s Class A share issuance to adjust for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to MGP’s issuance of the incremental shares, the Company indirectly owned 69.7% of the partnership units in the Operating Partnership.

Park MGM Lease Transaction. As further discussed in Note 12, in March 2019, the Company and MGP completed the Park MGM Lease Transaction for which consideration included the issuance of approximately 1 million Operating Partnership units to a subsidiary of the Company. The Company has adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the issuance of the incremental shares, the Company indirectly owned 69.8% of the partnership units in the Operating Partnership.

Northfield OpCo transaction. As further discussed in Note 12, in April 2019, the Company acquired the membership interests of Northfield from MGP for consideration of approximately 9 million Operating Partnership units that were ultimately redeemed by the Operating Partnership and MGP retained the real estate assets. The Company has adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the Northfield OpCo transaction, the Company indirectly owned 68.8% of the partnership units in the Operating Partnership.  

16

MGP Class A share issuances – At-the-Market (“ATM”) program. During the quarter ended June 30, 2019, MGP issued approximately 2 million Class A shares under its ATM program. In connection with the issuances, the Operating Partnership issued 2 million Operating Partnership units to MGP. The Company has adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the issuances, the Company indirectly owned 68.3% of the partnership units in the Operating Partnership.

Other equity activity

MGM Resorts International dividends. On July 25, 2019 the Company’s Board of Directors approved a quarterly dividend of $0.13 per share that will be payable on September 16, 2019 to holders of record on September 10, 2019.

MGM Resorts International stock repurchase program. In May 2018, the Company’s Board of Directors authorized a $2.0 billion stock repurchase program, and the Company completed the previously announced $1.0 billion stock repurchase program. Under each stock repurchase program, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time.

During the three and six months ended June 30, 2019, the Company repurchased approximately 11 million shares of its common stock at an average price of $25.61 per share for an aggregate amount of $282 million. Repurchased shares were retired. The remaining availability under the $2.0 billion stock repurchase program was approximately $1.1 billion as of June 30, 2019.

Subsequent to the quarter ended June 30, 2019, the Company repurchased 6 million shares of its common stock at an average price of $28.86 per share for an aggregate amount of $173 million. Repurchased shares will be retired.

During the three months ended June 30, 2018, the Company repurchased approximately 19 million shares of its common stock at an average price of $31.30 per share for an aggregate amount of $595 million. During the six months ended June 30, 2018, the Company repurchased approximately 29 million shares of its common stock at an average price of $33.00 per share for an aggregate amount of $957 million. Repurchased shares were retired.

Accumulated other comprehensive income. Changes in accumulated other comprehensive income attributable to MGM Resorts International are as follows:

	Currency Translation			Cash Flow
	Adjustments			Hedges			Other			Total
	(In thousands)
Balance, January 1, 2019	$	(18,872	)	$	9,144		$	1,172		$	(8,556	)
Other comprehensive income (loss) before reclassifications		13,975			(36,007	)		—			(22,032	)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense		—			(3,614	)		—			(3,614	)
Empire City MGP transaction		—			—			195			195
MGP Class A share issuances		—			—			(669	)		(669	)
Park MGM Transaction		—			—			16			16
Northfield OpCo transaction		—			—			(2	)		(2	)
Other		—			—			95			95
Other comprehensive income (loss), net of tax		13,975			(39,621	)		(365	)		(26,011	)
Less: Other comprehensive (income) loss attributable to noncontrolling interest		(6,127	)		14,364			—			8,237
Balance, June 30, 2019	$	(11,024	)	$	(16,113	)	$	807		$	(26,330	)

17

NOTE 11 — 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 has aggregated its operating segments into the following reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China.

Las Vegas Strip Resorts.  Las Vegas Strip Resorts consists of the following casino resorts: Bellagio, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including Delano and Four Seasons), The Mirage, Luxor, New York-New York (including the Park), Excalibur, Park MGM (including NoMad Las Vegas) and Circus Circus Las Vegas.

Regional Operations. Regional Operations consists of the following casino resorts: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Gold Strike Tunica in Tunica, Mississippi; Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; MGM Springfield in Springfield, Massachusetts (upon commencing operations in August 2018); Empire City in Yonkers, New York (upon acquisition in January 2019); and MGM Northfield Park in Northfield Park, Ohio (upon acquisition of the operations from MGP in April, 2019).

MGM China.  MGM China consists of MGM Macau and MGM Cotai.

The Company’s operations related to investments in unconsolidated affiliates, MGM Northfield Park (prior to April 1, 2019 as the operations were owned by MGP until that date), 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” 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 and underlying operating segments. Adjusted Property EBITDA is a measure defined as Adjusted EBITDA before corporate expense and stock compensation expense, which are not allocated to each operating segment, and before rent expense related to the master lease with MGP that eliminates in consolidation. 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, restructuring costs (which represents costs related to severance, accelerated stock compensation expense, and consulting fees directly related to the operating model component of the MGM 2020 Plan), and property transactions, net.

18

The following tables present the Company’s segment information:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(In thousands)
Net revenue
Las Vegas Strip Resorts
Casino	$	308,183		$	349,693		$	632,887		$	722,513
Rooms		469,736			451,489			938,588			900,086
Food and beverage		389,773			361,645			755,295			701,154
Entertainment, retail and other		298,652			291,687			567,762			562,865
		1,466,344			1,454,514			2,894,532			2,886,618
Regional Operations
Casino		653,948			483,705			1,228,104			951,582
Rooms		81,454			81,380			153,252			152,429
Food and beverage		123,870			105,018			241,749			200,183
Entertainment, retail and other		51,681			38,386			91,793			70,863
		910,953			708,489			1,714,898			1,375,057
MGM China
Casino		633,179			496,895			1,296,744			1,047,490
Rooms		35,313			31,002			68,877			50,836
Food and beverage		30,909			28,104			61,622			48,841
Entertainment, retail and other		6,688			5,349			13,050			10,044
		706,089			561,350			1,440,293			1,157,211
Reportable segment net revenues		3,083,386			2,724,353			6,049,723			5,418,886
Corporate and other		139,857			134,342			350,431			262,046
	$	3,223,243		$	2,858,695		$	6,400,154		$	5,680,932
Adjusted Property EBITDA
Las Vegas Strip Resorts	$	418,197		$	435,905		$	821,724		$	885,059
Regional Operations		255,153			189,815			461,727			357,028
MGM China		170,828			119,875			361,618			271,626
Reportable segment Adjusted Property EBITDA		844,178			745,595			1,645,069			1,513,713
Other operating income (expense)
Corporate and other		(88,246	)		(50,265	)		(149,302	)		(116,989	)
Preopening and start-up expenses		(879	)		(19,077	)		(4,166	)		(85,994	)
Property transactions, net		(5,790	)		(16,970	)		(14,566	)		(22,868	)
Depreciation and amortization		(334,788	)		(296,208	)		(651,202	)		(565,030	)
Restructuring		(42,990	)		—			(84,088	)		—
Operating income		371,485			363,075			741,745			722,832
Non-operating income (expense)
Interest expense, net of amounts capitalized		(215,829	)		(181,493	)		(431,949	)		(349,402	)
Non-operating items from unconsolidated affiliates		(21,477	)		(11,068	)		(39,642	)		(20,078	)
Other, net		(46,276	)		(6,381	)		(44,583	)		(8,297	)
		(283,582	)		(198,942	)		(516,174	)		(377,777	)
Income before income taxes		87,903			164,133			225,571			345,055
Benefit (provision) for income taxes		(11,734	)		(23,710	)		(83,245	)		61,669
Net income		76,169			140,423			142,326			406,724
Less: Net income attributable to noncontrolling interests		(32,764	)		(16,646	)		(67,624	)		(59,503	)
Net income attributable to MGM Resorts International	$	43,405		$	123,777		$	74,702		$	347,221

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NOTE 12 — RELATED PARTY TRANSACTIONS

MGM China

Ms. Ho, Pansy Catilina Chiu King (“Ms. Ho”) is a member of the Board of Directors of, and holds a minority ownership interest in, 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 indirectly holds a noncontrolling interest, is party to a brand license agreement and a development services agreement with MGM China, for which the related amounts are eliminated in consolidation. Entities owned by Ms. Ho received distributions in connection with her ownership of a noncontrolling interest in MGM Branding and Development Holdings, Ltd. of $5 million and $10 million during the three and six months ended June 30, 2019, respectively, and $4 million and $13 million during the three and six months ended June 30, 2018, respectively.

MGP

As described in Note 1, pursuant to the master lease, the tenant leases the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Park MGM, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor and MGM Northfield Park from the landlord.

Subsequent to the Company completing its acquisition of Empire City in January 2019, MGP acquired the developed real property associated with Empire City from the Company for consideration of approximately $634 million, which included the assumption of debt of approximately $246 million, which was immediately repaid, and the remaining paid through the issuance of Operating Partnership units. The real estate assets of Empire City were then leased to the Company pursuant to an amendment to the master lease, increasing the annual rent payment to MGP by $50 million, prorated for the remainder of the lease year. Consistent with the master lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022. In addition, the master lease provides the landlord with a right of first offer with respect to certain undeveloped land adjacent to the property to the extent the Company develops additional gaming facilities, which the landlord may exercise should the Company elect to sell this property in the future.

On March 7, 2019, the tenant entered into an amendment to the existing master lease with respect to investments made by the Company related to the Park MGM and NoMad Las Vegas property (the “Park MGM Lease Transaction”). In connection with the transaction, the Company received consideration of $638 million, of which approximately $606 million was paid in cash and the remaining paid through the issuance of Operating Partnership units. Additionally, the annual rent payment to MGP was increased by $50 million, prorated for the remainder of the lease year. Consistent with the master lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022.

Additionally, on April 1, 2019, the Company acquired the membership interests of Northfield from MGP, which held the operations of Northfield, for fair value of consideration of approximately $305 million consisting primarily of approximately 9 million Operating Partnership units that were ultimately redeemed by the Operating Partnership, and MGP retained the associated real estate assets. The Company then rebranded the property to MGM Northfield Park, which was then added to the existing master lease between the landlord and tenant, increasing the annual rent payment to MGP by $60 million. Consistent with the master lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022.

The addition of Empire City and the Park MGM Lease Transaction in January 2019 and March 2019, respectively, increased annual rent payments associated with the master lease for the third lease year to $870 million from $770 million. In connection with the commencement of the fourth lease year on April 1, 2019, as well as the addition of MGM Northfield Park on April 1, 2019, annual rent payments under the master lease increased to $946 million from $870 million. The master lease contains customary events of default and financial covenants. The Company was in compliance with all applicable covenants as of June 30, 2019.

All intercompany transactions, including transactions under the master lease and those described above, have been eliminated in the Company’s consolidation of MGP. The public ownership of MGP’s Class A shares is recognized as non-controlling interests in the Company’s consolidated financial statements.

20

NOTE 13 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION

As of June 30, 2019, all of the Company’s principal debt arrangements are guaranteed by each of its material domestic subsidiaries, other than MGP and the Operating Partnership, MGM Grand Detroit, MGM National Harbor, MGM Springfield, and each of their respective subsidiaries. The Company’s international subsidiaries, including MGM China and its subsidiaries, are not guarantors of such indebtedness. Separate condensed financial statement information for the subsidiary guarantors and non-guarantors as of June 30, 2019 and December 31, 2018 and for the three and six months ended June 30, 2019 and 2018 are presented below. Within the Condensed Consolidating Statements of Cash Flows, the Company has presented net changes in intercompany accounts as investing activities if the applicable entities have a net asset in intercompany accounts and as a financing activity if the applicable entities have a net intercompany liability balance.

Certain of the Company’s subsidiaries collectively own Operating Partnership units and each subsidiary accounts for its respective investment under the equity method within the condensed consolidating financial information presented below. Prior to the adoption of ASC 842 on January 1, 2019, for these subsidiaries, such investment constituted continuing involvement, and accordingly, the sale and leaseback of the real estate assets under the master lease did not qualify for sale-leaseback accounting. The real estate assets were reflected in the balance sheets of the applicable MGM subsidiaries. In addition, such subsidiaries recognized finance liabilities within “Other long-term obligations” related to rent payments due under the master lease and recognized the related interest expense component of such payments. These real estate assets were also reflected on the balance sheet of the MGP subsidiary that received such assets. The condensed consolidating financial information presented below therefore included the accounting for such activity within the respective columns presented and in the elimination column. In connection with the adoption of ASC 842, the sale and leaseback of the real estate assets under the master lease now qualify as a passed sale and are determined to be operating leases.  As such, the real estate assets, finance liabilities, and related interest expense component of rent payments are no longer reflected in the results of the applicable MGM subsidiaries.  Instead, the real estate assets are now only reflected on the balance sheet of the MGP subsidiary that received such assets and the MGM subsidiaries have recorded operating lease liabilities and operating ROU assets with the related rental payment reflected within “general and administrative” expense within the condensed consolidating financial information.

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CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION

	At June 30, 2019
			Guarantor		Non-Guarantor Subsidiaries
	Parent		Subsidiaries		MGP		Other		Elimination			Consolidated
	(In thousands)
Current assets	$	70,483	$	1,133,672	$	65,035	$	787,973	$	(17,129	)	$	2,040,034
Property and equipment, net		—		5,429,353		10,975,999		4,660,957		(11,972	)		21,054,337
Investments in subsidiaries		23,393,617		3,811,326		—		—		(27,204,943	)		—
Investments in the MGP Operating Partnership		—		3,697,910		—		779,853		(4,477,763	)		—
Investments in and advances to unconsolidated affiliates		—		695,117		—		26,616		25,000			746,733
Intercompany accounts		—		8,154,239		—		—		(8,154,239	)		—
Other non-current assets		70,243		10,331,081		871,774		7,136,667		(11,437,154	)		6,972,611
	$	23,534,343	$	33,252,698	$	11,912,808	$	13,392,066	$	(51,278,200	)	$	30,813,715
Current liabilities	$	122,821	$	1,692,960	$	191,902	$	1,065,710	$	(286,854	)	$	2,786,539
Intercompany accounts		8,045,418		—		74		108,747		(8,154,239	)		—
Deferred income taxes, net		1,163,954		125,149		29,721		263,448		(29,720	)		1,552,552
Long-term debt, net		7,638,313		569		4,852,524		2,170,289		—			14,661,695
Other non-current liabilities		43,353		9,394,716		452,055		2,327,101		(11,459,603	)		757,622
Total liabilities		17,013,859		11,213,394		5,526,276		5,935,295		(19,930,416	)		19,758,408
Redeemable noncontrolling interests		—		—		—		100,586		—			100,586
MGM Resorts International stockholders' equity		6,520,484		22,037,881		4,353,312		4,956,591		(31,347,784	)		6,520,484
Noncontrolling interests		—		1,423		2,033,220		2,399,594		—			4,434,237
Total stockholders' equity		6,520,484		22,039,304		6,386,532		7,356,185		(31,347,784	)		10,954,721
	$	23,534,343	$	33,252,698	$	11,912,808	$	13,392,066	$	(51,278,200	)	$	30,813,715

	At December 31, 2018
			Guarantor		Non-Guarantor Subsidiaries
	Parent		Subsidiaries		MGP		Other		Elimination			Consolidated
	(In thousands)
Current assets	$	304,741	$	1,244,864	$	12,054	$	972,820	$	(7,701	)	$	2,526,778
Property and equipment, net		—		13,585,370		10,506,129		6,392,014		(9,753,625	)		20,729,888
Investments in subsidiaries		22,419,282		3,401,031		—		—		(25,820,313	)		—
Investments in the MGP Operating Partnership		—		3,434,602		—		831,494		(4,266,096	)		—
Investments in and advances to unconsolidated affiliates		—		678,748		—		29,119		25,000			732,867
Intercompany accounts		—		7,135,183		—		—		(7,135,183	)		—
Other non-current assets		67,214		1,186,666		77,436		4,932,872		(43,015	)		6,221,173
Assets held for sale		—		—		355,688		—		(355,688	)		—
	$	22,791,237	$	30,666,464	$	10,951,307	$	13,158,319	$	(47,356,621	)	$	30,210,706
Current liabilities	$	154,484	$	1,646,481	$	160,441	$	1,224,752	$	(237,276	)	$	2,948,882
Intercompany accounts		6,932,325		—		227		202,631		(7,135,183	)		—
Deferred income taxes, net		1,097,654		—		33,634		240,970		(29,720	)		1,342,538
Long-term debt, net		8,055,472		570		4,666,949		2,365,014		—			15,088,005
Other non-current liabilities		39,019		7,210,948		215,613		2,247,584		(9,453,924	)		259,240
Liabilities related to assets held for sale		—		—		28,937		—		(28,937	)		—
Total liabilities		16,278,954		8,857,999		5,105,801		6,280,951		(16,885,040	)		19,638,665
Redeemable noncontrolling interests		—		—		—		102,250		—			102,250
MGM Resorts International stockholders' equity		6,512,283		21,808,465		4,279,535		4,383,581		(30,471,581	)		6,512,283
Noncontrolling interests		—		—		1,565,971		2,391,537		—			3,957,508
Total stockholders' equity		6,512,283		21,808,465		5,845,506		6,775,118		(30,471,581	)		10,469,791
	$	22,791,237	$	30,666,464	$	10,951,307	$	13,158,319	$	(47,356,621	)	$	30,210,706

22

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION

	Three Months Ended June 30, 2019
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	2,075,487		$	225,759		$	1,147,755		$	(225,758	)	$	3,223,243
Equity in subsidiaries' earnings		247,282			26,291			—			—			(273,573	)		—
Expenses
Casino and hotel operations		2,058			1,188,214			—			714,548			—			1,904,820
General and administrative		4,361			569,622			5,918			188,511			(243,988	)		524,424
Corporate expense		44,914			54,037			3,960			5,150			—			108,061
Preopening and start-up expenses		—			943			—			(64	)		—			879
Property transactions, net		—			4,348			310			1,185			(53	)		5,790
Depreciation and amortization		—			106,683			79,543			147,159			1,403			334,788
		51,333			1,923,847			89,731			1,056,489			(242,638	)		2,878,762
Income (loss) from unconsolidated affiliates		—			31,357			—			(4,353	)		—			27,004
Operating income		195,949			209,288			136,028			86,913			(256,693	)		371,485
Interest expense, net of amounts capitalized		(118,410	)		(209	)		(63,977	)		(33,233	)		—			(215,829	)
Other non-operating, net		(22,485	)		24,356			(261	)		(13,033	)		(56,330	)		(67,753	)
Income before income taxes		55,054			233,435			71,790			40,647			(313,023	)		87,903
Benefit (provision) for income taxes		(11,649	)		(3	)		(4,021	)		3,939			—			(11,734	)
Net income		43,405			233,432			67,769			44,586			(313,023	)		76,169
Less: Net income attributable to noncontrolling interests		—			(1,422	)		(21,858	)		(9,891	)		407			(32,764	)
Net income attributable to MGM Resorts International	$	43,405		$	232,010		$	45,911		$	34,695		$	(312,616	)	$	43,405
Net income	$	43,405		$	233,432		$	67,769		$	44,586		$	(313,023	)	$	76,169
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		14,754			14,754			—			26,380			(29,508	)		26,380
Unrealized loss on cash flow hedges		(16,651	)		—			(30,775	)		—			21,128			(26,298	)
Other comprehensive income (loss)		(1,897	)		14,754			(30,775	)		26,380			(8,380	)		82
Comprehensive income		41,508			248,186			36,994			70,966			(321,403	)		76,251
Less: Comprehensive income attributable to noncontrolling interests		—			—			(12,211	)		(22,532	)		—			(34,743	)
Comprehensive income attributable to MGM Resorts International	$	41,508		$	248,186		$	24,783		$	48,434		$	(321,403	)	$	41,508

23

	Six Months Ended June 30, 2019
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	4,079,614		$	429,182		$	2,320,540		$	(429,182	)	$	6,400,154
Equity in subsidiaries' earnings		509,471			66,388			—			—			(575,859	)		—
Expenses
Casino and hotel operations		4,517			2,337,515			—			1,436,186			(11,023	)		3,767,195
General and administrative		20,846			1,091,988			11,479			377,460			(452,237	)		1,049,536
Corporate expense		103,689			107,044			16,989			9,775			—			237,497
Preopening and start-up expenses		—			2,157			—			2,009			—			4,166
Property transactions, net		—			12,162			1,423			981			—			14,566
Depreciation and amortization		—			211,776			151,105			288,321			—			651,202
		129,052			3,762,642			180,996			2,114,732			(463,260	)		5,724,162
Income (loss) from unconsolidated affiliates		—			68,412			—			(2,659	)		—			65,753
Operating income		380,419			451,772			248,186			203,149			(541,781	)		741,745
Interest expense, net of amounts capitalized		(245,063	)		(417	)		(127,925	)		(58,544	)		—			(431,949	)
Other non-operating, net		(3,859	)		109,570			1,448			(10,569	)		(180,815	)		(84,225	)
Income from continuing operations before income taxes		131,497			560,925			121,709			134,036			(722,596	)		225,571
Provision for income taxes		(56,795	)		(8	)		(3,792	)		(22,650	)		—			(83,245	)
Income from continuing operations, net of tax		74,702			560,917			117,917			111,386			(722,596	)		142,326
Income from discontinued operations, net of tax		—			—			16,216			—			(16,216	)		—
Net income		74,702			560,917			134,133			111,386			(738,812	)		142,326
Less: Net income attributable to noncontrolling interests		—			(2,859	)		(41,813	)		(22,952	)		—			(67,624	)
Net income attributable to MGM Resorts International	$	74,702		$	558,058		$	92,320		$	88,434		$	(738,812	)	$	74,702
Net income	$	74,702		$	560,917		$	134,133		$	111,386		$	(738,812	)	$	142,326
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		7,848			7,848			—			13,975			(15,696	)		13,975
Unrealized loss on cash flow hedges		(25,257	)		—			(46,387	)		—			32,023			(39,621	)
Other comprehensive income (loss)		(17,409	)		7,848			(46,387	)		13,975			16,327			(25,646	)
Comprehensive income		57,293			568,765			87,746			125,361			(722,485	)		116,680
Less: Comprehensive income attributable to noncontrolling interests		—			—			(27,449	)		(31,938	)		—			(59,387	)
Comprehensive income attributable to MGM Resorts International	$	57,293		$	568,765		$	60,297		$	93,423		$	(722,485	)	$	57,293

24

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Six Months Ended June 30, 2019
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(284,892	)	$	1,142,767		$	(243,990	)	$	369,539		$	(15,591	)	$	967,833
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(212,513	)		—			(109,117	)		12			(321,618	)
Dispositions of property and equipment		—			505			—			68			—			573
Acquisition of Empire City Casino, net of cash acquired		—			(535,681	)		—			—			—			(535,681	)
Investments in unconsolidated affiliates		—			(80,669	)		—			—			—			(80,669	)
Distributions from unconsolidated affiliates		—			90,000			—			—			—			90,000
Intercompany accounts		—			(1,018,976	)		—			—			1,018,976			—
Northfield OpCo transaction		—			(3,779	)		3,779			—			—			—
Other		—			(3,500	)		—			(26,670	)		—			(30,170	)
Net cash provided by (used in) investing activities		—			(1,764,613	)		3,779			(135,719	)		1,018,988			(877,565	)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less		310,000			245,950			(805,200	)		(1,730,706	)		—			(1,979,956	)
Issuance of long-term debt		1,000,000			—			750,000			1,500,000			—			3,250,000
Retirement of senior notes and senior debentures		(1,721,698	)		(38,228	)		—			—			—			(1,759,926	)
Debt issuance costs		(14,080	)		—			(9,983	)		(21,483	)		—			(45,546	)
Issuance of MGM Growth Properties Class A shares, net		—			—			613,299			—			—			613,299
Dividends paid to common shareholders		(138,215	)		—			—			—			—			(138,215	)
MGP dividends paid to consolidated subsidiaries		—			—			(184,537	)		—			184,537			—
Distributions to noncontrolling interest owners		—			—			(73,797	)		(28,621	)		—			(102,418	)
Purchases of common stock		(281,833	)		—			—			—			—			(281,833	)
Intercompany accounts		913,889			414,567			—			(124,943	)		(1,203,513	)		—
Other		(6,808	)		(43,411	)		—			(865	)		37,900			(13,184	)
Net cash provided by (used in) financing activities		61,255			578,878			289,782			(406,618	)		(981,076	)		(457,779	)
Effect of exchange rate on cash		—			—			—			1,340			—			1,340
Cash flows from (used in) discontinued operations
Cash flows from operating activities		—			—			15,591			—			(15,591	)		—
Cash flows used in investing activities		—			—			(12	)		—			12			—
Cash flows used in financing activities		—			—			(37,900	)		—			37,900			—
Net cash flows used in discontinued operations		—			—			(22,321	)		—			22,321			—
Change in cash and cash equivalents classified as assets held for sale		—			—			(22,321	)		—			22,321			—
Cash and cash equivalents
Net increase (decrease) for the period		(223,637	)		(42,968	)		49,571			(171,458	)		22,321			(366,171	)
Balance, beginning of period		259,738			445,423			3,995			817,606			—			1,526,762
Balance, end of period	$	36,101		$	402,455		$	53,566		$	646,148		$	22,321		$	1,160,591

25

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION

	Three Months Ended June 30, 2018
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	1,937,394		$	220,390		$	921,382		$	(220,471	)	$	2,858,695
Equity in subsidiaries' earnings		309,334			22,519			—			—			(331,853	)		—
Expenses
Casino and hotel operations		2,562			1,094,872			—			572,061			(81	)		1,669,414
General and administrative		2,408			315,659			27,219			120,386			(27,219	)		438,453
Corporate expense		39,707			53,652			10,746			5,192			(5,859	)		103,438
Preopening and start-up expenses		—			1,937			—			17,140			—			19,077
Property transactions, net		—			17,083			14,426			(113	)		(14,426	)		16,970
Depreciation and amortization		—			158,753			67,474			137,440			(67,459	)		296,208
		44,677			1,641,956			119,865			852,106			(115,044	)		2,543,560
Income (loss) from unconsolidated affiliates		—			48,294			—			(354	)		—			47,940
Operating income		264,657			366,251			100,525			68,922			(437,280	)		363,075
Interest expense, net of amounts capitalized		(115,531	)		(156	)		(49,276	)		(16,530	)		—			(181,493	)
Other non-operating, net		15,356			(118,368	)		(1,927	)		(49,288	)		136,778			(17,449	)
Income before income taxes		164,482			247,727			49,322			3,104			(300,502	)		164,133
Benefit (provision) for income taxes		(40,705	)		—			(1,263	)		18,258			—			(23,710	)
Net income		123,777			247,727			48,059			21,362			(300,502	)		140,423
Less: Net income attributable to noncontrolling interests		—			—			(13,146	)		(3,500	)		—			(16,646	)
Net income attributable to MGM Resorts International	$	123,777		$	247,727		$	34,913		$	17,862		$	(300,502	)	$	123,777
Net income	$	123,777		$	247,727		$	48,059		$	21,362		$	(300,502	)	$	140,423
Other comprehensive income, net of tax:
Foreign currency translation adjustment		583			583			—			1,400			(1,166	)		1,400
Unrealized gain on cash flow hedges		3,660			—			6,281			—			(4,606	)		5,335
Other comprehensive income		4,243			583			6,281			1,400			(5,772	)		6,735
Comprehensive income		128,020			248,310			54,340			22,762			(306,274	)		147,158
Less: Comprehensive income attributable to noncontrolling interests		—			—			(14,821	)		(4,317	)		—			(19,138	)
Comprehensive income attributable to MGM Resorts International	$	128,020		$	248,310		$	39,519		$	18,445		$	(306,274	)	$	128,020

26

	Six Months Ended June 30, 2018
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	3,827,187		$	436,229		$	1,854,329		$	(436,813	)	$	5,680,932
Equity in subsidiaries' earnings		637,601			67,054			—			—			(704,655	)		—
Expenses
Casino and hotel operations		5,277			2,144,891			—			1,155,040			(584	)		3,304,624
General and administrative		4,758			626,509			49,718			225,076			(49,718	)		856,343
Corporate expense		79,008			104,059			21,227			10,544			(11,891	)		202,947
Preopening and start-up expenses		—			8,679			—			77,315			—			85,994
Property transactions, net		—			22,225			18,512			643			(18,512	)		22,868
Depreciation and amortization		—			315,400			136,465			249,588			(136,423	)		565,030
		89,043			3,221,763			225,922			1,718,206			(217,128	)		5,037,806
Income (loss) from unconsolidated affiliates		—			79,926			—			(220	)		—			79,706
Operating income		548,558			752,404			210,307			135,903			(924,340	)		722,832
Interest expense, net of amounts capitalized		(225,089	)		(293	)		(98,506	)		(25,514	)		—			(349,402	)
Other non-operating, net		31,128			(226,318	)		(3,079	)		(95,975	)		265,869			(28,375	)
Income before income taxes		354,597			525,793			108,722			14,414			(658,471	)		345,055
Benefit (provision) for income taxes		(7,376	)		—			(2,494	)		71,539			—			61,669
Net income		347,221			525,793			106,228			85,953			(658,471	)		406,724
Less: Net income attributable to noncontrolling interests		—			—			(28,976	)		(30,527	)		—			(59,503	)
Net income attributable to MGM Resorts International	$	347,221		$	525,793		$	77,252		$	55,426		$	(658,471	)	$	347,221
Net income	$	347,221		$	525,793		$	106,228		$	85,953		$	(658,471	)	$	406,724
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(12,785	)		(12,785	)		—			(22,752	)		25,570			(22,752	)
Unrealized gain on cash flow hedges		13,158			—			22,636			—			(16,603	)		19,191
Other comprehensive income (loss)		373			(12,785	)		22,636			(22,752	)		8,967			(3,561	)
Comprehensive income		347,594			513,008			128,864			63,201			(649,504	)		403,163
Less: Comprehensive income attributable to noncontrolling interests		—			—			(35,009	)		(20,560	)		—			(55,569	)
Comprehensive income attributable to MGM Resorts International	$	347,594		$	513,008		$	93,855		$	42,641		$	(649,504	)	$	347,594

27

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Six Months Ended June 30, 2018
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(224,359	)	$	624,484		$	284,333		$	408,693		$	—		$	1,093,151
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(367,713	)		(190	)		(493,858	)		—			(861,761	)
Dispositions of property and equipment		—			435			—			5			—			440
Investments in unconsolidated affiliates		—			(2,503	)		—			—			—			(2,503	)
Distributions from unconsolidated affiliates		—			200,000			—			—			—			200,000
Intercompany accounts		—			(515,927	)		—			—			515,927			—
Other		—			(9,916	)		—			(5,693	)		—			(15,609	)
Net cash used in investing activities		—			(695,624	)		(190	)		(499,546	)		515,927			(679,433	)
Cash flows from financing activities
Net repayments under bank credit facilities - maturities of 90 days or less		(141,250	)		—			(13,000	)		(206,624	)		—			(360,874	)
Issuance of long-term debt		1,000,000			—			—			—			—			1,000,000
Retirement of senior notes and senior debentures		—			(2,265	)		—			—			—			(2,265	)
Debt issuance costs		(14,414	)		—			(17,490	)		(32,873	)		—			(64,777	)
MGP dividends paid to consolidated subsidiaries		—			—			(163,913	)		—			163,913			—
Dividends paid to common shareholders		(133,334	)		—			—			—			—			(133,334	)
Distributions to noncontrolling interest owners		—			—			(59,553	)		(41,854	)		—			(101,407	)
Purchases of common stock		(957,264	)		—			—			—			—			(957,264	)
Intercompany accounts		505,289			48,052			—			126,499			(679,840	)		—
Other		(9,393	)		(4,200	)		—			(4,637	)		—			(18,230	)
Net cash provided by (used in) financing activities		249,634			41,587			(253,956	)		(159,489	)		(515,927	)		(638,151	)
Effect of exchange rate on cash		—			—			—			(2,690	)		—			(2,690	)
Cash and cash equivalents
Net increase (decrease) for the period		25,275			(29,553	)		30,187			(253,032	)		—			(227,123	)
Balance, beginning of period		26,870			311,043			259,722			902,360			—			1,499,995
Balance, end of period	$	52,145		$	281,490		$	289,909		$	649,328		$	—		$	1,272,872

28

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 contain 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, the audited consolidated financial statements and notes for the fiscal year ended December 31, 2018, which were included in our Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 27, 2019. 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.” MGM Growth Properties LLC together with its subsidiaries is referred to as “MGP.”

Description of our business and key performance indicators

Our primary business is the ownership and operation of casino resorts which offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. We own or invest in several of the finest casino resorts in the world and we continually reinvest 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 fund capital expenditures, provide excess cash flow for future development, repay debt financings and return capital to our shareholders. 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.

In January 2019, we announced the implementation of a company-wide business optimization initiative (the “MGM 2020 Plan”) to further reduce costs, improve efficiencies and position us for growth. We expect to deliver annualized Adjusted EBITDA benefit of $300 million by the end of 2021. As part of the first phase of MGM 2020, which includes operating model changes to improve operating efficiency, we expect to reduce costs by $200 million by the end of 2020. In the second phase, we are investing in our digital transformation to drive revenue growth through a customer-centric strategy aimed at increasing customer spend, increasing our wallet share, and attracting our most valuable customers. We expect the second phase to benefit operating results by $100 million by the end of 2021.

