10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-K

(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2018

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 Number)

3600 Las Vegas Boulevard South - Las Vegas, Nevada  89109

(Address of principal executive office)                                             (Zip Code)

(702) 693-7120

(Registrant’s telephone number, including area code)

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

Title of each class	Name of each exchange on which registered
Common Stock, $0.01 Par Value	New York Stock Exchange

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

None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes   X      No  

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.     Yes      No   X  

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

Indicate by check mark whether the Registrant has submitted electronically 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    X      No  

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405) is not contained herein, and will not be contained, to the best of the Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K:   

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   X   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 Act):     Yes      No    X  

The aggregate market value of the Registrant’s Common Stock held by non-affiliates of the Registrant as of June 30, 2018 (based on the closing price on the New York Stock Exchange Composite Tape on June 30, 2018) was $15.6 billion.  As of February 22, 2019, 536,916,609 shares of Registrant’s Common Stock, $0.01 par value, were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s definitive Proxy Statement for its 2018 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.

TABLE OF CONTENTS
		Page
PART I
Item 1.	Business	1
Item 1A.	Risk Factors	11
Item 1B.	Unresolved Staff Comments	24
Item 2.	Properties	25
Item 3.	Legal Proceedings	26
Item 4.	Mine Safety Disclosures	26
PART II
Item 5.	Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	27
Item 6.	Selected Financial Data	29
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	31
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	51
Item 8.	Financial Statements and Supplementary Data	52
	Consolidated Financial Statements	55
	Notes to Consolidated Financial Statements	60
	Schedule II – Valuation and Qualifying Accounts	101
Item 9.	Changes In and Disagreements with Accountants on Accounting and Financial Disclosure	102
Item 9A.	Controls and Procedures	102
Item 9B.	Other Information	103
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	103
Item 11.	Executive Compensation	103
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	103
Item 13.	Certain Relationships and Related Transactions, and Director Independence	103
Item 14.	Principal Accounting Fees and Services	103
PART IV
Item 15.	Exhibits, Financial Statements Schedules	104
Item 16.	Form 10-K Summary	110
	Signatures	111

PART I

ITEM 1. BUSINESS

MGM Resorts International is referred to as the “Company,” “MGM Resorts,” or the “Registrant,” and together with its subsidiaries may also be referred to as “we,” “us” or “our.” MGM China Holdings Limited together with its subsidiaries is referred to as “MGM China.” Except where the context indicates otherwise, “MGP” refers to MGM Growth Properties LLC together with its consolidated subsidiaries.

Overview

MGM Resorts International is a Delaware corporation incorporated in 1986 that acts largely as a holding company and, through subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts across the United States and in Macau.

MGM Growth Properties LLC (“MGP”), a consolidated subsidiary of the Company which completed its initial public offering in April 2016, 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”). 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 (which was branded as Monte Carlo prior to May 2018), Excalibur, The Park, Gold Strike Tunica, MGM Grand Detroit, Beau Rivage, Borgata, and MGM National Harbor from the landlord. See Note 1 in the accompanying consolidated financial statements for information regarding MGP and the Operating Partnership, which we consolidate in our financial statements, and Note 17 in the accompanying consolidated financial statements for information regarding the master lease with MGP.

We believe 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. 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. We believe we operate the highest quality resorts in each of the markets in which we operate. Ensuring our resorts are the premier resorts in their respective markets requires capital investments to maintain the best possible experiences for our guests.

Business Developments

In August 2016, we completed the acquisition of Boyd Gaming Corporation’s (“Boyd Gaming”) ownership interest in Borgata, at which time Borgata became a consolidated subsidiary of ours. Subsequently, MGP acquired Borgata’s real property from us.  In December 2016, we opened MGM National Harbor and, in October 2017, MGP also acquired the long-term leasehold interest and real property associated with MGM National Harbor from us.

In February 2018, we opened MGM Cotai, an integrated casino, hotel and entertainment resort on the Cotai Strip in Macau, and in August 2018, we opened MGM Springfield in Springfield, Massachusetts.

In July 2018, MGP completed its previously announced acquisition of the membership interests of Northfield Park Associates, LLC (“Northfield”), an Ohio limited liability company that owns the real estate assets and operations of the Hard Rock Rocksino Northfield Park from Milstein Entertainment LLC for a purchase price of approximately $1.1 billion (“Northfield Acquisition”). Simultaneously with the close of the transaction, MGP entered into a new agreement with an affiliate of Hard Rock Café International (STP), Inc. to continue to serve as the manager of the property.

In September 2018, we entered into an agreement with MGP to acquire all of the operating assets of Northfield (“Northfield OpCo”) from MGP for approximately $275 million, subject to customary purchase price adjustments. Northfield will be added to the existing master lease between us and MGP. The transaction is expected to close in the first half of 2019, subject to customary closing conditions.

In December 2018, we entered into an agreement with MGP whereby MGP will pay us consideration of approximately $638 million for renovations undertaken by us regarding the Park MGM and NoMad Las Vegas property (the “Park MGM Lease Transaction”). Additionally, at closing, the parties will enter into an amendment to the existing master lease. The transaction is expected to close in the first quarter of 2019 and is subject to customary closing conditions.

In January 2019, we completed our previously announced acquisition of the real property and operations associated with Empire City Casino's race track and casino ("Empire City") for consideration of approximately $864 million, subject to customary working capital and other adjustments. Subsequently, MGP acquired Empire City’s real property from us for fair value of consideration of

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approximately $634 million. In connection with this transaction, we entered into an amendment to the existing master lease for our subsidiary to lease back the real estate assets of Empire City from the landlord. 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.

Resort Operations

General

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, acquisitions or investments, and repay debt financings.

Our results of operations do not tend to be seasonal in nature, though a variety of factors may affect the results of any interim period, including the timing of major conventions, the amount and timing of marketing and special events for our high-end gaming customers, and the level of play during major holidays, including New Year and Lunar New Year. While our results do not depend on key individual customers, a significant portion of our operating income is generated from high-end gaming customers, which can cause variability in our results. In addition, our success in marketing to customer groups such as convention customers and the financial health of customer segments such as business travelers or high-end gaming customers from a specific country or region can affect our results.

All of our casino resorts operate 24 hours a day, every day of the year, with the exception of our newly acquired Empire City Casino which operates 20 hours a day, every day of the year. At our domestic resorts, our primary casino and hotel operations are owned and managed by us. Other resort amenities may be owned and operated by us, owned by us but managed by third parties for a fee, or leased to third parties. We utilize third-party management for specific expertise in operations of restaurants and nightclubs. We lease space to retail and food and beverage operators, particularly for branding opportunities.

Las Vegas Strip Resorts and Regional Operations

Las Vegas Strip Resorts. At December 31, 2018, our Las Vegas Strip Resorts consisted 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. At December 31, 2018, our Regional Operations consisted 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; and MGM Springfield in Springfield, Massachusetts.

Over half of the net revenue from our domestic resorts is derived from non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities. We market to different customers and utilize our significant convention and meeting facilities to allow us to maximize hotel occupancy and customer volumes which also leads to better labor utilization. Our operating results are highly dependent on the volume of customers at our resorts, which in turn affects the price we can charge for our hotel rooms and other amenities.

Our casino operations feature a variety of slots, table games, and race and sports book wagering. In addition, we offer our premium players access to high-limit rooms and lounge experiences where players may enjoy an upscale atmosphere.

MGM China

We own approximately 56% of MGM China, which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”), the Macau company that owns and operates the MGM Macau and MGM Cotai casino resorts and the related gaming subconcession and land concessions. We believe our ownership interest in MGM China plays an important role in extending our reach internationally and will foster future growth and profitability. Macau is the world’s largest gaming destination in terms of revenue and we expect future growth in the Asian gaming market to drive additional visitation at MGM Macau and MGM Cotai.

Our current MGM China operations relate to MGM Macau and MGM Cotai, discussed further below. MGM China’s revenues are generated primarily from gaming operations which are conducted under a gaming subconcession held by MGM Grand Paradise. The Macau government has granted three gaming concessions and each of these concessionaires has granted a subconcession. The MGM Grand Paradise gaming subconcession was granted by Sociedade de Jogos de Macau, S.A., and expires in 2020. The Macau government currently prohibits additional concessions and subconcessions, but does not place a limit on the number of casinos or

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gaming areas operated by the concessionaires and subconcessionaires, though additional casinos require government approval prior to commencing operations.

Corporate and Other

We have additional business activities including our investments in unconsolidated affiliates, and certain other corporate and management operations, including MGP’s Northfield. CityCenter Holdings, LLC (“CityCenter”) is our most significant unconsolidated affiliate, which we also manage for a fee.

Our Operating Resorts

We have provided certain information below about our resorts as of December 31, 2018. Except as otherwise indicated, we own and operate the resorts shown below.

	Number of		Approximate
	Guestrooms		CasinoSquare				Gaming
Name and Location	and Suites		Footage (1)		Slots (2)		Tables (3)
Las Vegas Strip Resorts:
Bellagio		3,933		155,000		1,707		147
MGM Grand Las Vegas (4)		6,131		160,000		1,570		127
Mandalay Bay (5)		4,750		152,000		1,213		71
The Mirage		3,044		94,000		1,189		82
Luxor		4,397		101,000		1,026		54
Excalibur		3,981		94,000		1,153		51
New York-New York		2,024		81,000		1,148		66
Park MGM (6)		2,898		66,000		842		56
Circus Circus Las Vegas		3,764		95,000		1,221		36
Subtotal		34,922		998,000		11,069		690
Regional Operations:
MGM Grand Detroit (Detroit, Michigan) (7)		400		127,000		3,324		131
Beau Rivage (Biloxi, Mississippi)		1,740		81,000		1,784		81
Gold Strike (Tunica, Mississippi)		1,133		48,000		1,148		65
Borgata (Atlantic City, New Jersey)		2,767		160,000		2,825		183
MGM National Harbor (Prince George's County, Maryland) (8)		308		146,000		3,137		152
MGM Springfield (Springfield, Massachusetts) (9)		252		109,000		2,444		94
Subtotal		6,600		671,000		14,662		706
MGM China:
MGM Macau – 55.95% owned (Macau S.A.R.)		585		370,000		806		291
MGM Cotai – 55.95% owned (Macau S.A.R.)		1,362		298,000		1,218		236
Subtotal		1,947		668,000		2,024		527
Other Operations:
CityCenter – 50% owned (Las Vegas, Nevada) (10)		5,499		139,000		1,533		126
Hard Rock Rocksino Northfield Park (Northfield, Ohio) (11)		—		65,000		2,299		—
Subtotal		5,499		204,000		3,832		126
Grand total		48,968		2,541,000		31,587		2,049

(1) Casino square footage is approximate and includes the gaming floor, race and sports, high limit areas and casino specific walkways, and excludes casino cage and other non-gaming space within the casino area.

(2) Includes slot machines, video poker machines and other electronic gaming devices.

(3) Includes blackjack (“21”), baccarat, craps, roulette and other table games; does not include poker.

(4) Includes 1,138 rooms at The Signature at MGM Grand Las Vegas.

(5) Includes 1,117 rooms at the Delano and 424 rooms at the Four Seasons Hotel.

(6) Includes 293 rooms at NoMad Las Vegas.

(7) Our local investors have an ownership interest of approximately 3% of MGM Grand Detroit.

(8) Our local investors have a non-voting economic interest in MGM National Harbor. Refer to Note 2 in the accompanying consolidated financial statements for further description of such interest.

(9) Our local investor has a 1% ownership interest in MGM Springfield.

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(10) Includes Aria with 4,004 rooms. Vdara includes 1,495 condo-hotel units, which are predominantly being utilized as company-owned hotel rooms. The other 50% of CityCenter is owned by Infinity World Development Corp.

(11) Northfield is owned by MGP and managed by an affiliate of Hard Rock Café International (STP), Inc.

More detailed information about each of our operating resorts can be found in Exhibit 99.1 to this Annual Report on Form 10-K, which Exhibit is incorporated herein by reference.  

Customers and Competition

Our casino resorts operate in highly competitive environments. We compete against gaming companies, as well as other hospitality companies in the markets in which we operate, neighboring markets, and in other parts of the world, including non-gaming resort destinations such as Hawaii. Our gaming operations compete to a lesser extent with state-sponsored lotteries, off-track wagering, card parlors, online gambling and other forms of legalized gaming in the United States and internationally. For further discussion of the potential impact of competitive conditions on our business, see “Risk Factors — Risks Related to our Business.” We face significant competition with respect to destination travel locations generally and with respect to our peers in the industries in which we compete, and failure to compete effectively could materially adversely affect our business, financial condition, results of operations and cash flow.”

Our primary methods of successful competition include:

• Locating our resorts in desirable leisure and business travel markets and operating at superior sites within those markets;

• Constructing and maintaining high-quality resorts and facilities, including luxurious guestrooms, state-of-the-art convention facilities and premier dining, entertainment, retail and other amenities;

• Recruiting, training and retaining well-qualified and motivated employees who provide superior customer service;

• Providing unique, “must-see” entertainment attractions; and

• Developing distinctive and memorable marketing, promotional and customer loyalty programs.

Las Vegas Strip Resorts and Regional Operations

Our customers include premium gaming customers; leisure and wholesale travel customers; business travelers, and group customers, including conventions, trade associations, and small meetings. We have a complete portfolio of resorts which appeal to the upper end of each market segment and also cater to leisure and value-oriented tour and travel customers. Many of our resorts have significant convention and meeting space which we utilize to drive business to our resorts during mid-week and off-peak periods.

Our Las Vegas casino resorts compete for customers with a large number of other hotel casinos in the Las Vegas area, including major hotel casinos on or near the Las Vegas Strip, major hotel casinos in the downtown area, which is about five miles from the center of the Las Vegas Strip, and several major hotel casinos elsewhere in the Las Vegas area. Our Las Vegas Strip Resorts also compete, in part, with each other. Major competitors, including new entrants, have either recently expanded their hotel room capacity or have plans to expand their capacity or construct new resorts in Las Vegas. Also, the growth of gaming in areas outside Las Vegas has increased the competition faced by our operations in Las Vegas.

Outside Nevada, our resorts primarily compete with other hotel casinos in their markets and for customers in surrounding regional gaming markets, where location is a critical factor to success. In addition, we compete with gaming operations in surrounding jurisdictions and other leisure destinations in each region.

MGM China

The three primary customer bases in the Macau gaming market are VIP casino gaming operations, main floor gaming operations and slot machine operations. VIP gaming play is sourced both internally and externally. Externally sourced VIP gaming play is obtained through external gaming promoters who offer VIP players various services, such as extension of credit as well as complimentary hotel, food and beverage services. Gaming promoters are compensated through payment of revenue-sharing arrangements and rolling chip turnover-based commissions. In-house VIP players also typically receive a commission based on the program in which they participate. Unlike gaming promoters and in-house VIP players, main floor players do not receive commissions. The profit contribution from the main floor segment exceeds the VIP segment due to commission costs paid to gaming promoters. Gaming revenues from the main gaming floors have grown significantly in recent years and we believe this customer base represents the most potential for sustainable growth in the future. To target premium main floor players in order to grow revenue and improve yield, we have introduced premium gaming lounges and stadium-style electronic table games terminals, which include both table games and slots, to the main floor gaming area. The amenities create a dedicated exclusive gaming space for the use of premium main floor players.  

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

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amount of wagering conducted by each gaming promoters’ clients in order to determine VIP gaming play. Gaming promoter commissions are based on a percentage of the gross table games win or a percentage of the table games turnover they generate. They also receive a complimentary allowance based on a percentage of the table games turnover they generate, which can be applied to hotel rooms, food and beverage and other discretionary customers-related expenses. Gaming promoter commissions are recorded as a reduction of casino revenue. In-house VIP commissions are based on a percentage of rolling chip turnover and are recorded as a reduction of casino revenue.

Our key competitors in Macau include five other gaming concessionaires and subconcessionaires. If the Macau government were to grant additional concessions or subconcessions, we would face additional competition which could have a material adverse effect on our financial condition, results of operations or cash flows. Additionally, we face competition at our Macau and Cotai properties from concessionaires who have expanded their operations, primarily on the Cotai Strip.

We encounter competition from major gaming centers located in other areas of Asia and around the world, including Singapore, Korea, Australia, New Zealand, Malaysia, Vietnam, Cambodia, the Philippines, Russia, cruise ships in Asia that offer gaming and from unlicensed gaming operations in the region.

Marketing

Our marketing efforts are conducted through various means, including our loyalty programs. We advertise on radio, television, internet and billboards and in newspapers and magazines in selected cities throughout the United States and overseas, as well as by direct mail, email and through the use of social media. We also advertise through our regional marketing offices located in major U.S. and foreign cities. Our direct marketing efforts utilize advanced analytic techniques that identify customer preferences and help predict future customer behavior, allowing us to make more relevant offers to customers, influence incremental visits, and help build lasting customer relationships. 

M life Rewards, our customer loyalty program, is a tiered program and allows customers to qualify for benefits across our participating resorts and in both gaming and non-gaming areas, encouraging customers to keep their total spend within our casino resorts. We also offer the Golden Lion Club for gaming focused customers, in addition to M life Rewards, at MGM China. The structured rewards systems based on member value and tier level ensure that customers can progressively access the full range of services that the resorts provide. Our loyalty programs focus on building a rewarding relationship with our customers, encouraging members to increase both visitation and spend.

Strategy

We strive to be the recognized global leader in entertainment and hospitality, embracing innovation and diversity to inspire excellence. The quality of our resorts and amenities can be measured by our success in winning numerous awards, both domestic and globally, including several Four and Five Diamond designations from the American Automobile Association as well as multiple Four and Five Star designations from Forbes Travel Guide, as well as numerous certifications of our Corporate Social Responsibility efforts.

Our strategic objectives include:

• Operational enhancements. Drive continuous improvements in operational performance to support enterprise-wide increases in revenue, market share, cash flow, and margins;

• Financial strength.Accelerate financial performance through optimal capital structure and disciplined investment of cash flows;

• Corporate social responsibility. Continue to solidify the Company’s reputation as a global leader in the principles of Corporate Social Responsibility;

• Geographic expansion. Execute a targeted approach to domestic and international expansion to increase global brand presence; and

• Business model innovation. Explore the evolution of the existing business model into new lines of business and key adjacencies.

Technology

Collectively we utilize various types of technology to maximize revenue, drive efficiency in our operations, and serve our customers more effectively. Information Technology continues to automate operations in an effort to control costs related to operations and implement leading edge solutions for all major lines of business. To aid this process, data and analytics are utilized to support making timely and accurate business decisions. A cloud first strategy is applied when possible to enable our technology solution delivery and speed to market. We are also focused on technology to enhance the guest experience. For example, our eCommerce platform provides our guests and business partners a premier digital experience where they have the ability to create an

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all-inclusive experience from accommodations to dining and entertainment with real time recommendations provided based on the preference.

Employees and Management

We believe that knowledgeable, friendly and dedicated employees are a primary success factor in the hospitality industry. Therefore, we invest heavily in recruiting, training, motivating and retaining exceptional employees, and we seek to hire and promote the strongest management team possible. We have numerous programs, both at the corporate and business unit level, designed to achieve these objectives. We believe our internal development programs, such as the MGM Resorts University and various leadership and management training programs, are best in class among our industry peers.

Corporate Social Responsibility

We believe that profitability and social responsibility can be linked for long-term sustainability and profitability in furtherance of value to all our stakeholders – our shareholders, our employees, our customers and our communities. Whether we refer to our philosophy as Corporate Social Responsibility (“CSR”) or associated Environmental and Social Governance (“ESG”) metrics, we strive to further two fundamental principles ‒ ethical, legal conduct in the way we conduct our business, and integration of social responsibility as a distinct, strategic discipline into the fabric of our culture and sustainable business operations.  

Through investment of many years of dedicated effort and resources, our evolving CSR approaches – grounded in prudent fiscal management and long-term focused strategies – have advanced us beyond leadership in the gaming and hospitality industry to national recognition for our accomplishments.

Our core values of integrity, inclusion, teamwork and excellence shape our character and culture, the way we do business, and our CSR practices.  Four strategic pillars guide our work.

Fostering diversity and inclusion. Our commitment to inclusion translates diversity as a fundamental paradigm of the 21st century global economy into long-term human capital leadership, customer market expansion and competitive business advantage.  Inclusion is an important, multi-dimensional business imperative that attracts top talent; drives our culture of respect for humanity; leverages the broad diversity of our employees’ talents to drive excellence in collaboration, innovation and financial performance; fuels expansion of our customer markets and supply chain; and forges stronger ties with our communities around the world.

Investing in community.  The communities in which we operate, and our employees live, work and care for their families, are cornerstones of our business and our CSR system.  We create economic opportunity for local residents, collaborate to promote educational and develop skills of local workforces, engage local businesses, and stimulate economic development in our communities.  We promote responsible gaming practices and tools, such as GameSense, that keep gaming safe and entertaining.  Beyond our tax support of public education, infrastructure and services, we make philanthropic and development-related investments in long-term institutions that benefit our employees and customers and elevate the quality of life and culture in our communities.

Caring for one another.  We believe caring for less fortunate community neighbors is a deep-rooted part of our culture, and our actions help uplift the communities in which we operate, while simultaneously instilling employee pride and engagement in our business. Through three primary channels – our employee-driven MGM Resorts Foundation, our Employee Volunteer Program and our Corporate Giving Program, we contribute leadership, funding and manpower to an extensive array of nonprofit organizations that provide services, goods and resources indispensable to our communities’ well-being, development and stability.  Significantly, in 2018, our U.S. employees invested more than 123,000 hours of voluntary service with community non-profits and achieved a 71% participation level in giving through our MGM Resorts Foundation.    

Environmental sustainability.We continue to gain recognition for our comprehensive environmental responsibility initiatives in energy and water conservation, recycling and waste management, sustainable supply chain and green construction. Certain of our casino resorts in Nevada and our casino resort in Michigan were the first in each state to earn certification from Green Key, one of the largest international programs evaluating environmental sustainability in hotel operations. We received certifications at all of our domestic resorts and Aria and Vdara at CityCenter. Aria, Vdara, Bellagio, Delano, Mandalay Bay, and MGM Grand Detroit have all received “Five Green Key,” the highest possible rating. Many major travel service providers recognize the Green Key designation and identify our resorts for their continued commitment to sustainable hotel operations. 

In addition, we believe that incorporating the tenets of environmental sustainability in our business decisions advances a platform for innovation and operational efficiency. CityCenter (Aria, Vdara and Veer) is one of the world’s largest private sustainable developments. With six LEED^® Gold certifications from the U.S. Green Building Council (the “Council”), CityCenter serves as the

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standard for combining luxury and environmental responsibility within the large-scale hospitality industry. Also, MGM National Harbor, The Park, and T-Mobile Arena have all been awarded LEED^® Gold certification by the Council.

At MGM China, we incorporate the same commitment to environmental preservation. Our efforts to improve energy efficiency, indoor air quality, and environmental stewardship have resulted in MGM China being included in the Hang Seng Corporate Sustainability Benchmark Index on the Hong Kong Stock Exchange. MGM Cotai has achieved the China Green Building (Macau) Design label from the China Green Building and Energy Saving (Macau) Association.

Development and Leveraging Our Brand and Management Assets

In allocating resources, our financial strategy is focused on managing a proper mix of investing in existing resorts, spending on strategic developments or initiatives and repaying long-term debt or returning capital to shareholders. We believe there are reasonable investments for us to make in new initiatives and at our current resorts that will provide profitable returns.

We regularly evaluate possible expansion and acquisition opportunities in domestic and international markets. Opportunities we evaluate may include the ownership, management and operation of gaming and other entertainment facilities in Nevada, or in states other than Nevada, or outside of the United States, accessing new markets for sports and interactive, as well as online gaming. We leverage our management expertise and well-recognized brands through strategic partnerships and international expansion opportunities. We feel that several of our brands are well-suited to new projects in both gaming and non-gaming developments. We may undertake these opportunities either alone or in cooperation with one or more third parties.

During 2018, we entered into an agreement with GVC Holdings PLC to form Roar Digital LLC, a world-class sports betting and online gaming platform in the United States. The 50/50 venture will be capitalized with initial commitments of $100 million per partner. Under the agreement, the venture will benefit from the economics of our existing race and sports books and online gaming operations and will have exclusive access to certain U.S. land-based and online sports betting, online real money and free-to-play casino gaming, major tournament and online poker, and other similar future interactive businesses. The commencement of operations is subject to gaming regulatory approvals.

Intellectual Property

Our principal intellectual property consists of trademarks for, among others, Bellagio, The Mirage, Borgata, Mandalay Bay, MGM, MGM Grand, MGM Resorts International, Luxor, Excalibur, New York-New York, Circus Circus, Beau Rivage and Empire City, all of which have been registered or allowed in various classes in the United States. In addition, we have also registered or applied to register numerous other trademarks in connection with our properties, facilities and development projects in the United States and in various other foreign jurisdictions. These trademarks are brand names under which we market our properties and services. We consider these brand names to be important to our business since they have the effect of developing brand identification. We believe that the name recognition, reputation and image that we have developed attract customers to our facilities. Once granted, our trademark registrations are of perpetual duration so long as they are used and periodically renewed. It is our intent to pursue and maintain our trademark registrations consistent with our goals for brand development and identification, and enforcement of our trademark rights.

Employees and Labor Relations

As of December 31, 2018, we had approximately 55,000 full-time and 17,000 part-time employees domestically, of which approximately 6,000 and 3,000, respectively, support the Company’s management agreements with CityCenter. In addition, we had approximately 11,000 employees at MGM China. We had collective bargaining agreements with unions covering approximately 39,000 of our employees as of December 31, 2018. Collective bargaining agreements with three unions covering a substantial number of our employees in Las Vegas are scheduled to expire in the first half of 2019. We anticipate negotiations for successor contracts with all three of those unions will begin in the first quarter of 2019. In addition, in our regional properties, new collective bargaining agreements will be negotiated in 2019 at MGM National Harbor and MGM Springfield. As of December 31, 2018, none of the employees of MGM China are part of a labor union and the resorts are not party to any collective bargaining agreements. In January 2019, we acquired operations in New York that employ approximately 1,000 employees, a portion of which are covered by collective bargaining agreements. We anticipate several of these agreements will be negotiated in 2019. Also, in July 2018, MGP acquired its property in Northfield, Ohio, which continues to be operated (on behalf of MGP) by an affiliate of Hard Rock International (STP), Inc. MGM expects to acquire these operations in the first half of 2019, subject to certain customary closing conditions. The Ohio operation has employees covered by collective bargaining agreements, several of which we anticipate will be negotiated in 2019.

Regulation and Licensing

The gaming industry is highly regulated, and we must maintain our licenses and pay gaming taxes to continue our operations. Each of our casinos is subject to extensive regulation under the laws, rules and regulations of the jurisdiction in which it is located.

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These laws, rules and regulations generally concern the responsibility, financial stability and character of the owners, managers, and persons with financial interest in the gaming operations. Violations of laws in one jurisdiction could result in disciplinary action in other jurisdictions.  

A more detailed description of the gaming regulations to which we are subject is contained in Exhibit 99.2 to this Annual Report on Form 10-K, which Exhibit is incorporated herein by reference.

Our businesses are subject to various federal, state, local and foreign laws and regulations affecting businesses in general. These laws and regulations include, but are not limited to, restrictions and conditions concerning alcoholic beverages, smoking, employees, currency transactions, taxation, zoning and building codes (including regulations under the Americans with Disabilities Act, which requires all public accommodations to meet certain federal requirements related to access and use by persons with disabilities), construction, land use and marketing and advertising. We also deal with significant amounts of cash in our operations and are subject to various reporting and anti-money laundering regulations. Such laws and regulations could change or could be interpreted differently in the future, or new laws and regulations could be enacted. Material changes, new laws or regulations, or material differences in interpretations by courts or governmental authorities could adversely affect our operating results.

In addition, we are subject to certain federal, state and local environmental laws, regulations and ordinances, including the Clean Air Act, the Clean Water Act, the Resource Conservation Recovery Act, the Comprehensive Environmental Response, Compensation and Liability Act and the Oil Pollution Act of 1990. Under various federal, state and local laws and regulations, an owner or operator of real property may be held liable for the costs of removal or remediation of certain hazardous or toxic substances or wastes located on its property, regardless of whether or not the present owner or operator knows of, or is responsible for, the presence of such substances or wastes. We have not identified any issues associated with our properties that could reasonably be expected to have an adverse effect on us or the results of our operations.

Cautionary Statement Concerning Forward-Looking Statements

This Form 10-K and our 2018 Annual Report to Stockholders contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “will,” “may” and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements we make regarding expected market growth in Macau, our ability to generate significant cash flow and execute on ongoing and future projects, such as MGM 2020, and the expected results of MGM 2020, amounts we will spend in capital expenditures and investments, the opening of strategic resort developments, the estimated costs and components associated with those developments, our expectations with respect to future cash dividends on our common stock, dividends and distributions we will receive from MGM China, the Operating Partnership or CityCenter and amounts projected to be realized as deferred tax assets. The foregoing is not a complete list of all forward-looking statements we make.

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

• our substantial indebtedness and significant financial commitments, 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 MGM 2020;

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• 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 2020;

• 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;

• the concentration of a significant number 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, such as the Empire City and Northfield 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-K or our 2018 Annual Report to Stockholders 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.  

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Executive Officers of the Registrant

The following table sets forth, as of February 27, 2019, the name, age and position of each of our executive officers. Executive officers are elected by and serve at the pleasure of the Board of Directors.

Name	Age	Position
James J. Murren	57	Chairman and Chief Executive Officer
William J. Hornbuckle(1)	61	President and Chief Customer Development Officer
Corey I. Sanders(1)	55	Chief Operating Officer
Daniel J. D’Arrigo(1)	50	Executive Vice President, Chief Financial Officer and Treasurer
Phyllis A. James	66	Executive Vice President, Chief Diversity and Corporate Responsibility Officer
John M. McManus	51	Executive Vice President, General Counsel and Secretary
Robert C. Selwood	63	Executive Vice President and Chief Accounting Officer

(1) On February 21, 2019, the Company announced that Mr. D’Arrigo had voluntarily resigned as Executive Vice President, Chief Financial Officer and Treasurer, effective March 1, 2019, and that Mr. Sanders has been appointed Chief Financial Officer and Treasurer and Mr. Hornbuckle has been appointed President and Chief Operating Officer, each effective March 1, 2019.

Mr. Murren has served as Chairman and Chief Executive Officer of the Company since December 2008 and as President from December 1999 to December 2012. He served as Chief Operating Officer from August 2007 through December 2008. He was Chief Financial Officer from January 1998 to August 2007 and Treasurer from November 2001 to August 2007.

Mr. Hornbuckle has served as President since December 2012 and as Chief Customer Development Officer since December 2018. He served as Chief Marketing Officer from August 2009 to August 2014 and President and Chief Operating Officer of Mandalay Bay Resort & Casino from April 2005 to August 2009.

Mr. Sanders has served as Chief Operating Officer since September 2010. He served as Chief Operating Officer for the Company’s Core Brand and Regional Properties from August 2009 to September 2010, as Executive Vice President—Operations from August 2007 to August 2009, as Executive Vice President and Chief Financial Officer for MGM Grand Resorts from April 2005 to August 2007.

Mr. D’Arrigo has served as Executive Vice President and Chief Financial Officer since August 2007 and as Treasurer since November 2018 and from September 2009 to June 2016. He served as Senior Vice President—Finance of the Company from February 2005 to August 2007 and as Vice President—Finance of the Company from December 2000 to February 2005.

Ms. James has served as Executive Vice President, Chief Diversity and Corporate Responsibility Officer since October 2016. Her role as Chief Diversity Officer began in 2009. She served as Executive Vice President and Special Counsel—Litigation from July 2010 to October 2016. She served as Senior Vice President, Senior Counsel and then Deputy General Counsel of the Company from March 2002 to July 2010.

Mr. McManus has served as Executive Vice President, General Counsel and Secretary since July 2010. He served as Senior Vice President, Acting General Counsel and Secretary of the Company from December 2009 to July 2010. He served as Senior Vice President, Deputy General Counsel and Assistant Secretary from September 2009 to December 2009. He served as Senior Vice President, Assistant General Counsel and Assistant Secretary of the Company from July 2008 to September 2009. He served as counsel to various operating subsidiaries from May 2001 to July 2008.

Mr. Selwood has served as Executive Vice President and Chief Accounting Officer since August 2007. He served as Senior Vice President—Accounting of the Company from February 2005 to August 2007 and as Vice President—Accounting of the Company from December 2000 to February 2005.

Available Information

We maintain a website at www.mgmresorts.com that includes financial and other information for investors. We provide access to our SEC filings, including our annual report on Form 10-K and quarterly reports on Form 10-Q (including related filings in XBRL format), filed and furnished current reports on Form 8-K, and amendments to those reports on our website, free of charge, through a link to the SEC’s EDGAR database. Through that link, our filings are available as soon as reasonably practicable after we file or furnish the documents with the SEC. These filings are also available on the SEC’s website at www.sec.gov.

Because of the time differences between Macau and the United States, we also use our corporate website as a means of posting important information about MGM China.

References in this document to our website address do not incorporate by reference the information contained on the websites into this Annual Report on Form 10-K.

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ITEM 1A. RISK FACTORS

You should be aware that the occurrence of any of the events described in this section and elsewhere in this report or in any other of our filings with the SEC could have a material adverse effect on our business, financial position, results of operations and cash flows. In evaluating us, you should consider carefully, among other things, the risks described below.

Risks Relating to Our Substantial Indebtedness

• Our substantial indebtedness and significant financial commitments, including the fixed component of our rent payments to MGP, could adversely affect our operations and financial results and impact our ability to satisfy our obligations. As of December 31, 2018, we had approximately $15.3 billion of principal amount of indebtedness outstanding, including $750 million of borrowings outstanding and $1.5 billion of available borrowing capacity under our senior secured credit facility, and $2.4 billion and $2.8 billion of debt outstanding under the MGM China and the Operating Partnership credit facilities, respectively. In addition, as of December 31, 2018, the Operating Partnership had $1.9 billion of senior notes outstanding. Any increase in the interest rates applicable to our existing or future borrowings would increase the cost of our indebtedness and reduce the cash flow available to fund our other liquidity needs. We do not guarantee MGM China’s or the Operating Partnership’s obligations under their respective debt agreements and, to the extent MGM China or the Operating Partnership were to cease to produce cash flow sufficient to service their indebtedness, our ability to make additional investments into such entities is limited by the covenants in our existing senior secured credit facility.

In addition, our substantial indebtedness and significant financial commitments could have important negative consequences on us, including:

• increasing our exposure to general adverse economic and industry conditions;

• limiting our flexibility to plan for, or react to, changes in our business and industry;

• limiting our ability to borrow additional funds for working capital requirements, capital expenditures, debt service requirements, execution of our business strategy (including returning value to our shareholders) or other general operating requirements;

• making it more difficult for us to make payments on our indebtedness; or

• placing us at a competitive disadvantage compared to less-leveraged competitors.

Moreover, our businesses are capital intensive. For our owned, leased and managed resorts to remain attractive and competitive, we must periodically invest significant capital to keep the properties well-maintained, modernized and refurbished (and, under the master lease we are required to spend an aggregate amount of at least 1% of actual adjusted net revenues from the properties subject to the master lease on capital expenditures at those properties). Such investments require an ongoing supply of cash and, to the extent that we cannot fund expenditures from cash generated by operations, funds must be borrowed or otherwise obtained. Similarly, development projects, including any potential future development of an integrated resort in Japan, and acquisitions could require significant capital commitments, the incurrence of additional debt, guarantees of third-party debt, or the incurrence of contingent liabilities, any or all of which could have an adverse effect on our business, financial condition and results of operations.

• 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. Our ability to make payments on, and to refinance, our indebtedness and to fund planned or committed capital expenditures and investments depends on our ability to generate cash flow in the future, receive distributions from our unconsolidated affiliates or subsidiaries, including CityCenter, MGM China and the Operating Partnership, borrow under our senior secured credit facility or incur new indebtedness. If regional and national economic conditions deteriorate we could experience decreased revenues from our operations attributable to decreases in consumer spending levels and could fail to generate sufficient cash to fund our liquidity needs or fail to satisfy the financial and other restrictive covenants in our debt instruments. We cannot assure you that our business will generate sufficient cash flow from operations or continue to receive distributions from our unconsolidated affiliates or subsidiaries, including CityCenter, MGM China and the Operating Partnership. We cannot assure you that future borrowings will be available to us under our senior secured credit facility in an amount sufficient to enable us to pay our indebtedness or to fund our other liquidity needs. We cannot assure you that we will be able to access the capital markets in the future to borrow additional indebtedness on terms that are favorable to us.

We have a significant amount of indebtedness maturing in 2020, and thereafter. Our ability to timely refinance and replace our indebtedness in the future will depend upon the economic and credit market conditions discussed above. If we are unable to refinance our indebtedness on a timely basis, we might be forced to seek alternate forms of financing, dispose of certain assets or minimize capital expenditures and other investments. There is no assurance that any of these alternatives would be available to us, if at all, on satisfactory terms, on terms that would not be disadvantageous to us, or on terms that would not require us to breach the terms and conditions of our existing or future debt agreements.

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• The agreements governing our senior secured credit facility and other senior indebtedness contain restrictions and limitations that could significantly affect our ability to operate our business, as well as significantly affect our liquidity, and therefore could adversely affect our results of operations. Covenants governing our senior secured credit facility and certain of our debt securities restrict, among other things, our ability to:

• pay dividends or distributions, repurchase equity, prepay certain debt or make certain investments;

• incur additional debt;

• incur liens on assets;

• sell assets or consolidate with another company or sell all or substantially all of our assets;

• enter into transactions with affiliates;

• allow certain subsidiaries to transfer assets or enter into certain agreements; and

• enter into sale and lease-back transactions.

Our ability to comply with these provisions may be affected by events beyond our control. The breach of any such covenants or obligations not otherwise waived or cured could result in a default under the applicable debt obligations and could trigger acceleration of those obligations, which in turn could trigger cross-defaults under other agreements governing our long-term indebtedness. In addition, our senior secured credit facility requires us to satisfy certain financial covenants, including a maximum total net leverage ratio, a maximum first lien net leverage ratio and a minimum interest coverage ratio. Any default under our senior secured credit facility or the indentures governing our other debt could adversely affect our growth, our financial condition, our results of operations and our ability to make payments on our debt.

In addition, MGM Grand Paradise and MGM China are co-borrowers under an amended and restated credit facility and the Operating Partnership is a borrower under its senior secured credit facility, all of which contain covenants that restrict the respective borrower’s ability to engage in certain transactions. In particular, these credit agreements require MGM China and the Operating Partnership to satisfy certain financial covenants and impose certain operating and financial restrictions on them and their respective subsidiaries (including, with respect to MGM China, MGM Grand Paradise). These restrictions include, among other things, limitations on their ability to pay dividends or distributions to us, incur additional debt, make investments or engage in other businesses, merge or consolidate with other companies, or transfer or sell assets.

• 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. For the third lease year which commenced on April 1, 2018, we were required to make annual rent payments of $770 million under the master lease. The master lease also provides for fixed annual escalators of 2% on the base rent in the second through sixth years and the possibility for additional 2% increases thereafter subject to the tenant meeting an adjusted net revenue to rent ratio, as well as potential increases in percentage rent in year six and every five years thereafter based on a percentage of average actual annual net revenue during the preceding five year period. As a result, our ability to fund our own operations, raise capital, make acquisitions, make investments, service our debt and otherwise respond to competitive and economic changes may be adversely affected. For example, our obligations under the master lease may:

• make it more difficult for us to satisfy our obligations with respect to our indebtedness and to obtain additional indebtedness; 

• increase our vulnerability to general adverse economic and industry conditions or a downturn in our business;

• require us to dedicate a substantial portion of our cash flow from operations to making rent payments, thereby reducing the availability of our cash flow to fund working capital, capital expenditures, development projects and other general corporate purposes;

• limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; 

• restrict our ability to make acquisitions, divestitures and engage in other significant transactions; and

• cause us to lose our rights with respect to all of the properties leased under the master lease if we fail to pay rent or other amounts or otherwise default on the master lease, given that all of the properties we lease from MGP under the master lease are effectively cross-collateralized as a result of the master lease being a single unitary lease.

Any of the above factors could have a material adverse effect on our business, financial condition and results of operations.

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Risks Related to our Business

• We face significant competition with respect to destination travel locations generally and with respect to our peers in the industries in which we compete, and failure to compete effectively could materially adversely affect our business, financial condition, results of operations and cash flow. The hotel, resort and casino industries are highly competitive. We do not believe that our competition is limited to a particular geographic area, and hotel, resort and gaming operations in other states or countries could attract our customers. To the extent that new casinos enter our markets or hotel room capacity is expanded by others in major destination locations, competition will increase. Major competitors, including potential new entrants, may also expand their hotel room capacity, expand their range of amenities, improve their level of service, or construct new resorts in Las Vegas, Macau or in the domestic regional markets in which we operate, all of which could attract our customers. Also, the growth of gaming in areas outside Las Vegas, including California, has increased the competition faced by our operations in Las Vegas and elsewhere. While we believe our principal competitors are major gaming and hospitality resorts with well-established and recognized brands, we also compete against smaller hotel offerings and peer-to-peer inventory sources, which allow travelers to book short-term rentals of homes and apartments from owners. We expect that we will continue to face increased competition from new channels of distribution, innovations in consumer-facing technology platforms and other transformations in the travel industry that could impact our ability to attract and retain business.

In addition, competition could increase if changes in gaming restrictions in the United States and elsewhere result in the addition of new gaming establishments located closer to our customers than our casinos. For example, while our Macau operations compete to some extent with casinos located elsewhere in or near Asia, certain countries in the region have legalized casino gaming (including Japan) and others (such as Taiwan and Thailand) may legalize casino gaming (or online gaming) in the future (including, for example, a recent proposal by China to allow gambling on Hainan Island). Furthermore, currently MGM Grand Paradise holds one of only six gaming concessions authorized by the Macau government to operate casinos in Macau. If the Macau government were to allow additional competitors to operate in Macau through the grant of additional concessions or if current concessionaires and subconcessionaires open additional facilities, we would face increased competition.  

Most jurisdictions where casino gaming is currently permitted place numerical and/or geographical limitations on the issuance of new gaming licenses. Although a number of jurisdictions in the United States and foreign countries are considering legalizing or expanding casino gaming, in some cases new gaming operations may be restricted to specific locations and we expect that there will be intense competition for any attractive new opportunities (which may include acquisitions of existing properties) that do arise. Furthermore, certain jurisdictions, including Nevada and New Jersey, have also legalized forms of online gaming and other jurisdictions, including Illinois, have legalized video gaming terminals. Additionally, in May 2018, the United States Supreme Court overturned a federal ban on sports betting that had prohibited single-game gambling in most states, raising the potential for increased competition in sports betting should additional states pass legislation to legalize it.  The expansion of online gaming, sports betting, and other types of gaming in these and other jurisdictions may further compete with our operations by reducing customer visitation and spend in our casino resorts.

In addition to competition with other hotels, resorts and casinos, we compete with destination travel locations outside of the markets in which we operate. Our failure to compete successfully in our various markets and to continue to attract customers could adversely affect our business, financial condition, results of operations and cash flow.

• Our businesses are subject to extensive regulation and the cost of compliance or failure to comply with such regulations may adversely affect our business and results of operations. Our ownership and operation of gaming facilities is subject to extensive regulation by the countries, states and provinces in which we operate. These laws, regulations and ordinances vary from jurisdiction to jurisdiction, but generally concern the responsibility, financial stability and character of the owners and managers of gaming operations as well as persons financially interested or involved in gaming operations. As such, our gaming regulators can require us to disassociate ourselves from suppliers or business partners found unsuitable by the regulators or, alternatively, cease operations in that jurisdiction. In addition, unsuitable activity on our part or on the part of our domestic or foreign unconsolidated affiliates or subsidiaries in any jurisdiction could have a negative effect on our ability to continue operating in other jurisdictions. The regulatory environment in any particular jurisdiction may change in the future and any such change could have a material adverse effect on our results of operations.For example, recently the U.S. Department of Justice reversed a 2011 opinion that had concluded that the Wire Act of 1961 was limited to gaming relating to sports; the Department of Justice concluded instead that certain of the Wire Act’s provisions apply also to other forms of wagering activity. This may impact our ability to engage in online gaming in the future. In addition, we are subject to various gaming taxes, which are subject to possible increase at any time by various federal, state, local and foreign legislatures and officials. Increases in gaming taxation could also adversely affect our results. For a summary of gaming and other regulations that affect our business, see “Regulation and Licensing” and Exhibit 99.2 to this Annual Report on Form 10-K.

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Further, our directors, officers, key employees and investors in our properties must meet approval standards of certain state and foreign regulatory authorities. If state regulatory authorities were to find such a person or investor unsuitable, we would be required to sever our relationship with that person or the investor may be required to dispose of his, her or its interest in the property. State regulatory agencies may conduct investigations into the conduct or associations of our directors, officers, key employees or investors to ensure compliance with applicable standards. Certain public and private issuances of securities and other transactions also require the approval of certain regulatory authorities.

In Macau, current laws and regulations concerning gaming and gaming concessions are, for the most part, fairly recent and there is little precedent on the interpretation of these laws and regulations. These laws and regulations are complex, and a court or administrative or regulatory body may in the future render an interpretation of these laws and regulations, or issue new or modified regulations, that differ from MGM China’s interpretation, which could have a material adverse effect on its business, financial condition and results of operations. In addition, MGM China’s activities in Macau are subject to administrative review and approval by various government agencies. We cannot assure you that MGM China will be able to obtain all necessary approvals, and any such failure to do so may materially affect its long-term business strategy and operations. Macau laws permit redress to the courts with respect to administrative actions; however, to date such redress is largely untested in relation to gaming issues.

In addition to gaming regulations, we are also subject to various federal, state, local and foreign laws and regulations affecting businesses in general. These laws and regulations include, but are not limited to, restrictions and conditions concerning alcoholic beverages, environmental matters, smoking, employees, currency transactions, taxation, zoning and building codes, and marketing and advertising. For instance, we are subject to certain federal, state and local environmental laws, regulations and ordinances, including the Clean Air Act, the Clean Water Act, the Resource Conservation Recovery Act, the Comprehensive Environmental Response, Compensation and Liability Act and the Oil Pollution Act of 1990. Under various federal, state and local environmental laws and regulations, an owner or operator of real property may be held liable for the costs of removal or remediation of certain hazardous or toxic substances or wastes located on its property, regardless of whether or not the present owner or operator knows of, or is responsible for, the presence of such substances or wastes. Such laws and regulations could change or could be interpreted differently in the future, or new laws and regulations could be enacted. For example, Illinois has enacted a ban on smoking in nearly all public places, including bars, restaurants, work places, schools and casinos. In addition, effective January 1, 2019, smoking in casinos in Macau, including MGM Macau and MGM Cotai, will only be permitted inside specially ventilated smoking rooms, rather than outside smoking areas or VIP areas. The likelihood or outcome of similar legislation in other jurisdictions and referendums in the future cannot be predicted, though any smoking ban would be expected to negatively impact our financial performance.

We also deal with significant amounts of cash in our operations and are subject to recordkeeping and reporting obligations as required by various anti-money laundering laws and regulations. For instance, we are subject to regulation under the Currency and Foreign Transactions Reporting Act of 1970, commonly known as the “Bank Secrecy Act,” which, among other things, requires us to report to the Internal Revenue Service (“IRS”) any currency transactions in excess of $10,000 that occur within a 24-hour gaming day, including identification of the individual(s) involved in the currency transaction. We are also required to report certain suspicious activity where we know, suspect or have reason to suspect transactions, among other things, involve funds from illegal activity or are intended to evade federal regulations or avoid reporting requirements or have no business or lawful purpose. In addition, under the Bank Secrecy Act we are subject to various other rules and regulations involving reporting, recordkeeping and retention. Our compliance with the Bank Secrecy Act is subject to periodic examinations by the IRS. Any such laws and regulations could change or could be interpreted differently in the future, or new laws and regulations could be enacted. Any violations of the anti-money laundering laws, including the Bank Secrecy Act, or regulations by any of our properties could have an adverse effect on our financial condition, results of operations or cash flows.

• Our business is affected by economic and market conditions in the jurisdictions in which we operate and in the locations in which our customers reside. Our business is particularly sensitive to reductions in discretionary consumer spending and corporate spending on conventions, trade shows and business development. Economic contraction, economic uncertainty or the perception by our customers of weak or weakening economic conditions may cause a decline in demand for hotels, casino resorts, trade shows and conventions, and for the type of luxury amenities we offer. In addition, changes in discretionary consumer spending or consumer preferences could be driven by factors such as the increased cost of travel, an unstable job market, perceived or actual disposable consumer income and wealth, outbreaks of contagious diseases or fears of war and acts of terrorism or other acts of violence. Consumer preferences also evolve over time due to a variety of factors, including demographic changes, which, for instance, have resulted in recent growth in consumer demand for non-gaming offerings. Our success depends in part on our ability to anticipate the preferences of consumers and timely react to

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these trends, and any failure to do so may negatively impact our results of operations. Aria, Bellagio and MGM Grand Las Vegas in particular may be affected by economic conditions in the Far East, and all of our Nevada resorts are affected by economic conditions in the United States, and California in particular. A recession, economic slowdown or any other significant economic condition affecting consumers or corporations generally is likely to cause a reduction in visitation to our resorts, which would adversely affect our operating results. For example, the prior recession and downturn in consumer and corporate spending had a negative impact on our results of operations.

In addition, since we expect a significant number of customers to come to MGM Macau and MGM Cotai from mainland China, general economic and market conditions in China could impact our financial prospects. Any slowdown in economic growth or changes to China’s current restrictions on travel and currency conversion or movements, including market impacts resulting from China’s recent anti-corruption campaign and related tightening of liquidity provided by non-bank lending entities and cross-border currency monitoring (including increased restrictions on Union Pay withdrawals and other ATM limits on the withdrawal of patacas imposed by the government), could disrupt the number of visitors from mainland China and/or the amounts they are willing to spend in the casino. Most recently, in July 2017, the Chinese government, along with Macau authorities, implemented new facial recognition technology on ATM machines in Macau to strictly enforce the “know your customer” regulations for mainland Chinese bank cardholders and in November 2017 new rules were adopted to control the cross-border transportation of cash and bearer negotiable instruments. It is unclear whether these and other measures will continue to be in effect, become more restrictive, or be readopted in the future. These developments have had, and any future policy developments that may be implemented may have, the effect of reducing the number of visitors to Macau from mainland China, which could adversely impact tourism and the gaming industry in Macau.

Furthermore, our operations in Macau may be impacted by competition for limited labor resources. Our success in Macau will be impacted by our ability to retain and hire employees. We compete with a large number of casino resorts for a limited number of employees and we anticipate that such competition will grow in light of new developments in Macau. While we seek employees from other countries to adequately staff our resorts, certain Macau government policies limit our ability to import labor in certain job classifications (for instance, the Macau government requires that we only hire Macau residents as dealers in our casinos) and any future government policies that freeze or cancel our ability to import labor could cause labor costs to increase. Finally, because additional casino projects have commenced operations and other projects are under construction, existing transportation infrastructure may need to be expanded to accommodate increased visitation to Macau. If transportation facilities to and from Macau are inadequate to meet the demands of an increased volume of gaming customers visiting Macau, the desirability of Macau as a gaming destination, as well as the results of operations at our development in Cotai, Macau, could be negatively impacted.

• We may not realize all of the anticipated benefits of our MGM 2020 Plan. We have undertaken an initiative to reduce costs, improve efficiencies and further position us for growth. While we believe these initiatives will result in approximately $200 million of annual Adjusted EBITDA benefit by the end of 2020 and an additional $100 million by the end of 2021, our efforts may fail to achieve expected results. Our MGM 2020 Plan is subject to numerous risks and uncertainties that may change at any time, and, therefore, our actual Adjusted EBITDA benefit may differ materially from what we anticipate.

• Our ability to pay ongoing regular dividends to our stockholders is subject to the discretion of our board of directors and may be limited by our holding company structure, existing and future debt agreements entered into by us or our subsidiaries and state law requirements.We intend to pay ongoing regular quarterly cash dividends on our common stock. However, our board of directors may, in its sole discretion, change the amount or frequency of dividends or discontinue the payment of dividends entirely. In addition, our ability to pay dividends is restricted by certain covenants in our credit agreement, and because we are a holding company with no material direct operations, we are dependent on receiving cash from our operating subsidiaries to generate the funds from operations necessary to pay dividends on our common stock. We expect our subsidiaries will continue to generate significant cash flow necessary to maintain quarterly dividend payments on our common stock; however, their ability to generate funds will be subject to their operating results, cash requirements and financial condition, any applicable provisions of state law that may limit the amount of funds available to us, and compliance with covenants and financial ratios related to existing or future agreements governing any indebtedness at such subsidiaries and any limitations in other agreements such subsidiaries may have with third parties. In addition, each of the companies in our corporate chain must manage its assets, liabilities and working capital in order to meet all of their respective cash obligations. As a consequence of these various limitations and restrictions, future dividend payments may be reduced or eliminated. Any change in the level of our dividends or the suspension of the payment thereof could adversely affect the market price of our common stock.

• 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. We lease eleven of our destination resorts and The Park from a subsidiary of MGP pursuant to the master lease. The master lease has a term of ten

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years with up to four additional five-year extensions, subject to satisfaction of certain conditions. The master lease is commonly known as a triple-net lease. Accordingly, in addition to rent, we are required to pay the following, among other things: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor), (4) all capital expenditures, and (5) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. We are responsible for paying these expenses notwithstanding the fact that many of the benefits received in exchange for such costs shall accrue in part to MGP as owner of the associated facilities. In addition, if some of our leased facilities should prove to be unprofitable or experience other issues that would warrant ceasing operations, or if we should otherwise decide to exit a particular property, we would remain obligated for lease payments and other obligations under the master lease even if we decided to cease operations at those locations unless we are able to transfer the rights with respect to a particular property in accordance with the requirements of the master lease. Our ability to transfer our obligations under the master lease to a third-party with respect to individual properties, should we decide to withdraw from a particular location, is limited to non-Las Vegas properties and no more than two Las Vegas gaming properties, and is subject to identifying a willing third-party who meets the requirements for a transferee set forth in the master lease. We may be unable to find an appropriate transferee willingto assume the obligations under the master lease with respect to any such property. In addition, we could incur special charges relating to the closing of such facilities including sublease termination costs, impairment charges and other special charges that would reduce our net income and could have a material adverse effect on our business, financial condition and results of operations. Furthermore, our obligation to pay rent as well as the other costs described above is absolute in virtually all circumstances, regardless of the performance of the properties and other circumstances that might abate rent in leases that now place these risks on the tenant, such as certain events of casualty and condemnation.

• Any 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. We lease a substantial number of the properties that we operate and manage, which represents a significant portion of our operations, from MGP under the master lease. If MGP has financial, operational, regulatory or other challenges, there can be no assurance that MGP will be able to comply with its obligations under the master lease or its other agreements with us. Failure on the part of MGP to fulfill its commitments could have a material adverse effect on our business, financial condition and results of operations.

