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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 1,064,608 $ 1,314,924 $ 206,731
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 831,097 814,128 3,482,050
Amortization of debt discounts and issuance costs 27,227 27,844 32,769
Loss on early retirement of debt 7,087 0 0
Provision for credit losses 61,089 48,984 22,738
Stock-based compensation 80,224 73,607 71,296
Property transactions, net 81,316 (370,513) (1,036,997)
Foreign currency transaction loss (gain) (128,588) 106,428 19,081
Gain on REIT transactions, net 0 0 (2,277,747)
Noncash lease expense 515,403 516,120 437,603
Other investment losses (gains) 32,237 1,112 (12,430)
Loss from unconsolidated affiliates 91,387 63,136 183,670
Distributions from unconsolidated affiliates 21,929 20,121 37,435
Deferred income taxes (85,116) (117,278) 496,189
Change in operating assets and liabilities:      
Accounts receivable (157,662) (132,288) (211,687)
Inventories 1,275 (15,524) (26,627)
Income taxes receivable and payable, net (132,842) (58,493) 197,097
Prepaid expenses and other 35,062 (50,875) (14,424)
Accounts payable and accrued liabilities (107,395) 410,131 183,839
Other 124,157 39,213 (34,124)
Net cash provided by operating activities 2,362,495 2,690,777 1,756,462
Cash flows from investing activities      
Capital expenditures (1,150,589) (931,813) (765,067)
Dispositions of property and equipment 13,179 5,431 112,019
Proceeds from sale of operating resorts 0 460,392 1,054,313
Proceeds from repayment of principal on note receivable 0 152,518 0
Proceeds from real estate transactions 0 0 4,373,820
Acquisitions, net of cash acquired (113,882) (122,058) (1,889,118)
Investments in unconsolidated affiliates (182,078) (161,040) (254,786)
Distributions from unconsolidated affiliates 2,324 8,342 10,361
Investments and other 147,883 (125,947) (523,361)
Net cash provided by (used in) investing activities (1,283,163) (714,175) 2,118,181
Cash flows from financing activities      
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less 104,416 (1,097,306) 1,148,276
Issuance of long-term debt 2,100,000 0 0
Repayment of long-term debt (2,175,000) (1,285,600) (1,070,340)
Debt issuance costs (38,318) (21,535) (1,367)
Dividends paid to common shareholders 0 0 (4,048)
Distributions to noncontrolling interest owners (188,567) (177,093) (210,699)
Repurchases of common stock (1,357,890) (2,291,917) (2,775,217)
Other (8,922) (131,180) (110,907)
Net cash used in financing activities (1,564,281) (5,004,631) (3,024,302)
Effect of exchange rate on cash, cash equivalents, and restricted cash (26,883) (19,401) 8,926
Change in cash and cash equivalents classified as assets held for sale 0 25,938 (25,938)
Cash, cash equivalents, and restricted cash      
Net change for the period (511,832) (3,021,492) 833,329
Balance, beginning of period 3,014,896 6,036,388 5,203,059
Balance, end of period 2,503,064 3,014,896 6,036,388
Supplemental cash flow disclosures      
Interest paid, net of amounts capitalized 406,260 452,160 573,629
Federal, state and foreign income taxes paid, net 266,996 344,397 22,955
Gaming Subconcession | MGM Grand Paradise      
Non-cash investing and financing activities      
MGM Grand Paradise gaming concession intangible asset 0 226,083 0
MGM Grand Paradise gaming concession payment obligation $ 0 $ 226,083 $ 0