Also, in January 2019, we acquired the real property and operations associated with Empire City in Yonkers, New York. Subsequently, MGP acquired the developed real property associated with Empire City from us and leased the assets back to us pursuant to an amendment to the existing master lease. In addition, pursuant to the master lease amendment, we agreed to provide MGP a right of first offer with respect to certain undeveloped land adjacent to the property to the extent that we develop additional gaming facilities and choose to sell or transfer such property in the future.  See Note 3 and Note 12 in the accompanying consolidated financial statements for information regarding this acquisition.  

In March 2019, we entered into an amendment to the existing master lease with respect to investments made by us related to improvements at Park MGM and NoMad Las Vegas. Additionally, in April 2019, we completed the acquisition of the membership interests of Northfield Park Associates, LLC, the entity that owned the operating assets associated with Hard Rock Rocksino Northfield Park (rebranded to MGM Northfield Park), from MGP, and MGP retained the real estate assets. MGM Northfield Park was added to the existing master lease between the Company and MGP. See Note 12 in the accompanying financial statements for information regarding these transactions with MGP.  

Key performance indicators related to gaming and hotel revenue 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 22% to 26% of table games drop and 18% to 21% of table games drop at our Las Vegas Strip Resorts and Regional Operations, respectively, and our normal slots hold percentage is in the range of 8.5% to 9% of slots handle and 9% to 9.5% of slots handle at our Las Vegas Strip Resorts and Regional Operations, respectively; 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 standalone selling price. 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.

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Additional key performance indicators at MGM China are:

• Gaming revenue indicators - MGM China utilizes “turnover,” which is the sum of nonnegotiable chip wagers won by MGM China 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 China is typically in the range of 2.6% to 3.3% of turnover. Win for main floor gaming operations at MGM China is in the range of 16% to 22% of table games drop.

Results of Operations

Summary Financial Results

The following table summarizes our consolidated financial results for the three and six months ended June 30, 2019 and 2018:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
	(In thousands)
Net revenues	$	3,223,243	$	2,858,695	$	6,400,154	$	5,680,932
Operating income		371,485		363,075		741,745		722,832
Net income		76,169		140,423		142,326		406,724
Net income attributable to MGM Resorts International		43,405		123,777		74,702		347,221

Summary Operating Results

Consolidated net revenues increased 13% for the quarter ended June 30, 2019 compared to the prior year quarter due primarily to the continued ramp up of operations at MGM Cotai, following its opening in February 2018, the operating results of MGM Springfield, which opened in August 2018, the acquisition of Empire City in January 2019, and from MGM Northfield Park, which MGP acquired in July 2018, as discussed further below.

Consolidated operating income increased 2% for the quarter ended June 30, 2019 compared to the prior year quarter, due primarily to the increase in revenues discussed above and a decrease in preopening and start-up expenses, partially offset by $43 million in restructuring costs related to severance, accelerated stock compensation expense and consulting fees directly related to the operating model component of the MGM 2020 Plan, an increase in corporate expense, and an increase in depreciation and amortization. Corporate expense, including normal share-based compensation for corporate employees, was $108 million for the three months ended June 30, 2019, an increase of $5 million compared to the prior year quarter. The current quarter included $9 million in costs incurred to implement the MGM 2020 Plan, of which $5 million is included in the restructuring costs discussed above, and $3 million in finance modernization initiative costs. The prior year quarter included $12 million of corporate brand campaign expenses. Depreciation and amortization expense increased in the current quarter compared to the prior year quarter due primarily to the operations of MGM Cotai, MGM Springfield, MGM Northfield Park and Empire City.

Consolidated net revenues increased 13% for the six months ended June 30, 2019 compared to the prior year period due primarily to the continued ramp up of operations at MGM Cotai, and the operating results of MGM Springfield, MGM Northfield Park and Empire City.

Consolidated operating income increased 3% for the six months ended June 30, 2019 compared to the prior year period, due primarily to the increase in revenues discussed above and a decrease in preopening and start-up expenses, partially offset by $84 million in restructuring costs, related to the items discussed above, an increase in corporate expense and an increase in depreciation and amortization. Corporate expense, including normal share-based compensation for corporate employees, was $237 million for the six months ended June 30, 2019, an increase of $35 million compared to the prior year period. The current period included $20 million in Empire City acquisition costs, primarily related to transfer taxes and advisory fees, $21 million in costs incurred to implement the MGM 2020 Plan, of which $9 million is included in the restructuring costs discussed above, and $6 million in finance modernization initiative costs. The prior year period included $24 million of corporate brand campaign expenses. Depreciation and amortization expense increased in the six months ended June 30, 2019 compared to the prior year period due primarily to the operations of MGM Cotai, MGM Springfield, MGM Northfield Park and Empire City.

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Net Revenues by Segment

The following table presents a detail by segment of net revenues:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(In thousands)
Las Vegas Strip Resorts
Table games win	$	179,427		$	229,789		$	402,451		$	499,020
Slots win		294,692			280,978			573,278			544,445
Other		15,128			15,321			34,293			31,703
Less: Incentives		(181,064	)		(176,395	)		(377,135	)		(352,655	)
Casino revenue		308,183			349,693			632,887			722,513
Rooms		469,736			451,489			938,588			900,086
Food and beverage		389,773			361,645			755,295			701,154
Entertainment, retail and other		298,652			291,687			567,762			562,865
Non-casino revenue		1,158,161			1,104,821			2,261,645			2,164,105
		1,466,344			1,454,514			2,894,532			2,886,618
Regional Operations
Table games win		203,171			183,291			401,246			364,165
Slots win		609,742			476,241			1,130,061			920,928
Other		77,854			23,573			144,465			47,330
Less: Incentives		(236,819	)		(199,400	)		(447,668	)		(380,841	)
Casino revenue		653,948			483,705			1,228,104			951,582
Rooms		81,454			81,380			153,252			152,429
Food and beverage		123,870			105,018			241,749			200,183
Entertainment, retail and other		51,681			38,386			91,793			70,863
Non-casino revenue		257,005			224,784			486,794			423,475
		910,953			708,489			1,714,898			1,375,057
MGM China
VIP table games win		287,183			235,719			629,590			569,954
Main floor table games win		457,562			335,565			902,164			665,901
Slots win		71,438			76,675			139,882			137,839
Less: Commissions and incentives		(183,004	)		(151,064	)		(374,892	)		(326,204	)
Casino revenue		633,179			496,895			1,296,744			1,047,490
Rooms		35,313			31,002			68,877			50,836
Food and beverage		30,909			28,104			61,622			48,841
Entertainment, retail and other		6,688			5,349			13,050			10,044
Non-casino revenue		72,910			64,455			143,549			109,721
		706,089			561,350			1,440,293			1,157,211
Reportable segment net revenues		3,083,386			2,724,353			6,049,723			5,418,886
Corporate and other		139,857			134,342			350,431			262,046
	$	3,223,243		$	2,858,695		$	6,400,154		$	5,680,932

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Las Vegas Strip Resorts

Las Vegas Strip Resorts casino revenue decreased 12% for the quarter ended June 30, 2019 compared to the prior year quarter due primarily to a 22% decrease in tables games win resulting from a 413 basis point decrease in table games win percentage and a 7% decrease in table games drop, driven by baccarat, partially offset by a 5% increase in slots win.

Las Vegas Strip Resorts casino revenue decreased 12% for the six months ended June 30, 2019 compared to the prior year period due primarily to a 19% decrease in table games win resulting from a 346 basis point decrease in table games win percentage, a 7% decrease in table games drop, driven by baccarat, and an increase in incentives, partially offset by a 5% increase in slots win.

The following table shows key gaming statistics for our Las Vegas Strip Resorts:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(Dollars in millions)
Table Games Drop	$	851		$	911		$	1,819		$	1,950
Table Games Win %		21.1	%		25.2	%		22.1	%		25.6	%
Slots Handle	$	3,127		$	3,098		$	6,178		$	6,084
Slots Hold %		9.4	%		9.1	%		9.3	%		8.9	%

Las Vegas Strip Resorts rooms revenue increased 4% for both the three and six months ended June 30, 2019 compared to the prior year periods due primarily to a 2% and 3% increase in REVPAR, respectively.

The following table shows key hotel statistics for our Las Vegas Strip Resorts:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Occupancy		95	%		93	%		92	%		91	%
Average Daily Rate (ADR)	$	163		$	161		$	168		$	164
Revenue per Available Room (REVPAR)	$	154		$	150		$	155		$	150

Las Vegas Strip Resorts food and beverage revenue increased 8% for both the three and six months ended June 30, 2019 compared to the prior year periods due primarily to the opening of new outlets at Park MGM and NoMad Las Vegas.

Regional Operations

Regional Operations casino revenue increased 35% and 29% for the three and six months ended June 30, 2019 compared to the prior year periods, respectively, due primarily to the opening of MGM Springfield, the inclusion of Empire City’s video lottery terminal revenue in other casino revenue, the acquisition of MGM Northfield Park’s operations from MGP, and increases in slots win at MGM National Harbor.

The following table shows key gaming statistics for our Regional Operations:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(Dollars in millions)
Table Games Drop	$	1,023		$	969		$	2,036		$	1,892
Table Games Win %		19.9	%		18.9	%		19.7	%		19.3	%
Slots Handle	$	6,423		$	5,274		$	12,050		$	10,187
Slots Hold %		9.5	%		9.0	%		9.4	%		9.0	%

Regional Operations food and beverage revenue increased 18% and 21% for the three and six months ended June 30, 2019 compared to the prior year periods, respectively, primarily due to the opening of MGM Springfield, the acquisition of Empire City, and the acquisition of MGM Northfield Park’s operations from MGP, partially offset by a decrease at Borgata resulting from the continuing impact of increased competition in the Atlantic City market.

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Regional Operations entertainment, retail and other revenue increased 35% and 30% for the three and six months ended June 30, 2019 compared to the prior year periods, respectively. The increase for both periods is due primarily to entertainment events at MGM Springfield and the MassMutual Center, entertainment events at Center Stage at MGM Northfield Park and ATM fees from the operations of MGM Springfield, Empire City and MGM Northfield Park.

MGM China

The following table shows key gaming statistics for MGM China:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(Dollars in millions)
VIP Table Games Turnover	$	10,962		$	10,296		$	20,973		$	20,199
VIP Table Games Win %		2.6	%		2.3	%		3.0	%		2.8	%
Main Floor Table Games Drop	$	2,037		$	1,931		$	4,030		$	3,650
Main Floor Table Games Win %		22.5	%		17.4	%		22.4	%		18.2	%

MGM China net revenues increased 26% to $706 million for the quarter ended June 30, 2019 compared to the prior year quarter primarily as a result of the continued ramp up of operations at MGM Cotai and an increase in main floor table games hold percentage. Main floor table games win increased 36% compared to the prior year quarter due to the addition of new-to-market tables at MGM Cotai in 2019 and a 508 basis point increase in win percentage. VIP table games win increased 22% compared to the prior year quarter due to the opening of VIP gaming areas in the second half of 2018 at MGM Cotai.

MGM China net revenues increased 24% to $1.4 billion for the six months ended June 30, 2019 compared to the prior year period primarily as a result of continued ramp up of operations at MGM Cotai and an increase in main floor table games hold percentage. Main floor table games win increased 35% compared to the prior year period due to the addition of new-to-market tables at MGM Cotai in January 2019, and a 414 basis point increase in win percentage. VIP table games win increased 10% compared to the prior year period due to the opening of VIP gaming areas in the second half of 2018 at MGM Cotai.

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 revenue for the six months ended June 30, 2019 included $68 million in net revenues from MGP’s Northfield casino, which represents revenues prior to our acquisition of MGM Northfield Park’s operations from MGP on April 1, 2019. Reimbursed costs revenue represents reimbursement of costs, primarily payroll-related, incurred by us in connection with the provision of management services and was $111 million and $105 million for the three months ended June 30, 2019 and 2018, respectively and $223 million and $208 million for the six months ended June 30, 2019 and 2018, respectively. See below for additional discussion of our share of operating results from unconsolidated affiliates.

Adjusted EBITDA

The following table presents a detail of 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						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(In thousands)
Las Vegas Strip Resorts	$	418,197		$	435,905		$	821,724		$	885,059
Regional Operations		255,153			189,815			461,727			357,028
MGM China		170,828			119,875			361,618			271,626
Reportable segment Adjusted Property EBITDA		844,178			745,595			1,645,069			1,513,713
Corporate and other		(88,246	)		(50,265	)		(149,302	)		(116,989	)
Adjusted EBITDA	$	755,932		$	695,330		$	1,495,767		$	1,396,724

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Las Vegas Strip Resorts

Adjusted Property EBITDA at our Las Vegas Strip Resorts decreased 4% and Adjusted Property EBITDA margin decreased 145 basis points to 28.5% for the quarter ended June 30, 2019 compared to the prior year quarter due primarily to a decrease in table games revenue, as discussed above.

Adjusted Property EBITDA at our Las Vegas Strip Resorts decreased 7% and Adjusted Property EBITDA margin decreased 227 basis points to 28.4% for the six months ended June 30, 2019 compared to the prior year period due primarily to a decrease in table games revenue, as discussed above, and an increase in general and administrative expenses.

Regional Operations

Adjusted Property EBITDA at our Regional Operations increased 34% for the quarter ended June 30, 2019 compared to the prior year quarter and benefited from the opening of MGM Springfield, the acquisition of Empire City and the acquisition of MGM Northfield Park’s operations from MGP. Adjusted Property EBITDA margin increased by 122 basis points for the quarter ended June 30, 2019 compared to the prior year quarter to 28.0%, primarily as a result of the inclusion of Empire City and MGM Northfield Park, partially offset by the continued ramp up of operations at MGM Springfield.

Adjusted Property EBITDA at our Regional Operations increased 29% for the six months ended June 30, 2019 compared to the prior year period and benefited from the opening of MGM Springfield, the acquisition of Empire City and the acquisition of MGM Northfield Park’s operations from MGP. Adjusted Property EBITDA margin increased by 96 basis points for the six months ended June 30, 2019 compared to the prior year period to 26.9%, primarily as a result of the inclusion of Empire City and MGM Northfield Park, partially offset by the continued ramp up of operations at MGM Springfield.

MGM China

MGM China’s Adjusted Property EBITDA increased 43% for the quarter ended June 30, 2019 compared to the prior year quarter due primarily to the increase in casino revenue at MGM Cotai, and an increase in main floor table games win percentage, as discussed above. Adjusted Property EBITDA margin was 24.2%, a 284 basis point increase compared to the prior year quarter increasing primarily as a result of the continued ramp up of operations at MGM Cotai and an increase in casino margins at MGM Macau. Excluding intercompany license fees of $12 million and $10 million for the quarter ended June 30, 2019 and 2018, respectively, Adjusted Property EBITDA increased 41% compared to the prior year quarter.

MGM China’s Adjusted Property EBITDA increased 33% for the six months ended June 30, 2019 compared to the prior year period due primarily to the increase in casino revenue at MGM Cotai, and an increase in main floor table games win percentage, as discussed above. Adjusted Property EBITDA margin was 25.1%, a 163 basis point increase compared to the prior year period due to continued ramp up of operations at MGM Cotai and an increase in casino margins. Excluding intercompany license fees of $25 million and $20 million for the six months ended June 30, 2019 and 2018, respectively, Adjusted Property EBITDA increased 33% compared to the prior year period.

Corporate and other

Adjusted EBITDA related to corporate and other for the quarter ended June 30, 2019 was negatively impacted compared to the prior year quarter due primarily to a decrease in income from unconsolidated affiliates, further discussed below, and $14 million of non-recurring charges including certain one-time management termination fees and other fees.

Adjusted EBITDA related to corporate and other for the six months ended June 30, 2019 was negatively impacted compared to the prior year period due primarily to non-recurring charges described above, and an increase in corporate expense as described in “Summary Operating Results,” which was partially offset by the inclusion of $23 million of Adjusted Property EBITDA related to MGM Northfield Park’s operating results within corporate and other, prior to our acquisition of the operations from MGP on April 1, 2019.

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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					Six Months Ended
	June 30,					June 30,
	2019			2018		2019			2018
	(In thousands)
CityCenter	$	31,506		$	46,070	$	66,355		$	74,062
Other		(4,502	)		1,870		(602	)		5,644
	$	27,004		$	47,940	$	65,753		$	79,706

Our share of CityCenter’s operating income, including certain basis difference adjustments, for the quarter ended June 30, 2019 was $32 million compared to $46 million in the prior year quarter due primarily to a decrease in casino revenues, partially offset by an increase in non-casino revenues. The current quarter included $8 million in charges related to restructuring costs and certain one-time management agreement termination fees. At Aria, casino revenues decreased 23% for the quarter ended June 30, 2019 compared to the prior year quarter due primarily to a 27% decrease in table games win. CityCenter’s non-casino revenues increased 5% for the quarter ended June 30, 2019 compared to the prior year quarter primarily related to an increase in restaurant revenue and a 4% increase in rooms revenue due primarily to a 6% increase in REVPAR at Aria.

Our share of CityCenter’s operating income, including certain basis difference adjustments, for the six months ended June 30, 2019 was $66 million compared to $74 million in the prior year period due primarily to a decrease in casino revenues, partially offset by an increase in non-casino revenues. The current period included $12 million in charges related to restructuring costs and management agreement termination fees. At Aria, casino revenues decreased 2% for the six months ended June 30, 2019 compared to the prior year period due primarily to a 6% decrease in table games win. CityCenter’s non-casino revenues increased 6% for the six months ended June 30, 2019 compared to the prior year period primarily related to increases in catering and banquet revenue, restaurant revenue, and a 4% increase in rooms revenue due primarily to a 6% increase in REVPAR at Aria.

Non-operating Results

Interest Expense

Gross interest expense for the three and six months ended June 30, 2019 increased $21 million and $49 million, respectively, compared to the prior year periods due to an increase in the average debt outstanding relating to our senior notes and our credit facilities. Capitalized interest was $1 million and $4 million during the three and six months ended June 30, 2019, respectively, compared to $14 million and $37 million during the three and six months ended June 30, 2018, respectively. The decrease in capitalized interest was due primarily to the completion of MGM Springfield, which opened in August 2018, and the substantial completion of MGM Cotai, which opened in February 2018. See Note 5 to the accompanying consolidated financial statements for additional discussion on long-term debt and see “Liquidity and Capital Resources” for additional discussion on issuances and repayments of long-term debt and other sources and uses of cash.

Other, net

Other expenses for the three and six months ended June 30, 2019 increased $40 million and $36 million, respectively, compared to the prior year periods, primarily related to a $53 million loss incurred on the early retirement of debt related to our senior notes and MGM China’s term loan facility, partially offset by the $7 million currency translation gain on MGM China’s U.S. dollar-denominated senior notes. Refer to Note 5 for further discussion of our long-term debt.

Income Taxes

Our effective tax rate for the quarter ended June 30, 2019 was a provision of 13.3% compared to a provision of 14.4% in the prior year quarter. Our effective tax rate for the six months ended June 30, 2019 was a provision of 36.9% compared to a benefit of 17.9% in the prior year period.  The effective tax rate for the six months ended June 30, 2019 was unfavorably impacted by the remeasurement of Macau deferred taxes due to the extension of the subconcession agreement in Macau, the recording of deferred state taxes resulting from the Empire City acquisition and adjustments to our foreign tax credit valuation allowance.  The six months ended June 30, 2018 was favorably impacted by a measurement period tax benefit adjustment for U.S. Tax Reform as well as the reversal of Macau shareholder dividend tax accrued prior to the extension of its current annual fee arrangement.

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The annual effective tax rate calculation for all periods is impacted by assumptions made regarding projected foreign tax credit usage and valuation allowance. See Note 6 in the accompanying consolidated financial statements for further discussion.

Non-GAAP Measures

“Adjusted EBITDA” is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, restructuring costs (which represents costs related to severance, accelerated stock compensation expense, and consulting fees directly related to the operating model component of the MGM 2020 Plan), and property transactions, net. We utilize “Adjusted Property EBITDA” as the primary profit measures for our reportable segments and underlying operating segments. Adjusted Property EBITDA is a measure defined as Adjusted EBITDA before corporate expense and stock compensation expense, which are not allocated to each operating segment, and before rent expense related to the master lease with MGP that eliminates in consolidation. “Adjusted Property EBITDA margin” is Adjusted Property EBITDA divided by related segment net revenues.

Adjusted EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because we believe these measures are 1) widely used measures of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies. We believe that while items excluded from Adjusted EBITDA, Adjusted Property EBITDA, and Adjusted Property EBITDA margin may be recurring in nature and should not be disregarded in evaluation of 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 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 our operating resorts’ performance.

Adjusted EBITDA, Adjusted Property EBITDA or Adjusted Property EBITDA margin should not be construed as alternatives to operating income or net income, as indicators of our performance; or as alternatives to cash flows from operating activities, as measures 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, Adjusted Property EBITDA or Adjusted Property EBITDA margin. Also, other companies in the gaming and hospitality industries that report Adjusted EBITDA, Adjusted Property EBITDA or Adjusted Property EBITDA margin information may calculate Adjusted EBITDA, Adjusted Property EBITDA or Adjusted Property EBITDA margin in a different manner.

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
	(In thousands)
Net income attributable to MGM Resorts International	$	43,405	$	123,777	$	74,702	$	347,221
Plus: Net income attributable to noncontrolling interests		32,764		16,646		67,624		59,503
Net income		76,169		140,423		142,326		406,724
Provision (benefit) for income taxes		11,734		23,710		83,245		(61,669	)
Income before income taxes		87,903		164,133		225,571		345,055
Non-operating (income) expense
Interest expense, net of amounts capitalized		215,829		181,493		431,949		349,402
Non-operating items from unconsolidated affiliates		21,477		11,068		39,642		20,078
Other, net		46,276		6,381		44,583		8,297
		283,582		198,942		516,174		377,777
Operating income		371,485		363,075		741,745		722,832
Preopening and start-up expenses		879		19,077		4,166		85,994
Property transactions, net		5,790		16,970		14,566		22,868
Depreciation and amortization		334,788		296,208		651,202		565,030
Restructuring		42,990		—		84,088		—
Adjusted EBITDA	$	755,932	$	695,330	$	1,495,767	$	1,396,724

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The following table presents Adjusted Property EBITDA and Adjusted EBITDA:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(In thousands)
Bellagio	$	121,542		$	126,604		$	238,325		$	267,001
MGM Grand Las Vegas		62,687			92,118			133,361			182,199
Mandalay Bay		63,021			66,983			118,742			135,766
The Mirage		37,752			39,768			77,967			72,617
Luxor		32,246			33,556			61,641			62,545
New York-New York		37,027			33,425			74,221			70,336
Excalibur		30,353			28,578			57,384			55,628
Park MGM		15,874			(830	)		29,850			8,373
Circus Circus Las Vegas		17,695			15,703			30,233			30,594
Las Vegas Strip Resorts		418,197			435,905			821,724			885,059
MGM Grand Detroit		50,334			52,135			99,685			98,526
Beau Rivage		27,305			24,393			54,363			47,468
Gold Strike Tunica		18,176			12,400			35,302			24,809
Borgata		53,426			50,917			92,263			94,149
MGM National Harbor		47,710			49,970			98,099			92,076
MGM Springfield		12,476			—			21,862			—
Empire City Casino		21,926			—			36,353			—
MGM Northfield Park		23,800			—			23,800			—
Regional Operations		255,153			189,815			461,727			357,028
MGM Macau		116,496			99,813			245,564			245,648
MGM Cotai		54,332			20,062			116,054			25,978
MGM China		170,828			119,875			361,618			271,626
Unconsolidated resorts		28,357			47,940			68,839			79,706
Management and other operations		(8,084	)		12,491			22,047			20,336
Stock compensation		(14,566	)		(17,286	)		(30,861	)		(32,903	)
Corporate		(93,953	)		(93,410	)		(209,327	)		(184,128	)
	$	755,932		$	695,330		$	1,495,767		$	1,396,724

Liquidity and Capital Resources

Cash Flows

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 interest payments, tax payments or refunds, and distributions from unconsolidated affiliates. Cash provided by operating activities was $968 million in the six months ended June 30, 2019 compared to cash provided by operating activities of $1.1 billion in the six months ended June 30, 2018. Operating cash flows decreased due primarily to the prior year period benefiting from a change in working capital related to the timing of significant purchases of chips by gaming promoters at MGM China as well as an increase in the current period in cash paid for interest, as discussed in “Non-operating Results,” and cash paid for taxes, partially offset by an increase in consolidated operating income.

Investing activities. Our investing cash flows can fluctuate significantly from year to year depending on our decisions with respect to strategic capital investments in new or existing resorts, business acquisitions or dispositions, and the timing of maintenance capital expenditures to maintain the quality of our resorts. Capital expenditures related to regular investments in our existing resorts can also vary depending on timing of larger remodel projects related to our public spaces and hotel rooms.

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Cash used in investing activities was $878 million in the six months ended June 30, 2019 compared to cash used in investing activities of $679 million in the six months ended June 30, 2018. The change was due primarily to the $536 million outflow for the Empire City acquisition, $106 million of outflows related to investments in unconsolidated affiliates and the extension of our subconcession at MGM China, and a $110 million decrease in distributions from unconsolidated affiliates, partially offset by a decrease of $540 million in capital expenditures. We received distributions from unconsolidated affiliates in the six months ended June 30, 2019 consisting of our $90 million share of a $180 million annual dividend paid by CityCenter in 2019. Distributions from unconsolidated affiliates for the six months ended June 30, 2018 consisted of our $200 million share of a $400 million dividend paid by CityCenter in May 2018. The decrease in capital expenditures primarily reflects substantial completion of our development projects at MGM Cotai, MGM Springfield and the rebranding at Park MGM, as discussed in further detail below.

Capital Expenditures

We made capital expenditures of $322 million in the six months ended June 30, 2019, of which $59 million related to MGM China. Capital expenditures at MGM China included $44 million related to projects at MGM Cotai and $15 million related to projects at MGM Macau. Capital expenditures at our Las Vegas Strip Resorts, Regional Operations and corporate entities of $263 million included $37 million related to the construction of MGM Springfield, $36 million related to the Park MGM rebranding project, as well as expenditures relating to information technology, the expansion of the convention center at MGM Grand Las Vegas and various room, restaurant, and entertainment venue remodels.

We made capital expenditures of $862 million in the six months ended June 30, 2018, of which $260 million related to MGM China, excluding development fees and capitalized interest on development fees eliminated in consolidation. Capital expenditures at MGM China included $239 million related to the construction of MGM Cotai and $21 million related to projects at MGM Macau. Capital expenditures at our Las Vegas Strip Resorts, Regional Operations and corporate entities of $602 million included $201 million related to the construction of MGM Springfield, $110 million related to the Park MGM rebranding project, $58 million related to a deposit for the purchase of an airplane, as well as expenditures relating to the expansion of the convention center at MGM Grand Las Vegas and various room, restaurant, and entertainment venue remodels.

Financing activities. Cash used in financing activities decreased $180 million to $458 million in the six months ended June 30, 2019 from $638 million in the six months ended June 30, 2018. The change was due primarily to net proceeds from MGP’s issuances of Class A shares in 2019 of $613 million and a decrease of $675 million in share repurchases, partially offset by net debt repayments of $490 million in the six months ended June 30, 2019 compared to net debt borrowings of $637 million in the six months ended June 30, 2018.

Borrowings (Repayments) of Debt  

During the six months ended June 30, 2019, we repaid net debt of $490 million which consisted of the repayment of our $850 million 8.625% notes due 2019, the Operating Partnership’s issuance of $750 million 5.75% senior notes due 2027, $310 million of net borrowings on our senior credit facility, $231 million of net repayments on our MGM China credit and term loan facilities, and $559 million of net repayments on the Operating Partnership’s senior credit facility. Additionally, in April 2019, we issued $1.0 billion in aggregate principal amount of 5.50% senior notes due 2027. We used the net proceeds from the offering to fund the purchase of $639 million in aggregate principal amount of our outstanding 6.75% senior notes due 2020 and $233 million in aggregate principal amount of our outstanding 5.25% senior notes due 2020 through our cash tender offers. In May 2019, MGM China issued $750 million in aggregate principal amount of 5.375% senior notes due 2024 and $750 million in aggregate principal amount of 5.875% senior notes due 2026 and used the proceeds to permanently repay approximately $1.0 billion on its term loan facility with the remainder used to pay down its revolving credit facility.

The proceeds of the Operating Partnership’s $750 million notes issuance along with the proceeds from MGP’s Class A share issuance, discussed above, were primarily used to finance MGP’s acquisition of the real property associated with Empire City, finance the Park MGM Lease Transaction, and repay amounts drawn under the Operating Partnership’s revolving credit facility. The draws under our senior credit facility were primarily used to repay our senior notes due 2019, partially finance our acquisition of Empire City, pay dividends, and repurchase shares of our common stock. Additionally, we paid $46 million of debt issuance costs related to the issuance of the Operating Partnership’s senior notes, our senior notes and MGM China’s senior notes.

During the six months ended June 30, 2018, we borrowed net debt of $637 million which consisted of the issuance of $1.0 billion 5.750% senior notes due 2025 and $92 million of net borrowings on the MGM China credit facility. The issuance of debt was primarily offset by $327 million of scheduled amortization payments on the term loan facilities and $135 million of payments on our senior secured revolving credit facility. Additionally, we paid $65 million of debt issuance costs related to amendments of the Operating Partnership’s senior credit facility in March and June 2018, the amendment of MGM China’s credit facility in June 2018 and the issuance of the $1.0 billion 5.750% senior notes.

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Dividends, Distributions to Noncontrolling Interest Owners and Share Repurchases

During the six months ended June 30, 2019, we repurchased and retired $282 million of our common stock pursuant to our stock repurchase plan. During the six months ended June 30, 2018, we repurchased and retired $957 million of our common stock pursuant to our stock repurchase plans. The remaining availability under our $2.0 billion stock repurchased program was approximately $1.1 billion as of June 30, 2019.

In June 2019, MGM China paid the final dividend for 2018 of $16 million, of which we received $9 million and noncontrolling interests received $7 million.

During the six months ended June 30, 2019 we paid dividends each quarter of $0.13 per share, totaling $138 million, compared to dividends each quarter of $0.12 per share, totaling $133 million, paid in the six months ended June 30, 2018.

The Operating Partnership paid the following distributions to its partnership unit holders during the six months ended June 30, 2019 and 2018:

• $258 million of distributions paid in 2019, of which we received $185 million and MGP received $74 million, which MGP concurrently paid as a dividend to its Class A shareholders; and

• $223 million of distributions paid in 2018, of which we received $164 million and MGP received $60 million, which MGP concurrently paid as a dividend to its Class A shareholders.

Other Factors Affecting Liquidity

Anticipated uses of cash. We require a certain amount of cash on hand to operate our resorts. In addition to required cash on hand for operations, we utilize corporate cash management procedures to minimize the amount of cash held on hand or in banks. Funds are swept from the accounts at most of our domestic resorts daily into central bank accounts, and excess funds are invested overnight or are used to repay borrowings under our senior secured credit facility. In addition, from time to time we may use excess funds to repurchase our outstanding debt and equity securities subject to limitations in our senior secured credit facility and Delaware law, as applicable. We have significant outstanding debt, interest payments, and contractual obligations in addition to planned capital expenditures and acquisitions.

We held cash and cash equivalents of $1.2 billion at June 30, 2019, of which MGM China held $437 million and the Operating Partnership held $54 million. At June 30, 2019, we had $14.8 billion in principal amount of indebtedness, including $1.1 billion of borrowings outstanding under our $2.3 billion senior secured credit facility, $2.3 billion outstanding under the $3.6 billion Operating Partnership credit facility, and $701 million outstanding under the $1.6 billion MGM China credit facility. We expect to meet our debt maturities and planned capital expenditure requirements with future anticipated operating cash flows, cash and cash equivalents, and available borrowings under our credit facilities. We expect to make domestic capital investments at our resorts and corporate entities of $375 million to $425 million, which includes $10 million to $15 million of construction costs remaining to close out MGM Springfield. Additionally, we expect to make capital investments at MGM China of $250 million to $260 million, which includes approximately $180 million of construction closeout costs at MGM Cotai and approximately $70 million to $80 million of maintenance capital expenditures.

Subsequent to the quarter ended June 30, 2019, we repurchased 6 million shares of our common stock at an average price of $28.86 per share for an aggregate amount of $173 million. Repurchased shares will be retired.

On July 25, 2019, our Board of Directors approved a quarterly dividend of $0.13 per share that will be payable on September 16, 2019 to holders of record on September 10, 2019.

In July 2019, the Operating Partnership paid $137 million of distributions to its partnership unit holders, of which we received $93 million and MGP received $43 million, which MGP concurrently paid as a dividend to its Class A shareholders.