• James J. Murren, our Chairman, Daniel J. Taylor, one of our directors, and William J. Hornbuckle, and John M. McManus, members of our senior management, may have actual or potential conflicts of interest because of their positions at MGP. James J. Murren serves as our Chairman and as the Chairman of MGP. In addition, Daniel J. Taylor, one of our directors, is also a director of MGP and William J. Hornbuckle, and John M. McManus, members of our senior management, are also directors of MGP. While we have procedures in place to address such situations and the organizational documents with respect to MGP contain provisions that reduce or eliminate duties (including fiduciary duties) to any MGP shareholder to the fullest extent permitted by law, these overlapping positions could nonetheless create, or appear to create, potential conflicts of interest when our or MGP's management and directors pursue the same corporate opportunities, such as potential acquisition targets, or face decisions that could have different implications for us and MGP. Further, potential conflicts of interest could arise in connection with the resolution of any dispute between us and MGP (or its subsidiaries) regarding the terms of the agreements governing the separation and the relationship, between us and MGP, such as under the master lease. Potential conflicts of interest could also arise if we and MGP enter into any commercial or other adverse arrangements with each other in the future.

• Despite our ability to exercise control over the affairs of MGP as a result of our ownership of the single outstanding Class B share of MGP, 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, which could affect our ability to execute our operational and strategic objectives. We own the single outstanding Class B share of MGP. The Class B Share is a non-economic interest in MGP 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, and which represents a majority of the voting power of MGP’s shares so long as the holder of the Class B share 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%. We, therefore, have the ability to exercise significant control over MGP’s affairs, including control over the outcome of all matters submitted to MGP’s shareholders for approval.

MGP’s operating agreement, however, provides that whenever a potential conflict of interest exists or arises between us or any of our affiliates (other than MGP and its subsidiaries), on the one hand, and MGP or any of its subsidiaries, on the other hand, any resolution or course of action by MGP’s board of directors in respect of such conflict of interest shall be conclusively deemed to be fair and reasonable to MGP if it is (i) approved by a majority of a conflicts committee which consists solely of “independent” directors (which MGP refers to as “Special Approval”) (such independence determined in accordance with the NYSE’s listing standards, the standards established by the Exchange Act to serve on an audit committee of a board of directors and certain additional independence requirements in our operating agreement), (ii) determined by MGP’s board of directors to be fair and reasonable to MGP or (iii) approved by the affirmative vote of the holders of at least a majority of the voting power of MGP’s outstanding voting shares (excluding voting shares owned by us and our affiliates). Furthermore, MGP’s operating agreement provides that any transaction with a value, individually or in

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the aggregate, over $25 million between us or any of our affiliates (other than MGP and its subsidiaries), on the one hand, and MGP or any of its subsidiaries, on the other hand (any such transaction (other than the exercise of rights by us or any of our affiliates (other than MGP and its subsidiaries) under any of the material agreements entered into on the closing day of MGP’s formation transactions), a “Threshold Transaction”), shall be permitted only if (i) Special Approval is obtained or (ii) such transaction is approved by the affirmative vote of the holders of at least a majority of the voting power of MGP’s outstanding voting shares (excluding voting shares owned by us and our affiliates).

As a result, certain transactions, including any Threshold Transactions that we may want to pursue with MGP and that could have significant benefit to us may require Special Approval. There can be no assurance that the required approval will be obtained with respect to these transactions either from a conflicts committee comprised of independent MGP directors or the affirmative vote of a majority of the shares not held by us and our affiliates. The failure to obtain such requisite consent could materially affect our ability and the cost to execute our operational and strategic objectives.

• We have agreed not to have any interest or involvement in gaming businesses in China, Macau, Hong Kong and Taiwan, other than through MGM China. In connection with the initial public offering of MGM China, the holding company that indirectly owns and operates MGM Macau, we entered into a Deed of Non-Compete Undertakings with MGM China and Ms. Ho, Pansy Catilina Chiu King (“Ms. Ho”) pursuant to which we are restricted from having any interest or involvement in gaming businesses in the People’s Republic of China, Macau, Hong Kong and Taiwan, other than through MGM China. While gaming is currently prohibited in China, Hong Kong and Taiwan, if it is legalized in the future our ability to compete in these locations could be limited until the earliest of (i) March 31, 2020, (ii) the date MGM China’s ordinary shares cease to be listed on The Stock Exchange of Hong Kong Limited or (iii) the date when our ownership of MGM China shares is less than 20% of the then-issued share capital of MGM China.

• The Macau government can 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 2020, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. The Macau government has the right to unilaterally terminate the subconcession in the event of fundamental non-compliance by MGM Grand Paradise with applicable Macau laws or MGM Grand Paradise’s basic obligations under the subconcession contract. MGM Grand Paradise has the opportunity to remedy any such non-compliance with its fundamental obligations under the subconcession contract within a period to be stipulated by the Macau government. Upon such termination, all of MGM Grand Paradise’s casino area premises and gaming-related equipment would be transferred automatically to the Macau government without compensation to MGM Grand Paradise, and we would cease to generate any revenues from these operations. We cannot assure you that MGM Grand Paradise will perform all of its obligations under the subconcession contract in a way that satisfies the requirements of the Macau government.

Furthermore, under the subconcession contract, MGM Grand Paradise is obligated to comply with any laws and regulations that the Macau government might promulgate in the future. We cannot assure you that MGM Grand Paradise will be able to comply with these laws and regulations or that these laws and regulations would not adversely affect our ability to construct or operate our Macau businesses. If any disagreement arises between MGM Grand Paradise and the Macau government regarding the interpretation of, or MGM Grand Paradise’s compliance with, a provision of the subconcession contract, MGM Grand Paradise will be relying on a consultation and negotiation process with the Macau government. During any consultation or negotiation, MGM Grand Paradise will be obligated to comply with the terms of the subconcession contract as interpreted by the Macau government. Currently, there is no precedent concerning how the Macau government will treat the termination of a concession or subconcession upon the occurrence of any of the circumstances mentioned above. The loss of the subconcession would require us to cease conducting gaming operations in Macau, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

In addition, the subconcession contract expires on March 31, 2020. Unless the subconcession is extended, or legislation with regard to reversion of casino premises is amended, all of MGM Grand Paradise’s casino premises and gaming-related equipment will automatically be transferred to the Macau government on that date without compensation to us, and we will cease to generate any revenues from such gaming operations. Beginning on April 20, 2017, the Macau government may redeem the subconcession contract by providing us at least one year’s prior notice. In the event the Macau government exercises this redemption right, MGM Grand Paradise is entitled to fair compensation or indemnity. The amount of such compensation or indemnity will be determined based on the amount of gaming and non-gaming revenue generated by MGM Grand Paradise, excluding the convention and exhibition facilities, during the taxable year prior to the redemption, before deducting interest, depreciation and amortization, multiplied by the number of remaining years before expiration of the subconcession. We cannot assure you that MGM Grand Paradise will be able to renew or extend the subconcession contract on terms favorable to MGM Grand Paradise or at all. We also cannot assure you that if the subconcession is redeemed, the compensation paid to MGM Grand Paradise will be adequate to compensate for the loss of future revenues.

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• MGM Grand Paradise is dependent upon gaming promoters for a significant portion of gaming revenues in Macau. Gaming promoters, who promote gaming and draw high-end customers to casinos, are responsible for a significant portion of MGM Grand Paradise’s gaming revenues in Macau. With the rise in gaming in Macau and the recent reduction in the number of licensed gaming promoters in Macau and in the number of VIP rooms operated by licensed gaming promoters, the competition for relationships with gaming promoters has increased. While MGM Grand Paradise is undertaking initiatives to strengthen relationships with gaming promoters, there can be no assurance that it will be able to maintain, or grow, relationships with gaming promoters. In addition, continued reductions in, and new regulations governing, the gaming promoter segment may result in the closure of additional VIP rooms in Macau, including VIP rooms at MGM Macau and MGM Cotai. If MGM Grand Paradise is unable to maintain or grow relationships with gaming promoters, or if gaming promoters are unable to develop or maintain relationships with our high-end customers (or if, as a result of recent market conditions in Macau, gaming promoters encounter difficulties attracting patrons to come to Macau or experience decreased liquidity limiting their ability to grant credit to patrons), MGM Grand Paradise’s ability to grow gaming revenues will be hampered. Furthermore, if existing VIP rooms at MGM Macau and MGM Cotai are closed there can be no assurance that MGM Grand Paradise will be able to locate acceptable gaming promoters to run such VIP rooms in the future in a timely manner, or at all.

In addition, the quality of gaming promoters is important to MGM Grand Paradise’s and our reputation and ability to continue to operate in compliance with gaming licenses. While MGM Grand Paradise strives for excellence in associations with gaming promoters, we cannot assure you that the gaming promoters with whom MGM Grand Paradise is or becomes associated will meet the high standards insisted upon. If a gaming promoter falls below MGM Grand Paradise’s standards, MGM Grand Paradise or we may suffer reputational harm or possibly sanctions from gaming regulators with authority over our operations.

We also grant credit lines to certain gaming promoters and any adverse change in the financial performance of those gaming promoters may impact the recoverability of these loans.

• We are subject to taxation by various governments and agencies and the rate of taxation in the jurisdictions in which we operate could change in the future.We are subject to tax by various governments and agencies, both in the U.S. and in Macau. Changes in the rates of taxation, the amount of taxes we owe and the time when income is subject to taxation, the Macau income tax exemption or the imposition of foreign withholding taxes could increase our overall rate of taxation. Any of these changes could materially impact our business, financial condition, results of operations and cash flows.

• The future recognition of our foreign tax credit deferred tax asset is uncertain, and the amount of valuation allowance we may apply against such deferred tax asset may change materially in future periods. We currently have significant deferred tax assets resulting from foreign tax credit carryforwards that are available to reduce potential taxable foreign-sourced income in future periods, including the recapture of overall domestic losses to the extent of U.S. taxable income. We evaluate our foreign tax credit deferred tax asset for recoverability and record a valuation allowance to the extent that we determine it is not more likely than not such asset will be recovered. This evaluation is based on all available evidence, including assumptions concerning future U.S. operating profits and our interpretations of the U.S. Tax Cuts and Jobs Act (the “Tax Act”) based upon guidance issued to date. As a result, significant judgment is required in assessing the possible need for a valuation allowance and changes to our assumptions could result in a material change in the valuation allowance with a corresponding impact on the provision for income taxes in the period including such change.

• Extreme weather conditions or climate change may cause property damage or interrupt business, which could harm our business and results of operations. Certain of our casino properties are located in areas that may be subject to extreme weather conditions, including, but not limited to, hurricanes in the United States and severe typhoons in Macau. Such extreme weather conditions may interrupt our operations, damage our properties, and reduce the number of customers who visit our facilities in such areas. In addition, our operations could be adversely impacted by a drought or other cause of water shortage. A severe drought of extensive duration experienced in Las Vegas or in the other regions in which we operate could adversely affect our business and results of operations. Although we maintain both property and business interruption insurance coverage for certain extreme weather conditions, such coverage is subject to deductibles and limits on maximum benefits, including limitation on the coverage period for business interruption, and we cannot assure you that we will be able to fully insure such losses or fully collect, if at all, on claims resulting from such extreme weather conditions. Furthermore, such extreme weather conditions may interrupt or impede access to our affected properties and may cause visits to our affected properties to decrease for an indefinite period, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

• Because a significant number of our major gaming resorts are concentrated on the Las Vegas Strip, we are subject to greater risks than a gaming company that is more geographically diversified. Given that a significant number of our major resorts are concentrated on the Las Vegas Strip, our business may be significantly affected by risks common to the Las Vegas tourism industry. For example, the cost and availability of air services and the impact of any events that disrupt air

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travel to and from Las Vegas can adversely affect our business. We cannot control the number or frequency of flights to or from Las Vegas, but we rely on air traffic for a significant portion of our visitors. Reductions in flights by major airlines as a result of higher fuel prices or lower demand can impact the number of visitors to our resorts. Additionally, there is one principal interstate highway between Las Vegas and Southern California, where a large number of our customers reside. Capacity constraints of that highway or any other traffic disruptions may also affect the number of customers who visit our facilities.

• We extend credit to a large portion of our customers and we may not be able to collect gaming receivables. We conduct a portion of our gaming activities on a credit basis through the issuance of markers which are unsecured instruments. Table games players typically are issued more markers than slot players, and high-end players typically are issued more markers than patrons who tend to wager lower amounts. High-end gaming is more volatile than other forms of gaming, and variances in win-loss results attributable to high-end gaming may have a significant positive or negative impact on cash flow and earnings in a particular quarter. Furthermore, the loss or a reduction in the play of the most significant of these high-end customers could have an adverse effect on our business, financial condition, results of operations and cash flows. We issue markers to those customers whose level of play and financial resources warrant, in the opinion of management, an extension of credit. In addition, MGM Grand Paradise extends credit to certain gaming promoters and those promoters can extend credit to their customers. Uncollectible receivables from high-end customers and gaming promoters could have a significant impact on our results of operations.

While gaming debts evidenced by markers and judgments on gaming debts are enforceable under the current laws of Nevada, and Nevada judgments on gaming debts are enforceable in all states under the Full Faith and Credit Clause of the U.S. Constitution, other jurisdictions may determine that enforcement of gaming debts is against public policy. Although courts of some foreign nations will enforce gaming debts directly and the assets in the U.S. of foreign debtors may be reached to satisfy a judgment, judgments on gaming debts from United States courts are not binding on the courts of many foreign nations.

Furthermore, we expect that MGM China will be able to enforce its gaming debts only in a limited number of jurisdictions, including Macau. To the extent MGM China gaming customers and gaming promoters are from other jurisdictions, MGM China may not have access to a forum in which it will be able to collect all of its gaming receivables because, among other reasons, courts of many jurisdictions do not enforce gaming debts and MGM China may encounter forums that will refuse to enforce such debts. Moreover, under applicable law, MGM China remains obligated to pay taxes on uncollectible winnings from customers.

Even where gaming debts are enforceable, they may not be collectible. Our inability to collect gaming debts could have a significant negative impact on our operating results.

• We may incur impairments to goodwill, indefinite-lived intangible assets, or long-lived assets which could negatively affect our future profits. We review our goodwill, intangible assets and long-lived assets on an annual basis and during interim reporting periods in accordance with the authoritative guidance. Significant negative trends, reduced estimates of future cash flows, disruptions to our business, slower growth rates or lack of growth have resulted in write-downs and impairment charges in the past and, if one or more of such events occurs in the future, additional impairment charges or write-downs may be required in future periods. If we are required to record additional impairment charges or write-downs, this could have a material adverse impact on our consolidated results of operations.

• Leisure and business travel, especially travel by air, are particularly susceptible to global geopolitical events, such as terrorist attacks, other acts of violence or acts of war or hostility. We are dependent on the willingness of our customers to travel by air. Since most of our customers travel by air to our Las Vegas and Macau properties, any terrorist act or other acts of violence, outbreak of hostilities, escalation of war, or any actual or perceived threat to the security of travel by air could adversely affect our financial condition, results of operations and cash flows. Furthermore, although we have been able to purchase some insurance coverage for certain types of terrorist acts, insurance coverage against loss or business interruption resulting from war and some forms of terrorism continues to be unavailable.

• Co-investing in our properties, including our investment in CityCenter, decreases our ability to manage risk. In addition to acquiring or developing hotels and resorts or acquiring companies that complement our business directly, we have from time to time invested, and expect to continue to invest, as a co-investor. Co-investors often have shared control over the operation of the property. Therefore, the operation of such properties is subject to inherent risk due to the shared nature of the enterprise and the need to reach agreements on material matters. In addition, investments with other investors may involve risks such as the possibility that the co-investor might become bankrupt or not have the financial resources to meet its obligations, or have economic or business interests or goals that are inconsistent with our business interests or goals, or be in a position to take action contrary to our instructions or requests or contrary to our policies or objectives. Consequently, actions by a co-investor might subject hotels and resorts owned by such entities to additional risk. Further, we may be unable to take action without the approval of our co-investors. Alternatively, our co-investors could take actions

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binding on the property without our consent. Additionally, should a co-investor become bankrupt, we could become liable for its share of liabilities.

For instance, CityCenter, which is 50% owned and managed by us, has a significant amount of indebtedness, which could adversely affect its business and its ability to meet its obligations. If CityCenter is unable to meet its financial commitments and we and our co-investor are unable to support future funding requirements, as necessary, such event could have adverse financial consequences to us. In addition, the agreements governing CityCenter’s indebtedness subject CityCenter and its subsidiaries to significant financial and other restrictive covenants, including restrictions on its ability to incur additional indebtedness, place liens upon assets, make distributions to us, make certain investments, consummate certain asset sales, enter into transactions with affiliates (including us) and merge or consolidate with any other person or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets. The CityCenter credit facility also includes certain financial covenants that require CityCenter to maintain a maximum total net leverage ratio (as defined in CityCenter’s credit facility) for each quarter. We cannot be sure that CityCenter will be able to meet this test in the future or that the lenders will waive any failure to meet the test.

• Any of our future construction, development or expansion projects will be subject to significant development and construction risks, which could have a material adverse impact on related project timetables, costs and our ability to complete the projects.

Any of our future construction, development or expansion projects will be subject to a number of risks, including:

• lack of sufficient, or delays in the availability of, financing;

• changes to plans and specifications;

• engineering problems, including defective plans and specifications;

• shortages of, and price increases in, energy, materials and skilled and unskilled labor, and inflation in key supply markets;

• delays in obtaining or inability to obtain necessary permits, licenses and approvals;

• changes in laws and regulations, or in the interpretation and enforcement of laws and regulations, applicable to gaming, leisure, residential, real estate development or construction projects;

• labor disputes or work stoppages;

• availability of qualified contractors and subcontractors;

• disputes with and defaults by contractors and subcontractors;

• personal injuries to workers and other persons;

• environmental, health and safety issues, including site accidents and the spread of viruses;

• weather interferences or delays;

• fires, typhoons and other natural disasters;

• geological, construction, excavation, regulatory and equipment problems; and

• other unanticipated circumstances or cost increases.

The occurrence of any of these development and construction risks could increase the total costs, delay or prevent the construction, development, expansion or opening or otherwise affect the design and features of any future projects which we might undertake. In addition, the regulatory approvals associated with our development projects may require us to open future casino resorts by a certain specified time and to the extent we are unable to meet those deadlines, and any such deadlines are not extended, we may lose our regulatory approval to open a casino resort in a proposed jurisdiction, or incur payment penalties in connection with any delays which could have an adverse effect on our results of operations and financial condition.

We also make significant capital expenditures to maintain and upgrade our resorts, which may disrupt operations and displace revenue at the properties, including revenue lost while rooms, restaurants and meeting spaces are under renovation and out of service.

• Our insurance coverage may not be adequate to cover all possible losses that our properties could suffer. In addition, our insurance costs may increase and we may not be able to obtain similar insurance coverage in the future. Although we have “all risk” property insurance coverage for our operating properties, which covers damage caused by a casualty loss (such as fire, natural disasters, acts of war, or terrorism or other acts of violence), each policy has certain exclusions. In addition, our property insurance coverage is in an amount that may be significantly less than the expected replacement cost of rebuilding the facilities if there was a total loss. Our level of insurance coverage also may not be adequate to cover all losses in the event of a major casualty. In addition, certain casualty events, such as labor strikes, nuclear events, acts of war, loss of income due to cancellation of room reservations or conventions due to fear of terrorism or other acts of violence, loss of electrical power due to catastrophic events, rolling blackouts or otherwise, deterioration or corrosion, insect or animal

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damage, and pollution, may not be covered at all under our policies. Therefore, certain acts could expose us to substantial uninsured losses.

In addition to the damage caused to our properties by a casualty loss, we may suffer business disruption as a result of these events or be subject to claims by third parties that may be injured or harmed. While we carry business interruption insurance and general liability insurance, this insurance may not be adequate to cover all losses in any such event.

We renew our insurance policies (other than our builder’s risk insurance) on an annual basis. The cost of coverage may become so high that we may need to further reduce our policy limits, further increase our deductibles, or agree to certain exclusions from our coverage.

• Any failure to protect our trademarks could have a negative impact on the value of our brand names and adversely affect our business. The development of intellectual property is part of our overall business strategy, and we regard our intellectual property to be an important element of our success. While our business as a whole is not substantially dependent on any one trademark or combination of several of our trademarks or other intellectual property, we seek to establish and maintain our proprietary rights in our business operations through the use of trademarks. We file applications for, and obtain trademarks in, the United States and in foreign countries where we believe filing for such protection is appropriate. Despite our efforts to protect our proprietary rights, parties may infringe our trademarks and our rights may be invalidated or unenforceable. The laws of some foreign countries do not protect proprietary rights to as great an extent as the laws of the United States. Monitoring the unauthorized use of our intellectual property is difficult. Litigation may be necessary to enforce our intellectual property rights or to determine the validity and scope of the proprietary rights of others. Litigation of this type could result in substantial costs and diversion of resource. We cannot assure you that all of the steps we have taken to protect our trademarks in the United States and foreign countries will be adequate to prevent imitation of our trademarks by others. The unauthorized use or reproduction of our trademarks could diminish the value of our brand and its market acceptance, competitive advantages or goodwill, which could adversely affect our business.

• We are subject to risks associated with doing business outside of the United States. Our operations outside of the United States are subject to risks that are inherent in conducting business under non-United States laws, regulations and customs. In particular, the risks associated with the operation of MGM China or any future operations in which we may engage in any other foreign territories, include:

• changes in laws and policies that govern operations of companies in Macau or other foreign jurisdictions;

• changes in non-United States government programs;

• possible failure by our employees or agents to comply with anti-bribery laws such as the United States Foreign Corrupt Practices Act and similar anti-bribery laws in other jurisdictions;

• general economic conditions and policies in China, including restrictions on travel and currency movements;

• difficulty in establishing, staffing and managing non-United States operations;

• different labor regulations;

• changes in environmental, health and safety laws;

• outbreaks of diseases or epidemics;

• potentially negative consequences from changes in or interpretations of tax laws;

• political instability and actual or anticipated military and political conflicts;

• economic instability and inflation, recession or interest rate fluctuations; and

• uncertainties regarding judicial systems and procedures.

These risks, individually or in the aggregate, could have an adverse effect on our results of operations and financial condition.

We are also exposed to a variety of market risks, including the effects of changes in foreign currency exchange rates. If the United States dollar strengthens in relation to the currencies of other countries, our United States dollar reported income from sources where revenue is denominated in the currencies of other such countries will decrease.

• Any violation of the Foreign Corrupt Practices Act or any other similar anti-corruption laws could have a negative impact on us. A significant portion of our revenue is derived from operations outside the United States, which exposes us to complex foreign and U.S. regulations inherent in doing cross-border business and in each of the countries in which we transact business. We are subject to compliance with the United States Foreign Corrupt Practices Act (“FCPA”) and other similar anti-corruption laws, which generally prohibit companies and their intermediaries from making improper payments to foreign government officials for the purpose of obtaining or retaining business. While our employees and agents are required to comply with these laws, we cannot be sure that our internal policies and procedures will always protect us from violations of these laws, despite our commitment to legal compliance and corporate ethics. Violations of these laws by us or our non-controlled ventures may result in severe criminal and civil sanctions as well as other penalties against us, and the SEC and U.S. Department of Justice continue to vigorously pursue enforcement of the FCPA. The occurrence or allegation

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of these types of risks may adversely affect our business, performance, prospects, value, financial condition, and results of operations.

• We face risks related to pending claims that have been, or future claims that may be, brought against us. Claims have been brought against us and our subsidiaries in various legal proceedings, and additional legal and tax claims arise from time to time. We may not be successful in the defense or prosecution of our current or future legal proceedings, which could result in settlements or damages that could significantly impact our business, financial condition, results of operations and reputation. Please see the further discussion in “Legal Proceedings” and Note 11 in the accompanying consolidated financial statements.

• A significant portion of our labor force is covered by collective bargaining agreements. Work stoppages and other labor problems could negatively affect our business and results of operations. As of December 31, 2018, approximately 39,000 of our employees are covered by collective bargaining agreements. In January 2019, we acquired operations in New York that employ approximately 1,000 employees, a portion of which are covered by collective bargaining agreements. We anticipate several of these agreements will be negotiated in 2019. Also, in July 2018, MGP acquired its property in Northfield, Ohio, which continues to be operated (on behalf of MGP) by an affiliate of Hard Rock International (STP), Inc. MGM expects to acquire these operations in the first half of 2019, subject to certain customary closing conditions.  The Ohio operation has employees covered by collective bargaining agreements, several of which we anticipate will be negotiated in 2019. A prolonged dispute with the covered employees or any labor unrest, strikes or other business interruptions in connection with labor negotiations or others could have an adverse impact on our operations. Further, adverse publicity in the marketplace related to union messaging could further harm our reputation and reduce customer demand for our services. Also, wage and/or benefit increases resulting from new labor agreements may be significant and could also have an adverse impact on our results of operations. To the extent that our non-union employees join unions, we would have greater exposure to risks associated with labor problems. Furthermore, we may have, or acquire in the future, multi-employer plans that are classified as “endangered,” “seriously endangered,” or “critical” status. For instance, Borgata’s most significant plan is the Legacy Plan of the National Retirement Fund (which spun-off into a newly established fund as of January 1, 2018), which has been listed in “critical status” and is subject to a rehabilitation plan. Plans in these classifications must adopt measures to improve their funded status through a funding improvement or rehabilitation plan, which may require additional contributions from employers (which may take the form of a surcharge on benefit contributions) and/or modifications to retiree benefits. In addition, while Borgata has no current intention to withdraw from these plans, a withdrawal in the future could result in the incurrence of a contingent liability that would be payable in an amount and at such time (or over a period of time) that would vary based on a number of factors at the time of (and after) withdrawal. Any such additional costs may be significant.

• Our business is particularly sensitive to energy prices and a rise in energy prices could harm our operating results. We are a large consumer of electricity and other energy and, therefore, higher energy prices may have an adverse effect on our results of operations. Accordingly, increases in energy costs may have a negative impact on our operating results. Additionally, higher electricity and gasoline prices that affect our customers may result in reduced visitation to our resorts and a reduction in our revenues.

• The failure to maintain the integrity of our computer systems and customer information could result in damage to our reputation and/or subject us to fines, payment of damages, lawsuits and restrictions on our use of data. We collect and process information relating to our employees, guests, and others for various business purposes, including marketing and promotional purposes. The collection and use of personal data are governed by privacy laws and regulations enacted by the various states, the United States and other jurisdictions around the world. Privacy laws and regulations continue to evolve and on occasion may be inconsistent between jurisdictions. Various federal, state and foreign legislative or regulatory bodies may enact or adopt new or additional laws and regulations concerning privacy, data retention, data transfer, and data protection. For example, the European Union has adopted a data protection regulation known as the General Data Protection Regulation, which became fully enforceable in May 2018, that includes operational and compliance requirements with significant penalties for non-compliance. In addition, California has enacted a new privacy law, known as the California Consumer Privacy Act of 2018, which takes effect in 2020 and provides some of the strongest privacy requirements in the United States.

Compliance with applicable privacy laws and regulations may increase our operating costs and/or adversely impact our ability to market our products, properties and services to our guests. In addition, non-compliance with applicable privacy laws and regulations by us (or in some circumstances non-compliance by third parties engaged by us), including accidental loss, inadvertent disclosure, unapproved dissemination or a breach of security on systems storing our data may result in damage to our reputation and/or subject us to fines, payment of damages, lawsuits or restrictions on our use or transfer of data. We rely on proprietary and commercially available systems, software, and tools to provide security for processing of customer and employee information, such as payment card and other confidential or proprietary information. Our data security measures are reviewed and evaluated regularly; however, they might not protect us against increasingly sophisticated and aggressive threats including, but not limited to, computer malware, viruses, hacking and phishing attacks by third parties. In addition, while we maintain cyber risk insurance to assist in the cost of recovery from a significant cyber event, such coverage may not be sufficient.

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We also rely extensively on computer systems to process transactions, maintain information and manage our businesses. Disruptions in the availability of our computer systems, through cyber-attacks or otherwise, could impact our ability to service our customers and adversely affect our sales and the results of operations. For instance, there has been an increase in criminal cyber security attacks against companies where customer and company information has been compromised and company data has been destroyed. Our information systems and data, including those we maintain with our third-party service providers, may be subject to cyber security breaches in the future. In addition, our third-party information system service providers face risks relating to cyber security similar to ours, and we do not directly control any of such parties’ information security operations. A significant theft, loss or fraudulent use of customer or company data maintained by us or by a third-party service provider could have an adverse effect on our reputation, cause a material disruption to our operations, and result in remediation expenses, regulatory penalties and litigation by customers and other parties whose information was subject to such attacks, all of which could have a material adverse effect on our business, results of operations and cash flows.

• We are subject to risks related to corporate social responsibility and reputation. Many factors influence our reputation and the value of our brands including the perception held by our customers, business partners, other key stakeholders and the communities in which we do business. Our business faces increasing scrutiny related to environmental, social and governance activities and risk of damage to our reputation and the value of our brands if we fail to act responsibly in a number of areas, such as diversity and inclusion, environmental stewardship, supply chain management, climate change, workplace conduct, human rights, philanthropy and support for local communities. Any harm to our reputation could impact employee engagement and retention and the willingness of customers and our partners to do business with us, which could have a material adverse effect on our business, results of operations and cash flows.

• We may seek to expand through investments in other businesses and properties or through alliances or acquisitions, and we may also seek to divest some of our properties and other assets, any of which may be unsuccessful. We intend to consider strategic and complementary acquisitions and investments in other businesses, properties or other assets. Furthermore, we may pursue any of these opportunities in alliance with third parties, including MGP. Acquisitions and investments in businesses, properties or assets, as well as these alliances, are subject to risks that could affect our business, including risks related to:

• spending cash and incurring debt;

• assuming contingent liabilities;

• unanticipated issues in integrating information, communications and other systems;

• unanticipated incompatibility of purchasing, logistics, marketing and administration methods;

• retaining key employees; and

• consolidating corporate and administrative infrastructures.

We cannot assure you that we will be able to identify opportunities or complete transactions on commercially reasonable terms or at all, or that we will actually realize any anticipated benefits from such acquisitions, investments or alliances. In addition, even if we are able to successfully integrate new assets and businesses, the integration of such assets and businesses may result in unanticipated costs, competitive responses, loss or customer or other business relationships and the diversion of management attention.

In addition, we periodically review our business to identify properties or other assets that we believe either are non-core, no longer complement our business, are in markets which may not benefit us as much as other markets or could be sold at significant premiums. From time to time, we may attempt to sell these identified properties and assets. There can be no assurance, however, that we will be able to complete dispositions on commercially reasonable terms or at all.

• If the jurisdictions in which we operate increase gaming taxes and fees, our results could be adversely affected.State and local authorities raise a significant amount of revenue through taxes and fees on gaming activities. From time to time, legislators and government officials have proposed changes in tax laws, or in the administration of such laws, affecting the gaming industry. Periods of economic downturn or uncertainty and budget deficits may intensify such efforts to raise revenues through increases in gaming taxes. If the jurisdictions in which we operate were to increase gaming taxes or fees, depending on the magnitude of the increase and any offsetting factors, our financial condition and results of operations could be materially adversely affected. For instance, income generated from gaming operations of MGM Grand Paradise currently has the benefit of a corporate tax exemption in Macau, which exempts us from paying the 12% complementary tax on profits generated by the operation of casino games. This exemption is effective through March 31, 2020, which also runs concurrent with the end of the term of the current gaming subconcession. Due to the uncertainty concerning taxation after the subconcession renewal process, we cannot assure you that any extensions of the tax exemption will be granted beyond March 31, 2020.

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• Conflicts of interest may arise because certain of our directors and officers are also directors of MGM China, the holding company for MGM Grand Paradise which owns and operates MGM Macau and MGM Cotai. As a result of the initial public offering of shares of MGM China common stock in 2011, MGM China has stockholders who are not affiliated with us, and we and certain of our officers and directors who also serve as officers and/or directors of MGM China may have conflicting fiduciary obligations to our stockholders and to the minority stockholders of MGM China. Decisions that could have different implications for us and MGM China, including contractual arrangements that we have entered into or may in the future enter into with MGM China, may give rise to the appearance of a potential conflict of interest or an actual conflict of interest.

ITEM 1B.   UNRESOLVED STAFF COMMENTS

None.

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ITEM 2. PROPERTIES

The location and general characteristics of our properties are provided in Part I, Item 1. Business. Our significant land holdings are described below; unless otherwise indicated, all properties are indirectly owned by us. We also own or lease various other improved and unimproved properties in Las Vegas and other locations in the United States and certain foreign countries.

Domestic land holdings

The following table lists certain of our domestic land holdings on a consolidated basis as of December 31, 2018, including land and ground leases held by a subsidiary of the Operating Partnership, which we lease pursuant to the terms of the master lease. 

	Approximate
Name and Location	Acres	Notes
Las Vegas Strip Resorts
Bellagio	77	Approximately two acres of the site are subject to two ground leases.
MGM Grand Las Vegas	102
Mandalay Bay	124
The Mirage	77
Luxor	73	Includes 15 acres of land located across the Las Vegas Strip from Luxor.
Excalibur	51
New York-New York	23	Includes three acres of land related to The Park entertainment district development located between Park MGM and New York-New York.
Park MGM	21
Circus Circus Las Vegas	102	Includes approximately 34 acres of land located north of Circus Circus Las Vegas.
Regional Operations
MGM Grand Detroit (Detroit, Michigan)	27
Beau Rivage (Biloxi, Mississippi)	42	10 acres are subject to a tidelands lease.
Gold Strike (Tunica, Mississippi)	24
MGM National Harbor (Prince George's County, Maryland)	23	All 23 acres are subject to a ground lease.
Borgata (Atlantic City, New Jersey)	46	11 acres are subject to ground leases.
MGM Springfield (Springfield, Massachusetts)	14
Other
Hard Rock Rocksino Northfield Park (Northfield, Ohio)	113

The land and substantially all of the assets of MGM Grand Las Vegas and Bellagio secure the obligations under our senior credit facility. In addition, the senior credit facility is secured by a pledge of the equity or limited liability company interests of the subsidiaries that own MGM Grand Las Vegas and Bellagio.

MGM China

MGM Macau occupies an approximately 10-acre site and MGM Cotai occupies an approximately 18-acre site, both of which are possessed under separate land concession agreements with the Macau government. The MGM China credit facility is secured by MGM Grand Paradise’s interest in the MGM Cotai and MGM Macau land concessions, and MGM China, MGM Grand Paradise and their guarantor subsidiaries have granted a security interest in substantially all of their assets to secure the facility. The credit facility borrowings are non-recourse to us. See Note 9 to the accompanying consolidated financial statements for additional discussion on long-term debt.

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Operating Partnership

Pursuant to a master lease agreement between a subsidiary of the Company and a subsidiary of the Operating Partnership (the “landlord”), 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, and MGM National Harbor are leased from a subsidiary of the Operating Partnership. The land and substantially all of the assets of MGP’s properties including the Hard Rock Rocksino Northfield Park, other than MGM National Harbor and Empire City, secure the obligations under the Operating Partnership’s credit agreement. These borrowings are non-recourse to us. See Note 9 to the accompanying consolidated financial statements for additional discussion on long-term debt.

Other than as described above, none of our properties are subject to any major encumbrance.

ITEM 3. 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 based on assertions that we and/or certain of our subsidiaries were negligent. We also received letters from attorneys purporting to represent other persons with claims related to the October 1, 2017 shooting. Lawsuits were first filed in October 2017 and include actions filed by multiple individuals in the District Court of Clark County, Nevada and in the Superior Court of Los Angeles County, California. Some of the original actions have been voluntarily dismissed, and plaintiffs’ counsel indicate they anticipate re-filing the lawsuits in similar form. In June 2018, we removed to federal court all actions that remained pending in California and Nevada state courts following the voluntary dismissals. Motions to remand have been filed in several cases, and we anticipate that there may be additional motions to remand filed in the future. 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. In February of 2019, we and plaintiffs’ counsel commenced mediation of these matters.  The above-described litigation currently is stayed pending mediation.

We are currently unable to reliably predict the future developments in, outcome of, and economic costs and other consequences of pending or future 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 these 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 the part of us or any of our affiliates. Given that these cases are 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. In the event we incur any liability, we believe it is unlikely we would incur losses in connection with these claims in excess of our insurance coverage. 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. In addition, 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 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Common Stock Information

Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “MGM.”

There were approximately 3,657 record holders of our common stock as of February 22, 2019.

Dividend Policy

The Company implemented a dividend program in February 2017 pursuant to which it has paid regular quarterly dividends. The amount, declaration and payment of any future dividends will be subject to the discretion of our Board of Directors who will evaluate our dividend policy from time to time based on factors it deems relevant, and the contractual limitations described below. In addition, as a holding company with no independent operations, our ability to pay dividends will depend upon the receipt of cash from our operating subsidiaries to generate the funds from operations necessary to pay dividends on our common stock. Furthermore, our senior credit facility contains financial covenants and restrictive covenants that could restrict our ability to pay dividends, subject to certain exceptions. In addition, the Operating Partnership and MGM China credit facilities each contain limitations on the ability of the applicable subsidiary under each credit agreement to pay dividends to us. There can be no assurance that we will continue to pay dividends in the future.

Purchases of Equity Securities by the Issuer

The following table provides information about share repurchases made by the Company of its common stock during the quarter ended December 31, 2018:

					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)
October 1, 2018 — October 31, 2018		5,968,406	$	25.13		5,968,406	$	1,389,031
November 1, 2018 — November 30, 2018		—	$	—		—	$	1,389,031
December 1, 2018 — December 31, 2018		—	$	—		—	$	1,389,031

On May 10, 2018, the Company announced that its Board of Directors had adopted a $2.0 billion stock repurchase program, and that the previously announced $1.0 billion stock repurchase program had been completed. All repurchases under the stock repurchase program are made from time to time at the Company’s discretion 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. Repurchases under the program may be suspended or discontinued at any time. All shares repurchased by the Company during the quarter ended December 31, 2018 were purchased pursuant to the Company’s publicly announced stock repurchase programs and have been retired.

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PERFORMANCE GRAPH

The graph below matches our cumulative Five-Year total shareholder return on common stock with the cumulative total returns of the Dow Jones US Total Return index, the S&P 500 index and the Dow Jones US Gambling index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends as required by the SEC) from December 31, 2013 to December 31, 2018. The return shown on the graph is not necessarily indicative of future performance.

The following performance graph shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, nor shall this information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate it by reference into a filing.

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ITEM 6. SELECTED FINANCIAL DATA

The following reflects selected historical financial data that should be read in conjunction with “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. The historical results are not necessarily indicative of the results of operations to be expected in the future.

	2018		2017		2016		2015			2014
	(In thousands, except per share data)
Net revenues	$	11,763,096	$	10,797,479	$	9,478,269	$	9,179,590		$	10,081,984
Operating income (loss)		1,469,486		1,712,527		2,078,199		(152,838	)		1,323,538
Net income (loss)		583,894		2,088,184		1,235,846		(1,037,444	)		127,178
Net income (loss) attributable to MGM Resorts    International		466,772		1,952,052		1,100,408		(445,515	)		(149,873	)
Earnings per share:
Basic:
Net income (loss) per share	$	0.82	$	3.38	$	1.94	$	(0.82	)	$	(0.31	)
Weighted average common shares		544,253		572,253		568,134		542,873			490,875
Diluted:
Net income (loss) per share	$	0.81	$	3.34	$	1.92	$	(0.82	)	$	(0.31	)
Weighted average common shares		549,536		578,795		573,317		542,873			490,875
Dividends declared per common share	$	0.48	$	0.44	$	—	$	—		$	—
At-year end:
Total assets	$	30,210,706	$	29,160,042	$	28,174,400	$	25,215,178		$	26,593,914
Total debt, including capital leases		15,153,203		12,922,712		13,000,792		12,713,416			14,063,563
Stockholders' equity		10,469,791		11,611,124		9,941,957		7,764,427			7,628,274
MGM Resorts International stockholders' equity		6,512,283		7,577,061		6,192,825		5,119,927			4,090,917
MGM Resorts International stockholders' equity per share	$	12.35	$	13.38	$	10.79	$	9.06		$	8.33
Number of shares outstanding		527,480		566,276		574,124		564,839			491,292

The following events/transactions affect the year-to-year comparability of the selected financial data presented above:

Acquisitions, Dispositions, and Significant Transactions

• In 2015, we recorded a gain of $23 million related to the sale of Circus Circus Reno and our 50% interest in Silver Legacy and associated real property.

• In 2016, we recorded a $401 million gain for our share of CityCenter’s gain on the sale of the Shops at Crystals (“Crystals”).

• In 2016, we received net proceeds of $1.1 billion in connection with MGP’s IPO.

• In 2016, we recorded a gain of $430 million on our acquisition of Boyd Gaming’s ownership interest in Borgata on August 1, 2016, and began to consolidate Borgata beginning on that date.

• In 2016, we opened MGM National Harbor.

• In 2018, we opened MGM Cotai and MGM Springfield; MGP acquired Northfield.

• In 2018, we recorded a gain of $45 million related to the sale of our 50% ownership interest in Grand Victoria.

Other

• In 2014, we recorded an impairment charge of $29 million related to our investment in Grand Victoria.

• In 2015, we recorded a goodwill impairment charge of $1.5 billion at MGM China and a $17 million impairment charge related to our investment in Grand Victoria.

• In 2015, we recorded an $80 million gain for our share of CityCenter’s gain resulting from the final resolution of its construction litigation and related settlements.

• In 2016, we recorded a $67 million loss on early retirement of debt.

• In 2016, we recorded a $152 million expense related to our strategic decision to exit the fully bundled sales system of NV Energy. In 2017, we then recorded a gain of $45 million related to the NV Energy exit fee modification.

• In 2017, we recorded a $44 million loss on early retirement of debt.

• In 2017, we recorded a gain of $36 million related to the Borgata property tax settlement.

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• In 2017, we recorded a $1.4 billion tax benefit related to the enactment of the U.S. Tax Cuts and Jobs Act (“Tax Act”). In 2018, we then recorded a $20 million tax expense related to the Tax Act.

• In 2018, we received $24 million in business interruption insurance proceeds related to the October 1, 2017 shooting in Las Vegas.

Additionally, on January 1, 2018, we adopted ASC 606, “Revenue from Contracts with Customers (Topic 606)” on a full retrospective basis. Accordingly, financial data as of and for the years ended December 31, 2018, 2017, and 2016, and the income statement data for the years ended December 31, 2018, 2017, 2016 and 2015, reflect such adoption.  

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Executive Overview

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 and repay debt financings. 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.

Our results of operations are affected by decisions we make related to our capital allocation, our access to capital and our cost of capital. While we continue to be focused on improving our financial position and returning capital to shareholders, we are also dedicated to capitalizing on strategic development or initiatives.

During the year ended December 31, 2018, Las Vegas visitor volume decreased 0.2%, Las Vegas Strip REVPAR increased 1% and Las Vegas Strip gaming revenue increased by 2% compared to the prior year period according to information published by the Las Vegas Convention and Visitors Authority. Results of operations for our Las Vegas Strip Resorts during 2018 were negatively impacted by disruption related to the repositioning and rebranding of Park MGM, discussed below.

Our Regional Operations results are driven and affected by the increasingly competitive jurisdictions that they operate in, including the expansion of other jurisdictions that permit gaming. Results of operations at our Regional Operations were negatively affected by the opening of two casino resorts in Atlantic City, New Jersey in June 2018, which impacted Borgata’s operating results, and benefitted from the opening of MGM Springfield in August 2018, discussed below.

Gross gaming revenue in the Macau market increased 14% in 2018 compared to 2017, primarily as a result of growth on the Cotai Strip. Additionally, according to statistics published by the Statistics and Census Service of the Macau Government, visitor arrivals increased 10% and overnight visitors increased 7% in 2018 compared to 2017. As a significant number of MGM Macau’s customers are from mainland China, we believe operating results at MGM Macau are affected by economic conditions in mainland China as well as certain policy initiatives enacted in mainland China and Macau. Despite concerns over the sustainability of economic growth in China, we expect the Macau market to grow on a long-term basis due to further development and penetration of the mainland China market and infrastructure improvements expected to facilitate more convenient travel to and within Macau. We believe recent trends reflect stabilization and growth within the Macau market as gross gaming revenue has increased consistently over the last several years. Additionally, we have seen growth due to the opening of MGM Cotai in February 2018.

Pursuant to a master lease agreement between the tenant and 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, and MGM National Harbor from the landlord. See Note 1 in the accompanying consolidated financial statements for information regarding MGP and the Operating Partnership, which we consolidate in our financial statements, and Note 17 in the accompanying consolidated financial statements for information regarding the master lease with MGP. All intercompany transactions, including transactions under the master lease, have been eliminated in consolidation.

In July 2018, MGP completed its acquisition of the membership interests of Northfield, an Ohio limited liability company that owns the real estate assets and operations of the Hard Rock Rocksino Northfield Park. Simultaneously with the close of the transaction, MGP entered into a new agreement with an affiliate of Hard Rock Café International (STP), Inc. to continue to serve as the manager of the property. See Note 4 and Note 17 in the accompanying financial statements for information regarding this acquisition, the Empire City Acquisition, the Northfield OpCo sale, and the Park MGM Lease Transaction.

In January 2019, we announced the implementation of 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 in aggregate, consisting of $200 million by the end of 2020 and an additional $100 million by the end of 2021. The MGM 2020 plan will be a company-wide, business-optimization initiative aimed to leverage a more centralized organization to maximize profitability and, through key investments in technology, lay the groundwork for our digital transformation to drive revenue growth.

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Key Performance Indicators

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.

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 2.7% to 3.3% of turnover. Win for main floor gaming operations at MGM China is typically in the range of 16% to 22% of table games drop.

Results of Operations

The following discussion is based on our consolidated financial statements for the years ended December 31, 2018, 2017 and 2016.

Summary Financial Results

The following table summarizes our operating results:

	Year Ended December 31,
	2018		2017		2016
	(In thousands)
Net revenues	$	11,763,096	$	10,797,479	$	9,478,269
Operating income		1,469,486		1,712,527		2,078,199
Net income		583,894		2,088,184		1,235,846
Net income attributable to MGM Resorts International		466,772		1,952,052		1,100,408

Summary Operating Results

Consolidated net revenues for 2018 increased 9% compared to 2017 due primarily to the opening of MGM Cotai on February 13, 2018 and the opening of MGM Springfield on August 24, 2018. Consolidated net revenues for 2017 increased 14% compared to 2016 due primarily to the full year of operations at Borgata and MGM National Harbor, an increase in casino revenue and rooms revenue at our Las Vegas Strip Resorts and an increase in casino revenue at MGM China, as discussed further below.

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Consolidated operating income in 2018 decreased 14% compared to 2017. Consolidated operating income in 2018 benefited from a $45 million gain related to the sale of Grand Victoria and also included $24 million of business interruption insurance proceeds primarily at Mandalay Bay. The prior year period included a benefit of $36 million related to Borgata’s share of a property tax settlement from Atlantic City and a benefit of $45 million related to the modification of the NV Energy exit fee, which included the benefit recognized at our Las Vegas Strip Resorts as well as our 50% share of the benefit recognized at CityCenter. Consolidated operating income was negatively affected by the ramp up of operations at our recently opened MGM Springfield and MGM Cotai resorts inclusive of depreciation expense associated with the new resorts, disruption related to the rebranding at Park MGM, and an increase in corporate expense discussed below. In addition, preopening and start-up expenses increased as discussed below in “Operating Results – Details of Certain Charges.” Corporate expense, including share-based compensation for corporate employees, increased to $419 million in 2018 from $357 million in 2017, and included $19 million in transaction costs, MGM China corporate expense of $19 million, and costs incurred related to the corporate brand campaign and the MGM 2020 and finance modernization initiatives. Depreciation and amortization expense related to certain assets at MGM China of $166 million was included in corporate in our non-GAAP reconciliations included herein for 2018. Income from unconsolidated affiliates was $148 million in 2018 compared to $146 million in 2017.

Consolidated operating income was $1.7 billion in 2017 and included the impact of the items discussed above as well as a full year of operations at Borgata and MGM National Harbor. Operating income of $2.1 billion in 2016 included a $430 million gain recognized on the Borgata acquisition and a $401 million gain related to the sale of Crystals at CityCenter, which was partially offset by charges of $152 million of NV Energy exit expense associated with our strategic decision to exit the fully bundled sales system of NV Energy. Operating income in 2017 also benefitted from a decrease in preopening expense as discussed below in “Operating Results – Details of Certain Charges.” Corporate expense increased to $357 million in 2017 from $313 million in 2016, primarily from a $16 million charge for the Operating Partnership’s share of real estate transfer taxes recorded in connection with the MGM National Harbor transaction, with the remainder of the increase primarily related to corporate brand campaign expenses, legal expenses, and charitable contributions. Income from unconsolidated affiliates was $146 million in 2017 compared to $528 million in 2016, which included the gain related to the sale of Crystals.

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Net Revenues by Segment

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

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Las Vegas Strip Resorts
Table games win	$	949,055		$	931,508		$	909,101
Slots win		1,140,269			1,106,192			1,100,761
Other		62,249			67,150			60,620
Less: Incentives		(743,840	)		(668,020	)		(675,662	)
Casino revenue		1,407,733			1,436,830			1,394,820
Rooms		1,776,029			1,778,869			1,762,850
Food and beverage		1,402,378			1,410,496			1,432,717
Entertainment, retail and other		1,130,532			1,119,928			1,074,307
Non-casino revenue		4,308,939			4,309,293			4,269,874
		5,716,672			5,746,123			5,664,694
Regional Operations
Table games win		793,754			722,966			341,090
Slots win		1,947,325			1,784,452			1,137,719
Other		108,690			92,377			32,268
Less: Incentives		(822,844	)		(764,992	)		(493,220	)
Casino revenue		2,026,925			1,834,803			1,017,857
Rooms		318,017			319,049			182,809
Food and beverage		428,934			410,143			235,383
Entertainment, retail and other		160,645			145,725			84,108
Non-casino revenue		907,596			874,917			502,300
		2,934,521			2,709,720			1,520,157
MGM China
VIP table games win		1,235,387			1,099,303			1,111,904
Main floor table games win		1,391,454			1,044,415			990,520
Slots win		284,919			180,500			161,972
Less: Commissions and incentives		(716,616	)		(582,583	)		(569,373	)
Casino revenue		2,195,144			1,741,635			1,695,023
Rooms		118,527			54,824			57,367
Food and beverage		114,862			51,330			51,237
Entertainment, retail and other		21,424			10,371			8,331
Non-casino revenue		254,813			116,525			116,935
		2,449,957			1,858,160			1,811,958
Reportable segment net revenues		11,101,150			10,314,003			8,996,809
Corporate and other		661,946			483,476			481,460
	$	11,763,096		$	10,797,479		$	9,478,269

Las Vegas Strip Resorts

Las Vegas Strip Resorts casino revenue decreased 2% in 2018 compared to 2017, primarily due to an increase in customer incentives. Las Vegas Strip Resorts casino revenue increased 3% in 2017 compared to 2016, primarily due to a 2% increase in table games win.

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

	Year Ended December 31,
	2018			2017			2016
	(Dollars in millions)
Table Games Drop	$	3,857		$	3,777		$	3,723
Table Games Win %		24.6	%		24.7	%		24.4	%
Slots Handle	$	12,569		$	12,396		$	12,437
Slots Hold %		9.1	%		8.9	%		8.9	%

Las Vegas Strip Resorts rooms revenue was $1.8 billion in both 2018 and 2017. Las Vegas Strip Resorts rooms revenue increased 1% in 2017 compared to 2016 as a result of a 2% increase in REVPAR.

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

	Year Ended December 31,
	2018			2017			2016
Occupancy		91	%		91	%		93	%
Average Daily Rate (ADR)	$	161		$	160		$	154
Revenue per Available Room (REVPAR)		147			146			143

Las Vegas Strip Resorts food and beverage revenue decreased 1% in 2018 compared to 2017 primarily driven by disruption related to the rebranding of Park MGM and NoMad Las Vegas and the closure of certain restaurants, partially offset by an increase in catering and banquets revenue. Las Vegas Strip Resorts food and beverage revenue decreased 2% in 2017 compared to 2016 primarily due to a decrease related to the rebranding of Park MGM and NoMad Las Vegas.

Las Vegas Strip Resorts entertainment, retail and other revenues increased 1% in 2018 compared to 2017 due primarily to an increase in parking fees and in-room mini bar revenue. Las Vegas Strip Resorts entertainment, retail and other revenues increased 4% in 2017 compared to 2016 due primarily to the opening of the Park Theater in December 2016, parking fees and ATM commissions.

Regional Operations

Regional Operations casino revenue increased 10% in 2018 compared to 2017 primarily due to the opening of MGM Springfield and an 18% increase in both table games win and slots win at MGM National Harbor. Regional Operations casino revenue increased 80% in 2017 compared to 2016 due primarily to a full year of contributions from Borgata and MGM National Harbor, compared to a partial year of contributions in 2016.

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

	Year Ended December 31,
	2018			2017			2016
	(Dollars in millions)
Table Games Drop	$	4,038		$	3,872		$	1,877
Table Games Win %		19.7	%		18.7	%		18.2	%
Slots Handle	$	21,468		$	19,634		$	12,590
Slots Hold %		9.1	%		9.1	%		9.0	%

Regional Operations rooms revenue decreased less than 1% in 2018 compared to 2017 due primarily to a 2% decrease in REVPAR primarily related to inclement weather and increased competition in the Atlantic City, New Jersey market, which was partially offset by contributions from MGM Springfield. Regional Operations rooms revenue increased 75% in 2017 compared to 2016 due primarily to a full year of contributions from Borgata and MGM National Harbor, compared to a partial year of contributions in 2016.

Regional Operations food and beverage revenue increased 5% in 2018 compared to 2017 due primarily to contributions from MGM Springfield. Regional Operations food and beverage revenue increased 74% in 2017 compared to 2016 due primarily to a full year of contributions from Borgata and MGM National Harbor, compared to a partial year of contributions in 2016.  

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Regional Operations entertainment, retail and other revenue increased 10% in 2018 compared to 2017 due primarily to contributions from MGM Springfield and an increase in revenue from headliner shows at Borgata. Regional Operations entertainment, retail and other revenue increased 73% in 2017 compared to 2016 due primarily to a full year of contributions from Borgata and MGM National Harbor, compared to a partial year of contributions in 2016.

MGM China

The following table shows key gaming statistics for MGM China:

	Year Ended December 31,
	2018			2017			2016
	(Dollars in millions)
VIP Table Games Turnover	$	40,599		$	34,533		$	34,613
VIP Table Games Win %		3.0	%		3.2	%		3.2	%
Main Floor Table Games Drop	$	7,566		$	5,159		$	5,256
Main Floor Table Games Win %		18.4	%		20.2	%		18.8	%

MGM China net revenue increased 32% in 2018 compared to 2017 and benefited from the opening of MGM Cotai, which contributed $729 million of net revenues. Main floor table games win increased 33% compared to the prior year period due to the opening of MGM Cotai. VIP table games win increased 12% compared to the prior year period due to the opening of VIP junket rooms in September 2018 at MGM Cotai. MGM China net revenue increased 3% in 2017 compared to 2016 primarily as a result of an increase in main floor table games win of 5%, which was partially offset by a 1% decrease in VIP table games win.

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 and $133 million in net revenues from MGP’s Northfield casino, subsequent to its acquisition in July 2018. Reimbursed costs revenue represents reimbursement of costs, primarily payroll-related, incurred by us in connection with the provision of management services and was $425 million, $402 million and $397 million for 2018, 2017 and 2016, 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.  

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Adjusted EBITDA
Las Vegas Strip Resorts	$	1,705,479		$	1,780,600		$	1,661,921
Regional Operations		759,096			731,916			399,701
MGM China		568,294			535,524			529,281
Reportable segment Adjusted Property EBITDA		3,032,869			3,048,040			2,590,903
Corporate and other		(224,800	)		(213,908	)		203,193
	$	2,808,069		$	2,834,132		$	2,794,096

Las Vegas Strip Resorts

Adjusted Property EBITDA at our Las Vegas Strip Resorts decreased 4% in 2018 compared to 2017 due primarily to a decrease in casino revenue, as discussed above, and was also impacted by disruption related to the rebranding of Park MGM, which was partially offset by business interruption insurance proceeds, as discussed above. Adjusted Property EBITDA margin decreased in 2018 by 115 basis points compared to 2017 to 29.8%.

Adjusted Property EBITDA at our Las Vegas Strip Resorts increased 7% in 2017 compared to 2016 due primarily to an increase in casino and non-casino revenue, as discussed above. Adjusted Property EBITDA margin increased 165 basis points from 2016 to 31.0% due to an increase in casino and non-casino revenue as discussed above as well as a decrease in general and administrative expense related to payroll costs and utilities.

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Regional Operations

Adjusted Property EBITDA at our Regional Operations increased 4% in 2018 compared to 2017 and benefitted from the opening of MGM Springfield and an increase in casino and non-casino revenue, as discussed above. Adjusted Property EBITDA margin decreased in 2018 by 114 basis points compared to 2017 to 25.9%, primarily as a result of the ramp up of operations at MGM Springfield, as well as a decrease in Adjusted Property EBITDA margin at Borgata due to a decrease in casino, rooms and food and beverage revenue as a result of inclement weather and increased competition in Atlantic City, New Jersey.

Adjusted Property EBITDA at our Regional Operations increased 83% in 2017 compared to 2016 and benefitted from a full year of operations at Borgata and National Harbor. Adjusted Property EBITDA margin was 27.0% in 2017 compared to 26.3% in 2016.

MGM China

MGM China’s Adjusted Property EBITDA increased 6% in 2018 compared to 2017 due primarily to the opening of MGM Cotai. Excluding intercompany license fees of $43 million and $34 million for the years ended December 31, 2018 and 2017, respectively, Adjusted Property EBITDA increased 7% compared to 2017. Adjusted Property EBITDA margin was 23.2% in 2018 compared to 28.8% in 2017, decreasing primarily as a result of the ramp up of operations at MGM Cotai and a decrease in win percentages for both main floor and VIP table games at MGM Macau.

MGM China’s Adjusted Property EBITDA increased 1% in 2017 compared to 2016. Excluding intercompany license fees of $34 million for both the years ended December 31, 2017 and 2016, Adjusted Property EBITDA increased 1% compared to 2016. Adjusted Property EBITDA margin was 28.8% in 2017 compared to 29.2% in 2016 and decreased in part as a result of a 7% increase in general and administrative expense.

Corporate and other

Adjusted EBITDA related to corporate and other in 2018 decreased compared to the prior year due primarily to an increase in stock-based compensation, and an increase in corporate expense as described in “Summary Operating Results,” which was partially offset by the inclusion of $45 million of Adjusted Property EBITDA related to MGP’s Northfield casino.

Adjusted EBITDA related to corporate and other in 2017 decreased compared to the prior year due to our share of the gain recognized in 2016 from the sale of Crystals at CityCenter, the gain on the acquisition of Borgata in 2016 and an increase in stock-based compensation, partially offset by the cessation of equity method accounting for Borgata subsequent to the acquisition and an increase in corporate expense as described in “Summary Operating Results.” See “Operating Results – Income from Unconsolidated Affiliates” for further discussion regarding CityCenter.

Operating Results – Details of Certain Charges

Preopening and start-up expenses consisted of the following:

	Year Ended December 31,
	2018		2017		2016
	(In thousands)
MGM China	$	64,341	$	86,970	$	27,848
MGM Springfield		60,787		22,881		26,210
Park MGM rebranding		22,569		6,498		589
MGM National Harbor		163		366		77,242
Other		3,532		1,760		8,186
	$	151,392	$	118,475	$	140,075

Preopening and start-up expenses increased in 2018 due primarily to an increase in preopening and start-up expenses at MGM Springfield (which opened in August 2018) and at Park MGM as part of the property’s rebranding, which was partially offset by a decrease in preopening at MGM China due to the opening of MGM Cotai in February 2018.

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Preopening and start-up expenses decreased in 2017 compared to 2016 due primarily to a decrease in preopening and start-up expenses at MGM National Harbor (as it opened in December 2016), partially offset by an increase in preopening and start-up expenses at MGM China related to MGM Cotai and at Park MGM as part of the property’s rebranding.

Property transactions, net consisted of the following:   

	Year Ended December 31,
	2018			2017		2016
	(In thousands)
Gain on sale of Grand Victoria	$	(44,703	)	$	—	$	—
Other property transactions, net		53,850			50,279		17,078
	$	9,147		$	50,279	$	17,078

See Note 15 to the accompanying consolidated financial statements for a discussion of property transactions, net for the years ended December 31, 2018, 2017 and 2016.

Operating Results – Income from Unconsolidated Affiliates

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

	Year Ended December 31,
	2018		2017		2016
	(In thousands)
CityCenter	$	138,383	$	133,400	$	445,852
Borgata (through July 31, 2016)		—		—		61,169
Other		9,307		12,822		21,266
	$	147,690	$	146,222	$	528,287

We completed our acquisition of Borgata on August 1, 2016 and therefore began to consolidate Borgata beginning on that date. Prior thereto our 50% ownership interest in Borgata was accounted for under the equity method.

In 2018, our share of CityCenter’s operating results, including certain basis difference adjustments, was $138 million compared to $133 million in 2017, primarily due to a $12 million gain on the sale of Mandarin Oriental that we recognized in 2018 related to the reversal of basis differences in excess of our share of the loss recorded by CityCenter. At Aria, casino revenues decreased 2% in 2018 compared to 2017 due to an increase in incentives and a decrease in table games hold. CityCenter’s non-casino revenues increased 7% in 2018 compared to 2017 primarily related to an increase in food and beverage revenue due in part to an increase in restaurant revenues and an increase in catering and banquets during the year.

In 2017, our share of CityCenter’s operating results, including certain basis difference adjustments, was $133 million compared to $446 million in 2016, primarily due to our $401 million share of a gain recognized by CityCenter on the sale of Crystals and the corresponding reversal of certain basis differences in 2016. At Aria, casino revenues increased 11% in 2017 compared to 2016 due to an increase in table games win and slots win. Rooms revenue increased 4% in 2017 compared to 2016 related to an increase in REVPAR and food and beverage revenue increased 6% in 2017 due in part to an increase in catering and banquets during the year.

Non-operating Results

Interest expense. The following table summarizes information related to interest on our long-term debt:

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Total interest incurred	$	821,229		$	779,855		$	814,731
Interest capitalized		(51,716	)		(111,110	)		(119,958	)
	$	769,513		$	668,745		$	694,773

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Gross interest expense in 2018 increased $41 million compared to 2017 due to an increase in the average debt outstanding relating to our senior notes and our credit facilities and an increase in the weighted average interest rate of our credit facilities, partially offset by a decrease in amortization of debt issuance costs. Gross interest expense decreased in 2017 compared to 2016 primarily as a result of a decrease in the average debt outstanding related to our senior notes and a decrease in the weighted average interest rate of our senior notes. This was partially offset by an increase in the average debt outstanding under our credit facilities and an increase in amortization of debt issuance costs. See Note 9 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.

Capitalized interest in 2018 decreased from 2017 due primarily to the substantial completion of MGM Cotai in February 2018, partially offset by an increase related to the MGM Springfield project, which was substantially completed in August 2018. Capitalized interest in 2017 decreased from 2016 due primarily to the opening of MGM National Harbor in December 2016, partially offset by the MGM Cotai and MGM Springfield projects.

Non-operating items from unconsolidated affiliates. Non-operating expense from unconsolidated affiliates decreased $18 million in 2017 compared to 2016, due primarily to the acquisition of Borgata on August 1, 2016, at which time, we began to consolidate Borgata. Prior thereto, our 50% ownership interest in Borgata was accounted for under the equity method.

Other, net. Other expense in 2018 decreased $30 million compared to 2017 due primarily to the loss incurred on early retirement of debt in 2017 of $44 million related to our early retirement of the 11.375% senior notes due 2018 and the MGM National Harbor credit facility. Other expense in 2017 decreased $24 million compared to 2016 primarily due to the loss on the early retirement of debt in 2016 of $65 million related to our 7.625% senior notes due 2017, our 7.5% senior notes due 2016, our 10% senior notes due 2016, and our prior senior credit facility, offset by the loss on early retirement of debt incurred in 2017 as described above.

Income taxes. The following table summarizes information related to our income taxes:

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Income before income taxes	$	634,006		$	960,790		$	1,257,589
Benefit (provision) for income taxes		(50,112	)		1,127,394			(21,743	)
Effective income tax rate		7.9	%		(117.3	)%		1.7	%
Federal, state and foreign income taxes paid, net of refunds	$	(10,100	)	$	181,651		$	68,236

Our effective tax rate for 2018 was favorably impacted by the reduction in the U.S. federal income tax rate from 35% to 21%, the reversal of Macau shareholder dividend tax that was accrued in 2017 upon receipt of the extension of the annual fee arrangement, partially offset by SAB 118 measurement period tax expense related to the U.S. Tax Cuts and Jobs Act (the “Tax Act”).  Our effective tax rate in 2017 was favorably impacted by a non-recurring, non-cash income tax benefit of $1.4 billion resulting from the remeasurement of deferred tax assets and liabilities required due to the enactment of the Tax Act, partially offset by the accrual of the Macau shareholder dividend tax. Our effective tax rate in 2016 was favorably impacted by income tax benefits attributable to a decrease in valuation allowance on foreign tax credit (“FTC”) carryovers and permanent exclusion of a portion of the gain on the Borgata transaction, partially offset by income tax expense attributable to the remeasurement of Macau deferred tax liabilities resulting from a change in assumption concerning renewal of the exemption from the Macau complementary tax on gaming profits.

Cash taxes paid decreased in 2018 primarily due to the impact of the Tax Act changes, most notably the increase in the recapture of overall domestic losses from 50 percent of U.S. taxable income to 100 percent of U.S. taxable income, resulting in increased FTC carryover usage.  Cash taxes paid increased in 2017 compared to 2016 primarily due to an increase in federal income taxes paid resulting from increased U.S. taxable income and state income taxes attributable to Borgata, which has been consolidated since the August 2016 acquisition of Boyd Gaming’s interest in the company.

Non-GAAP Measures

“Adjusted EBITDA” is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, NV Energy exit expense, gain on Borgata transaction, and property transactions, net. “Adjusted Property EBITDA” is Adjusted EBITDA before corporate expense and stock compensation expense, which are not allocated to each property. “Adjusted Property EBITDA margin” is Adjusted Property EBITDA divided by net revenues. Adjusted EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because management believes these measures are 1) widely used measures of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies.

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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 domestic resorts operating 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.

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

	Year Ended December 31,
	2018		2017			2016
	(In thousands)
Net income attributable to MGM Resorts International	$	466,772	$	1,952,052		$	1,100,408
Plus: Net income attributable to noncontrolling interests		117,122		136,132			135,438
Net income		583,894		2,088,184			1,235,846
Provision (benefit) for income taxes		50,112		(1,127,394	)		21,743
Income before income taxes		634,006		960,790			1,257,589
Non-operating expense
Interest expense, net of amounts capitalized		769,513		668,745			694,773
Non-operating items from unconsolidated affiliates		47,827		34,751			53,139
Other, net		18,140		48,241			72,698
		835,480		751,737			820,610
Operating income		1,469,486		1,712,527			2,078,199
NV Energy exit expense		—		(40,629	)		139,335
Preopening and start-up expenses		151,392		118,475			140,075
Property transactions, net		9,147		50,279			17,078
Gain on Borgata transaction		—		—			(430,118	)
Depreciation and amortization		1,178,044		993,480			849,527
Adjusted EBITDA	$	2,808,069	$	2,834,132		$	2,794,096

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

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	Year Ended December 31, 2018
						Preopening		Property			Depreciation
	Operating			NV Energy		and Start-up		Transactions,			and		Adjusted
	Income (Loss)			Exit Expense		Expenses		Net			Amortization		EBITDA
	(In thousands)
Bellagio	$	405,221		$	—	$	—	$	1,661		$	82,984	$	489,866
MGM Grand Las Vegas		304,590			—		—		750			66,226		371,566
Mandalay Bay		174,268			—		—		787			90,686		265,741
The Mirage		94,226			—		—		1,677			35,961		131,864
Luxor		81,197			—		114		562			38,876		120,749
New York-New York		112,570			—		—		250			24,802		137,622
Excalibur		91,394			—		—		68			19,793		111,255
Park MGM		(75,060	)		—		22,569		19,901			46,880		14,290
Circus Circus Las Vegas		43,592			—		—		402			18,532		62,526
Las Vegas Strip Resorts		1,231,998			—		22,683		26,058			424,740		1,705,479
MGM Grand Detroit		173,515			—		—		(95	)		22,397		195,817
Beau Rivage		76,855			—		51		510			26,490		103,906
Gold Strike Tunica		43,066			—		45		71			8,899		52,081
Borgata		139,935			—		—		936			57,523		198,394
MGM National Harbor		119,383			—		163		271			75,292		195,109
MGM Springfield		(34,757	)		—		32,435		—			16,111		13,789
Regional Operations		517,997			—		32,694		1,693			206,712		759,096
MGM Macau		406,763			—		—		630			70,728		478,121
MGM Cotai		(190,959	)		—		64,341		24,224			192,567		90,173
MGM China		215,804			—		64,341		24,854			263,295		568,294
Unconsolidated resorts		144,369			—		3,321		—			—		147,690
Management and other operations		55,465			—		—		178			19,147		74,790
		2,165,633			—		123,039		52,783			913,894		3,255,349
Stock compensation		(68,211	)		—		—		—			—		(68,211	)
Corporate		(627,936	)		—		28,353		(43,636	)		264,150		(379,069	)
	$	1,469,486		$	—	$	151,392	$	9,147		$	1,178,044	$	2,808,069

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	Year Ended December 31, 2017
							Preopening					Depreciation
	Operating			NV Energy			and Start-up			Property		and		Adjusted
	Income (Loss)			Exit Expense			Expenses			Transactions, Net		Amortization		EBITDA
	(In thousands)
Bellagio	$	419,462		$	(6,970	)	$	—		$	924	$	92,320	$	505,736
MGM Grand Las Vegas		279,841			(7,424	)		6			1,752		70,510		344,685
Mandalay Bay		169,828			(8,524	)		—			590		96,577		258,471
The Mirage		140,881			(4,043	)		—			304		39,854		176,996
Luxor		89,127			(3,394	)		—			2,428		38,489		126,650
New York-New York		107,953			(2,025	)		(162	)		720		28,550		135,036
Excalibur		97,382			(2,658	)		—			485		18,352		113,561
Park MGM		(30,659	)		(2,461	)		6,532			33,510		42,269		49,191
Circus Circus Las Vegas		55,256			(3,130	)		452			940		16,756		70,274
Las Vegas Strip Resorts		1,329,071			(40,629	)		6,828			41,653		443,677		1,780,600
MGM Grand Detroit		153,533			—			—			—		22,747		176,280
Beau Rivage		62,543			—			—			370		24,865		87,778
Gold Strike Tunica		43,722			—			—			91		9,069		52,882
Borgata		206,445			—			1,430			1,417		71,878		281,170
MGM National Harbor		50,696			—			366			—		82,744		133,806
Regional Operations		516,939			—			1,796			1,878		211,303		731,916
MGM China		204,190			—			86,970			6,286		238,078		535,524
Unconsolidated resorts		146,222			—			—			—		—		146,222
Management and other operations		18,913			—			—			—		7,925		26,838
		2,215,335			(40,629	)		95,594			49,817		900,983		3,221,100
Stock compensation		(60,936	)		—			—			—		—		(60,936	)
Corporate		(441,872	)		—			22,881			462		92,497		(326,032	)
	$	1,712,527		$	(40,629	)	$	118,475		$	50,279	$	993,480	$	2,834,132

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	Year Ended December 31, 2016
								Property
								Transactions, Net
						Preopening		and Gain on			Depreciation
	Operating			NV Energy		and Start-up		Borgata			and		Adjusted
	Income (Loss)			Exit Expense		Expenses		Transaction			Amortization		EBITDA
	(In thousands)
Bellagio	$	368,106		$	23,815	$	—	$	118		$	88,783	$	480,822
MGM Grand Las Vegas		232,492			25,365		82		1,719			72,188		331,846
Mandalay Bay		114,717			29,123		252		2,377			89,655		236,124
The Mirage		86,035			13,813		—		44			40,270		140,162
Luxor		57,848			11,594		1,625		708			36,612		108,387
New York-New York		93,316			7,439		479		210			20,432		121,876
Excalibur		72,023			9,083		—		4,405			16,152		101,663
Park MGM		33,547			8,409		1,929		1,131			34,102		79,118
Circus Circus Las Vegas		33,450			10,694		—		816			16,963		61,923
Las Vegas Strip Resorts		1,091,534			139,335		4,367		11,528			415,157		1,661,921
MGM Grand Detroit		146,722			—		—		(59	)		23,608		170,271
Beau Rivage		68,210			—		—		(172	)		25,880		93,918
Gold Strike Tunica		39,409			—		—		67			9,792		49,268
Borgata		34,271			—		90		8,652			33,923		76,936
MGM National Harbor		(13,914	)		—		17,986		—			5,236		9,308
Regional Operations		274,698			—		18,076		8,488			98,439		399,701
MGM China		263,809			—		27,848		(216	)		237,840		529,281
Unconsolidated resorts		525,119			—		3,168		—			—		528,287
Management and other operations		3,382			—		1,150		29			7,505		12,066
		2,158,542			139,335		54,609		19,829			758,941		3,131,256
Stock compensation		(53,503	)		—		—		—			—		(53,503	)
Corporate		(26,840	)		—		85,466		(432,869	)		90,586		(283,657	)
	$	2,078,199		$	139,335	$	140,075	$	(413,040	)	$	849,527	$	2,794,096

Liquidity and Capital Resources

Cash Flows – Summary

Our cash flows consisted of the following:  

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Net cash provided by operating activities	$	1,722,539		$	2,206,411		$	1,533,972
Net cash used in investing activities		(2,083,021	)		(1,580,592	)		(2,276,204	)
Net cash provided by (used in) financing activities		389,234			(568,778	)		519,422

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 $1.7 billion in 2018 compared to $2.2 billion in 2017. Operating cash flows decreased in the current period primarily due to the change in working capital related to timing of significant purchases of chips by gaming promoters at MGM China, as well as a decrease in consolidated operating income, and an increase in cash paid for interest. In 2018 we received net cash tax refunds of $10 million compared to cash paid for taxes of $182 million in 2017 primarily as a result of the Tax Act.

Cash provided by operating activities in 2017 in comparison to 2016 was positively affected by increase in operating income at our Las Vegas Strip Resorts and Regional Operations and changes in working capital primarily related to the timing of significant purchases of chips by gaming promoters at MGM China, partially offset by an increase in cash paid for taxes to $182 million in 2017 compared to $68 million in 2016.

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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.

Cash used in investing activities in 2018 increased in comparison to 2017 as a result of the $1.0 billion outflow by the Operating Partnership for the Northfield acquisition, partially offset by a decrease of $377 million in capital expenditures as well as an inflow of $164 million for proceeds received related to the sale of our investment in Grand Victoria. The decrease in capital expenditures from 2018 to 2017 of $377 million primarily reflects less expenditures for the developments of MGM Cotai and MGM National Harbor, partially offset by increased expenditures for MGM Springfield and the rebranding at Park MGM, as discussed in further detail below.  

Cash used in investing activities in 2017 decreased in comparison to 2016 as a result of the $559 million outflow for the Borgata acquisition in 2016 as well as a $398 million decrease in capital expenditures, partially offset by a decrease of $240 million in the distributions received from CityCenter.  The decrease in capital expenditures from 2016 to 2017 of $398 million primarily reflects less expenditures for the developments of MGM Cotai and MGM National Harbor, partially offset by increased expenditures for MGM Springfield and the rebranding of Park MGM, as discussed in further detail below.

Capital Expenditures

In 2018, we had capital expenditures of $1.5 billion, of which $376 million related to MGM China, excluding development fees and capitalized interest on development fees eliminated in consolidation. Capital expenditures at MGM China included $340 million related to the construction of MGM Cotai and $36 million related to projects at MGM Macau. Capital expenditures at our Las Vegas Strip Resorts, Regional Operations and corporate entities of $1.1 billion included $368 million related to the construction of MGM Springfield, $228 million related to the Park MGM rebranding project, 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.

In 2017, we had capital expenditures of $1.9 billion, which included $908 million at MGM China, excluding development fees and capitalized interest on development fees eliminated in consolidation. Capital expenditures at MGM China included $856 million related to the construction of MGM Cotai and $53 million related to improvements at MGM Macau. Capital expenditures at our Las Vegas Strip Resorts, Regional Operations and corporate entities of $956 million included $269 million related to the construction of MGM Springfield, $221 million related to the rebranding at Park MGM, and $195 million primarily related to the finalization of construction of MGM National Harbor, as well as various resorts’ room remodels, construction of additional convention space at MGM Grand Las Vegas, the parking garage at Excalibur, a waterpark at Circus Circus, and various restaurant and entertainment venue remodels.

In 2016, we had capital expenditures of $2.3 billion, which included $971 million at MGM China, excluding development fees and capitalized interest on development fees eliminated in consolidation. Capital expenditures at MGM China included $948 million related to the construction of MGM Cotai and $23 million related to improvements at MGM Macau. Capital expenditures at our Las Vegas Strip Resorts, Regional Operations and corporate entities of $1.3 billion included $741 million related to the construction of MGM National Harbor, $121 million related to the construction of MGM Springfield, $39 million related to the construction of The Park, as well as various room remodels including the tower rooms at Mandalay Bay, construction of additional exhibit space at the Mandalay Bay Convention Center, construction of the Park Theater and rebranding at Park MGM, construction of the parking garage at Excalibur and restaurant and entertainment venue remodels.

Financing activities. Cash provided by financing activities increased in 2018 from the cash used in financing activities in 2017 primarily as a result of net borrowings of debt in 2018 of $2.2 billion in comparison to net repayments of debt in 2017 of $138 million, partially offset by MGP’s issuance of class A shares in 2017, and an increase in shares repurchased in 2018 compared to 2017.

Cash used in financing activities decreased in 2017 from the cash provided by financing activities in 2016 primarily as a result of the net proceeds of $1.1 billion from MGP’s issuance of class A shares in 2016 compared to the net proceeds of  $388 million from MGP’s issuance of class A shares in 2017, dividends that we began paying in 2017, as well as an increase of $67 million in distributions to noncontrolling interest owners, partially offset by net payments of debt in 2017 of $138 million compared to net repayments of debt of $301 million in 2016 as well as the $100 million paid in 2016 as part of consideration for the purchase of additional shares of MGM China.

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Borrowings (repayments) of debt

In 2018, we borrowed net debt of $2.2 billion which primarily consisted of the issuance of $1.0 billion 5.750% senior notes due 2025, $368 million of net borrowings on our senior credit facility, $137 million of net borrowings on the MGM China credit facility, and $728 million of net borrowings on the Operating Partnership senior credit facility. Additionally, we paid $77 million of debt issuance costs related to the 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, the amendment of our senior credit facility in December 2018, and the issuance of the $1.0 billion 5.750% senior notes.

In  2017, we repaid net debt of $138 million which primarily consisted of a $135 million draw on our senior credit facility, a $462 million draw on the MGM China credit facility, and a $28 million draw on the MGM National Harbor credit facility, as well as the Operating Partnership’s issuance of $350 million 4.50% senior notes due 2028 in connection with the MGM National Harbor transaction, partially offset by the redemption of our $475 million 11.375% senior notes at a premium, the repayment of $478 million MGM National Harbor credit facility, as well as amortization payments of $132 million on our term loan facilities.

In 2016, we repaid net debt of $301 million. In April 2016, in connection with the MGP IPO and related financing transactions we permanently repaid $2.7 billion under our prior senior secured credit facility and entered into an amended and restated senior secured credit facility under which we borrowed $250 million. The Operating Partnership borrowed net debt of $2.1 billion during 2016 under its senior credit facility. In addition, MGM National Harbor borrowed $450 million under its credit facility, MGM China borrowed $374 million under its revolving credit facility, and we permanently repaid $584 million under Borgata’s credit facility. The following senior notes were issued during 2016:

• $500 million 4.625% senior notes, due 2026 issued by us;

• $500 million 4.5% senior notes, due 2026 issued by the Operating Partnership; and

• $1.05 billion 5.625% senior notes, due 2024 issued by the Operating Partnership.

We redeemed the following senior notes during 2016:

• $743 million 7.625% senior notes, due 2017 at a premium;

• $732.7 million 7.5% senior notes, due 2016 at a premium;

• $500 million 10% senior notes, due 2016 at a premium; and

• $242.9 million 6.875% senior notes in April 2016 at maturity.

Additionally, we paid $140 million of debt issuance costs related to the senior notes issued in August 2016, the MGP financing transactions, the MGM National Harbor credit facility and the February 2016 amendment to the MGM China credit facility.

MGM Resorts International stock repurchase program. In May 2018, our Board of Directors authorized a $2.0 billion stock repurchase program and completed the previously announced $1.0 billion stock repurchase program. We repurchased approximately $1.3 billion and $328 million of our common stock in connection with the program in 2018 and 2017, respectively.

MGM Resorts International dividends. During 2018, we paid dividends each quarter of $0.12 per share, totaling $261 million for the year. On February 13, 2019 the Board of Directors approved a quarterly dividend to holders of record on March 8, 2019 of $0.13 per share, totaling approximately $70 million, which will be paid on March 15, 2019. During 2017, we paid dividends each quarter of $0.11 per share, totaling $252 million for the year.

Operating Partnership distributions and MGP dividends. The Operating Partnership paid the following distributions to its partnership unit holders:

• $119 million distribution paid in January 2019, of which we received $87 million and MGP received $32 million, which MGP concurrently paid as a dividend to its Class A shareholders;

• $454 million of distributions paid in 2018, of which we received $333 million and MGP received $121 million, which MGP concurrently paid as a dividend to its Class A shareholders;

• $385 million of distributions paid in 2017, of which we received $290 million and MGP received $95 million, which MGP concurrently paid as a dividend to its Class A shareholders; and

• $151 million of distributions paid in 2016, of which we received $113 million and MGP received $38 million, which MGP concurrently paid as a dividend to its Class A shareholders.

MGM China dividends. MGM China paid the following dividends to its shareholders:

• $78 million of dividends paid in 2018, of which we received $44 million and noncontrolling interests received $34 million;

45

• $134 million of dividends paid in 2017, of which we received $75 million and noncontrolling interests received $59 million; and

• $104 million of dividends paid in 2016, of which we received $53 million and noncontrolling interests received $51 million.

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 $1.5 billion at December 31, 2018, of which MGM China held $510 million and the Operating Partnership held $60 million. At December 31, 2018, we had $15.3 billion in principal amount of indebtedness, including $750 million of borrowings outstanding under our $2.3 billion senior secured credit facility, $2.8 billion outstanding under the $3.6 billion Operating Partnership credit facility, and $2.4 billion outstanding under the $2.8 billion MGM China credit facility. We expect to make domestic capital investments at our resorts and corporate entities of $600 million to $650 million, which excludes $45 million to $50 million of construction closeout costs at MGM Springfield. Additionally, we expect to make capital investments at MGM China of $350 million to $375 million, which includes $250 million of construction closeout costs at MGM Cotai and $100 million to $125 million of maintenance capital expenditures.

We also closed the acquisition of Empire City in January 2019 for a purchase price of approximately $864 million. We funded the acquisition of Empire City with the issuance of approximately $266 million of our common stock, the assumption of approximately $246 million of debt, which was immediately assumed and repaid by the Operating Partnership, and the remaining balance in cash. Additionally, in January 2019, the Operating Partnership issued $750 million in aggregate principal amount of 5.75% senior notes due 2027 and, in February 2019, we repaid our $850 million 8.625% notes due 2019. We expect to meet our remaining debt maturities and planned capital expenditure requirements with future anticipated operating cash flows, cash and cash equivalents, and available borrowings under our credit facilities.

Principal Debt Arrangements

See Note 9 to the accompanying consolidated financial statements for information regarding our debt agreements as of December 31, 2018.

Off Balance Sheet Arrangements

Our off-balance sheet arrangements consist primarily of investments in unconsolidated affiliates, which consists primarily of our investment in CityCenter. We have not entered into any transactions with special purpose entities, nor have we engaged in any derivative transactions, other than the Operating Partnership’s cash flow hedges. See Note 9 to the accompanying consolidated financial statements for additional information. Our unconsolidated affiliate investments allow us to realize the proportionate benefits of owning a full-scale resort or other entertainment facilities in a manner that minimizes our initial investment. In addition, there are no other provisions in the agreements with our investees which we believe are unusual or subject us to risks to which we would not be subjected if we had full ownership of the resort.

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Commitments and Contractual Obligations

The following table summarizes our scheduled contractual obligations as of December 31, 2018:

	2019		2020		2021		2022		2023		Thereafter		Total
	(In millions)
Long-term debt (1)	$	1,273	$	1,966	$	1,716	$	2,306	$	2,885	$	5,107	$	15,253
Estimated interest payments on long-term debt (2)		809		737		636		465		351		420		3,418
Construction commitments		61		—		—		—		—		—		61
Operating leases (3)		107		83		62		47		45		1,358		1,702
Other long-term liabilities (4)		—		2		8		7		—		61		78
Other purchase obligations (5)		34		6		5		3		2		4		54
	$	2,284	$	2,794	$	2,427	$	2,828	$	3,283	$	6,950	$	20,566

(1) Reflects scheduled amortization payments and debt maturities. Refer to Note 9 for further information on long-term debt.

(2) Estimated interest payments, including the impact of interest rate swap agreements, are based on principal amounts and expected maturities of debt outstanding at December 31, 2018 and management’s forecasted LIBOR rates for our senior credit facility, the Operating Partnership senior credit facility and HIBOR rates for the MGM China credit facility.

(3) Refer to Note 11 for further information on operating leases.

(4) Reflects future expected cash outlays of our other long-term liabilities recorded on our balance sheet as of December 31, 2018, and, accordingly, we have not included such liabilities above that do not have future cash payments, such as deferred rent. We have also excluded deferred income tax liabilities and unrecognized tax benefits from the amounts presented in the table as the amounts that will be settled in cash are not known and the timing of any payments is uncertain.

(5) Our purchase obligations represent minimum obligations we have under agreements with certain of our vendors, primarily advertising and entertainment contracts. Also, although open purchase orders are considered enforceable and legally binding, the terms generally allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to the delivery of goods or performance of services, and hence, have not been included in the table above.

Critical Accounting Policies and Estimates

Management’s discussion and analysis of our results of operations and liquidity and capital resources are based on our consolidated financial statements. To prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, we must make estimates and assumptions that affect the amounts reported in the consolidated financial statements. We regularly evaluate these estimates and assumptions, particularly in areas we consider to be critical accounting estimates, where changes in the estimates and assumptions could have a material effect on our results of operations, financial position or cash flows. Senior management and the Audit Committee of the Board of Directors have reviewed the disclosures included herein about our critical accounting estimates, and have reviewed the processes to determine those estimates. However, by their nature, judgments are subject to an inherent degree of uncertainty and therefore actual results can differ from our estimates.

Allowance for Doubtful Casino Accounts Receivable

Marker play represents a significant portion of the table games volume at certain of our Las Vegas resorts. Our other casinos do not emphasize marker play to the same extent, although we offer markers to customers at those casinos as well. MGM China extends credit to certain in-house VIP gaming customers and gaming promoters. We maintain strict controls over the issuance of markers and aggressively pursue collection from our customers who fail to pay their marker balances timely. These collection efforts are similar to those used by most large corporations when dealing with overdue customer accounts, including the mailing of statements and delinquency notices, personal contacts, the use of outside collection agencies and civil litigation. Markers are generally legally enforceable instruments in the United States and Macau. Markers are not legally enforceable instruments in some foreign countries, but the United States assets of foreign customers may be reached to satisfy judgments entered in the United States. We consider the likelihood and difficulty of enforceability, among other factors, when we issue credit to customers at our domestic resorts who are not residents of the United States. MGM China performs background checks and investigates the credit worthiness of gaming promoters and casino customers prior to issuing credit. Refer to Note 2 for further discussion of the Company’s casino receivables and those due from customers residing in foreign countries.

We maintain an allowance, or reserve, for doubtful casino accounts at all of our operating casino resorts. The provision for doubtful accounts, an operating expense, increases the allowance for doubtful accounts. We regularly evaluate the allowance for doubtful casino accounts. At domestic resorts where marker play is not significant, the allowance is generally established by applying standard reserve percentages to aged account balances. At domestic resorts where marker play is significant, we apply standard reserve percentages to aged account balances under a specified dollar amount and specifically analyze the collectability of each account with a balance over the specified dollar amount, based on the age of the account, the customer’s financial condition, collection history and any other known information. MGM China specifically analyzes the collectability of casino receivables on an individual basis taking into account the age of the account, the financial condition and the collection history of the gaming promoter or casino customer.

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In addition to enforceability issues, the collectability of unpaid markers given by foreign customers at our domestic resorts is affected by a number of factors, including changes in currency exchange rates and economic conditions in the customers’ home countries. Because individual customer account balances can be significant, the allowance and the provision can change significantly between periods, as information about a certain customer becomes known or as changes in a region’s economy occur.

The following table shows key statistics related to our casino receivables, net of discounts:

	December 31,
	2018		2017
	(In thousands)
Casino receivables	$	419,127	$	343,869
Allowance for doubtful casino accounts receivable		85,544		86,126
Allowance as a percentage of casino accounts receivable		20%		25%

Approximately $48 million and $31 million of casino receivables and $12 million and $7 million of the allowance for doubtful casino accounts receivable relate to MGM China at December 31, 2018 and 2017, respectively. The allowance for doubtful accounts as a percentage of casino accounts receivable decreased in the current year due to a decrease in specific reserve at our Las Vegas Strip Resorts as a result of favorable collections. At December 31, 2018, a 100 basis-point change in the allowance for doubtful accounts as a percentage of casino accounts receivable would change income before income taxes by $4 million.

Fixed Asset Capitalization and Depreciation Policies

Property and equipment are stated at cost. A significant amount of our property and equipment was acquired through business combinations and was therefore recognized at fair value at the acquisition date. Maintenance and repairs that neither materially add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets. When we construct assets, we capitalize direct costs of the project, including fees paid to architects and contractors, property taxes, and certain costs of our design and construction subsidiaries. In addition, interest cost associated with major development and construction projects is capitalized as part of the cost of the project. Interest is typically capitalized on amounts expended on the project using the weighted-average cost of our outstanding borrowings. Capitalization of interest starts when construction activities begin and ceases when construction is substantially complete or development activity is suspended for more than a brief period.

We must make estimates and assumptions when accounting for capital expenditures. Whether an expenditure is considered a maintenance expense or a capital asset is a matter of judgment. When constructing or purchasing assets, we must determine whether existing assets are being replaced or otherwise impaired, which also may be a matter of judgment. In addition, our depreciation expense is highly dependent on the assumptions we make about our assets’ estimated useful lives. We determine the estimated useful lives based on our experience with similar assets, engineering studies, and our estimate of the usage of the asset. Whenever events or circumstances occur which change the estimated useful life of an asset, we account for the change prospectively.

Impairment of Long-lived Assets, Goodwill and Indefinite-lived Intangible Assets

We evaluate our property and equipment and other long-lived assets for impairment based on our classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets classified as held for sale, we recognize the asset at the lower of carrying value or fair market value less costs of disposal, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, we review for impairment whenever indicators of impairment exist. We then compare the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment is recorded based on the fair value of the asset. For operating assets, fair value is typically measured using a discounted cash flow model whereby future cash flows are discounted using a weighted-average cost of capital, developed using a standard capital asset pricing model, based on guideline companies in our industry. If an asset is still under development, future cash flows include remaining construction costs. All recognized impairment losses, whether for assets to be held for sale or assets to be held and used, are recorded as operating expenses.

48

There are several estimates, assumptions and decisions in measuring impairments of long-lived assets. First, management must determine the usage of the asset. To the extent management decides that an asset will be sold, it is more likely that an impairment may be recognized. Assets must be tested at the lowest level for which identifiable cash flows exist. This means that some assets must be grouped, and management has some discretion in the grouping of assets. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates.

On a quarterly basis, we review our major long-lived assets to determine if events have occurred or circumstances exist that indicate a potential impairment. Potential factors which could trigger an impairment include underperformance compared to historical or projected operating results, negative industry or economic factors, significant changes to our operating environment, or changes in intended use of the asset group. We estimate future cash flows using our internal budgets and probability weight cash flows in certain circumstances to consider alternative outcomes associated with recoverability of the asset group, including potential sale. Historically, undiscounted cash flows of our significant operating asset groups have exceeded their carrying values by a substantial margin.

We review indefinite-lived intangible assets at least annually and between annual test dates in certain circumstances. We perform our annual impairment test for indefinite-lived intangible assets in the fourth quarter of each fiscal year. Indefinite-lived intangible assets consist primarily of license rights and trademarks. For our 2018 and 2017 annual impairment tests, we utilized the option to perform a qualitative (“step zero”) analysis for certain of our indefinite-lived intangibles and concluded it was more likely than not that the fair values of such intangibles exceeded their carrying values by a substantial margin. We elected to perform a quantitative analysis for the Borgata trade name using the relief-from -royalty method, for which the fair value exceeded its carrying value by approximately 14% in 2018 and 4% in 2017. For our 2016 annual impairment tests we utilized a quantitative analysis for all of our intangible assets, using a discounted cash flow approach for license rights and using the relief-from-royalty method for trademarks. The estimated fair values of the intangibles were substantially in excess of their carrying values, with the fair value of the Borgata trade name exceeding its carrying value by approximately 2%, reflecting the recentness of the Borgata acquisition which occurred in August 2016. As discussed below, management makes significant judgments and estimates as part of these analyses. If certain future operating results do not meet current expectations it could cause carrying values of the intangibles to exceed their fair values in future periods, potentially resulting in an impairment charge.

We review goodwill at least annually and between annual test dates in certain circumstances. None of our reporting units incurred any goodwill impairment charges in 2018, 2017 or 2016. For our 2018, 2017, and 2016 annual impairment tests, we utilized the option to perform a step zero analysis for certain of our reporting units and concluded it was more likely than not that the fair values of such reporting units exceeded their carrying values by a substantial margin. For reporting units for which we elected to perform a quantitative analysis, the fair value of such reporting units exceeded their carrying value by a substantial margin. As discussed below, management makes significant judgments and estimates as part of these analyses. If future operating results of our reporting units do not meet current expectations it could cause carrying values of our reporting units to exceed their fair values in future periods, potentially resulting in a goodwill impairment charge.

There are several estimates inherent in evaluating these assets for impairment. In particular, future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates. In addition, the determination of multiples, capitalization rates and the discount rates used in the impairment tests are highly judgmental and dependent in large part on expectations of future market conditions.

See Note 2 and Note 7 to the accompanying consolidated financial statements for further discussion of goodwill and other intangible assets.

Impairment of Investments in Unconsolidated Affiliates

See Note 2 to the accompanying consolidated financial statements for discussion of our evaluation of other-than-temporary impairment of investments in unconsolidated affiliates.  None of our investments in unconsolidated affiliates had other-than-temporary impairment in 2018, 2017, or 2016.

Income Taxes

We recognize deferred tax assets, net of applicable reserves, related to net operating loss and tax credit carryforwards and certain temporary differences with a future tax benefit to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied.

49

We file income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, and foreign jurisdictions, although the income taxes paid in foreign jurisdictions are not material. Our income tax returns are subject to examination by the Internal Revenue Service (“IRS”) and other tax authorities. Positions taken in tax returns are sometimes subject to uncertainty in the tax laws and may not ultimately be accepted by the IRS or other tax authorities. See Note 10 in the accompanying consolidated financial statements for a discussion of the status and impact of examinations by tax authorities.

We assess our tax positions using a two-step process. A tax position is recognized if it meets a “more likely than not” threshold, and is measured at the largest amount of benefit that is greater than fifty percent likely of being realized. Uncertain tax positions must be reviewed at each balance sheet date. Liabilities we record as a result of this analysis are recorded separately from any current or deferred income tax accounts, and are classified as current in “Other accrued liabilities” or long-term in “Other long-term liabilities” based on the time until expected payment. Additionally, we recognize accrued interest and penalties, if any, related to unrecognized tax benefits in income tax expense.

Refer to Note 10 in the accompanying consolidated financial statements for further discussion relating to income taxes.

50

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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 December 31, 2018, variable rate borrowings represented approximately 31% of our total borrowings after giving effect to the $500 million and $700 million notional amount Operating Partnership interest rate swaps with weighted average fixed rates that we pay 1.764% and 1.901%, respectively. In December 2018, the Operating Partnership entered into additional interest rate swap agreements, for which the Operating Partnership will pay a weighted average 2.735% on a total notional amount of $400 million. These swaps will be effective December 31, 2019, at which point the Operating Partnership will be paying a combined weighted average 2.066%. 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,																					December 31,
	2019			2020			2021			2022			2023			Thereafter			Total			2018
	(In millions)
Fixed-rate	$	850		$	1,500		$	1,250		$	1,000		$	1,250		$	3,401		$	9,251		$	9,179
Average interest rate		8.6	%		6.3	%		6.6	%		7.8	%		6.0	%		5.2	%		6.3	%
Variable rate	$	423		$	466		$	466		$	1,306		$	1,635		$	1,706		$	6,002		$	5,893
Average interest rate		4.7	%		4.7	%		4.7	%		4.7	%		4.6	%		4.5	%		4.6	%

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. As of December 31, 2018, a 1% increase in the Hong Kong dollar (the functional currency of MGM China) to the U.S. dollar exchange rate would impact the carrying value of our cash balance by $5 million and a 1% decrease in the exchange rate would impact the carrying value of our debt balance by $25 million.

51

ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Financial Statements:
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting	53
Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements	54
Consolidated Balance Sheets — December 31, 2018 and 2017	55
Years Ended December 31, 2018, 2017 and 2016
Consolidated Statements of Operations	56
Consolidated Statements of Comprehensive Income (Loss)	57
Consolidated Statements of Cash Flows	58
Consolidated Statements of Stockholders’ Equity	59
Notes to Consolidated Financial Statements	60

Financial Statement Schedule:

Schedule II — Valuation and Qualifying Accounts 101

The financial information included in the financial statement schedule should be read in conjunction with the consolidated financial statements. All other financial statement schedules have been omitted because they are not applicable, or the required information is included in the consolidated financial statements or the notes thereto.

Audited consolidated financial statements for CityCenter Holdings, LLC as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016 are presented in Exhibit 99.3 and are incorporated herein by reference.

52

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors of MGM Resorts International

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of MGM Resorts International and subsidiaries (the “Company”) as of December 31, 2018, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements and financial statement schedule as of and for the year ended December 31, 2018, of the Company and our report dated February 27, 2019, expressed an unqualified opinion on those financial statements.

Basis for Opinion  

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ DELOITTE & TOUCHE LLP

Las Vegas, Nevada  

February 27, 2019

53

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and the Board of Directors of MGM Resorts International

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of MGM Resorts International and subsidiaries (the "Company") as of December 31, 2018 and 2017, the related consolidated statements of operations, comprehensive income, cash flows and stockholders' equity for each of the three years in the period ended December 31, 2018, and the related notes and the financial statement schedule of Valuation and Qualifying Accounts included in Item 15(a)(2), (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2018, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 27, 2019, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Las Vegas, Nevada  

February 27, 2019

We have served as the Company's auditor since 2002.

54

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

	December 31,
	2018			2017
ASSETS
Current assets
Cash and cash equivalents	$	1,526,762		$	1,499,995
Accounts receivable, net		657,206			542,273
Inventories		110,831			102,292
Income tax receivable		28,431			42,551
Prepaid expenses and other		203,548			189,244
Total current assets		2,526,778			2,376,355
Property and equipment, net		20,729,888			19,635,459
Other assets
Investments in and advances to unconsolidated affiliates		732,867			1,033,297
Goodwill		1,821,392			1,806,531
Other intangible assets, net		3,944,463			3,877,960
Other long-term assets, net		455,318			430,440
Total other assets		6,954,040			7,148,228
	$	30,210,706		$	29,160,042
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	302,578		$	255,028
Construction payable		311,793			474,807
Current portion of long-term debt		43,411			158,042
Accrued interest on long-term debt		140,046			135,785
Other accrued liabilities		2,151,054			2,114,635
Total current liabilities		2,948,882			3,138,297
Deferred income taxes, net		1,342,538			1,295,375
Long-term debt, net		15,088,005			12,751,052
Other long-term obligations		259,240			284,416
Commitments and contingencies (Note 11)
Redeemable noncontrolling interests		102,250			79,778
Stockholders' equity
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and    outstanding 527,479,528 and 566,275,789 shares		5,275			5,663
Capital in excess of par value		4,092,085			5,357,709
Retained earnings		2,423,479			2,217,299
Accumulated other comprehensive loss		(8,556	)		(3,610	)
Total MGM Resorts International stockholders' equity		6,512,283			7,577,061
Noncontrolling interests		3,957,508			4,034,063
Total stockholders' equity		10,469,791			11,611,124
	$	30,210,706		$	29,160,042

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

55

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

	Year Ended December 31,
	2018			2017			2016
Revenues
Casino	$	5,753,150		$	5,016,426		$	4,108,126
Rooms		2,212,573			2,152,741			2,003,027
Food and beverage		1,959,021			1,871,969			1,727,805
Entertainment, retail and other		1,412,860			1,354,301			1,242,159
Reimbursed costs		425,492			402,042			397,152
		11,763,096			10,797,479			9,478,269
Expenses
Casino		3,199,775			2,673,397			2,213,922
Rooms		791,761			748,947			697,977
Food and beverage		1,501,868			1,414,611			1,310,969
Entertainment, retail and other		999,979			954,125			901,201
Reimbursed costs		425,492			402,042			397,152
General and administrative		1,764,638			1,559,575			1,378,534
Corporate expense		419,204			356,872			312,705
NV Energy exit expense		—			(40,629	)		139,335
Preopening and start-up expenses		151,392			118,475			140,075
Property transactions, net		9,147			50,279			17,078
Gain on Borgata transaction		—			—			(430,118	)
Depreciation and amortization		1,178,044			993,480			849,527
		10,441,300			9,231,174			7,928,357
Income from unconsolidated affiliates		147,690			146,222			528,287
Operating income		1,469,486			1,712,527			2,078,199
Non-operating income (expense)
Interest expense, net of amounts capitalized		(769,513	)		(668,745	)		(694,773	)
Non-operating items from unconsolidated affiliates		(47,827	)		(34,751	)		(53,139	)
Other, net		(18,140	)		(48,241	)		(72,698	)
		(835,480	)		(751,737	)		(820,610	)
Income before income taxes		634,006			960,790			1,257,589
Benefit (provision) for income taxes		(50,112	)		1,127,394			(21,743	)
Net income		583,894			2,088,184			1,235,846
Less: Net income attributable to noncontrolling interests		(117,122	)		(136,132	)		(135,438	)
Net income attributable to MGM Resorts International	$	466,772		$	1,952,052		$	1,100,408
Earnings per share
Basic	$	0.82		$	3.38		$	1.94
Diluted	$	0.81		$	3.34		$	1.92
Weighted average common shares outstanding
Basic		544,253			572,253			568,134
Diluted		549,536			578,795			573,317

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

56

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Year Ended December 31,
	2018			2017			2016
Net income	$	583,894		$	2,088,184		$	1,235,846
Other comprehensive loss, net of tax:
Foreign currency translation adjustment		(13,022	)		(43,188	)		(2,680	)
Unrealized gain on cash flow hedges		3,576			7,995			1,879
Other comprehensive loss		(9,446	)		(35,193	)		(801	)
Comprehensive income		574,448			2,052,991			1,235,045
Less: Comprehensive income attributable to noncontrolling interests		(112,622	)		(119,700	)		(134,680	)
Comprehensive income attributable to MGM Resorts International	$	461,826		$	1,933,291		$	1,100,365

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

57

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Year Ended December 31,
	2018			2017			2016
Cash flows from operating activities
Net income	$	583,894		$	2,088,184		$	1,235,846
Adjustments to reconcile net income to net cash provided by    operating activities:
Depreciation and amortization		1,178,044			993,480			849,527
Amortization of debt discounts, premiums and issuance costs		41,102			32,996			40,493
Loss on retirement of long-term debt		3,619			45,696			66,933
Provision for doubtful accounts		39,762			20,603			10,863
Stock-based compensation		70,177			62,494			55,487
Property transactions, net		9,147			50,279			17,078
Gain on Borgata transaction		—			—			(430,118	)
Income from unconsolidated affiliates		(96,542	)		(111,471	)		(471,980	)
Distributions from unconsolidated affiliates		11,563			13,050			16,905
Deferred income taxes		46,720			(1,259,406	)		(81,183	)
Change in operating assets and liabilities:
Accounts receivable		(149,554	)		(17,972	)		(31,866	)
Inventories		(7,860	)		(4,656	)		10,806
Income taxes receivable and payable, net		14,120			(53,204	)		13,385
Prepaid expenses and other		(15,535	)		(46,974	)		20,192
Prepaid Cotai land concession premium		6,879			(7,765	)		(22,376	)
Accounts payable and accrued liabilities		21,508			422,258			273,744
Other		(34,505	)		(21,181	)		(39,764	)
Net cash provided by operating activities		1,722,539			2,206,411			1,533,972
Cash flows from investing activities
Capital expenditures, net of construction payable		(1,486,843	)		(1,864,082	)		(2,262,473	)
Dispositions of property and equipment		25,612			718			3,944
Proceeds from partial disposition of investment in unconsolidated affiliate		—			—			15,000
Proceeds from sale of business units and investment in unconsolidated affiliate		163,616			—			—
Acquisition of Borgata, net of cash acquired		—			—			(559,443	)
Acquisition of Northfield, net of cash acquired		(1,034,534	)		—			—
Investments in and advances to unconsolidated affiliates		(56,295	)		(16,727	)		(3,633	)
Distributions from unconsolidated affiliates in excess of cumulative earnings		322,631			301,211			542,097
Other		(17,208	)		(1,712	)		(11,696	)
Net cash used in investing activities		(2,083,021	)		(1,580,592	)		(2,276,204	)
Cash flows from financing activities
Net borrowings under bank credit facilities – maturities of    90 days or less		1,242,259			15,001			491,032
Borrowings under bank credit facilities – maturities longer than 90 days		—			—			1,845,375
Repayments under bank credit facilities – maturities longer than 90 days		—			—			(1,845,375	)
Issuance of long-term debt		1,000,000			350,000			2,050,000
Retirement of senior debentures		(2,265	)		(502,669	)		(2,258,053	)
Repayment of Borgata credit facility		—			—			(583,598	)
Debt issuance costs		(76,519	)		(9,977	)		(139,584	)
Issuance of MGM Growth Properties Class A shares in public offering		—			404,685			1,207,500
MGM Growth Properties Class A share issuance costs		—			(17,137	)		(75,032	)
Acquisition of MGM China shares		—			—			(100,000	)
Dividends paid to common shareholders		(260,592	)		(252,014	)		—
Distributions to noncontrolling interest owners		(184,932	)		(170,402	)		(103,367	)
Proceeds from issuance of redeemable noncontrolling interests		—			—			47,325
Purchases of common stock		(1,283,333	)		(327,500	)		—
Other		(45,384	)		(58,765	)		(16,801	)
Net cash provided by (used in) financing activities		389,234			(568,778	)		519,422
Effect of exchange rate on cash		(1,985	)		(3,627	)		(921	)
Cash and cash equivalents
Net increase (decrease) for the period		26,767			53,414			(223,731	)
Balance, beginning of period		1,499,995			1,446,581			1,670,312
Balance, end of period	$	1,526,762		$	1,499,995		$	1,446,581
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized	$	723,609		$	658,637		$	661,166
Federal, state and foreign income taxes paid (refunds received), net		(10,100	)		181,651			68,236
Non-cash investing and financing activities
Common stock issued for acquisition of MGM China shares	$	—		$	—		$	174,041
Deferred cash payment for acquisition of MGM China shares		—			—			43,265
Increase in construction accounts payable		—			204,466			20,241

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

58

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

For the Years ended December 31, 2018, 2017 and 2016

(In thousands)

																Total
										Retained			Accumulated			MGMResorts
	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, 2016		564,839		$	5,648		$	5,655,886		$	(581,952	)	$	14,022		$	5,093,604		$	2,644,500		$	7,738,104
Net income		—			—			—			1,100,408			—			1,100,408			134,902			1,235,310
Currency translation adjustment		—			—			—			—			(1,477	)		(1,477	)		(1,203	)		(2,680	)
Other comprehensive income - cash    flow hedges		—			—			—			—			1,434			1,434			445			1,879
Stock-based compensation		—			—			51,460			—			—			51,460			4,147			55,607
Issuance of common stock pursuant to    stock-based compensation awards		2,225			22			(30,065	)		—			—			(30,043	)		—			(30,043	)
Cash distributions to noncontrolling    interest owners		—			—			—			—			—			—			(103,457	)		(103,457	)
MGM Growth Properties IPO		—			—			(150,414	)		—			—			(150,414	)		1,334,252			1,183,838
MGP dividend payable to Class A    shareholders		—			—			—			—			—			—			(22,281	)		(22,281	)
Issuance of performance share units		—			—			5,817			—			—			5,817			—			5,817
MGM China common stock    acquisition		7,060			71			127,146			—			1,074			128,291			(270,903	)		(142,612	)
Borgata transaction		—			—			(18,385	)		—			—			(18,385	)		28,752			10,367
Other		—			—			12,130			—			—			12,130			(22	)		12,108
Balances, December 31, 2016		574,124			5,741			5,653,575			518,456			15,053			6,192,825			3,749,132			9,941,957
Net income		—			—			—			1,952,052			—			1,952,052			128,320			2,080,372
Currency translation adjustment		—			—			—			—			(23,995	)		(23,995	)		(19,193	)		(43,188	)
Other comprehensive income - cash    flow hedges		—			—			—			—			5,234			5,234			2,761			7,995
Stock-based compensation		—			—			57,531			—			—			57,531			4,991			62,522
Issuance of common stock pursuant to    stock-based compensation awards		2,152			22			(33,802	)		—			—			(33,780	)		—			(33,780	)
Cash distributions to noncontrolling    interest owners		—			—			—			—			—			—			(147,685	)		(147,685	)
Dividends declared to common shareholders    ($0.44 per share)		—			—			—			(252,014	)		—			(252,014	)		—			(252,014	)
MGP dividend payable to Class A    shareholders		—			—			—			—			—			—			(29,777	)		(29,777	)
Issuance of performance share units		—			—			9,648			—			—			9,648			95			9,743
Repurchase of common stock		(10,000	)		(100	)		(327,400	)		—			—			(327,500	)		—			(327,500	)
MGP Class A share issuance		—			—			35,029			—			109			35,138			326,484			361,622
Adjustment of redeemable non-    controlling interest to redemption    value		—			—			(18,280	)		—			—			(18,280	)		—			(18,280	)
MGM National Harbor transaction		—			—			(12,486	)		—			(11	)		(12,497	)		19,383			6,886
Other		—			—			(6,106	)		(1,195	)		—			(7,301	)		(448	)		(7,749	)
Balances, December 31, 2017		566,276			5,663			5,357,709			2,217,299			(3,610	)		7,577,061			4,034,063			11,611,124
Net income		—			—			—			466,772			—			466,772			108,114			574,886
Currency translation adjustment		—			—			—			—			(7,422	)		(7,422	)		(5,600	)		(13,022	)
Other comprehensive income - cash    flow hedges		—			—			—			—			2,476			2,476			1,100			3,576
Stock-based compensation		—			—			65,072			—			—			65,072			5,124			70,196
Issuance of common stock pursuant to    stock-based compensation awards		2,280			23			(32,225	)		—			—			(32,202	)		—			(32,202	)
Cash distributions to noncontrolling    interest owners		—			—			—			—			—			—			(147,321	)		(147,321	)
Dividends declared to common shareholders    ($0.48 per share)		—			—			—			(260,592	)		—			(260,592	)		—			(260,592	)
MGP dividend payable to Class A    shareholders		—			—			—			—			—			—			(31,732	)		(31,732	)
Issuance of performance share units		—			—			3,609			—			—			3,609			107			3,716
Repurchase of common stock		(41,076	)		(411	)		(1,282,922	)		—			—			(1,283,333	)		—			(1,283,333	)
Adjustment of redeemable non-    controlling interest to redemption    value		—			—			(21,326	)		—			—			(21,326	)		—			(21,326	)
Other		—			—			2,168			—			—			2,168			(6,347	)		(4,179	)
Balances, December 31, 2018		527,480		$	5,275		$	4,092,085		$	2,423,479		$	(8,556	)	$	6,512,283		$	3,957,508		$	10,469,791

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

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MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 (which was branded as Monte Carlo prior to May 2018), 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, which opened on August 24, 2018. The Company also owns and operates Borgata located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey and the following resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike in Tunica. Additionally, the Company owns 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 12. As of December 31, 2018, the Company owned 73.3% of the Operating Partnership units, and MGP held the remaining 26.7% 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, and MGM National Harbor from the landlord.