In August 2019, MGM China’s Board of Directors declared an interim dividend for 2019 of $46 million, to be paid on or about August 29, 2019, of which we will receive approximately $26 million and noncontrolling interests will receive approximately $20 million.

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, 2018. There have been no significant changes in our critical accounting policies and estimates since year end.

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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 and by utilizing interest rate swap agreements that provide for a fixed interest payment on the Operating Partnership’s term loan B facility. 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 June 30, 2019, variable rate borrowings represented approximately 19% of our total borrowings after giving effect to the $1.2 billion total notional amount Operating Partnership interest rate swaps currently effective, on which it pays a weighted average fixed rate of 1.844% and the variable rate received will reset monthly to the one-month LIBOR with no minimum floor. The Operating Partnership entered into additional interest rate swaps in December 2018 and June 2019. The December 2018 interest rate swaps have a notional amount of $400 million on which it will pay a fixed rate of 2.735% and an effective date of December 31, 2019. The June 2019 interest rate swaps have a notional amount of $900 million on which it will pay a weighted average fixed rate of 1.801% and an effective date of November 30, 2021. The following table provides additional information about our gross long-term debt subject to changes in interest rates excluding the effect of the Operating Partnership interest rate swaps discussed above:

																						Fair Value
	Debt maturing in																					June 30,
	2019			2020			2021			2022			2023			Thereafter			Total			2019
	(In millions)
Fixed-rate	$	—		$	628		$	1,250		$	1,000		$	1,250		$	6,651		$	10,779		$	11,468
Average interest rate	N/A				6.1	%		6.6	%		7.8	%		6.0	%		5.4	%		5.9	%
Variable rate	$	215		$	467		$	68		$	170		$	1,395		$	1,706		$	4,021		$	3,996
Average interest rate		4.7	%		4.7	%		4.4	%		4.6	%		4.3	%		4.4	%		4.4	%

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 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, China, Macau or Hong Kong could cause variability in these exchange rates. We cannot assure you that the Hong Kong dollar will continue to be pegged to the U.S. dollar or the current peg rate for the Hong Kong dollar will remain at the same level. The possible changes to the peg of the Hong Kong dollar may result in severe fluctuations in the exchange rate thereof. For U.S. dollar denominated debt incurred by MGM China, fluctuations in the exchange rates of the Hong Kong dollar in relation to the U.S. dollar could have adverse effects on our financial position and results of operations. As of June 30, 2019, a 1% weakening of the Hong Kong dollar (the functional currency of MGM China) to the U.S. dollar would result in a foreign currency transaction loss of $15 million.

Cautionary Statement Concerning Forward-Looking Statements

This 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 our ability to generate significant cash flow and execute on ongoing and future projects, such as our MGM 2020 Plan, and the expected results of the MGM 2020 Plan, including our ability to achieve our MGM 2020 Plan goals and targets, amounts we will spend in capital expenditures and investments, and our expectations with respect to future cash dividends on our common stock, and dividends and distributions we will receive from MGM China, the Operating Partnership or CityCenter. 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

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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, including the fixed component of our rent payments to MGP, could adversely affect our development options and financial results and impact our ability to satisfy our obligations;

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

• 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;

• the fact that we are required to pay a significant portion of our cash flows as fixed and percentage rent under the master lease, which could adversely affect our ability to fund our operations and growth, service our indebtedness and limit our ability to react to competitive and economic changes;

• 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 jurisdictions in which we operate and in the locations in which our customers reside;

• the possibility that we may not realize all of the anticipated benefits of our MGM 2020 Plan;

• our ability to pay ongoing regular dividends is subject to the discretion of our board of directors and certain other limitations;

• a significant number of our domestic gaming facilities are leased and could experience risks associated with leased property, including risks relating to lease termination, lease extensions, charges and our relationship with the lessor, which could have a material adverse effect on our business, financial position or results of operations;

• financial, operational, regulatory or other potential challenges that may arise with respect to MGP, as our sole lessor for a significant portion of our properties, may adversely impair our operations;

• the fact that MGP has adopted a policy under which certain transactions with us, including transactions involving consideration in excess of $25 million, must be approved in accordance with certain specified procedures;

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

• the ability of the Macau government to terminate MGM Grand Paradise’s subconcession under certain circumstances without compensating MGM Grand Paradise, exercise its redemption right with respect to the subconcession, or refuse to grant MGM Grand Paradise an extension of the subconcession in 2022;

• the dependence of MGM Grand Paradise upon gaming promoters for a significant portion of gaming revenues in Macau;

• changes to fiscal and tax policies;

• our ability to recognize our foreign tax credit deferred tax 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;

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• 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 such gaming receivables;

• 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, other acts of violence or acts of war or hostility;

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

• the fact that future construction, development, or expansion projects will be subject to significant 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 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 to our reputation and/or subject us to fines, payment of damages, lawsuits or other restrictions on our use or transfer of data;

• the potential reputational harm as a result of increased scrutiny related to our corporate social responsibility efforts;

• the potential failure of future efforts to expand through investments in other businesses and properties or through alliances or acquisitions, or to divest some of our properties and other assets;

• 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 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.

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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 defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“the Exchange Act”)) were effective as of June 30, 2019 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 SEC 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 Rules 13a-15(b) and 15d-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.

Part II. OTHER INFORMATION

Item 1. Legal Proceedings

October 1 litigation. We and/or certain of our subsidiaries have been named as defendants in a number of lawsuits related to the October 1, 2017 shooting in Las Vegas. The matters involve in large degree the same legal and factual issues, each case being filed on behalf of individuals who are seeking damages for emotional distress, physical injury, medical expenses, economic damages and/or wrongful death. Lawsuits were first filed in October 2017 and include actions originally filed in the District Court of Clark County, Nevada and in the Superior Court of Los Angeles County, California. In June 2018, we removed to federal court all actions that remained pending in California and Nevada state courts. We also initiated declaratory relief actions in federal courts in various districts against individuals who had sued or stated an intent to sue. Additional lawsuits related to this incident may be filed in the future.

Since February of 2019, we and counsel representing plaintiffs in all pending matters and purporting to represent substantially all claimants known to us (collectively, the “Claimants”) have been, and continue to be, engaged in mediation efforts to resolve these matters. After multiple mediation sessions over several months, progress has been made, and while mediation is ongoing, we believe it is reasonably possible that a settlement will be reached. The related litigation is stayed pending mediation (the “Mediation Stay”) and we agreed to toll the statute of limitations to May 15, 2020, with respect to the Claimants. Although we continue to believe we are not legally responsible for the perpetrator’s criminal acts, in the interest of avoiding protracted litigation and the related impact on the community, we believe it is reasonably possible that continued mediation communications will result in a settlement with respect to the Claimants of approximately $735 million, subject to and depending on obtaining a minimum level of participation with escalators based on greater participation increasing the amount payable up to $800 million in the event of 100% participation. We have $751 million of insurance coverage available to fund this potential settlement, which our insurers have agreed to fund. We intend for substantially all Claimants to be covered by the settlement, however, it remains possible that certain Claimants may not join the settlement and/or additional claims may be asserted. The foregoing determination was made in accordance with generally accepted accounting principles, as codified in ASC 450-20, and is not an admission of any liability on our part or any of our affiliates.

If such a settlement is not consummated, the Mediation Stay will be lifted and we are currently unable to reliably predict the future developments in, outcome of, and economic costs and other consequences of any such litigation related to this matter. We will continue to investigate the factual and legal defenses, and evaluate these matters based on subsequent events, new information and future circumstances. We intend to defend against any such lawsuits and ultimately believe we should prevail, but litigation of this type is inherently unpredictable. Although there are significant procedural, factual and legal issues to be resolved that could significantly affect our belief as to the possibility of liability, we currently believe that it is reasonably possible that we could incur liability in connection with certain of these lawsuits. The foregoing determination was made in accordance with generally accepted accounting principles, as codified in ASC 450-20, and is not an admission of any liability on our part or any of our affiliates. Given that these cases would be in the early stages, and in light of the uncertainties surrounding them, we do not currently possess sufficient information to determine a range of reasonably possible liability. The insurance carriers have not expressed a reservation of rights or coverage defense that affects our evaluation of potential losses in connection with these claims. Our general liability insurance coverage provides, as part of the contractual “duty to defend”, payment of legal fees and associated costs incurred to defend covered lawsuits that are filed arising from the October 1, 2017 shooting in Las Vegas. Payment of such fees and costs is in addition to (and not limited by) the limits of the insurance policies and does not erode the total liability coverage available.

Other. We are a party to various legal proceedings, most of which relate to routine matters incidental to our business. Management does not believe that the outcome of such proceedings will have a material adverse effect on our financial position, results of operations or cash flows.

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, 2018. There have been no material changes to those factors previously disclosed in our 2018 Annual Report on Form 10-K.

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

The following table provides information about share repurchases made by the Company of its common stock during the quarter ended June 30, 2019:

					Total Number		Dollar Value of
	Total				of Shares		Shares that May
	Number of		Average		Purchased as		Yet be Purchased
	Shares		Price Paid		Part of a Publicly		Under the Program
Period	Purchased		per Share		Announced Program		(In thousands)
April 1, 2019 — April 30, 2019		—	$	—		—	$	1,389,031
May 1, 2019 — May 31, 2019		10,198,343	$	25.66		10,198,343	$	1,127,367
June 1, 2019 — June 30, 2019		807,280	$	24.98		807,280	$	1,107,198

In May 2018, the Company’s Board of Directors authorized a $2.0 billion stock repurchase program. Under the stock repurchase program, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be purchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time. All shares repurchased by the Company during the quarter ended June 30, 2019 were purchased pursuant to the Company’s publicly announced stock repurchase program and have been retired.

Item 6. Exhibits

4.1	Seventh Supplemental Indenture, dated April  10, 2019, among MGM Resorts International, the guarantors named therein and U.S. Bank National Association, as trustee, to the Indenture, dated as of March  22, 2012, among MGM Resorts International and U.S. Bank National Association, as trustee, relating to the 5.500% senior notes due 2027 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed on April 10, 2019).
4.2	Indenture governing the 5.375% senior notes due 2024, dated as of May 16, 2019, between MGM China Holdings Limited and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed on May 16, 2019).
4.3	Indenture governing the 5.875% senior notes due 2026, dated as of May 16, 2019, between MGM China Holdings Limited and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K filed on May 16, 2019).
10.1	Sixth Supplemental Agreement, dated April 15, 2019, between MGM China Holdings Limited, MGM Grand Paradise (HK) Limited, Superemprego Limitada, MGM – Security Services, LTD. and Bank of America, N.A., as Facility Agent.
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.INS	XBRL Instance Document.
101.SCH	XBRL Schema Document.
101.CAL	XBRL Calculation Linkbase Document.
101.DEF	XBRL Definition Linkbase Document.
101.LAB	XBRL Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.
104	The cover page from this Quarterly Report on Form 10-Q, formatted in Inline XBRL.

In accordance with Rule 402 of Regulation S-T, the XBRL information included in Exhibit 101 and Exhibit 104 to this Form 10-Q shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other

45

document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

46

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: August 7, 2019	By:	/s/ JAMES J. MURREN
		James J. Murren
		Chairman of the Board and Chief Executive Officer (Principal Executive Officer)
Date: August 7, 2019		/s/ COREY I. SANDERS
		Corey I. Sanders
		Chief Financial Officer and Treasurer (Principal Financial Officer)

47

EX-10.1

Exhibit 10.1

EXECUTION VERSION

SIXTH SUPPLEMENTAL AGREEMENT

DATED __15 April__ 2019

BETWEEN

MGM CHINA HOLDINGS LIMITED

MGM GRAND PARADISE, S.A.

MGM GRAND PARADISE (HK) LIMITED

SUPEREMPREGO LIMITADA

MGM - SECURITY SERVICES, LTD.

AND

BANK OF AMERICA, N.A.

as Facility Agent

relating to a credit agreement originally dated 27 July 2010, as first amended and restated by a supplemental agreement dated 22 October 2012, such amendments being effective as of 29 October 2012, as further amended and restated by a second supplemental agreement dated 9 June 2015, such amendments being effective as of 12 June 2015 and as further amended by a third supplemental agreement dated 2 February 2016, such amendments being effective as of 2 February 2016 as further amended by a fourth supplemental agreement dated 15 February 2017 (such amendments being effective as of 15 February 2017) and as further amended and restated by a fifth supplemental agreement dated 15 June 2018 (such amendments being effective as of 22 June 2018)

ALLEN & OVERY

Allen & Overy LLP

0012001-0002265 HK:26719157.3

	CONTENTS
Clause		Page
1.	Interpretation	2
2.	Amendments	3
3.	Conditions Precedent	3
4.	Representations	3
5.	Guarantee and Security	3
6.	Indemnity	4
7.	Miscellaneous	4
8.	Governing Law	4
Schedule
1.	Amendments to the Fifth Amended and Restated Credit Agreement	5
Signatories		6

0012001-0002265 HK:26719157.3

THIS AGREEMENT is dated ____15 April ____ 2019 and made

BETWEEN:

(1) MGM CHINA HOLDINGS LIMITED (the Company);

(2) MGM GRAND PARADISE, S.A. (MGMGP);

(3) MGM GRAND PARADISE (HK) LIMITED, SUPEREMPREGO LIMITADA and MGM - SECURITY SERVICES, LTD. as original guarantors (the Original Guarantors); and

(4) BANK OF AMERICA, N.A. as facility agent for and on behalf of the other Finance Parties under and as defined in the Fifth Amended and Restated Credit Agreement defined below (in this capacity, the Facility Agent).

BACKGROUND

(A) MGMGP, MGM Grand Paradise (HK) Limited and Superemprego Limitada entered into a HK$7,410,000,000 credit agreement dated 27 July 2010 (the Existing Credit Agreement).

(B) On 2 June 2011 the Company acceded to the Existing Credit Agreement as an Additional Guarantor.

(C) On 22 October 2012 MGMGP, the Company and the Facility Agent, amongst others, entered into a supplemental agreement (the First Supplemental Agreement) which amended and restated the Existing Credit Agreement (as amended by the First Supplemental Agreement, such amendments being effective as of 29 October 2012, the First Amended and Restated Credit Agreement).  

(D) On 6 February 2015, MGM Security Services, Ltd. acceded to the First Amended and Restated Credit Agreement as an Additional Guarantor.

(E) On 9 June 2015, MGMGP, the Company and the Facility Agent, amongst others, entered into a second supplemental agreement (the Second Supplemental Agreement) which amended and restated the First Amended and Restated Credit Agreement (as amended by the Second Supplemental Agreement, such amendments being effective as of 12 June 2015, the Second Amended and Restated Credit Agreement).  

(F) On 2 February 2016, MGMGP, the Company and the Facility Agent, amongst others, entered into a third supplemental agreement (the Third Supplemental Agreement) which amended the Second Amended and Restated Credit Agreement (as amended by the Third Supplemental Agreement, such amendments being effective as of 2 February 2016, the Third Amended Credit Agreement).  

(G) On 15 February 2017, MGMGP, the Company and the Facility Agent, amongst others, entered into a fourth supplemental agreement (the Fourth Supplemental Agreement) which amended the Third Amended Credit Agreement (as amended by the Fourth Supplemental Agreement (such amendments being effective as of 15 February 2017), the Fourth Amended Credit Agreement).

0012001-0002265 HK:26719157.3 1

(H) On 15 June 2018, MGMGP, the Company and the Facility Agent, amongst others, entered into a fifth supplemental agreement (the Fifth Supplemental Agreement) which amended and restated the Fourth Amended Credit Agreement (as amended and restated by the Fifth Supplemental Agreement (such amendments being effective as of 22 June 2018), the Fifth Amended and Restated Credit Agreement).

(I) The Facility Agent sent an email on 21 March 2019 to the Lenders, asking the Lenders to respond to the Company’s and MGMGP’s request letter dated 21 March 2019 (the Amendment Request Letter) that the Lenders consent to certain amendments to the Fifth Amended and Restated Credit Agreement described therein.

(J) The Parties agree that on the Sixth Effective Date (as defined below) the Fifth Amended and Restated Credit Agreement will be amended on the terms, and subject to the conditions, of this Agreement.

(K) Pursuant to clause 26.1 (Procedure) of  the Fifth Amended and Restated Credit Agreement, the Majority Lenders (as defined in the Fifth Amended and Restated Credit Agreement) have consented to the amendments to the Fifth Amended and Restated Credit Agreement contemplated by this Agreement.  Accordingly, the Facility Agent is authorised to execute this Agreement on behalf of the Finance Parties.

IT IS AGREED as follows:

1. INTERPRETATION

1.1 Definitions

(a) In this Agreement:

Amended Credit Agreement means the Fifth Amended and Restated Credit Agreement as amended by this Agreement.

Sixth Effective Date means the date upon which the Facility Agent issues the Sixth Effective Date Notice pursuant to paragraph  (b) of Clause  2 (Amendments).

Sixth Effective Date Notice has the meaning given to that term in paragraph  (b) of Clause  2 (Amendments).

(b) Capitalised terms defined in the Fifth Amended and Restated Credit Agreement have, unless expressly defined in this Agreement, the same meaning in this Agreement.

1.2 Construction

The provisions of clause 1.2 (Construction), 1.4 (Third Parties) and 36 (Enforcement) of the Fifth Amended and Restated Credit Agreement apply to this Agreement as though they were set out in full in this Agreement except that references to the Fifth Amended and Restated Credit Agreement are to be construed as references to this Agreement.

0012001-0002265 HK:26719157.3 2

2. AMENDMENTS

(a) Subject to paragraph (b) below, the Fifth Amended and Restated Credit Agreement will be amended from the Sixth Effective Date in the manner set out in Schedule 1 (Amendments to the Fifth Amended and Restated Credit Agreement).

(b) The Fifth Amended and Restated Credit Agreement will not be amended by this Agreement unless the Facility Agentnotifies the Company and each Lender that it has received all of the documents and evidence set out in Clause  3 (Conditions Precedent) below in form and substance satisfactory to the Facility Agent (the Sixth Effective Date Notice).  The Facility Agentmust issue the Sixth Effective Date Notice as soon as reasonably practicable.

3. CONDITIONS PRECEDENT

The conditions precedent to be delivered to the Facility Agent by the Company in accordance with paragraph (b) of Clause 2 (Amendments) above are:

(a) an executed copy of this Agreement; and

(b) evidence that all fees, costs and expenses then due and payable from the Company in connection with this Agreement and the amendments contemplated herein have been paid.

4. REPRESENTATIONS

Each Obligor makes the representations and warranties set out in clause 16 (Representations and Warranties) of the Fifth Amended and Restated Credit Agreement on the date of this Agreement and on the Sixth Effective Date, in each case as if references to the Fifth Amended and Restated Credit Agreement are references to the Amended Credit Agreement with reference to the facts and circumstances then existing and in each case as if references to the Fifth Effective Date are references to the Sixth Effective Date.

5. GUARANTEE AND SECURITY

Each Obligor, with effect on and from the Sixth Effective Date:

(a) confirms its acceptance of the Amended Credit Agreement;

(b) agrees that it is bound as an Obligor by the terms of the Amended Credit Agreement;

(c) confirms that any security given by it or created under a Finance Document will:

(i) continue in full force and effect; and

(ii) extend to the liabilities and obligations of the Obligors to the Finance Parties under the Finance Documents (including the Amended Credit Agreement); and

0012001-0002265 HK:26719157.3 3

(d) (if a Guarantor) confirms that the guarantee given by it or created under a Finance Document will:

(i) continue in full force and effect; and

(ii) extend to the liabilities and obligations of the Obligors to the Finance Parties under the Finance Documents (including the Amended Credit Agreement).

6. INDEMNITY

Without prejudice to any indemnity provided under the Finance Documents, each Obligor must, jointly and severally and immediately on demand by any Party (other than an Obligor), indemnify that Party against any cost (including, without limitation, legal costs), expense, loss or liability which that Party incurs in connection with, or as a consequence of, entering into this Agreement.

7. MISCELLANEOUS

(a) No part of this Agreement is intended to or will create a registrable Security Interest.

(b) Each of this Agreement and the Amended Credit Agreement is a Finance Document.

(c) Subject to the terms of this Agreement, the Fifth Amended and Restated Credit Agreement will remain in full force and effect and, from the Sixth Effective Date, the Fifth Amended and Restated Credit Agreement and this Agreement will be read and construed as one document.

8. GOVERNING LAW

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement.

0012001-0002265 HK:26719157.3 4

SCHEDULE 1

AMENDMENTS TO THE FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

The definition of Performance Bond Facility in clause 1.1 (Definitions) of the Fifth Amended and Restated Credit Agreement is deleted and replaced with:

“Performance Bond Facility means:

(a) the facility made available under the facility agreement dated 15 April 2005 between  MGMGP and Banco Nacional Ultramarino, S.A. identified as "Garantia Bancária No. 139/2005" (as amended or replaced from time to time), any replacement of this facility or other similar facility entered into by a member of the Restricted Group to comply with the requirement under clause 61 of the SubConcession Contract; or

(b) any facility entered into by a member of the Restricted Group for the purpose of issuing a Performance Bond, in an amount when aggregated with other facilities under this paragraph (b), not exceeding US$150,000,000 or its equivalent.”

0012001-0002265 HK:26719157.3 5

signatories company for and on behalf of mgm china holdings limited by:sixth supplement agreement

mgmgp for and on behalf of mgm grand paradise, s.a. by:sixth supplement agreement

original guarantor for and on behalf of mgm grand paradise (hk) limited by:sixth supplement agreement

original guarantor for and on behalf of superemprego limitada by: sixth supplement agreement

original guarantor for and on behalf of mgm-security services, ltd. by:sixth supplement agreement

Facility agent bank of america, n.a. by:name: wynnie lam title: vice president

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.

August 7, 2019

/s/ JAMES J. MURREN

James J. Murren

Chairman of the Board and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Corey I. Sanders, 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.

August 7, 2019

/s/ COREY I. SANDERS

Corey I. Sanders

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 June 30, 2019 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

August 7, 2019

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 June 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Corey I. Sanders, 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/ COREY I. SANDERS

Corey I. Sanders

Chief Financial Officer and Treasurer

August 7, 2019

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

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 05, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
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		521,426,655
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-10362
Entity Tax Identification Number	880215232
Entity Address, Address Line One	3600 Las Vegas Boulevard South
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	Nevada
Entity Address, Postal Zip Code	89109
City Area Code	702
Local Phone Number	693-7120

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 1,160,591	$ 1,526,762
Accounts receivable, net	562,772	657,206
Inventories	106,707	110,831
Income tax receivable	20,994	28,431
Prepaid expenses and other	188,970	203,548
Total current assets	2,040,034	2,526,778
Property and equipment, net	21,054,337	20,729,888
Other assets
Investments in and advances to unconsolidated affiliates	746,733	732,867
Goodwill	2,080,904	1,821,392
Other intangible assets, net	3,922,684	3,944,463
Operating lease right-of-use assets, net	664,817	0
Other long-term assets, net	304,206	455,318
Total other assets	7,719,344	6,954,040
Total assets	30,813,715	30,210,706
Current liabilities
Accounts payable	277,591	302,578
Construction payable	231,740	311,793
Current portion of long-term debt	0	43,411
Accrued interest on long-term debt	136,790	140,046
Other accrued liabilities	2,140,418	2,151,054
Total current liabilities	2,786,539	2,948,882
Deferred income taxes, net	1,552,552	1,342,538
Long-term debt, net	14,661,695	15,088,005
Operating lease liabilities	529,171	0
Other long-term obligations	228,451	259,240
Commitments and contingencies (Note 8)
Redeemable noncontrolling interests	100,586	102,250
Stockholders' equity
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 526,333,157 and 527,479,528 shares	5,263	5,275
Capital in excess of par value	4,181,585	4,092,085
Retained earnings	2,359,966	2,423,479
Accumulated other comprehensive loss	(26,330)	(8,556)
Total MGM Resorts International stockholders' equity	6,520,484	6,512,283
Noncontrolling interests	4,434,237	3,957,508
Total stockholders' equity	10,954,721	10,469,791
Total liabilities and stockholders' equity	$ 30,813,715	$ 30,210,706

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	1,000,000,000	1,000,000,000
Common stock, issued shares	526,333,157	527,479,528
Common stock, outstanding shares	526,333,157	527,479,528

XML

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Revenues	$ 3,223,243	$ 2,858,695	$ 6,400,154	$ 5,680,932
Expenses
General and administrative	524,424	438,453	1,049,536	856,343
Corporate expense	108,061	103,438	237,497	202,947
Preopening and start-up expenses	879	19,077	4,166	85,994
Property transactions, net	5,790	16,970	14,566	22,868
Depreciation and amortization	334,788	296,208	651,202	565,030
Total expenses	2,878,762	2,543,560	5,724,162	5,037,806
Income from unconsolidated affiliates	27,004	47,940	65,753	79,706
Operating income	371,485	363,075	741,745	722,832
Non-operating income (expense)
Interest expense, net of amounts capitalized	(215,829)	(181,493)	(431,949)	(349,402)
Non-operating items from unconsolidated affiliates	(21,477)	(11,068)	(39,642)	(20,078)
Other, net	(46,276)	(6,381)	(44,583)	(8,297)
Total non-operating income (expense)	(283,582)	(198,942)	(516,174)	(377,777)
Income before income taxes	87,903	164,133	225,571	345,055
Benefit (provision) for income taxes	(11,734)	(23,710)	(83,245)	61,669
Net income	76,169	140,423	142,326	406,724
Less: Net income attributable to noncontrolling interests	(32,764)	(16,646)	(67,624)	(59,503)
Net income attributable to MGM Resorts International	$ 43,405	$ 123,777	$ 74,702	$ 347,221
Net income per share of common stock attributable to MGM Resorts International
Basic	$ 0.08	$ 0.21	$ 0.13	$ 0.60
Diluted	$ 0.08	$ 0.21	$ 0.13	$ 0.60
Weighted average common shares outstanding
Basic	532,365	548,433	533,286	556,586
Diluted	535,417	554,339	536,456	563,108
Casino [Member]
Revenues
Revenues	$ 1,598,312	$ 1,332,214	$ 3,224,658	$ 2,726,530
Expenses
Expenses	888,392	741,531	1,791,149	1,504,180
Rooms [Member]
Revenues
Revenues	586,503	563,871	1,160,718	1,103,351
Expenses
Expenses	208,643	202,968	412,637	392,026
Food and Beverage [Member]
Revenues
Revenues	544,552	494,808	1,064,773	950,219
Expenses
Expenses	426,664	376,985	826,903	730,374
Entertainment, Retail and Other [Member]
Revenues
Revenues	382,738	363,242	727,112	692,992
Expenses
Expenses	269,983	243,370	513,613	470,204
Reimbursed Costs [Member]
Revenues
Revenues	111,138	104,560	222,893	207,840
Expenses
Expenses	$ 111,138	$ 104,560	$ 222,893	$ 207,840

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 76,169		$ 140,423		$ 142,326	$ 406,724
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	26,380	$ (12,405)	1,400	$ (24,152)	13,975	(22,752)
Unrealized gain (loss) on cash flow hedges	(26,298)	$ (13,323)	5,335	$ 13,856	(39,621)	19,191
Other comprehensive income (loss)	82		6,735		(25,646)	(3,561)
Comprehensive income	76,251		147,158		116,680	403,163
Less: Comprehensive income attributable to noncontrolling interests	(34,743)		(19,138)		(59,387)	(55,569)
Comprehensive income attributable to MGM Resorts International	$ 41,508		$ 128,020		$ 57,293	$ 347,594

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net income	$ 142,326	$ 406,724
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	651,202	565,030
Amortization of debt discounts, premiums and issuance costs	19,735	19,956
Loss on retirement of long-term debt	53,211	2,636
Provision for doubtful accounts	17,328	17,324
Stock-based compensation	49,198	33,911
Property transactions, net	14,566	22,868
Income from unconsolidated affiliates	(26,111)	(56,307)
Distributions from unconsolidated affiliates	0	9,650
Deferred income taxes	68,613	(70,986)
Change in operating assets and liabilities:
Accounts receivable	80,080	26,157
Inventories	5,113	(6,928)
Income taxes receivable and payable, net	7,436	19,428
Prepaid expenses and other	21,682	8,855
Accounts payable and accrued liabilities	(119,205)	116,060
Other	(17,341)	(21,227)
Net cash provided by operating activities	967,833	1,093,151
Cash flows from investing activities
Capital expenditures, net of construction payable	(321,618)	(861,761)
Dispositions of property and equipment	573	440
Investments in unconsolidated affiliates	(80,669)	(2,503)
Distributions from unconsolidated affiliates	90,000	200,000
Other	(30,170)	(15,609)
Net cash used in investing activities	(877,565)	(679,433)
Cash flows from financing activities
Net repayments under bank credit facilities – maturities of 90 days or less	(1,979,956)	(360,874)
Issuance of long-term debt	3,250,000	1,000,000
Retirement of senior notes and senior debentures	(1,759,926)	(2,265)
Debt issuance costs	(45,546)	(64,777)
Issuance of MGM Growth Properties Class A shares, net	613,299	0
Dividends paid to common shareholders	(138,215)	(133,334)
Distributions to noncontrolling interest owners	(102,418)	(101,407)
Purchases of common stock	(281,833)	(957,264)
Other	(13,184)	(18,230)
Net cash used in financing activities	(457,779)	(638,151)
Effect of exchange rate on cash	1,340	(2,690)
Cash and cash equivalents
Net decrease for the period	(366,171)	(227,123)
Balance, beginning of period	1,526,762	1,499,995
Balance, end of period	1,160,591	1,272,872
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized	415,196	324,779
Federal, state and foreign income taxes paid (received), net of refunds	7,069	(10,667)
Empire City [Member]
Cash flows from investing activities
Acquisition, net of cash acquired	$ (535,681)	$ 0