In July 2018, MGP acquired the membership interests of Northfield Park Associates, LLC (“Northfield”), an Ohio limited liability company that owns the real estate assets and operations of the Hard Rock Rocksino Northfield Park from Milstein Entertainment LLC. Simultaneously with the close of the transaction, MGP entered into a new agreement with an affiliate of Hard Rock Café International (STP), Inc. to continue to serve as the manager of the property. Refer to Note 4 for additional information.

In September 2018, the Company entered into an agreement with MGP to acquire all of the operating assets of Northfield from MGP. Northfield will be added to the existing master lease between the Company and MGP. The transaction is expected to close in the first half of 2019, subject to customary closing conditions. Refer to Note 4 for additional information.

In January 2019, the Company acquired the real property and operations associated with the Empire City Casino's race track and casino ("Empire City"). MGP then acquired the developed real property associated with Empire City from the Company and the real estate assets of Empire City will be leased to the Company pursuant to an amendment to the master lease. Refer to Note 4 for additional information.  

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The Company has an approximate 56% controlling interest in 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 that opened on February 13, 2018, as well as the related gaming subconcession and land concessions.

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. On August 30, 2018, CityCenter completed the sale of the Mandarin Oriental Las Vegas (“Mandarin Oriental”) and adjacent retail parcels. See Note 6 and Note 17 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 6 for additional information regarding the Company’s investment in the Las Vegas Arena Company.

In August 2018, the Company, along with its joint venture partner, completed the sale of its 50% interest in Grand Victoria, a riverboat casino in Elgin, Illinois. See Note 6 for additional information regarding the Company’s investment in Grand Victoria.

During the fourth quarter of 2018, the Company has changed the aggregation of its operations into three reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China. This change of reportable segments reflects realignment within the Company stemming from the expansion of the Company’s regional operations. See Note 16 for additional information about the Company’s segments.

NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation. For entities not determined to be a variable interest entity (“VIE”), the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets. The Company’s investments in unconsolidated affiliates which are 50% or less owned are accounted for under the equity method when the Company can exercise significant influence over or has joint control of the unconsolidated affiliate. All intercompany balances and transactions are eliminated in consolidation.

The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a VIE. A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. For these VIEs, the Company records a noncontrolling interest in the consolidated balance sheets. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis.

Management has determined that MGP is a 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 26.7% as of December 31, 2018 as noncontrolling interest in the Company’s consolidated financial statements. As of December 31, 2018, on a consolidated basis MGP had total assets of $11.0 billion, primarily related to its real estate investments, and total liabilities of $5.1 billion, primarily related to its indebtedness.  

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Management’s use of estimates. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These principles require the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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

• Level 1 and Level 2 inputs for its long-term debt fair value disclosures. See Note 9;

• Level 2 and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed during the Northfield transaction and Borgata transaction. See Note 4.

Cash and cash equivalents. Cash and cash equivalents include investments and interest bearing instruments with maturities of 90 days or less at the date of acquisition. Such investments are carried at cost, which approximates market value. Book overdraft balances resulting from the Company’s cash management program are recorded as accounts payable or construction payable as applicable.

Accounts receivable and credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of casino accounts receivable. The Company issues credit to approved casino customers and gaming promoters following background checks and investigations of creditworthiness. At December 31, 2018 and 2017, approximately 62% and 40%, respectively, of our gross casino accounts receivable were owed by customers from foreign countries, primarily Asia. Business or economic conditions or other significant events in these countries could affect the collectability of such receivables.

Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their net carrying amount, which approximates fair value. The allowance is estimated based on both a specific review of customer accounts as well as historical collection experience and current economic and business conditions. Management believes that as of December 31, 2018, no significant concentrations of credit risk existed for which an allowance had not already been recorded.

Inventories. Inventories consist primarily of food and beverage, retail merchandise and operating supplies, and are stated at the lower of cost or net realizable value. Cost is determined primarily using the average cost method for food and beverage and operating supplies. Cost for retail merchandise is determined using the cost method.

Property and equipment. Property and equipment are stated at cost. A significant amount of the Company’s property and equipment was acquired through business combinations and therefore recognized at fair value at the acquisition date. Gains or losses on dispositions of property and equipment are included in the determination of income or loss. Maintenance costs are expensed as incurred. As of December 31, 2018 and 2017, the Company had accrued $47 million and $28 million, respectively for property and equipment within accounts payable, and $2 million and $34 million, respectively, related to construction retention within other long-term liabilities.

Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis:

Buildings and improvements	15 to 40 years
Land improvements	10 to 20 years
Furniture and fixtures	3 to 20 years
Equipment	3 to 15 years

The Company evaluates its property and equipment and other long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and

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used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge is recorded based on the fair value of the asset, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses.

Capitalized interest. The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. When no debt is incurred specifically for a project, interest is capitalized on amounts expended on the project using the weighted-average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete or development activity is suspended for more than a brief period.

Investments in and advances to unconsolidated affiliates. The Company has investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for the Company’s share of the investees’ earnings and losses, amortization of certain basis differences, as well as capital contributions to and distributions from these companies. Distributions in excess of equity method earnings are recognized as a return of investment and recorded as investing cash inflows in the accompanying consolidated statements of cash flows. The Company classifies operating income and losses as well as gains and impairments related to its investments in unconsolidated affiliates as a component of operating income or loss and classifies non-operating income or losses related to its investments in unconsolidated affiliates as a component of non-operating income or loss, as the Company’s investments in such unconsolidated affiliates are an extension of the Company’s core business operations.

The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of its investment may have experienced an “other-than-temporary” decline in value. If such conditions exist, the Company compares the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is “other-than-temporary” based on its assessment of all relevant factors, including consideration of the Company’s intent and ability to retain its investment. The Company estimates fair value using a discounted cash flow analysis based on estimated future results of the investee and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. See Note 6 for results of the Company’s review of its investment in certain of its unconsolidated affiliates.

Goodwill and other intangible assets. Goodwill represents the excess of purchase price over fair market value of net assets acquired in business combinations. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests in the fourth quarter of each fiscal year. No impairments were indicated or recorded as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2018, 2017 and 2016.

Accounting guidance provides entities the option to perform a qualitative assessment of goodwill and indefinite-lived intangible assets (commonly referred to as “step zero”) in order to determine whether further impairment testing is necessary. In performing the step zero analysis the Company considers macroeconomic conditions, industry and market considerations, current and forecasted financial performance, entity-specific events, and changes in the composition or carrying amount of net assets of reporting units for goodwill. In addition, the Company takes into consideration the amount of excess of fair value over carrying value determined in the last quantitative analysis that was performed, as well as the period of time that has passed since the last quantitative analysis. If the step zero analysis indicates that it is more likely than not that the fair value is less than its carrying amount, the entity would proceed to a quantitative analysis.

Under the quantitative analysis, goodwill for relevant reporting units is tested for impairment using a discounted cash flow analysis based on the estimated future results of the Company’s reporting units discounted using market discount rates and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. Effective January 1, 2017, the Company adopted accounting guidance that simplifies goodwill impairment testing by eliminating the requirement to calculate the implied fair value of goodwill (formerly “Step 2”) in the event that impairment is identified. Instead, an impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Under the quantitative analysis, license rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference.

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

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The transaction price for a casino wager is the difference between gaming wins and losses (“net win”). In certain circumstances, the Company offers discounts on markers, which is estimated based upon historical business practice, and recorded as a reduction of casino revenue. Commissions rebated to gaming promoters and VIP players at MGM China are also recorded as a reduction of casino revenue. The Company accounts for casino revenue on a portfolio basis given the similar characteristics of wagers by recognizing net win per gaming day versus on an individual wager basis.

For casino wager transactions that include other goods and services provided by the Company to gaming patrons on a discretionary basis to incentivize gaming, the Company allocates revenue from the casino wager transaction to the good or service delivered based upon stand-alone selling price (“SSP”). Discretionary goods and services provided by the Company and supplied by third parties are recognized as an operating expense.

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 SSP 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. Commissions and incentives provided to gaming customers were collectively $2.3 billion, $2.1 billion and $1.8 billion for the years ended December 31, 2018, 2017 and 2016, 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.

The transaction price of rooms, food and beverage, and retail contracts is the net amount collected from the customer for such goods and services. The transaction price for such contracts is recorded as revenue when the good or service is transferred to the customer over their stay at the hotel or when the delivery is made for the food & beverage and retail & other contracts. Sales and usage-based taxes are excluded from revenues. For some arrangements, the Company acts as an agent in that it arranges for another party to transfer goods and services, which primarily include certain of the Company’s entertainment shows as well as customer rooms arranged by online travel agents.

The Company also has other contracts that include multiple goods and services, such as packages that bundle food, beverage, or entertainment offerings with hotel stays and convention services. For such arrangements, the Company allocates revenue to each good or service based on its relative SSP. The Company primarily determines the SSP of rooms, food and beverage, entertainment, and retail goods and services based on the amount that the Company charges when sold separately in similar circumstances to similar customers.

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
	2018			2017		2018		2017		2018		2017
	(in thousands)
Balance at January 1	$	597,753		$	227,538	$	91,119	$	88,379	$	539,626	$	437,287
Balance at December 31		323,811			597,753		113,293		91,119		667,285		539,626
Increase / (decrease)	$	(273,942	)	$	370,215	$	22,174	$	2,740	$	127,659	$	102,339

Reimbursed costs. Costs reimbursed pursuant to management services are recognized as revenue in the period it incurs the costs as this reflects when the Company performs its related performance obligation and is entitled to reimbursement. Reimbursed costs relate primarily to the Company’s management of CityCenter.

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 16. Lease

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revenues earned by the Company from third-parties are classified within the line item corresponding to the type or nature of the tenant’s good or service. Lease revenues include $51 million, $51 million and $50 million recorded within food and beverage revenue for 2018, 2017 and 2016, respectively, and $87 million, $79 million and $77 million recorded within entertainment, retail, and other revenue for the same such periods, respectively.

Advertising. The Company expenses advertising costs the first time the advertising takes place. Advertising expense, which is generally included in general and administrative expenses, was $305 million, $223 million and $171 million for 2018, 2017 and 2016, respectively.

Corporate expense. Corporate expense represents unallocated payroll, aircraft costs, professional fees and various other expenses not directly related to the Company’s casino resort operations. In addition, corporate expense includes the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are expensed as incurred.

Preopening and start-up expenses. Preopening and start-up costs, including organizational costs, are expensed as incurred. Costs classified as preopening and start-up expenses include payroll, outside services, advertising, and other expenses related to new or start-up operations.

Property transactions, net. The Company classifies transactions such as write-downs and impairments, demolition costs, and normal gains and losses on the sale of assets as “Property transactions, net.” See Note 15 for a detailed discussion of these amounts.

Redeemable noncontrolling interest. Certain noncontrolling interest parties have non-voting economic interests in MGM National Harbor which provide for annual preferred distributions by MGM National Harbor to the noncontrolling interest parties based on a percentage of its annual net gaming revenue (as defined in the MGM National Harbor operating agreement). Such distributions are accrued each quarter and are paid 90-days after the end of each fiscal year.

Beginning on December 31, 2019 the noncontrolling interest parties will each have the ability to require MGM National Harbor to purchase all or a portion of their interests for a purchase price based on a contractually agreed upon formula. Additionally, certain noncontrolling interest parties each have the right to sell back all or a portion of their interests prior to such date if MGM National Harbor were to guarantee or grant liens to secure any indebtedness of the Company or its affiliates other than the indebtedness of MGM National Harbor.

The Company has recorded the interests as “Redeemable noncontrolling interests” in the mezzanine section of the accompanying consolidated balance sheets and not stockholders’ equity because their redemption is not exclusively in the Company’s control. The interests were initially accounted for at fair value. Subsequently, the Company recognizes changes in the redemption value as they occur and adjusts the carrying amount of the redeemable noncontrolling interests to equal the maximum redemption value, provided such amount does not fall below the initial carrying value, at the end of each reporting period. The Company records any changes caused by such an adjustment in capital in excess of par value. Additionally, the carrying amount of the redeemable noncontrolling interests is adjusted for accrued annual preferred distributions, with changes caused by such adjustments recorded within net income (loss) attributable to noncontrolling interests.

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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.

	Year Ended December 31,
	2018			2017			2016
Numerator:	(In thousands)
Net income attributable to MGM Resorts International	$	466,772		$	1,952,052		$	1,100,408
Adjustment related to redeemable noncontrolling interests		(21,326	)		(18,363	)		(28	)
Net income available to common stockholders - basic		445,446			1,933,689			1,100,380
Potentially dilutive effect due to MGP and MGM China stock compensation plans		(206	)		(268	)		(51	)
Net income attributable to common stockholders - diluted	$	445,240		$	1,933,421		$	1,100,329
Denominator:
Weighted-average common shares outstanding basic		544,253			572,253			568,134
Potential dilution from share-based awards		5,283			6,542			5,183
Weighted-average common and common equivalent shares - diluted		549,536			578,795			573,317
Antidilutive share-based awards excluded from the calculation of diluted earnings per share		2,668			2,601			4,207

Currency translation. The Company translates the financial statements of foreign subsidiaries that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments resulting from this process are recorded to other comprehensive income (loss).

Accumulated other comprehensive income (loss). Comprehensive income (loss) includes net income (loss) and all other non-stockholder changes in equity, or other comprehensive income (loss). Elements of the Company’s accumulated other comprehensive income are reported in the accompanying consolidated statements of stockholders’ equity. Amounts reported in accumulated other comprehensive income related to cash flow hedges will be reclassified to interest expense as interest payments are made on our variable-rate debt.

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 right-of-use (“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 will adopt ASC 842 on January 1, 2019 utilizing the simplified transition method and accordingly will not recast comparative period financial information. The Company will elect 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. The Company also currently expects that the most significant impact will be the recognition of ROU assets and lease liabilities for operating leases that exist at the Company on the date of adoption with the most material of such leases being ground leases.

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NOTE 3 — ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:

	December 31,
	2018			2017
	(In thousands)
Casino	$	419,127		$	343,869
Hotel		154,707			146,931
Other		174,147			144,044
		747,981			634,844
Less: Allowance for doubtful accounts		(90,775	)		(92,571	)
	$	657,206		$	542,273

NOTE 4 — ACQUISITION

Northfield

On July 6, 2018, MGP completed its acquisition of 100% of the membership interests of Northfield for a purchase price of approximately $1.1 billion (“Northfield Acquisition”). MGP funded the acquisition through a $200 million draw on the Operating Partnership’s term loan A and a $655 million draw under the Operating Partnership’s revolving credit facility, with the remainder of the purchase price paid with cash on hand. The acquisition expanded MGP’s real estate assets and diversified MGP’s geographic reach.

MGP recognized 100% of the assets and liabilities of Northfield at fair value at the date of the 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. The allocation of fair value for substantially all of the assets and liabilities is preliminary and may be adjusted up to one year after the acquisition. Specifically, as of December 31, 2018, the Company is finalizing valuation work related to the asset classes that comprise the property and equipment acquired.

The following table sets forth the preliminary purchase price allocation as of July 6, 2018 (in thousands):

Fair value of assets acquired and liabilities assumed:
Property and equipment	$	792,807
Cash and cash equivalents		35,831
Racing and gaming license		228,000
Customer list		25,000
Goodwill		17,915
Other assets		9,598
Other liabilities		(38,786	)
	$	1,070,365

MGP 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 goodwill is primarily attributable to the synergies expected to arise after the acquisition.

As further discussed in Note 17, the Company entered into an agreement with MGP to acquire all of the operating assets of Northfield (“Northfield OpCo”) from MGP and the real estate assets of Northfield will be leased to a subsidiary of the Company. The transaction is expected to close in the first half of 2019, subject to customary closing conditions. The transaction will be an intercompany transaction and, accordingly, the effect will be eliminated in the Company’s consolidated financial statements.

Consolidated results. For the period from July 6, 2018 through December 31, 2018, Northfield’s net revenue was $133 million, operating income and net income were both $33 million. Pro forma results of operations for the acquisition have not been presented because it is not material to the consolidated results of operations.

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Empire City

On January 29, 2019, the Company acquired the real property and operations associated with the Empire City Casino's race track and casino (“Empire City”) for total consideration of approximately $864 million, plus customary working capital and other adjustments (“Empire City Acquisition”). The fair value of consideration paid included the assumption of debt of approximately $246 million, which was subsequently repaid, the issuance of approximately $266 million of the Company’s common stock, 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. Preliminary fair values for assets acquired and liabilities assumed are not reported herein as the Company is still in the process of completing the initial accounting for the acquisition.

Following the completion of the acquisition of Empire City, MGP acquired the developed real property associated with Empire City from the Company and leases the real property to a subsidiary of the Company. See Note 17 for additional information.

Borgata acquisition

On August 1, 2016, the Company completed the acquisition of Boyd Gaming Corporation’s (“Boyd Gaming”) ownership interest in Borgata for cash consideration of $604 million. Following the completion of the acquisition of Boyd Gaming’s interest, MGP acquired Borgata’s real property from the Company and leases the real property to a subsidiary of the Company. Additionally, as discussed in Note 11, Borgata subsequently entered into a property tax reimbursement agreement in February 2017 with the Department of Community Affairs of the State of New Jersey and Atlantic City and received the settlement amount of $72 million in June 2017, half of which the Company paid Boyd Gaming, net of fees and expenses.  

Through the acquisition of Boyd Gaming’s interest in Borgata, the Company obtained 100% of the equity interests in Borgata and therefore consolidated Borgata as of August 1, 2016. The Company recognized 100% of the assets and liabilities of Borgata at fair value at the date of the acquisition. Prior to the acquisition, the Company held a 50% ownership interest in Borgata, which was accounted for under the equity method. The fair value of the equity interests of Borgata was determined by the transaction price and equaled approximately $1.2 billion. The carrying value of the Company’s equity method investment was significantly less than its share of the fair value of Borgata at the acquisition date, resulting in a $430 million gain on the acquisition.

Borgata’s net revenue for the period from August 1, 2016 through December 31, 2016 was $350 million, operating income was $34 million and net income was $4 million.

Pro forma information. The operating results for Borgata are included in the accompanying consolidated statements of operations from the date of acquisition. The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the Company’s acquisition of its controlling interest has occurred as of January 1, 2015 and excludes the $430 million gain discussed above. The unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 1, 2015.

	Year Ended December 31,
	2016
	(In thousands, except per share data)
	(unaudited)
Net revenues	$	9,963,322
Net income attributable to MGM Resorts International		818,247
Basis net income per share	$	1.44
Diluted net income per share	$	1.43

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NOTE 5 — PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

	December 31,
	2018			2017
	(In thousands)
Land	$	6,923,769		$	6,531,701
Buildings, building improvements and land improvements		16,437,695			12,245,950
Furniture, fixtures and equipment		6,064,330			5,157,363
Construction in progress		321,944			3,950,635
		29,747,738			27,885,649
Less: Accumulated depreciation		(9,017,850	)		(8,250,190	)
	$	20,729,888		$	19,635,459

NOTE 6 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

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

	December 31,
	2018		2017
	(In thousands)
CityCenter Holdings, LLC – CityCenter (50%)	$	589,965	$	808,220
Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50% at December 31, 2017)		—		124,342
Las Vegas Arena Company, LLC (42.5%)		73,540		76,619
Other		69,362		24,116
	$	732,867	$	1,033,297

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

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Income from unconsolidated affiliates	$	147,690		$	146,222		$	528,287
Preopening and start-up expenses		(3,321	)		—			(3,168	)
Non-operating items from unconsolidated affiliates		(47,827	)		(34,751	)		(53,139	)
	$	96,542		$	111,471		$	471,980

The following table summarizes information related to the Company’s share of income from unconsolidated affiliates:

	Year Ended December 31,
	2018		2017		2016
	(In thousands)
CityCenter	$	138,383	$	133,401	$	445,853
Borgata (through July 31, 2016)		—		—		61,169
Other		9,307		12,821		21,265
	$	147,690	$	146,222	$	528,287

CityCenter

Mandarin Oriental sale. In August 2018, CityCenter closed the sale of the Mandarin Oriental and adjacent retail parcels for approximately $214 million. During the year ended December 31, 2018, CityCenter recognized a loss on the sale of the Mandarin Oriental of $133 million and the Company recognized a $12 million gain on the sale related to the reversal of basis differences in excess of its share of the loss recorded by CityCenter, which is recorded within “Income from unconsolidated affiliates”.

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Crystals sale. In April 2016, CityCenter closed the sale of Crystals for approximately $1.1 billion. During the year ended December 31, 2016, CityCenter recognized a gain on the sale of Crystals of $400 million and the Company recognized a $401 million gain, which included $200 million representing its 50% share of the gain recorded by CityCenter and $201 million representing the reversal of certain basis differences. The basis differences primarily related to other-than-temporary impairment charges recorded on the Company’s investment in CityCenter that were allocated to Crystals’ building assets.

CityCenter distributions. In September 2018, CityCenter paid a $225 million dividend, of which the Company received its 50% share, or approximately $113 million and in May 2018, CityCenter paid a $400 million dividend, of which the Company received its 50% share, or $200 million. In April 2017, CityCenter paid a $600 million dividend, consisting of a $350 million dividend using proceeds from the upsized senior credit facilities and a $250 million dividend from cash on hand, of which $78 million was part of its annual dividend policy. MGM Resorts received its 50% share, or $300 million. In March 2016, a $90 million distribution was declared in accordance with CityCenter’s annual distribution policy and in April 2016, CityCenter declared a $990 million special distribution in connection with the Crystals sale. The Company’s $540 million share of such distributions was received in May 2016.

Grand Victoria

Grand Victoria sale. In August 2018, the Company, along with its joint venture partner, completed the sale of Grand Victoria, of which a subsidiary of the Company owned a 50% interest, for $328 million in cash. The Company recorded a gain of $45 million related to the sale, which is recorded within “Property transactions, net”.

Borgata

The Company acquired Boyd Gaming’s ownership interest in Borgata on August 1, 2016, and therefore began to consolidate Borgata beginning on that date. Prior thereto, the Company’s investment in Borgata was accounted for under the equity method.

Las Vegas Arena Company, LLC

Athena Arena transaction. On September 1, 2016, the Company and AEG each sold a 7.5% membership interest in the Las Vegas Arena Company, LLC to Athena Arena, LLC. As a result of this transaction, the Company received $15 million in proceeds and recorded a $3 million gain in “Property transactions, net”.

Unconsolidated Affiliate Financial Information - CityCenter

Summarized balance sheet information is as follows:

	December 31,
	2018		2017
	(In thousands)
Current assets	$	363,755	$	708,910
Property and other assets, net and other long-term assets		6,167,853		6,280,474
Current liabilities		347,710		348,232
Long-term debt and other long-term obligations		1,763,290		1,557,633

Summarized results of operations are as follows:

	Year Ended December 31,
	2018			2017		2016
	(In thousands)
Net revenues	$	1,277,745		$	1,227,733	$	1,160,606
Operating income		185,368			200,109		13,979
Income (loss) from continuing operations		97,091			137,226		(50,376	)
Net income (loss)		(37,911	)		131,683		349,716

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Basis Differences

The Company’s investments in unconsolidated affiliates do not equal the Company’s share of venture-level equity due to various basis differences. Basis differences related to depreciable assets are being amortized based on the useful lives of the related assets and liabilities, and basis differences related to non–depreciable assets, such as land and indefinite-lived intangible assets, are not being amortized. Differences between the Company’s share of venture-level equity and investment balances are as follows:

	December 31,
	2018			2017
	(In thousands)
Venture-level equity attributable to the Company	$	2,347,103		$	2,659,780
Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts    International (1)		(514,592	)		(532,501	)
CityCenter capitalized interest (2)		186,830			206,065
CityCenter completion guarantee (3)		274,685			322,703
CityCenter deferred gain (4)		(212,276	)		(219,561	)
CityCenter capitalized interest on sponsor notes (5)		(36,500	)		(40,258	)
Other-than-temporary impairments of CityCenter investment (6)		(1,352,118	)		(1,504,161	)
Acquisition fair value adjustments net of other-than-temporary impairments of Grand    Victoria investment (7)		—			99,619
Other adjustments		39,735			41,611
	$	732,867		$	1,033,297

(1) Primarily relates to land and fixed assets.

(2) Relates to interest capitalized on the Company’s investment balance during development and construction stages.

(3) Created by contributions to CityCenter under the completion guarantee recognized as equity contributions by CityCenter split between the members.

(4) Relates to a deferred gain on assets contributed to CityCenter upon formation of CityCenter.

(5) Relates to interest on the sponsor notes capitalized by CityCenter during development. Such sponsor notes were converted to equity in 2013.  

(6) The impairment of the Company’s CityCenter investment includes $352 million and $379 million of impairments allocated to land as of December 31, 2018 and December 31, 2017, respectively.

(7) Relates to indefinite-lived gaming license rights for Grand Victoria and other-than-temporary impairments of the Company’s investment in Grand Victoria.

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NOTE 7 — GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and other intangible assets consisted of the following:  

	December 31,
	2018			2017
Goodwill:	(In thousands)
Las Vegas Strip Resorts	$	70,975		$	70,975
Regional Operations		386,892			386,892
Corporate and other		17,915			—
MGM China		1,345,610			1,348,664
	$	1,821,392		$	1,806,531
Indefinite-lived intangible assets:
Detroit development rights	$	98,098		$	98,098
Northfield racing and gaming licenses		228,000			—
Trademarks, license rights and other		312,022			312,022
Total indefinite-lived intangible assets		638,120			410,120
Finite-lived intangible assets:
MGM Grand Paradise gaming subconcession		4,468,766			4,478,911
Less: Accumulated amortization		(1,342,561	)		(1,180,908	)
		3,126,205			3,298,003
MGM Macau land concession		83,885			84,076
Less: Accumulated amortization		(32,035	)		(27,870	)
		51,850			56,206
MGM China customer lists		127,679			127,969
Borgata customer list		22,000			22,000
Northfield customer list		25,000			—
Less: Accumulated amortization		(151,465	)		(145,569	)
		23,214			4,400
Finite-lived gaming licenses and other intangible assets		136,127			136,127
Less: Accumulated amortization		(31,053	)		(26,896	)
		105,074			109,231
Total finite-lived intangible assets, net		3,306,343			3,467,840
Total other intangible assets, net	$	3,944,463		$	3,877,960

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Goodwill. A summary of changes in the Company’s goodwill by reportable segment is as follows for 2018 and 2017:

	2018
	Balance at January 1		Acquisitions		Currency exchange			Balance at December 31
	(In thousands)
Goodwill, net by segment:
Las Vegas Strip Resorts	$	70,975	$	—	$	—		$	70,975
Regional Operations		386,892		—		—			386,892
MGM China		1,348,664		—		(3,054	)		1,345,610
Corporate and other		—		17,915		—			17,915
	$	1,806,531	$	17,915	$	(3,054	)	$	1,821,392
	2017
	Balance at January 1		Acquisitions		Currency exchange			Balance at December 31
	(In thousands)
Goodwill, net by segment:
Las Vegas Strip Resorts	$	70,975	$	—	$	—		$	70,975
Regional Operations		386,892		—		—			386,892
MGM China		1,359,252		—		(10,588	)		1,348,664
	$	1,817,119	$	—	$	(10,588	)	$	1,806,531

Goodwill was recognized by MGP, which is included within Corporate and other, in connection with its acquisition of Northfield in 2018. See Note 4 for discussion of the Northfield Acquisition.

Indefinite-lived intangible assets. The Company’s indefinite-lived intangible assets consist primarily of development rights in Detroit, gaming and racing licenses for Northfield, and trademarks and trade names, of which $210 million is related to the Mandalay Resort Group and $83 million is related to Borgata.

MGM Grand Paradise gaming subconcession. Pursuant to the agreement dated June 19, 2004 between MGM Grand Paradise and Sociedade de Jogos de Macau, S.A., a gaming subconcession was acquired by MGM Grand Paradise for the right to operate casino games of chance and other casino games for a period of 15 years commencing on April 20, 2005. The Company cannot provide any assurance that the gaming subconcession will be extended beyond the original terms of the agreement; however, management believes that the gaming subconcession will be extended, given that the Cotai land concession agreement with the government extends significantly beyond the gaming subconcession. As such, as of December 31, 2018, the Company amortizes the gaming subconcession intangible asset on a straight-line basis over the initial term of the Cotai land concession, ending in January 2038.  

MGM Macau land concession. MGM Grand Paradise entered into a contract with the Macau government to use the land under MGM Macau commencing from April 6, 2006. The land use right has an initial term through April 6, 2031, subject to renewal for additional periods. As of December 31, 2018, the land concession intangible asset is amortized on a straight-line basis over the remaining initial contractual term.

Customer lists. The Company recognized an intangible asset related to Northfield’s customer list, which is amortized on a straight-line basis over its estimated useful life of seven years. The Company also recognized intangible assets related to MGM China and Borgata’s customer lists, which became fully amortized in 2016 and 2018, respectively.

Finite-lived gaming licenses. The Company was granted a license to operate a casino in Maryland. The consideration paid to the State of Maryland for the license fee of $22 million is considered a finite-lived intangible asset that is amortized on a straight-line basis over a period of its initial term of 15 years, beginning in December 2016, when the casino started operations. The Company was granted a license to operate a casino in Massachusetts. The consideration paid to the State of Massachusetts for the license fee of $85 million is considered a finite-lived intangible asset that will be amortized over a period of 15 years, beginning in August 2018, when the casino started operations.

Other. The Company’s other finite–lived intangible assets consist primarily of lease acquisition costs amortized over the life of the related leases, and certain license rights amortized over their contractual life.  

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Total amortization expense related to intangible assets was $176 million, $173 million and $180 million for 2018, 2017, and 2016, respectively. As of December 31, 2018, estimated future amortization is as follows:

Years ending December 31,	(In thousands)
2019	$	179,944
2020		179,944
2021		179,944
2022		179,944
2023		179,761
Thereafter		2,406,806
	$	3,306,343

NOTE 8 — OTHER ACCRUED LIABILITIES

Other accrued liabilities consisted of the following:

	2018		2017
	(In thousands)
Contract and contract-related liabilities:
Outstanding chip liability	$	323,811	$	597,753
Loyalty program obligations		113,293		91,119
Casino front money		342,941		303,950
Advance deposits and ticket sales		221,003		149,698
Unpaid wagers and other		103,341		85,978
Other accrued liabilities:
Payroll and related		518,892		483,101
Taxes, other than income taxes		235,160		170,639
MGP Dividend		31,732		29,777
Other		260,881		202,620
	$	2,151,054	$	2,114,635

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NOTE 9 — LONG-TERM DEBT

Long-term debt consisted of the following:  

	December 31,
	2018			2017
	(In thousands)
Senior credit facility	$	750,000		$	372,500
Operating Partnership senior credit facility		2,819,125			2,091,375
MGM China credit facility		2,433,562			2,301,584
$850 million 8.625% senior notes, due 2019		850,000			850,000
$500 million 5.25% senior notes, due 2020		500,000			500,000
$1,000 million 6.75% senior notes, due 2020		1,000,000			1,000,000
$1,250 million 6.625% senior notes, due 2021		1,250,000			1,250,000
$1,000 million 7.75% senior notes, due 2022		1,000,000			1,000,000
$1,250 million 6% senior notes, due 2023		1,250,000			1,250,000
$1,050 million 5.625% Operating Partnership senior notes, due 2024		1,050,000			1,050,000
$1,000 million 5.75% senior notes, due 2025		1,000,000			—
$500 million 4.50% Operating Partnership senior notes, due 2026		500,000			500,000
$500 million 4.625% senior notes, due 2026		500,000			500,000
$350 million 4.50% Operating Partnership senior notes, due 2028		350,000			350,000
$0.6 million 7% debentures, due 2036		552			552
$2.3 million 6.7% debentures, due 2096		—			2,265
		15,253,239			13,018,276
Less: Premiums, discounts, and unamortized debt issuance costs, net		(121,823	)		(109,182	)
		15,131,416			12,909,094
Less: Current portion		(43,411	)		(158,042	)
	$	15,088,005		$	12,751,052

Debt due within one year of the December 31, 2018 and 2017 balance sheet 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 and $158 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 as of December 31, 2018 and 2017, respectively.

Interest expense, net consisted of the following:

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Total interest incurred	$	821,229		$	779,855		$	814,731
Interest capitalized		(51,716	)		(111,110	)		(119,958	)
	$	769,513		$	668,745		$	694,773

Senior credit facility. At December 31, 2018, the Company’s senior credit facility consisted of a $750 million term loan A facility and a $1.5 billion revolving facility. In December 2018, the Company amended its senior credit facility to provide for a $250 million increase of the revolving facility to $1.5 billion and a $520 million increase on the term loan A facility. Additionally, the revolving and term loan A facilities were repriced to LIBOR plus 1.50% to 2.25% determined by reference to a total net leverage ratio pricing grid and the final maturity date of the facilities was extended to December 2023. The term loan A facility’s repayment will start on the last business day of each calendar quarter beginning March 31, 2020, for an amount equal to 1.25% of the aggregate principal amount of the term loan A facility outstanding as of the amendment effective date, with the remaining balance due in December 2023. The Company permanently repaid $9 million of the term loan A facility for the year ended December 31, 2018 in accordance with the scheduled amortization. At December 31, 2018, the interest rate on the term loan A facility was 4.77%. At December 31, 2018, no amounts were drawn on the revolving credit facility.

The senior credit facility contains representations and warranties, customary events of default, and positive, negative and financial covenants, including that the Company maintain compliance with a maximum total net leverage ratio, a maximum first lien net leverage ratio and a minimum interest coverage ratio. Such financial covenants will become effective beginning in January 2019.

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The senior credit facility is secured by (i) a mortgage on the real properties comprising the MGM Grand Las Vegas and the Bellagio, (ii) a pledge of substantially all existing and future personal property of the subsidiaries of the Company that own the MGM Grand Las Vegas and the Bellagio; and (iii) a pledge of the equity or limited liability company interests of the entities that own MGM Grand Las Vegas and the Bellagio.

Mandatory prepayments of the credit facilities will be required upon the occurrence of certain events, including sales of certain assets, casualty events and the incurrence of certain additional indebtedness, subject to certain exceptions and reinvestment rights.

Operating Partnership senior credit facility. At December 31, 2018, the Operating Partnership’s senior secured credit facility consisted of a $470 million term loan A facility, a $1.8 billion term loan B facility, and a $1.35 billion revolving credit facility. In March 2018, the Operating Partnership repriced its term loan B interest rate to LIBOR plus 2.00% and extended the maturity of the term loan B facility to March 2025, which became effective in August 2018.

In June 2018, the Operating Partnership amended its credit agreement to provide for a $750 million increase of the revolving facility to $1.35 billion, a $200 million increase on the term loan A facility, and extensions of the maturities of the revolving facility and the term loan A facility to June 2023. Additionally, the revolving and term loan A facilities were repriced to LIBOR plus 1.75% to 2.25% determined by reference to a total net leverage ratio pricing grid. In addition, the term loan A facility’s repayment will start on the last business day of each calendar quarter beginning September 30, 2019, for an amount equal to 0.625% of the aggregate principal amount of the term loan A outstanding as of the amendment effective date.

Prior to the amendment, the term loan A facility was subject to amortization in equal quarterly installments of 2.5% of the initial aggregate principal amount to be payable each year. The Operating Partnership permanently repaid $4 million of the term loan A facility for the year ended December 31, 2018. The term loan B facility is subject to equal quarterly installments of 1.0% of the initial aggregate principal amount to be payable each year. The Operating Partnership permanently repaid $19 million of the term loan B facility for the year ended December 31, 2018, in accordance with the scheduled amortization. At December 31, 2018, $550 million was drawn on the revolving credit facility. At December 31, 2018, the interest rates on the term loan A facility and the term loan B facility were both 4.52%, and the interest rate on the revolving credit facility was 4.43%.

The Operating Partnership credit facility contains customary representations and warranties, events of default and positive and negative covenants. The revolving credit facility and term loan A facility also require the Operating Partnership maintain compliance with a maximum senior secured net debt to adjusted total assets ratio, maximum total net debt to adjusted assets ratio and a minimum interest coverage ratio. The Operating Partnership was in compliance with its credit facility covenants at December 31, 2018. 

The Operating Partnership senior credit facility is guaranteed by each of the Operating Partnership’s existing and subsequently acquired direct and indirect wholly owned material domestic restricted subsidiaries, and secured by a first priority lien security interest on substantially all of the Operating Partnership’s and such restricted subsidiaries’ material assets, including mortgages on its real estate, excluding the real estate assets of MGM National Harbor and Empire City, subject to customary exclusions.

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 December 31, 2018, 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 resets monthly to the one-month LIBOR with no minimum floor. In December 2018, the Operating Partnership entered into additional interest rate swaps that have a notional amount of $400 million on which it will pay a fixed rate of 2.735% with the variable rate received resetting monthly to the one-month LIBOR with a floor of 0%. Such interest rate swaps will become effective on December 31, 2019. As of December 31, 2018 and 2017, the derivative financial instruments have been designated as cash flow hedges and qualify for hedge accounting.

MGM China credit facility. At December 31, 2018, the MGM China credit facility consisted of $1.8 billion of term loans and a $1.0 billion revolving credit facility, which bear interest at a fluctuating rate per annum based on HIBOR plus 1.375% to 2.50%, as determined by MGM China’s leverage ratio. In June 2018, MGM China amended and restated its credit facility for a reduction in the total revolving credit commitments of $450 million to $1.0 billion and an increase in the total term loan commitments of $450 million to $2.0 billion (the aggregate amount of commitments remained unchanged). The final maturity date was also extended to June 2022, but no revolving credit loans or term loans shall remain outstanding after, and no revolving credit or term loan commitments shall be available after March 31, 2022. Quarterly principal amortization payments of the term loan facilities were amended to be 5% of the original principal amount beginning in September 2018 through December 2021, with the remaining balance due in March 2022. MGM China permanently repaid $507 million of term loans for the year ended December 31, 2018 in accordance with the scheduled amortization. At December 31, 2018, $641 million was drawn on the revolving credit facility. At December 31, 2018, the interest rate on the term loans was 4.74% and the interest rate on the revolving credit facility was 4.72%.

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The MGM China credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio. MGM China was in compliance with its credit facility covenants at December 31, 2018.

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

In June 2018, the Company issued $1.0 billion in aggregate principal amount of 5.750% senior notes due 2025.

In July 2017, the Company redeemed for cash all $475 million principal amount of its outstanding 11.375% senior notes due 2018. The Company incurred a $30 million loss on the early retirement of such notes recorded in “Other, net” in the consolidated statements of operations.

Operating Partnership senior notes. In September 2017, the Operating Partnership issued $350 million in aggregate principal amount of 4.50% senior notes due 2028.

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

Each series of the Operating Partnership's senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior basis by all of the Operating Partnership’s subsidiaries that guarantee the Operating Partnership’s credit facilities, other than MGP Finance Co-Issuer, Inc., which is a co-issuer of the senior notes. The Operating Partnership may redeem all or part of the senior notes at a redemption price equal to 100% of the principal amount of the senior notes plus, to the extent the Operating Partnership is redeeming senior notes prior to the date that is three months prior to their maturity date, an applicable make whole premium, plus, in each case, accrued and unpaid interest. The indentures governing the senior notes contain customary covenants and events of default. These covenants are subject to a number of important exceptions and qualifications set forth in the applicable indentures governing the senior notes, including, with respect to the restricted payments covenants, the ability to make unlimited restricted payments to maintain the REIT status of MGP.

Maturities of long-term debt. The maturities of the principal amount of the Company’s long-term debt as of December 31, 2018 are as follows:

Years ending December 31,	(In thousands)
2019	$	1,272,734
2020		1,966,109
2021		1,716,109
2022		2,306,237
2023		2,884,875
Thereafter		5,107,175
	$	15,253,239

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $15.1 billion and $13.6 billion at December 31, 2018 and 2017, respectively. Fair value was estimated using quoted market prices for the Company’s senior notes and senior credit facilities.

NOTE 10 — INCOME TAXES

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.

Income (loss) before income taxes for domestic and foreign operations consisted of the following:

	Year Ended December 31,
	2018			2017		2016
	(In thousands)
Domestic operations	$	660,832		$	747,090	$	984,095
Foreign operations		(26,826	)		213,700		273,494
	$	634,006		$	960,790	$	1,257,589

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The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows:

	Year Ended December 31,
	2018			2017			2016
Federal:	(In thousands)
Current	$	11,991		$	(120,980	)	$	(97,502	)
Deferred (excluding separate components)		(143,468	)		204,713			(124,625	)
Deferred – change in enacted rates		—			987,942			—
Deferred – valuation allowance		(19,753	)		101,443			222,688
Other noncurrent		576			1,356			3,608
Benefit (provision) for federal income taxes		(150,654	)		1,174,474			4,169
State:
Current		(12,564	)		(6,798	)		4,069
Deferred (excluding separate components)		(12,731	)		(25,233	)		2,313
Deferred – operating loss carryforward		(29,490	)		44,242			(16,024	)
Deferred – valuation allowance		41,068			(40,078	)		23,058
Other noncurrent		(1,334	)		(3,876	)		(2,901	)
Benefit (provision) for state income taxes		(15,051	)		(31,743	)		10,515
Foreign:
Current		(2,037	)		(470	)		(2,015	)
Deferred (excluding separate components)		63,827			(40,653	)		(34,425	)
Deferred – operating loss carryforward		30,574			4,688			2,988
Deferred – valuation allowance		23,229			21,098			(2,975	)
Benefit (provision) for foreign income taxes		115,593			(15,337	)		(36,427	)
	$	(50,112	)	$	1,127,394		$	(21,743	)

A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows:

	Year Ended December 31,
	2018			2017			2016
Federal income tax statutory rate		21.0	%		35.0	%		35.0	%
Change in enacted rates		—			(102.7	)		—
Non-controlling interest		(2.4	)		(1.5	)		(0.9	)
Foreign jurisdiction income/losses taxed at other than U.S. statutory rate		(9.5	)		(9.2	)		(3.8	)
Repatriation of foreign earnings		—			35.4			5.2
Foreign tax credit		—			(70.3	)		(10.6	)
Federal valuation allowance		3.1			(10.6	)		(17.7	)
Macau dividend tax		(6.4	)		4.2			—
State taxes, net		1.9			2.4			—
General business credits		(2.9	)		(1.0	)		(0.7	)
Stock-based compensation		(1.2	)		(2.1	)		—
Gain on Borgata transaction		—			—			(5.4	)
Non-deductible employee dining facility costs		1.4			—			—
Permanent and other items		2.9			3.1			0.6
		7.9	%		(117.3	)%		1.7	%

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The tax-effected components of the Company’s net deferred tax liability are as follows:

	December 31,
	2018			2017
Deferred tax assets – federal and state:	(In thousands)
Bad debt reserve	$	23,497		$	25,432
Deferred compensation		5,950			5,232
Net operating loss carryforward		23,406			46,702
Accruals, reserves and other		88,139			94,904
Investments in unconsolidated affiliates		83,130			84,188
Stock-based compensation		20,581			24,390
Tax credits		2,926,996			3,045,138
		3,171,699			3,325,986
Less: Valuation allowance		(2,449,582	)		(2,462,272	)
		722,117			863,714
Deferred tax assets – foreign:
Bad debt reserve		1,372			821
Net operating loss carryforward		107,308			76,909
Accruals, reserves and other		18,603			—
Property and equipment		998			—
Stock-based compensation		5,409			4,423
		133,690			82,153
Less: Valuation allowance		(28,121	)		(51,466	)
		105,569			30,687
Total deferred tax assets	$	827,686		$	894,401
Deferred tax liabilities – federal and state:
Property and equipment	$	(1,729,786	)	$	(1,670,704	)
Long-term debt		(3,141	)		(48,809	)
Intangibles		(90,758	)		(79,167	)
		(1,823,685	)		(1,798,680	)
Deferred tax liabilities – foreign:
Accruals, reserves and other		—			(26,657	)
Property and equipment		—			(16,277	)
Intangibles		(346,539	)		(348,162	)
		(346,539	)		(391,096	)
Total deferred tax liability	$	(2,170,224	)	$	(2,189,776	)
Net deferred tax liability	$	(1,342,538	)	$	(1,295,375	)

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the U.S. Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code that are generally applicable to tax years beginning after December 31, 2017, including, but not limited to, (1) reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (3) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (4) adding a new provision designed to tax global intangible low-taxed income (GILTI), which allows for the possibility of using foreign tax credits (FTCs) and a deduction of up to 50 percent to offset the income tax liability (subject to some limitations); (5) creating a new limitation on deductible interest expense; (6) imposing additional limitations on the deductibility of executive compensation and certain employee fringe benefits; and (7) increasing bonus depreciation to allow for full expensing of qualified property.

The SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act.  

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The Company’s accounting for certain elements of the Tax Act was incomplete as of December 31, 2017. However, the Company was able to make reasonable estimates of certain effects and, therefore, recorded a provisional discrete non-cash net tax benefit of $1.4 billion in the period ended December 31, 2017, consisting of a benefit of $988 million for the corporate rate reduction and a benefit of $438 million from its provisional re-assessment of the Tax Act’s impact on the valuation allowance on its foreign tax credit (“FTC”) carryovers. The Company did not provide tax expense for the transition tax on its unrepatriated earnings, which totaled $669 million without regard to actual 2017 distributions of $62 million, because such earnings were fully offset by FTCs.

The Company’s accounting for the impact of the Tax Act is now complete. The Company recorded non-cash income tax expense totaling $20 million during the measurement period in 2018, as it adjusted its valuation allowance on its FTC carryovers to account for guidance clarifying the treatment of FTCs resulting from GILTI and other provisions impacting FTC utilization. These measurement period adjustments increased the Company’s effective tax rate by 3% during the year ended December 31, 2018. In addition, the Company finalized its accounting for the tax treatment of indirect costs of providing certain employee fringe benefits subject to limitation under the Tax Act. This measurement period adjustment had an immaterial impact on the effective tax rate for the year ended December 31, 2018.

The Company has made an accounting policy decision to treat taxes due, if any, on future inclusions in U.S. taxable income under the GILTI provisions as a current period expense when incurred. Accordingly, the Company has not provided a deferred tax liability for any GILTI taxes that may result in future periods.

The Company has recorded a valuation allowance of $2.4 billion on its FTC carryover of $2.9 billion as of December 31, 2018, resulting in an FTC net deferred tax asset of $481 million. The FTCs are attributable to the Macau Special Gaming Tax, which is 35% of gross gaming revenue in Macau. Because MGM Grand Paradise is presently exempt from the Macau 12% complementary tax on gaming profits, the Company believes that payment of the Macau Special Gaming Tax qualifies as a tax paid in lieu of an income tax that is creditable against U.S. taxes. While the Company generally does not expect to generate new FTC carryovers under the Tax Act, it will be able to utilize its existing FTC carryovers to the extent that it has active foreign source income during the 10-year FTC carryforward period. Such foreign source income includes the recapture, to the extent of U.S. taxable income, of overall domestic losses that totaled $1.7 billion at December 31, 2018. The Company relies on future U.S. source operating income in assessing utilization of the overall domestic losses and, by extension, future FTC realization during the 10-year FTC carryover period. The FTC carryovers will expire if not utilized as follows: $640 million in 2022; $976 million in 2023; $782 million in 2024; $332 million in 2025; and $196 million in 2027.

The Company’s assessment of the realization of its FTC deferred tax asset is based on available evidence, including assumptions concerning future U.S. operating profits and our interpretations of the Tax Act based upon guidance issued to date. As a result, significant judgment is required in assessing the possible need for a valuation allowance and changes to such assumptions could result in a material change in the valuation allowance with a corresponding impact on the provision for income taxes in the period including such change.  

Income generated from gaming operations of MGM Grand Paradise is exempted from Macau’s 12% complementary tax, pursuant to approval from the Macau government. Absent this exemption, “Net income attributable to MGM Resorts International” would have decreased by $43 million and $38 million in 2018 and 2017, respectively, and diluted earnings per share would have decreased by $0.08 and $0.07 in 2018 and 2017, respectively.

MGM Grand Paradise has been granted an exemption from the Macau 12% complementary tax on gaming profits through March 31, 2020, which is the end of the term of its current gaming sub-concession. The Company has assumed that MGM Grand Paradise will pay the Macau 12% complementary tax on gaming profits for all periods beyond March 31, 2020 and has factored that assumption into the measurement of Macau deferred tax assets and liabilities.

Non-gaming operations remain subject to the Macau complementary tax. MGM Grand Paradise had at December 31, 2018 a complementary tax net operating loss carryforward of $866 million resulting from non-gaming operations that will expire if not utilized against non-gaming income in years 2019 through 2021.

MGM Grand Paradise’s exemption from the 12% complementary tax on gaming profits does not apply to dividend distributions of such profits to MGM China. However, MGM Grand Paradise has had an agreement with the Macau government to settle the 12% complementary tax that would otherwise be due by its shareholder, MGM China, on distributions of its gaming profits by paying a flat annual payment (“annual fee arrangement”) regardless of the amount of distributable dividends. Such annual fee arrangement was effective for distributions of profits earned through December 31, 2016. Since the earnings for 2017 were not covered by an annual fee arrangement as of December 31, 2017, the Company provided deferred taxes on such earnings, which totaled $41 million as of December 31, 2017. On March 15, 2018, MGM Grand Paradise executed an extension of the annual fee arrangement, which covers the distributions of gaming profits earned for the period of January 1, 2017 through March 31, 2020. It requires annual payments of approximately $1 million for 2017 through 2019 and a payment of approximately $300,000 for the first quarter 2020. The Company reversed the $41 million of deferred taxes previously recorded on 2017 earnings, resulting in a reduction in provision for income taxes for the year ended December 31, 2018, partially offset by the 2017 annual payment amount.

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The Company has net operating losses in certain of the states in which it operates that total $355 million as of December 31, 2018, which equates to deferred tax assets of $23 million after federal tax effect and before valuation allowance. These net operating loss carryforwards will expire if not utilized by 2029 through 2038. The Company has provided a valuation allowance of $3 million on certain of its state deferred tax assets, including the net operating losses described above.

In addition, there is a valuation allowance of $26 million on certain Macau deferred tax assets, and a valuation allowance of $2 million on Hong Kong net operating losses because the Company believes these assets do not meet the “more likely than not” criteria for recognition.

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows:

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Gross unrecognized tax benefits at January 1	$	18,588		$	14,026		$	13,724
Gross increases - prior period tax positions		5,345			—			—
Gross decreases - prior period tax positions		(957	)		(2,280	)		(3,375	)
Gross increases - current period tax positions		1,488			6,842			3,677
Gross unrecognized tax benefits at December 31	$	24,464		$	18,588		$	14,026

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $13 million and $11million at December 31, 2018 and 2017, respectively.

The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense, which were not material as of December 31, 2018, 2017 or 2016. The Company does not anticipate that the total amounts of unrecognized tax benefits at December 31, 2018 will change materially within the next twelve months.

The Company files income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, and foreign jurisdictions, although the income taxes paid in foreign jurisdictions are not material. As of December 31, 2018, the IRS can no longer assess tax with respect to years ended prior to 2014; however the IRS may adjust NOLs generated in such years that were utilized in 2014. The Company’s 2014 U.S. consolidated federal income tax return is currently under examination by the IRS. The IRS examination of the 2014 U.S. income tax return of CityCenter Holdings, LLC, an unconsolidated affiliate treated as a partnership for income tax purposes was completed during 2018 and the Company’s share of the resultant adjustments were not material in the aggregate.  

As of December 31, 2018, other than adjustments resulting from the federal income tax audits discussed above, the various state and local tax jurisdictions in which the Company files tax returns can no longer assess tax with respect to years ended prior to 2014. However, such jurisdictions may adjust NOLs generated in such years that are utilized in subsequent years. The Company’s state income tax returns filed in Mississippi and New Jersey for the tax years 2014 through 2016 and Michigan for the tax years 2014 through 2017 are currently under examination. No other state or local income tax returns are currently under examination.

NOTE 11 – COMMITMENTS AND CONTINGENCIES

Leases. The Company leases real estate and various equipment under operating and, to a lesser extent, capital lease arrangements. Certain real estate leases provide for escalation of rent based upon a specified price index and/or based upon periodic appraisals.

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At December 31, 2018, the Company was obligated under non-cancellable operating leases to make future minimum lease payments as follows:

Years ending December 31,	(In thousands)
2019	$	106,643
2020		83,150
2021		62,437
2022		47,036
2023		45,157
Thereafter		1,357,611
Total minimum lease payments	$	1,702,034

The table above excludes the Company’s future lease obligations to a subsidiary of the Operating Partnership pursuant to the master lease agreement discussed in Note 17 as these lease obligations are eliminated in consolidation. Rental expense for operating leases was $89 million, $92 million and $80 million for 2018, 2017 and 2016, respectively, which included short-term rentals charged to rent expense. The Company’s operating leases are materially comprised of ground leases for various properties. The Company accounts for the Cotai land concession contract as an operating lease for which the required upfront payments are amortized over the initial 25-year contract term ending in January 2038.

Additionally, the Company has a series of ground leases for a total of approximately 11 acres of land on which the Borgata employee parking garage, public space expansion, rooms expansion, and modified surface parking lot reside. The Company recorded an unfavorable lease liability for the excess contractual lease obligations over the market value of the leases, which will be amortized on a straight-line basis over the term of the lease contracts through December 2070. The remaining balance of the unfavorable lease liability was $46 million and $47 million as of December 31, 2018 and 2017, respectively. The ground lease is accounted for as an operating lease.

Also, the Company has a ground lease agreement for an approximate 23-acre parcel of land at MGM National Harbor. The ground lease has an initial term of 25 years and the right to extend for up to 13 additional six-year periods with the first 7 of those additional periods considered to be reasonably assured. The Company therefore amortizes the lease on a straight-line basis over a 67-year term to December 2082.

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 based on assertions that the Company and/or certain of its subsidiaries were negligent. The Company also received letters from attorneys purporting to represent other persons with claims related to the October 1, 2017 shooting. Lawsuits were first filed in October 2017 and include actions filed by multiple individuals in the District Court of Clark County, Nevada and in the Superior Court of Los Angeles County, California. Some of the original actions have been voluntarily dismissed, and plaintiffs’ counsel indicate they anticipate re-filing the lawsuits in similar form. In June 2018, the Company removed to federal court all actions that remained pending in California and Nevada state courts following the voluntary dismissals. Motions to remand have been filed in several cases, and the Company anticipates that there may be additional motions to remand filed in the future. 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. In February of 2019, the Company and plaintiffs’ counsel commenced mediation of these matters.  The above-described litigation currently is stayed pending mediation.

The Company is currently unable to reliably predict the future developments in, outcome of, and economic costs and other consequences of pending or future 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 these 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 are 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. In the event the Company incurs any liability, the Company believes it is unlikely it would incur losses in connection with these claims in excess of its insurance coverage. 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. In addition, 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.

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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.

Borgata property tax reimbursement agreement. On February 15, 2017, Borgata, the Department of Community Affairs of the State of New Jersey and Atlantic City entered into an agreement wherein Borgata was to be reimbursed $72 million as settlement for property tax refunds in satisfaction of New Jersey Tax Court and Superior Court judgments totaling approximately $106 million, plus interest for the 2009-2012 tax years and the settlement of pending tax appeals for the tax years 2013-2015. Those pending tax appeals could potentially have resulted in Borgata being awarded additional refunds due of approximately $65 million. In June 2017, Atlantic City and the State of New Jersey issued bonds and used the proceeds to pay the $72 million settlement in full. The Company recorded the amounts received pursuant to the reimbursement agreement as an offset to general and administrative expenses in the consolidated statements of operations. As required by the purchase and sale agreement to acquire Borgata in August 2016, the Company paid Boyd Gaming half of the settlement amount received by the Company, net of fees and expenses. Amounts paid to Boyd Gaming were recorded in general and administrative expenses in the consolidated statements of operations.

NV Energy. In July 2016, the Company filed its notice to exit the fully bundled sales system of NV Energy and now purchases energy, capacity, and/or ancillary services from a provider other than NV Energy. The Company paid an upfront impact payment of $83 million, including $14 million related to CityCenter, in September 2016. Under the terms of the exit agreement, the Company and CityCenter were required to make ongoing payments to NV Energy for non-bypassable rate charges, which primarily relate to each entity’s share of NV Energy’s portfolio of renewable energy contracts which extended through 2040 and each entity’s share of the costs of decommissioning and remediation of coal-fired power plants in Nevada. The Company’s initial estimate of its obligation related to non-bypassable charges was $71 million. The expense recognized related to the upfront payment and the initial accrual for the liability associated with the non-bypassable charges was recorded within “NV Energy exit expense” in the Company’s consolidated statements of operations for the year ended December 31, 2016. Subsequent accretion of the liability and changes in estimates are recognized within general and administrative expenses in the consolidated statement of operations. In the second quarter of 2017, the terms of the ongoing impact fee obligations were modified. Such modifications included a credit to be applied against future non-bypassable rate charges and substantially shortened the period over which the Company and CityCenter are responsible for such charges, with an end date in 2022. As such, the Company recognized a reduction in its liability for future charges of $41 million with a corresponding credit to “NV Energy exit expense”. Additionally, CityCenter recorded an $8 million reduction in liability and credit to expense. As of December 31, 2018 and 2017, the Company has recorded an estimate of its remaining liability on a discounted basis of $8 million and $10 million, respectively, in “Other accrued liabilities” and $15 million and $23 million, respectively, in “Other long-term obligations.”

Grand Paradise Macau deferred cash payment. On September 1, 2016, the Company purchased 188.1 million common shares of its MGM China subsidiary from Grand Paradise Macau (“GPM”), an entity controlled by Ms. Ho, Pansy Catilina Chiu King (“Ms. Ho”). As part of the consideration for the purchase, the Company agreed to pay GPM or its nominee a deferred cash payment of $50 million, which will be paid in amounts equal to the ordinary dividends received on such shares, with a final lump sum payment due on the fifth anniversary of the closing date of the transaction if any portion of the deferred cash payment remains unpaid at that time. In 2018 and 2017, the total amount paid under the deferred cash payment arrangement was $11 million and $7 million, respectively. Such amount was paid to Expert Angles Limited, an entity controlled by Ms. Ho through November 2018 and subsequently controlled by an immediate family member of Ms. Ho. As of December 31, 2018, the Company recorded a remaining liability on a discounted basis of $36 million in “Other long-term obligations.” 

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 December 31, 2018, $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 senior credit facility or MGM China’s credit facility at December 31, 2018. The amount of available borrowings under each of the credit facilities is reduced by any outstanding letters of credit.

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NOTE 12 — STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income (Loss)

The following is a summary of the changes in the accumulated balance of other comprehensive income (loss) attributable to MGM Resorts International:

	Currency Translation Adjustments			Cash Flow Hedges			Other		Total
	(In thousands)
Balance, January 1, 2017	$	12,545		$	1,434		$	1,074	$	15,053
Other comprehensive income (loss) before reclassifications		(43,188	)		(1,221	)		98		(44,311	)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense		—			9,216			—		9,216
Other comprehensive income (loss), net of tax		(43,188	)		7,995			98		(35,095	)
Other comprehensive income (loss) attributable to noncontrolling interest		19,193			(2,761	)		—		16,432
Balance, December 31, 2017		(11,450	)		6,668			1,172		(3,610	)
Other comprehensive income (loss) before reclassifications		(13,022	)		4,706			—		(8,316	)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense		—			(1,130	)		—		(1,130	)
Other comprehensive income (loss), net of tax		(13,022	)		3,576			—		(9,446	)
Other comprehensive income (loss) attributable to noncontrolling interest		5,600			(1,100	)		—		4,500
Balance, December 31, 2018	$	(18,872	)	$	9,144		$	1,172	$	(8,556	)

Noncontrolling interest

The following is a summary of net income attributable to MGM Resorts International and transfers to noncontrolling interest:

	For the Years Ended December 31,
	2018			2017
	(In thousands)
Net income attributable to MGM Resorts International	$	466,772		$	1,952,052
Transfers from/(to) to noncontrolling interest:
MGP Class A share issuance		—			35,138
MGM National Harbor transaction		—			(12,497	)
Other		(5,667	)		(2,889	)
Net transfers from/(to) noncontrolling interest		(5,667	)		19,752
Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest	$	461,105		$	1,971,804

Noncontrolling interest ownership transactions

MGP Class A share issuance. In September 2017, MGP completed a public offering of 13.2 million of its Class A shares. In connection with the offering, the Operating Partnership issued 13.2 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 72.3% of partnership units in the Operating Partnership.

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MGM National Harbor transaction. On October 5, 2017, MGP acquired the long-term leasehold interest and real property associated with MGM National Harbor from a subsidiary of the Company in exchange for cash of $463 million, the assumption of $425 million of indebtedness, which was immediately repaid by MGP on the closing date, and the issuance of 9.8 million Operating Partnership units to a subsidiary of the Company. The Company adjusted the carrying value of noncontrolling interests to adjust for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, including assets and liabilities transferred, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the MGM National Harbor transaction, the Company indirectly owned 73.4% of the partnership units in the Operating Partnership.

Other events. In January 2019, MGP issued 12.9 million Operating Partnership units to a subsidiary of the Company in connection with the Empire City Transaction.  The Company will adjust the carrying value of noncontrolling interests to adjust for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, including assets and liabilities transferred, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income, as needed, within the first quarter 2019.

In January 2019, MGP completed an offering of 19.6 million of its Class A shares. In connection with the offering, the Operating Partnership issued 19.6 million Operating Partnership units to MGP. The Company will adjust 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, as needed, within the first quarter 2019.

Stock repurchase program

MGM Resorts International stock repurchase program. In May 2018, the Company’s Board of Directors authorized a $2.0 billion stock repurchase program and 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 year ended December 31, 2018, the Company repurchased approximately 41 million shares at an average purchase price of $31.25 per share for an aggregate amount of $1.3 billion. Repurchased shares were retired. The remaining availability under the $2.0 billion stock repurchase program was approximately $1.4 billion as of December 31, 2018.

During the year ended December 31, 2017, the Company repurchased 10 million shares at $32.75 per share for a total aggregate amount of $328 million. Repurchased shares were retired.

MGM Resorts International dividends. On February 13, 2019 the Company’s Board of Directors approved a quarterly dividend of $0.13 per share that will be payable on March 15, 2019 to holders of record on March 8, 2019.

NOTE 13 — STOCK-BASED COMPENSATION

MGM Resorts 2005 Omnibus Incentive Plan. The Company’s omnibus incentive plan, as amended (the “Omnibus Plan”), allows it to grant up to 45 million shares or share-based awards, such as stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), performance share units (“PSUs”) and other stock-based awards to eligible directors, officers and employees of the Company and its subsidiaries.

As of December 31, 2018, the Company had an aggregate of approximately 20 million shares of common stock available for grant as share-based awards under the Omnibus Plan. Additionally, as of December 31, 2018, the Company had approximately 7 million aggregate SARs outstanding and approximately 7 million aggregate RSUs and PSUs outstanding, including deferred share units and dividend equivalent units related to RSUs and PSUs.

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Intrinsic value. The following table includes information related to the intrinsic value:

	Year ended
	December 31, 2018
	(In thousands)
Share-based awards exercised and RSUs and PSUs vested	$	97,302
Stock options and SARs outstanding		21,563
Stock options and SARs vested and expected to vest		21,547
Stock options and SARs exercisable		19,745

As of December 31, 2018, there was a total of $134 million of unamortized compensation related to stock options, SARs, RSUs, and PSUs, which is expected to be recognized over a weighted-average period of 2.1 years.

MGM Growth Properties 2016 Omnibus Incentive Plan and MGM China Share Option Plan. The Company’s subsidiaries, MGP and MGM China, each adopted their own equity award plans for the issuance of share-based awards to each subsidiary’s eligible recipients.

Recognition of compensation cost. Compensation cost was recognized as follows:

	Year Ended December 31,
	2018			2017			2016
Compensation cost:	(In thousands)
Omnibus Plan	$	57,735		$	49,383		$	43,661
MGM Growth Properties Omnibus Incentive Plan		2,092			2,568			3,401
MGM China Share Option Plan		10,369			10,571			8,545
Total compensation cost		70,196			62,522			55,607
Less:  Reimbursed costs and capitalized cost		(1,710	)		(1,398	)		(1,350	)
Compensation cost after reimbursed costs and capitalized cost		68,486			61,124			54,257
Less:  Related tax benefit		(13,218	)		(18,650	)		(16,782	)
Compensation cost, net of tax benefit	$	55,268		$	42,474		$	37,475

NOTE 14 — EMPLOYEE BENEFIT PLANS

Multiemployer benefit plans. The Company currently participates in multiemployer pension plans in which the risks of participating differs from single-employer plans in the following aspects:

a) Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers;

b) If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers;

c) If an entity chooses to stop participating in some of its multiemployer plans, the entity may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability; and

d) If the plan is terminated by withdrawal of all employers and if the value of the nonforfeitable benefits exceeds plan assets and withdrawal liability payments, employers are required by law to make up the insufficient difference.

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The Company’s participation in these plans is presented below.

	EIN/Pension	Pension Protection Act Zone Status (2)		FIP/RP	Contributions by the Company (in thousands)(4)						Surcharge	Expiration Dates of Collective Bargaining
Pension Fund(1)	Plan Number	2017	2016	Status (3)	2018		2017		2016		Imposed	Agreements
Southern Nevada Culinary and Bartenders Pension Plan	88-6016617/001	Green	Green	No	$	47,825	$	45,297	$	44,001	No	5/31/2019; 5/31/2023(5)
Legacy Plan of the National Retirement Fund (NRF)(6)	13-6130178/001	Red	Red	Yes	$	9,794	$	9,416	$	3,788	Yes	2/29/2020

(1) The Company was listed in the plan's Form 5500 as providing more than 5% of the total contributions for the plan years 2017 and 2016 for the Southern Nevada Culinary and Bartenders Pension Plan and for the plan year 2016 for the NRF. At the date the financial statements were issued, Form 5500 was not available for the plan year 2018.

(2) The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Plans in the red zone are generally less than 65% funded (critical status) and plans in the green zone are at least 80% funded.

(3) Indicates plans for which a Financial Improvement Plan (FIP) or a Rehabilitation Plan (RP) is either pending or has been implemented.

(4) There have been no significant changes that affect the comparability of contributions, other than those for the UNITE HERE Retirement Fund (“UHF”), formally known as the Legacy Plan of the National Retirement Fund (“NRF”) prior to January 1, 2018, which reflect the period from acquisition of Borgata of August 1, 2016 through December 31, 2016 within the 2016 column and a full-year of contributions within the 2018 and 2017 columns.

(5) The Company is party to ten collective bargaining agreements (CBA) that require contributions with the Local Joint Executive Board of Las Vegas, which is made up of the Culinary and Bartenders Unions. The agreements between CityCenter Hotel Casino, LLC, Bellagio, Mandalay Corp., and MGM Grand Hotel, LLC are the most significant because more than half of the Company’s employee participants in this plan are covered by those four agreements.

(6) In December 2017, the Pension Benefit Guaranty Corporation approved the spin-off of the UNITE HERE portion of the NRF to the plan of a newly-formed Legacy Plan of the UNITE HERE Retirement Fund. As a result of the spin-off, the pension liabilities as well as certain assets of the plan were transferred to the new Plan. The terms of the Plan are identical to the NRF. The spin-off was effective as of January 1, 2018.

Multiemployer benefit plans other than pensions. Pursuant to its collective bargaining agreements referenced above, the Company also contributes to UNITE HERE Health (the “Health Fund”), which provides healthcare benefits to its active and retired members. The Company contributed $191 million, $183 million, and $187 million to the Health Fund in the years ended December 31, 2018, 2017, and 2016, respectively.  

Self-insurance. The Company is self-insured for most health care benefits and workers compensation for its non-union employees. The liability for self-insurance was $93 million and $87 million at December 31, 2018 and 2017, respectively, which is included in “Other accrued liabilities.”

NOTE 15 — PROPERTY TRANSACTIONS, NET

Property transactions, net consisted of the following:

	Year Ended December 31,
	2018			2017		2016
	(In thousands)
Gain on sale of Grand Victoria	$	(44,703	)	$	—	$	—
Other property transactions, net		53,850			50,279		17,078
	$	9,147		$	50,279	$	17,078

Grand Victoria investment sale. See Note 6 for additional information related to the sale of Grand Victoria investment in 2018.

Other. Other property transactions, net includes miscellaneous asset disposals and demolition costs in the periods presented in the above table, including a loss of $24 million related to MGM Cotai production show costs in 2018, and a loss of $20 million and $34 million related to the rebranding of the Monte Carlo Resort and Casino to Park MGM and NoMad Las Vegas in 2018 and 2017, respectively.

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NOTE 16 — 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. During the fourth quarter of 2018, the Company changed its reportable segments to Las Vegas Strip Resorts, Regional Operations and MGM China. This change of reportable segments reflects realignment within the Company stemming from the expansion of the Company’s regional operations.

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; and MGM Springfield in Springfield, Massachusetts (upon commencing operations in August 2018).

MGM China.  MGM China consists of MGM Macau and MGM Cotai (upon commencing operations in February 2018).

The Company’s operations related to investments in unconsolidated affiliates, MGP’s Northfield casino, 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. Adjusted Property EBITDA is a measure defined as Adjusted EBITDA before corporate expense and stock compensation expense, which are not allocated to each property. 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, NV Energy exit expense, gain on Borgata transaction, and property transactions, net.

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The following tables present the Company’s segment information. As a result of the change in reportable segments described above, we have recast previously reported segment information to conform to the current presentation in the following tables:

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Net Revenues
Las Vegas Strip Resorts
Casino	$	1,407,733		$	1,436,830		$	1,394,820
Rooms		1,776,029			1,778,869			1,762,850
Food and beverage		1,402,378			1,410,496			1,432,717
Entertainment, retail and other		1,130,532			1,119,928			1,074,307
		5,716,672			5,746,123			5,664,694
Regional Operations
Casino		2,026,925			1,834,803			1,017,857
Rooms		318,017			319,049			182,809
Food and beverage		428,934			410,143			235,383
Entertainment, retail and other		160,645			145,725			84,108
		2,934,521			2,709,720			1,520,157
MGM China
Casino		2,195,144			1,741,635			1,695,023
Rooms		118,527			54,824			57,367
Food and beverage		114,862			51,330			51,237
Entertainment, retail and other		21,424			10,371			8,331
		2,449,957			1,858,160			1,811,958
Reportable segment net revenues		11,101,150			10,314,003			8,996,809
Corporate and other		661,946			483,476			481,460
	$	11,763,096		$	10,797,479		$	9,478,269
Adjusted Property EBITDA
Las Vegas Strip Resorts	$	1,705,479		$	1,780,600		$	1,661,921
Regional Operations		759,096			731,916			399,701
MGM China		568,294			535,524			529,281
Reportable segment Adjusted Property EBITDA		3,032,869			3,048,040			2,590,903
Other operating income (expense)
Corporate and other		(224,800	)		(213,908	)		203,193
NV Energy exit expense		—			40,629			(139,335	)
Preopening and start-up expenses		(151,392	)		(118,475	)		(140,075	)
Property transactions, net		(9,147	)		(50,279	)		(17,078	)
Gain on Borgata transaction		—			—			430,118
Depreciation and amortization		(1,178,044	)		(993,480	)		(849,527	)
Operating income		1,469,486			1,712,527			2,078,199
Non-operating income (expense)
Interest expense, net of amounts capitalized		(769,513	)		(668,745	)		(694,773	)
Non-operating items from unconsolidated affiliates		(47,827	)		(34,751	)		(53,139	)
Other, net		(18,140	)		(48,241	)		(72,698	)
		(835,480	)		(751,737	)		(820,610	)
Income before income taxes		634,006			960,790			1,257,589
Benefit (provision) for income taxes		(50,112	)		1,127,394			(21,743	)
Net income		583,894			2,088,184			1,235,846
Less: Net income attributable to noncontrolling interests		(117,122	)		(136,132	)		(135,438	)
Net income attributable to MGM Resorts International	$	466,772		$	1,952,052		$	1,100,408

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	December 31,
	2018			2017			2016
Total assets:	(In thousands)
Las Vegas Strip Resorts	$	11,783,736		$	11,648,168		$	11,650,747
Regional Operations		5,751,826			4,780,717			4,800,714
MGM China		9,093,307			9,461,535			8,443,411
Reportable segment total assets		26,628,869			25,890,420			24,894,872
Corporate and other		3,666,586			3,339,746			3,334,724
Eliminated in consolidation		(84,749	)		(70,124	)		(55,196	)
	$	30,210,706		$	29,160,042		$	28,174,400

	December 31,
	2018			2017			2016
Property and equipment, net:	(In thousands)
Las Vegas Strip Resorts	$	10,605,454		$	10,568,296		$	10,568,317
Regional Operations		4,503,104			3,752,528			3,785,654
MGM China		3,818,460			3,827,391			2,857,626
Reportable segment property and equipment, net		18,927,018			18,148,215			17,211,597
Corporate and other		1,887,619			1,557,368			1,268,622
Eliminated in consolidation		(84,749	)		(70,124	)		(55,196	)
	$	20,729,888		$	19,635,459		$	18,425,023

	Year Ended December 31,
	2018			2017			2016
Capital expenditures:	(In thousands)
Las Vegas Strip Resorts	$	501,044		$	419,983		$	288,526
Regional Operations		72,865			66,628			29,425
MGM China		390,212			923,346			984,355
Reportable segment capital expenditures		964,121			1,409,957			1,302,306
Corporate and other		537,347			469,053			973,446
Eliminated in consolidation		(14,625	)		(14,928	)		(13,279	)
	$	1,486,843		$	1,864,082		$	2,262,473

NOTE 17 — RELATED PARTY TRANSACTIONS

CityCenter

Management agreements. The Company and CityCenter have entered into agreements whereby the Company is responsible for management of the operations of CityCenter for a fee of 2% of revenue and 5% of EBITDA (as defined) for Aria and Vdara. The Company earned fees of $47 million, $49 million and $43 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company is being reimbursed for certain costs in performing its development and management services. During the years ended December 31, 2018, 2017 and 2016, the Company incurred $409 million, $390 million and $387 million, respectively, of costs reimbursable by CityCenter, primarily for employee compensation and certain allocated costs. As of December 31, 2018 and 2017, CityCenter owed the Company $83 million and $77 million, respectively, for management services and reimbursable costs recorded in “Accounts receivable, net” in the accompanying consolidated balance sheets.

MGM China

Ms. Ho is a member of the Board of Directors of, and holds a minority ownership interest in, MGM China. Ms. Ho is also the managing director of Shun Tak Holdings Limited (together with its subsidiaries “Shun Tak”), a leading conglomerate in Hong Kong with core businesses in transportation, property, hospitality and investments. Shun Tak provides various services and products, including ferry tickets, travel products, rental of hotel rooms, laundry services, advertising services and property cleaning services to MGM China. MGM China incurred expenses relating to Shun Tak of $17 million, $13 million and $10 million for the years ended December 31, 2018, 2017 and 2016, respectively.

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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. An entity owned by Ms. Ho received distributions of $22 million, $15 million and $15 million for the years ended December 31, 2018, 2017 and 2016, respectively, in connection with the ownership of a noncontrolling interest in MGM Branding and Development Holdings, Ltd.  

MGP

As further 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 and MGM National Harbor from the landlord.

The master lease has an initial lease term of ten years that began on April 25, 2016 (other than with respect to MGM National Harbor, as described below) with the potential to extend the term for four additional five-year terms thereafter at the option of the tenant. The master lease provides that any extension of its term must apply to all of the real estate under the master lease at the time of the extension. The master lease has a triple-net structure, which requires the tenant to pay substantially all costs associated with the lease, including real estate taxes, insurance, utilities and routine maintenance, in addition to the base rent. Additionally, the master lease provides the landlord with a right of first offer with respect to MGM Springfield, which the landlord may exercise should the Company elect to sell this property in the future. In connection with the MGM National Harbor transaction, the master lease was amended to provide that the initial term with respect to MGM National Harbor ends on April 31, 2024. Thereafter, the initial term of the master lease with respect to MGM National Harbor may be renewed at the option of the tenant for an initial renewal period lasting until the earlier of the end of the then-current term of the master lease or the next renewal term (depending on whether the Company elects to renew the other properties under the master lease in connection with the expiration of the initial ten-year term). If, however, the tenant chooses not to renew the lease with respect to MGM National Harbor after the initial MGM National Harbor term under the master lease, the tenant would also lose the right to renew the master lease with respect to the rest of the properties when the initial ten-year lease term ends related to the rest of the properties in 2026.

In connection with the commencement of the third lease year on April 1, 2018, annual rent payments under the master lease increased to $770 million from $757 million. Rent under the master lease consists of a “base rent” component and a “percentage rent” component. As of December 31, 2018, the base rent represents approximately 90% of the rent payments due under the master lease and the percentage rent represents approximately 10% of the rent payments due under the master lease. The master lease also provides for fixed annual escalators of 2% on the base rent through the sixth lease year and the possibility for additional 2% increases thereafter subject to the tenant meeting an adjusted net revenue to rent ratio, as well as potential increases in percentage rent in year six and every five years thereafter based on a percentage of average actual annual net revenue during the preceding five year period calculated in accordance with the terms under the master lease. The master lease also contains customary events of default and financial covenants. The Company was in compliance with all applicable covenants as of December 31, 2018.

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. The real estate assets of Empire City will be 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 percent of this rent will be fixed and contractually grow at 2 percent 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.  

Additionally, in September 2018, the Company entered into a definitive agreement with MGP to acquire Northfield OpCo from MGP for approximately $275 million, subject to customary purchase price adjustments. The real estate assets of Northfield will be leased to the Company pursuant to an amendment to the master lease, increasing the annual rent payment to MGP by $60 million, prorated for the remainder of the lease year. Consistent with the master lease terms, 90 percent of this rent will be fixed and contractually grow at 2 percent per year until 2022. The transaction is expected to close in the first half of 2019, subject to customary closing conditions.

Also, in December 2018, the Company entered into an agreement with MGP whereby MGP will pay the Company consideration of $638 million for renovations undertaken by the Company regarding the Park MGM and NoMad Las Vegas property (the “Park MGM Lease Transaction”). Additionally, at closing, the parties will enter into an amendment to the master lease whereby the annual rent payment to MGP will increase 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. The transaction is expected to close in the first quarter of 2019 and is subject to customary closing conditions.

91

All intercompany transactions, including transactions under the master lease, 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.

NOTE 18 —CONDENSED CONSOLIDATING FINANCIAL INFORMATION

As of December 31, 2018, 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 December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016, 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. For these subsidiaries, such investment constitutes continuing involvement, and accordingly, the sale and leaseback of the real estate assets under the master lease do not qualify for sale-leaseback accounting. The real estate assets are 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 are also reflected on the balance sheet of the MGP subsidiary that received such assets. The condensed consolidating financial information presented below therefore includes the accounting for such activity within the respective columns presented and in the elimination column. In connection with the adoption of ASC 842, the Company is reassessing whether the sale and leaseback of the real estate assets under the master lease now qualify as a passed sale and, accordingly, the corresponding lease classification, both of which could impact the condensed consolidating financial information.

92

CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION

	December 31, 2018
					Non-Guarantor Subsidiaries
	Parent		Guarantor Subsidiaries		MGP		Other		Elimination			Consolidated
	(In thousands)
Current assets	$	304,741	$	1,178,696	$	78,222	$	972,820	$	(7,701	)	$	2,526,778
Property and equipment, net		—		13,564,979		10,526,520		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		—		7,135,263		—		—		(7,135,263	)		—
Other non-current assets		67,214		917,537		346,565		4,932,872		(43,015	)		6,221,173
	$	22,791,237	$	30,310,856	$	10,951,307	$	13,158,319	$	(47,001,013	)	$	30,210,706
Current liabilities	$	154,484	$	1,617,675	$	189,247	$	1,224,752	$	(237,276	)	$	2,948,882
Intercompany accounts		6,932,325		—		307		202,631		(7,135,263	)		—
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 long-term obligations		39,019		7,210,897		215,664		2,247,584		(9,453,924	)		259,240
Total liabilities		16,278,954		8,829,142		5,105,801		6,280,951		(16,856,183	)		19,638,665
Redeemable noncontrolling interests		—		—		—		102,250		—			102,250
MGM Resorts International stockholders' equity		6,512,283		21,481,714		4,279,535		4,383,581		(30,144,830	)		6,512,283
Noncontrolling interests		—		—		1,565,971		2,391,537		—			3,957,508
Total stockholders' equity		6,512,283		21,481,714		5,845,506		6,775,118		(30,144,830	)		10,469,791
	$	22,791,237	$	30,310,856	$	10,951,307	$	13,158,319	$	(47,001,013	)	$	30,210,706

	December 31, 2017
					Non-Guarantor Subsidiaries
	Parent		Guarantor Subsidiaries		MGP		Other		Elimination			Consolidated
	(In thousands)
Current assets	$	78,909	$	1,015,802	$	266,627	$	1,022,340	$	(7,323	)	$	2,376,355
Property and equipment, net		—		13,521,221		10,021,938		6,125,722		(10,033,422	)		19,635,459
Investments in subsidiaries		21,040,147		3,304,768		—		—		(24,344,915	)		—
Investments in the MGP Operating Partnership		—		3,549,063		—		862,037		(4,411,100	)		—
Investments in and advances to unconsolidated affiliates		—		1,002,903		—		5,394		25,000			1,033,297
Intercompany accounts		—		5,998,499		—		—		(5,998,499	)		—
Other non-current assets		49,142		913,602		62,555		5,134,220		(44,588	)		6,114,931
	$	21,168,198	$	29,305,858	$	10,351,120	$	13,149,713	$	(44,814,847	)	$	29,160,042
Current liabilities	$	153,159	$	1,445,031	$	144,537	$	1,609,110	$	(213,540	)	$	3,138,297
Intercompany accounts		5,783,578		—		962		213,959		(5,998,499	)		—
Deferred income taxes, net		934,966		—		28,544		360,409		(28,544	)		1,295,375
Long-term debt, net		6,682,574		2,835		3,934,628		2,131,015		—			12,751,052
Other long-term obligations		36,860		7,268,664		174,710		2,305,353		(9,501,171	)		284,416
Total liabilities		13,591,137		8,716,530		4,283,381		6,619,846		(15,741,754	)		17,469,140
Redeemable noncontrolling interests		—		—		—		79,778		—			79,778
MGM Resorts International stockholders' equity		7,577,061		20,589,328		4,443,089		4,040,676		(29,073,093	)		7,577,061
Noncontrolling interests		—		—		1,624,650		2,409,413		—			4,034,063
Total stockholders' equity		7,577,061		20,589,328		6,067,739		6,450,089		(29,073,093	)		11,611,124
	$	21,168,198	$	29,305,858	$	10,351,120	$	13,149,713	$	(44,814,847	)	$	29,160,042

93

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION

	Year Ended December 31, 2018
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	7,647,304		$	1,002,444		$	3,983,575		$	(870,227	)	$	11,763,096
Equity in subsidiaries' earnings		1,216,482			116,676			—			—			(1,333,158	)		—
Expenses
Casino and hotel operations		11,130			4,350,634			88,053			2,491,007			(21,949	)		6,918,875
General and administrative		9,945			1,238,461			96,607			495,015			(75,390	)		1,764,638
Corporate expense		156,503			216,318			48,675			21,317			(23,609	)		419,204
Preopening and start-up expenses		—			26,100			—			125,292			—			151,392
Property transactions, net		—			(15,955	)		20,319			25,033			(20,250	)		9,147
Depreciation and amortization		—			622,552			273,031			543,606			(261,145	)		1,178,044
		177,578			6,438,110			526,685			3,701,270			(402,343	)		10,441,300
Income (loss) from unconsolidated affiliates		—			148,866			—			(1,176	)		—			147,690
Operating income		1,038,904			1,474,736			475,759			281,129			(1,801,042	)		1,469,486
Interest expense, net of amounts capitalized		(480,985	)		(510	)		(215,532	)		(72,486	)		—			(769,513	)
Other, net		63,722			(444,897	)		(4,690	)		(187,786	)		507,684			(65,967	)
Income before income taxes		621,641			1,029,329			255,537			20,857			(1,293,358	)		634,006
Benefit (provision) for income taxes		(154,869	)		—			(10,835	)		115,592			—			(50,112	)
Net income		466,772			1,029,329			244,702			136,449			(1,293,358	)		583,894
Less: Net income attributable to noncontrolling interests		—			—			(67,065	)		(50,057	)		—			(117,122	)
Net income attributable to MGM Resorts International	$	466,772		$	1,029,329		$	177,637		$	86,392		$	(1,293,358	)	$	466,772
Net income	$	466,772		$	1,029,329		$	244,702		$	136,449		$	(1,293,358	)	$	583,894
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(7,422	)		(7,422	)		—			(13,022	)		14,844			(13,022	)
Unrealized gain on cash flow hedges		2,476			—			4,128			—			(3,028	)		3,576
Other comprehensive income (loss)		(4,946	)		(7,422	)		4,128			(13,022	)		11,816			(9,446	)
Comprehensive income		461,826			1,021,907			248,830			123,427			(1,281,542	)		574,448
Less: Comprehensive income attributable to noncontrolling interests		—			—			(68,165	)		(44,457	)		—			(112,622	)
Comprehensive income attributable to MGM Resorts International	$	461,826		$	1,021,907		$	180,665		$	78,970		$	(1,281,542	)	$	461,826

94

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Year Ended December 31, 2018
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(460,117	)	$	1,271,583		$	580,207		$	330,866		$	—		$	1,722,539
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(696,076	)		(1,578	)		(789,189	)		—			(1,486,843	)
Dispositions of property and equipment		—			25,507			—			105			—			25,612
Proceeds from sale of business units and investment in unconsolidated affiliate		—			163,616			—			—			—			163,616
Acquisition of Northfield, net of cash acquired		—			—			(1,034,534	)		—			—			(1,034,534	)
Investments in and advances to unconsolidated affiliates		—			(56,295	)		—			—			—			(56,295	)
Distributions from unconsolidated affiliates in excess of cumulative earnings		—			322,631			—			—			—			322,631
Intercompany accounts		—			(1,136,764	)		—			—			1,136,764			—
Other		—			(13,416	)		—			(3,792	)		—			(17,208	)
Net cash used in investing activities		—			(1,390,797	)		(1,036,112	)		(792,876	)		1,136,764			(2,083,021	)
Cash flows from financing activities
Net borrowings under bank credit facilities - maturities of 90 days or less		377,500			—			727,750			137,009			—			1,242,259
Issuance of long-term debt		1,000,000			—			—			—			—			1,000,000
Retirement of senior debentures		—			(2,265	)		—			—			—			(2,265	)
Debt issuance costs		(26,125	)		—			(17,490	)		(32,904	)		—			(76,519	)
Dividends paid to common shareholders		(260,592	)		—			—			—			—			(260,592	)
MGP dividends paid to consolidated subsidiaries		—			—			(333,192	)		—			333,192			—
Distributions to noncontrolling interest owners		—			—			(121,069	)		(63,863	)		—			(184,932	)
Intercompany accounts		917,760			207,015			—			345,181			(1,469,956	)		—
Purchases of common stock		(1,283,333	)		—			—			—			—			(1,283,333	)
Other		(32,225	)		(6,979	)		—			(6,180	)		—			(45,384	)
Net cash provided by financing activities		692,985			197,771			255,999			379,243			(1,136,764	)		389,234
Effect of exchange rate on cash		—			—			—			(1,985	)		—			(1,985	)
Cash and cash equivalents
Net increase (decrease) for the period		232,868			78,557			(199,906	)		(84,752	)		—			26,767
Balance, beginning of period		26,870			311,044			259,722			902,359			—			1,499,995
Balance, end of period	$	259,738		$	389,601		$	59,816		$	817,607		$	—		$	1,526,762

95

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION

	Year Ended December 31, 2017
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	7,649,990		$	765,695		$	3,151,304		$	(769,510	)	$	10,797,479
Equity in subsidiaries' earnings		1,391,725			156,081			—			—			(1,547,806	)		—
Expenses
Casino and hotel operations		10,784			4,262,212			—			1,923,942			(3,816	)		6,193,122
General and administrative		8,742			1,180,989			84,348			369,844			(84,348	)		1,559,575
Corporate expense		127,092			200,801			34,085			(515	)		(4,591	)		356,872
NV Energy exit expense		—			(40,629	)		—			—			—			(40,629	)
Preopening and start-up expenses		—			8,258			—			110,217			—			118,475
Property transactions, net		—			43,985			34,022			6,294			(34,022	)		50,279
Depreciation and amortization		—			649,676			260,455			343,804			(260,455	)		993,480
		146,618			6,305,292			412,910			2,753,586			(387,232	)		9,231,174
Income (loss) from unconsolidated affiliates		—			147,234			—			(1,012	)		—			146,222
Operating income		1,245,107			1,648,013			352,785			396,706			(1,930,084	)		1,712,527
Interest expense, net of amounts capitalized		(466,907	)		(982	)		(184,175	)		(16,681	)		—			(668,745	)
Other, net		26,215			(402,602	)		2,286			(142,997	)		434,106			(82,992	)
Income before income taxes		804,415			1,244,429			170,896			237,028			(1,495,978	)		960,790
Benefit (provision) for income taxes		1,147,637			—			(4,906	)		(15,337	)		—			1,127,394
Net income		1,952,052			1,244,429			165,990			221,691			(1,495,978	)		2,088,184
Less: Net income attributable to noncontrolling interests		—			—			(41,775	)		(94,357	)		—			(136,132	)
Net income attributable to MGM Resorts International	$	1,952,052		$	1,244,429		$	124,215		$	127,334		$	(1,495,978	)	$	1,952,052
Net income	$	1,952,052		$	1,244,429		$	165,990		$	221,691		$	(1,495,978	)	$	2,088,184
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(23,995	)		(23,995	)		—			(43,188	)		47,990			(43,188	)
Unrealized gain on cash flow hedges		5,234			—			9,782			—			(7,021	)		7,995
Other comprehensive income (loss)		(18,761	)		(23,995	)		9,782			(43,188	)		40,969			(35,193	)
Comprehensive income		1,933,291			1,220,434			175,772			178,503			(1,455,009	)		2,052,991
Less: Comprehensive income attributable to noncontrolling interests		—			—			(44,536	)		(75,164	)		—			(119,700	)
Comprehensive income attributable to MGM Resorts International	$	1,933,291		$	1,220,434		$	131,236		$	103,339		$	(1,455,009	)	$	1,933,291

96

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Year Ended December 31, 2017
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(584,252	)	$	1,152,083		$	482,578		$	1,156,002		$	—		$	2,206,411
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(482,024	)		(488	)		(1,381,570	)		—			(1,864,082	)
Dispositions of property and equipment		—			502			—			216			—			718
Acquisition of National Harbor, net of cash acquired		—			—			(462,500	)		—			462,500			—
Investments in and advances to unconsolidated affiliates		—			(16,727	)		—			—			—			(16,727	)
Distributions from unconsolidated affiliates in excess of cumulative earnings		—			301,211			—			—			—			301,211
Intercompany accounts		462,500			(1,186,942	)		—			—			724,442			—
Other		—			(1,754	)		—			42			—			(1,712	)
Net cash provided by (used in) investing activities		462,500			(1,385,734	)		(462,988	)		(1,381,312	)		1,186,942			(1,580,592	)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less		122,500			—			(466,875	)		359,376			—			15,001
Issuance of long-term debt		—			—			350,000			—			—			350,000
Retirement of senior notes		(502,669	)		—			—			—			—			(502,669	)
Debt issuance costs		—			—			(5,598	)		(4,379	)		—			(9,977	)
Issuance of MGM Growth Properties Class A shares in public offering		—			—			404,685			—			—			404,685
MGM Growth Properties Class A share issuance costs		—			—			(17,137	)		—			—			(17,137	)
Dividends paid to common shareholders		(252,014	)		—			—			—			—			(252,014	)
MGP dividends paid to consolidated subsidiaries		—			—			(290,091	)		—			290,091			—
Distributions to noncontrolling interest owners		—			—			(95,344	)		(75,058	)		—			(170,402	)
Intercompany accounts		1,042,111			248,626			—			186,296			(1,477,033	)		—
Purchases of common stock		(327,500	)		—			—			—			—			(327,500	)
Other		(33,801	)		(11,644	)		—			(13,320	)		—			(58,765	)
Net cash provided by (used in) financing activities		48,627			236,982			(120,360	)		452,915			(1,186,942	)		(568,778	)
Effect of exchange rate on cash		—			—			—			(3,627	)		—			(3,627	)
Cash and cash equivalents
Net increase (decrease) for the period		(73,125	)		3,331			(100,770	)		223,978			—			53,414
Balance, beginning of period		99,995			307,713			360,492			678,381			—			1,446,581
Balance, end of period	$	26,870		$	311,044		$	259,722		$	902,359		$	—		$	1,499,995

97

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION

	Year Ended December 31, 2016
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	7,050,893		$	467,548		$	2,430,795		$	(470,967	)	$	9,478,269
Equity in subsidiaries' earnings		1,779,119			174,587			—			—			(1,953,706	)		—
Expenses
Casino and hotel operations		9,063			4,027,602			—			1,487,975			(3,419	)		5,521,221
General and administrative		6,834			1,137,027			68,063			214,839			(48,229	)		1,378,534
Corporate expense		131,938			160,887			20,360			(194	)		(286	)		312,705
NV Energy exit expense		—			139,335			—			—			—			139,335
Preopening and start-up expenses		—			8,775			—			131,300			—			140,075
Property transactions, net		—			16,449			4,684			(246	)		(3,809	)		17,078
Gain on Borgata transaction		—			(430,118	)		—			—			—			(430,118	)
Depreciation and amortization		—			524,123			220,667			261,730			(156,993	)		849,527
		147,835			5,584,080			313,774			2,095,404			(212,736	)		7,928,357
Income (loss) from unconsolidated affiliates		—			528,605			—			(318	)		—			528,287
Operating income		1,631,284			2,170,005			153,774			335,073			(2,211,937	)		2,078,199
Interest expense, net of amounts capitalized		(562,536	)		(1,500	)		(115,438	)		(15,299	)		—			(694,773	)
Other, net		(7,864	)		(324,141	)		(726	)		(93,145	)		300,039			(125,837	)
Income before income taxes		1,060,884			1,844,364			37,610			226,629			(1,911,898	)		1,257,589
Benefit (provision) for income taxes		39,524			(22,579	)		(2,264	)		(36,424	)		—			(21,743	)
Net income		1,100,408			1,821,785			35,346			190,205			(1,911,898	)		1,235,846
Less: Net income attributable to noncontrolling interests		—			—			(29,938	)		(105,500	)		—			(135,438	)
Net income attributable to MGM Resorts International	$	1,100,408		$	1,821,785		$	5,408		$	84,705		$	(1,911,898	)	$	1,100,408
Net income	$	1,100,408		$	1,821,785		$	35,346		$	190,205		$	(1,911,898	)	$	1,235,846
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(1,477	)		(1,477	)		—			(2,680	)		2,954			(2,680	)
Unrealized gain on cash flow hedges		1,434			—			1,879			—			(1,434	)		1,879
Other comprehensive income (loss)		(43	)		(1,477	)		1,879			(2,680	)		1,520			(801	)
Comprehensive income		1,100,365			1,820,308			37,225			187,525			(1,910,378	)		1,235,045
Less: Comprehensive income attributable to noncontrolling interests		—			—			(30,383	)		(104,297	)		—			(134,680	)
Comprehensive income attributable to MGM Resorts International	$	1,100,365		$	1,820,308		$	6,842		$	83,228		$	(1,910,378	)	$	1,100,365

98

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Year Ended December 31, 2016
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(603,136	)	$	1,313,595		$	297,781		$	525,732		$	—		$	1,533,972
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(290,455	)		(138,987	)		(1,833,031	)		—			(2,262,473	)
Dispositions of property and equipment		—			1,940			—			2,004			—			3,944
Proceeds from partial disposition of investment in unconsolidated affiliates		—			15,000			—			—			—			15,000
Acquisition of Borgata, net of cash acquired		—			(559,443	)		—			—			—			(559,443	)
Investments in and advances to unconsolidated affiliates		—			(3,633	)		—			—			—			(3,633	)
Distributions from unconsolidated affiliates in excess of cumulative earnings		—			542,097			—			—			—			542,097
Intercompany accounts		—			(1,562,442	)		—			—			1,562,442			—
Other		—			(7,651	)		—			(4,045	)		—			(11,696	)
Net cash used in investing activities		—			(1,864,587	)		(138,987	)		(1,835,072	)		1,562,442			(2,276,204	)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less		(2,016,000	)		4,094,850			(2,411,600	)		823,782			—			491,032
Borrowings under bank credit facilities - maturities longer than 90 days		1,845,375			—			—			—			—			1,845,375
Repayments under bank credit facilities - maturities longer than 90 days		(1,845,375	)		—			—			—			—			(1,845,375	)
Issuance of long-term debt		500,000			—			1,550,000			—			—			2,050,000
Retirement of senior notes		(2,255,392	)		(2,661	)		—			—			—			(2,258,053	)
Repayment of Borgata credit facility		—			(583,598	)		—			—			—			(583,598	)
Debt issuance costs		(29,871	)		—			(77,163	)		(32,550	)		—			(139,584	)
Issuance of MGM Growth Properties Class A shares in public offering		—			—			1,207,500			—			—			1,207,500
MGM Growth Properties Class A share issuance costs		—			—			(75,032	)		—			—			(75,032	)
Acquisition of MGM China shares		(100,000	)		—			—			—			—			(100,000	)
MGP dividends paid to consolidated subsidiaries		—			—			(113,414	)		—			113,414			—
Distributions to noncontrolling interest owners		—			—			(37,415	)		(65,952	)		—			(103,367	)
Intercompany accounts		4,082,303			(2,954,054	)		158,822			388,785			(1,675,856	)		—
Proceeds from issuance of redeemable noncontrolling interests		—			—			—			47,325			—			47,325
Other		(16,765	)		—			—			(36	)		—			(16,801	)
Net cash provided by financing activities		164,275			554,537			201,698			1,161,354			(1,562,442	)		519,422
Effect of exchange rate on cash		—			—			—			(921	)		—			(921	)
Cash and cash equivalents
Net increase (decrease) for the period		(438,861	)		3,545			360,492			(148,907	)		—			(223,731	)
Balance, beginning of period		538,856			304,168			—			827,288			—			1,670,312
Balance, end of period	$	99,995		$	307,713		$	360,492		$	678,381		$	—		$	1,446,581

99

NOTE 19 — SELECTED QUARTERLY FINANCIAL RESULTS (UNAUDITED)

	Quarter
	First		Second		Third		Fourth			Total
2018	(In thousands, except per share data)
Net revenues	$	2,822,237	$	2,858,695	$	3,029,302	$	3,052,862		$	11,763,096
Operating income		359,757		363,075		410,903		335,751			1,469,486
Net income		266,301		140,423		171,410		5,760			583,894
Net income (loss) attributable to MGM Resorts    International		223,444		123,777		142,878		(23,327	)		466,772
Earnings (loss) per share-basic	$	0.39	$	0.21	$	0.26	$	(0.06	)	$	0.82
Earnings (loss) per share-diluted	$	0.38	$	0.21	$	0.26	$	(0.06	)	$	0.81
2017
Net revenues	$	2,717,566	$	2,652,133	$	2,830,175	$	2,597,605		$	10,797,479
Operating income		496,511		499,898		492,704		223,414			1,712,527
Net income		252,574		240,873		175,744		1,418,993			2,088,184
Net income attributable to MGM Resorts    International		206,412		209,864		148,363		1,387,413			1,952,052
Earnings per share-basic	$	0.36	$	0.36	$	0.26	$	2.42		$	3.38
Earnings per share-diluted	$	0.36	$	0.36	$	0.26	$	2.39		$	3.34

Because earnings per share amounts are calculated using the weighted average number of common and dilutive common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four quarters does not equal the total earnings per share amounts for the year. The following sections list certain items affecting comparability of quarterly and year-to-date results and related per share amounts. Additional information related to these items is included elsewhere in the notes to the accompanying financial statements.

Certain items affecting comparability for the year ended December 31, 2018 are as follows:

• First Quarter. The Company recorded a $72 million tax benefit ($0.13 per share in the quarter) related to a measurement period adjustment of the Tax Act;

• Second Quarter. None;

• Third Quarter. The Company recorded a $45 million gain ($0.07 per share in the quarter and $0.06 per share in the full year of 2018) related to the sale of Grand Victoria. Additionally, the Company recorded a $12 million gain ($0.02 per share in the quarter and full year of 2018) related to the sale of Mandarin Oriental; and

• Fourth Quarter. The Company recorded business interruption insurance proceeds of $24 million ($0.04 per share in the quarter and $0.03 per share in the full year of 2018) primarily at Mandalay Bay. Additionally, the Company recorded a $92 million tax expense ($0.17 per share in the quarter) related to the Tax Act.

Certain items affecting comparability for the year ended December 31, 2017 are as follows:

• First Quarter. None;

• Second Quarter. The Company recorded a $41 million gain ($0.05 per share in the quarter and full year of 2017) related to a modification of the 2016 NV Energy exit fee. Additionally, the Company recorded a $36 million gain ($0.04 per share in the quarter and full year of 2017) related to Borgata’s share of a property tax settlement from Atlantic City;

• Third Quarter. None; and

• Fourth Quarter. The Company recorded a $1.4 billion tax benefit ($2.49 per share in the quarter and $2.46 per share for full year of 2017) related to the enactment of the Tax Act.

100

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

(In thousands)

	Balance at		Provision for		Write-offs,
	Beginning of		Doubtful		Net of			Balance at
	Period		Accounts		Recoveries			End of Period
Allowance for doubtful accounts:
Year Ended December 31, 2018	$	92,571	$	39,762	$	(41,558	)	$	90,775
Year Ended December 31, 2017		97,920		20,603		(25,952	)		92,571
Year Ended December 31, 2016		89,789		10,863		(2,732	)		97,920

	Balance at
	Beginning of							Balance at
	Period		Increase		Decrease			End of Period
Deferred income tax valuation allowance:
Year Ended December 31, 2018	$	2,513,738	$	—	$	(36,035	)	$	2,477,703
Year Ended December 31, 2017		2,583,274		—		(69,536	)		2,513,738
Year Ended December 31, 2016		2,807,131		2,975		(226,832	)		2,583,274

101

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure 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 December 31, 2018 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.

Changes in Internal Control over Financial Reporting

During the quarter ended December 31, 2018, there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Management’s Annual Report on Internal Control over Financial Reporting

Management’s Responsibilities

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Sections 13a-15(f) and 15d-15(f) of the Exchange Act) for MGM Resorts International and subsidiaries (the “Company”).

Objective of Internal Control over Financial Reporting

In establishing adequate internal control over financial reporting, management has developed and maintained a system of internal control, policies and procedures designed to provide reasonable assurance that information contained in the accompanying consolidated financial statements and other information presented in this annual report is reliable, does not contain any untrue statement of a material fact or omit to state a material fact, and fairly presents in all material respects the financial condition, results of operations and cash flows of the Company as of and for the periods presented in this annual report. These include controls and procedures designed to ensure that this information is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate for all timely decisions regarding required disclosure. Significant elements of the Company’s internal control over financial reporting include, for example:

• Hiring skilled accounting personnel and training them appropriately;

• Written accounting policies;

• Written documentation of accounting systems and procedures;

• Segregation of incompatible duties;

• Internal audit function to monitor the effectiveness of the system of internal control; and

• Oversight by an independent Audit Committee of the Board of Directors.

Management’s Evaluation

Management, with the participation of the Company’s principal executive officer and principal financial officer, has evaluated the Company’s internal control over financial reporting using the criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on its evaluation as of December 31, 2018, management believes that the Company’s internal control over financial reporting is effective in achieving the objectives described above.

The Company’s independent registered public accounting firm’s report on the effectiveness of our internal control over financial reporting appears herein.

102

ITEM 9B.   OTHER INFORMATION

None.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

We incorporate by reference the information appearing under “Executive Officers of the Registrant” in Item 1 of this Form 10-K and under “Election of Directors” and “Corporate Governance” in our definitive Proxy Statement for our 2019 Annual Meeting of Stockholders, which we expect to file with the SEC on or before April 2, 2019 (the “Proxy Statement”).

ITEM 11. EXECUTIVE COMPENSATION

We incorporate by reference the information appearing under “Director Compensation” and “Executive Compensation” and “Corporate Governance — Compensation Committee Interlocks and Insider Participation” and “Compensation Committee Report” in the Proxy Statement.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

We incorporate by reference the information appearing under “Principal Stockholders” and “Election of Directors” in the Proxy Statement.

Equity Compensation Plan Information

The following table includes information about our equity compensation plans at December 31, 2018:

	Securities to be issued		Weighted average		Securities available for
	upon exercise of		exercise price of		future issuance under
	outstanding options,		outstanding options,		equity compensation
	warrants and rights		warrants and rights		plans
	(In thousands, except per share data)
Equity compensation plans approved by    security holders (1)		13,494	$	21.81		20,005
Equity compensation plans not approved by    security holders		—		—		—

(1) As of December 31, 2018 we had 3.8 million restricted stock units and 2.8 million performance share units outstanding that do not have an exercise price; therefore, the weighted average per share exercise price only relates to outstanding stock appreciation rights. The amount included in the securities outstanding above for performance share units assumes that each target price is achieved.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

We incorporate by reference the information appearing under “Transactions with Related Persons” and “Corporate Governance” in the Proxy Statement.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

We incorporate by reference the information appearing under “Selection of Independent Registered Public Accounting Firm” in the Proxy Statement.

103

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a)(1).Financial Statements. The following consolidated financial statements of the Company are filed as part of this report under Item 8 – “Financial Statements and Supplementary Data.”

Consolidated Balance Sheets — December 31, 2018 and 2017

Years Ended December 31, 2018, 2017 and 2016

Audited consolidated financial statements for CityCenter Holdings, LLC as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016 are presented in Exhibit 99.3 and are incorporated herein by reference.

(a)(2).Financial Statement Schedule. The following financial statement schedule of the Company is filed as part of this report under Item 8 – “Financial Statements and Supplementary Data.”

Years Ended December 31, 2018, 2017 and 2016

The financial information included in the financial statement schedule should be read in conjunction with the consolidated financial statements. All other financial statement schedules have been omitted because they are not applicable, or the required information is included in the consolidated financial statements or the notes thereto.

(a)(3). Exhibits.