XML

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	MGM Growth Properties LLC [Member] Class A Shareholders [Member]	Empire City [Member]	Empire City MGP [Member]	Northfield [Member]	Park MGM [Member]	Common Stock [Member]	Common Stock [Member] MGM Growth Properties LLC [Member] Class A Shareholders [Member]	Common Stock [Member] Empire City [Member]	Common Stock [Member] Empire City MGP [Member]	Common Stock [Member] Northfield [Member]	Common Stock [Member] Park MGM [Member]	Capital in Excess of Par Value [Member]	Capital in Excess of Par Value [Member] MGM Growth Properties LLC [Member] Class A Shareholders [Member]	Capital in Excess of Par Value [Member] Empire City [Member]	Capital in Excess of Par Value [Member] Empire City MGP [Member]	Capital in Excess of Par Value [Member] Northfield [Member]	Capital in Excess of Par Value [Member] Park MGM [Member]	Retained Earnings (Accumulated Deficit) [Member]	Retained Earnings (Accumulated Deficit) [Member] MGM Growth Properties LLC [Member] Class A Shareholders [Member]	Retained Earnings (Accumulated Deficit) [Member] Empire City [Member]	Retained Earnings (Accumulated Deficit) [Member] Empire City MGP [Member]	Retained Earnings (Accumulated Deficit) [Member] Northfield [Member]	Retained Earnings (Accumulated Deficit) [Member] Park MGM [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Other Comprehensive Income (Loss) [Member] MGM Growth Properties LLC [Member] Class A Shareholders [Member]	Accumulated Other Comprehensive Income (Loss) [Member] Empire City [Member]	Accumulated Other Comprehensive Income (Loss) [Member] Empire City MGP [Member]	Accumulated Other Comprehensive Income (Loss) [Member] Northfield [Member]	Accumulated Other Comprehensive Income (Loss) [Member] Park MGM [Member]	Total MGM Resorts International Stockholder's Equity [Member]	Total MGM Resorts International Stockholder's Equity [Member] MGM Growth Properties LLC [Member] Class A Shareholders [Member]	Total MGM Resorts International Stockholder's Equity [Member] Empire City [Member]	Total MGM Resorts International Stockholder's Equity [Member] Empire City MGP [Member]	Total MGM Resorts International Stockholder's Equity [Member] Northfield [Member]	Total MGM Resorts International Stockholder's Equity [Member] Park MGM [Member]	Non-Controlling Interests [Member]	Non-Controlling Interests [Member] MGM Growth Properties LLC [Member] Class A Shareholders [Member]	Non-Controlling Interests [Member] Empire City [Member]	Non-Controlling Interests [Member] Empire City MGP [Member]	Non-Controlling Interests [Member] Northfield [Member]	Non-Controlling Interests [Member] Park MGM [Member]
Beginning Balance at Dec. 31, 2017	$ 11,611,124						$ 5,663						$ 5,357,709						$ 2,217,299						$ (3,610)						$ 7,577,061						$ 4,034,063
Beginning Balance, Shares at Dec. 31, 2017							566,276
Net income	264,184						$ 0						0						223,444						0						223,444						40,740
Currency translation adjustment	(24,152)						0						0						0						(13,368)						(13,368)						(10,784)
Other comprehensive Income (loss) - cash flow hedges	13,856						0						0						0						9,498						9,498						4,358
Stock-based compensation	16,117						0						14,742						0						0						14,742						1,375
Issuance of common stock pursuant to stock-based compensation awards	(8,295)						$ 5						(8,300)						0						0						(8,295)						0
Issuance of common stock pursuant to stock-based compensation awards, Shares							493
Cash distributions and dividend payable to noncontrolling interest owners	(9,791)	$ (29,777)					$ 0	$ 0					0	$ 0					0	$ 0					0	$ 0					0	$ 0					(9,791)	$ (29,777)
Dividends paid to common shareholders	(67,999)						0						0						(67,999)						0						(67,999)						0
Issuance of performance share units	3,716						0						3,609						0						0						3,609						107
Repurchase of common stock	(362,400)						$ (100)						(362,300)						0						0						(362,400)						0
Repurchase of common stock, Shares							(10,000)
Adjustment of redeemable non-controlling interest to redemption value	(4,598)						$ 0						(4,598)						0						0						(4,598)						0
Other	(1,614)						0						(904)						0						0						(904)						(710)
Ending Balance at Mar. 31, 2018	11,400,371						$ 5,568						4,999,958						2,372,744						(7,480)						7,370,790						4,029,581
Ending Balance, Shares at Mar. 31, 2018							556,769
Beginning Balance at Dec. 31, 2017	11,611,124						$ 5,663						5,357,709						2,217,299						(3,610)						7,577,061						4,034,063
Beginning Balance, Shares at Dec. 31, 2017							566,276
Currency translation adjustment	(22,752)
Other comprehensive Income (loss) - cash flow hedges	19,191
Ending Balance at Jun. 30, 2018	10,839,941						$ 5,379						4,413,814						2,431,186						(3,237)						6,847,142						3,992,799
Ending Balance, Shares at Jun. 30, 2018							537,867
Beginning Balance at Mar. 31, 2018	11,400,371						$ 5,568						4,999,958						2,372,744						(7,480)						7,370,790						4,029,581
Beginning Balance, Shares at Mar. 31, 2018							556,769
Net income	138,121						$ 0						0						123,777						0						123,777						14,344
Currency translation adjustment	1,400						0						0						0						583						583						817
Other comprehensive Income (loss) - cash flow hedges	5,335						0						0						0						3,660						3,660						1,675
Stock-based compensation	17,807						0						16,430						0						0						16,430						1,377
Issuance of common stock pursuant to stock-based compensation awards	(1,095)						$ 1						(1,096)						0						0						(1,095)						0
Issuance of common stock pursuant to stock-based compensation awards, Shares							102
Cash distributions and dividend payable to noncontrolling interest owners	(24,287)	(30,492)					$ 0	0					0	0					0	0					0	0					0	0					(24,287)	(30,492)
Dividends paid to common shareholders	(65,335)						0						0						(65,335)						0						(65,335)						0
Repurchase of common stock	(594,864)						$ (190)						(594,674)						0						0						(594,864)						0
Repurchase of common stock, Shares							(19,004)
Adjustment of redeemable non-controlling interest to redemption value	(5,986)						$ 0						(5,986)						0						0						(5,986)						0
Other	(1,034)						0						(818)						0						0						(818)						(216)
Ending Balance at Jun. 30, 2018	10,839,941						$ 5,379						4,413,814						2,431,186						(3,237)						6,847,142						3,992,799
Ending Balance, Shares at Jun. 30, 2018							537,867
Beginning Balance at Dec. 31, 2018	10,469,791						$ 5,275						4,092,085						2,423,479						(8,556)						6,512,283						3,957,508
Beginning Balance, Shares at Dec. 31, 2018							527,480
Net income	63,932						$ 0						0						31,297						0						31,297						32,635
Currency translation adjustment	(12,405)						0						0						0						(6,906)						(6,906)						(5,499)
Other comprehensive Income (loss) - cash flow hedges	(13,323)						0						0						0						(8,606)						(8,606)						(4,717)
Stock-based compensation	32,136						0						30,950						0						0						30,950						1,186
Issuance of common stock pursuant to stock-based compensation awards	(4,275)						$ 3						(4,278)						0						0						(4,275)						0
Issuance of common stock pursuant to stock-based compensation awards, Shares							305
Cash distributions and dividend payable to noncontrolling interest owners	(5,133)	(42,064)					$ 0	0					0	0					0	0					0	0					0	0					(5,133)	(42,064)
Dividends paid to common shareholders	(69,799)						0						0						(69,799)						0						(69,799)						0
Issuance of performance share units	1,546						0						1,546						0						0						1,546						0
Adjustment of redeemable non-controlling interest to redemption value	(3,825)						0						(3,825)						0						0						(3,825)						0
Acquisition			$ 265,765						$ 94						$ 265,671						$ 0						$ 0						$ 265,765						$ 0
Acquisition transaction, shares									9,371			0
Acquisition transaction				$ 5,027		$ 528				$ 0		$ 0				$ (18,913)		$ (1,984)				$ 0		$ 0				$ 195		$ 16				$ (18,718)		$ (1,968)				$ 23,745		$ 2,496
Share issuance		528,843						0						57,196						0						(774)						56,422						472,421
Other	1,121						0						2,015						0						23						2,038						(917)
Ending Balance at Mar. 31, 2019	11,217,865						$ 5,372						4,420,463						2,384,977						(24,608)						6,786,204						4,431,661
Ending Balance, Shares at Mar. 31, 2019							537,156
Beginning Balance at Dec. 31, 2018	10,469,791						$ 5,275						4,092,085						2,423,479						(8,556)						6,512,283						3,957,508
Beginning Balance, Shares at Dec. 31, 2018							527,480
Currency translation adjustment	13,975
Other comprehensive Income (loss) - cash flow hedges	(39,621)
Ending Balance at Jun. 30, 2019	10,954,721						$ 5,263						4,181,585						2,359,966						(26,330)						6,520,484						4,434,237
Ending Balance, Shares at Jun. 30, 2019							526,333
Beginning Balance at Mar. 31, 2019	11,217,865						$ 5,372						4,420,463						2,384,977						(24,608)						6,786,204						4,431,661
Beginning Balance, Shares at Mar. 31, 2019							537,156
Net income	73,881						$ 0						0						43,405						0						43,405						30,476
Currency translation adjustment	26,380						0						0						0						14,754						14,754						11,626
Other comprehensive Income (loss) - cash flow hedges	(26,298)						0						0						0						(16,651)						(16,651)						(9,647)
Stock-based compensation	17,064						0						15,991						0						0						15,991						1,073
Issuance of common stock pursuant to stock-based compensation awards	(1,140)						$ 1						(1,141)						0						0						(1,140)						0
Issuance of common stock pursuant to stock-based compensation awards, Shares							182
Cash distributions and dividend payable to noncontrolling interest owners	(13,716)	(43,310)					$ 0	0					0	0					0	0					0	0					0	0					(13,716)	(43,310)
Dividends paid to common shareholders	(68,416)						0						0						(68,416)						0						(68,416)						0
Repurchase of common stock	(281,833)						$ (110)						(281,723)						0						0						(281,833)						0
Repurchase of common stock, Shares							(11,005)
Adjustment of redeemable non-controlling interest to redemption value	992						$ 0						992						0						0						992						0
Acquisition transaction					$ (5,760)						$ 0						$ 21,681						$ 0						$ (2)						$ 21,679						$ (27,439)
Share issuance		$ 62,199						$ 0						$ 9,905						$ 0						$ 105						$ 10,010						$ 52,189
Other	(3,187)						0						(4,583)						0						72						(4,511)						1,324
Ending Balance at Jun. 30, 2019	$ 10,954,721						$ 5,263						$ 4,181,585						$ 2,359,966						$ (26,330)						$ 6,520,484						$ 4,434,237
Ending Balance, Shares at Jun. 30, 2019							526,333

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Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Statement Of Stockholders Equity [Abstract]
Dividends declared to common shareholders	$ 0.13	$ 0.13	$ 0.12	$ 0.12

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Organization

6 Months Ended

Jun. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

NOTE 1 — ORGANIZATION

Organization. MGM Resorts International (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the “Company”) is a Delaware corporation that acts largely as a holding company and, through subsidiaries, owns and operates casino resorts.

The Company owns and operates the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada: Bellagio, MGM Grand Las Vegas, The Mirage, Mandalay Bay, Luxor, New York-New York, Park MGM, Excalibur and Circus Circus Las Vegas. Operations at MGM Grand Las Vegas include management of The Signature at MGM Grand Las Vegas, a condominium-hotel consisting of three towers. The Company operates and, along with local investors, owns MGM Grand Detroit in Detroit, Michigan, MGM National Harbor in Prince George’s County, Maryland, and MGM Springfield in Springfield, Massachusetts. The Company also owns and operates Borgata located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey, Empire City in Yonkers, New York, MGM Northfield Park in Northfield Park, Ohio, and the following resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike in Tunica. Additionally, the Company owns The Park, a dining and entertainment district located between New York-New York and Park MGM, Shadow Creek, an exclusive world-class golf course located approximately ten miles north of its Las Vegas Strip resorts, Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier, Mississippi.

MGM Growth Properties LLC (“MGP”), a consolidated subsidiary of the Company, is organized as an umbrella partnership REIT (commonly referred to as an UPREIT) structure in which substantially all of its assets are owned by and substantially all of its businesses are conducted through MGM Growth Properties Operating Partnership LP (the “Operating Partnership”). MGP has two classes of authorized and outstanding voting common shares (collectively, the “shares”): Class A shares and a single Class B share. The Company owns MGP’s Class B share, which does not provide its holder any rights to profits or losses or any rights to receive distributions from operations of MGP or upon liquidation or winding up of MGP. MGP’s Class A shareholders are entitled to one vote per share, while the Company, as the owner of the Class B share, is entitled to an amount of votes representing a majority of the total voting power of MGP’s shares so long as the Company and its controlled affiliates’ (excluding MGP) aggregate beneficial ownership of the combined economic interests in MGP and the Operating Partnership does not fall below 30%. The Company and MGP each hold Operating Partnership units representing limited partner interests in the Operating Partnership. The general partner of the Operating Partnership is a wholly-owned subsidiary of MGP. The Operating Partnership units held by the Company are exchangeable into Class A shares of MGP on a one-to-one basis, or cash at the fair value of a Class A share. The determination of settlement method is at the option of MGP’s independent conflicts committee. The Company and MGP’s ownership interest percentage in the Operating Partnership have varied based upon the transactions that MGP has completed, as discussed in Note 10. As of June 30, 2019, the Company owned 68.3% of the Operating Partnership units, and MGP held the remaining 31.7% ownership interest in the Operating Partnership.

Pursuant to a master lease agreement between a subsidiary of the Company (the “tenant”) and a subsidiary of the Operating Partnership (the “landlord”), the tenant leases the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Park MGM, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor, and MGM Northfield Park from the landlord.

In January 2019, the Company acquired the real property and operations associated with the Empire City Casino's race track and casino (“Empire City”). Subsequently, MGP acquired the developed real property associated with Empire City from the Company and Empire City was added to the existing master lease between the Company and MGP. Refer to Note 3 for additional information.

In March 2019, the Company entered into an amendment to the existing master lease with respect to investments made by the Company related to improvements at Park MGM and NoMad Las Vegas. Additionally, in April 2019, the Company acquired the membership interests of Northfield Park Associates, LLC (“Northfield”), the entity that owned the operating assets associated with Hard Rock Rocksino Northfield Park (rebranded to MGM Northfield Park upon the Company’s acquisition), from MGP, and MGP retained the associated real estate assets. MGM Northfield Park was then added to the existing master lease between the Company and MGP. Refer to Note 12 for additional information on these transactions.

The Company has an approximate 56% controlling interest in MGM China Holdings Limited (together with its subsidiaries, “MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”). MGM Grand Paradise owns and operates the MGM Macau resort and casino and MGM Cotai, an integrated casino, hotel and entertainment resort located on the Cotai Strip in Macau, as well as the related gaming subconcession and land concessions. In March 2019, MGM Grand Paradise and its concessionaire, Sociedade de Jogos de Macau, S.A (“SJMSA”) entered into a Sub-Concession Extension Contract (the “Extension Agreement”), pursuant to which the gaming sub-concession of MGM Grand Paradise, which was due to expire on March 31, 2020, has been extended to June 26, 2022, which coincides with the current expiration date of all the other concessionaires and sub-concessionaires. In connection with the extension, MGM Grand Paradise paid the government of Macau approximately $25 million upon signing of the Extension Agreement as contract premium for such extension. In addition, in March 2019, MGM Grand Paradise also executed the MGM SJM Agreement with SJMSA, pursuant to which MGM Grand Paradise paid SJMSA an amount of approximately $2 million in connection with the extension of the sub-concession.

The Company owns 50% of and manages CityCenter Holdings, LLC (“CityCenter”), located between Bellagio and Park MGM. The other 50% of CityCenter is owned by Infinity World Development Corp, a wholly owned subsidiary of Dubai World, a Dubai, United Arab Emirates government decree entity. CityCenter consists of Aria, an integrated casino, hotel and entertainment resort; and Vdara, a luxury condominium-hotel. See Note 4 for additional information related to CityCenter.

The Company and a subsidiary of Anschutz Entertainment Group, Inc. (“AEG”) each own 42.5% of the Las Vegas Arena Company, LLC (“Las Vegas Arena Company”), the entity which owns the T-Mobile Arena, and Athena Arena, LLC owns the remaining 15%. The Company also manages the T-Mobile Arena. Additionally, the Company leases the MGM Grand Garden Arena, located adjacent to the MGM Grand Las Vegas, to the Las Vegas Arena Company. See Note 4 for additional information regarding the Company’s investment in the Las Vegas Arena Company.

The Company has three reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China. See Note 11 for additional information about the Company’s segments.

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Basis of Presentation and Significant Accounting Policies

6 Months Ended

Jun. 30, 2019

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 (“SEC”), certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2018 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

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.

Principles of consolidation. Management has determined that MGP is a variable interest entity (“VIE”) because the Class A equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance. The Company has determined that it is the primary beneficiary of MGP and consolidates MGP because (i) its ownership of MGP’s single Class B share entitles it to a majority of the total voting power of MGP’s shares, and (ii) the exchangeable nature of the Operating Partnership units owned provide the Company the right to receive benefits from MGP that could potentially be significant to MGP. The Company has recorded MGP’s ownership interest in the Operating Partnership of 31.7% as of June 30, 2019 as noncontrolling interest in the Company’s consolidated financial statements. As of June 30, 2019 and December 31, 2018, on a consolidated basis, MGP had total assets of $11.9 billion and $11.0 billion, respectively, primarily related to its real estate investments, and total liabilities of $5.5 billion and $5.1 billion, respectively, primarily related to its indebtedness.

Reclassifications. Certain reclassifications have been made to conform the prior period presentation.

Revenue recognition. The Company’s revenue contracts with customers consist of casino wager transactions, hotel room sales, food and beverage transactions, entertainment shows, and retail transactions.

For casino wager transactions that include incentives earned by customers under the Company’s loyalty programs, the Company allocates a portion of net win based upon the standalone selling price of such incentive (less estimated breakage). This allocation is deferred and recognized as revenue when the customer redeems the incentive. When redeemed, revenue is recognized in the department that provides the goods or service. Redemption of loyalty incentives at third party outlets are deducted from the loyalty liability and amounts owed are paid to the third party, with any discount received recorded as other revenue. During the three and six months ended June 30, 2019, commissions and incentives provided to gaming customers were $601 million and $1.2 billion, respectively. During the three and six months ended June 30, 2018, commissions and incentives provided to gaming customers were $520 million and $1.1 billion, respectively. After allocating revenue to other goods and services provided as part of casino wager transactions, the Company records the residual amount to casino revenue.

Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resulting in a contract or contract-related liability. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) loyalty program obligations, which represents the deferred allocation of revenue relating to loyalty program incentives earned, as discussed above, and (3) customer advances and other, which is primarily funds deposited by customers before gaming play occurs (“casino front money”) and advance payments on goods and services yet to be provided such as advance ticket sales and deposits on rooms and convention space or for unpaid wagers. These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within “Other accrued liabilities” on the Company’s consolidated balance sheets.

The following table summarizes the activity related to contract and contract-related liabilities:

	Outstanding Chip Liability					Loyalty Program				Customer Advances and Other
	2019			2018		2019		2018		2019			2018
	(in thousands)
Balance at January 1	$	323,811		$	597,753	$	113,293	$	91,119	$	667,285		$	539,626
Balance at June 30		322,259			759,049		120,978		98,308		588,559			510,750
Increase / (decrease)	$	(1,552	)	$	161,296	$	7,685	$	7,189	$	(78,726	)	$	(28,876	)

Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) and by relevant geographic region within Note 11.

Leases. The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset.

For leases with terms greater than twelve months, the operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The initial measurement of the operating lease ROU assets also include any prepaid lease payments and are reduced by any previously accrued deferred rent. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company uses its incremental borrowing rate to discount the lease payments based on the information available at commencement date. Many of the Company’s leases include fixed rental escalation clauses that are factored into the determination of lease payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that such option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term.

The Company is a lessor under certain of its lease arrangements. Lease revenues earned by the Company from third-party tenants are classified within the line item corresponding to the type or nature of the tenant’s good or service. During the three and six months ended June 30, 2019, lease revenues from third-party tenants include $13 million and $25 million recorded within food and beverage revenue, respectively, and $22 million and $44 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. During the three and six months ended June 30, 2018, lease revenues from third-party tenants include $12 million and $25 million recorded within food and beverage revenue, respectively, and $22 million and $43 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations.

Recently issued accounting standards. In February 2016, the FASB issued ASC 842 “Leases (Topic 842)”, which replaces the existing guidance in Topic 840, “Leases”, (“ASC 842”). ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would classify and account for its lease agreements as either finance or operating. Both finance and operating leases will result in the lessee recognizing a ROU asset and a corresponding lease liability. For finance leases, the lessee will recognize interest expense associated with the lease liability and depreciation expense associated with the ROU asset; and for operating leases, the lessee will recognize straight-line rent expense. The Company adopted ASC 842 on January 1, 2019 utilizing the simplified transition method and accordingly did not recast comparative period financial information. The Company elected the basket of transition practical expedients which includes not needing to reassess: (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) direct costs for any existing leases. As a result of adoption, the Company recognized $656 million of operating ROU assets and $580 million of operating lease liabilities as of January 1, 2019.

Prior to the adoption of ASC 842 on January 1, 2019, the master lease between subsidiaries of MGM and MGP was accounted for as a failed sale of the real estate assets due to the subsidiaries’ investments in the Operating Partnership, which constituted continuing involvement. As such, the real estate assets were reflected in the balance sheets of the applicable MGM subsidiaries as well as the associated finance lease liability. In connection with the adoption of ASC 842, the sale and leaseback of the real estate assets under the master lease now qualify as a passed sale and are determined to be operating leases. Accordingly, the real estate assets are now only reflected on the balance sheet of MGP and the MGM subsidiaries have recorded operating lease liabilities and operating ROU assets. The master lease and its related accounting eliminates in consolidation.

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Acquisitions

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Acquisitions

NOTE 3 — ACQUISITIONS

Empire City

On January 29, 2019, the Company acquired the real property and operations associated with Empire City for total consideration of approximately $865 million, plus customary working capital and other adjustments (“Empire City Acquisition”). The fair value of consideration paid included the issuance of approximately $266 million of the Company’s common stock, the incurrence of a new bridge facility, and the remaining balance in cash. If Empire City is awarded a license for live table games on or prior to December 31, 2022 and the Company accepts such license by December 31, 2024, the Company will pay additional consideration of $50 million. The acquisition expands the Company’s presence in the northeast region and greater New York City market. Subsequent to the Company’s acquisition, MGP acquired the developed real property associated with Empire City from the Company and Empire City was added to the existing master lease between the Company and MGP. See Note 12 for additional information.

The Company recognized 100% of the assets and liabilities of Empire City at fair value on the date of acquisition. Under the acquisition method, the fair value was allocated to the assets acquired and liabilities assumed in the transaction. The Company estimated fair value using both level 2 inputs, which are observable inputs for similar assets, and level 3 inputs, which are unobservable inputs. During the quarter ended June 30, 2019, the Company received updated information regarding facts and circumstances in existence as of the acquisition date that impacted the forecasted revenues and expenses utilized in the preliminary purchase price valuation. As a result, the Company recorded a measurement period adjustment that included a $76 million decrease to the racing and gaming license, a $17 million decrease to other intangible assets and a $20 million decrease to deferred income taxes, with the offset to goodwill. The allocation of fair value for the assets and liabilities remains preliminary, specifically for the intangibles, goodwill, and deferred income taxes, and may continue to be adjusted up to one year after the acquisition. Accordingly, final determination of the fair values may result in further adjustments to the values presented in the table below.

The following table sets forth the preliminary purchase price allocation (in thousands):

Fair value of assets acquired and liabilities assumed:
Property and equipment	$	645,733
Cash and cash equivalents		63,197
Racing and gaming license		52,000
Other intangible assets		34,000
Goodwill		256,133
Other assets		24,420
Deferred income taxes		(125,149	)
Other liabilities		(85,690	)
	$	864,644

The Company recognized the identifiable intangible assets at fair value. The estimated fair values of the intangible assets were preliminarily determined using methodologies under the income approach based on significant inputs that were not observable. The gaming license is an indefinite-lived intangible asset and the customer lists and trade name acquired, both of which comprise other intangible assets above, are amortized over their estimated useful lives of approximately four and five years, respectively. The goodwill is primarily attributable to the potential for a conversion to a full-scale gaming facility.

Consolidated results. For the period from January 29, 2019 through June 30, 2019, Empire City’s net revenue was $91 million, operating income was $9 million and net income was $20 million. Pro forma results of operations for the acquisition have not been presented because it is not material to the consolidated results of operations.

Northfield

On July 6, 2018, MGP completed its acquisition of 100% of the membership interests of Northfield. The financial results of Northfield have been included in the consolidated financial statements from the date of acquisition.

In April 2019, the Company subsequently acquired the membership interests of Northfield from MGP, and MGP retained the associated real estate assets. MGM Northfield Park was then added to the existing master lease between the Company and MGP. Refer to Note 12 for additional information on this intercompany transaction which eliminates in consolidation.

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Investments in and Advances to Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2019

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:  

	June 30,		December 31,
	2019		2018
	(In thousands)
CityCenter Holdings, LLC – CityCenter (50%)	$	528,634	$	589,965
Las Vegas Arena Company, LLC (42.5%)		74,032		73,540
Other		144,067		69,362
	$	746,733	$	732,867

The Company recorded its share of net income from unconsolidated affiliates, including adjustments for basis differences, as follows:  

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(In thousands)
Income from unconsolidated affiliates	$	27,004		$	47,940		$	65,753		$	79,706
Preopening and start-up expenses		—			—			—			(3,321	)
Non-operating items from unconsolidated affiliates		(21,477	)		(11,068	)		(39,642	)		(20,078	)
	$	5,527		$	36,872		$	26,111		$	56,307

CityCenter distributions. In March 2019, CityCenter paid a $64 million dividend, of which the Company received its 50% share, or approximately $32 million. In April 2019, CityCenter paid a $116 million dividend, of which the Company received its 50% share, or approximately $58 million. In May 2018, CityCenter paid a $400 million dividend, of which the Company received its 50% share, or $200 million.

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Long-Term Debt

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 5 — LONG-TERM DEBT

Long-term debt consisted of the following:

	June 30,			December 31,
	2019			2018
	(In thousands)
Senior credit facility	$	1,060,000		$	750,000
Operating Partnership senior credit facility		2,259,875			2,819,125
MGM China credit facility		700,862			2,433,562
$850 million 8.625% senior notes, due 2019		—			850,000
$500 million 5.25% senior notes, due 2020		267,476			500,000
$1,000 million 6.75% senior notes, due 2020		360,826			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		1,250,000			1,250,000
$1,050 million 5.625% Operating Partnership senior notes, due 2024		1,050,000			1,050,000
$750 million 5.375% MGM China senior notes, due 2024		750,000			—
$1,000 million 5.75% senior notes, due 2025		1,000,000			1,000,000
$750 million 5.875% MGM China senior notes, due 2026		750,000			—
$500 million 4.5% Operating Partnership senior notes, due 2026		500,000			500,000
$500 million 4.625% senior notes, due 2026		500,000			500,000
$750 million 5.75% Operating Partnership senior notes, due 2027		750,000			—
$1,000 million 5.5% senior notes, due 2027		1,000,000			—
$350 million 4.5% Operating Partnership senior notes, due 2028		350,000			350,000
$0.6 million 7% debentures, due 2036		552			552
		14,799,591			15,253,239
Less: Premiums, discounts, and unamortized debt issuance costs, net		(137,896	)		(121,823	)
		14,661,695			15,131,416
Less: Current portion		—			(43,411	)
	$	14,661,695		$	15,088,005

Debt due within one year of the June 30, 2019 and December 31, 2018 balance sheets was classified as long-term as the Company had both the intent and ability to refinance current maturities on a long-term basis under its revolving senior credit facilities, with the exception that $43 million related to MGM China’s term loan amortization payments in excess of available borrowings under the MGM China revolving credit facility were classified as current at December 31, 2018.

Senior credit facility. At June 30, 2019, the Company’s senior credit facility consisted of a $750 million term loan A facility and a $1.5 billion revolving facility. At June 30, 2019, $310 million was drawn on the revolving credit facility. At June 30, 2019, the interest rate on the term loan A facility was 4.40% and the interest rate on the revolving credit facility was 4.39%. The Company was in compliance with its credit facility covenants at June 30, 2019.

Operating Partnership senior credit facility. At June 30, 2019, the Operating Partnership senior credit facility consisted of a $470 million term loan A facility, a $1.79 billion term loan B facility, and a $1.35 billion revolving credit facility. At June 30, 2019, the interest rate on the term loan A facility was 4.15% and the interest rate on the term loan B facility was 4.40%. At June 30, 2019 no amounts were drawn on the revolving credit facility. The Operating Partnership was in compliance with its credit facility covenants at June 30, 2019. 

The Operating Partnership is party to interest rate swaps to mitigate the interest rate risk inherent in its senior secured term loan B facility. As of June 30, 2019, the Operating Partnership pays a weighted average fixed rate of 1.844% on total notional amount of $1.2 billion and the variable rate received will reset monthly to the one-month LIBOR, with no minimum floor. The Operating Partnership entered into additional interest rate swaps in December 2018 and June 2019. The December 2018 interest rate swaps have a notional amount of $400 million on which it will pay a fixed rate of 2.735% with a variable rate received resetting monthly to the one-month LIBOR with a floor of 0% and an effective date of December 31, 2019. The June 2019 interest rate swaps have a notional amount of $900 million on which it will pay a weighted average fixed rate of 1.801% with the variable rate resetting monthly to the one-month LIBOR with a floor of 0% and an effective date of November 30, 2021. As of June 30, 2019, and December 31, 2018, the derivative financial instruments have been designated as cash flow hedges and qualify for hedge accounting.

MGM China credit facility. At June 30, 2019, the MGM China credit facility consisted of $599 million of term loans and a $1.0 billion revolving credit facility. MGM China permanently repaid $100 million and $199 million of the term loan facilities in the three and six months ended June 30, 2019 in accordance with the scheduled amortization. MGM China also used the proceeds from its senior notes issuance, discussed below, to permanently repay $1.0 billion of the term loan facilities, as well as pay down outstanding borrowings under its revolving credit facility in the three and six months ended June 30, 2019. At June 30, 2019, $102 million was drawn on the revolving credit facility. At June 30, 2019, the interest rates on the term loans and the revolving credit facility were both 4.77%. MGM China was in compliance with its credit facility covenants at June 30, 2019.

Bridge Facility. In connection with the Empire City transaction, the Company borrowed $246 million under a bridge facility, which was subsequently assumed by the Operating Partnership. The Operating Partnership repaid the bridge facility with a combination of cash on hand and a draw on its revolving credit facility, which was subsequently repaid with proceeds from its offering of its 5.75% senior notes due 2027, discussed below.

Senior Notes. In April 2019, the Company issued $1.0 billion in aggregate principal amount of 5.50% senior notes due 2027. The Company primarily used the net proceeds from the offering to fund the purchase of $639 million in aggregate principal amount of its outstanding 6.75% senior notes due 2020 and $233 million in aggregate principal amount of its outstanding 5.25% senior notes due 2020 through cash tender offers.

In February 2019, the Company repaid its $850 million 8.625% notes due 2019.

Operating Partnership senior notes. In January 2019, the Operating Partnership issued $750 million in aggregate principal amount of 5.75% senior notes due 2027.

MGM China senior notes. In May 2019, MGM China issued $750 million in aggregate principal amount of 5.375% senior notes due 2024 and $750 million in aggregate principal amount of 5.875% senior notes due 2026. The Company primarily used the net proceeds from the offering to pay down outstanding borrowings under the MGM China credit facility, as discussed above.

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $15.5 billion and $15.1 billion at June 30, 2019 and December 31, 2018, respectively. Fair value was estimated using quoted market prices for the Company’s senior notes and senior credit facilities.

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Income Taxes

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 6 — INCOME TAXES

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 a provision of 13.3% and a provision of 36.9% for the three and six months ended June 30, 2019, respectively, compared to a provision of 14.4% and a benefit of 17.9% for the three and six months ended June 30, 2018, respectively.

The Company recognizes deferred income tax assets, net of applicable reserves, related to net operating losses, tax credit carryforwards and certain temporary differences. The Company recognizes future tax benefits to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied.

MGM Grand Paradise was previously granted an exemption from the Macau 12% complementary tax on gaming profits through March 31, 2020 and, given the Extension Agreement entered into last quarter, has applied for an extension of such exemption to June 26, 2022 to run concurrent with its extended sub-concession. Competitors of MGM Grand Paradise have received additional extensions of their complementary tax exemptions through June 26, 2022, which runs concurrent with the end of the term of their gaming concessions. The Company believes MGM Grand Paradise should also be entitled to such extension in order to ensure non-discriminatory treatment among gaming concessionaires and sub-concessionaires, a requirement under Macanese law. Based upon these developments, the Company re-measured the net deferred tax liability of MGM Grand Paradise assuming that it will receive an additional extension of its complementary tax exemption through June 26, 2022. This change in assumption resulted in a net increase in deferred tax liabilities in the amount of $35 million, due to an increase in the valuation allowance on certain net operating loss deferred tax assets partially offset by a reduction in certain intangible deferred tax liabilities, and a corresponding increase in the provision for income taxes for the six months ended June 30, 2019.

The Company recorded a $10 million increase in its valuation allowance on its foreign tax credit carryovers (“FTCs”) and a corresponding increase in its income tax expense for the six months ended June 30, 2019 based upon a revision of certain assumptions impacting the valuation allowance. The FTCs are attributable to the Macau Special Gaming Tax, which is 35% of gross gaming revenue in Macau. Significant judgment is required in assessing the need for a valuation allowance and future changes to these assumptions could result in material changes in the valuation allowance with a corresponding impact on the provision for income taxes in the period including such change.

Further, the Empire City Acquisition required a re-measurement of existing state deferred tax liabilities resulting in a $10 million increase in deferred tax liabilities and a corresponding income tax expense for the six months ended June 30, 2019.

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Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases

NOTE 7 — LEASES

The Company leases the land underlying certain of its properties, real estate, and various equipment under operating and, to a lesser extent, finance lease arrangements. The Company’s master lease agreement with a subsidiary of MGP for certain real estate assets is eliminated in consolidation and, accordingly is not included within the disclosures below; refer to Note 12 for further discussion of the master lease.

Lease expense for the three and six months ended June 30, 2019 includes operating lease cost of $26 million and $50 million, respectively. Other information related to the Company’s operating leases was as follows (in thousands, except for lease term and discount rate information):

	June 30, 2019
Supplemental balance sheet information	(In thousands)
Operating lease right-of-use assets	$	664,817
Operating lease obligation - short-term (recorded within “Other accrued liabilities”)	$	79,034
Operating lease obligation - long-term		529,171
Total operating lease liabilities	$	608,205
Weighted-average remaining lease term (years)	36
Weighted-average discount rate (%)	7

	Six Months Ended
	June 30, 2019
Supplemental cash flows information	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities - operating cash outflows    from operating leases	$	33,921

Maturities of operating lease liabilities were as follows:

Year ending December 31,	(In thousands)
2019 (excluding the six months ended June 30, 2019)	$	58,380
2020		92,443
2021		73,132
2022		58,641
2023		56,209
Thereafter		1,441,260
Total future minimum lease payments		1,780,065
Less: Amount of lease payments representing interest		(1,171,860	)
Total	$	608,205

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 8 — COMMITMENTS AND CONTINGENCIES

October 1 litigation. The Company and/or certain of its subsidiaries have been named as defendants in a number of lawsuits related to the October 1, 2017 shooting in Las Vegas. The matters involve in large degree the same legal and factual issues, each case being filed on behalf of individuals who are seeking damages for emotional distress, physical injury, medical expenses, economic damages and/or wrongful death. Lawsuits were first filed in October 2017 and include actions originally filed in the District Court of Clark County, Nevada and in the Superior Court of Los Angeles County, California. In June 2018, the Company removed to federal court all actions that remained pending in California and Nevada state courts. The Company also initiated declaratory relief actions in federal courts in various districts against individuals who had sued or stated an intent to sue. Additional lawsuits related to this incident may be filed in the future.