Exhibit Number	Description
2.1	Master Contribution Agreement by and among the Company, MGM Growth Properties LLC and MGM Growth Properties Operating Partnership LP, dated as of April 25, 2016 (incorporated by reference to Exhibit 2.1 of the Current Report on Form 8-K of MGM Growth Properties LLC filed on April 25, 2016).
3.1	Amended and Restated Certificate of Incorporation of the Company, dated June 14, 2011 (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q filed on August 9, 2011).
3.2	Amended and Restated Bylaws of the Company, effective January 13, 2016 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on January 15, 2016).
4.1(1)	Indenture, dated November 15, 1996, by and between Mandalay and Wells Fargo Bank (Colorado), N.A., as Trustee (the “Mandalay November 1996 Indenture”) (incorporated by reference to Exhibit 4(e) to the Mandalay October 1996 10-Q).
4.1(2)	Supplemental Indenture, dated as of November 15, 1996, to the Mandalay November 1996 Indenture, with respect to $150 million aggregate principal amount of 7.0% Senior Notes due 2036 (incorporated by reference to Exhibit 4(f) to the Mandalay October 1996 10-Q).
4.1(3)	7.0% Senior Notes due February 15, 2036, in the principal amount of $150,000,000 (incorporated by reference to Exhibit 4(g) to the Mandalay October 1996 10-Q).
4.1(4)	Indenture, dated as of January 17, 2012, among the Company, the guarantors named therein and U.S. Bank National Association, as Trustee with respect to $850 million aggregate principal amount of 8.625% Senior Notes due 2019 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on January 17, 2012).

104

4.1(5)	Indenture, dated March 22, 2012, between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on March 22, 2012).
4.1(6)	First Supplemental Indenture, dated March 22, 2012, among the Company, the guarantors named therein and U.S. Bank National Association, as trustee with respect to $1.0 billion aggregate principal amount of 7.75% senior notes due 2022 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on March 22, 2012).
4.1(7)	Indenture, dated as of September 19, 2012, among the Company, the guarantors named therein and U.S. Bank National Association, as trustee with respect to $1.0 billion aggregate principal amount of 6.750% Senior Notes due 2020 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on September 19, 2012).
4.1(8)	Second Supplemental Indenture, dated December 20, 2012, among the Company, the guarantors named therein and U.S. Bank National Association, as trustee to the Indenture, dated as of March 22, 2012, among the Company and U.S. Bank National Association, as trustee, relating to the 6.625% senior notes due 2021 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on December 20, 2012).
4.1(9)	Third Supplemental Indenture, dated December 19, 2013, among the Company, the guarantors named therein and U.S. Bank National Association, as trustee to the Indenture, dated as of March 22, 2012, among the Company and U.S. Bank National Association, as trustee, relating to the 5.250% senior notes due 2020 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on December 19, 2013).
4.1(10)	Fourth Supplemental Indenture, dated November 25, 2014, among the Company, the guarantors named therein and U.S. Bank National Association, as trustee, to the Indenture, dated as of March 22, 2012, among the Company and U.S. Bank National Association, as trustee, relating to the 6.000% senior notes due 2023 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on November 25, 2014).
4.1(11)	Fifth Supplemental Indenture, dated August 19, 2016, 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 4.625% senior notes due 2026 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on August 19, 2016).
4.1(12)	Sixth Supplemental Indenture, dated June 18, 2018, 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 5.750% senior notes due 2025 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on June 18, 2018).
4.1(13)	Indenture, dated as of August 12, 2016, among MGM Growth Properties Operating Partnership LP, MGP Finance Co-Issuer, Inc., the subsidiary guarantors party thereto and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K of MGM Growth Properties LLC filed on August 12, 2016).
4.1(14)	Indenture, dated as of April 20, 2016, among MGP Escrow Issuer, LLC and MGP Escrow Co-Issuer, Inc. and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed April 21, 2016).
4.1(15)	Indenture, dated as of September 21, 2017, among MGM Growth Properties Operating Partnership LP, MGP Finance Co-Issuer, Inc., the subsidiary guarantors party thereto and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K of MGM Growth Properties LLC and MGM Growth Properties Operating Partnership LP filed on September 21, 2017).
4.1(16)	Supplemental Indenture to the Indentures, dated as of June 15, 2018, among MGP OH, Inc., MGP Finance Co-Issuer, Inc. and MGM Growth Properties Operating Partnership LP (incorporated by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q of MGM Growth Properties LLC and MGM Growth Properties Operating Partnership LP filed on August 7, 2018).
4.1(17)	Second Supplemental Indenture to the Indentures, dated as of July 10, 2018, among Northfield Park Associates LLC, Cedar Downs OTB, LLC, MGP Finance Co-Issuer, Inc. and MGM Growth Properties Operating Partnership LP (incorporated by reference to Exhibit 4.1 to the Quarterly Report on Form 10-Q of MGM Growth Properties LLC and MGM Growth Properties Operating Partnership LP filed on November 6, 2018).

105

4.2(1)	Guarantee (Mandalay Resort Group 6.70% Senior Notes due 2096), dated as of April 25, 2005, by the Company certain subsidiaries of the Company, in favor of The Bank of New York, as successor in interest to First Interstate Bank of Nevada, N.A., as trustee for the benefit of the holders of the Notes pursuant to the Indenture referred to therein (incorporated by reference to Exhibit 10.21 to the September 2005 10-Q).
4.2(2)	Guarantee (Mandalay Resort Group 7.0% Senior Notes due 2036), dated as of April 25, 2005, by the Company and certain subsidiaries of the Company, in favor of The Bank of New York, as trustee for the benefit of the holders of the Notes pursuant to the Indenture referred to therein (incorporated by reference to Exhibit 10.22 to the September 2005 10-Q).
4.3	Amended and Restated Registration Rights Agreement, between MGM Growth Properties LLC and MGM Resorts International, dated as of October 5, 2017 (incorporated by reference to Exhibit 10.8 of the Annual Report on Form 10-K of MGM Growth Properties LLC and MGM Growth Properties Operating Partnership LP filed on March 1, 2018).
10.1(1)	Amended and Restated Credit Agreement, dated as of April 25, 2016, among MGM Resorts International, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed April 25, 2016).
10.1(2)	First Amendment, dated as of December 21, 2018, to the Amended and Restated Credit Agreement, dated as of April 25, 2016 among the Company, the Administrative Agent and the other parties lenders thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed December 28, 2018).
10.1(3)	Credit Agreement, dated as of April 25, 2016, among MGM Growth Properties Operating Partnership LP, the financial institutions referred to as Lenders therein and Bank of America, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.17 of the Current Report on Form 8-K of MGM Growth Properties LLC filed on April 25, 2016).
10.1(4)	First Amendment to Credit Agreement, dated October 26, 2016, among MGM Growth Properties Operating Partnership LP, the other loan parties and lenders named therein and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K of MGM Growth Properties LLC filed on October 26, 2016).
10.1(5)	Second Amendment to Credit Agreement, dated May 1, 2017, among MGM Growth Properties Operating Partnership LP, the other loan parties and lenders named therein and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K of MGM Growth Properties LLC filed on May 1, 2017).

10.1(6)	Third Amendment to Credit Agreement, dated March 23, 2018, among MGM Growth Properties Operating Partnership LP, the other loan parties and lenders named therein and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K of MGM Growth Properties LLC filed on March 26, 2018).
10.1(7)	Fourth Amendment to Credit Agreement, dated June 14, 2018, among MGM Growth Properties Operating Partnership LP, the other loan parties and lenders named therein and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K of MGM Growth Properties LLC filed on June 18, 2018).
10.1(8)	Second Supplemental Agreement, dated June 9, 2015, between MGM China Holdings Limited and MGM Grand Paradise, S.A., certain Lenders and Arrangers named therein, Bank of America, N.A., Hong Kong Branch, as Facility Agent and Issuing Bank, and Banco Nacional Ultramarino, S.A., as Original Security Agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 12, 2015).
10.1(9)	Third Supplemental Agreement, by and among MGM China Holdings Limited, MGM Grand Paradise, S.A., the guarantors named therein, and Bank of America, N.A., as facility agent, dated February 2, 2016 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 4, 2016).

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10.1 (10)	Fourth Supplemental Agreement, dated February 15, 2017, among MGM China Holdings Limited, MGM Grand Paradise, S.A., the guarantors named therein and Bank of America, N.A., as facility agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed February 16, 2017).
10.1 (11)	Fifth Supplemental Agreement, dated June 15, 2018, by and among MGM China Holdings Limited, MGM Grand Paradise, S.A., and certain Lenders and Arrangers party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed June 18, 2018).
10.2(1)	Subconcession Contract for the Exploitation of Games Fortune and Chance or Other Games in Casino in the Special Administrative Region of Macau, dated April 19, 2005, between Sociedade de Jogos de Macau, S.A., as concessionaire, and MGM Grand Paradise S.A., as subconcessionaire (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on November 7, 2011).
10.2(2)	Land Concession Agreement, dated as of April 18, 2005, relating to the MGM Macau resort and casino between the Special Administrative Region of Macau and MGM Grand Paradise, S.A. (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on August 9, 2011).
10.2(3)	Land Concession Agreement, effective as of January 9, 2013, relating to the MGM Macau resort and casino between the Special Administrative Region of Macau and MGM Grand Paradise S.A. (incorporated by reference to Exhibit 10.2(4) to the Company’s Annual Report on Form 10-K filed on March 1, 2013).
10.3(1)	Third Amended and Restated Limited Liability Company Agreement of CityCenter Holdings, LLC, dated December 22, 2015 (incorporated by reference to Exhibit 10.3(1) to the Company’s Annual Report on Form 10-K filed on February 29, 2016).
10.3(2)	Company Stock Purchase and Support Agreement, dated August 21, 2007, by and between the Company and Infinity World Investments, LLC (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed August 27, 2007).
10.3(3)	Amendment No. 1, dated October 17, 2007, to the Company Stock Purchase and Support Agreement by and between the Company and Infinity World Investments, LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on October 23, 2007).
10.4(1)	Master Lease between MGP Lessor, LLC and MGM Lessee, LLC, dated April 25, 2016 (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K of MGM Growth Properties LLC filed on April 25, 2016).
10.4(2)	First Amendment to Master Lease, dated as of August 1, 2016, between MGP Lessor, LLC and MGM Lessee, LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 1, 2016).
10.4(3)	Second Amendment to Master Lease, dated as of October 5, 2017, between MGP Lessor, LLC and MGM Lessee, LLC (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K of MGM Growth Properties LLC and MGM Growth Properties Operating Partnership LP filed on October 6, 2017).
*10.5(1)	Amended and Restated 2005 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 10, 2014).
*10.5(2)	Second Amended and Restated Annual Performance-Based Incentive Plan for Executive Officers (incorporated by reference to Appendix A to the Company’s Proxy Statement filed on April 20, 2016).
*10.5(3)	Deferred Compensation Plan II, as Amended and Restated, effective December 17, 2014 (incorporated by reference to Exhibit 10.4(6) to the Company’s Annual Report on Form 10-K filed on March 2, 2015).
*10.5(4)	Supplemental Executive Retirement Plan II, dated as of December 30, 2004 (incorporated by reference to Exhibit 10.1 on Form 8-K filed on January 10, 2005).
*10.5(5)	Amendment No. 1 to the Supplemental Executive Retirement Plan II, dated as of July 10, 2007 (incorporated by reference to Exhibit 10.3(12) to the 2007 10-K).
*10.5(6)	Amendment No. 2 to the Supplemental Executive Retirement Plan II, dated as of October 15, 2007 (incorporated by reference to Exhibit 10.3(14) to the 2007 10-K).

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*10.5(7)	Amendment No. 1 to the Supplemental Executive Retirement Plan II, dated as of November 4, 2008 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on November 7, 2008).
*10.5(8)	Employment Agreement, effective as of December 13, 2014, between the Company and Robert H. Baldwin (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on January 13, 2015).
*10.5(9)	Separation Agreement and Complete Release of Claims, between MGM Resorts International and Robert H. Baldwin, dated October 10, 2018 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on October 11, 2018).
*10.5(10)	Employment Agreement, dated as of October 3, 2016, by and between the Company and James J. Murren (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on October 5, 2016).
*10.5(11)	Employment Agreement, executed as of August 24, 2015, between the Company and Daniel J. D’Arrigo (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 28, 2015).
*10.5(12)	Employment Agreement, effective as of November 15, 2016, between the Company and Corey Sanders (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on December 7, 2016).
*10.5(13)	Employment Agreement, effective as of November 15, 2016, between the Company and William Hornbuckle (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on December 7, 2016).
*10.5(14)	Employment Agreement, effective as of November 15, 2016, between the Company and John McManus.
*10.5(15)	Amended and Restated Deferred Compensation Plan for Non-employee Directors, effective as of June 5, 2014 (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on August 11, 2014).
*10.5(16)	Form of Restricted Stock Units Agreement of the Company, effective for awards granted in August 2012 through 2015 (incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q filed on August 9, 2012).
*10.5(17)	Form of Restricted Stock Units Agreement of the Company (Non-Employee Director), effective for awards granted in August 2012 and thereafter (incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q filed on August 9, 2012).
*10.5(18)	Form of Restricted Stock Units Agreement of the Company (Performance), effective for awards granted in August 2012 through 2015 (incorporated by reference to Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q filed on August 9, 2012).
*10.5(19)	Form of Restricted Stock Units Agreement of the Company effective for awards granted in October 2015 and thereafter (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q filed on November 6, 2015).
*10.5(20)	Form of Restricted Stock Units Agreement of the Company (Performance) effective for awards granted in October 2015 and thereafter (incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q filed on November 6, 2015).
*10.5(21)	Form of Sign-On RSU Award Agreement (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on October 5, 2016).
*10.5(22)	Form of Performance Share Units Agreement of the Company, effective for bonus awards granted in March 2014 through March 2015 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 8, 2014).
*10.5(23)	Form of Performance Share Units Agreement of the Company effective for awards granted in October 2015 and thereafter (incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q filed on November 6, 2015).
*10.5(24)	Form of Bonus Performance Share Units Agreement of the Company, effective for bonus awards granted in March 2016 and thereafter (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed on May 6, 2016).

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*10.5(25)	Change of Control Policy for Executive Officers, dated as of November 5, 2012 (incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K filed on November 8, 2012).
*10.5(26)	Form of Memorandum Agreement re: Changes to Severance and Change of Control Policies (incorporated by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K filed on November 8, 2012).
*10.5(27)	Form of Freestanding Stock Appreciation Right Agreement of the Company effective for awards granted in August 2012 and thereafter (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q filed on August 9, 2012).
*10.5(28)	Form of Freestanding Stock Appreciation Right Agreement of the Company effective for awards granted in October 2013 and thereafter (incorporated by reference to Exhibit 10.4(43) of the Company’s Annual Report on Form 10-K for the year ended December 31, 2013).
*10.5(29)	Amendment to all Stock Appreciation Right Agreements adopted by the Compensation Committee of the Board of Directors on October 7, 2013 (incorporated by reference to Exhibit 10.4(44) of the Company’s Annual Report on Form 10-K for the year ended December 31, 2013).
*10.5(30)	Form of Freestanding Stock Appreciation Right Agreement of the Company effective for awards granted in October 2015 and thereafter (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed on November 6, 2015).
*10.5(31)	Profit Growth Share Incentive Plan of the Company (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on November 6, 2015).
*10.5(32)	Form of Performance Share Units Agreement (Profit Growth Share Incentive Plan) of the Company (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed on November 6, 2015).
*10.5(33)	MGM Growth Properties LLC 2016 Omnibus Incentive Plan (incorporated by reference to Exhibit 99.1 of the Registration Statement on Form S-8 of MGM Growth Properties LLC (File No. 333-210832) filed on April 19, 2016).
*10.5(34)	MGM Growth Properties LLC Form of 2016 Restricted Share Units Agreement (MGM Non-Employee Directors) (incorporated by reference to Exhibit 10.15 of the Current Report on Form 8-K of MGM Growth Properties LLC filed on April 25, 2016).
*10.5(35)	MGM Growth Properties LLC Form of 2016 Restricted Share Units Agreement (MGM Employees) (incorporated by reference to Exhibit 10.16 of the Current Report on Form 8-K of MGM Growth Properties LLC filed on April 25, 2016).
*10.5(36)	Retirement Policy for Senior Officers, adopted January 10, 2017 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed January 12, 2017).
*10.5(37)	Form of Letter to Employees re: Existing Equity Awards (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed March 10, 2017).
*10.5(38)	Form of Performance Share Unit Agreement (Bonus Payout) (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed March 10, 2017).
*10.5(39)	Form of Performance Share Unit Agreement (Annual Grant) (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed March 10, 2017).
*10.5(40)	Form of Restricted Stock Unit Agreement (Non-Employee Director) (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed March 10, 2017).
*10.5(41)	Form of Restricted Stock Unit Agreement (with Performance Hurdle) (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed March 10, 2017).
*10.5(42)	Form of Restricted Stock Unit Agreement (no Performance Hurdle) (incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K filed March 10, 2017).

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*10.5(43)	Form of Restricted Stock Unit Agreement (Bonus RSUs) (incorporated by reference to Exhibit 10.5(40) to the Company’s Annual Report on Form 10 K filed on March 1, 2018).
*10.5(44)	Form of Restricted Stock Unit (Deferred Payment Bonus) (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on May 7, 2018).
*10.5(45)	Form of Relative Performance Share Unit Agreement (Annual Grant) (incorporated by reference to Exhibit 10.5(41) to the Company’s Annual Report on Form 10‑K filed on March 1, 2018).
21	List of subsidiaries of the Company.
23.1	Consent of Deloitte & Touche LLP, independent auditors to the Company.
23.2	Consent of Deloitte & Touche LLP, independent auditors to CityCenter Holdings, LLC.
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.
99.1	Description of our Operating Resorts.
99.2	Description of Regulation and Licensing.
99.3	Audited consolidated financial statements of CityCenter Holdings, LLC, as of and for the three years in the period ended December 31, 2018.
101	The following information from the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 formatted in eXtensible Business Reporting Language: (i) Consolidated Balance Sheets at December 31, 2018 and December 31, 2017; (ii) Consolidated Statements of Operations for the years ended December 31, 2018, 2017and 2016; (iii) Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2018, 2017 and 2016; (iv) Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017 and 2017; (v) Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2018, 2017 and 2016; (vi) Notes to the Consolidated Financial Statements and (vii) Financial Statement Schedule.

* Management contract or compensatory plan or arrangement.

** Exhibits 32.1 and 32.2 shall not be deemed filed with the SEC, nor shall they be deemed incorporated by reference in any filing with the SEC under the Exchange Act or the Securities Act of 1933, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any filings

ITEM 16. FORM 10K SUMMARY

None.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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

By:	/s/ JAMES J. MURREN
	James J. Murren
	Chairman of the Board and Chief Executive Officer
	(Principal Executive Officer)

Dated: February 27, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ James J. Murren	Chairman of the Board and Chief Executive Officer (Principal Executive Officer)	February 27, 2019
James J. Murren
/s/ Daniel J. D’Arrigo	Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)	February 27, 2019
Daniel J. D’Arrigo
/s/ Robert C. Selwood	Executive Vice President and Chief Accounting Officer (Principal Accounting Officer)	February 27, 2019
Robert C. Selwood
/s/ William A. Bible	Director	February 27, 2019
William A. Bible
/s/ Mary Chris Gay	Director	February 27, 2019
Mary Chris Gay
/s/ William W. Grounds	Director	February 27, 2019
William W. Grounds
/s/ Alexis M. Herman	Director	February 27, 2019
Alexis M. Herman
/s/ Roland Hernandez	Director	February 27, 2019
Roland Hernandez
/s/ John B. Kilroy, Jr.	Director	February 27, 2019
John B. Kilroy, Jr.

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/s/ Rose McKinney-James	Director	February 27, 2019
Rose McKinney-James
/s/ Keith A. Meister	Director	February 27, 2019
Keith A. Meister
/s/ Paul Salem	Director	February 27, 2019
Paul Salem
/s/ Gregory M. Spierkel	Director	February 27, 2019
Gregory M. Spierkel
/s/ Jan Swartz	Director	February 27, 2019
Jan Swartz
/s/ Daniel J. Taylor	Director	February 27, 2019
Daniel J. Taylor

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EX-10.5(14)

Exhibit 10.5(14)

EMPLOYMENT AGREEMENT

This Employment Agreement (this "Agreement") is entered into as of November 15, 2016 by and between MGM Resorts International ("Employer"), and John McManus ("Employee").

1. Employment.  Employer hereby employs Employee, and Employee hereby accept employment by Employer as Executive Vice President, General Counsel and Secretary to perform such executive, managerial or administrative duties as Employer may specify from time to time during the Specified Term (as defined in Section 2).  If during the Specified Term Employee becomes an employee of another employer affiliated with the “Company” (defined below in Section 22) Employee’s employment with the Employer shall terminate as of the date Employee commences such other employment, and pursuant to Section 19 Employee’s new Company-affiliated employer shall assume all rights and obligations of Employer under this Agreement.

2. Term.  The term of your employment under this Agreement commences on November 15, 2016 and it terminates on November 14, 2020 (the "Specified Term"), unless a new written employment agreement is executed by the parties. If Employee remains employed after the expiration of the Specified Term, and the parties do not execute a new employment agreement, then Employee shall be employed at-will and none of the provisions of the Agreement shall apply to Employee’s continued employment at-will, except Sections 8, 10.5, 11 and 12, and Employer shall have the right to terminate Employee’s employment with or without cause or notice, for any reason or no reason, and (unless otherwise provided herein) without any payment of severance or compensation.

3. Compensation.  During the first and second year of Specified Term, Employer shall pay Employee a minimum annual salary of $800,000 payable in arrears at such frequencies and times as Employer pays its other employees.  During the third and fourth year of Specified Term, Employer shall pay Employee a minimum annual salary of $850,000 payable in arrears at such frequencies and times as Employer pays its other employees.  Employee is also eligible to receive generally applicable fringe benefits commensurate with Employer’s employees in positions comparable to Employee.  Employer will also reimburse Employee for all reasonable business and travel expenses Employee incurs in performing Employee’s duties under this Agreement, payable in accordance with Employer’s customary practices and policies, as Employer may modify and amend them from time to time.  Employee’s performance may be reviewed periodically.  Employee is eligible for consideration for a discretionary raise, promotion, and/or participation in discretionary benefit plans; provided, however, whether and to what extent Employee will be granted any of the above will be determined by Employer in its sole and absolute discretion.

3.1 In addition, Employee is eligible for consideration for a discretionary annual bonus in accordance with the terms and conditions of the Employer’s Second Amended and Restated Annual Performance-Based Incentive Plan for Executive Officers, or any successor plan (the “Program”).  Employee will be eligible for consideration for an annual bonus up to 125% of Employee’s base salary (the “Target Bonus”).  The terms and conditions of the Program may be changed from time to time.

3.2 During the Specified Term, it is anticipated that Employee will be required to travel extensively on behalf of Employer.  Such travel, if by air, may be on aircraft provided by Employer (if authorized by the Chief Executive Officer), or if commercial airlines are used, on a first-class basis (or best available basis, if first class is not available).

4. Extent of Services.  Employee agrees that Employee’s employment by Employer is full time and exclusive.  Employee further agrees to perform Employee’s duties in a competent, trustworthy and businesslike manner.   Employee agrees that during the Specified Term, Employee will not render any services of any kind (whether or not for compensation) for any person or entity other than Employer, and that Employee will not engage in any other business activity (whether or not for compensation) that is similar to or conflicts with Employee’s duties under this Agreement, without the approval of the Board of Directors of MGM Resorts International or the person or persons designated by the Board of Directors to determine such matters.

5. Policies and Procedures.  Employee agrees and acknowledges that Employee is bound by Employer’s policies and procedures as they may be modified, amended or adopted by Employer from time to time, including, but not limited to, the Company’s Code of Conduct and Conflict of Interest policies.  In the event the terms in this Agreement conflict with Employer’s policies and procedures, the terms of this Agreement shall take precedence.  As Employee is aware, problem gaming and underage gambling can have adverse effects on individuals and the gaming industry as a whole.  Employee acknowledges that Employee has read and is familiar with Employer’s policies, procedures and manuals and agrees to abide by them.  Because these matters are of such importance to Employer, Employee specifically confirms that Employee is familiar with and will comply with Employer’s policies of prohibiting underage gaming, supporting programs to treat compulsive gambling, and promoting diversity in all aspects of Employer’s business.

6. Licensing Requirements.  Employee acknowledges that Employer is engaged in a business that is or may be subject to and exists because of privileged licenses issued by governmental authorities in Nevada, Michigan, Mississippi, Illinois, Maryland, Massachusetts, New Jersey, Macau S.A.R., and other jurisdictions in

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which Employer is engaged in a gaming business or where Employer has applied to (or during the Specified Term may apply to) engage in a gaming business.  Employee shall apply for and obtain any license, qualification, clearance or other similar approval which Employer or any regulatory authority which has jurisdiction over Employer requests or requires that Employee obtain.  

7. Failure to Satisfy Licensing Requirement.  Employer has the right to terminate Employee’s employment under Section 10.1 of this Agreement if: (i) Employee fails to satisfy any licensing requirement referred to in Section 6 above; (ii) Employer is directed to cease business with Employee by any governmental authority referred to in Section 6 above; (iii) Employer determines, in its sole and exclusive judgment, that Employee was, is or might be involved in, or are about to be involved in, any activity, relationship(s) or circumstance which could or does jeopardize Employer’s business, reputation or such licenses; or (iv) any of Employer’s licenses is threatened to be, or is, denied, curtailed, suspended or revoked as a result of Employee’s employment by Employer or as a result of Employee’s actions.

8. Restrictive Covenants.

Employee acknowledges that, in the course of performing Employee’s responsibilities under this Agreement, Employee will form relationships and become acquainted with “Confidential Information” (defined below in Section 22).  Employee further acknowledges that such relationships and the Confidential Information are valuable to Employer and the Company, and the restrictions on Employee’s future employment contained in this Agreement, if any, are reasonably necessary in order for Employer to remain competitive in Employer’s various businesses and to prevent Employee from engaging in unfair competition against Employer after termination of Employee’s employment with Employer for any reason.  

In consideration of this Agreement and the compensation payable to Employee under this Agreement, and in recognition of Employer’s heightened need for protection from abuse of relationships formed or disclosure and misuse of Confidential Information garnered before and during the Specified Term of this Agreement, Employee covenants and agree as follows:

8.1 Competition.  Except as otherwise explicitly provided in Paragraph 10 of this Agreement, during the entire Specified Term and thereafter for the “Restrictive Period” (defined below in Section 22) Employee shall not directly or indirectly be employed by, provide consultation or other services to, engage in, participate in or otherwise be connected in any way with any “Competitor” (defined below in Section 22) in any capacity that is the same, substantially the same or similar to the position or capacity (irrespective of title or department) as that held at any time during Employee’s employment with Employer; provided, however, that if

3

Employee remains employed at-will by Employer after expiration of the Specified Term and is thereafter separatedby Employer during the Restrictive Periodfor any reason other than “Employer’s Good Cause” (defined below in Section 22), Employee shall not be subject to this Section 8.1.

8.2 Non-Solicitation.  At all times during Employee's employment with the Company and at all times thereafter, Employee shall not use, access, disclose, make known to, or otherwise disseminate for personal gain or for the benefit of a third party (or induce, encourage or assist others in doing any of the foregoing acts) any Company Group "Trade Secrets" (as defined in Section 22) for any purpose whatsoever.  Further, at all times during Employee's employment with the Company, and for 12 months thereafter, Employee will not, without the prior written consent of Company:

(a) make known to any Competitor and/or any member, manager, officer, director, employee or agent of a Competitor, the "Business Contacts" (defined in Section 22) of Company Group;

(b) call on, solicit, induce to leave and/or take away, or attempt to call on, solicit, induce to leave and/or take away, any Business Contacts of Company Group; and/or

(c) approach, solicit, contract with or hire any current Business Contacts of Company Group or entice any Business Contact to cease his/her/its relationship with Company Group or end his/her employment with Company Group, without the prior written consent of Company, in each and every instance, such consent to be within Company's sole and absolute discretion.

8.3 Confidentiality.  At all times during Employee's employment with the Company, and at all times thereafter, Employee shall not, without the prior written consent of the Company’s Chief Executive Officer, Chief Operating Officer or General Counsel in each and every instance--such consent to be within the Company's sole and absolute discretion--use, disclose or make known to any person, entity or other third party outside of the Company Group any Confidential Information belonging to Company Group or its individual members.  

Notwithstanding the foregoing, the provisions of Section 8.3 shall not apply to Confidential Information: (i) that is required to be disclosed by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) in any litigation, arbitration,

4

mediation or legislative hearing, with jurisdiction to order Employee to disclose or make accessible any information, provided, however, that Employee provides Company with ten (10) days’ advance written notice of such disclosure to enable Company to seek a protective order or other relief to protect the confidentiality of such Confidential Information; (ii) that becomes generally known to the public or within the relevant trade or industry other than due to Employee's or any third party's violation of this Agreement or other obligation of confidentiality; or (iii)  that becomes available to Employee on a non-confidential basis from a source that is legally entitled to disclose it to Employee.

8.4 Third Party Information.  Employee understands and acknowledges that the Company Group has received, and in the future will receive, from third parties, their confidential or proprietary information subject to a duty to maintain the confidentiality of such information and to use it only for certain limited purposes.  At all times during Employee's employment with the Company, whether pursuant to this Agreement or at-will, and at all times thereafter, Employee shall hold any and all such third party confidential or proprietary information of third parties in the strictest confidence and will not intentionally or negligently disclose it to any person or entity or to use it except as necessary in carrying out Employee's duties and obligations hereunder consistent with the Company Group's agreement with such third party.  Employee shall not be in violation of Employee's obligations hereunder if such third party confidential or proprietary information is already generally known to the public through no wrongful act of Employee or any other party.

8.5 Acknowledgement of Ownership of Confidential Information Property Acquired or Developed During Employment; Non-Transfer.  Employee understands, agrees, and hereby confirms that Employee's duties and responsibilities include acquiring Confidential Information and developing Relationships for the benefit of Company and, as applicable, Company Group.  Employee acknowledges that Confidential Information acquired, obtained, learned, or developed during Employee's employment with Company, including but not limited to, Business Contacts developed during Employee's employment, constitutes the sole and exclusive property of Company, regardless of whether the information qualifies for protection as a Trade Secret.  

Employee further understands, agrees, and hereby confirms that during Employee's employment, Employee shall not, at any time or for any reason whatsoever, except upon the express written authorization of the Company, store, transfer, maintain, copy, duplicate or otherwise possess Confidential Information on any device or in any form or format except on devices and in such formats as expressly approved and issued by the Company to Employee.  By way of example, and without limitation,

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Employee shall not text, copy, or otherwise transfer in any form or format Confidential Information to any document, paper, computer, tablet, Blackberry, cellular phone, personal mobile device, Blackberry, iPhone, iPad, thumb drive, smart phone memory, zip drive or disk, flash drive, external drive or any other similar device used for storing or recording data of any kind (the "Devices") unless such Device is issued by the Company to Employee, or unless such text, copy or transfer is expressly approved in writing by the Company before Employee's use of such Device.  

8.6 Return of Confidential Information. Upon termination of Employee's employment for any reason at any time, Employee shall immediately return to the Company, and retain no copies of, any all Confidential Information in Employee's possession or control. If any Confidential Information is recorded or saved in any format or on any Devices, Employee shall delete the Confidential Information and, upon Company’s request, allow Company to inspect such Devices to confirm the deletion. Upon Company’s request, Employee shall allow Company reasonable access to Employee’s personal computers, email accounts, and Devices to confirm that Employee does not possess any Confidential Information of Company in contravention of this Agreement.

8.7 Acknowledgement of Copyrights in and to Compilations of Confidential Information.  Employee acknowledges that Company owns copyrights in any and all compilations of Confidential Information in any tangible or electronic form (including, but not limited to, printed lists, handwritten lists, spreadsheets, and databases) in any storage media, including, but not limited to, Devices,  (collectively, “Copyrighted Works”).  Employee further acknowledges that unauthorized copying, distributing, or creating derivative works, or inducing or contributing to such conduct by others, based on such Copyrighted Works constitutes infringement of Company's copyrights in and to the Copyrighted Works.  Employee acknowledges that only the Chief Executive Officer, Chief Operating Officer, President, or General Counsel of the Company are authorized to grant authorization to Employee to copy, distribute or create derivative works based on the Copyrighted Works.  Employee shall obtain any such authorization from Company in writing, in advance of any copying, distribution or creation of derivative works by Employee.  Employee acknowledges that federal law provides for civil liability and criminal penalties for copyright infringement.  Employee agrees not to challenge, contest or dispute Company's right, title and interest in the Copyrighted Works and waives any legal or equitable defense to infringement of such Copyrighted Works.

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9. Representations and Warranties.

Employee hereby represents and warrants to Company, and hereby agrees with

Company, as follows:

9.1 A portion of Employee's compensation and consideration under this Agreement is (i) Company's agreement to employ Employee; (ii) Employee's agreement that the covenants contained in Sections 4 and 8 hereof are reasonable, appropriate and suitable in their geographic scope, duration and content; (iii) Employee's agreement that Employee shall not, directly or indirectly, raise any issue of the reasonableness, appropriateness and suitability of the geographic scope, duration or content of such covenants and agreements in any proceeding to enforce such covenants and agreements; (iv) Employee's agreement that such covenants and agreements shall survive the termination of this Agreement, in accordance with their terms; and (v) the free and full assignability by Company of such covenants and agreements upon a sale, reorganization or other transaction of any kind relating to the ownership and/or control of Company Group or its members or assigns.

9.2 The enforcement of any remedy under this Agreement will not prevent Employee from earning a livelihood, because Employee's past work history and abilities are such that Employee can reasonably expect to find work irrespective of the covenants and agreements contained in Section 8 hereof.  

9.3 The covenants and agreements stated in Sections 4, 6, 7, and 8 hereof are essential for the Company's reasonable protection of its Trade Secrets, Business Contacts, and Confidential Information.

9.4 The Company has reasonably relied on Employee's covenants, representations and agreements in this Agreement.

9.5 Employee has the full right, power and authority to enter into this Agreement and perform Employee's duties and obligations hereunder, and the entering into and performance of this Agreement by Employee will not violate or conflict with any arrangements or other agreements Employee may have or agreed to have with any other person or entity.

9.6 Employee acknowledges that the Company has and will continue to invest substantial time and expense in developing and protecting Confidential Information, all of which Employee expressly understands and agrees belongs solely and exclusively to Company.  Employee further acknowledges and agrees that because the Company Group has and will continue to invest substantial time and expense in developing and protecting Confidential Information, that any loss of or damage to the

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Company as a result of a breach or threatened breach of any of the covenants or agreements set forth in Sections 4 and 8 hereof, the Company will suffer irreparable harm.  Consequently, Employee covenants and agrees that any violation by Employee of Sections 4 or 8 of this Agreement shall entitle the Company to immediate injunctive relief in a court of competent jurisdiction without the necessity of posting any bond or waiving any claim for damages.  Employee further covenants and agrees that Employee will not contest the enforceability of such an injunction in any state or country in which such an injunction is not, itself, a violation of law.

10. Termination.

10.1 Employer’s Good Cause Termination.  Employer has the right to terminate this Agreement at any time during the Specified Term hereof for “Employer’s Good Cause” (defined below in Section 22). Upon any such termination, Employer shall have no further liability or obligations whatsoever to Employee under this Agreement except as provided under Sections 10.1.1 and 10.1.2 below.

10.1.1 In the event Employer’s Good Cause termination is the result of Employee’s death during the Specified Term, Employee’s beneficiary (as designated by Employee on Employer’s benefit records) shall be entitled to receive Employee’s salary for a six (6) month period following Employee’s death, such amount to be paid at regular payroll intervals.

10.1.2 In the event Employer’s Good Cause termination is the result of Employee’s “Disability” (defined below in Section 22), Employer shall pay Employee (or Employee’s beneficiary in the event of Employee’s death during the period in which payments are being made) an amount equal to Employee’s salary for six (6) months following Employee’s termination, such amount to be paid at regular payroll intervals, net of payments received by Employee from any short term disability policy which is either self-insured by Employer or the premiums of which were paid by Employer (and not charged as compensation to Employee).

10.2 Employer’s No Cause Termination.  Employer has the right to terminate this Agreement on written notice to Employee in its sole discretion for any cause Employer deems sufficient or for no cause, at any time during the Specified Term, including on the last day of the Specified Term.  Subject to the conditions set forth below, Employer’s sole liability to Employee upon such termination shall be as follows:

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10.2.1Employee shall receive an amount equal to: (i) Employee’s annual base salary and (ii) Target Bonus (the “Severance Payment”) (subject to a maximum Severance Payment of $4 million), less all applicable taxes, payable in twelve (12) monthly installments commencing upon the date that is thirty (30) days after the date of separation; plus any earned but unpaid discretionary bonus due to Employee, payable in accordance with the provisions of the Program. In addition, Employee shall receive a lump sum payment equal to 1.5 times the cost of COBRA coverage for a period of twelve (12) months immediately following separation (the “COBRA Payment”), payable in twelve (12) monthly installments commencing upon separation.  

(a) If this Agreement is terminated under this Section within six (6) months of Employee’s date of hire, employee shall only receive an amount equal to six (6) months of base salary; and further, the Restrictive Period shall be limited to six (6) months.

(b) If Employee remains employed at-will by Employer after expiration of the Specified Term and is thereafter separated during the Restrictive Period for No Cause, employee shall receive a lump sum payment (less all applicable taxes) equal to the greater of:  (i) thirteen (13) weeks of base salary or (ii) two (2) times the amount the employee would otherwise receive under the Company’s then-effective discretionary severance policy.

10.2.2 Employee’s eligibility for the Severance Payment and COBRA Payment set forth in Section 10.2.1 shall be expressly subject to, conditioned upon, and in consideration of Employee’s execution, within twenty-one (21) days following the date of Employee’s termination of employment (or such shorter time period as may be required by the Company consistent with applicable law) and non-revocation of a release prepared by Employer and waiving and releasing Employer and the Company, their parents, subsidiaries and affiliates, and their officers, directors, agents, benefit plan trustees and employees, from any and all claims whether known or unknown, and regardless of type, cause or nature, including but not limited to claims arising under any and all express or implied employment agreements, any and all statutory and common law tort claims, any and all salary, bonus, stock, vacation (PTO), insurance and other benefit plans, and all state and federal laws, ordinances and statutes applicable to Employee’s employment or the cessation of that employment that may be released by private

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agreement (including but not limited to Title VII of the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act as amended by the Older Workers Benefit Protection Act of 1990; the Americans with Disabilities Act, as amended; the Equal Pay Act; the Lily Ledbetter Fair Pay Act; the Family and Medical Leave Act; the Employee Retirement Income Security Act; the Genetic Information Nondiscrimination Act; Chapter 608, Compensation, Wages and Hours, of the Nevada Revised Statutes; Chapter 613, Employment Practices, of the Nevada Revised Statutes; the Worker Adjustment Retraining Notification Act (“WARN”); Post-Civil War Reconstruction Act, as Amended (42 U.S.C. §1981-1988); the National Labor Relations Act; the Labor Management Relations Act; any other federal, state or local law prohibiting employment discrimination or otherwise regulating employment; which release becomes irrevocable in accordance with its terms (which, for the avoidance of doubt, will occur within thirty (30) days or fewer following the date of Employee’s termination of employment).

10.2.3 As a further condition to Employer’s obligations under Section 10.2.1 above, Employee agrees to cooperate with Employer regarding matters on which Employee has worked, on a reasonable basis and at times mutually convenient to both parties.  Employee further agrees to fully cooperate with the Company in any ongoing or future legal matters about which Employee has knowledge or information, or that concern Employee’s former position with the Company.

10.2.4 Upon any such termination, Employee shall continue to be bound by the restrictions in Section 8 above; provided, however, that if the reason for the termination is the elimination of Employee’s position, Employee shall not be bound by Section 8.1 but will continue to be bound by all other restrictions in Section 8 above.  Notwithstanding anything to the contrary herein, Employer’s conditional obligation under Section 10.2.1 to pay Employee’s salary shall cease if Employee breaches in any material respect any of the covenants set forth in Section 8 above; additionally, and without waiving any rights to other damages resulting from said breach, Employer shall be entitled to recover any and all amounts already paid to Employee under Section 10.2.1.

10.3 Employee’s Good Cause Termination.  Employee may terminate this Agreement for “Employee’s Good Cause” (defined below in Section 22).  Prior to any termination under this Section 10.3 being effective, Employee agrees to give Employer thirty (30) days’ advance written notice, within thirty (30) days of the initial event comprising Employee’s Good Cause,

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specifying the facts and circumstances that comprise Employee’s Good Cause.  During such thirty (30) day period, Employer may either cure the breach (in which case Employee’s notice will be considered withdrawn and this Agreement will continue in full force and effect) or declare that Employer disputes that Employee’s Good Cause exists, in which case this Agreement will continue in full force until the dispute is resolved in accordance with Section 12.  In the event this Agreement is terminated under this Section 10.3, subject to the conditions set forth below, Employer’s sole liability to Employee upon such termination shall be as follows:

10.3.1Employee shall receive an amount equal to: (i) Employee’s annual base salary and (ii) Target Bonus (the “Severance Payment”) (subject to a maximum Severance Payment of $4 million), less all applicable taxes, payable in twelve (12) monthly installments commencing upon the date that is thirty (30) days after the date of separation; plus any earned but unpaid discretionary bonus due to Employee, payable in accordance with the provisions of the Program. In addition, Employee shall receive a lump sum payment equal to 1.5 times the cost of COBRA coverage for a period of twelve (12) months immediately following separation (the “COBRA Payment”), payable in twelve (12) monthly installments commencing upon separation.  If this Agreement is terminated under this Section within six (6) months of Employee’s date of hire, employee shall only receive an amount equal to six (6) months of base salary; and further, the Restrictive Period shall be limited to six (6) months.

10.3.2 Employee’s eligibility for the salary payments and health benefits set forth in Section 10.3.1 shall be expressly subject to, conditioned upon, and in consideration of Employee’s execution, within twenty-one (21) days following the date of Employee’s termination of employment (or such shorter time period as may be required by the Company consistent with applicable law), and non-revocation of a release prepared by Employer and waiving and releasing Employer and the Company, their parents, subsidiaries and affiliates, and their officers, directors, agents, benefit plan trustees and employees, from any and all claims whether known or unknown, and regardless of type, cause or nature, including but not limited to claims arising under any and all express or implied employment agreements, any and all statutory and common law tort claims, any and all salary, bonus, stock, vacation (PTO), insurance and other benefit plans, and all state and federal laws, ordinances and statutes applicable to Employee’s employment or the cessation of that employment that may be released by private agreement (including but not limited to Title VII of the Civil

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Rights Act of 1964, as amended; the Age Discrimination in Employment Act as amended by the Older Workers Benefit Protection Act of 1990; the Americans with Disabilities Act, as amended; the Equal Pay Act; the Lily Ledbetter Fair Pay Act; the Family and Medical Leave Act; the Employee Retirement Income Security Act; the Genetic Information Nondiscrimination Act; Chapter 608, Compensation, Wages and Hours, of the Nevada Revised Statutes; Chapter 613, Employment Practices, of the Nevada Revised Statutes; the Worker Adjustment Retraining Notification Act (“WARN”); Post-Civil War Reconstruction Act, as Amended (42 U.S.C. §1981-1988); the National Labor Relations Act; the Labor Management Relations Act; any other federal, state or local law prohibiting employment discrimination or otherwise regulating employment; which release becomes irrevocable in accordance with its terms (which, for the avoidance of doubt, will occur within thirty (30) days or fewer following the date of Employee’s termination of employment).

10.3.3 As a further condition to Employer’s salary obligations under Section 10.2.1 above, Employee agrees to cooperate with Employer regarding matters on which Employee has worked, on a reasonable basis and at times mutually convenient to both parties.  Employee further agrees to fully cooperate with the Company in any ongoing or future legal matters about which Employee has knowledge or information, or that concern Employee’s former position with the Company.

10.3.4 In the event of termination of this Agreement under this Section 10.3, the restrictions of Section 8.1 shall no longer apply.

10.4 Employee’s No Cause Termination.  In the event Employee terminates Employee’s employment under this Agreement without cause, Employer will have no further liability or obligations whatsoever to Employee hereunder. Employer will be entitled to all of Employer’s rights and remedies by reason of such termination, including without limitation, the right to enforce the covenants and agreements contained in Section 8 and Employer’s right to recover damages.

10.5Survival of Covenants.  Notwithstanding anything contained in this Agreement to the contrary, except as specifically provided in Sections 10.2.4 and 10.3.4 with respect to the undertaking contained in Section 8.1, the covenants and agreements contained in Section 8 shall survive a termination of this Agreement or the cessation of Employee’s employment to the extent and for the period provided for in Section 8, regardless of the reason for such termination.

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11. Arbitration.  Except as otherwise provided for in this Agreement and in Exhibit B to this Agreement (which constitutes a material provision of this Agreement), any controversy, dispute or claim directly or indirectly arising out of or relating to this Agreement, or the breach thereof, or arising out of or relating to the employment of Employee, or the termination thereof, shall be resolved by binding arbitration pursuant to Exhibit B.  

12. Disputed Claim. In the event of any “Disputed Claim” (defined below in Section 22), such Disputed Claim shall be resolved by binding arbitration pursuant to Exhibit B.  Unless and until the arbitration process for a Disputed Claim is finally resolved in Employee’s favor and Employer thereafter fails to satisfy such award within thirty (30) days of its entry, Employee shall not have affected an Employee’s Good Cause termination and Employee shall not have any termination rights pursuant to Section 10.3 with respect to such Disputed Claim.  Nothing herein shall preclude or prohibit Company from invoking the provisions of Section 10.2, or of Company seeking or obtaining injunctive or other equitable relief.

13. Severability.If any section, provision, paragraph, phrase, word, and/or line (collectively, “Provision”) of this Agreement is declared to be unenforceable, then this Agreement will be deemed retroactively modified to the extent necessary to render the otherwise unenforceable Provision, and the rest of the Agreement, valid and enforceable.  If a court or arbitrator declines to modify this Agreement as provided herein, the invalidity or unenforceability of any Provision of this Agreement shall not affect the validity or enforceability of the remaining Provisions.  This Section 13 does not limit our rights to seek damages or such additional relief as may be allowed by law and/or equity in respect to any breach by Employee of the enforceable provisions of this Agreement.

14. No Waiver of Breach or Remedies.  No failure or delay on the part of Employee or Employer in exercising any right, power or remedy hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy hereunder.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

15. Amendment or Modification.  No amendment, modification, termination or waiver of any provision of this Agreement shall be effective unless the same shall be in writing and signed by Employee and a duly authorized member of Employer’s senior management.  No consent to any departure by Employee from any of the terms of this Agreement shall be effective unless the same is signed by a duly authorized member of Employer’s senior management. Any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.  

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16. Governing Law.  The laws of the State in which the Employer’s principal place of business is located shall govern the validity, construction and interpretation of this Agreement, and except for Disputed Claims and subject to the Arbitrations provisions included herewith, exclusive jurisdiction over any claim with respect to this Agreement shall reside in the courts of the State of Nevada.

17. Number and Gender.  Where the context of this Agreement requires the singular shall mean the plural and vice versa and references to males shall apply equally to females and vice versa.

18. Headings.  The headings in this Agreement have been included solely for convenience of reference and shall not be considered in the interpretation or construction of this Agreement.

19. Assignment.  This Agreement is personal to Employee and may not be assigned by Employee. Employee agrees that Employer may assign this Agreement.  Without limitation of the foregoing, Employee expressly agrees that Employer’s successors, affiliates and assigns may enforce the provisions of Section 8 above, and that five percent (5%) of the annual salary Employer has agreed to pay in Section 3 above is in consideration for Employee’s consent to the right of Employer’s successors, affiliates and assigns to enforce the provisions of Section 8.

20. Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of Employer’s successors and assigns.  

21. Prior Agreements.  This Agreement shall supersede and replace any and all other employment agreements which may have been entered into by and between the parties.  Any such prior employment agreements shall be of no force and effect.

22. Certain Definitions.  As used in this Agreement:

"Business Contacts" are defined as the names, addresses, contact information or any information pertaining to any persons, advertisers, suppliers, vendors, independent contractors, brokers, partners, employees, entities, patrons or customers (excluding Company's Trade Secrets, which are protected from disclosure in accordance with Section 8.2 above) upon whom or which Employee: contacted or attempted to contact in any manner, directly or indirectly, or which Company reasonably anticipated Employee would contact within six months of Employee's last day of employment at Company,  or with whom or which Employee worked or attempted to work during Employee's employment by Company.

"Company" means MGM Resorts International, and all of its subsidiary and affiliated entities, together with all of their respective officers, directors, joint

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venturers, members, shareholders, employees, ERISA plans, attorneys and assigns.

"Competitor" means any person, corporation, partnership, limited liability company or other entity which is either directly, indirectly or through an affiliated company, engaged in or proposes to engage in the development, ownership, operation or management of (i) gaming facilities; (ii) convention or meeting facilities; or (iii) one or more hotels if any such hotel is connected in any way, whether physically or by business association, to a gaming establishment and, further, where Competitor’s activities are within a 150 mile radius of any location where any of the foregoing facilities, hotels, or venues are, or are proposed to be, owned, operated, managed or developed by the Company.

“Confidential Information” is defined as all Trade Secrets, Business Contacts, business practices, business procedures, business processes, financial information, contractual relationships, marketing practices and procedures, management policies and procedures, and/or any other information of Company Group or otherwise regarding Company Group's operations and/or Trade Secrets or those of any member of Company Group and all information maintained or entered on any database, document or report set forth on Exhibit “A” or any other loyalty, hotel, casino or other customer database or system, irrespective of whether such information is used by Employee during Employee's employment by Company.

"Disputed Claim" means that Employee maintains pursuant to Section 10.3 that Employer has materially breached its duty to Employee and Employer has denied such material breach.  

"Employee’s Good Cause" shall mean (i) any assignment to Employee of duties that are materially and significantly different than those contemplated by the terms of this Agreement; (ii) any material and significant limitation on the powers of the Employee not contemplated by the terms of the Agreement; or (iii) the failure of Employer to pay Employee any compensation when due, save and except a Disputed Claim to compensation.

"Employee’s Physician" shall mean a licensed physician selected by Employee for purposes of determining Employee’s disability pursuant to the terms of this Agreement.  

"Employer’s Good Cause" shall mean:

(1)Employee’s death;

(2)Employee’s “Disability,” which is hereby defined to include incapacity for medical reasons certified to by “Employer’s Physician” (defined below) which precludes the Employee from performing the essential functions of Employee’s duties hereunder for a consecutive or predominately

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consecutive period of six (6) months, with or without reasonable accommodations.  (In the event Employee disagrees with the conclusions of Employer’s Physician, Employee (or Employee’s representative) shall designate a physician of Employee’s choice, (“Employee’s Physician”) and Employer’s Physician and Employee’s Physician shall then jointly select a third physician, who shall make a final determination regarding Employee’s Disability, which shall be binding on the parties).  Employee acknowledges that consistent and reliable attendance is an essential function of Employee’s position.  Employee agrees and acknowledges that a termination under this paragraph does not violate any federal, state or local law, regulation or ordinance, including but not limited to the Americans With Disabilities Act;

(3)Employee’s failure to abide by Employer’s policies and procedures, misconduct, insubordination, inattention to Employer’s business, failure to perform the duties required of Employee up to the standards established by the Employer's senior management, dishonesty, or other material breach of this Agreement.  Employer reserves the sole and absolute discretion to determine whether any of the foregoing circumstances exist or have occurred, provided that such discretion is exercised lawfully and in good faith; or

(4)Employee’s failure or inability to satisfy the requirements stated in Section 6 above.

"Employer’s Physician" shall mean a licensed physician selected by Employer for purposes of determining Employee’s disability pursuant to the terms of this Agreement.

"Restrictive Period" means the twelve (12) month period immediately following any separation of Employee from active employment for any reason occurring during the Specified Term or the twelve (12) month period immediately following the expiration of the Specified Term.

“Trade Secrets” are defined in a manner consistent with the broadest interpretation of Nevada law.  Trade Secrets shall include, without limitation, Confidential Information, formulas, inventions, patterns, compilations, vendor lists, customer lists, contracts, business plans and practices, marketing plans and practices, financial plans and practices, programs, devices, methods, know-hows, techniques or processes, any of which derive economic value, present or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who may or could obtain any economic value from its disclosure or use, including but not limited to the general public.

23. Employee acknowledges that MGM Resorts International is a publicly traded company and agrees that in the event there is any default or alleged default by

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Employer under the Agreement, or Employee has or may have any claims arising from or relating to the Agreement, Employee shall not commence any action or otherwise seek to impose any liability whatsoever against any person or entity in its capacity as a stockholder of MGM Resorts International (“Stockholder”).  Employee further agrees that Employeeshall not permit any party claiming through Employee, to assert a claim or impose any liability against any Stockholder (in its capacity as a Stockholder) as to any matter or thing arising out of or relating to the Agreement or any alleged breach or default by Employer.

Section 409A.

24.Section 409A.

24.1 This Agreement is intended to comply with, or otherwise be exempt from, Section 409A of Internal Revenue Code of 1986, as amended (the “Code”) and any regulations and Treasury guidance promulgated thereunder (“Section 409A”).  If Employer determines in good faith that any provision of this Agreement would cause Employee to incur an additional tax, penalty, or interest under Section 409A, the Compensation Committee and Employee shall use reasonable efforts to reform such provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the original intent of the applicable provision without violating the provisions of Section 409A or causing the imposition of such additional tax, penalty, or interest under Section 409A.  The preceding provisions, however, shall not be construed as a guarantee by Employer of any particular tax effect to Employee under this Agreement.

24.2 “Termination of employment,” or words of similar import, as used in this Agreement means, for purposes of any payments under this Agreement that are payments of deferred compensation subject to Section 409A, Employee’s “separation from service” as defined in Section 409A.

24.3 For purposes of Section 409A, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments.

24.4 With respect to any reimbursement of Employee’s expenses, or any provision of in-kind benefits to you, as specified under this Agreement, such reimbursement of expenses or provision of in-kind benefits shall be subject to the following conditions: (1) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangement providing for the reimbursement of expenses referred to in Section 105(b) of the Code; (2) the reimbursement of an eligible expense shall be made pursuant to Employer’s reimbursement policy but no later than the end of the year after the year in which such expense was incurred; and (3) the right to reimbursement or

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in-kind benefits shall not be subject to liquidation or exchange for another benefit.

24.5 If a payment obligation under this Agreement that constitutes a payment of “deferred compensation” (as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) arises on account of Employee’s separation from service while Employee is a “specified employee” (as defined under Section 409A), any payment thereof that is scheduled to be paid within six (6) months after such separation from service shall accrue without interest and shall be paid within 15 days after the end of the six-month period beginning on the date of such separation from service or, if earlier, within 15 days following your death.

25. Ownership of Intellectual Property.  Employee expressly acknowledges that all trademarks, trade dress, copyrightable works, patentable inventions, ideas, new or novel inventions, concepts, systems, methods of operation, improvements, strategies, techniques, trade secrets including, but not limited to, customers (including, but not limited to, customer names, contact information, historical and/or theoretical play, or other information, and the right to market to such customers), data of any type or nature and regardless of the form or media, as well as all materials of any type of nature that comprise, reflect or embody any of the foregoing including, without limitation, databases, software, artistic works, advertisements, brochures, marketing plans, customer lists, memoranda, business plans, and proposals (collectively, “Intellectual Property”) created, conceived, developed, contributed to, or otherwise obtained, in whole or in part by the Employee during the term of [his/her] employment by Employer shall at all times be owned by Employer (and is hereby expressly assigned by Employee to Employer) if the Intellectual Property: (a) was created, conceived, developed, or contributed to: (1) using any of Employer’s property or resources; (2) on Employer’s premises; or (3) during Employee’s hours of employment; or (b) relates to Employee’s employment by Employer, even though creation of such Intellectual Property was not within the scope of Employee’s duties and responsibilities for which the Employer employs the Employee.  All works of authorship created by Employee within the scope of this provision shall be deemed works made for hire as defined in the Copyright Act of 1976, 17 U.S.C. § 101 .   To the extent such works are deemed not to be works of authorship, Employee hereby irrevocably assigns (or authorizes Employer to act as Employee’s agent to assign) all right, title and interest in and to the copyrights in the works, including, without limitation, right of attribution and all related moral rights, to the Employer.  Employee further agrees that any inventions and trade secrets covered by this provision shall be owned absolutely and exclusively by Employer, including all patent rights throughout the world. Employee acknowledges that this provision provides Employer with rights greater than provided under certain applicable laws including, without limitation, Nevada Revised Statutes § 600.500.  Employee shall promptly inform Employer about

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such patentable inventions and shall not disclose to any third parties any information about the inventions without the prior written consent of Employer. Employee agrees to execute and deliver to Employer, upon request, such documents as may be necessary for Employer to perfect its rights in any and all Intellectual Property covered by this provision.  To fulfill the intent of this paragraph, Employee irrevocably appoints Employer and Employer’s authorized agents as his/her agent and attorney in fact to transfer, vest or confirm Employer’s rights and to execute and file any such applications and to do all other lawful acts to further the prosecution and issuance of letters, patents or trademark or copyright registrations with the same legal force as if done by Employee, in all instances in which Employer is unable for any reason to secure Employee’s personal signature.  Employee shall not be entitled to any compensation or other consideration for any Intellectual Property covered by this provision.

26.         Certain Protections. 

26.1 Employee understands that nothing contained in this Agreement limits or otherwise prohibits Employee from filing a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission ("Government Agencies"). Employee further understands that this Agreement does not limit Employee’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information (subject to paragraph 26.2 below), without notice to the Employer. This Agreement does not limit Employee’s right to receive an award for information provided to any Government Agencies.

26.2      Defend Trade Secrets Act Notice.  Notwithstanding anything to the contrary in this Agreement or otherwise, pursuant to the Defend Trade Secrets Act of 2016, Employer hereby advises Employee as follows:

(a) An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (i) is made (a) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (b) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and

(b) An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret

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information in the court proceeding, if the individual (i) files any document containing the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to court order.

IN WITNESS WHEREOF, Employer and Employee have entered into this Agreement in Las Vegas, Nevada, as of the date first written above.

EMPLOYEE – John M. McManus

/s/ John M. McManus

Dated: December 1, 2016

EMPLOYER – MGM Resorts International

/s/ James J. Murren

By:James J. Murren, Chairman and Chief

Executive Officer

Dated: 12-6-16

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EXHIBIT A

Name of ReportGenerated By

Including, but not limited to:

Arrival ReportRoom Reservation/Casino Marketing

Departure ReportRoom Reservation/Casino Marketing

Master Gaming ReportCasino Audit

Department Financial StatementFinance

$5K Over High Action Play ReportCasino Marketing

$50K Over High Action Play ReportCasino Marketing

Collection Aging Report(s)    Collection Department

Accounts Receivable AgingFinance

Marketing ReportsMarketing

Daily Player Action ReportCasino Operations

Daily Operating ReportSlot Department

Database Marketing ReportsDatabase Marketing

Special Event Calendar(s)Special Events/Casino Marketing

Special Event AnalysisSpecial Events/Casino Marketing

Tenant Gross Sales ReportsFinance

Convention Group Tentative/Confirmed

   Pacing ReportsConvention Sales

Entertainment Event Settlement ReportsFinance

Event Participation ReportsCasino Marketing

Table RatingsVarious

Top PlayersVarious

Promotion EnrollmentPromotions

Player Win/LossVarious

21

EXHIBIT B - ARBITRATION

This Exhibit B sets forth the methods for resolving any controversy, dispute or claim directly or indirectly arising out of or relating to the Employment Agreement (“Agreement”), or the breach thereof, or arising out of or relating to the employment of Employee, or the termination thereof, and accordingly, this Exhibit B shall be considered to be a part of the Agreement.

1. Except for a claim by either Employee or Employer for injunctive relief where such would be otherwise authorized by law, any controversy, dispute or claim directly or indirectly arising out of or relating to the Agreement, or the breach hereof, or arising out of or relating to the employment of Employee, or the termination thereof, including without limitation any claim involving the interpretation or application of the Agreement or wrongful termination or discrimination claims, shall be submitted to binding arbitration in accordance with the employment arbitration rules then in effect of the Judicial Arbitration and Mediation Service (“JAMS”), to the extent not inconsistent with this paragraph.  This Exhibit B covers any claim Employee might have against any officer, director, employee, or agent of Employer, or any of Employer’s subsidiaries, divisions, and affiliates, and all successors and assigns of any of them.  The promises by Employer and Employee to arbitrate differences, rather than litigate them before courts or other bodies, provide consideration for each other, in addition to other consideration provided under the Agreement.

2. Claims Subject to Arbitration.  This Exhibit B covers all claims arising in the course of Employee's employment by Employer except for those claims specifically excluded from coverage as set forth in paragraph 3 of this Exhibit B.  It contemplates mandatory arbitration to the fullest extent permitted by law.  Only claims that are justifiable under applicable state or federal law are covered by this Exhibit B.  Such claims covered by this arbitration provision include, but are not limited to, any dispute or controversy arising out of Employee’s employment, the events leading up to Employee being offered employment, the cessation of Employee’s employment, the compensation, terms, and other conditions of Employee’s employment, or statements made or actions taken at any time regarding Employee’s employment at the Company which could have been brought in a court of competent jurisdiction, including, but not limited to, claims under the Age Discrimination in Employment Act; Title VII of the Civil Rights Act of 1964, as amended; the Americans with Disabilities Act of 1990; Sections 1981 through 1988 of Title 42 of the United States Code; the Fair Labor Standards Act, as amended; the federal Family and Medical Leave Act; the Lilly Ledbetter Act; GINA; all laws arising under the State of Nevada pertaining to civil rights, employment, whistleblower, or common law, and any other federal, state, or local civil or human rights law, or any other local, state or federal law, regulation, or ordinance, as well as any claim based on any public policy, contract, tort, or common law or any claim for costs, attorney's or other fees, or

22

other expenses, wages or other compensation; work related injury claims not covered under workers’ compensation laws; wrongful discharge; and any and all unlawful employment discrimination and/or harassment claims (collectively, “Claims”).  Employee expressly understands and agrees that Employee shall have no right or authority to raise any dispute or to have any dispute heard or arbitrated as a class or collective action or in a representative or private attorney general capacity on behalf of a class of persons or the general public.This arbitration provision does not require arbitration of claims for workers’ compensation or unemployment insurance.  This Arbitration Agreement is intended to be construed as broadly as possible under applicable law so that all claims and defenses that could be raised before a court must instead be raised in arbitration.  However, nothing in this arbitration provision shall be construed as precluding Employee from filing a charge or complaint with the Equal Employment Opportunity Commission or equivalent state agency, the National Labor Relations Board, or any other similar state or federal agency seeking administrative resolution of a dispute or claim.

3. Claims Not Subject to Arbitration.  Claims under state workers’ compensation statutes or unemployment compensation statutes are specifically excluded from this Exhibit B.  Claims pertaining to any of Employer’s employee welfare benefit and pension plans are excluded from this Exhibit B.  In the case of a denial of benefits under any of Employer’s employee welfare benefit or pension plans, the filing and appeal procedures in those plans must be utilized.  Claims by Employer or Employee for injunctive or other relief for violations of non-competition and/or confidentiality agreements are also specifically excluded from this Exhibit B.

4. Non-Waiver of Substantive Rights.  This Exhibit B does not waive any rights or remedies available under applicable statutes or common law.  However, it does waive Employee's right to pursue those rights and remedies in a judicial forum.  By signing the Agreement and the acknowledgment at the end of this Exhibit B, the undersigned Employee voluntarily agrees to arbitrate his or her claims covered by this Exhibit B. This Exhibit B also does not waive the Employee’s right to file a charge or complaint with any federal or state agency, including with the Equal Employment Opportunity Commission.

5. Time Limit to Pursue Arbitration; Initiation:To ensure timely resolution of disputes, Employee and Employer must initiate arbitration within the statute of limitations (deadline for filing) provided for by applicable law pertaining to the claim.  The failure to initiate arbitration within this time limit will bar any such claim.  Any aggrieved party is encouraged to give written notice of any claim as soon as possible after the event(s) in dispute so that arbitration of any differences may take place promptly.  The parties agree that the aggrieved party must, within the time frame provided by this Exhibit B, give written notice of a claim to the other party.  If the Employee is the aggrieved party, notice must be given to the President of Employer with a copy to MGM Resorts International’s Executive Vice President and General Counsel.  If the Employer is the aggrieved party,

23

notice must be given to the Employee at the last known address provided by Employee.The written notice shall identify and describe the nature of the claim, the supporting facts and the relief or remedy sought.  

6. Selecting an Arbitrator:This Exhibit B mandates Arbitration under the then current rules of the Judicial Arbitration and Mediation Service (JAMS) regarding employment disputes.  The arbitrator shall be either a retired judge or an attorney experienced in employment law and licensed to practice in the state in which arbitration is convened.  The parties shall select one arbitrator from among a list of seven qualified neutral arbitrators provided by JAMS.  If the parties are unable to agree on the arbitrator, each party shall strike one name and the remaining named arbitrator shall be selected.

7. Representation/Arbitration Rights and Procedures:  

a. Employee may be represented by an attorney of Employee’s choice at Employee’s own expense.  

b. The arbitrator shall apply the substantive law (and the law of remedies, if applicable) of Nevada (without regard to its choice of law provisions) and/or federal law when applicable.  In all cases, this Exhibit B shall provide for the broadest level of arbitration of claims between an employer and employee under Nevada law.  The arbitrator is without jurisdiction to apply any different substantive law or law of remedies.  

c. The arbitrator shall have no authority to award non-economic damages or punitive damages except where such relief is specifically authorized by an applicable state or federal statute or common law.  In such a situation, the arbitrator shall specify in the award the specific statute or other basis under which such relief is granted.  

d. The applicable law with respect to privilege, including attorney-client privilege, work product, and offers to compromise must be followed.

e. The parties shall have the right to conduct reasonable discovery, including written and oral (deposition) discovery and to subpoena and/or request copies of records, documents and other relevant discoverable information consistent with the procedural rules of JAMS.  The arbitrator shall decide disputes regarding the scope of discovery and shall have authority to regulate the conduct of any hearing and/or trial proceeding.  The parties shall have the right to file a motion to dismiss and a motion for summary judgment, and the arbitrator shall entertain such motions.   

f. The parties shall exchange witness lists at least 30 days prior to the trial/hearing procedure.  The arbitrator shall have subpoena power so that either Employee or Employer may summon witnesses.  The arbitrator

24

shall use the Federal Rules of Evidence.  Both parties have the right to file a post hearing brief.  Any party, at its own expense, may arrange for and pay the cost of a court reporter to provide a stenographic record of the proceedings.  

g. Any arbitration hearing or proceeding shall take place in private, not open to the public, in Las Vegas, Nevada, except that if the Employee is employed by the Employer in the United States but outside Clark County, Nevada, the arbitration hearing or proceeding shall take place in the county and State in which Employee is employed or was last employed.

8. Arbitrator’s Award: The arbitrator shall issue a written decision containing the specific issues raised by the parties, the specific findings of fact, and the specific conclusions of law.  The award shall be rendered promptly, typically within 30 days after conclusion of the arbitration hearing, or the submission of post-hearing briefs if requested.  The arbitrator may not award any relief or remedy in excess of what a court could grant under applicable law.  The arbitrator’s decision is final and binding on both parties.  Judgment upon an award rendered by the arbitrator may be entered in any court having competent jurisdiction.  

a. Either party may bring an action in any court of competent jurisdiction to compel arbitration under this Exhibit B and to confirm, enforce, vacate or modify an arbitration award.  

b. In the event of any administrative or judicial action by any agency or third party to adjudicate a claim on behalf of Employee which is subject to arbitration under this Exhibit B, Employee hereby waives the right to participate in any monetary or other recovery obtained by such agency or third party in any such action, and Employee's sole remedy with respect to any such claim shall be any award decreed by an arbitrator pursuant to the provisions of this Exhibit B.

9. Fees and Expenses: Employer shall be responsible for paying any filing fee and the fees and costs of the arbitrator.  Employee and Employer shall each pay for their own expenses, attorney’s fees (a party’s responsibility for his/her/its own attorney’s fees is only limited by any applicable statute specifically providing that attorney’s fees may be awarded as a remedy), and costs and fees regarding witness, photocopying and other preparation expenses.  If any party prevails on a statutory claim that affords the prevailing party attorney’s fees and costs, or if there is a written agreement providing for attorney’s fees and/or costs, the arbitrator may award reasonable attorney’s fees and/or costs to the prevailing party, applying the same standards a court would apply under the law applicable to the claim(s).

10. The arbitration provisions of this Exhibit B shall survive the termination of Employee’s employment with Employer and the expiration of the Agreement.  These arbitration provisions can only be modified or revoked in a writing signed

25

by both parties and which expressly states an intent to modify or revoke the provisions of this Exhibit B.

11. The arbitration provisions of this Exhibit B do not alter or affect the termination provisions of this Agreement.

12. Capitalized terms not defined in this Exhibit B shall have the same definition as in the Employment Agreement to which this is Exhibit B.

13. If any provision of this Exhibit B is adjudged to be void or otherwise unenforceable, in whole or in part, such adjudication shall not affect the validity of the remainder of Exhibit B.  All other provisions shall remain in full force and effect.

ACKNOWLEDGMENT

BOTH PARTIES ACKNOWLEDGE THAT:  THEY HAVE CAREFULLY READ THIS EXHIBIT B IN ITS ENTIRETY, THEY UNDERSTAND ITS TERMS, EXHIBIT B CONSTITUTES A MATERIAL TERM AND CONDITION OF THE EMPLOYMENT AGREEMENT BETWEEN THE PARTIES TO WHICH IT IS EXHIBIT B, AND THEY AGREE TO ABIDE BY ITS TERMS.

The parties also specifically acknowledge that by agreeing to the terms of this Exhibit B, they are waiving the right to pursue claims covered by this Exhibit B in a judicial forum and instead agree to arbitrate all such claims before an arbitrator without a court or jury.  It is specifically understood that this Exhibit B does not waive any rights or remedies which are available under applicable state and federal statutes or common law. Both parties enter into this Exhibit B voluntarily and not in reliance on any promises or representation by the other party other than those contained in the Agreement or in this Exhibit B.  

Employee further acknowledges that Employee has been given the opportunity to discuss this Exhibit B with Employee’s private legal counsel and that Employee has availed himself/herself of that opportunity to the extent Employee wishes to do so.

EMPLOYEEEMPLOYER – MGM Resorts International

___________________________________

John M. McManusBy:James J. Murren, Chairman and Chief

Executive Officer

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EX-21

Exhibit 21

Subsidiaries of MGM Resorts International

Listed below are the majority-owned subsidiaries of MGM Resorts International as of December 31, 2018. The names of certain subsidiaries have been omitted because considered in the aggregate as a single subsidiary they would not constitute a significant subsidiary.

Blue Tarp reDevelopment, LLC	Massachusetts
MGM Springfield reDevelopment, LLC	Massachusetts
Destron, Inc.	Nevada
MGM Grand (International), Pte Ltd.	Singapore
MGM Resorts International Marketing, Inc.	Nevada
MGM Resorts International Marketing, Ltd.	Hong Kong
Las Vegas Arena Management, LLC	Nevada
Mandalay Resort Group	Nevada
550 Leasing Company II, LLC	Nevada
Circus Circus Casinos, Inc.	Nevada
MGM Elgin Sub, Inc.	Nevada
Mandalay Bay, LLC	Nevada
Mandalay Employment, LLC	Nevada
Mandalay Place LLC	Nevada
MGM Resorts Festival Grounds, LLC	Nevada
MGM Resorts Festival Grounds II, LLC	Nevada
MGM Resorts Mississippi, LLC	Mississippi
Victoria Partners	Nevada
Arena Land Holdings, LLC	Nevada
New York-New York Tower, LLC	Nevada
Park District Holdings, LLC	Nevada
New Castle, LLC	Nevada
Ramparts, LLC	Nevada
Vintage Land Holdings, LLC	Nevada
Beau Rivage Resorts, LLC	Mississippi
Metropolitan Marketing, LLC	Nevada
MMNY Land Company, Inc.	New York
MGM Finance Corp.	Delaware
MGM Grand Detroit, Inc.	Delaware
MGM Grand Detroit, LLC	Delaware
MGM Grand Hotel, LLC	Nevada
Grand Laundry, Inc.	Nevada
MGM Grand Condominiums,  LLC	Nevada
Turnberry/MGM Grand Towers, LLC	Nevada
MGM Grand Condominiums II, LLC	Nevada
Turnberry/MGM Grand Tower B, LLC	Nevada
MGM Grand Condominiums III, LLC	Nevada
Turnberry/MGM Grand Tower C, LLC	Nevada
Tower B, LLC	Nevada
Tower C, LLC	Nevada
MGM Growth Properties LLC	Delaware
MGM Growth Properties OP GP LLC	Delaware
MGM Growth Properties Operating Partnership LP	Delaware
MGP OH, Inc.	Delaware
Northfield Park Associates LLC	Ohio
Cedar Downs OTB, LLC	Ohio
MGP Finance Co-Issuer Inc.	Delaware
MGP Lessor Holdings, LLC	Delaware
MGP Lessor, LLC	Delaware
MGM Hospitality, LLC	Nevada

MGM Hospitality Global, LLC MGM Hospitality International, LP MGM Hospitality International, GP, Ltd.	Nevada Cayman Islands Cayman Islands
MGM  Hospitality Holdings, LLC	Dubai
MGM Hospitality Development, LLC	Dubai
MGM Hospitality International Holdings, Ltd.	Isle of Man
MGM Asia Pacific Limited (fka MGM Resorts China Holdings Limited)	Hong Kong
MGM  (Beijing) Hospitality Services Co., Ltd.	Beijing
MGM Hospitality India Private, Ltd.	India
MGM International, LLC	Nevada
MGM Resorts International Holdings, Ltd.	Isle of Man
MGM China Holdings, Ltd.	Cayman Islands
MGM Resorts Japan, LLC	Japan
MGM Resorts West Japan, LLC	Japan
MGM Branding and Development Holdings, Ltd.	BVI
MGM Development Services Limited	Macau
MGM Lessee, LLC	Delaware
MGM National Harbor, LLC	Nevada
NH Cigars, LLC	Delaware
MGM Resorts Advertising, Inc.	Nevada
VidiAd	Nevada
MGM Resorts Arena Holdings, LLC	Nevada
MGM Resorts Development, LLC	Nevada
MGM Resorts Global Development, LLC	Nevada
MGM Resorts International Operations, Inc.	Nevada
MGM Resorts Land Holdings, LLC	Nevada
MGM Resorts Interactive, LLC	Nevada
MGM Resorts Regional Operations, LLC MGM Resorts Retail	Nevada Nevada
MGM Resorts Sub 1, LLC	Nevada
Las Vegas Basketball Ventures, LLC	Nevada
MGM Resorts Satellite, LLC	Nevada
MGM Resorts Sub B, LLC	Nevada
MGM Public Policy, LLC	Nevada
Park Theater, LLC	Nevada
Grand Garden Arena Management, LLC	Nevada
MGM Resorts Venue Management, LLC	Nevada
MGM MA Sub, LLC (fka MGM Springfield, LLC)	Massachusetts
MGMM Insurance Company	Nevada
Mirage Resorts, LLC	Nevada
AC Holding Corp.	Nevada
AC Holding Corp. II	Nevada
Bellagio, LLC	Nevada
LV Concrete Corp.	Nevada
MAC, CORP.	New Jersey
Marina District Development Holding Co., LLC	New Jersey
Marina District Development Company, LLC (dba Borgata)	New Jersey
MGM Resorts Aviation Corp.	Nevada
MGM Resorts Corporate Services	Nevada
MGM Resorts Design & Development (fka MGM Resorts International Design)	Nevada
MGM Resorts Manufacturing Corp.	Nevada
MH, Inc.	Nevada
Mirage Laundry Services Corp.	Nevada
MGM CC, LLC	Nevada
Project CC, LLC	Nevada
Aria Resort & Casino, LLC	Nevada
CityCenter Facilities Management, LLC	Nevada
CityCenter Realty Corporation	Nevada
CityCenter Retail Holdings Management, LLC	Nevada
Vdara Condo Hotel, LLC	Nevada
New York-New York Hotel & Casino, LLC	Nevada
Vintage Land Holdings II, LLC	Nevada
PRMA, LLC	Nevada
PRMA Land Development Company	Nevada
The Mirage Casino-Hotel, LLC	Nevada
The Signature Condominiums, LLC	Nevada

Signature Tower I, LLC	Nevada
Signature Tower 2, LLC	Nevada
Signature Tower 3, LLC	Nevada
Vendido, LLC	Nevada
MGM Sports & Interactive Gaming, LLC	Delaware
Boru Merger Sub I, LLC	New York
Mercantile Merger Sub I, LLC	New York
MGM Dev, LLC	Delaware
MGM Yonkers, Inc.	New York
MGP Yonkers Realty Sub, LLC	New York

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement Nos. 333-00187, 333-22957, 333- 42729, 333-73155, 333-77061, 333-50880, 333-105964, 333-124864, 333-160117, and 333-198011 on Form S-8 and No. 333-223375 on Form S-3, of our reports dated February 27, 2019, relating to the consolidated financial statements and financial statement schedule of MGM Resorts International and subsidiaries, and the effectiveness of MGM Resorts International and subsidiaries’ internal control over financial reporting, appearing in this Annual Report on Form 10-K of MGM Resorts International for the year ended December 31, 2018.

/s/ DELOITTE & TOUCHE LLP

Las Vegas, Nevada
February 27, 2019

EX-23.2

Exhibit 23.2

CONSENT OF INDEPENDENT AUDITORS

We consent to the incorporation by reference in Registration Statement Nos. 333-00187, 333-22957, 333- 42729, 333-73155, 333-77061, 333-50880, 333-105964, 333-124864, 333-160117, and 333-198011 on Form S-8 and No. 333-223375 on Form S-3, of our report dated February 19, 2019, relating to the consolidated financial statements of CityCenter Holdings, LLC and subsidiaries, appearing in this Annual Report on Form 10-K of MGM Resorts International for the year ended December 31, 2018.

/s/ DELOITTE & TOUCHE LLP

Las Vegas, Nevada
February 27, 2019

EX-31.1

Exhibit 31.1

CERTIFICATION

I, James J. Murren, certify that:

1. I have reviewed this annual report on Form 10-K 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 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.

February 27, 2019	/s/ JAMES J. MURREN
	James J. Murren
	Chairman of the Board and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Daniel J. D’Arrigo, certify that:

1. I have reviewed this annual report on Form 10-K 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 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.

February 27, 2019	/s/ DANIEL J. D’ARRIGO
	Daniel J. D’Arrigo
	Executive Vice President, Chief Financial Officer and Treasurer

EX-32.1

Exhibit 32.1

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

In connection with the Annual Report of MGM Resorts International (the “Company”) on Form 10-K for the period ending December 31, 2018 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

February 27, 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 Annual Report of MGM Resorts International (the “Company”) on Form 10-K for the period ending December 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Daniel J. D’Arrigo, Executive Vice President, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

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

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

/s/ DANIEL J. D’ARRIGO

Daniel J. D’Arrigo

Executive Vice President, Chief Financial Officer and Treasurer

February 27, 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-99.1

Exhibit 99.1

DESCRIPTION OF OUR OPERATING RESORTS

The following information describes each of our operating resorts, including their key amenities, features and awards.

Bellagio

Bellagio is located at the heart of the Las Vegas Strip and has earned the prestigious Five Diamond award from the American Automobile Association (“AAA”) since 2001.  The resort is richly decorated, including a conservatory filled with unique botanical displays that change with the seasons.  At the front of Bellagio is an eight-acre lake featuring over 1,000 fountains that come alive at regular intervals in a choreographed ballet of water, music and lights. For both business and leisure customers, Bellagio’s restaurants offer the finest choices, including Five Diamond award winners Picasso and Le Cirque.  Leisure travelers can also enjoy Bellagio’s expansive pool, world-class spa and Gallery of Fine Arts.  Via Bellagio features luxury retail shops and restaurants.  

Bellagio features O, the Cirque du Soleil production where world-class acrobats, synchronized swimmers, divers and characters perform in, on, and above water.  Other entertainment options include Hyde Lounge overlooking the Bellagio fountains and several other unique bars and lounges.  Bellagio is connected via a covered walkway with Vdara and by a people mover to Crystals.

MGM Grand Las Vegas

MGM Grand Las Vegas, located on the corner of the Las Vegas Strip and Tropicana Avenue is a recipient of the prestigious AAA Four Diamond award.  In addition to the standard room offerings, the resort also offers several unique room offerings, including: StayWell, a unique wellness hotel experience; Skylofts, ultra-luxurious penthouse suites featuring the ultimate in personal service and a AAA Five Diamond award winner; and the exclusive Mansion for premium gaming customers.  Additionally, The Signature at MGM Grand is a connecting AAA Four Star all-suite, non-smoking, non-gaming development featuring three towers.

The resort boasts an extensive array of restaurants including two restaurants by renowned chef Joël Robuchon – whose self-titled restaurant is a AAA Five Diamond award recipient and a recipient of a Michelin three-star rating.  Other celebrity chef restaurants include Craftsteak by Tom Colicchio, Michael Mina’s Pub 1842, Emeril Lagasse’s New Orleans Fish House, and Hakkasan.

MGM Grand offers unique entertainment options including the spectacular show KÀ, by Cirque du Soleil, performed in a custom-designed theatre seating almost 2,000 guests.  The MGM Grand Garden Arena, with a seating capacity of over 16,000, hosts premier concerts, award shows, sporting events including championship boxing, and other special events.  The David Copperfield Theatre and Brad Garrett’s Comedy Club entertain guests seven nights a week.  

For Daylife and Nightlife club goers, Hakkasan Las Vegas is the ultimate mega-night club and Wet Republic is the ultra-pool dayclub with shared global superstar resident DJs.  

Other amenities include a traditional Wedding Chapel, numerous retail shopping outlets, over 800,000 square feet of flexible meeting space, a 90,000 square foot pillar-less trade show pavilion, and an extensive pool and spa complex.

Mandalay Bay

Mandalay Bay is the first major resort on the Las Vegas Strip to greet visitors arriving by automobile from Southern California.  This AAA Four Diamond resort features numerous restaurants, such as Charlie Palmer's Aureole, Wolfgang Puck's Lupo, Hubert Keller’s Fleur, Shawn McClain’s Libertine Social and Michael Mina’s Stripsteak.  Mandalay Bay offers multiple entertainment venues that include a 12,000-seat special events arena, the House of Blues, and a 1,700-seat showroom which is the home of the Cirque du Soleil Michael Jackson ONE production show.

Mandalay Bay also offers 2.1 million square feet of convention, ballroom and meeting rooms.  At the south end of the convention center is the Shark Reef Aquarium, exhibiting sharks, other fascinating sea creatures and a Komodo dragon.  Mandalay Bay’s expansive pool and beach area plays host to an array of evening open air concerts during the pool season, a large wave pool, and Moorea, a European-style “ultra” beach and Daylight Beach Club.  The resort also features Spa Mandalay, a 30,000 square-foot spa and fitness center.

Included within Mandalay Bay is a Four Seasons Hotel with its own lobby, restaurants and pool and spa, providing visitors with 14 years of AAA Five-Diamond-rated hospitality experience.  The Delano is an all-suite hotel tower within the Mandalay Bay complex.  The Delano includes its own spa and fitness center, a lounge and restaurants, including Rivea and the Skyfall lounge, created by famed chef Alain Ducasse and located on the top floor of The Delano.

The Mirage

The Mirage isa tropically-themed hotel and casino resort located at the center of the Las Vegas Strip and is recognized by AAA as a Four Diamond resort.  The exterior of the resort is landscaped with lagoons and other water features centered around a volcano that erupts at scheduled intervals.  Inside the front entrance is an atrium with a tropical garden and additional water features capped by a 100-foot-high glass dome.  Located at the rear of the hotel, adjacent to the swimming pool area, is Siegfried & Roy’s Secret Garden and Dolphin Habitat, an attraction featuring bottlenose dolphins that allow guests to view the beautiful exotic animals of Siegfried & Roy, the world-famous illusionists.

The Mirage features a wide array of restaurants, including Tom Colicchio’s Heritage Steak, Stack and Osteria Costa.  Casual dining options include Cravings Buffet, Carnegie Deli, California Pizza Kitchen and Pantry.  Entertainment at The Mirage features The Beatles Love, by Cirque du Soleil; celebrity impressionist and ventriloquist Terry Fator, winner of NBC’s America’s Got Talent competition; and The Mirage Aces of Comedy series featuring acts such as Daniel Tosh, Ron White, Ray Romano and others.  Nightlife options at The Mirage include 1OAK night club and Parlor, an intimate piano lounge.  The Mirage has numerous retail shopping outlets and 170,000 square feet of meetings and convention space, including the 90,000-square foot Mirage Events Center.

Luxor

Luxor is a pyramid-shaped hotel and casino resort situated at the south end of the Las Vegas strip between Mandalay Bay and Excalibur.  In addition to the well-known beam of light, brilliantly shining from the top of the pyramid, Luxor offers over 35,000 square feet of flexible meeting space, Nurture Spa, and food and entertainment venues on three different levels beneath a soaring hotel atrium.  Nightlife and dining at Luxor includes TENDER steak & seafood, rated one of Las Vegas’ top steakhouses, Public House, the popular East Coast hangout featuring casual cocktails, comfortable food and spectacular sports and Diablo’s Cantina, a restaurant featuring a unique brand of south-of-the-border dining.  The Luxor is home to Titanic: The Artifacts Exhibition, and Bodies… The Exhibition.  With some of the most popular entertainment in Las Vegas, Luxor features the popular entertainment show Blue Man Group, “Entertainer of the Year” prop comic Carrot Top and the adult dance revue Fantasy.

Excalibur

Excalibur is a castle-themed hotel and casino complex situated immediately north of Luxor at the corner of Las Vegas Boulevard and Tropicana Avenue.  Entertainment options at Excalibur include the long-running Tournament of Kings dinner show, The Australian Bee Gees and the male revue Thunder from Down Under.  Excalibur’s other world-class venues include the Fun Dungeon, featuring the Excalibur arcade, and the Castle Walk, a shopping expedition featuring artisans’ booths and specialty shops.  In addition, Excalibur has several restaurants and bars including Dick’s Last Resort, a wacky and wild down-to-earth dining and entertainment option, Buca di Beppo, serving fresh, authentic family style Italian food and Camelot Steakhouse, offering the finest cuts of beef, along with the freshest seafood.  The property also features a fitness facility and spa, as well as a pool with over 30,000 square feet of deck space.  Excalibur, Luxor and Mandalay Bay are connected by a tram allowing guests to travel easily from resort to resort.

New York-New York

New York-New York is located at the corner of the Las Vegas Strip and Tropicana Avenue.  Pedestrian bridges link New York-New York with both MGM Grand Las Vegas and Excalibur.  The architecture at New York-New York replicates many of New York City’s landmark buildings and icons, including the Statue of Liberty, the Empire State Building, the Brooklyn Bridge, and a Coney Island-style roller coaster.  New York-New York also features several restaurants and numerous bars and lounges, including nationally recognized Tom’s Urban, Shake Shack, and Nine Fine Irishmen, an authentic Irish Pub. New York-New York’s entertainment options include Zumanity by Cirque du Soleil and The Bar at Times Square piano bar. New York-New York, Park MGM and the T-Mobile Arena are connected by The Park, an eclectic blend of restaurants, bars, and entertainment.  

Park MGM

Park MGM is located on the Las Vegas Strip adjacent to New York-New York. The resort currently offers a variety of restaurant offerings, including fine dining at Bavette’s Steakhouse & Bar and Primrose. Park MGM also features Eataly, a vibrant market with cafes, to-go counters and restaurants interspersed with high-quality products from sustainable Italian and local producers. Park MGM is also home to the Park Theater, which opened in December 2016. The 5,200 seat-entertainment venue was created to host world-renowned performers.

Included in Park MGM is NoMad Hotel, a placed of rendezvous and romance, where elegant evenings and moments of chance mix with extraordinary food and gracious hospitality. The design, as in New York and Los Angeles, is a collaboration with Jacques Garcia drawing inspiration from the natural surroundings of the desert with a nod to the glamour and playfulness of the Strip.

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Circus Circus Las Vegas

Circus Circus Las Vegas is situated on the north end of the Las Vegas Strip and features the Adventuredome, a five-acre indoor theme park, and the Midway, which houses performances by circus acts and provides amusement for all ages.  Circus Circus is home to the awarding winning THE Steak House, which has been voted Best of Las Vegas for over 30 years.  The Adventuredome features the El Loco roller coaster, where riders will experience twists, turns and drops very unique in the coaster world as they ascend 90 feet before dropping to experience a feeling of flying. Circus Circus also features the Splash Zone, which includes over an acre of swimming pools, whirlpools, a slide tower and a water playground.

MGM Grand Detroit

MGM Grand Detroit is the city’s first downtown hotel, gaming, and entertainment destination built from the ground up.  The resort features Wolfgang Puck Steak, TAP sports pub, exciting nightlife amenities, and a luxurious spa.  Additional amenities include a private entrance and lobby for hotel guests and 30,000 square feet of meeting and events space.

Beau Rivage

Beau Rivage is located on a beachfront site where Interstate 110 meets the Gulf Coast in Biloxi, Mississippi.  Beau Rivage blends world-class amenities with southern hospitality and features elegantly remodeled guest rooms and suites, numerous restaurants and bars, a 1,550-seat theatre, an upscale shopping promenade, and a world-class spa and salon.  The resort also has 50,000 square feet of convention space.

Gold Strike Tunica

Gold Strike Tunica is a dockside casino located along the Mississippi River, 20 miles south of Memphis and approximately three miles west of Mississippi State Highway 61, a major north/south highway connecting Memphis with Tunica County.  The property features Millennium Theatre, the Chicago Steakhouse, Atrium Cafe, a buffet, and 20,000 square feet of meeting space.  Gold Strike Tunica is part of a three-casino development covering approximately 72 acres. The other two casinos are owned and operated by unaffiliated third parties.  

Borgata

The Borgata Hotel Casino and Spa is located at Renaissance Pointe in Atlantic City, New Jersey.  In addition to its guest rooms and suites and extensive gaming floor, Borgata offers several specialty restaurants, including Angeline by Michael Symon, Bobby Flay Steak, Izakaya and Wolfgang Puck American Grille. Borgata also includes various retail shops, a European-style health spa, approximately 70,000 square feet of meeting space and unique entertainment venues, including the Water Club with 18,000 square feet of event space and The Music Box, a concert venue with 1,000 seats.  

National Harbor

National Harbor is a destination casino resort in Prince George’s County at National Harbor, which is a waterfront development located on the Potomac River just outside of Washington, D.C. The casino resort includes a boutique hotel and exclusive restaurants by celebrated chefs José Andrés and Michael and Bryan Voltaggio, complementing an array of specialty and quick-casual dining. The Theater at MGM National Harbor, an intimate 3,000-seat entertainment venue delivers A-list performers normally reserved for arena-sized settings. The Conservatory at MGM National Harbor is a spectacular floral attraction that changes seasonally.

National Harbor also offers three bars and lounges, a two-level, 27,000-square-foot spa and salon with, and an eclectic retail district with multiple offerings ranging from Fink’s Jewelers and Stitched to the first standalone boutique for SJP by Sarah Jessica Parker.

MGM Springfield

MGM Springfield opened on August 24, 2018 and is located in the heart of downtown Massachusetts. The resort features whimsical accommodations with nods to notable locals Theodor Geisel (Dr. Seuss) and Emily Dickinson. It also features recognized-chef restaurants by James Beard Award-winning chef Michael Mina and Adam Sobel, and Hell’s Kitchen winner Meghan Gill, innovative lounges, luxury Regal Cinemas and a bowling alley. MGM Springfield also includes a full-service spa, an 8,000 square foot pool, 34,000 square feet of versatile convention space and various retail shops. The MassMutual Center, an 8,000-seat sports and entertainment venue with 100,000 square feet of flexible meeting space, is managed by MGM Springfield and located adjacent to the resort.

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MGM Macau

MGM Macau is an award-winning, five-star integrated casino and luxury hotel resort located on the Macau Peninsula.  The resort’s focal point is the signature Grande Praca and features Portuguese-inspired architecture, dramatic landscapes and a glass ceiling rising over 80 feet above the floor of the resort.  The Grande Praca features unique themed displays and events throughout the year. The hotel comprises a 35-story tower with rooms, suites and private luxury villas.  In addition, MGM Macau offers luxurious amenities, including a variety of diverse restaurants and world-class pool and spa facilities.  The hotel is directly connected to the prestigious 200,000 square foot One Central Complex, which features many of the world’s leading luxury retailers.

MGM Cotai

MGM Cotai opened February 13, 2018, and is a luxury, award-winning integrated casino and resort located on the Cotai Strip in Macau. The resort offers hotel rooms and suites, meeting space, a high-end spa, retail offerings, food and beverage outlets and will offer the Mansion for the ultimate luxury experience. MGM Cotai also offers Asia’s first dynamic theater and a spectacle that introduces more advanced and innovative forms of entertainment to Macau.

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EX-99.2

Exhibit 99.2

DESCRIPTION OF REGULATION AND LICENSING

The gaming industry is highly regulated, and we must maintain our licenses and pay gaming taxes to continue our operations. Each of our casinos is subject to extensive regulation under the laws, rules, and regulations of the jurisdiction where it is located. These laws, rules, and regulations generally concern the responsibility, financial stability, and character of the owners, managers, and persons with financial interest in the gaming operations. Violations of laws in one jurisdiction could result in disciplinary action in other jurisdictions.

In addition to gaming regulations, our businesses are subject to various federal, state, and local laws and regulations of the countries and states in which we operate. These laws and regulations include, but are not limited to, restrictions and conditions concerning alcoholic beverages, smoking, environmental matters, employment and immigration, currency transactions, taxation, zoning and building codes, land use, marketing and advertising, timeshare, lending, privacy, telemarketing, regulations applicable under the Office of Foreign Asset Control, the Foreign Corrupt Practices Act and the various reporting and anti-money laundering regulations. Such laws and regulations could change or could be interpreted differently in the future, or new laws and regulations could be enacted. Any material changes, new laws or regulations, or material differences in interpretations by courts or governmental authorities could adversely affect our business and operating results.

Nevada Government Regulation

The ownership and operation of our casino gaming facilities in Nevada are subject to the Nevada Gaming Control Act and the regulations promulgated thereunder (collectively, the “Nevada Act”), and various local regulations. Our gaming operations are subject to the licensing and regulatory control of the Nevada Gaming Commission (the “Nevada Commission”), the Nevada Gaming Control Board (the “Nevada Board”), and various county and city licensing agencies (the “local authorities”). The Nevada Commission, the Nevada Board, and the local authorities are collectively referred to as the “Nevada Gaming Authorities.”

The laws, regulations, and supervisory procedures of the Nevada Gaming Authorities are based upon declarations of public policy that are concerned with, among other things:

• the prevention of unsavory or unsuitable persons from having direct or indirect involvement with gaming at any time or in any capacity;

• the establishment and maintenance of responsible accounting practices;

• the maintenance of effective controls over the financial practices of licensees, including the establishment of minimum procedures for internal fiscal affairs and the safeguarding of assets and revenues;

• providing reliable record keeping and requiring the filing of periodic reports with the Nevada Gaming Authorities;

• the prevention of cheating and fraudulent practices; and

• providing a source of state and local revenues through taxation and licensing fees.

Any change in the laws, regulations, and supervisory procedures of the Nevada Gaming Authorities could have an adverse effect on our gaming operations.

Each of our subsidiaries that currently operate casinos in Nevada (collectively, the “Nevada casino licensees”) is required to be licensed by the Nevada Gaming Authorities. Each gaming license requires the periodic payment of fees and taxes and is not transferable. MGM Grand Hotel, LLC, New York-New York Hotel & Casino, LLC, Bellagio, LLC, MGM Resorts Manufacturing Corp., and Aria Resort & Casino, LLC are also licensed as manufacturers and distributors of gaming devices (collectively, the “Nevada manufacturer and distributor licensees”). Certain of our subsidiaries have also been licensed or found suitable as shareholders, members, or general partners, as relevant, of the Nevada casino licensees and of the Nevada manufacturer and distributor licensees. The Nevada casino licensees, Nevada manufacturer and distributor licensees, and the foregoing subsidiaries are collectively referred to as the “Nevada licensed subsidiaries.”

We, along with Mandalay Resort Group, are required to be registered by the Nevada Commission as publicly traded corporations (collectively, the “Nevada registered corporations”) and Mirage Resorts, Incorporated is required to be registered as an intermediary company and, as such, each of us is required periodically to submit detailed financial and operating reports to the Nevada Commission and furnish any other information that the Nevada Commission may require. No person may become a stockholder or

member of, or receive any percentage of profits from, the Nevada licensed subsidiaries without first registering with (for equity ownership of 5% or less), or obtaining licenses and approvals from the Nevada Gaming Authorities. Additionally, the local authorities have taken the position that they have the authority to approve all persons owning or controlling the stock of any corporation controlling a gaming licensee. The Nevada registered corporations, Mirage Resorts, Incorporated and the Nevada licensed subsidiaries have obtained from the Nevada Gaming Authorities the various registrations, approvals, permits, and licenses required in order to engage in gaming activities in Nevada.

The Nevada Gaming Authorities may investigate any individual who has a material relationship to, or material involvement with, the Nevada registered corporations or any of the Nevada licensed subsidiaries to determine whether such individual is suitable or should be licensed as a business associate of a gaming licensee. Officers, directors, and certain key employees of the Nevada licensed subsidiaries must file applications with the Nevada Gaming Authorities and may be required to be licensed by the Nevada Gaming Authorities. Officers, directors, and key employees of the Nevada registered corporations who are actively and directly involved in the gaming activities of the Nevada licensed subsidiaries may be required to be licensed or found suitable by the Nevada Gaming Authorities. The Nevada Gaming Authorities may deny an application for licensing or a finding of suitability for any cause they deem reasonable. A finding of suitability is comparable to licensing, and both require submission of detailed personal and financial information followed by a thorough investigation. The applicant for licensing or a finding of suitability, or the gaming licensee by which the applicant is employed or for whom the applicant serves, must pay all the costs of the investigation. Changes in licensed positions must be reported to the Nevada Gaming Authorities, and, in addition to their authority to deny an application for a finding of suitability or licensure, the Nevada Gaming Authorities have jurisdiction to disapprove a change in a corporate position.

If the Nevada Gaming Authorities were to find an officer, director, or key employee unsuitable for licensing or to continue having a relationship with the Nevada registered corporations or the Nevada licensed subsidiaries, such Nevada registered corporations or Nevada licensed subsidiaries, as applicable, would have to sever all relationships with that person. In addition, the Nevada Commission may require the Nevada registered corporations or the Nevada licensed subsidiaries to terminate the employment of any person who refuses to file appropriate applications. Determinations of suitability or of questions pertaining to licensing are not subject to judicial review in Nevada.

The Nevada registered corporations and the Nevada casino licensees are required to submit detailed financial and operating reports to the Nevada Commission. Substantially all of the Nevada registered corporations’ and the Nevada licensed subsidiaries’ material loans, leases, sales of securities, and similar financing transactions must be reported to or approved by the Nevada Commission.

If the Nevada Commission determined that we or a Nevada licensed subsidiary violated the Nevada Act, it could limit, condition, suspend, or revoke, subject to compliance with certain statutory and regulatory procedures, our gaming licenses and those of the Nevada licensed subsidiaries. In addition, the Nevada registered corporations and the Nevada licensed subsidiaries and the persons involved could be subject to substantial fines for each separate violation of the Nevada Act at the discretion of the Nevada Commission. Further, a supervisor could be appointed by the Nevada Commission to operate the gaming establishments and, under certain circumstances, earnings generated during the supervisor’s appointment (except for the reasonable rental value of the gaming establishments) could be forfeited to the State of Nevada. Limitation, conditioning, or suspension of any gaming license or the appointment of a supervisor could (and revocation of any gaming license would) materially adversely affect our gaming operations.

Any beneficial holder of our voting securities, regardless of the number of shares owned, may be required to file an application, be investigated, and have his or her suitability as a beneficial holder of the voting securities determined if the Nevada Commission has reason to believe that such ownership would otherwise be inconsistent with the declared policies of the State of Nevada. The applicant must pay all costs of investigation incurred by the Nevada Gaming Authorities in conducting any such investigation.

The Nevada Act requires any person who acquires more than 5% of any class of our voting securities to report the acquisition to the Nevada Commission. The Nevada Act requires that beneficial owners of more than 10% of any class of our voting securities apply to the Nevada Commission for a finding of suitability within 30 days after the Chair of the Nevada Board mails the written notice requiring such filing. Under certain circumstances, an “institutional investor” as defined in the Nevada Act, which acquires more than 10% but not more than 25% of any class of our voting securities, may apply to the Nevada Commission for a waiver of such finding of suitability if such institutional investor holds the voting securities for investment purposes only. An institutional investor that has obtained a waiver may, in certain circumstances, own up to 29% of the voting securities of a registered company for a limited period of time and maintain the waiver.

An institutional investor will be deemed to hold voting securities for investment purposes if it acquires and holds the voting securities in the ordinary course of business as an institutional investor and not for the purpose of causing, directly or indirectly, the election of a majority of the members of our board of directors, any change in our corporate charter, bylaws, management, policies, or operations, or any of our gaming affiliates, or any other action that the Nevada Commission finds to be inconsistent with holding our

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voting securities for investment purposes only. Activities that are not deemed to be inconsistent with holding voting securities for investment purposes only include:

• voting on all matters voted on by stockholders;

• making financial and other inquiries of management of the type normally made by securities analysts for informational purposes and not to cause a change in its management, policies, or operations; and

• such other activities as the Nevada Commission may determine to be consistent with such investment intent.

If the beneficial holder of voting securities who must be found suitable is a corporation, partnership, or trust, it must submit detailed business and financial information including a list of beneficial owners. The applicant is required to pay all costs of investigation.

Any person who fails or refuses to apply for a finding of suitability or a license within 30 days after being ordered to do so by the Nevada Commission or the Chair of the Nevada Board, or who refuses or fails to pay the investigative costs incurred by the Nevada Gaming Authorities in connection with investigation of its application, may be found unsuitable. The same restrictions apply to a record owner if the record owner, after request, fails to identify the beneficial owner. Any stockholder found unsuitable and who holds, directly or indirectly, any beneficial ownership of our common stock beyond such period of time as may be prescribed by the Nevada Commission may be guilty of a criminal offense. We will be subject to disciplinary action if, after we receive notice that a person is unsuitable to be a stockholder or to have any other relationship with us or a Nevada licensed subsidiary, we or any of the Nevada licensed subsidiaries:

• pays that person any dividend or interest upon any of our voting securities;

• allows that person to exercise, directly or indirectly, any voting right conferred through securities held by that person;

• pays remuneration in any form to that person for services rendered or otherwise; or

• fails to pursue all lawful efforts to require such unsuitable person to relinquish his or her voting securities including if necessary, the immediate purchase of the voting securities for cash at fair market value.

The Nevada Commission may, in its discretion, require the holder of any debt security of the Nevada registered corporations to file an application, be investigated, and be found suitable to hold the debt security. If the Nevada Commission determines that a person is unsuitable to own such security, then pursuant to the Nevada Act, the registered corporation can be sanctioned, including the loss of its approvals, if, without the prior approval of the Nevada Commission, it:

• pays to the unsuitable person any dividend, interest, or any distribution whatsoever;

• recognizes any voting right by such unsuitable person in connection with such securities;

• pays the unsuitable person remuneration in any form; or

• makes any payment to the unsuitable person by way of principal, redemption, conversion, exchange, liquidation, or similar transaction.

We are required to maintain a current stock ledger in Nevada that may be examined by the Nevada Gaming Authorities at any time. If any securities are held in trust by an agent or by a nominee, the record holder may be required to disclose the identity of the beneficial owner to the Nevada Gaming Authorities. A failure to make such disclosure may be grounds for finding the record holder unsuitable. We are also required to render maximum assistance in determining the identity of the beneficial owner. The Nevada Commission has the power to require the Nevada registered corporations’ stock certificates to bear a legend indicating that such securities are subject to the Nevada Act. However, to date, the Nevada Commission has not imposed such a requirement on the Nevada registered corporations.

The Nevada registered corporations may not make a public offering of any securities without the prior approval of the Nevada Commission if the securities or the proceeds therefrom are intended to be used to construct, acquire, or finance gaming facilities in Nevada, or to retire or extend obligations incurred for those purposes or for similar purposes. An approval, if given, does not

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constitute a finding, recommendation, or approval by the Nevada Commission or the Nevada Board as to the accuracy or adequacy of the prospectus or the investment merits of the securities. Any representation to the contrary is unlawful.

On July 27, 2017, the Nevada Commission granted the Nevada registered corporations prior approval to make public offerings for a period of three years, subject to certain conditions.

Changes in control of the Nevada registered corporations through merger, consolidation, stock or asset acquisitions, management or consulting agreements, or any act or conduct by a person whereby he or she obtains control may not occur without the prior approval of the Nevada Commission. Entities seeking to acquire control of a registered corporation must satisfy the Nevada Board and the Nevada Commission concerning a variety of stringent standards prior to assuming control of the registered corporation. The Nevada Commission may also require controlling stockholders, officers, directors, and other persons having a material relationship or involvement with the entity proposing to acquire control to be investigated and licensed as part of the approval process relating to the transaction.

The Nevada legislature has declared that some corporate acquisitions opposed by management, repurchases of voting securities, and corporate defensive tactics affecting Nevada gaming licensees and registered corporations that are affiliated with those operations may be injurious to stable and productive corporate gaming. The Nevada Commission has established a regulatory scheme to ameliorate the potentially adverse effects of these business practices upon Nevada’s gaming industry and to further Nevada’s policy to:

• assure the financial stability of corporate gaming operators and their affiliates;

• preserve the beneficial aspects of conducting business in the corporate form; and

• promote a neutral environment for the orderly governance of corporate affairs.

Approvals are, in certain circumstances, required from the Nevada Commission before we can make exceptional repurchases of voting securities above the current market price and before a corporate acquisition opposed by management can be consummated. The Nevada Act also requires prior approval of a plan of recapitalization proposed by a registered corporation’s board of directors in response to a tender offer made directly to the registered corporation’s stockholders for the purpose of acquiring control of that corporation.

License fees and taxes, computed in various ways depending on the type of gaming or activity involved, are payable to the State of Nevada and to the local authorities. Depending upon the particular fee or tax involved, these fees and taxes are payable either monthly, quarterly, or annually and are based upon either:

• a percentage of the gross revenues received;

• the number of gaming devices operated; or

• the number of table games operated.

The tax on gross revenues received is generally 6.75%. A live entertainment tax is also paid on charges for admission to any facility where certain forms of live entertainment are provided. The Nevada manufacturer and distributor licensees also pay certain fees and taxes to the State of Nevada.

Because we are involved in gaming ventures outside of Nevada, we are required to deposit with the Nevada Board, and thereafter maintain, a revolving fund in the amount of $10,000 to pay the expenses of investigation by the Nevada Board of our participation in such foreign gaming. The revolving fund is subject to increase or decrease at the discretion of the Nevada Commission. Thereafter, we are also required to comply with certain reporting requirements imposed by the Nevada Act. We would be subject to disciplinary action by the Nevada Commission if we:

• knowingly violate any laws of the foreign jurisdiction pertaining to the foreign gaming operation;

• fail to conduct the foreign gaming operation in accordance with the standards of honesty and integrity required of Nevada gaming operations;

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• engage in any activity or enter into any association that is unsuitable because it poses an unreasonable threat to the control of gaming in Nevada, reflects or tends to reflect discredit or disrepute upon the State of Nevada or gaming in Nevada, or is contrary to the gaming policies of Nevada;

• engage in any activity or enter into any association that interferes with the ability of the State of Nevada to collect gaming taxes and fees; or

• employ, contract with, or associate with any person in the foreign gaming operation who has been denied a license or a finding of suitability in Nevada on the ground of personal unsuitability, or who has been found guilty of cheating at gambling.

The sale of alcoholic beverages by the Nevada licensed subsidiaries is subject to licensing, control, and regulation by the applicable local authorities. All licenses are revocable and are not transferable. The agencies involved have full power to limit, condition, suspend, or revoke any such license, and any such disciplinary action could (and revocation would) have a material adverse effect upon our operations.

Michigan Government Regulation and Taxation

The Michigan Gaming Control and Revenue Act (the “Michigan Act”) subjects the owners and operators of casino gaming facilities to extensive state licensing and regulatory requirements. The Michigan Act also authorizes local regulation of casino gaming facilities by the City of Detroit, provided that any such local ordinances regulating casino gaming are consistent with the Michigan Act and rules promulgated to implement it. We are subject to the Michigan Act through our ownership interest in MGM Grand Detroit, LLC (the “licensed subsidiary”) which operates MGM Grand Detroit. Our ownership interest in MGM Grand Detroit, LLC is held by our wholly-owned subsidiary MGM Grand Detroit, Inc.

The Michigan Act creates the Michigan Gaming Control Board (the “Michigan Board”) and authorizes it to grant casino licenses to not more than three applicants who have entered into development agreements with the City of Detroit. The Michigan Board is granted extensive authority to conduct background investigations and determine the suitability of casino license applicants, affiliated companies, officers, directors, or managerial employees of applicants and affiliated companies and persons or entities holding a one percent or greater direct or indirect interest in an applicant or affiliated company. Institutional investors holding less than certain specified amounts of our debt or equity securities are exempted from meeting the suitability requirements of the Michigan Act since we are a publicly traded corporation, and provided that the securities were purchased for investment purposes only and not for the purpose of influencing or affecting our affairs. Any person who supplies goods or services to the licensed subsidiary which are directly related to, used in connection with, or affecting gaming, and any person who supplies other goods or services to the licensed subsidiary on a regular and continuing basis, must obtain a supplier’s license from the Michigan Board. In addition, any individual employed by the licensed subsidiary or by a supplier licensee whose work duties are related to or involved in the gaming operation or are performed in a restricted area or a gaming area of the licensed subsidiary must obtain an occupational license from the Michigan Board.