Since February of 2019, the Company and counsel representing plaintiffs in all pending matters and purporting to represent substantially all claimants known to the Company (collectively, the “Claimants”) have been, and continue to be, engaged in mediation efforts to resolve these matters. After multiple mediation sessions over several months, progress has been made, and while mediation is ongoing, the Company believes it is reasonably possible that a settlement will be reached. The related litigation is stayed pending mediation (the “Mediation Stay”) and the Company agreed to toll the statute of limitations to May 15, 2020, with respect to the Claimants. Although the Company continues to believe it is not legally responsible for the perpetrator’s criminal acts, in the interest of avoiding protracted litigation and the related impact on the community, the Company believes it is reasonably possible that continued mediation communications will result in a settlement with respect to the Claimants of approximately $735 million, subject to and depending on obtaining a minimum level of participation with escalators based on greater participation increasing the amount payable up to $800 million in the event of 100% participation. The Company has $751 million of insurance coverage available to fund this potential settlement, which the Company’s insurers have agreed to fund. The Company intends for substantially all Claimants to be covered by the settlement, however, it remains possible that certain Claimants may not join the settlement and/or additional claims may be asserted. The foregoing determination was made in accordance with generally accepted accounting principles, as codified in ASC 450-20, and is not an admission of any liability on the part of the Company or any of its affiliates.

If such a settlement is not consummated, the Mediation Stay will be lifted and the Company is currently unable to reliably predict the future developments in, outcome of, and economic costs and other consequences of any such litigation related to this matter. The Company will continue to investigate the factual and legal defenses, and evaluate these matters based on subsequent events, new information and future circumstances. The Company intends to defend against any such lawsuits and ultimately believes it should prevail, but litigation of this type is inherently unpredictable. Although there are significant procedural, factual and legal issues to be resolved that could significantly affect the Company’s belief as to the possibility of liability, the Company currently believes that it is reasonably possible that it could incur liability in connection with certain of these lawsuits. The foregoing determination was made in accordance with generally accepted accounting principles, as codified in ASC 450-20, and is not an admission of any liability on the part of the Company or any of its affiliates. Given that these cases would be in the early stages, and in light of the uncertainties surrounding them, the Company does not currently possess sufficient information to determine a range of reasonably possible liability. The insurance carriers have not expressed a reservation of rights or coverage defense that affects the Company’s evaluation of potential losses in connection with these claims. The Company’s general liability insurance coverage provides, as part of the contractual “duty to defend”, payment of legal fees and associated costs incurred to defend covered lawsuits that are filed arising from the October 1, 2017 shooting in Las Vegas. Payment of such fees and costs is in addition to (and not limited by) the limits of the insurance policies and does not erode the total liability coverage available.

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.

Other guarantees. The Company and its subsidiaries are 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 $250 million, the Operating Partnership’s senior credit facility limits the amount to $75 million, and MGM China’s credit facility limits the amount to $100 million. At June 30, 2019, $12 million in letters of credit were outstanding under the Company’s senior credit facility. No letters of credit were outstanding under the Operating Partnership’s senior credit facility or MGM China’s credit facility at June 30, 2019. The amount of available borrowings under each of the credit facilities are reduced by any outstanding letters of credit.

In connection with the Extension Agreement, MGM Grand Paradise provided a bank guarantee in an amount of approximately $102 million to the government of Macau in May 2019 to warrant the fulfillment of labor debts upon the expiration of the Extension Agreement in June 2022.

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Income Per Share of Common Stock

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Income Per Share of Common Stock

NOTE 9 — INCOME PER SHARE OF COMMON STOCK

The table below reconciles basic and diluted income per share of common stock. Diluted net income attributable to common stockholders includes adjustments for redeemable noncontrolling interests and the potentially dilutive effect on the Company’s equity interests in MGP and MGM China due to shares outstanding under their respective stock compensation plans. Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan.   

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(In thousands)
Numerator:
Net income attributable to MGM Resorts International	$	43,405		$	123,777		$	74,702		$	347,221
Adjustment related to redeemable noncontrolling interests		992			(5,986	)		(2,832	)		(10,584	)
Net income available to common stockholders - basic		44,397			117,791			71,870			336,637
Potentially dilutive effect due to MGP and MGM China stock compensation plans		(35	)		(26	)		(86	)		(158	)
Net income attributable to common stockholders - diluted	$	44,362		$	117,765		$	71,784		$	336,479
Denominator:
Weighted-average common shares outstanding - basic		532,365			548,433			533,286			556,586
Potential dilution from share-based awards		3,052			5,906			3,170			6,522
Weighted-average common and common equivalent shares - diluted		535,417			554,339			536,456			563,108
Antidilutive share-based awards excluded from the calculation of diluted    earnings per share		2,411			2,441			2,170			1,305

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Stockholders' Equity

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Stockholders' Equity

NOTE 10 — STOCKHOLDERS’ EQUITY

Noncontrolling interest ownership transactions

Empire City transaction. As further discussed in Note 12, in January 2019, MGP acquired the developed real property associated with Empire City from the Company for consideration that included the issuance of approximately 13 million Operating Partnership units to a subsidiary of the Company. The Company adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the Empire City transaction, the Company indirectly owned 74.6% of the partnership units in the Operating Partnership.

MGP Class A share issuance. In January 2019, MGP completed an offering of approximately 20 million of its Class A shares. In connection with the offering, the Operating Partnership issued 20 million Operating Partnership units to MGP. The Company has adjusted the carrying value of the noncontrolling interests as a result of MGP’s Class A share issuance to adjust for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to MGP’s issuance of the incremental shares, the Company indirectly owned 69.7% of the partnership units in the Operating Partnership.

Park MGM Lease Transaction. As further discussed in Note 12, in March 2019, the Company and MGP completed the Park MGM Lease Transaction for which consideration included the issuance of approximately 1 million Operating Partnership units to a subsidiary of the Company. The Company has adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the issuance of the incremental shares, the Company indirectly owned 69.8% of the partnership units in the Operating Partnership.

Northfield OpCo transaction. As further discussed in Note 12, in April 2019, the Company acquired the membership interests of Northfield from MGP for consideration of approximately 9 million Operating Partnership units that were ultimately redeemed by the Operating Partnership and MGP retained the real estate assets. The Company has adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the Northfield OpCo transaction, the Company indirectly owned 68.8% of the partnership units in the Operating Partnership.  

MGP Class A share issuances – At-the-Market (“ATM”) program. During the quarter ended June 30, 2019, MGP issued approximately 2 million Class A shares under its ATM program. In connection with the issuances, the Operating Partnership issued 2 million Operating Partnership units to MGP. The Company has adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the issuances, the Company indirectly owned 68.3% of the partnership units in the Operating Partnership.

Other equity activity

MGM Resorts International dividends. On July 25, 2019 the Company’s Board of Directors approved a quarterly dividend of $0.13 per share that will be payable on September 16, 2019 to holders of record on September 10, 2019.

MGM Resorts International stock repurchase program. In May 2018, the Company’s Board of Directors authorized a $2.0 billion stock repurchase program, and the Company completed the previously announced $1.0 billion stock repurchase program. Under each stock repurchase program, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time.

During the three and six months ended June 30, 2019, the Company repurchased approximately 11 million shares of its common stock at an average price of $25.61 per share for an aggregate amount of $282 million. Repurchased shares were retired. The remaining availability under the $2.0 billion stock repurchase program was approximately $1.1 billion as of June 30, 2019.

Subsequent to the quarter ended June 30, 2019, the Company repurchased 6 million shares of its common stock at an average price of $28.86 per share for an aggregate amount of $173 million. Repurchased shares will be retired.

During the three months ended June 30, 2018, the Company repurchased approximately 19 million shares of its common stock at an average price of $31.30 per share for an aggregate amount of $595 million. During the six months ended June 30, 2018, the Company repurchased approximately 29 million shares of its common stock at an average price of $33.00 per share for an aggregate amount of $957 million. Repurchased shares were retired.

Accumulated other comprehensive income. Changes in accumulated other comprehensive income attributable to MGM Resorts International are as follows:

	Currency Translation			Cash Flow
	Adjustments			Hedges			Other			Total
	(In thousands)
Balance, January 1, 2019	$	(18,872	)	$	9,144		$	1,172		$	(8,556	)
Other comprehensive income (loss) before reclassifications		13,975			(36,007	)		—			(22,032	)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense		—			(3,614	)		—			(3,614	)
Empire City MGP transaction		—			—			195			195
MGP Class A share issuances		—			—			(669	)		(669	)
Park MGM Transaction		—			—			16			16
Northfield OpCo transaction		—			—			(2	)		(2	)
Other		—			—			95			95
Other comprehensive income (loss), net of tax		13,975			(39,621	)		(365	)		(26,011	)
Less: Other comprehensive (income) loss attributable to noncontrolling interest		(6,127	)		14,364			—			8,237
Balance, June 30, 2019	$	(11,024	)	$	(16,113	)	$	807		$	(26,330	)

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Segment Information

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment Information

NOTE 11 — 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 has aggregated its operating segments into the following reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China.

Las Vegas Strip Resorts.  Las Vegas Strip Resorts consists of the following casino resorts: Bellagio, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including Delano and Four Seasons), The Mirage, Luxor, New York-New York (including the Park), Excalibur, Park MGM (including NoMad Las Vegas) and Circus Circus Las Vegas.

Regional Operations. Regional Operations consists of the following casino resorts: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Gold Strike Tunica in Tunica, Mississippi; Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; MGM Springfield in Springfield, Massachusetts (upon commencing operations in August 2018); Empire City in Yonkers, New York (upon acquisition in January 2019); and MGM Northfield Park in Northfield Park, Ohio (upon acquisition of the operations from MGP in April, 2019).

MGM China.  MGM China consists of MGM Macau and MGM Cotai.

The Company’s operations related to investments in unconsolidated affiliates, MGM Northfield Park (prior to April 1, 2019 as the operations were owned by MGP until that date), 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” 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 and underlying operating segments. Adjusted Property EBITDA is a measure defined as Adjusted EBITDA before corporate expense and stock compensation expense, which are not allocated to each operating segment, and before rent expense related to the master lease with MGP that eliminates in consolidation. 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, restructuring costs (which represents costs related to severance, accelerated stock compensation expense, and consulting fees directly related to the operating model component of the MGM 2020 Plan), and property transactions, net.

The following tables present the Company’s segment information:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(In thousands)
Net revenue
Las Vegas Strip Resorts
Casino	$	308,183		$	349,693		$	632,887		$	722,513
Rooms		469,736			451,489			938,588			900,086
Food and beverage		389,773			361,645			755,295			701,154
Entertainment, retail and other		298,652			291,687			567,762			562,865
		1,466,344			1,454,514			2,894,532			2,886,618
Regional Operations
Casino		653,948			483,705			1,228,104			951,582
Rooms		81,454			81,380			153,252			152,429
Food and beverage		123,870			105,018			241,749			200,183
Entertainment, retail and other		51,681			38,386			91,793			70,863
		910,953			708,489			1,714,898			1,375,057
MGM China
Casino		633,179			496,895			1,296,744			1,047,490
Rooms		35,313			31,002			68,877			50,836
Food and beverage		30,909			28,104			61,622			48,841
Entertainment, retail and other		6,688			5,349			13,050			10,044
		706,089			561,350			1,440,293			1,157,211
Reportable segment net revenues		3,083,386			2,724,353			6,049,723			5,418,886
Corporate and other		139,857			134,342			350,431			262,046
	$	3,223,243		$	2,858,695		$	6,400,154		$	5,680,932
Adjusted Property EBITDA
Las Vegas Strip Resorts	$	418,197		$	435,905		$	821,724		$	885,059
Regional Operations		255,153			189,815			461,727			357,028
MGM China		170,828			119,875			361,618			271,626
Reportable segment Adjusted Property EBITDA		844,178			745,595			1,645,069			1,513,713
Other operating income (expense)
Corporate and other		(88,246	)		(50,265	)		(149,302	)		(116,989	)
Preopening and start-up expenses		(879	)		(19,077	)		(4,166	)		(85,994	)
Property transactions, net		(5,790	)		(16,970	)		(14,566	)		(22,868	)
Depreciation and amortization		(334,788	)		(296,208	)		(651,202	)		(565,030	)
Restructuring		(42,990	)		—			(84,088	)		—
Operating income		371,485			363,075			741,745			722,832
Non-operating income (expense)
Interest expense, net of amounts capitalized		(215,829	)		(181,493	)		(431,949	)		(349,402	)
Non-operating items from unconsolidated affiliates		(21,477	)		(11,068	)		(39,642	)		(20,078	)
Other, net		(46,276	)		(6,381	)		(44,583	)		(8,297	)
		(283,582	)		(198,942	)		(516,174	)		(377,777	)
Income before income taxes		87,903			164,133			225,571			345,055
Benefit (provision) for income taxes		(11,734	)		(23,710	)		(83,245	)		61,669
Net income		76,169			140,423			142,326			406,724
Less: Net income attributable to noncontrolling interests		(32,764	)		(16,646	)		(67,624	)		(59,503	)
Net income attributable to MGM Resorts International	$	43,405		$	123,777		$	74,702		$	347,221

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Related Party Transactions

6 Months Ended

Jun. 30, 2019

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 12 — RELATED PARTY TRANSACTIONS

MGM China

Ms. Ho, Pansy Catilina Chiu King (“Ms. Ho”) is a member of the Board of Directors of, and holds a minority ownership interest in, 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 indirectly holds a noncontrolling interest, is party to a brand license agreement and a development services agreement with MGM China, for which the related amounts are eliminated in consolidation. Entities owned by Ms. Ho received distributions in connection with her ownership of a noncontrolling interest in MGM Branding and Development Holdings, Ltd. of $5 million and $10 million during the three and six months ended June 30, 2019, respectively, and $4 million and $13 million during the three and six months ended June 30, 2018, respectively.

MGP

As described in Note 1, pursuant to the master lease, the tenant leases the real estate assets of The Mirage, Mandalay Bay, Luxor, New York-New York, Park MGM, Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, Empire City, MGM National Harbor and MGM Northfield Park from the landlord.

Subsequent to the Company completing its acquisition of Empire City in January 2019, MGP acquired the developed real property associated with Empire City from the Company for consideration of approximately $634 million, which included the assumption of debt of approximately $246 million, which was immediately repaid, and the remaining paid through the issuance of Operating Partnership units. The real estate assets of Empire City were then leased to the Company pursuant to an amendment to the master lease, increasing the annual rent payment to MGP by $50 million, prorated for the remainder of the lease year. Consistent with the master lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022. In addition, the master lease provides the landlord with a right of first offer with respect to certain undeveloped land adjacent to the property to the extent the Company develops additional gaming facilities, which the landlord may exercise should the Company elect to sell this property in the future.

On March 7, 2019, the tenant entered into an amendment to the existing master lease with respect to investments made by the Company related to the Park MGM and NoMad Las Vegas property (the “Park MGM Lease Transaction”). In connection with the transaction, the Company received consideration of $638 million, of which approximately $606 million was paid in cash and the remaining paid through the issuance of Operating Partnership units. Additionally, the annual rent payment to MGP was increased by $50 million, prorated for the remainder of the lease year. Consistent with the master lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022.

Additionally, on April 1, 2019, the Company acquired the membership interests of Northfield from MGP, which held the operations of Northfield, for fair value of consideration of approximately $305 million consisting primarily of approximately 9 million Operating Partnership units that were ultimately redeemed by the Operating Partnership, and MGP retained the associated real estate assets. The Company then rebranded the property to MGM Northfield Park, which was then added to the existing master lease between the landlord and tenant, increasing the annual rent payment to MGP by $60 million. Consistent with the master lease terms, 90% of this rent will be fixed and contractually grow at 2% per year until 2022.

The addition of Empire City and the Park MGM Lease Transaction in January 2019 and March 2019, respectively, increased annual rent payments associated with the master lease for the third lease year to $870 million from $770 million. In connection with the commencement of the fourth lease year on April 1, 2019, as well as the addition of MGM Northfield Park on April 1, 2019, annual rent payments under the master lease increased to $946 million from $870 million. The master lease contains customary events of default and financial covenants. The Company was in compliance with all applicable covenants as of June 30, 2019.

All intercompany transactions, including transactions under the master lease and those described above, have been eliminated in the Company’s consolidation of MGP. The public ownership of MGP’s Class A shares is recognized as non-controlling interests in the Company’s consolidated financial statements.

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Condensed Consolidating Financial Information

6 Months Ended

Jun. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Condensed Consolidating Financial Information

NOTE 13 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION

As of June 30, 2019, all of the Company’s principal debt arrangements are guaranteed by each of its material domestic subsidiaries, other than MGP and the Operating Partnership, MGM Grand Detroit, MGM National Harbor, MGM Springfield, and each of their respective subsidiaries. The Company’s international subsidiaries, including MGM China and its subsidiaries, are not guarantors of such indebtedness. Separate condensed financial statement information for the subsidiary guarantors and non-guarantors as of June 30, 2019 and December 31, 2018 and for the three and six months ended June 30, 2019 and 2018 are presented below. Within the Condensed Consolidating Statements of Cash Flows, the Company has presented net changes in intercompany accounts as investing activities if the applicable entities have a net asset in intercompany accounts and as a financing activity if the applicable entities have a net intercompany liability balance.

Certain of the Company’s subsidiaries collectively own Operating Partnership units and each subsidiary accounts for its respective investment under the equity method within the condensed consolidating financial information presented below. Prior to the adoption of ASC 842 on January 1, 2019, for these subsidiaries, such investment constituted continuing involvement, and accordingly, the sale and leaseback of the real estate assets under the master lease did not qualify for sale-leaseback accounting. The real estate assets were reflected in the balance sheets of the applicable MGM subsidiaries. In addition, such subsidiaries recognized finance liabilities within “Other long-term obligations” related to rent payments due under the master lease and recognized the related interest expense component of such payments. These real estate assets were also reflected on the balance sheet of the MGP subsidiary that received such assets. The condensed consolidating financial information presented below therefore included the accounting for such activity within the respective columns presented and in the elimination column. In connection with the adoption of ASC 842, the sale and leaseback of the real estate assets under the master lease now qualify as a passed sale and are determined to be operating leases.  As such, the real estate assets, finance liabilities, and related interest expense component of rent payments are no longer reflected in the results of the applicable MGM subsidiaries.  Instead, the real estate assets are now only reflected on the balance sheet of the MGP subsidiary that received such assets and the MGM subsidiaries have recorded operating lease liabilities and operating ROU assets with the related rental payment reflected within “general and administrative” expense within the condensed consolidating financial information.

CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION

	At June 30, 2019
			Guarantor		Non-Guarantor Subsidiaries
	Parent		Subsidiaries		MGP		Other		Elimination			Consolidated
	(In thousands)
Current assets	$	70,483	$	1,133,672	$	65,035	$	787,973	$	(17,129	)	$	2,040,034
Property and equipment, net		—		5,429,353		10,975,999		4,660,957		(11,972	)		21,054,337
Investments in subsidiaries		23,393,617		3,811,326		—		—		(27,204,943	)		—
Investments in the MGP Operating Partnership		—		3,697,910		—		779,853		(4,477,763	)		—
Investments in and advances to unconsolidated affiliates		—		695,117		—		26,616		25,000			746,733
Intercompany accounts		—		8,154,239		—		—		(8,154,239	)		—
Other non-current assets		70,243		10,331,081		871,774		7,136,667		(11,437,154	)		6,972,611
	$	23,534,343	$	33,252,698	$	11,912,808	$	13,392,066	$	(51,278,200	)	$	30,813,715
Current liabilities	$	122,821	$	1,692,960	$	191,902	$	1,065,710	$	(286,854	)	$	2,786,539
Intercompany accounts		8,045,418		—		74		108,747		(8,154,239	)		—
Deferred income taxes, net		1,163,954		125,149		29,721		263,448		(29,720	)		1,552,552
Long-term debt, net		7,638,313		569		4,852,524		2,170,289		—			14,661,695
Other non-current liabilities		43,353		9,394,716		452,055		2,327,101		(11,459,603	)		757,622
Total liabilities		17,013,859		11,213,394		5,526,276		5,935,295		(19,930,416	)		19,758,408
Redeemable noncontrolling interests		—		—		—		100,586		—			100,586
MGM Resorts International stockholders' equity		6,520,484		22,037,881		4,353,312		4,956,591		(31,347,784	)		6,520,484
Noncontrolling interests		—		1,423		2,033,220		2,399,594		—			4,434,237
Total stockholders' equity		6,520,484		22,039,304		6,386,532		7,356,185		(31,347,784	)		10,954,721
	$	23,534,343	$	33,252,698	$	11,912,808	$	13,392,066	$	(51,278,200	)	$	30,813,715

	At December 31, 2018
			Guarantor		Non-Guarantor Subsidiaries
	Parent		Subsidiaries		MGP		Other		Elimination			Consolidated
	(In thousands)
Current assets	$	304,741	$	1,244,864	$	12,054	$	972,820	$	(7,701	)	$	2,526,778
Property and equipment, net		—		13,585,370		10,506,129		6,392,014		(9,753,625	)		20,729,888
Investments in subsidiaries		22,419,282		3,401,031		—		—		(25,820,313	)		—
Investments in the MGP Operating Partnership		—		3,434,602		—		831,494		(4,266,096	)		—
Investments in and advances to unconsolidated affiliates		—		678,748		—		29,119		25,000			732,867
Intercompany accounts		—		7,135,183		—		—		(7,135,183	)		—
Other non-current assets		67,214		1,186,666		77,436		4,932,872		(43,015	)		6,221,173
Assets held for sale		—		—		355,688		—		(355,688	)		—
	$	22,791,237	$	30,666,464	$	10,951,307	$	13,158,319	$	(47,356,621	)	$	30,210,706
Current liabilities	$	154,484	$	1,646,481	$	160,441	$	1,224,752	$	(237,276	)	$	2,948,882
Intercompany accounts		6,932,325		—		227		202,631		(7,135,183	)		—
Deferred income taxes, net		1,097,654		—		33,634		240,970		(29,720	)		1,342,538
Long-term debt, net		8,055,472		570		4,666,949		2,365,014		—			15,088,005
Other non-current liabilities		39,019		7,210,948		215,613		2,247,584		(9,453,924	)		259,240
Liabilities related to assets held for sale		—		—		28,937		—		(28,937	)		—
Total liabilities		16,278,954		8,857,999		5,105,801		6,280,951		(16,885,040	)		19,638,665
Redeemable noncontrolling interests		—		—		—		102,250		—			102,250
MGM Resorts International stockholders' equity		6,512,283		21,808,465		4,279,535		4,383,581		(30,471,581	)		6,512,283
Noncontrolling interests		—		—		1,565,971		2,391,537		—			3,957,508
Total stockholders' equity		6,512,283		21,808,465		5,845,506		6,775,118		(30,471,581	)		10,469,791
	$	22,791,237	$	30,666,464	$	10,951,307	$	13,158,319	$	(47,356,621	)	$	30,210,706

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION

	Three Months Ended June 30, 2019
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	2,075,487		$	225,759		$	1,147,755		$	(225,758	)	$	3,223,243
Equity in subsidiaries' earnings		247,282			26,291			—			—			(273,573	)		—
Expenses
Casino and hotel operations		2,058			1,188,214			—			714,548			—			1,904,820
General and administrative		4,361			569,622			5,918			188,511			(243,988	)		524,424
Corporate expense		44,914			54,037			3,960			5,150			—			108,061
Preopening and start-up expenses		—			943			—			(64	)		—			879
Property transactions, net		—			4,348			310			1,185			(53	)		5,790
Depreciation and amortization		—			106,683			79,543			147,159			1,403			334,788
		51,333			1,923,847			89,731			1,056,489			(242,638	)		2,878,762
Income (loss) from unconsolidated affiliates		—			31,357			—			(4,353	)		—			27,004
Operating income		195,949			209,288			136,028			86,913			(256,693	)		371,485
Interest expense, net of amounts capitalized		(118,410	)		(209	)		(63,977	)		(33,233	)		—			(215,829	)
Other non-operating, net		(22,485	)		24,356			(261	)		(13,033	)		(56,330	)		(67,753	)
Income before income taxes		55,054			233,435			71,790			40,647			(313,023	)		87,903
Benefit (provision) for income taxes		(11,649	)		(3	)		(4,021	)		3,939			—			(11,734	)
Net income		43,405			233,432			67,769			44,586			(313,023	)		76,169
Less: Net income attributable to noncontrolling interests		—			(1,422	)		(21,858	)		(9,891	)		407			(32,764	)
Net income attributable to MGM Resorts International	$	43,405		$	232,010		$	45,911		$	34,695		$	(312,616	)	$	43,405
Net income	$	43,405		$	233,432		$	67,769		$	44,586		$	(313,023	)	$	76,169
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		14,754			14,754			—			26,380			(29,508	)		26,380
Unrealized loss on cash flow hedges		(16,651	)		—			(30,775	)		—			21,128			(26,298	)
Other comprehensive income (loss)		(1,897	)		14,754			(30,775	)		26,380			(8,380	)		82
Comprehensive income		41,508			248,186			36,994			70,966			(321,403	)		76,251
Less: Comprehensive income attributable to noncontrolling interests		—			—			(12,211	)		(22,532	)		—			(34,743	)
Comprehensive income attributable to MGM Resorts International	$	41,508		$	248,186		$	24,783		$	48,434		$	(321,403	)	$	41,508

	Six Months Ended June 30, 2019
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	4,079,614		$	429,182		$	2,320,540		$	(429,182	)	$	6,400,154
Equity in subsidiaries' earnings		509,471			66,388			—			—			(575,859	)		—
Expenses
Casino and hotel operations		4,517			2,337,515			—			1,436,186			(11,023	)		3,767,195
General and administrative		20,846			1,091,988			11,479			377,460			(452,237	)		1,049,536
Corporate expense		103,689			107,044			16,989			9,775			—			237,497
Preopening and start-up expenses		—			2,157			—			2,009			—			4,166
Property transactions, net		—			12,162			1,423			981			—			14,566
Depreciation and amortization		—			211,776			151,105			288,321			—			651,202
		129,052			3,762,642			180,996			2,114,732			(463,260	)		5,724,162
Income (loss) from unconsolidated affiliates		—			68,412			—			(2,659	)		—			65,753
Operating income		380,419			451,772			248,186			203,149			(541,781	)		741,745
Interest expense, net of amounts capitalized		(245,063	)		(417	)		(127,925	)		(58,544	)		—			(431,949	)
Other non-operating, net		(3,859	)		109,570			1,448			(10,569	)		(180,815	)		(84,225	)
Income from continuing operations before income taxes		131,497			560,925			121,709			134,036			(722,596	)		225,571
Provision for income taxes		(56,795	)		(8	)		(3,792	)		(22,650	)		—			(83,245	)
Income from continuing operations, net of tax		74,702			560,917			117,917			111,386			(722,596	)		142,326
Income from discontinued operations, net of tax		—			—			16,216			—			(16,216	)		—
Net income		74,702			560,917			134,133			111,386			(738,812	)		142,326
Less: Net income attributable to noncontrolling interests		—			(2,859	)		(41,813	)		(22,952	)		—			(67,624	)
Net income attributable to MGM Resorts International	$	74,702		$	558,058		$	92,320		$	88,434		$	(738,812	)	$	74,702
Net income	$	74,702		$	560,917		$	134,133		$	111,386		$	(738,812	)	$	142,326
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		7,848			7,848			—			13,975			(15,696	)		13,975
Unrealized loss on cash flow hedges		(25,257	)		—			(46,387	)		—			32,023			(39,621	)
Other comprehensive income (loss)		(17,409	)		7,848			(46,387	)		13,975			16,327			(25,646	)
Comprehensive income		57,293			568,765			87,746			125,361			(722,485	)		116,680
Less: Comprehensive income attributable to noncontrolling interests		—			—			(27,449	)		(31,938	)		—			(59,387	)
Comprehensive income attributable to MGM Resorts International	$	57,293		$	568,765		$	60,297		$	93,423		$	(722,485	)	$	57,293

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Six Months Ended June 30, 2019
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(284,892	)	$	1,142,767		$	(243,990	)	$	369,539		$	(15,591	)	$	967,833
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(212,513	)		—			(109,117	)		12			(321,618	)
Dispositions of property and equipment		—			505			—			68			—			573
Acquisition of Empire City Casino, net of cash acquired		—			(535,681	)		—			—			—			(535,681	)
Investments in unconsolidated affiliates		—			(80,669	)		—			—			—			(80,669	)
Distributions from unconsolidated affiliates		—			90,000			—			—			—			90,000
Intercompany accounts		—			(1,018,976	)		—			—			1,018,976			—
Northfield OpCo transaction		—			(3,779	)		3,779			—			—			—
Other		—			(3,500	)		—			(26,670	)		—			(30,170	)
Net cash provided by (used in) investing activities		—			(1,764,613	)		3,779			(135,719	)		1,018,988			(877,565	)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less		310,000			245,950			(805,200	)		(1,730,706	)		—			(1,979,956	)
Issuance of long-term debt		1,000,000			—			750,000			1,500,000			—			3,250,000
Retirement of senior notes and senior debentures		(1,721,698	)		(38,228	)		—			—			—			(1,759,926	)
Debt issuance costs		(14,080	)		—			(9,983	)		(21,483	)		—			(45,546	)
Issuance of MGM Growth Properties Class A shares, net		—			—			613,299			—			—			613,299
Dividends paid to common shareholders		(138,215	)		—			—			—			—			(138,215	)
MGP dividends paid to consolidated subsidiaries		—			—			(184,537	)		—			184,537			—
Distributions to noncontrolling interest owners		—			—			(73,797	)		(28,621	)		—			(102,418	)
Purchases of common stock		(281,833	)		—			—			—			—			(281,833	)
Intercompany accounts		913,889			414,567			—			(124,943	)		(1,203,513	)		—
Other		(6,808	)		(43,411	)		—			(865	)		37,900			(13,184	)
Net cash provided by (used in) financing activities		61,255			578,878			289,782			(406,618	)		(981,076	)		(457,779	)
Effect of exchange rate on cash		—			—			—			1,340			—			1,340
Cash flows from (used in) discontinued operations
Cash flows from operating activities		—			—			15,591			—			(15,591	)		—
Cash flows used in investing activities		—			—			(12	)		—			12			—
Cash flows used in financing activities		—			—			(37,900	)		—			37,900			—
Net cash flows used in discontinued operations		—			—			(22,321	)		—			22,321			—
Change in cash and cash equivalents classified as assets held for sale		—			—			(22,321	)		—			22,321			—
Cash and cash equivalents
Net increase (decrease) for the period		(223,637	)		(42,968	)		49,571			(171,458	)		22,321			(366,171	)
Balance, beginning of period		259,738			445,423			3,995			817,606			—			1,526,762
Balance, end of period	$	36,101		$	402,455		$	53,566		$	646,148		$	22,321		$	1,160,591

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION

	Three Months Ended June 30, 2018
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	1,937,394		$	220,390		$	921,382		$	(220,471	)	$	2,858,695
Equity in subsidiaries' earnings		309,334			22,519			—			—			(331,853	)		—
Expenses
Casino and hotel operations		2,562			1,094,872			—			572,061			(81	)		1,669,414
General and administrative		2,408			315,659			27,219			120,386			(27,219	)		438,453
Corporate expense		39,707			53,652			10,746			5,192			(5,859	)		103,438
Preopening and start-up expenses		—			1,937			—			17,140			—			19,077
Property transactions, net		—			17,083			14,426			(113	)		(14,426	)		16,970
Depreciation and amortization		—			158,753			67,474			137,440			(67,459	)		296,208
		44,677			1,641,956			119,865			852,106			(115,044	)		2,543,560
Income (loss) from unconsolidated affiliates		—			48,294			—			(354	)		—			47,940
Operating income		264,657			366,251			100,525			68,922			(437,280	)		363,075
Interest expense, net of amounts capitalized		(115,531	)		(156	)		(49,276	)		(16,530	)		—			(181,493	)
Other non-operating, net		15,356			(118,368	)		(1,927	)		(49,288	)		136,778			(17,449	)
Income before income taxes		164,482			247,727			49,322			3,104			(300,502	)		164,133
Benefit (provision) for income taxes		(40,705	)		—			(1,263	)		18,258			—			(23,710	)
Net income		123,777			247,727			48,059			21,362			(300,502	)		140,423
Less: Net income attributable to noncontrolling interests		—			—			(13,146	)		(3,500	)		—			(16,646	)
Net income attributable to MGM Resorts International	$	123,777		$	247,727		$	34,913		$	17,862		$	(300,502	)	$	123,777
Net income	$	123,777		$	247,727		$	48,059		$	21,362		$	(300,502	)	$	140,423
Other comprehensive income, net of tax:
Foreign currency translation adjustment		583			583			—			1,400			(1,166	)		1,400
Unrealized gain on cash flow hedges		3,660			—			6,281			—			(4,606	)		5,335
Other comprehensive income		4,243			583			6,281			1,400			(5,772	)		6,735
Comprehensive income		128,020			248,310			54,340			22,762			(306,274	)		147,158
Less: Comprehensive income attributable to noncontrolling interests		—			—			(14,821	)		(4,317	)		—			(19,138	)
Comprehensive income attributable to MGM Resorts International	$	128,020		$	248,310		$	39,519		$	18,445		$	(306,274	)	$	128,020

	Six Months Ended June 30, 2018
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	3,827,187		$	436,229		$	1,854,329		$	(436,813	)	$	5,680,932
Equity in subsidiaries' earnings		637,601			67,054			—			—			(704,655	)		—
Expenses
Casino and hotel operations		5,277			2,144,891			—			1,155,040			(584	)		3,304,624
General and administrative		4,758			626,509			49,718			225,076			(49,718	)		856,343
Corporate expense		79,008			104,059			21,227			10,544			(11,891	)		202,947
Preopening and start-up expenses		—			8,679			—			77,315			—			85,994
Property transactions, net		—			22,225			18,512			643			(18,512	)		22,868
Depreciation and amortization		—			315,400			136,465			249,588			(136,423	)		565,030
		89,043			3,221,763			225,922			1,718,206			(217,128	)		5,037,806
Income (loss) from unconsolidated affiliates		—			79,926			—			(220	)		—			79,706
Operating income		548,558			752,404			210,307			135,903			(924,340	)		722,832
Interest expense, net of amounts capitalized		(225,089	)		(293	)		(98,506	)		(25,514	)		—			(349,402	)
Other non-operating, net		31,128			(226,318	)		(3,079	)		(95,975	)		265,869			(28,375	)
Income before income taxes		354,597			525,793			108,722			14,414			(658,471	)		345,055
Benefit (provision) for income taxes		(7,376	)		—			(2,494	)		71,539			—			61,669
Net income		347,221			525,793			106,228			85,953			(658,471	)		406,724
Less: Net income attributable to noncontrolling interests		—			—			(28,976	)		(30,527	)		—			(59,503	)
Net income attributable to MGM Resorts International	$	347,221		$	525,793		$	77,252		$	55,426		$	(658,471	)	$	347,221
Net income	$	347,221		$	525,793		$	106,228		$	85,953		$	(658,471	)	$	406,724
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(12,785	)		(12,785	)		—			(22,752	)		25,570			(22,752	)
Unrealized gain on cash flow hedges		13,158			—			22,636			—			(16,603	)		19,191
Other comprehensive income (loss)		373			(12,785	)		22,636			(22,752	)		8,967			(3,561	)
Comprehensive income		347,594			513,008			128,864			63,201			(649,504	)		403,163
Less: Comprehensive income attributable to noncontrolling interests		—			—			(35,009	)		(20,560	)		—			(55,569	)
Comprehensive income attributable to MGM Resorts International	$	347,594		$	513,008		$	93,855		$	42,641		$	(649,504	)	$	347,594

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Six Months Ended June 30, 2018
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(224,359	)	$	624,484		$	284,333		$	408,693		$	—		$	1,093,151
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(367,713	)		(190	)		(493,858	)		—			(861,761	)
Dispositions of property and equipment		—			435			—			5			—			440
Investments in unconsolidated affiliates		—			(2,503	)		—			—			—			(2,503	)
Distributions from unconsolidated affiliates		—			200,000			—			—			—			200,000
Intercompany accounts		—			(515,927	)		—			—			515,927			—
Other		—			(9,916	)		—			(5,693	)		—			(15,609	)
Net cash used in investing activities		—			(695,624	)		(190	)		(499,546	)		515,927			(679,433	)
Cash flows from financing activities
Net repayments under bank credit facilities - maturities of 90 days or less		(141,250	)		—			(13,000	)		(206,624	)		—			(360,874	)
Issuance of long-term debt		1,000,000			—			—			—			—			1,000,000
Retirement of senior notes and senior debentures		—			(2,265	)		—			—			—			(2,265	)
Debt issuance costs		(14,414	)		—			(17,490	)		(32,873	)		—			(64,777	)
MGP dividends paid to consolidated subsidiaries		—			—			(163,913	)		—			163,913			—
Dividends paid to common shareholders		(133,334	)		—			—			—			—			(133,334	)
Distributions to noncontrolling interest owners		—			—			(59,553	)		(41,854	)		—			(101,407	)
Purchases of common stock		(957,264	)		—			—			—			—			(957,264	)
Intercompany accounts		505,289			48,052			—			126,499			(679,840	)		—
Other		(9,393	)		(4,200	)		—			(4,637	)		—			(18,230	)
Net cash provided by (used in) financing activities		249,634			41,587			(253,956	)		(159,489	)		(515,927	)		(638,151	)
Effect of exchange rate on cash		—			—			—			(2,690	)		—			(2,690	)
Cash and cash equivalents
Net increase (decrease) for the period		25,275			(29,553	)		30,187			(253,032	)		—			(227,123	)
Balance, beginning of period		26,870			311,043			259,722			902,360			—			1,499,995
Balance, end of period	$	52,145		$	281,490		$	289,909		$	649,328		$	—		$	1,272,872

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Basis of Presentation and Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Basis of presentation

Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2018 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

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.

Principles of consolidation

Principles of consolidation. Management has determined that MGP is a variable interest entity (“VIE”) because the Class A equity investors as a group lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance. The Company has determined that it is the primary beneficiary of MGP and consolidates MGP because (i) its ownership of MGP’s single Class B share entitles it to a majority of the total voting power of MGP’s shares, and (ii) the exchangeable nature of the Operating Partnership units owned provide the Company the right to receive benefits from MGP that could potentially be significant to MGP. The Company has recorded MGP’s ownership interest in the Operating Partnership of 31.7% as of June 30, 2019 as noncontrolling interest in the Company’s consolidated financial statements. As of June 30, 2019 and December 31, 2018, on a consolidated basis, MGP had total assets of $11.9 billion and $11.0 billion, respectively, primarily related to its real estate investments, and total liabilities of $5.5 billion and $5.1 billion, respectively, primarily related to its indebtedness.

Reclassifications. Certain reclassifications have been made to conform the prior period presentation.

Revenue recognition

Revenue recognition. The Company’s revenue contracts with customers consist of casino wager transactions, hotel room sales, food and beverage transactions, entertainment shows, and retail transactions.

For casino wager transactions that include incentives earned by customers under the Company’s loyalty programs, the Company allocates a portion of net win based upon the standalone selling price of such incentive (less estimated breakage). This allocation is deferred and recognized as revenue when the customer redeems the incentive. When redeemed, revenue is recognized in the department that provides the goods or service. Redemption of loyalty incentives at third party outlets are deducted from the loyalty liability and amounts owed are paid to the third party, with any discount received recorded as other revenue. During the three and six months ended June 30, 2019, commissions and incentives provided to gaming customers were $601 million and $1.2 billion, respectively. During the three and six months ended June 30, 2018, commissions and incentives provided to gaming customers were $520 million and $1.1 billion, respectively. After allocating revenue to other goods and services provided as part of casino wager transactions, the Company records the residual amount to casino revenue.

Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resulting in a contract or contract-related liability. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) loyalty program obligations, which represents the deferred allocation of revenue relating to loyalty program incentives earned, as discussed above, and (3) customer advances and other, which is primarily funds deposited by customers before gaming play occurs (“casino front money”) and advance payments on goods and services yet to be provided such as advance ticket sales and deposits on rooms and convention space or for unpaid wagers. These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within “Other accrued liabilities” on the Company’s consolidated balance sheets.

The following table summarizes the activity related to contract and contract-related liabilities:

	Outstanding Chip Liability					Loyalty Program				Customer Advances and Other
	2019			2018		2019		2018		2019			2018
	(in thousands)
Balance at January 1	$	323,811		$	597,753	$	113,293	$	91,119	$	667,285		$	539,626
Balance at June 30		322,259			759,049		120,978		98,308		588,559			510,750
Increase / (decrease)	$	(1,552	)	$	161,296	$	7,685	$	7,189	$	(78,726	)	$	(28,876	)

Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) and by relevant geographic region within Note 11.

Leases. The Company determines if an arrangement is or contains a lease at inception or modification of the arrangement. An arrangement is or contains a lease if there are identified assets and the right to control the use of an identified asset is conveyed for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset.

For leases with terms greater than twelve months, the operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The initial measurement of the operating lease ROU assets also include any prepaid lease payments and are reduced by any previously accrued deferred rent. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company uses its incremental borrowing rate to discount the lease payments based on the information available at commencement date. Many of the Company’s leases include fixed rental escalation clauses that are factored into the determination of lease payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that such option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term.

The Company is a lessor under certain of its lease arrangements. Lease revenues earned by the Company from third-party tenants are classified within the line item corresponding to the type or nature of the tenant’s good or service. During the three and six months ended June 30, 2019, lease revenues from third-party tenants include $13 million and $25 million recorded within food and beverage revenue, respectively, and $22 million and $44 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. During the three and six months ended June 30, 2018, lease revenues from third-party tenants include $12 million and $25 million recorded within food and beverage revenue, respectively, and $22 million and $43 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations.

Recently issued accounting standards

Recently issued accounting standards. In February 2016, the FASB issued ASC 842 “Leases (Topic 842)”, which replaces the existing guidance in Topic 840, “Leases”, (“ASC 842”). ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would classify and account for its lease agreements as either finance or operating. Both finance and operating leases will result in the lessee recognizing a ROU asset and a corresponding lease liability. For finance leases, the lessee will recognize interest expense associated with the lease liability and depreciation expense associated with the ROU asset; and for operating leases, the lessee will recognize straight-line rent expense. The Company adopted ASC 842 on January 1, 2019 utilizing the simplified transition method and accordingly did not recast comparative period financial information. The Company elected the basket of transition practical expedients which includes not needing to reassess: (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) direct costs for any existing leases. As a result of adoption, the Company recognized $656 million of operating ROU assets and $580 million of operating lease liabilities as of January 1, 2019.

Prior to the adoption of ASC 842 on January 1, 2019, the master lease between subsidiaries of MGM and MGP was accounted for as a failed sale of the real estate assets due to the subsidiaries’ investments in the Operating Partnership, which constituted continuing involvement. As such, the real estate assets were reflected in the balance sheets of the applicable MGM subsidiaries as well as the associated finance lease liability. In connection with the adoption of ASC 842, the sale and leaseback of the real estate assets under the master lease now qualify as a passed sale and are determined to be operating leases. Accordingly, the real estate assets are now only reflected on the balance sheet of MGP and the MGM subsidiaries have recorded operating lease liabilities and operating ROU assets. The master lease and its related accounting eliminates in consolidation.

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Basis of Presentation and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Schedule of Contract and Contract - Related Liabilities

The following table summarizes the activity related to contract and contract-related liabilities:

	Outstanding Chip Liability					Loyalty Program				Customer Advances and Other
	2019			2018		2019		2018		2019			2018
	(in thousands)
Balance at January 1	$	323,811		$	597,753	$	113,293	$	91,119	$	667,285		$	539,626
Balance at June 30		322,259			759,049		120,978		98,308		588,559			510,750
Increase / (decrease)	$	(1,552	)	$	161,296	$	7,685	$	7,189	$	(78,726	)	$	(28,876	)

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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Schedule of Purchase Price Allocation

The following table sets forth the preliminary purchase price allocation (in thousands):

Fair value of assets acquired and liabilities assumed:
Property and equipment	$	645,733
Cash and cash equivalents		63,197
Racing and gaming license		52,000
Other intangible assets		34,000
Goodwill		256,133
Other assets		24,420
Deferred income taxes		(125,149	)
Other liabilities		(85,690	)
	$	864,644

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Investments in and Advances to Unconsolidated Affiliates (Tables)

6 Months Ended

Jun. 30, 2019

Equity Method Investments And Joint Ventures [Abstract]

Schedule of Investments in and Advances to Unconsolidated Affiliates

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

	June 30,		December 31,
	2019		2018
	(In thousands)
CityCenter Holdings, LLC – CityCenter (50%)	$	528,634	$	589,965
Las Vegas Arena Company, LLC (42.5%)		74,032		73,540
Other		144,067		69,362
	$	746,733	$	732,867

Schedule of Share of Net Income From Unconsolidated Affiliates

The Company recorded its share of net income from unconsolidated affiliates, including adjustments for basis differences, as follows:  

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(In thousands)
Income from unconsolidated affiliates	$	27,004		$	47,940		$	65,753		$	79,706
Preopening and start-up expenses		—			—			—			(3,321	)
Non-operating items from unconsolidated affiliates		(21,477	)		(11,068	)		(39,642	)		(20,078	)
	$	5,527		$	36,872		$	26,111		$	56,307

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Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following:

	June 30,			December 31,
	2019			2018
	(In thousands)
Senior credit facility	$	1,060,000		$	750,000
Operating Partnership senior credit facility		2,259,875			2,819,125
MGM China credit facility		700,862			2,433,562
$850 million 8.625% senior notes, due 2019		—			850,000
$500 million 5.25% senior notes, due 2020		267,476			500,000
$1,000 million 6.75% senior notes, due 2020		360,826			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		1,250,000			1,250,000
$1,050 million 5.625% Operating Partnership senior notes, due 2024		1,050,000			1,050,000
$750 million 5.375% MGM China senior notes, due 2024		750,000			—
$1,000 million 5.75% senior notes, due 2025		1,000,000			1,000,000
$750 million 5.875% MGM China senior notes, due 2026		750,000			—
$500 million 4.5% Operating Partnership senior notes, due 2026		500,000			500,000
$500 million 4.625% senior notes, due 2026		500,000			500,000
$750 million 5.75% Operating Partnership senior notes, due 2027		750,000			—
$1,000 million 5.5% senior notes, due 2027		1,000,000			—
$350 million 4.5% Operating Partnership senior notes, due 2028		350,000			350,000
$0.6 million 7% debentures, due 2036		552			552
		14,799,591			15,253,239
Less: Premiums, discounts, and unamortized debt issuance costs, net		(137,896	)		(121,823	)
		14,661,695			15,131,416
Less: Current portion		—			(43,411	)
	$	14,661,695		$	15,088,005

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Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Operating Leases

Other information related to the Company’s operating leases was as follows (in thousands, except for lease term and discount rate information):

	June 30, 2019
Supplemental balance sheet information	(In thousands)
Operating lease right-of-use assets	$	664,817
Operating lease obligation - short-term (recorded within “Other accrued liabilities”)	$	79,034
Operating lease obligation - long-term		529,171
Total operating lease liabilities	$	608,205
Weighted-average remaining lease term (years)	36
Weighted-average discount rate (%)	7

Schedule of Supplemental Cash Flows Information Related to Operating Leases

Other information related to the Company’s operating leases was as follows (in thousands, except for lease term and discount rate information):

	Six Months Ended
	June 30, 2019
Supplemental cash flows information	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities - operating cash outflows    from operating leases	$	33,921

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities were as follows:

Year ending December 31,	(In thousands)
2019 (excluding the six months ended June 30, 2019)	$	58,380
2020		92,443
2021		73,132
2022		58,641
2023		56,209
Thereafter		1,441,260
Total future minimum lease payments		1,780,065
Less: Amount of lease payments representing interest		(1,171,860	)
Total	$	608,205

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Income Per Share of Common Stock (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Schedule of Diluted Weighted-Average Number of Common and Common Equivalent Shares Adjustments for Potential Dilution of Share-Based Awards Outstanding

Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of share-based awards outstanding under the Company’s stock compensation plan.   

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(In thousands)
Numerator:
Net income attributable to MGM Resorts International	$	43,405		$	123,777		$	74,702		$	347,221
Adjustment related to redeemable noncontrolling interests		992			(5,986	)		(2,832	)		(10,584	)
Net income available to common stockholders - basic		44,397			117,791			71,870			336,637
Potentially dilutive effect due to MGP and MGM China stock compensation plans		(35	)		(26	)		(86	)		(158	)
Net income attributable to common stockholders - diluted	$	44,362		$	117,765		$	71,784		$	336,479
Denominator:
Weighted-average common shares outstanding - basic		532,365			548,433			533,286			556,586
Potential dilution from share-based awards		3,052			5,906			3,170			6,522
Weighted-average common and common equivalent shares - diluted		535,417			554,339			536,456			563,108
Antidilutive share-based awards excluded from the calculation of diluted    earnings per share		2,411			2,441			2,170			1,305

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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Summary of Changes in Accumulated Balance of Other Comprehensive Income

Changes in accumulated other comprehensive income attributable to MGM Resorts International are as follows:

	Currency Translation			Cash Flow
	Adjustments			Hedges			Other			Total
	(In thousands)
Balance, January 1, 2019	$	(18,872	)	$	9,144		$	1,172		$	(8,556	)
Other comprehensive income (loss) before reclassifications		13,975			(36,007	)		—			(22,032	)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense		—			(3,614	)		—			(3,614	)
Empire City MGP transaction		—			—			195			195
MGP Class A share issuances		—			—			(669	)		(669	)
Park MGM Transaction		—			—			16			16
Northfield OpCo transaction		—			—			(2	)		(2	)
Other		—			—			95			95
Other comprehensive income (loss), net of tax		13,975			(39,621	)		(365	)		(26,011	)
Less: Other comprehensive (income) loss attributable to noncontrolling interest		(6,127	)		14,364			—			8,237
Balance, June 30, 2019	$	(11,024	)	$	(16,113	)	$	807		$	(26,330	)

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Schedule of Segment Information

The following tables present the Company’s segment information:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
	(In thousands)
Net revenue
Las Vegas Strip Resorts
Casino	$	308,183		$	349,693		$	632,887		$	722,513
Rooms		469,736			451,489			938,588			900,086
Food and beverage		389,773			361,645			755,295			701,154
Entertainment, retail and other		298,652			291,687			567,762			562,865
		1,466,344			1,454,514			2,894,532			2,886,618
Regional Operations
Casino		653,948			483,705			1,228,104			951,582
Rooms		81,454			81,380			153,252			152,429
Food and beverage		123,870			105,018			241,749			200,183
Entertainment, retail and other		51,681			38,386			91,793			70,863
		910,953			708,489			1,714,898			1,375,057
MGM China
Casino		633,179			496,895			1,296,744			1,047,490
Rooms		35,313			31,002			68,877			50,836
Food and beverage		30,909			28,104			61,622			48,841
Entertainment, retail and other		6,688			5,349			13,050			10,044
		706,089			561,350			1,440,293			1,157,211
Reportable segment net revenues		3,083,386			2,724,353			6,049,723			5,418,886
Corporate and other		139,857			134,342			350,431			262,046
	$	3,223,243		$	2,858,695		$	6,400,154		$	5,680,932
Adjusted Property EBITDA
Las Vegas Strip Resorts	$	418,197		$	435,905		$	821,724		$	885,059
Regional Operations		255,153			189,815			461,727			357,028
MGM China		170,828			119,875			361,618			271,626
Reportable segment Adjusted Property EBITDA		844,178			745,595			1,645,069			1,513,713
Other operating income (expense)
Corporate and other		(88,246	)		(50,265	)		(149,302	)		(116,989	)
Preopening and start-up expenses		(879	)		(19,077	)		(4,166	)		(85,994	)
Property transactions, net		(5,790	)		(16,970	)		(14,566	)		(22,868	)
Depreciation and amortization		(334,788	)		(296,208	)		(651,202	)		(565,030	)
Restructuring		(42,990	)		—			(84,088	)		—
Operating income		371,485			363,075			741,745			722,832
Non-operating income (expense)
Interest expense, net of amounts capitalized		(215,829	)		(181,493	)		(431,949	)		(349,402	)
Non-operating items from unconsolidated affiliates		(21,477	)		(11,068	)		(39,642	)		(20,078	)
Other, net		(46,276	)		(6,381	)		(44,583	)		(8,297	)
		(283,582	)		(198,942	)		(516,174	)		(377,777	)
Income before income taxes		87,903			164,133			225,571			345,055
Benefit (provision) for income taxes		(11,734	)		(23,710	)		(83,245	)		61,669
Net income		76,169			140,423			142,326			406,724
Less: Net income attributable to noncontrolling interests		(32,764	)		(16,646	)		(67,624	)		(59,503	)
Net income attributable to MGM Resorts International	$	43,405		$	123,777		$	74,702		$	347,221

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Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Condensed Consolidating Balance Sheet Information

CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION

	At June 30, 2019
			Guarantor		Non-Guarantor Subsidiaries
	Parent		Subsidiaries		MGP		Other		Elimination			Consolidated
	(In thousands)
Current assets	$	70,483	$	1,133,672	$	65,035	$	787,973	$	(17,129	)	$	2,040,034
Property and equipment, net		—		5,429,353		10,975,999		4,660,957		(11,972	)		21,054,337
Investments in subsidiaries		23,393,617		3,811,326		—		—		(27,204,943	)		—
Investments in the MGP Operating Partnership		—		3,697,910		—		779,853		(4,477,763	)		—
Investments in and advances to unconsolidated affiliates		—		695,117		—		26,616		25,000			746,733
Intercompany accounts		—		8,154,239		—		—		(8,154,239	)		—
Other non-current assets		70,243		10,331,081		871,774		7,136,667		(11,437,154	)		6,972,611
	$	23,534,343	$	33,252,698	$	11,912,808	$	13,392,066	$	(51,278,200	)	$	30,813,715
Current liabilities	$	122,821	$	1,692,960	$	191,902	$	1,065,710	$	(286,854	)	$	2,786,539
Intercompany accounts		8,045,418		—		74		108,747		(8,154,239	)		—
Deferred income taxes, net		1,163,954		125,149		29,721		263,448		(29,720	)		1,552,552
Long-term debt, net		7,638,313		569		4,852,524		2,170,289		—			14,661,695
Other non-current liabilities		43,353		9,394,716		452,055		2,327,101		(11,459,603	)		757,622
Total liabilities		17,013,859		11,213,394		5,526,276		5,935,295		(19,930,416	)		19,758,408
Redeemable noncontrolling interests		—		—		—		100,586		—			100,586
MGM Resorts International stockholders' equity		6,520,484		22,037,881		4,353,312		4,956,591		(31,347,784	)		6,520,484
Noncontrolling interests		—		1,423		2,033,220		2,399,594		—			4,434,237
Total stockholders' equity		6,520,484		22,039,304		6,386,532		7,356,185		(31,347,784	)		10,954,721
	$	23,534,343	$	33,252,698	$	11,912,808	$	13,392,066	$	(51,278,200	)	$	30,813,715

	At December 31, 2018
			Guarantor		Non-Guarantor Subsidiaries
	Parent		Subsidiaries		MGP		Other		Elimination			Consolidated
	(In thousands)
Current assets	$	304,741	$	1,244,864	$	12,054	$	972,820	$	(7,701	)	$	2,526,778
Property and equipment, net		—		13,585,370		10,506,129		6,392,014		(9,753,625	)		20,729,888
Investments in subsidiaries		22,419,282		3,401,031		—		—		(25,820,313	)		—
Investments in the MGP Operating Partnership		—		3,434,602		—		831,494		(4,266,096	)		—
Investments in and advances to unconsolidated affiliates		—		678,748		—		29,119		25,000			732,867
Intercompany accounts		—		7,135,183		—		—		(7,135,183	)		—
Other non-current assets		67,214		1,186,666		77,436		4,932,872		(43,015	)		6,221,173
Assets held for sale		—		—		355,688		—		(355,688	)		—
	$	22,791,237	$	30,666,464	$	10,951,307	$	13,158,319	$	(47,356,621	)	$	30,210,706
Current liabilities	$	154,484	$	1,646,481	$	160,441	$	1,224,752	$	(237,276	)	$	2,948,882
Intercompany accounts		6,932,325		—		227		202,631		(7,135,183	)		—
Deferred income taxes, net		1,097,654		—		33,634		240,970		(29,720	)		1,342,538
Long-term debt, net		8,055,472		570		4,666,949		2,365,014		—			15,088,005
Other non-current liabilities		39,019		7,210,948		215,613		2,247,584		(9,453,924	)		259,240
Liabilities related to assets held for sale		—		—		28,937		—		(28,937	)		—
Total liabilities		16,278,954		8,857,999		5,105,801		6,280,951		(16,885,040	)		19,638,665
Redeemable noncontrolling interests		—		—		—		102,250		—			102,250
MGM Resorts International stockholders' equity		6,512,283		21,808,465		4,279,535		4,383,581		(30,471,581	)		6,512,283
Noncontrolling interests		—		—		1,565,971		2,391,537		—			3,957,508
Total stockholders' equity		6,512,283		21,808,465		5,845,506		6,775,118		(30,471,581	)		10,469,791
	$	22,791,237	$	30,666,464	$	10,951,307	$	13,158,319	$	(47,356,621	)	$	30,210,706

Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Information

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION

	Three Months Ended June 30, 2019
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	2,075,487		$	225,759		$	1,147,755		$	(225,758	)	$	3,223,243
Equity in subsidiaries' earnings		247,282			26,291			—			—			(273,573	)		—
Expenses
Casino and hotel operations		2,058			1,188,214			—			714,548			—			1,904,820
General and administrative		4,361			569,622			5,918			188,511			(243,988	)		524,424
Corporate expense		44,914			54,037			3,960			5,150			—			108,061
Preopening and start-up expenses		—			943			—			(64	)		—			879
Property transactions, net		—			4,348			310			1,185			(53	)		5,790
Depreciation and amortization		—			106,683			79,543			147,159			1,403			334,788
		51,333			1,923,847			89,731			1,056,489			(242,638	)		2,878,762
Income (loss) from unconsolidated affiliates		—			31,357			—			(4,353	)		—			27,004
Operating income		195,949			209,288			136,028			86,913			(256,693	)		371,485
Interest expense, net of amounts capitalized		(118,410	)		(209	)		(63,977	)		(33,233	)		—			(215,829	)
Other non-operating, net		(22,485	)		24,356			(261	)		(13,033	)		(56,330	)		(67,753	)
Income before income taxes		55,054			233,435			71,790			40,647			(313,023	)		87,903
Benefit (provision) for income taxes		(11,649	)		(3	)		(4,021	)		3,939			—			(11,734	)
Net income		43,405			233,432			67,769			44,586			(313,023	)		76,169
Less: Net income attributable to noncontrolling interests		—			(1,422	)		(21,858	)		(9,891	)		407			(32,764	)
Net income attributable to MGM Resorts International	$	43,405		$	232,010		$	45,911		$	34,695		$	(312,616	)	$	43,405
Net income	$	43,405		$	233,432		$	67,769		$	44,586		$	(313,023	)	$	76,169
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		14,754			14,754			—			26,380			(29,508	)		26,380
Unrealized loss on cash flow hedges		(16,651	)		—			(30,775	)		—			21,128			(26,298	)
Other comprehensive income (loss)		(1,897	)		14,754			(30,775	)		26,380			(8,380	)		82
Comprehensive income		41,508			248,186			36,994			70,966			(321,403	)		76,251
Less: Comprehensive income attributable to noncontrolling interests		—			—			(12,211	)		(22,532	)		—			(34,743	)
Comprehensive income attributable to MGM Resorts International	$	41,508		$	248,186		$	24,783		$	48,434		$	(321,403	)	$	41,508

	Six Months Ended June 30, 2019
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	4,079,614		$	429,182		$	2,320,540		$	(429,182	)	$	6,400,154
Equity in subsidiaries' earnings		509,471			66,388			—			—			(575,859	)		—
Expenses
Casino and hotel operations		4,517			2,337,515			—			1,436,186			(11,023	)		3,767,195
General and administrative		20,846			1,091,988			11,479			377,460			(452,237	)		1,049,536
Corporate expense		103,689			107,044			16,989			9,775			—			237,497
Preopening and start-up expenses		—			2,157			—			2,009			—			4,166
Property transactions, net		—			12,162			1,423			981			—			14,566
Depreciation and amortization		—			211,776			151,105			288,321			—			651,202
		129,052			3,762,642			180,996			2,114,732			(463,260	)		5,724,162
Income (loss) from unconsolidated affiliates		—			68,412			—			(2,659	)		—			65,753
Operating income		380,419			451,772			248,186			203,149			(541,781	)		741,745
Interest expense, net of amounts capitalized		(245,063	)		(417	)		(127,925	)		(58,544	)		—			(431,949	)
Other non-operating, net		(3,859	)		109,570			1,448			(10,569	)		(180,815	)		(84,225	)
Income from continuing operations before income taxes		131,497			560,925			121,709			134,036			(722,596	)		225,571
Provision for income taxes		(56,795	)		(8	)		(3,792	)		(22,650	)		—			(83,245	)
Income from continuing operations, net of tax		74,702			560,917			117,917			111,386			(722,596	)		142,326
Income from discontinued operations, net of tax		—			—			16,216			—			(16,216	)		—
Net income		74,702			560,917			134,133			111,386			(738,812	)		142,326
Less: Net income attributable to noncontrolling interests		—			(2,859	)		(41,813	)		(22,952	)		—			(67,624	)
Net income attributable to MGM Resorts International	$	74,702		$	558,058		$	92,320		$	88,434		$	(738,812	)	$	74,702
Net income	$	74,702		$	560,917		$	134,133		$	111,386		$	(738,812	)	$	142,326
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		7,848			7,848			—			13,975			(15,696	)		13,975
Unrealized loss on cash flow hedges		(25,257	)		—			(46,387	)		—			32,023			(39,621	)
Other comprehensive income (loss)		(17,409	)		7,848			(46,387	)		13,975			16,327			(25,646	)
Comprehensive income		57,293			568,765			87,746			125,361			(722,485	)		116,680
Less: Comprehensive income attributable to noncontrolling interests		—			—			(27,449	)		(31,938	)		—			(59,387	)
Comprehensive income attributable to MGM Resorts International	$	57,293		$	568,765		$	60,297		$	93,423		$	(722,485	)	$	57,293

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) INFORMATION

	Three Months Ended June 30, 2018
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	1,937,394		$	220,390		$	921,382		$	(220,471	)	$	2,858,695
Equity in subsidiaries' earnings		309,334			22,519			—			—			(331,853	)		—
Expenses
Casino and hotel operations		2,562			1,094,872			—			572,061			(81	)		1,669,414
General and administrative		2,408			315,659			27,219			120,386			(27,219	)		438,453
Corporate expense		39,707			53,652			10,746			5,192			(5,859	)		103,438
Preopening and start-up expenses		—			1,937			—			17,140			—			19,077
Property transactions, net		—			17,083			14,426			(113	)		(14,426	)		16,970
Depreciation and amortization		—			158,753			67,474			137,440			(67,459	)		296,208
		44,677			1,641,956			119,865			852,106			(115,044	)		2,543,560
Income (loss) from unconsolidated affiliates		—			48,294			—			(354	)		—			47,940
Operating income		264,657			366,251			100,525			68,922			(437,280	)		363,075
Interest expense, net of amounts capitalized		(115,531	)		(156	)		(49,276	)		(16,530	)		—			(181,493	)
Other non-operating, net		15,356			(118,368	)		(1,927	)		(49,288	)		136,778			(17,449	)
Income before income taxes		164,482			247,727			49,322			3,104			(300,502	)		164,133
Benefit (provision) for income taxes		(40,705	)		—			(1,263	)		18,258			—			(23,710	)
Net income		123,777			247,727			48,059			21,362			(300,502	)		140,423
Less: Net income attributable to noncontrolling interests		—			—			(13,146	)		(3,500	)		—			(16,646	)
Net income attributable to MGM Resorts International	$	123,777		$	247,727		$	34,913		$	17,862		$	(300,502	)	$	123,777
Net income	$	123,777		$	247,727		$	48,059		$	21,362		$	(300,502	)	$	140,423
Other comprehensive income, net of tax:
Foreign currency translation adjustment		583			583			—			1,400			(1,166	)		1,400
Unrealized gain on cash flow hedges		3,660			—			6,281			—			(4,606	)		5,335
Other comprehensive income		4,243			583			6,281			1,400			(5,772	)		6,735
Comprehensive income		128,020			248,310			54,340			22,762			(306,274	)		147,158
Less: Comprehensive income attributable to noncontrolling interests		—			—			(14,821	)		(4,317	)		—			(19,138	)
Comprehensive income attributable to MGM Resorts International	$	128,020		$	248,310		$	39,519		$	18,445		$	(306,274	)	$	128,020

	Six Months Ended June 30, 2018
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	3,827,187		$	436,229		$	1,854,329		$	(436,813	)	$	5,680,932
Equity in subsidiaries' earnings		637,601			67,054			—			—			(704,655	)		—
Expenses
Casino and hotel operations		5,277			2,144,891			—			1,155,040			(584	)		3,304,624
General and administrative		4,758			626,509			49,718			225,076			(49,718	)		856,343
Corporate expense		79,008			104,059			21,227			10,544			(11,891	)		202,947
Preopening and start-up expenses		—			8,679			—			77,315			—			85,994
Property transactions, net		—			22,225			18,512			643			(18,512	)		22,868
Depreciation and amortization		—			315,400			136,465			249,588			(136,423	)		565,030
		89,043			3,221,763			225,922			1,718,206			(217,128	)		5,037,806
Income (loss) from unconsolidated affiliates		—			79,926			—			(220	)		—			79,706
Operating income		548,558			752,404			210,307			135,903			(924,340	)		722,832
Interest expense, net of amounts capitalized		(225,089	)		(293	)		(98,506	)		(25,514	)		—			(349,402	)
Other non-operating, net		31,128			(226,318	)		(3,079	)		(95,975	)		265,869			(28,375	)
Income before income taxes		354,597			525,793			108,722			14,414			(658,471	)		345,055
Benefit (provision) for income taxes		(7,376	)		—			(2,494	)		71,539			—			61,669
Net income		347,221			525,793			106,228			85,953			(658,471	)		406,724
Less: Net income attributable to noncontrolling interests		—			—			(28,976	)		(30,527	)		—			(59,503	)
Net income attributable to MGM Resorts International	$	347,221		$	525,793		$	77,252		$	55,426		$	(658,471	)	$	347,221
Net income	$	347,221		$	525,793		$	106,228		$	85,953		$	(658,471	)	$	406,724
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(12,785	)		(12,785	)		—			(22,752	)		25,570			(22,752	)
Unrealized gain on cash flow hedges		13,158			—			22,636			—			(16,603	)		19,191
Other comprehensive income (loss)		373			(12,785	)		22,636			(22,752	)		8,967			(3,561	)
Comprehensive income		347,594			513,008			128,864			63,201			(649,504	)		403,163
Less: Comprehensive income attributable to noncontrolling interests		—			—			(35,009	)		(20,560	)		—			(55,569	)
Comprehensive income attributable to MGM Resorts International	$	347,594		$	513,008		$	93,855		$	42,641		$	(649,504	)	$	347,594

Schedule of Condensed Consolidating Statement of Cash Flows Information

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Six Months Ended June 30, 2019
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(284,892	)	$	1,142,767		$	(243,990	)	$	369,539		$	(15,591	)	$	967,833
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(212,513	)		—			(109,117	)		12			(321,618	)
Dispositions of property and equipment		—			505			—			68			—			573
Acquisition of Empire City Casino, net of cash acquired		—			(535,681	)		—			—			—			(535,681	)
Investments in unconsolidated affiliates		—			(80,669	)		—			—			—			(80,669	)
Distributions from unconsolidated affiliates		—			90,000			—			—			—			90,000
Intercompany accounts		—			(1,018,976	)		—			—			1,018,976			—
Northfield OpCo transaction		—			(3,779	)		3,779			—			—			—
Other		—			(3,500	)		—			(26,670	)		—			(30,170	)
Net cash provided by (used in) investing activities		—			(1,764,613	)		3,779			(135,719	)		1,018,988			(877,565	)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less		310,000			245,950			(805,200	)		(1,730,706	)		—			(1,979,956	)
Issuance of long-term debt		1,000,000			—			750,000			1,500,000			—			3,250,000
Retirement of senior notes and senior debentures		(1,721,698	)		(38,228	)		—			—			—			(1,759,926	)
Debt issuance costs		(14,080	)		—			(9,983	)		(21,483	)		—			(45,546	)
Issuance of MGM Growth Properties Class A shares, net		—			—			613,299			—			—			613,299
Dividends paid to common shareholders		(138,215	)		—			—			—			—			(138,215	)
MGP dividends paid to consolidated subsidiaries		—			—			(184,537	)		—			184,537			—
Distributions to noncontrolling interest owners		—			—			(73,797	)		(28,621	)		—			(102,418	)
Purchases of common stock		(281,833	)		—			—			—			—			(281,833	)
Intercompany accounts		913,889			414,567			—			(124,943	)		(1,203,513	)		—
Other		(6,808	)		(43,411	)		—			(865	)		37,900			(13,184	)
Net cash provided by (used in) financing activities		61,255			578,878			289,782			(406,618	)		(981,076	)		(457,779	)
Effect of exchange rate on cash		—			—			—			1,340			—			1,340
Cash flows from (used in) discontinued operations
Cash flows from operating activities		—			—			15,591			—			(15,591	)		—
Cash flows used in investing activities		—			—			(12	)		—			12			—
Cash flows used in financing activities		—			—			(37,900	)		—			37,900			—
Net cash flows used in discontinued operations		—			—			(22,321	)		—			22,321			—
Change in cash and cash equivalents classified as assets held for sale		—			—			(22,321	)		—			22,321			—
Cash and cash equivalents
Net increase (decrease) for the period		(223,637	)		(42,968	)		49,571			(171,458	)		22,321			(366,171	)
Balance, beginning of period		259,738			445,423			3,995			817,606			—			1,526,762
Balance, end of period	$	36,101		$	402,455		$	53,566		$	646,148		$	22,321		$	1,160,591

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Six Months Ended June 30, 2018
				Guarantor			Non-Guarantor Subsidiaries
	Parent			Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(224,359	)	$	624,484		$	284,333		$	408,693		$	—		$	1,093,151
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(367,713	)		(190	)		(493,858	)		—			(861,761	)
Dispositions of property and equipment		—			435			—			5			—			440
Investments in unconsolidated affiliates		—			(2,503	)		—			—			—			(2,503	)
Distributions from unconsolidated affiliates		—			200,000			—			—			—			200,000
Intercompany accounts		—			(515,927	)		—			—			515,927			—
Other		—			(9,916	)		—			(5,693	)		—			(15,609	)
Net cash used in investing activities		—			(695,624	)		(190	)		(499,546	)		515,927			(679,433	)
Cash flows from financing activities
Net repayments under bank credit facilities - maturities of 90 days or less		(141,250	)		—			(13,000	)		(206,624	)		—			(360,874	)
Issuance of long-term debt		1,000,000			—			—			—			—			1,000,000
Retirement of senior notes and senior debentures		—			(2,265	)		—			—			—			(2,265	)
Debt issuance costs		(14,414	)		—			(17,490	)		(32,873	)		—			(64,777	)
MGP dividends paid to consolidated subsidiaries		—			—			(163,913	)		—			163,913			—
Dividends paid to common shareholders		(133,334	)		—			—			—			—			(133,334	)
Distributions to noncontrolling interest owners		—			—			(59,553	)		(41,854	)		—			(101,407	)
Purchases of common stock		(957,264	)		—			—			—			—			(957,264	)
Intercompany accounts		505,289			48,052			—			126,499			(679,840	)		—
Other		(9,393	)		(4,200	)		—			(4,637	)		—			(18,230	)
Net cash provided by (used in) financing activities		249,634			41,587			(253,956	)		(159,489	)		(515,927	)		(638,151	)
Effect of exchange rate on cash		—			—			—			(2,690	)		—			(2,690	)
Cash and cash equivalents
Net increase (decrease) for the period		25,275			(29,553	)		30,187			(253,032	)		—			(227,123	)
Balance, beginning of period		26,870			311,043			259,722			902,360			—			1,499,995
Balance, end of period	$	52,145		$	281,490		$	289,909		$	649,328		$	—		$	1,272,872

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Organization - Additional Information (Detail) $ in Millions	1 Months Ended				3 Months Ended		6 Months Ended
	Jun. 30, 2019	Apr. 30, 2019	Mar. 31, 2019 USD ($)	Jan. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2019 Segment	Dec. 31, 2018
Organization Disclosure [Line Items]
Percentage of minority interest	31.70%				31.70%		31.70%
Number of reportable segments | Segment							3
CityCenter Holdings LLC As Investee [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	50.00%				50.00%		50.00%	50.00%
Las Vegas Arena Company LLC As Investee [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	42.50%				42.50%		42.50%	42.50%
Infinity World Development Corp [Member] | CityCenter Holdings LLC As Investee [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	50.00%				50.00%		50.00%
Anschutz Entertainment Group, Inc [Member] | Las Vegas Arena Company LLC As Investee [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	42.50%				42.50%		42.50%
Athena Arena, LLC [Member] | Las Vegas Arena Company LLC As Investee [Member]
Organization Disclosure [Line Items]
Percentage ownership interest	15.00%				15.00%		15.00%
Hard Rock Rocksino Northfield Park [Member]
Organization Disclosure [Line Items]
Date of acquisition agreement							2019-04
Class A shares [Member]
Organization Disclosure [Line Items]
Common stock voting rights							one vote per share
Partnership interest				69.70%
Non-Guarantor MGP Subsidiaries [Member] | Class B shares [Member]
Organization Disclosure [Line Items]
Common stock voting rights							Class B share, is entitled to an amount of votes representing a majority of the total voting power of MGP’s shares so long as the Company and its controlled affiliates’ (excluding MGP) aggregate beneficial ownership of the combined economic interests in MGP and the Operating Partnership does not fall below 30%.
MGM Growth Properties LLC [Member]
Organization Disclosure [Line Items]
Minimum ownership percentage required for majority voting interest							30.00%
Partnership interest	68.30%	68.80%	69.80%	74.60%
Percentage of minority interest	31.70%				31.70%		31.70%
MGM Growth Properties LLC [Member] | Class A shares [Member]
Organization Disclosure [Line Items]
Partnership interest					68.30%
MGM China [Member]
Organization Disclosure [Line Items]
Percentage ownership interest						56.00%
MGM Grand Paradise [Member] | Extension Agreement [Member]
Organization Disclosure [Line Items]
Agreement expiration date			Mar. 31, 2020
Extended expiration date of agreement			Jun. 26, 2022
Contract extension premium paid			$ 25
Contract extension fee paid			$ 2

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Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2019	Dec. 31, 2018
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Percentage of minority interest	31.70%		31.70%
Total assets	$ 30,813,715		$ 30,813,715			$ 30,210,706
Total liabilities	19,758,408		19,758,408			19,638,665
Commissions, complimentaries and other incentives	601,000	$ 520,000	1,200	$ 1,100
Operating ROU assets	664,817		664,817		$ 656,000	0
Operating lease liabilities	608,205		608,205		$ 580,000
Food and Beverage Revenue [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Lease revenue	13,000	12,000	25,000	25,000
Entertainment Retail and Other Revenue [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Lease revenue	$ 22,000	$ 22,000	$ 44,000	$ 43,000
MGM Growth Properties LLC [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Percentage of minority interest	31.70%		31.70%
Total assets	$ 11,900,000		$ 11,900,000			11,000,000
Total liabilities	$ 5,500,000		$ 5,500,000			$ 5,100,000

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Basis of Presentation and Significant Accounting Policies - Schedule of Contract and Contract - related Liabilities (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Outstanding Chip Liability [Member]
Contract And Contract Related Liabilities [Line Items]
Balance at January 1	$ 323,811	$ 597,753
Balance at June 30	322,259	759,049
Increase / (decrease)	(1,552)	161,296
Loyalty Program [Member]
Contract And Contract Related Liabilities [Line Items]
Balance at January 1	113,293	91,119
Balance at June 30	120,978	98,308
Increase / (decrease)	7,685	7,189
Customer Advances and Other [Member]
Contract And Contract Related Liabilities [Line Items]
Balance at January 1	667,285	539,626
Balance at June 30	588,559	510,750
Increase / (decrease)	$ (78,726)	$ (28,876)

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Acquisitions - Additional Information (Details) - USD ($) $ in Millions			1 Months Ended	3 Months Ended	5 Months Ended
	Mar. 07, 2019	Jan. 29, 2019	Dec. 31, 2024	Jun. 30, 2019	Jun. 30, 2019	Jul. 06, 2018
Business Acquisition [Line Items]
Total purchase price	$ 638
Empire City [Member]
Business Acquisition [Line Items]
Date of acquisition agreement		Jan. 29, 2019
Total purchase price		$ 865
Consideration in form of common stock		$ 266
Percentage of membership interest acquired		100.00%
Business acquisition, decrease to the racing and gaming license				$ 76
Business acquisition, decrease to other intangible assets				17
Business acquisition, decrease to deferred income taxes				$ 20
Revenue					$ 91
Operating income					9
Net income					$ 20
Empire City [Member] | MGM Growth Properties LLC [Member] | Gaming License And Trade Name
Business Acquisition [Line Items]
Estimated useful life of intangible assets		4 years
Empire City [Member] | MGM Growth Properties LLC [Member] | Customer List [Member]
Business Acquisition [Line Items]
Estimated useful life of intangible assets		5 years
Empire City [Member] | Forecast [Member]
Business Acquisition [Line Items]
Additional contingent consideration payable			$ 50
Northfield Park associates LLC [Member] | MGM Growth Properties LLC [Member]
Business Acquisition [Line Items]
Percentage of membership interest acquired						100.00%

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Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 29, 2019	Dec. 31, 2018
Fair value of assets acquired and liabilities assumed:
Goodwill	$ 2,080,904		$ 1,821,392
MGM Growth Properties LLC [Member] | Empire City [Member]
Fair value of assets acquired and liabilities assumed:
Property and equipment		$ 645,733
Cash and cash equivalents		63,197
Racing and gaming license		52,000
Other intangible assets		34,000
Goodwill		256,133
Other assets		24,420
Deferred income taxes		(125,149)
Other liabilities		(85,690)
Business combination, assets acquired and liabilities assumed		$ 864,644

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Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	$ 746,733	$ 732,867
CityCenter Holdings LLC As Investee [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	528,634	589,965
Las Vegas Arena Company LLC As Investee [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	74,032	73,540
Other [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	$ 144,067	$ 69,362

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Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Parenthetical) (Detail)	Jun. 30, 2019	Dec. 31, 2018
CityCenter Holdings LLC As Investee [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest	50.00%	50.00%
Las Vegas Arena Company LLC As Investee [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest	42.50%	42.50%

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Investments in and Advances to Unconsolidated Affiliates - Schedule of Share of Net Income From Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Equity Method Investments And Joint Ventures [Abstract]
Income from unconsolidated affiliates	$ 27,004	$ 47,940	$ 65,753	$ 79,706
Preopening and start-up expenses	0	0	0	(3,321)
Non-operating items from unconsolidated affiliates	(21,477)	(11,068)	(39,642)	(20,078)
Net income from unconsolidated affiliates	$ 5,527	$ 36,872	$ 26,111	$ 56,307

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Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended			6 Months Ended
	Apr. 30, 2019	Mar. 31, 2019	May 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule Of Equity Method Investments [Line Items]
Distributions from unconsolidated affiliates				$ 90,000	$ 200,000
City Center Holdings L L C [Member]
Schedule Of Equity Method Investments [Line Items]
Dividend paid/declared	$ 116,000	$ 64,000	$ 400,000
CityCenter Holdings LLC As Investee [Member]
Schedule Of Equity Method Investments [Line Items]
Distributions from unconsolidated affiliates, percentage	50.00%	50.00%	50.00%
Distributions from unconsolidated affiliates	$ 58,000	$ 32,000	$ 200,000

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Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt, Gross	$ 14,799,591	$ 15,253,239
Less: Premiums, discounts, and unamortized debt issuance costs, net	(137,896)	(121,823)
Long-term debt	14,661,695	15,131,416
Less: Current portion	0	(43,411)
Long-term debt, net	14,661,695	15,088,005
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, Gross	1,060,000	750,000
Operating Partnership Senior Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, Gross	2,259,875	2,819,125
MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, Gross	700,862	2,433,562
Less: Current portion		(43,000)
8.625% senior notes, due 2019 [Member]
Debt Instrument [Line Items]
Senior notes	0	850,000
5.25% senior notes, due 2020 [Member]
Debt Instrument [Line Items]
Senior notes	267,476	500,000
6.75% senior notes, due 2020 [Member]
Debt Instrument [Line Items]
Senior notes	360,826	1,000,000
6.625% senior notes, due 2021 [Member]
Debt Instrument [Line Items]
Senior notes	1,250,000	1,250,000
7.75% senior notes, due 2022 [Member]
Debt Instrument [Line Items]
Senior notes	1,000,000	1,000,000
6% senior notes, due 2023 [Member]
Debt Instrument [Line Items]
Senior notes	1,250,000	1,250,000
5.625% Operating Partnership senior notes, due 2024 [Member]
Debt Instrument [Line Items]
Senior notes	1,050,000	1,050,000
5.375% MGM China senior notes, due 2024 [Member]
Debt Instrument [Line Items]
Senior notes	750,000	0
5.75% senior notes, due 2025 [Member]
Debt Instrument [Line Items]
Senior notes	1,000,000	1,000,000
5.875% MGM China senior notes, due 2026 [Member]
Debt Instrument [Line Items]
Senior notes	750,000	0
4.5% Operating Partnership senior notes, due 2026 [Member]
Debt Instrument [Line Items]
Senior notes	500,000	500,000
4.625% senior notes, due 2026 [Member]
Debt Instrument [Line Items]
Senior notes	500,000	500,000
5.75% Operating Partnership senior notes, due 2027 [Member]
Debt Instrument [Line Items]
Senior notes	750,000	0
5.5% senior notes, due 2027 [Member]
Debt Instrument [Line Items]
Senior notes	1,000,000	0
4.5% Operating Partnership senior notes, due 2028 [Member]
Debt Instrument [Line Items]
Senior notes	350,000	350,000
7% debentures, due 2036 [Member]
Debt Instrument [Line Items]
Senior notes	$ 552	$ 552

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Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions	1 Months Ended			6 Months Ended	12 Months Ended
	May 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Jun. 30, 2019	Dec. 31, 2018	Feb. 28, 2019
8.625% senior notes, due 2019 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount					$ 850.0
Long-term debt, interest rate (as a percent)					8.625%	8.625%
Long-term debt, maturity year					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%	5.25%
Long-term debt, maturity year		2020		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%	6.75%
Long-term debt, maturity year		2020		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
5.625% Operating Partnership senior notes, due 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount				$ 1,050.0	$ 1,050.0
Long-term debt, interest rate (as a percent)				5.625%	5.625%
Long-term debt, maturity year				2024	2024
5.375% MGM China senior notes, due 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	$ 750.0			$ 750.0
Long-term debt, interest rate (as a percent)	5.375%			5.375%
Long-term debt, maturity year	2024			2024
5.75% senior notes, due 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount				$ 1,000.0
Long-term debt, interest rate (as a percent)				5.75%
Long-term debt, maturity year				2025
5.875% MGM China senior notes, due 2026 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	$ 750.0			$ 750.0
Long-term debt, interest rate (as a percent)	5.875%			5.875%
Long-term debt, maturity year	2026			2026
4.5% Operating Partnership senior notes, due 2026 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount				$ 500.0	$ 500.0
Long-term debt, interest rate (as a percent)				4.50%	4.50%
Long-term debt, maturity year				2026	2026
4.625% senior notes, due 2026 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount				$ 500.0	$ 500.0
Long-term debt, interest rate (as a percent)				4.625%	4.625%
Long-term debt, maturity year				2026	2026
5.75% Operating Partnership senior notes, due 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount			$ 750.0	$ 750.0
Long-term debt, interest rate (as a percent)			5.75%	5.75%
Long-term debt, maturity year			2027	2027
5.5% senior notes, due 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount				$ 1,000.0
Long-term debt, interest rate (as a percent)				5.50%
Long-term debt, maturity year				2027
4.50% MGM Growth Properties senior notes, due 2028 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount				$ 350.0	$ 350.0
Long-term debt, interest rate (as a percent)				4.50%	4.50%
Long-term debt, maturity year				2028	2028
7% debentures, due 2036 [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

XML

Long-Term Debt - Additional Information (Detail) - USD ($)	1 Months Ended				3 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2019	Apr. 30, 2019	Feb. 28, 2019	Jan. 31, 2019	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Current portion of long-term debt, net of debt issuance costs					$ 0	$ 0	$ 43,411,000
Credit facility amount					14,799,591,000	14,799,591,000	15,253,239,000
Long-term debt, fair value					15,500,000,000	15,500,000,000	15,100,000,000
Interest Rate Swap [Member] | Cash Flow Hedges [Member]
Debt Instrument [Line Items]
Notional amount					$ 900,000,000	$ 900,000,000	$ 400,000,000
Weighted Average fixed interest rate					1.801%	1.801%	2.735%
LIBOR [Member] | Minimum [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member]
Debt Instrument [Line Items]
Derivative basis spread on variable rate					0.00%	0.00%	0.00%
Term Loan A [Member] | Operating Partnership Senior Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility amount					$ 470,000,000	$ 470,000,000
Debt instrument, interest rate					4.15%	4.15%
Term Loan B [Member] | Operating Partnership Senior Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility amount					$ 1,790,000,000	$ 1,790,000,000
Debt instrument, interest rate					4.40%	4.40%
Term Loan B [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member]
Debt Instrument [Line Items]
Notional amount					$ 1,200,000,000	$ 1,200,000,000
Weighted Average fixed interest rate					1.844%	1.844%
Term Loan B [Member] | LIBOR [Member] | Minimum [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member]
Debt Instrument [Line Items]
Derivative basis spread on variable rate					0.00%	0.00%
5.75% Operating Partnership senior notes, due 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount				$ 750,000,000	$ 750,000,000	$ 750,000,000
Long-term debt, interest rate (as a percent)				5.75%	5.75%	5.75%
Long-term debt, maturity year				2027		2027
5.75% Operating Partnership senior notes, due 2027 [Member] | Bridge Facility [Member] | Empire City [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount					$ 246,000,000	$ 246,000,000
Long-term debt, interest rate (as a percent)					5.75%	5.75%
Long-term debt, maturity year						2027
Senior Notes 5.50%, Due in 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount		$ 1,000,000,000.0
Long-term debt, interest rate (as a percent)		5.50%
Long-term debt, maturity year		2027
6.75% senior notes, due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount					$ 1,000,000,000	$ 1,000,000,000	$ 1,000,000,000
Long-term debt, interest rate (as a percent)		6.75%			6.75%	6.75%	6.75%
Long-term debt, maturity year		2020				2020	2020
Long-term debt, aggregate principal amount of debt purchased		$ 639,000,000
5.25% senior notes, due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount					$ 500,000,000	$ 500,000,000	$ 500,000,000
Long-term debt, interest rate (as a percent)		5.25%			5.25%	5.25%	5.25%
Long-term debt, maturity year		2020				2020	2020
Long-term debt, aggregate principal amount of debt purchased		$ 233,000,000
8.625% senior notes, due 2019 [Member]
Debt Instrument [Line Items]
Repayments of term loan			$ 850,000,000
Long-term debt, principal amount							$ 850,000,000
Long-term debt, interest rate (as a percent)			8.625%				8.625%
Long-term debt, maturity year							2019
5.375% MGM China senior notes, due 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	$ 750,000,000				$ 750,000,000	$ 750,000,000
Long-term debt, interest rate (as a percent)	5.375%				5.375%	5.375%
Long-term debt, maturity year	2024					2024
5.875% MGM China senior notes, due 2026 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	$ 750,000,000				$ 750,000,000	$ 750,000,000
Long-term debt, interest rate (as a percent)	5.875%				5.875%	5.875%
Long-term debt, maturity year	2026					2026
Senior Credit Facility [Member] | Term Loan A [Member]
Debt Instrument [Line Items]
Credit facility amount					$ 750,000,000	$ 750,000,000
Debt instrument, interest rate					4.40%	4.40%
MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Current portion of long-term debt, net of debt issuance costs							$ 43,000,000
Credit facility amount					$ 700,862,000	$ 700,862,000	$ 2,433,562,000
Revolving Credit Facility [Member] | Operating Partnership Senior Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility					1,350,000,000	1,350,000,000
Line of credit facility drawn					0	0
Revolving Credit Facility [Member] | MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility					1,000,000,000.0	1,000,000,000.0
Line of credit facility drawn					$ 102,000,000	$ 102,000,000
Debt instrument, interest rate					4.77%	4.77%
Revolving Credit Facility [Member] | Senior Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility					$ 1,500,000,000	$ 1,500,000,000
Line of credit facility drawn					$ 310,000,000	$ 310,000,000
Debt instrument, interest rate					4.39%	4.39%
Term loans [Member] | MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility					$ 599,000,000	$ 599,000,000
Repayments of term loan					$ 100,000,000	$ 199,000,000
Debt instrument, interest rate					4.77%	4.77%

XML

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Line Items]
Effective income tax rate	13.30%	14.40%	36.90%	(17.90%)
Income tax expense	$ 11,734	$ 23,710	$ 83,245	$ (61,669)
Empire City [Member]
Income Tax Disclosure [Line Items]
Increase in deferred tax liabilities			10,000
Income tax expense			10,000
Macau [Member]
Income Tax Disclosure [Line Items]
Increase in valuation allowance on foreign tax credit			10,000
Income tax expense			$ 10,000
Special gaming tax rate			35.00%
Macau [Member] | MGM Grand Paradise SA [Member]
Income Tax Disclosure [Line Items]
Macau's complementary tax rate on distributions of gaming profits (as a percent)			12.00%
Increase in deferred tax liabilities			$ 35,000

XML

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 26	$ 50

XML

Leases - Schedule of Supplemental Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease right-of-use assets	$ 664,817	$ 656,000	$ 0
Operating lease obligation - short-term (recorded within “Other accrued liabilities”)	$ 79,034
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Operating lease obligation - long-term	$ 529,171		$ 0
Total operating lease liabilities	$ 608,205	$ 580,000
Weighted-average remaining lease term (years)	36 years
Weighted-average discount rate (%)	7.00%

XML

Leases - Schedule of Supplemental Cash Flows Information Related to Operating Leases (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities - operating cash outflows from operating leases	$ 33,921

XML

Leases - Schedule of Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019
Leases [Abstract]
2019 (excluding the six months ended June 30, 2019)	$ 58,380
2020	92,443
2021	73,132
2022	58,641
2023	56,209
Thereafter	1,441,260
Total future minimum lease payments	1,780,065
Less: Amount of lease payments representing interest	(1,171,860)
Total	$ 608,205	$ 580,000

XML

Commitments and Contingencies - Additional Information (Detail) - USD ($)	5 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	May 31, 2019
Loss Contingencies [Line Items]
Statute of limitation toll date	May 15, 2020
Insurance coverage available to fund litigation liabilities	$ 751,000,000	$ 751,000,000
Percentage of participation to increase the amount for settlement to Claimants	100.00%
MGM Grand Paradise SA [Member] | Extension Agreement [Member]
Loss Contingencies [Line Items]
Bank guarantee			$ 102,000,000
Guarantee term		In connection with the Extension Agreement, MGM Grand Paradise provided a bank guarantee in an amount of approximately $102 million to the government of Macau in May 2019 to warrant the fulfillment of labor debts upon the expiration of the Extension Agreement in June 2022
MGP Senior Credit Facility [Member]
Loss Contingencies [Line Items]
Credit facility outstanding	$ 0	$ 0
Senior Credit Facility [Member]
Loss Contingencies [Line Items]
Credit facility outstanding	12,000,000	12,000,000
Letters of credit [Member] | MGP Senior Credit Facility [Member]
Loss Contingencies [Line Items]
Credit facility amount	75,000,000	75,000,000
Letters of credit [Member] | MGM China Credit Facility [Member] | Standby Letters of Credit [Member]
Loss Contingencies [Line Items]
Credit facility amount	100,000,000	100,000,000
Letters of credit [Member] | Senior Credit Facility [Member]
Loss Contingencies [Line Items]
Credit facility amount	250,000,000	250,000,000
Minimum [Member]
Loss Contingencies [Line Items]
Estimated amount for settlement to Claimants	735,000,000	735,000,000
Maximum [Member]
Loss Contingencies [Line Items]
Estimated amount for settlement to Claimants	$ 800,000,000	$ 800,000,000

XML

Income Per Share of Common Stock - Schedule of Diluted Weighted-Average Number of Common and Common Equivalent Shares Adjustments for Potential Dilution of Share-Based Awards Outstanding (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income attributable to MGM Resorts International	$ 43,405	$ 123,777	$ 74,702	$ 347,221
Adjustment related to redeemable noncontrolling interests	992	(5,986)	(2,832)	(10,584)
Net income available to common stockholders - basic	44,397	117,791	71,870	336,637
Potentially dilutive effect due to MGP and MGM China stock compensation plans	(35)	(26)	(86)	(158)
Net income attributable to common stockholders - diluted	$ 44,362	$ 117,765	$ 71,784	$ 336,479
Denominator:
Weighted-average common shares outstanding - basic	532,365	548,433	533,286	556,586
Potential dilution from share-based awards	3,052	5,906	3,170	6,522
Weighted-average common and common equivalent shares - diluted	535,417	554,339	536,456	563,108
Antidilutive share-based awards excluded from the calculation of diluted earnings per share	2,411	2,441	2,170	1,305

XML

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands			1 Months Ended				3 Months Ended			6 Months Ended
	Aug. 07, 2019	Jul. 26, 2019	Jun. 30, 2019	Apr. 30, 2019	Mar. 31, 2019	Jan. 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	May 31, 2018	Sep. 30, 2017
Stockholders Equity Note [Line Items]
Common stock repurchases, value							$ 281,833,000	$ 594,864,000	$ 362,400,000
Common Stock [Member]
Stockholders Equity Note [Line Items]
Common stock repurchases, Shares							11,005	19,004	10,000
Common stock repurchases, value							$ 110,000	$ 190,000	$ 100,000
Share Repurchase Program [Member] | Common Stock [Member]
Stockholders Equity Note [Line Items]
Authorized amount of stock repurchase												$ 2,000,000,000.0
Repurchase of common stock, remaining amount			$ 1,100,000,000				$ 1,100,000,000			$ 1,100,000,000
Share Repurchase Program Two [Member]
Stockholders Equity Note [Line Items]
Authorized amount of stock repurchase													$ 1,000,000,000.0
Share Repurchase Program [Member] | Common Stock [Member]
Stockholders Equity Note [Line Items]
Common stock repurchases, Shares							11,000	19,000		11,000	29,000
Average price per share							$ 25.61	$ 31.30		$ 25.61	$ 33.00
Common stock repurchases, value							$ 282,000,000	$ 595,000,000		$ 282,000,000	$ 957,000,000
Subsequent Event [Member]
Stockholders Equity Note [Line Items]
Dividend declared date		Jul. 25, 2019
Dividend paid date		Sep. 16, 2019
Dividend record date		Sep. 10, 2019
Dividends declared per share		$ 0.13
Subsequent Event [Member] | Share Repurchase Program [Member] | Common Stock [Member]
Stockholders Equity Note [Line Items]
Common stock repurchases, Shares	6,000
Average price per share	$ 28.86
Common stock repurchases, value	$ 173,000,000
Class A shares [Member]
Stockholders Equity Note [Line Items]
Issuance of operating partnership units						20,000
Partnership interest						69.70%
New issuance of shares						20,000
MGM Growth Properties LLC [Member]
Stockholders Equity Note [Line Items]
Issuance of operating partnership units				9,000	1,000
Partnership interest			68.30%	68.80%	69.80%	74.60%
MGM Growth Properties LLC [Member] | Class A shares [Member]
Stockholders Equity Note [Line Items]
Issuance of operating partnership units							2,000
Partnership interest							68.30%
New issuance of shares							2,000
MGM Growth Properties LLC [Member] | Empire City [Member]
Stockholders Equity Note [Line Items]
Issuance of operating partnership units						13,000

XML

Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Income Attributable to MGM Resorts International by Component (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 11,217,865	$ 10,469,791	$ 10,469,791
Ending Balance	10,954,721	11,217,865	10,954,721
Empire City MGP [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Acquisition transaction		5,027
MGM Growth Properties LLC [Member] | Class A Shareholders [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Share issuance	62,199	528,843
Park MGM [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Acquisition transaction		528
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		(18,872)	(18,872)
Other comprehensive income (loss) before reclassifications			13,975
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense			0
Other			0
Other comprehensive income (loss), net of tax			13,975
Less: Other comprehensive (income) loss attributable to noncontrolling interest			(6,127)
Ending Balance	(11,024)		(11,024)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Empire City MGP [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Acquisition transaction			0
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Share issuance			0
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Park MGM [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Acquisition transaction			0
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | Northfield OpCo [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Acquisition transaction			0
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		9,144	9,144
Other comprehensive income (loss) before reclassifications			(36,007)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense			(3,614)
Other			0
Other comprehensive income (loss), net of tax			(39,621)
Less: Other comprehensive (income) loss attributable to noncontrolling interest			14,364
Ending Balance	(16,113)		(16,113)
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Empire City MGP [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Acquisition transaction			0
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Share issuance			0
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Park MGM [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Acquisition transaction			0
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Northfield OpCo [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Acquisition transaction			0
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		1,172	1,172
Other comprehensive income (loss) before reclassifications			0
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense			0
Other			(95)
Other comprehensive income (loss), net of tax			(365)
Less: Other comprehensive (income) loss attributable to noncontrolling interest			0
Ending Balance	807		807
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Empire City MGP [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Acquisition transaction			195
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Share issuance			(669)
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Park MGM [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Acquisition transaction			16
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest | Northfield OpCo [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Acquisition transaction			(2)
AOCI Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		$ (8,556)	(8,556)
Other comprehensive income (loss) before reclassifications			(22,032)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense			(3,614)
Other			(95)
Other comprehensive income (loss), net of tax			(26,011)
Less: Other comprehensive (income) loss attributable to noncontrolling interest			8,237
Ending Balance	$ (26,330)		(26,330)
AOCI Including Portion Attributable to Noncontrolling Interest | Empire City MGP [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Acquisition transaction			195
AOCI Including Portion Attributable to Noncontrolling Interest | MGM Growth Properties LLC [Member] | Class A Shareholders [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Share issuance			(669)
AOCI Including Portion Attributable to Noncontrolling Interest | Park MGM [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Acquisition transaction			16
AOCI Including Portion Attributable to Noncontrolling Interest | Northfield OpCo [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Acquisition transaction			$ (2)

XML

Segment Information - Schedule of Segment Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Revenues	$ 3,223,243	$ 2,858,695	$ 6,400,154	$ 5,680,932
Other operating income (expense)
Preopening and start-up expenses	(879)	(19,077)	(4,166)	(85,994)
Property transactions, net	(5,790)	(16,970)	(14,566)	(22,868)
Depreciation and amortization	(334,788)	(296,208)	(651,202)	(565,030)
Restructuring	(42,990)	0	(84,088)	0
Operating income	371,485	363,075	741,745	722,832
Non-operating income (expense)
Interest expense, net of amounts capitalized	(215,829)	(181,493)	(431,949)	(349,402)
Non-operating items from unconsolidated affiliates	(21,477)	(11,068)	(39,642)	(20,078)
Other, net	(46,276)	(6,381)	(44,583)	(8,297)
Total non-operating income (expense)	(283,582)	(198,942)	(516,174)	(377,777)
Income before income taxes	87,903	164,133	225,571	345,055
Benefit (provision) for income taxes	(11,734)	(23,710)	(83,245)	61,669
Net income	76,169	140,423	142,326	406,724
Less: Net income attributable to noncontrolling interests	(32,764)	(16,646)	(67,624)	(59,503)
Net income attributable to MGM Resorts International	43,405	123,777	74,702	347,221
Reportable segments [Member]
Revenues
Revenues	3,083,386	2,724,353	6,049,723	5,418,886
Adjusted Property EBITDA	844,178	745,595	1,645,069	1,513,713
Reportable segments [Member] | Las Vegas Strip Resorts [Member]
Revenues
Revenues	1,466,344	1,454,514	2,894,532	2,886,618
Adjusted Property EBITDA	418,197	435,905	821,724	885,059
Reportable segments [Member] | Regional Operations [Member]
Revenues
Revenues	910,953	708,489	1,714,898	1,375,057
Adjusted Property EBITDA	255,153	189,815	461,727	357,028
Reportable segments [Member] | MGM China [Member]
Revenues
Revenues	706,089	561,350	1,440,293	1,157,211
Adjusted Property EBITDA	170,828	119,875	361,618	271,626
Corporate and other [Member]
Revenues
Revenues	139,857	134,342	350,431	262,046
Other operating income (expense)
Corporate and other	(88,246)	(50,265)	(149,302)	(116,989)
Casino [Member]
Revenues
Revenues	1,598,312	1,332,214	3,224,658	2,726,530
Casino [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member]
Revenues
Revenues	308,183	349,693	632,887	722,513
Casino [Member] | Reportable segments [Member] | Regional Operations [Member]
Revenues
Revenues	653,948	483,705	1,228,104	951,582
Casino [Member] | Reportable segments [Member] | MGM China [Member]
Revenues
Revenues	633,179	496,895	1,296,744	1,047,490
Rooms [Member]
Revenues
Revenues	586,503	563,871	1,160,718	1,103,351
Rooms [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member]
Revenues
Revenues	469,736	451,489	938,588	900,086
Rooms [Member] | Reportable segments [Member] | Regional Operations [Member]
Revenues
Revenues	81,454	81,380	153,252	152,429
Rooms [Member] | Reportable segments [Member] | MGM China [Member]
Revenues
Revenues	35,313	31,002	68,877	50,836
Food and Beverage [Member]
Revenues
Revenues	544,552	494,808	1,064,773	950,219
Food and Beverage [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member]
Revenues
Revenues	389,773	361,645	755,295	701,154
Food and Beverage [Member] | Reportable segments [Member] | Regional Operations [Member]
Revenues
Revenues	123,870	105,018	241,749	200,183
Food and Beverage [Member] | Reportable segments [Member] | MGM China [Member]
Revenues
Revenues	30,909	28,104	61,622	48,841
Entertainment, Retail and Other [Member]
Revenues
Revenues	382,738	363,242	727,112	692,992
Entertainment, Retail and Other [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member]
Revenues
Revenues	298,652	291,687	567,762	562,865
Entertainment, Retail and Other [Member] | Reportable segments [Member] | Regional Operations [Member]
Revenues
Revenues	51,681	38,386	91,793	70,863
Entertainment, Retail and Other [Member] | Reportable segments [Member] | MGM China [Member]
Revenues
Revenues	$ 6,688	$ 5,349	$ 13,050	$ 10,044

XML

Related Party Transactions - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions				1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 01, 2019	Mar. 07, 2019	Jan. 29, 2019	Mar. 31, 2019	Jan. 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Related Party Transaction [Line Items]
Total purchase price		$ 638
Purchase price in cash		606
Master Lease [Member]
Related Party Transaction [Line Items]
Increase in annual rent payment		$ 50
Annual fixed rent, percentage		90.00%
Increase in annual rent per year, percentage		2.00%
Annual rent payments under master lease of properties	$ 946			$ 870	$ 770
Empire City [Member]
Related Party Transaction [Line Items]
Total purchase price			$ 865
Empire City [Member] | Developed Real Property [Member]
Related Party Transaction [Line Items]
Total purchase price					634
Liabilities incurred for acquisition					246
Increase in annual rent payment					$ 50
Annual fixed rent, percentage					90.00%
Increase in annual rent per year, percentage					2.00%
Northfield OpCo [Member]
Related Party Transaction [Line Items]
Total purchase price	305
Northfield OpCo [Member] | Master Lease [Member]
Related Party Transaction [Line Items]
Increase in annual rent payment	$ 60
Annual fixed rent, percentage	90.00%
Increase in annual rent per year, percentage	2.00%
MGM Branding and Development [Member] | Ms Ho Pansy Catilina Chiu King [Member]
Related Party Transaction [Line Items]
Distribution made to noncontrolling interests						$ 5	$ 4	$ 10	$ 13
MGM Growth Properties LLC [Member] | Northfield OpCo [Member]
Related Party Transaction [Line Items]
Redemption of operating partnership units	9

XML

Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Balance Sheet Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	$ 2,040,034		$ 2,526,778
Property and equipment, net	21,054,337		20,729,888
Investments in subsidiaries	0		0
Investments in the MGP Operating Partnership	0		0
Investments in and advances to unconsolidated affiliates	746,733		732,867
Intercompany accounts	0		0
Other non-current assets	6,972,611		6,221,173
Assets held for sale			0
Total assets	30,813,715		30,210,706
Current liabilities	2,786,539		2,948,882
Intercompany accounts	0		0
Deferred income taxes, net	1,552,552		1,342,538
Long-term debt, net	14,661,695		15,088,005
Other non-current liabilities	757,622		259,240
Liabilities related to assets held for sale			0
Total liabilities	19,758,408		19,638,665
Redeemable noncontrolling interests	100,586		102,250
MGM Resorts International stockholders' equity	6,520,484		6,512,283
Noncontrolling interests	4,434,237		3,957,508
Total stockholders' equity	10,954,721	$ 11,217,865	10,469,791	$ 10,839,941	$ 11,400,371	$ 11,611,124
Total liabilities and stockholders' equity	30,813,715		30,210,706
Reportable Legal Entities [Member] | Parent [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	70,483		304,741
Property and equipment, net	0		0
Investments in subsidiaries	23,393,617		22,419,282
Investments in the MGP Operating Partnership	0		0
Investments in and advances to unconsolidated affiliates	0		0
Intercompany accounts	0		0
Other non-current assets	70,243		67,214
Assets held for sale			0
Total assets	23,534,343		22,791,237
Current liabilities	122,821		154,484
Intercompany accounts	8,045,418		6,932,325
Deferred income taxes, net	1,163,954		1,097,654
Long-term debt, net	7,638,313		8,055,472
Other non-current liabilities	43,353		39,019
Liabilities related to assets held for sale			0
Total liabilities	17,013,859		16,278,954
Redeemable noncontrolling interests	0		0
MGM Resorts International stockholders' equity	6,520,484		6,512,283
Noncontrolling interests	0		0
Total stockholders' equity	6,520,484		6,512,283
Total liabilities and stockholders' equity	23,534,343		22,791,237
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	1,133,672		1,244,864
Property and equipment, net	5,429,353		13,585,370
Investments in subsidiaries	3,811,326		3,401,031
Investments in the MGP Operating Partnership	3,697,910		3,434,602
Investments in and advances to unconsolidated affiliates	695,117		678,748
Intercompany accounts	8,154,239		7,135,183
Other non-current assets	10,331,081		1,186,666
Assets held for sale			0
Total assets	33,252,698		30,666,464
Current liabilities	1,692,960		1,646,481
Intercompany accounts	0		0
Deferred income taxes, net	125,149		0
Long-term debt, net	569		570
Other non-current liabilities	9,394,716		7,210,948
Liabilities related to assets held for sale			0
Total liabilities	11,213,394		8,857,999
Redeemable noncontrolling interests	0		0
MGM Resorts International stockholders' equity	22,037,881		21,808,465
Noncontrolling interests	1,423		0
Total stockholders' equity	22,039,304		21,808,465
Total liabilities and stockholders' equity	33,252,698		30,666,464
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	65,035		12,054
Property and equipment, net	10,975,999		10,506,129
Investments in subsidiaries	0		0
Investments in the MGP Operating Partnership	0		0
Investments in and advances to unconsolidated affiliates	0		0
Intercompany accounts	0		0
Other non-current assets	871,774		77,436
Assets held for sale			355,688
Total assets	11,912,808		10,951,307
Current liabilities	191,902		160,441
Intercompany accounts	74		227
Deferred income taxes, net	29,721		33,634
Long-term debt, net	4,852,524		4,666,949
Other non-current liabilities	452,055		215,613
Liabilities related to assets held for sale			28,937
Total liabilities	5,526,276		5,105,801
Redeemable noncontrolling interests	0		0
MGM Resorts International stockholders' equity	4,353,312		4,279,535
Noncontrolling interests	2,033,220		1,565,971
Total stockholders' equity	6,386,532		5,845,506
Total liabilities and stockholders' equity	11,912,808		10,951,307
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	787,973		972,820
Property and equipment, net	4,660,957		6,392,014
Investments in subsidiaries	0		0
Investments in the MGP Operating Partnership	779,853		831,494
Investments in and advances to unconsolidated affiliates	26,616		29,119
Intercompany accounts	0		0
Other non-current assets	7,136,667		4,932,872
Assets held for sale			0
Total assets	13,392,066		13,158,319
Current liabilities	1,065,710		1,224,752
Intercompany accounts	108,747		202,631
Deferred income taxes, net	263,448		240,970
Long-term debt, net	2,170,289		2,365,014
Other non-current liabilities	2,327,101		2,247,584
Liabilities related to assets held for sale			0
Total liabilities	5,935,295		6,280,951
Redeemable noncontrolling interests	100,586		102,250
MGM Resorts International stockholders' equity	4,956,591		4,383,581
Noncontrolling interests	2,399,594		2,391,537
Total stockholders' equity	7,356,185		6,775,118
Total liabilities and stockholders' equity	13,392,066		13,158,319
Elimination [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	(17,129)		(7,701)
Property and equipment, net	(11,972)		(9,753,625)
Investments in subsidiaries	(27,204,943)		(25,820,313)
Investments in the MGP Operating Partnership	(4,477,763)		(4,266,096)
Investments in and advances to unconsolidated affiliates	25,000		25,000
Intercompany accounts	(8,154,239)		(7,135,183)
Other non-current assets	(11,437,154)		(43,015)
Assets held for sale			(355,688)
Total assets	(51,278,200)		(47,356,621)
Current liabilities	(286,854)		(237,276)
Intercompany accounts	(8,154,239)		(7,135,183)
Deferred income taxes, net	(29,720)		(29,720)
Long-term debt, net	0		0
Other non-current liabilities	(11,459,603)		(9,453,924)
Liabilities related to assets held for sale			(28,937)
Total liabilities	(19,930,416)		(16,885,040)
Redeemable noncontrolling interests	0		0
MGM Resorts International stockholders' equity	(31,347,784)		(30,471,581)
Noncontrolling interests	0		0
Total stockholders' equity	(31,347,784)		(30,471,581)
Total liabilities and stockholders' equity	$ (51,278,200)		$ (47,356,621)

XML

Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) Information (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Income Statements Captions [Line Items]
Revenues	$ 3,223,243		$ 2,858,695		$ 6,400,154	$ 5,680,932
Equity in subsidiaries' earnings	0		0		0	0
Expenses
Casino and hotel operations	1,904,820		1,669,414		3,767,195	3,304,624
General and administrative	524,424		438,453		1,049,536	856,343
Corporate expense	108,061		103,438		237,497	202,947
Preopening and start-up expenses	879		19,077		4,166	85,994
Property transactions, net	5,790		16,970		14,566	22,868
Depreciation and amortization	334,788		296,208		651,202	565,030
Total expenses	2,878,762		2,543,560		5,724,162	5,037,806
Income from unconsolidated affiliates	27,004		47,940		65,753	79,706
Operating income	371,485		363,075		741,745	722,832
Interest expense, net of amounts capitalized	(215,829)		(181,493)		(431,949)	(349,402)
Other non-operating, net	(67,753)		(17,449)		(84,225)	(28,375)
Income before income taxes	87,903		164,133		225,571	345,055
Benefit (provision) for income taxes	(11,734)		(23,710)		(83,245)	61,669
Income from continuing operations, net of tax					142,326
Income from discontinued operations, net of tax					0
Net income	76,169		140,423		142,326	406,724
Less: Net income attributable to noncontrolling interests	(32,764)		(16,646)		(67,624)	(59,503)
Net income attributable to MGM Resorts International	43,405		123,777		74,702	347,221
Foreign currency translation adjustment	26,380	$ (12,405)	1,400	$ (24,152)	13,975	(22,752)
Unrealized gain (loss) on cash flow hedges	(26,298)		5,335		(39,621)	19,191
Other comprehensive income (loss)	82		6,735		(25,646)	(3,561)
Comprehensive income	76,251		147,158		116,680	403,163
Less: Comprehensive income attributable to noncontrolling interests	(34,743)		(19,138)		(59,387)	(55,569)
Comprehensive income attributable to MGM Resorts International	41,508		128,020		57,293	347,594
Reportable Legal Entities [Member] | Parent [Member]
Condensed Income Statements Captions [Line Items]
Revenues	0		0		0	0
Equity in subsidiaries' earnings	247,282		309,334		509,471	637,601
Expenses
Casino and hotel operations	2,058		2,562		4,517	5,277
General and administrative	4,361		2,408		20,846	4,758
Corporate expense	44,914		39,707		103,689	79,008
Preopening and start-up expenses	0		0		0	0
Property transactions, net	0		0		0	0
Depreciation and amortization	0		0		0	0
Total expenses	51,333		44,677		129,052	89,043
Income from unconsolidated affiliates	0		0		0	0
Operating income	195,949		264,657		380,419	548,558
Interest expense, net of amounts capitalized	(118,410)		(115,531)		(245,063)	(225,089)
Other non-operating, net	(22,485)		15,356		(3,859)	31,128
Income before income taxes	55,054		164,482		131,497	354,597
Benefit (provision) for income taxes	(11,649)		(40,705)		(56,795)	(7,376)
Income from continuing operations, net of tax					74,702
Income from discontinued operations, net of tax					0
Net income	43,405		123,777		74,702	347,221
Less: Net income attributable to noncontrolling interests	0		0		0	0
Net income attributable to MGM Resorts International	43,405		123,777		74,702	347,221
Foreign currency translation adjustment	14,754		583		7,848	(12,785)
Unrealized gain (loss) on cash flow hedges	(16,651)		3,660		(25,257)	13,158
Other comprehensive income (loss)	(1,897)		4,243		(17,409)	373
Comprehensive income	41,508		128,020		57,293	347,594
Less: Comprehensive income attributable to noncontrolling interests	0		0		0	0
Comprehensive income attributable to MGM Resorts International	41,508		128,020		57,293	347,594
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Condensed Income Statements Captions [Line Items]
Revenues	2,075,487		1,937,394		4,079,614	3,827,187
Equity in subsidiaries' earnings	26,291		22,519		66,388	67,054
Expenses
Casino and hotel operations	1,188,214		1,094,872		2,337,515	2,144,891
General and administrative	569,622		315,659		1,091,988	626,509
Corporate expense	54,037		53,652		107,044	104,059
Preopening and start-up expenses	943		1,937		2,157	8,679
Property transactions, net	4,348		17,083		12,162	22,225
Depreciation and amortization	106,683		158,753		211,776	315,400
Total expenses	1,923,847		1,641,956		3,762,642	3,221,763
Income from unconsolidated affiliates	31,357		48,294		68,412	79,926
Operating income	209,288		366,251		451,772	752,404
Interest expense, net of amounts capitalized	(209)		(156)		(417)	(293)
Other non-operating, net	24,356		(118,368)		109,570	(226,318)
Income before income taxes	233,435		247,727		560,925	525,793
Benefit (provision) for income taxes	(3)		0		(8)	0
Income from continuing operations, net of tax					560,917
Income from discontinued operations, net of tax					0
Net income	233,432		247,727		560,917	525,793
Less: Net income attributable to noncontrolling interests	(1,422)		0		(2,859)	0
Net income attributable to MGM Resorts International	232,010		247,727		558,058	525,793
Foreign currency translation adjustment	14,754		583		7,848	(12,785)
Unrealized gain (loss) on cash flow hedges	0		0		0	0
Other comprehensive income (loss)	14,754		583		7,848	(12,785)
Comprehensive income	248,186		248,310		568,765	513,008
Less: Comprehensive income attributable to noncontrolling interests	0		0		0	0
Comprehensive income attributable to MGM Resorts International	248,186		248,310		568,765	513,008
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member]
Condensed Income Statements Captions [Line Items]
Revenues	225,759		220,390		429,182	436,229
Equity in subsidiaries' earnings	0		0		0	0
Expenses
Casino and hotel operations	0		0		0	0
General and administrative	5,918		27,219		11,479	49,718
Corporate expense	3,960		10,746		16,989	21,227
Preopening and start-up expenses	0		0		0	0
Property transactions, net	310		14,426		1,423	18,512
Depreciation and amortization	79,543		67,474		151,105	136,465
Total expenses	89,731		119,865		180,996	225,922
Income from unconsolidated affiliates	0		0		0	0
Operating income	136,028		100,525		248,186	210,307
Interest expense, net of amounts capitalized	(63,977)		(49,276)		(127,925)	(98,506)
Other non-operating, net	(261)		(1,927)		1,448	(3,079)
Income before income taxes	71,790		49,322		121,709	108,722
Benefit (provision) for income taxes	(4,021)		(1,263)		(3,792)	(2,494)
Income from continuing operations, net of tax					117,917
Income from discontinued operations, net of tax					16,216
Net income	67,769		48,059		134,133	106,228
Less: Net income attributable to noncontrolling interests	(21,858)		(13,146)		(41,813)	(28,976)
Net income attributable to MGM Resorts International	45,911		34,913		92,320	77,252
Foreign currency translation adjustment	0		0		0	0
Unrealized gain (loss) on cash flow hedges	(30,775)		6,281		(46,387)	22,636
Other comprehensive income (loss)	(30,775)		6,281		(46,387)	22,636
Comprehensive income	36,994		54,340		87,746	128,864
Less: Comprehensive income attributable to noncontrolling interests	(12,211)		(14,821)		(27,449)	(35,009)
Comprehensive income attributable to MGM Resorts International	24,783		39,519		60,297	93,855
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member]
Condensed Income Statements Captions [Line Items]
Revenues	1,147,755		921,382		2,320,540	1,854,329
Equity in subsidiaries' earnings	0		0		0	0
Expenses
Casino and hotel operations	714,548		572,061		1,436,186	1,155,040
General and administrative	188,511		120,386		377,460	225,076
Corporate expense	5,150		5,192		9,775	10,544
Preopening and start-up expenses	(64)		17,140		2,009	77,315
Property transactions, net	1,185		(113)		981	643
Depreciation and amortization	147,159		137,440		288,321	249,588
Total expenses	1,056,489		852,106		2,114,732	1,718,206
Income from unconsolidated affiliates	(4,353)		(354)		(2,659)	(220)
Operating income	86,913		68,922		203,149	135,903
Interest expense, net of amounts capitalized	(33,233)		(16,530)		(58,544)	(25,514)
Other non-operating, net	(13,033)		(49,288)		(10,569)	(95,975)
Income before income taxes	40,647		3,104		134,036	14,414
Benefit (provision) for income taxes	3,939		18,258		(22,650)	71,539
Income from continuing operations, net of tax					111,386
Income from discontinued operations, net of tax					0
Net income	44,586		21,362		111,386	85,953
Less: Net income attributable to noncontrolling interests	(9,891)		(3,500)		(22,952)	(30,527)
Net income attributable to MGM Resorts International	34,695		17,862		88,434	55,426
Foreign currency translation adjustment	26,380		1,400		13,975	(22,752)
Unrealized gain (loss) on cash flow hedges	0		0		0	0
Other comprehensive income (loss)	26,380		1,400		13,975	(22,752)
Comprehensive income	70,966		22,762		125,361	63,201
Less: Comprehensive income attributable to noncontrolling interests	(22,532)		(4,317)		(31,938)	(20,560)
Comprehensive income attributable to MGM Resorts International	48,434		18,445		93,423	42,641
Elimination [Member]
Condensed Income Statements Captions [Line Items]
Revenues	(225,758)		(220,471)		(429,182)	(436,813)
Equity in subsidiaries' earnings	(273,573)		(331,853)		(575,859)	(704,655)
Expenses
Casino and hotel operations	0		(81)		(11,023)	(584)
General and administrative	(243,988)		(27,219)		(452,237)	(49,718)
Corporate expense	0		(5,859)		0	(11,891)
Preopening and start-up expenses	0		0		0	0
Property transactions, net	(53)		(14,426)		0	(18,512)
Depreciation and amortization	1,403		(67,459)		0	(136,423)
Total expenses	(242,638)		(115,044)		(463,260)	(217,128)
Income from unconsolidated affiliates	0		0		0	0
Operating income	(256,693)		(437,280)		(541,781)	(924,340)
Interest expense, net of amounts capitalized	0		0		0	0
Other non-operating, net	(56,330)		136,778		(180,815)	265,869
Income before income taxes	(313,023)		(300,502)		(722,596)	(658,471)
Benefit (provision) for income taxes	0		0		0	0
Income from continuing operations, net of tax					(722,596)
Income from discontinued operations, net of tax					(16,216)
Net income	(313,023)		(300,502)		(738,812)	(658,471)
Less: Net income attributable to noncontrolling interests	407		0		0	0
Net income attributable to MGM Resorts International	(312,616)		(300,502)		(738,812)	(658,471)
Foreign currency translation adjustment	(29,508)		(1,166)		(15,696)	25,570
Unrealized gain (loss) on cash flow hedges	21,128		(4,606)		32,023	(16,603)
Other comprehensive income (loss)	(8,380)		(5,772)		16,327	8,967
Comprehensive income	(321,403)		(306,274)		(722,485)	(649,504)
Less: Comprehensive income attributable to noncontrolling interests	0		0		0	0
Comprehensive income attributable to MGM Resorts International	$ (321,403)		$ (306,274)		$ (722,485)	$ (649,504)

XML

Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net cash provided by (used in) operating activities	$ 967,833	$ 1,093,151
Cash flows from investing activities
Capital expenditures, net of construction payable	(321,618)	(861,761)
Dispositions of property and equipment	573	440
Investments in unconsolidated affiliates	(80,669)	(2,503)
Distributions from unconsolidated affiliates	90,000	200,000
Intercompany accounts	0	0
Northfield OpCo transaction	0
Other	(30,170)	(15,609)
Net cash used in investing activities	(877,565)	(679,433)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less	(1,979,956)	(360,874)
Issuance of long-term debt	3,250,000	1,000,000
Retirement of senior notes and senior debentures	(1,759,926)	(2,265)
Debt issuance costs	(45,546)	(64,777)
Issuance of MGM Growth Properties Class A shares, net	613,299
Dividends paid to common shareholders	(138,215)	(133,334)
MGP dividends paid to consolidated subsidiaries	0	0
Distributions to noncontrolling interest owners	(102,418)	(101,407)
Purchases of common stock	(281,833)	(957,264)
Intercompany accounts	0	0
Other	(13,184)	(18,230)
Net cash used in financing activities	(457,779)	(638,151)
Effect of exchange rate on cash	1,340	(2,690)
Cash flows from (used in) discontinued operations
Cash flows from operating activities	0
Cash flows used in investing activities	0
Cash flows used in financing activities	0
Net cash flows used in discontinued operations	0
Change in cash and cash equivalents classified as assets held for sale	0
Cash and cash equivalents
Net decrease for the period	(366,171)	(227,123)
Balance, beginning of period	1,526,762	1,499,995
Balance, end of period	1,160,591	1,272,872
Empire City [Member]
Cash flows from investing activities
Acquisition, net of cash acquired	(535,681)	0
Reportable Legal Entities [Member] | Parent [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	(284,892)	(224,359)
Cash flows from investing activities
Capital expenditures, net of construction payable	0	0
Dispositions of property and equipment	0	0
Investments in unconsolidated affiliates	0	0
Distributions from unconsolidated affiliates	0	0
Intercompany accounts	0	0
Northfield OpCo transaction	0
Other	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less	310,000	(141,250)
Issuance of long-term debt	1,000,000	1,000,000
Retirement of senior notes and senior debentures	(1,721,698)	0
Debt issuance costs	(14,080)	(14,414)
Issuance of MGM Growth Properties Class A shares, net	0
Dividends paid to common shareholders	(138,215)	(133,334)
MGP dividends paid to consolidated subsidiaries	0	0
Distributions to noncontrolling interest owners	0	0
Purchases of common stock	(281,833)	(957,264)
Intercompany accounts	913,889	505,289
Other	(6,808)	(9,393)
Net cash used in financing activities	61,255	249,634
Effect of exchange rate on cash	0	0
Cash flows from (used in) discontinued operations
Cash flows from operating activities	0
Cash flows used in investing activities	0
Cash flows used in financing activities	0
Net cash flows used in discontinued operations	0
Change in cash and cash equivalents classified as assets held for sale	0
Cash and cash equivalents
Net decrease for the period	(223,637)	25,275
Balance, beginning of period	259,738	26,870
Balance, end of period	36,101	52,145
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	1,142,767	624,484
Cash flows from investing activities
Capital expenditures, net of construction payable	(212,513)	(367,713)
Dispositions of property and equipment	505	435
Investments in unconsolidated affiliates	(80,669)	(2,503)
Distributions from unconsolidated affiliates	90,000	200,000
Intercompany accounts	(1,018,976)	(515,927)
Northfield OpCo transaction	(3,779)
Other	(3,500)	(9,916)
Net cash used in investing activities	(1,764,613)	(695,624)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less	245,950	0
Issuance of long-term debt	0	0
Retirement of senior notes and senior debentures	(38,228)	(2,265)
Debt issuance costs	0	0
Issuance of MGM Growth Properties Class A shares, net	0
Dividends paid to common shareholders	0	0
MGP dividends paid to consolidated subsidiaries	0	0
Distributions to noncontrolling interest owners	0	0
Purchases of common stock	0	0
Intercompany accounts	414,567	48,052
Other	(43,411)	(4,200)
Net cash used in financing activities	578,878	41,587
Effect of exchange rate on cash	0	0
Cash flows from (used in) discontinued operations
Cash flows from operating activities	0
Cash flows used in investing activities	0
Cash flows used in financing activities	0
Net cash flows used in discontinued operations	0
Change in cash and cash equivalents classified as assets held for sale	0
Cash and cash equivalents
Net decrease for the period	(42,968)	(29,553)
Balance, beginning of period	445,423	311,043
Balance, end of period	402,455	281,490
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	(243,990)	284,333
Cash flows from investing activities
Capital expenditures, net of construction payable	0	(190)
Dispositions of property and equipment	0	0
Investments in unconsolidated affiliates	0	0
Distributions from unconsolidated affiliates	0	0
Intercompany accounts	0	0
Northfield OpCo transaction	3,779
Other	0	0
Net cash used in investing activities	3,779	(190)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less	(805,200)	(13,000)
Issuance of long-term debt	750,000	0
Retirement of senior notes and senior debentures	0	0
Debt issuance costs	(9,983)	(17,490)
Issuance of MGM Growth Properties Class A shares, net	613,299
Dividends paid to common shareholders	0	0
MGP dividends paid to consolidated subsidiaries	(184,537)	(163,913)
Distributions to noncontrolling interest owners	(73,797)	(59,553)
Purchases of common stock	0	0
Intercompany accounts	0	0
Other	0	0
Net cash used in financing activities	289,782	(253,956)
Effect of exchange rate on cash	0	0
Cash flows from (used in) discontinued operations
Cash flows from operating activities	15,591
Cash flows used in investing activities	(12)
Cash flows used in financing activities	(37,900)
Net cash flows used in discontinued operations	(22,321)
Change in cash and cash equivalents classified as assets held for sale	(22,321)
Cash and cash equivalents
Net decrease for the period	49,571	30,187
Balance, beginning of period	3,995	259,722
Balance, end of period	53,566	289,909
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	369,539	408,693
Cash flows from investing activities
Capital expenditures, net of construction payable	(109,117)	(493,858)
Dispositions of property and equipment	68	5
Investments in unconsolidated affiliates	0	0
Distributions from unconsolidated affiliates	0	0
Intercompany accounts	0	0
Northfield OpCo transaction	0
Other	(26,670)	(5,693)
Net cash used in investing activities	(135,719)	(499,546)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less	(1,730,706)	(206,624)
Issuance of long-term debt	1,500,000	0
Retirement of senior notes and senior debentures	0	0
Debt issuance costs	(21,483)	(32,873)
Issuance of MGM Growth Properties Class A shares, net	0
Dividends paid to common shareholders	0	0
MGP dividends paid to consolidated subsidiaries	0	0
Distributions to noncontrolling interest owners	(28,621)	(41,854)
Purchases of common stock	0	0
Intercompany accounts	(124,943)	126,499
Other	(865)	(4,637)
Net cash used in financing activities	(406,618)	(159,489)
Effect of exchange rate on cash	1,340	(2,690)
Cash flows from (used in) discontinued operations
Cash flows from operating activities	0
Cash flows used in investing activities	0
Cash flows used in financing activities	0
Net cash flows used in discontinued operations	0
Change in cash and cash equivalents classified as assets held for sale	0
Cash and cash equivalents
Net decrease for the period	(171,458)	(253,032)
Balance, beginning of period	817,606	902,360
Balance, end of period	646,148	649,328
Reportable Legal Entities [Member] | Empire City [Member] | Parent [Member]
Cash flows from investing activities
Acquisition, net of cash acquired	0
Reportable Legal Entities [Member] | Empire City [Member] | Guarantor Subsidiaries [Member]
Cash flows from investing activities
Acquisition, net of cash acquired	(535,681)
Reportable Legal Entities [Member] | Empire City [Member] | Non-Guarantor MGP Subsidiaries [Member]
Cash flows from investing activities
Acquisition, net of cash acquired	0
Reportable Legal Entities [Member] | Empire City [Member] | Non-Guarantor Other Subsidiaries [Member]
Cash flows from investing activities
Acquisition, net of cash acquired	0
Elimination [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	(15,591)	0
Cash flows from investing activities
Capital expenditures, net of construction payable	12	0
Dispositions of property and equipment	0	0
Investments in unconsolidated affiliates	0	0
Distributions from unconsolidated affiliates	0	0
Intercompany accounts	1,018,976	515,927
Northfield OpCo transaction	0
Other	0	0
Net cash used in investing activities	1,018,988	515,927
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less	0	0
Issuance of long-term debt	0	0
Retirement of senior notes and senior debentures	0	0
Debt issuance costs	0	0
Issuance of MGM Growth Properties Class A shares, net	0
Dividends paid to common shareholders	0	0
MGP dividends paid to consolidated subsidiaries	184,537	163,913
Distributions to noncontrolling interest owners	0	0
Purchases of common stock	0	0
Intercompany accounts	(1,203,513)	(679,840)
Other	37,900	0
Net cash used in financing activities	(981,076)	(515,927)
Effect of exchange rate on cash	0	0
Cash flows from (used in) discontinued operations
Cash flows from operating activities	(15,591)
Cash flows used in investing activities	12
Cash flows used in financing activities	37,900
Net cash flows used in discontinued operations	22,321
Change in cash and cash equivalents classified as assets held for sale	22,321
Cash and cash equivalents
Net decrease for the period	22,321	0
Balance, beginning of period	0	0
Balance, end of period	22,321	$ 0
Elimination [Member] | Empire City [Member]
Cash flows from investing activities
Acquisition, net of cash acquired	$ 0