The Michigan Act imposes the burden of proof on the applicant for a casino license to establish its suitability to receive and hold the license. The applicant must establish its suitability as to integrity, moral character and reputation, business probity, financial ability and experience, responsibility, and other criteria deemed appropriate by the Michigan Board. A casino license is valid for a period of one year and the Michigan Board may refuse to renew it upon a determination that the licensee no longer meets the requirements for licensure.

The Michigan Board may, among other things, revoke, suspend or restrict the licensed subsidiary’s casino license. The licensed subsidiary is also subject to fines or forfeiture of assets for violations of gaming or liquor control laws or rules. In the event that the licensed subsidiary’s license is revoked or suspended for more than 120 days, the Michigan Act provides for the appointment of a conservator who, among other things, is required to preserve the assets to ensure that they shall continue to be operated in a sound and businesslike manner, or upon order of the Michigan Board, to sell or otherwise transfer the assets to another person or entity who meets the requirements of the Michigan Act for licensure, subject to certain approvals and consultations.

The Michigan Board has adopted administrative rules to implement the terms of the Michigan Act. Among other things, the rules impose more detailed substantive and procedural requirements with respect to casino licensing and operations.

Included are requirements regarding such things as licensing investigations and hearings, record keeping and retention, contracting, reports to the Michigan Board, internal control and accounting procedures, security and surveillance, extensions of credit to gaming patrons, conduct of gaming, and transfers of ownership interests in licensed casinos. The rules also establish numerous

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Michigan Board procedures regarding licensing, disciplinary and other hearings, and similar matters. The rules have the force of law and are binding on the Michigan Board as well as on applicants for or holders of casino licenses.

Under rules of the Michigan Board, a person or company which intends to acquire shares representing more than a 5% equity interest in a publicly traded company which is the holding company of a Michigan casino licensee must obtain approval of the acquisition from the Michigan Board. Subsequent to the acquisition, the person or company acquiring the shares must be determined by the Michigan Board to be “suitable” and “qualified” to own the shares. In addition, if the acquisition is by a company, “key persons” in the company (generally the officers, directors, managerial employees, and significant owners) must also be determined to be “suitable” and “qualified.” “Institutional investors” (as that term is defined in the Michigan Act) may generally obtain a waiver from these requirements if the institutional investor has less than 15% ownership interest in the publicly traded company. Upon attaining equity ownership of 5% or more, or filing Schedule 13D or 13G with the SEC, the Michigan Board must be notified by the investor. Unless otherwise ordered by the Michigan Board, institutional investors acquiring less than 10% equity ownership in the publicly traded company are entitled to an exemption from the approval requirements, but are required to file an institutional waiver application with the Michigan Board. Institutional investors acquiring 10% or more equity ownership must apply for an institutional waiver, supplying certain information delineated in Rule 504(3). Pursuant to Rule 504(4), institutional investors acquiring more than 15% equity ownership must apply to the Michigan Board for approval of the acquisition within 45 days after it occurs. The institutional investor and its key persons may be subject to suitability and qualification determinations.

The term “institutional investor” includes financial institutions, insurance companies, pension funds, mutual funds, etc. The shares held by the institutional investor must be held for investment purposes only. The following activities are deemed consistent with holding the shares for investment purposes: voting by proxy furnished by the board of directors, on all matters voted on by the holders of the voting securities; serving as a member of a committee of creditors or security holders formed in connection with a debt restructuring; nominating a candidate for election or appointment to the board of directors in connection with a debt restructuring; accepting appointment or election as a member of the board of directors in connection with a debt restructuring and serving in that capacity until the conclusion of the member’s term; making financial and other inquiries of management of the type normally made by securities analysts for information purposes and not to cause a change in its management, policies, or operations; and other activities that the board determines to be consistent with the investment intent.

The Michigan Liquor Control Commission licenses, controls and regulates the sale of alcoholic beverages by the licensed subsidiary pursuant to the Michigan Liquor Control Code of 1998. The Michigan Act also requires that the licensed subsidiary sell in a manner consistent with the Michigan Liquor Control Code.

The Detroit City Council enacted an ordinance entitled “Casino Gaming Authorization and Casino Development Agreement Certification and Compliance.” The ordinance authorizes casino gaming only by operators who are licensed by the Michigan Board and are parties to a development agreement which has been approved and certified by the City Council and is currently in effect, or are acting on behalf of such parties. The development agreement among the City of Detroit, MGM Grand Detroit, LLC and the Economic Development Corporation of the City of Detroit has been so approved and certified and is currently in effect. Under the ordinance, the licensed subsidiary is required to submit to the Mayor of Detroit and to the City Council periodic reports regarding its compliance with the development agreement or, in the event of non-compliance, reasons for non-compliance and an explanation of efforts to comply. The ordinance requires the Mayor of Detroit to monitor each casino operator’s compliance with its development agreement, to take appropriate enforcement action in the event of default and to notify the City Council of defaults and enforcement action taken; and, if a development agreement is terminated, it requires the City Council to transmit notice of such action to the Michigan Board within five business days along with Detroit’s request that the Michigan Board revoke the relevant operator’s casino license. If a development agreement is terminated, the Michigan Act requires the Michigan Board to revoke the relevant operator’s casino license upon the request of Detroit.

The administrative rules of the Michigan Board prohibit the licensed subsidiary or us from entering into a debt transaction affecting the capitalization or financial viability of MGM Grand Detroit without prior approval from the Michigan Board.

The Michigan Act effectively provides for a wagering tax equal to 19% of adjusted gross receipts from gaming operations conducted at a casino. Proceeds of the wagering tax are shared between the State of Michigan and the City of Detroit. In addition to the wagering tax, the Michigan Act establishes an annual municipal service fee equal to the greater of $4 million or 1.25% of adjusted gross receipts to be paid to Detroit to defray its cost of hosting casinos, and an annual assessment, as adjusted annually based upon a consumer price index, in the initial amount of approximately $8.3 million to be paid to Michigan to defray its regulatory enforcement and other casino-related costs. These payments are in addition to the taxes, fees and assessments customarily paid by business entities situated in Detroit. The licensed subsidiary is also obligated to pay 1% of its adjusted gross receipts to Detroit, to be increased to 2% of its adjusted gross receipts in any calendar year in which adjusted gross receipts exceed $400 million.

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Mississippi Government Regulation

We conduct our Mississippi gaming operations through two indirect subsidiaries, Beau Rivage Resorts, LLC which operates Beau Rivage in Biloxi, Mississippi, and MGM Resorts Mississippi, LLC, which operates the Gold Strike Casino in Tunica County, Mississippi (collectively, the “casino licensees”). The operation of casino facilities in Mississippi is subject to extensive state and local regulation, but primarily the licensing and regulatory control of the Mississippi Gaming Commission and the Mississippi Department of Revenue.

The Mississippi Gaming Control Act (the “Mississippi Act”) legalized casino gaming in Mississippi. The Mississippi Gaming Commission adopted regulations in furtherance of the Mississippi Act. The laws, regulations and supervisory procedures of Mississippi and the Mississippi Gaming Commission seek to:

• prevent unsavory or unsuitable persons from having any direct or indirect involvement with gaming at any time or in any capacity;

• establish and maintain responsible accounting practices and procedures;

• maintain effective control over the financial practices of licensees, including establishing minimum procedures for internal fiscal affairs and safeguarding of assets and revenues, providing reliable record keeping and making periodic reports to the Mississippi Gaming Commission;

• prevent cheating and fraudulent practices;

• provide a source of state and local revenues through taxation and licensing fees; and

• ensure that gaming licensees, to the extent practicable, employ Mississippi residents.

The regulations are subject to amendment and interpretation by the Mississippi Gaming Commission. Changes in Mississippi law or the regulations or the Mississippi Gaming Commission’s interpretations thereof may limit or otherwise materially affect the types of gaming that may be conducted, and could have a material adverse effect on us and our Mississippi gaming operations.

The Mississippi Act provides for legalized gaming at the discretion of the 14 counties that either border the Gulf Coast or the Mississippi River, but only if the voters in such counties have not voted to prohibit gaming in that county. As of December 31, 2017, gaming was permissible in nine of the 14 eligible counties in the state and gaming operations had commenced in Adams, Coahoma, Hancock, Harrison, Tunica, Warren and Washington counties. Prior to Hurricane Katrina, Mississippi law required that gaming vessels be located on the Mississippi River or on navigable waters in eligible counties along the Mississippi River, or in the waters of the State of Mississippi lying south of the state in eligible counties along the Mississippi Gulf Coast. Subsequent to Hurricane Katrina, changes to the law became effective which allowed gaming facilities to be constructed on land in the three Gulf Coast counties, provided that no portion of the gaming facilities is located more than 800 feet from the mean high water line of the Mississippi Sound or designated bays on the Sound. The 800-foot limit does not apply to non-gaming facilities. The law permits unlimited stakes gaming on permanently moored dockside vessels or in land-based facilities on a 24-hour basis and does not restrict the percentage of space which may be utilized for gaming. There are no limitations on the number of gaming licenses which may be issued in Mississippi.

The casino licensees are subject to the licensing and regulatory control of the Mississippi Gaming Commission. Gaming licenses require the periodic payment of fees and taxes and are not transferable. Gaming licenses are issued for a maximum term of three years and must be renewed periodically thereafter. The current license of Beau Rivage Resorts, LLC is effective through April 20, 2019 and the current license of MGM Resorts Mississippi, LLC. is effective through June 22, 2021.

We are registered by the Mississippi Gaming Commission under the Mississippi Act as a publicly traded holding company of the casino licensees. As a registered publicly traded corporation, we are subject to the licensing and regulatory control of the Mississippi Gaming Commission, and are required to periodically submit detailed financial, operating and other reports to the Mississippi Gaming Commission and furnish any other information which the Mississippi Gaming Commission may require. If we are unable to satisfy the registration requirements of the Mississippi Act, we and our casino licensees cannot own or operate gaming facilities in Mississippi. The casino licensees are also required to periodically submit detailed financial, operating and other reports to the Mississippi Gaming Commission and the Mississippi Department of Revenue and to furnish any other information required thereby. With certain exceptions, no person may become a stockholder of or receive any percentage of profits from the casino licensees without first obtaining licenses and approvals from the Mississippi Gaming Commission.

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Certain of our officers, directors and employees must be found suitable or be licensed by the Mississippi Gaming Commission. We believe that we have applied for all necessary findings of suitability with respect to these persons, although the Mississippi Gaming Commission, in its discretion, may require additional persons to file applications for findings of suitability. In addition, any person having a material relationship or involvement with us may be required to be found suitable, in which case those persons must pay the costs and fees associated with the investigation. A finding of suitability requires submission of detailed personal and financial information followed by a thorough investigation. There can be no assurance that a person who is subject to a finding of suitability will be found suitable by the Mississippi Gaming Commission. The Mississippi Gaming Commission may deny an application for a finding of suitability for any cause that it deems reasonable. Findings of suitability must be periodically renewed.

Changes in certain licensed positions must be reported to the Mississippi Gaming Commission. In addition to its authority to deny an application for a finding of suitability, the Mississippi Gaming Commission has jurisdiction to disapprove a change in a licensed position. The Mississippi Gaming Commission has the power to require us to suspend or dismiss officers, directors and other key employees or sever relationships with other persons who refuse to file appropriate applications or whom the authorities find unsuitable to act in their capacities.

Employees associated with gaming must obtain work permits that are subject to immediate suspension. The Mississippi Gaming Commission will refuse to issue a work permit to a person convicted of a felony and it may refuse to issue a work permit to a gaming employee if the employee has committed various misdemeanors or knowingly violated the Mississippi Act or for any other reasonable cause.

At any time, the Mississippi Gaming Commission has the power to investigate and require a finding of suitability of any of our record or beneficial stockholders, regardless of the percentage of ownership. Mississippi law requires any person who acquires more than 5% of our voting securities to report the acquisition to the Mississippi Gaming Commission, and that person may be required to be found suitable. Also, any person who becomes a beneficial owner of more than 10% of our voting securities, as reported to the Mississippi Gaming Commission, must apply for a finding of suitability by the Mississippi Gaming Commission. An applicant for finding of suitability must pay the costs and fees that the Mississippi Gaming Commission incurs in conducting the investigation.

The Mississippi Gaming Commission has generally exercised its discretion to require a finding of suitability of any beneficial owner of more than 5% of a registered public or private company’s voting securities. However, the Mississippi Gaming Commission has adopted a regulation that permits certain institutional investors to own beneficially up to 25% and, under certain circumstances, up to 29%, of a registered or licensed company’s voting securities without a finding of suitability. Under the regulations, an “institutional investor,” as defined therein, may apply to the Executive Director of the Mississippi Gaming Commission for a waiver of a finding of suitability if such institutional investor (i) beneficially owns up to 25% (or, in certain circumstances, up to 29%) of the voting securities of a registered or licensed company, and (ii) holds the voting securities for investment purposes only. An institutional investor shall not be deemed to hold voting securities for investment purposes unless the voting securities were acquired and are held in the ordinary course of business as an institutional investor and not for the purpose of causing, directly or indirectly, the election of a majority of the members of the board of directors of the registered or licensed company, any change in the registered or licensed company’s corporate charter, bylaws, management, policies or operations of the registered public or private company or any of its gaming affiliates, or any other action which the Mississippi Gaming Commission finds to be inconsistent with holding the registered or licensed company’s voting securities for investment purposes only.

Activities that are not deemed to be inconsistent with holding voting securities for investment purposes only include:

• voting, directly or indirectly through the delivery of a proxy furnished by the board of directors, on all matters voted upon by the holders of such voting securities;

• serving as a member of any committee of creditors or security holders formed in connection with a debt restructuring;

• nominating any candidate for election or appointment to the board of directors in connection with a debt restructuring;

• accepting appointment or election (or having a representative accept appointment or election) as a member of the board of directors in connection with a debt restructuring and serving in that capacity until the conclusion of the member’s term;

• making financial and other inquiries of management of the type normally made by securities analysts for informational purposes and not to cause a change in management, policies or operations; and

• such other activities as the Mississippi Gaming Commission may determine to be consistent with such investment intent.

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If a stockholder who must be found suitable is a corporation, partnership or trust, it must submit detailed business and financial information including a list of beneficial owners. The Mississippi Gaming Commission may at any time dissolve, suspend, condition, limit or restrict a finding of suitability to own a registered public company’s equity interests for any cause it deems reasonable.

We may be required to disclose to the Mississippi Gaming Commission upon request the identities of the holders of any of our debt or other securities. In addition, under the Mississippi Act, the Mississippi Gaming Commission may, in its discretion, require holders of our debt securities to file applications, investigate the holders, and require the holders to be found suitable to own the debt securities.

Although the Mississippi Gaming Commission generally does not require the individual holders of obligations such as notes to be investigated and found suitable, the Mississippi Gaming Commission retains the discretion to do so for any reason, including but not limited to a default, or where the holder of the debt instrument exercises a material influence over the gaming operations of the entity in question. Any holder of debt securities required to apply for a finding of suitability must pay all investigative fees and costs of the Mississippi Gaming Commission in connection with the investigation.

Any person who fails or refuses to apply for a finding of suitability or a license within 30 days after being ordered to do so by the Mississippi Gaming Commission may be found unsuitable. Any person found unsuitable and who holds, directly or indirectly, any beneficial ownership of our securities beyond the time that the Mississippi Gaming Commission prescribes, may be guilty of a misdemeanor. After receiving notice that a person is unsuitable to be a stockholder, a holder of our debt securities or to have any other relationship with us, we will be subject to disciplinary action if we:

• pay the unsuitable person any dividend, interest or other distribution whatsoever;

• recognize the exercise, directly or indirectly, of any voting rights conferred through such securities held by the unsuitable person;

• pay the unsuitable person any remuneration in any form for services rendered or otherwise, except in limited and specific circumstances;

• make any payment to the unsuitable person by way of principal, redemption, conversion, exchange, liquidation or similar transaction; or

• fail to pursue all lawful efforts to require the unsuitable person to divest himself or herself of the securities, including, if necessary, the immediate purchase of the securities for cash at a fair market value.

The casino licensees must maintain in Mississippi a current ledger with respect to the ownership of their equity securities and we must maintain in Mississippi a current list of our stockholders which must reflect the record ownership of each outstanding share of any equity security issued by us. The ledger and stockholder lists must be available for inspection by the Mississippi Gaming Commission at any time. If any of our securities are held in trust by an agent or by a nominee, the record holder may be required to disclose the identity of the beneficial owner to the Mississippi Gaming Commission. A failure to make that disclosure may be grounds for finding the record holder unsuitable. We must also render maximum assistance in determining the identity of the beneficial owner.

The Mississippi Act requires that the certificates representing securities of a registered publicly traded corporation bear a legend to the general effect that the securities are subject to the Mississippi Act and the regulations of the Mississippi Gaming Commission. On May 28, 2009, the Mississippi Gaming Commission granted us a waiver of this legend requirement. The Mississippi Gaming Commission has the power to impose additional restrictions on us and the holders of our securities at any time.

Substantially all loans, leases, sales of securities and similar financing transactions by the casino licensees must be reported to or approved by the Mississippi Gaming Commission. The licensed subsidiaries may not make a public offering of their securities, but may pledge or mortgage casino facilities with the prior approval of the Mississippi Gaming Commission. We may not make a public offering of our securities without the prior approval of the Mississippi Gaming Commission if any part of the proceeds of the offering is to be used to finance the construction, acquisition or operation of gaming facilities in Mississippi or to retire or extend obligations incurred for those purposes. The approval, if given, does not constitute a recommendation or approval of the accuracy or adequacy of the prospectus or the investment merits of the securities subject to the offering. Effective June 23, 2015, the Mississippi Gaming Commission granted us a waiver of the prior approval requirement for our securities offerings for a period of three years, subject to certain conditions. The waiver may be rescinded for good cause without prior notice upon the issuance of an interlocutory stop order by the Executive Director of the Mississippi Gaming Commission.

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Under the regulations of the Mississippi Gaming Commission, the casino licensees may not guarantee a security issued by us pursuant to a public offering, or pledge their assets to secure payment or performance of the obligations evidenced by such a security issued by us, without the prior approval of the Mississippi Gaming Commission. Similarly, we may not pledge the stock or other ownership interests of the casino licensees, nor may the pledgee of such ownership interests foreclose on such a pledge, without the prior approval of the Mississippi Gaming Commission. Moreover, restrictions on the transfer of an equity security issued by us and agreements not to encumber such securities granted by us are ineffective without the prior approval of the Mississippi Gaming Commission. The waiver of the prior approval requirement for our securities offerings received from the Mississippi Gaming Commission effective June 23, 2015 includes a waiver of the prior approval requirement for such guarantees, pledges and restrictions of the casino licensees, subject to certain conditions.

We cannot change our control through merger, consolidation, acquisition of assets, management or consulting agreements or any form of takeover without the prior approval of the Mississippi Gaming Commission. The Mississippi Gaming Commission may also require controlling stockholders, officers, directors, and other persons having a material relationship or involvement with the entity proposing to acquire control, to be investigated and licensed as part of the approval process relating to the transaction.

The Mississippi Legislature has declared that some corporate acquisitions opposed by management, repurchases of voting securities and other corporate defensive tactics that affect corporate gaming licensees in Mississippi and corporations whose stock is publicly traded that are affiliated with those licensees may be injurious to stable and productive corporate gaming. The Mississippi Gaming Commission has established a regulatory scheme to ameliorate the potentially adverse effects of these business practices upon Mississippi’s gaming industry and to further Mississippi’s policy to assure the financial stability of corporate gaming operators and their affiliates, preserve the beneficial aspects of conducting business in the corporate form, and promote a neutral environment for the orderly governance of corporate affairs.

We may be required to obtain approval from the Mississippi Gaming Commission before we may make exceptional repurchases of voting securities in excess of the current market price of its common stock (commonly called “greenmail”) or before we may consummate a corporate acquisition opposed by management. The regulations also require prior approval by the Mississippi Gaming Commission if we adopt a plan of recapitalization proposed by our Board of Directors opposing a tender offer made directly to the stockholders for the purpose of acquiring control of us.

Prior approval of the Mississippi Gaming Commission must be obtained before we, the casino licensees and/or persons found suitable to be associated with the gaming license of the casino licensees conduct gaming operations outside of the United States. The Mississippi Gaming Commission may require that it have access to information concerning our, and our affiliates’, foreign gaming operations. We believe that we have applied for all necessary waivers of foreign gaming approval from the Mississippi Gaming Commission for the conduct of our active or planned gaming operations outside of the United States.

If the Mississippi Gaming Commission decides that the casino licensees violated a gaming law or regulation, the Mississippi Gaming Commission could limit, condition, suspend or revoke the license of the subsidiary. In addition, we, the casino licensees and the persons involved could be subject to substantial fines for each separate violation. A violation under any of our other operating subsidiaries’ gaming licenses may be deemed a violation of the casino licensees’ gaming license.

Because of a violation, the Mississippi Gaming Commission could attempt to appoint a supervisor to operate the casino facilities. Limitation, conditioning or suspension of the casino licensees’ gaming license or our registration as a publicly traded holding company, or the appointment of a supervisor could, and the revocation of any gaming license or registration would, materially adversely affect our Mississippi gaming operations.

The casino licensees must pay license fees and taxes, computed in various ways depending on the type of gaming involved, to the State of Mississippi and to the county or city in which the licensed gaming subsidiary conducts operations. Depending upon the particular fee or tax involved, these fees and taxes are payable either monthly, quarterly or annually and are based upon a percentage of gross gaming revenues, the number of slot machines operated by the casino, and the number of table games operated by the casino.

The license fee payable to the State of Mississippi is based upon “gross revenues,” generally defined as cash receipts less cash payouts to customers as winnings, and generally equals 8% of gross revenue. These license fees are allowed as a credit against our Mississippi income tax liability for the year paid. The gross revenue fee imposed by the Mississippi cities and counties in which casino operations are located is in addition to the fees payable to the State of Mississippi and equals approximately 4% of gross revenue.

The Mississippi Gaming Commission adopted a regulation in 1994 requiring as a condition of licensure or license renewal that a gaming establishment’s plan include a 500-car parking facility in close proximity to the casino complex and infrastructure facilities which will amount to at least 25% of the casino cost. Infrastructure facilities are defined in the regulation to include a hotel with at

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least 250 rooms, theme park, golf course and other similar facilities. Beau Rivage and Gold Strike Tunica are in compliance with this requirement. On January 21, 1999, the Mississippi Gaming Commission adopted an amendment to this regulation which increased the infrastructure requirement to 100% from the existing 25%; however, the regulation grandfathers existing licensees and applies only to new casino projects and casinos that are not operating at the time of acquisition or purchase, and would therefore not apply to Beau Rivage and Gold Strike Tunica. In any event, Beau Rivage and Gold Strike Tunica would comply with such requirement. On February 21, 2013, the Mississippi Gaming Commission adopted further amendments to this regulation to impose additional requirements on new casino projects. However, the amended regulation grandfathers any licensee who has been licensed by the Mississippi Gaming Commission prior to December 31, 2013; therefore, the amendments do not apply to Beau Rivage or Gold Strike Tunica.

Both the local jurisdiction and the Alcoholic Beverage Control Division of the Mississippi Department of Revenue license, control and regulate the sale of alcoholic beverages by the casino licensees. Beau Rivage and Gold Strike Tunica are in areas designated as special resort areas, which allows casinos located therein to serve alcoholic beverages on a 24-hour basis. The Alcoholic Beverage Control Division requires that our key officers and managers and the casino licensees’ key officers and managers and all owners of more than 5% of the casino licensees’ equity submit detailed personal, and in some instances, financial information to the Alcoholic Beverage Control Division and be investigated and licensed. All such licenses are non-transferable. The Alcohol Beverage Control Division has the full power to limit, condition, suspend or revoke any license for the service of alcoholic beverages or to place a licensee on probation with or without conditions. Any disciplinary action could, and revocation would, have a material adverse effect upon the casino’s operations.

Macau S.A.R. Laws and Regulations

MGM Grand Paradise is regulated as a gaming operator under applicable Macau law and our ownership interest in MGM Grand Paradise is subject to continuing regulatory scrutiny. We are required to be approved by the Macau government (gaming authorities) to own an interest in a gaming operator. Authorized gaming operators must pay periodic fees and taxes, and gaming rights are not transferable, unless approved by the Macau government. MGM Grand Paradise must periodically submit detailed financial and operating reports to the Macau gaming authorities and furnish any other information that the Macau gaming authorities may require. No person may acquire any rights over the shares or assets of MGM Grand Paradise without first obtaining the approval of the Macau gaming authorities. The transfer or creation of encumbrances over ownership of shares representing the share capital of MGM Grand Paradise or other rights relating to such shares, and any act involving the granting of voting rights or other stockholders’ rights to persons or entities other than the original owners, would require the approval of the Macau government and the subsequent report of such acts and transactions to the Macau gaming authorities. The stock of MGM Grand Paradise and its casinos, assets and equipment shall not be subject to any liens or encumbrances, except under authorization by the Macau government.

MGM Grand Paradise’s subconcession contract requires approval of the Macau government for transfers of shares, or of any rights over such shares, in any of the direct or indirect stockholders in MGM Grand Paradise, including us, provided that such shares or rights are directly or indirectly equivalent to an amount that is equal to or higher than 5% of the share capital in MGM Grand Paradise. Under the subconcession contract, this approval requirement does not apply to securities that are listed and tradable on a stock market. Since MGM Grand Paradise’s securities are not listed and tradable on a stock market this approval requirement applies to transfers of MGM Grand Paradise’s shares. In addition, this contract requires that the Macau government be given notice of the creation of any encumbrance or the grant of voting rights or other stockholders’ rights to persons other than the original owners on shares in any of the direct or indirect stockholders in MGM Grand Paradise, including us, provided that such shares or rights are indirectly equivalent to an amount that is equal to or higher than 5% of the share capital in MGM Grand Paradise. This notice requirement will not apply, however, to securities listed and tradable on a stock exchange.

MGM Grand Paradise is in no case allowed to delegate the management of gaming operations to a management company, and is in no case allowed to enter into a management contract by which its managing powers are or might be assumed by a third party. Any act or contract by which MGM Grand Paradise assigns, transfers, alienates or creates liens or encumbrances on gaming operations to or in favor of a third party is prohibited, unless previously approved by the Macau government.

The Macau gaming authorities may investigate any individual who has a material relationship to, or material involvement with, MGM Grand Paradise to determine whether MGM Grand Paradise’s suitability and/or financial capacity is affected by that individual. MGM Grand Paradise shareholders with 5% or more of the share capital and directors must apply for and undergo a finding of suitability process and maintain due qualification during the subconcession term, and accept the persistent and long-term inspection and supervision exercised by the Macau government. MGM Grand Paradise is required to immediately notify the Macau government should MGM Grand Paradise become aware of any fact that may be material to the appropriate qualification of any shareholder who owns 5% or more of the share capital, or any director or key employee. Changes in approved corporate positions must be reported to the Macau gaming authorities. The Macau gaming authorities have jurisdiction to deny an application for a finding of suitability.

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Any person who fails or refuses to apply for a finding of suitability after being ordered to do so by the Macau gaming authorities may be found unsuitable. Any stockholder subject to a suitability process who is found unsuitable must transfer their shares to a third party within a term set by the Macau government. If such transfer is not consummated, MGM Grand Paradise must acquire those shares. If any officer, director or key employee is found unsuitable, MGM Grand Paradise must sever all relationships with that person. In case of failure to act in accordance thereof, MGM Grand Paradise would become subject to administrative sanctions and penalties.

The Macau government must give their prior approval to changes in control of MGM Grand Paradise through a merger, consolidation, stock or asset acquisition, management or consulting agreement or any act or conduct by any person whereby he or she obtains control. Entities seeking to acquire control of a registered corporation must satisfy the Macau government concerning a variety of stringent standards prior to assuming control. The Macau gaming authorities may also require controlling stockholders, officers, directors and other persons having a material relationship or involvement with the entity proposing to acquire control, to be considered suitable as part of the approval process of the transaction.

The Macau gaming authorities also have the power to supervise gaming operators in order to assure the financial stability of corporate gaming operators and their affiliates.

The subconcession contract requires the Macau gaming authorities’ prior approval of any recapitalization plan, any increase of the capital stock by public subscription, any issue of preferential shares or any creation, issue or transformation of types or series of shares representative of MGM Grand Paradise capital stock, as well as any change in the constituent documents (i.e., articles of association) of MGM Grand Paradise. The Chief Executive of Macau could also require MGM Grand Paradise to increase its share capital if he deemed it necessary.

MGM Macau and MGM Cotai were constructed and are operated under MGM Grand Paradise’s subconcession contract. This subconcession excludes the following gaming activities: mutual bets, gaming activities provided to the public, interactive gaming and games of chance or other gaming, betting or gambling activities on ships or planes. MGM Grand Paradise’s subconcession is exclusively governed by Macau law. MGM Grand Paradise is subject to the exclusive jurisdiction of the courts of Macau in case of any potential dispute or conflict relating to our subconcession.

MGM Grand Paradise’s subconcession contract expires on March 31, 2020. Unless the subconcession is extended, on that date, all casino operations and related equipment in MGM Macau will automatically be transferred to the Macau government without compensation to MGM Grand Paradise and MGM Resorts International will cease to generate any revenues from these operations. Beginning on April 20, 2017, the Macau government may redeem the subconcession by giving MGM Grand Paradise at least one year prior notice and by paying fair compensation or indemnity.

The amount of such compensation or indemnity will be determined based on the amount of revenue generated during the tax year prior to the redemption.

The Macau government also has the right to unilaterally terminate, without compensation to MGM Grand Paradise, the subconcession at any time upon the occurrence of fundamental non-compliance by MGM Grand Paradise with applicable Macau laws or MGM Grand Paradise’s basic obligations under the subconcession contract. If the default is curable, the Macau gaming authorities are required to give MGM Grand Paradise prior notice to cure the default, though no specific cure period for that purpose is provided.

The subconcession contract contains various general covenants and obligations and other provisions, the compliance with which is subjective. MGM Grand Paradise has the following obligations under the subconcession contract:

• ensure the proper operation and conduct of casino games;

• employ people with appropriate qualifications;

• operate and conduct casino games of chance in a fair and honest manner without the influence of criminal activities; and

• safeguard and ensure Macau’s interests in tax revenue from the operation of casinos and other gaming areas.

The subconcession contract requires MGM Grand Paradise Limited to maintain a certain minimum level of insurance which are in place.

MGM Grand Paradise Limited is also subject to certain reporting requirements to the Macau gaming authorities.

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Under the subconcession, MGM Grand Paradise Limited is obligated to pay to the Macau S.A.R. an annual premium with a fixed portion and a variable portion based on the number and type of gaming tables employed and gaming machines operated. The fixed portion of the premium is equal to 30 million patacas (approximately $3.83 million, based on exchange rates at December 31, 2018). The variable portion is equal to 300,000 patacas per gaming table reserved exclusively for certain kinds of games or players, 150,000 patacas per gaming table not so reserved and 1,000 patacas per electrical or mechanical gaming machine, including slot machines (approximately $38,304, $19,152 and $128, respectively, based on exchange rates at December 31, 2018), subject to a minimum of forty five million patacas (approximately $5.75 million, based on exchange rates at December 31, 2018). MGM Grand Paradise Limited also has to pay a special gaming tax of 35% of gross gaming revenues and applicable withholding taxes. It must also contribute 1.6% and 2.4% (a portion of which must be used for promotion of tourism in Macau) of its gross gaming revenue to a public foundation designated by the Macau S.A.R. government and to the Macau S.A.R, respectively, as special levy.

Currently, the gaming tax in Macau is calculated as a percentage of gross gaming revenue. However, gross gaming revenue does not include deductions for credit losses. As a result, if MGM Grand Paradise issues markers to its customers in Macau and is unable to collect on the related receivables from them, it has to pay taxes on its winnings from these customers even though it was unable to collect the related receivables.

MGM Grand Paradise has received a concession from the Macau government to use a 10.67 acre parcel of land for MGM Macau (the “MGM Macau Land Contract”). The land concession will expire on April 6, 2031 and is renewable.

The MGM Macau Land Contract requires MGM Grand Paradise to pay a premium which was paid in full before the opening of MGM Macau. In addition, MGM Grand Paradise is also obligated to pay rent annually for the term of the MGM Macau Land Contract. The rent amount may be revised every five years by the Macau government, according to the provisions of the Macau Land law.

In addition, MGM Grand Paradise has received a concession from the Macau government to use an approximately 18 acre site in Cotai Macau and develop a second resort and casino (the “MGM Cotai Land Contract”). The land concession will expire on January 8, 2038 and is renewable.

The MGM Cotai Land Contract requires MGM Grand Paradise to pay a premium, which was paid in full before the opening of MGM Cotai. In addition, MGM Grand Paradise is also obligated to pay rent annually for the term of the MGM Cotai Land Contract. The rent amount may be revised every five years by the Macau government, according to the provisions of the Macau Land law.

MGM Grand Paradise received an exemption from Macau’s corporate income tax on profits generated by the operation of casino games of chance for a period of five-years starting at January 1, 2007. In October 2011, MGM Grand Paradise was granted an extension of this exemption for an additional five years. The exemption was further extended on September 7, 2016 through March 31, 2020.

Maryland Government Regulation

The Maryland State Lottery Video Lottery Terminal Law (“Maryland VLT Law”) subjects the owners and operators of video lottery facilities to extensive state licensing and regulatory requirements. We are subject to the Maryland VLT Law and the regulations promulgated to implement it through our ownership interest in MGM National Harbor, LLC, which operates the MGM National Harbor video lottery facility in Prince George’s County, Maryland.

Under the Maryland VLT Law, the Maryland Lottery and Gaming Control Commission (“Maryland Commission”), in conjunction with the Maryland Lottery and Gaming Control Agency (“Maryland Agency”), maintains authority to regulate the operation of video lottery terminals and tables games within the State of Maryland, and to issue video lottery operation licenses to qualified applicants. The Maryland Video Lottery Facility Location Commission (“Maryland Location Commission”) has the authority to award up to six video lottery operation licenses within the State of Maryland and is responsible for evaluating competing proposals and awarding the video lottery operation licenses to applicants based on business and market, economic development and location siting factors. The Maryland Location Commission cannot award a video lottery operation license to an applicant until the Maryland Commission determines that the applicant is qualified. On October 10, 2013, the Maryland Commission determined that MGM National Harbor, LLC and all applicable principals were qualified, and on December 23, 2013, the Maryland Location Commission awarded the video lottery operation license in Prince George’s County, Maryland to MGM National Harbor, LLC. MGM National Harbor, LLC was awarded the sixth and final video lottery operation license in Maryland. On December 7, 2016, the Maryland Commission issued a video lottery operation license to MGM National Harbor, LLC, which license has an initial term of 15 years.

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The initial license fee was based on the number of video lottery terminals initially proposed within the video lottery facility. As 3,600 video lottery terminals were proposed for MGM National Harbor, our initial license fee was $21 million, and the Maryland Location Commission determined that MGM National Harbor may have up to 3,600 terminals. Within 1 year of the end of the initial 15–year license term, a video lottery operation licensee may reapply for a license that has a license term of 10 years and a license fee to be established by statute.

At the request of the Company, on August 17, 2016, the Maryland Commission temporarily reduced the number of permitted video lottery terminals to 3,321, which temporary reduction was to become permanent if there were not 3,600 terminals in operation at MGM National Harbor by December 8, 2017. However, at the request of the Company, on June 29, 2017, the Maryland Commission approved a further temporary reduction to not less than 2,700 terminals in connection with a casino expansion project while preserving the Company’s originally authorized allotment of 3,600 terminals until December 8, 2018. Subsequently, at the request of the Company, on November 15, 2018, the Maryland Commission approved a continued temporary reduction of not less than 3,130 terminals while preserving the Company’s originally authorized allotment of 3,600 terminals until December 8, 2019.The Maryland Commission further determined that as of December 8, 2019 the authorized number of terminals shall be not less than 3,130 or more than 3,600, with the final authorized number of terminals being the actual number of terminals in operation at MGM National Harbor as of December 8, 2019.

Under the Maryland VLT Law, video lottery terminals each must have an average payout percentage of at least 87%.Video lottery facilities are permitted to operate 24 hours a day, and patrons must be 21 years of age to wager. While alcohol may be offered in the video lottery facility, it may not be offered free of charge. The Maryland VLT Law and regulations also impose various restrictions on check cashing, debit and credit card usage, ATMs, and other transactions within the video lottery facility.

The Maryland Commission has extensive authority to conduct background investigations and to determine whether applicants for a video lottery operation license, affiliated holding or intermediary companies, directors, officers, key management employees, principals, partners, and other persons or entities holding a five percent or greater interest in the applicant, are qualified under the Maryland VLT Law.

The Maryland VLT Law provides that institutional investors may be exempt from certain regulatory requirements, and an Institutional Investor Waiver Application may be submitted for entities holding an interest in an applicant or licensee that are considered institutional investors. The term “institutional investor” generally includes insurance companies, banks and financial institutions, investment companies, trusts and advisors, pension funds, etc. The Maryland Commission’s decision concerning whether to grant a waiver is discretionary, and based on a variety of factors that include, but are not limited to, the institutional investor’s securities, whether the investor is substantially involved in the video lottery operations of the licensee, and the investor’s gaming licensure history in other jurisdictions.

After a video lottery operation license is awarded and/or issued, the Maryland Commission has responsibility for the continuing regulation and licensing of the licensee and its officers, directors, and other designated persons. The Maryland Commission retains the authority to suspend, revoke or restrict a video lottery operation license, and may levy civil penalties for regulatory and other violations. The licensee’s participation in video lottery and table game operations is expressly deemed a revocable privilege under the Maryland VLT Law, conditioned on the proper and continued qualification of the licensee and the licensee meeting reporting requirements and continuing to provide any assistance and information necessary to the Maryland regulators. Each licensee has an affirmative responsibility to provide an annual update of applicable licensing information to the Maryland Commission. Among other things, the Maryland Commission is also responsible for the collection of application, license and other fees, conducting investigations into the operation of video lottery terminals and table games, and reviewing and ruling on complaints, and may conduct unannounced inspections of the video lottery facility premises or the licensee’s records and equipment.

The regulations promulgated to implement the Maryland VLT Law impose detailed substantive and procedural requirements related to video lottery licensing and ongoing operations. The regulations include, but are not limited to, provisions concerning: licensing investigations and hearings; marketing controls and standards; internal control standards related to accounting, finance and statistics, audits, record retention, complimentaries, surveillance, security, cage and customer transactions, promotions, and other gaming related controls; facility design standards; table games surveillance; gaming floor plans; the transportation and testing of video lottery terminals and table games equipment; the registration of video lottery terminals and table games; voluntary and mandatory patron exclusion; responsible gaming; and junket enterprises and representatives. Applicants and licensees must also meet requirements concerning minority business participation, provide health insurance and retirement benefits for employees, and give preference to hiring employees located within ten miles of the video lottery facility.

Generally, a video lottery operation license may not be transferred, assigned or pledged as collateral without approval from the Maryland Commission. Specifically, a licensee cannot sell or transfer more than 5% of the legal or beneficial interests in the licensee unless the Maryland Commission is notified and determines that the buyer or transferee meets all applicable qualification and

14

regulatory requirements. If the licensee fails to meet these requirements, the applicable license will be automatically revoked ninety days after the transfer or sale. Entities and individuals are also prohibited from owning an interest in more than one video lottery facility, and any application to the Maryland Location Commission to apply for an additional license must include a plan for divesting the applicable interest in the initial license. Applicants seeking investors in an entity applying for a video lottery operation license must make serious, good-faith efforts to solicit and interview a reasonable number of minority investors before a license will be awarded by the Maryland Location Commission, and following the award, must again make serious, good-faith efforts to interview minority investors in any future attempts to raise venture capital or attract new investors to the entity awarded the license.

The Maryland Commission retains the authority to recommend or propose changes to the Maryland VLT Law, and may amend or change regulations concerning the Maryland VLT Law, which, if enacted, could adversely affect the gaming industry and our ability to operate in Maryland.

New Jersey Government Regulation

Our ownership of Borgata in Atlantic City, New Jersey subjects us to extensive state regulation under the New Jersey Casino Control Act and the regulations promulgated thereunder (collectively, the “NJ Act”) and various other statutes and regulations. The New Jersey Casino Control Commission (“NJ Commission”) and the New Jersey Division of Gaming Enforcement (“NJ Division” and, together with the NJ Commission, the “NJ Gaming Authorities”) are, to varying degrees, empowered to regulate a wide spectrum of gaming and non-gaming related activities and to approve the form of ownership and financial structure of not only a casino licensee, but also its holding and intermediary companies and entity qualifiers.

The NJ Commission issues casino licenses and casino key employee licenses and the NJ Division issues all other types of licenses, including permits to conduct intrastate Internet gaming, approvals to conduct sports wagering pools, and registrations and licenses to persons who provide goods or services to a casino. The NJ Division also is responsible for investigating all license applications and for monitoring compliance with and enforcing the requirements of the NJ Act.

On June 24, 2010, the NJ Commission renewed Borgata’s casino license effective July 1, 2010 for a term which became indefinite by operation of law. However, no later than five years after the issuance of a casino license, and approximately every five years thereafter, the casino licensee and its qualifying entities and individuals must submit information to the NJ Gaming Authorities to demonstrate their continuing qualification. In addition, the NJ Commission may reopen the license hearing at any time, and the NJ Commission must do so at the request of the NJ Division. In September 2014, we and certain of our subsidiaries were found qualified as holding companies of Borgata.

Pursuant to the NJ Act and applicable precedent, no entity may hold a casino license unless each officer, director, person who directly or indirectly holds any beneficial interest or ownership of the securities of the licensee, each person who in the opinion of the Director of the NJ Division has the ability to control or elect a majority of the board of directors of the licensee (other than a banking or other licensed lending institution acting in the ordinary course of business) and each of its holding, intermediary or subsidiary companies, obtains and maintains qualification approval from the NJ Gaming Authorities.

Persons holding 5% or more of the equity securities of a holding or intermediary company are presumed to have the ability to control the company or elect one or more of its directors and will, unless this presumption is rebutted by clear and convincing evidence or the qualification requirement is waived, be required to individually qualify. Equity securities are defined in the NJ Act as any voting stock or any other security having a direct or indirect participation in the profits of the issuer. Notwithstanding either the presumption of control for holding 5% or more of the equity securities of a holding company or the requirement that a casino licensee establish and maintain the qualification of certain holders of debt securities, the NJ Act provides for a waiver of qualification for passive “institutional investors,” as defined by the NJ Act under certain circumstances.

Casino licensees are also required to establish and maintain the qualifications of any financial backer, investor, mortgagee, bondholder, or holder of indentures, notes or other evidences of indebtedness, either in effect or proposed which bears any relation to the casino operation or casino hotel premises who holds 25% or more of such financial instruments or other evidences of indebtedness; provided, however, in circumstances of default, persons holding 10% of such financial instruments or evidences of indebtedness shall be required to establish and maintain their qualifications. Persons who hold less than these thresholds may be required to establish and maintain their qualifications in the discretion of the Director of the NJ Division. Banks and licensed lending institutions, however, are exempt from any qualification requirements if they are acting in the ordinary course of business.

The NJ Act imposes certain restrictions upon the issuance, ownership and transfer of securities of a casino licensee and its holding and intermediary companies and defines the term “security” to include instruments which evidence a direct or indirect beneficial ownership or creditor interest, including stock (common and preferred) mortgages, debentures, security agreements, notes, warrants, options and rights. If the NJ Commission finds that a holder of such securities is not qualified under the NJ Act, it has the

15

right to take any remedial action deemed appropriate including the right to force divestiture by such disqualified holder of such securities. In the event that certain disqualified holders fail to divest themselves of such securities, the NJ Commission has thepower to revoke or suspend the casino license or licenses related to the company which issued the securities. It is unlawful for a disqualified holder (i) to exercise, directly or through any trustee or nominee, any right conferred by such securities or (ii) to receive any dividends or interest upon such securities or any remuneration, in any form, from its affiliated casino licensee for services rendered or otherwise.

The NJ Act requires our certificate of incorporation to provide that our securities are held subject to the condition that if a holder is found to be disqualified by the NJ Commission pursuant to the NJ Act, such holder shall dispose of his interest in the company. Accordingly, our certificate of incorporation provides that a holder of our securities must dispose of such securities if the holder is found disqualified under the NJ Act. In addition, our certificate of incorporation provides that we may redeem the stock of any holder found to be disqualified.

The ability of a lender to foreclose on pledged assets, including gaming equipment, is subject to compliance with the NJ Act. Generally, no person is permitted to hold an ownership interest in or manage a casino or own any gaming assets, including gaming devices, without being licensed. Consequently, any lender who desires to enforce a security interest must file the necessary applications for licensure, be investigated, and either be found qualified by the NJ Commission or obtain interim casino authorization (“ICA”) prior to obtaining any ownership interest. Similarly, any prospective purchaser of an ownership interest in a casino or of gaming assets must file the necessary applications for licensure, be investigated, and either found qualified by the NJ Commission or obtain ICA prior to obtaining any ownership interest or gaming assets.

Massachusetts Government Regulation

The Massachusetts Expanded Gaming Act (“Massachusetts Act”) subjects the owners and operators of gaming establishments to extensive state licensing and regulatory requirements. We are subject to the Massachusetts Act and the regulations promulgated to implement it through our ownership interest in Blue Tarp reDevelopment, LLC (“Blue Tarp”), which operates a gaming establishment in Springfield, Massachusetts.

Under the Massachusetts Act, the Massachusetts Gaming Commission (“Massachusetts Commission”) is responsible for issuing licenses under the Massachusetts Act and assuring that licenses are not issued or held by unqualified, disqualified or unsuitable persons. The Investigations and Enforcement Bureau (“IEB”), which is a Bureau within the Massachusetts Commission, is responsible for conducting administrative investigations of applicants and licensees, and for generally enforcing the Massachusetts Act and the regulations promulgated thereunder. In order to enforce the law, the IEB coordinates with the Massachusetts State Police, Attorney General and the Alcoholic Beverage Control Commission. The Massachusetts Act also establishes a Gaming Enforcement Division within the Massachusetts Attorney General’s Office responsible for investigating and prosecuting criminal violations of the Massachusetts Act. The Massachusetts Commission has the authority to award up to three Category 1 licenses (table games and slot machines), and one Category 2 license (slot machines only), within the Commonwealth of Massachusetts to qualified applicants.

On December 23, 2013, the Massachusetts Commission determined that Blue Tarp and all applicable principal individuals and entities were qualified, and on November 6, 2014, the Massachusetts Commission awarded the sole Category 1 license in Region B of Massachusetts to Blue Tarp, effective November 7, 2014.

Blue Tarp received its operations certificate issued by the Massachusetts Commission on September 13, 2018. That operations certificate is conditioned upon Blue Tarp continuing to meet applicable licensing, registration, qualification and other regulatory requirements.

The initial license term is 15 years, which commenced upon the Massachusetts Commission’s approval of the commencement of the operation of the gaming establishment on August 23, 2018. The initial license fee for Category 1 licenses is $85,000,000, as determined by the Massachusetts Commission and authorized by the Massachusetts Act, which amount Blue Tarp has paid. All Category 1 and Category 2 gaming licensees are also subject to additional annual fees under the Massachusetts Act. Category 1 licensees must generally make on-going annual capital expenditures to their gaming establishments in a minimum aggregate amount equal to 3.5 percent of the net gaming revenues derived from the establishment.

Under the Massachusetts Act, gaming establishments may be open 24 hours a day, and patrons must be 21 years of age to wager. Gaming beverage licenses may be granted by the Massachusetts Commission for the sale and distribution of alcoholic beverages at the gaming establishment except (i) between the hours of 2 a.m.  and 8 a.m. outside of the gaming area and (ii) between the hours of 4 a.m. and 8 a.m. within the gaming area. The Massachusetts Act and regulations also describe procedures for, and restrictions on, check cashing, debit and credit card usage, ATMs, and other transactions within the gaming establishment.  

16

The Massachusetts Commission, in particular the IEB, has extensive authority to conduct background investigations and to determine whether applicants for Category 1 and Category 2 licenses, affiliated holding or intermediary companies, subsidiaries, directors, managers, officers, financiers and debt holders, associates, key gaming executives and employees, other gaming related employees, and other persons or entities holding a five percent or greater direct or indirect interest in the applicant, are qualified under the Massachusetts Act (with certain exemptions for institutional investors in the discretion of the Massachusetts Commission).

After a Category 1 license is awarded, the Massachusetts Commission and IEB have responsibility for the continuing regulation and licensing of the licensee and its officers, directors, employees and other designated persons. The Massachusetts Commission retains the authority to suspend, revoke or condition a Category 1 license, or any other license issued under the Massachusetts Act, and the IEB may levy civil penalties for regulatory and other violations. All licenses issued under the Massachusetts Act are expressly deemed a revocable privilege, conditioned on the licensee’s fulfillment of all conditions of licensure, compliance with applicable laws and regulations, and the licensee’s continuing qualification and suitability. Among other things, the Massachusetts Commission is also responsible for the collection of application, license and other fees, conducting investigations of and monitoring applicants and licensees, and reviewing and ruling on complaints, and may conduct inspections of the gaming establishment premises or the licensee’s records and equipment.

The regulations promulgated to implement the Massachusetts Act impose detailed substantive and procedural requirements related to licensing and on-going operations. The regulations include, but are not limited to, provisions concerning: licensing and registration of employees and vendors; accounting procedures and internal controls; surveillance and security requirements; gaming equipment, devices and systems, and device registration and testing; self-exclusion; on-going reporting requirements related to construction, approvals and operations; temporary licensure; marketing and affirmative marketing plans; notification requirements related to new or changes in shareholders, executives, and other qualifiers; notification and/or approval of certain material events and transactions; complimentary services; on-going capital expenditures; political contributions; credit issuance and customer transactions; auditing and record retention; facility design and gaming floor plans; slot machine possession and transportation; table game rules and procedures; employee credentials; vendors and junkets; and count room and cage procedures.

Generally, interests in a gaming establishment and Category 1 licenses may not be transferred without notification to and approval of the Massachusetts Commission. The sale, assignment, transfer, pledge or other disposition of any security issued by a corporation which holds a gaming license is conditional and will be ineffective if disapproved by the Massachusetts Commission. Category 1 licensees may also not change their business governing structure without the notification and approval of the Massachusetts Commission, and may not operate, invest in or own, in whole or in part, another gaming licensee’s license or gaming establishment.

The Massachusetts Commission retains the authority to promulgate, amend or repeal regulations concerning the Massachusetts Act, which, if enacted, could adversely affect the gaming industry and our ability to operate in Massachusetts. Further, certain regulations are currently in draft form, and subject to further review, revision and final approval.

17

EX-99.3

Exhibit 99.3

CITYCENTER HOLDINGS, LLC AND SUBSIDIARIES

I N D E X

	Page
Independent Auditors’ Report	i
Consolidated Balance Sheets as of December 31, 2018 and 2017	1
Consolidated Statements of Operations for the years ended December 31, 2018, 2017 and 2016	2
Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017 and 2016	3
Consolidated Statements of Members’ Equity for the years ended December 31, 2018, 2017 and 2016	4
Notes to Consolidated Financial Statements	5

Exhibit 99.3

INDEPENDENT AUDITORS’ REPORT

To the Board of Directors

CityCenter Holdings, LLC

We have audited the accompanying consolidated financial statements of CityCenter Holdings, LLC and its subsidiaries (the “Company”), which comprise the consolidated balance sheets as of December 31, 2018 and 2017, and the related consolidated statements of operations, members’ equity, and cash flows for each of the three years in the period ended December 31, 2018, and the related notes to the consolidated financial statements.

Management’s Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of CityCenter Holdings, LLC and its subsidiaries as of December 31, 2018 and 2017, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2018, in accordance with accounting principles generally accepted in the United States of America.

Emphasis of Matter

As discussed in Note 2 to the consolidated financial statements, effective January 1, 2018, the Company adopted FASB ASC 606, Revenue from Contracts with Customers, on a full retrospective basis. Our opinion is not modified with respect to this matter.

/s/ DELOITTE & TOUCHE LLP

Las Vegas, Nevada

February 19, 2019

i

Exhibit 99.3

CITYCENTER HOLDINGS, LLC

CONSOLIDATED BALANCE SHEETS

(In thousands)

	December 31,
	2018		2017
ASSETS
Current assets
Cash and cash equivalents	$	182,681	$	195,191
Accounts receivable, net		144,797		114,345
Inventories		18,651		17,743
Prepaid expenses and other current assets		17,626		24,938
Assets held for sale		–		356,692
Total current assets		363,755		708,909
Property and equipment, net		6,128,076		6,239,915
Other assets, net		39,777		40,559
	$	6,531,608	$	6,989,383
LIABILITIES AND MEMBERS' EQUITY
Current liabilities
Accounts payable	$	25,758	$	24,950
Construction payable		9,212		36,327
Current portion of long-term debt		18,015		16,000
Current portion of capital lease obligation		4,225		–
Due to MGM Resorts International		82,701		77,006
Other accrued liabilities		207,799		184,454
Liabilities related to assets held for sale		–		9,494
Total current liabilities		347,710		348,231
Long-term debt, net		1,729,829		1,545,797
Capital lease obligation, less current portion		15,149		–
Other long-term obligations		18,312		11,836
Commitments and contingencies (Note 8)
Members' equity		4,420,608		5,083,519
	$	6,531,608	$	6,989,383

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

1

Exhibit 99.3

CITYCENTER HOLDINGS, LLC

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands)

	Year Ended December 31,
	2018			2017			2016
Revenues
Casino	$	369,452		$	377,529		$	340,971
Rooms		442,879			426,867			410,972
Food and beverage		364,351			334,233			315,432
Entertainment, retail, residential and other		101,063			89,104			93,231
		1,277,745			1,227,733			1,160,606
Expenses
Casino		152,748			143,989			146,613
Rooms		160,452			147,535			142,469
Food and beverage		275,513			259,711			250,060
Entertainment, retail, residential and other		49,999			47,321			62,893
General and administrative		224,906			215,880			213,742
Property transactions, net		7,195			9,541			4,529
NV energy exit expense		–			(8,250	)		24,996
Depreciation and amortization		221,564			211,897			301,325
		1,092,377			1,027,624			1,146,627
Operating income		185,368			200,109			13,979
Non-operating income (expense)
Interest income		1,821			1,357			885
Interest expense, net		(80,511	)		(60,094	)		(61,032	)
Loss on retirement of debt		(742	)		(4,554	)		(4,102	)
Other, net		(8,845	)		408			(106	)
Net income (loss) from continuing operations		97,091			137,226			(50,376	)
Income (loss) from discontinued operations		(135,002	)		(5,543	)		400,092
Net income (loss)	$	(37,911	)	$	131,683		$	349,716

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

2

Exhibit 99.3

CITYCENTER HOLDINGS, LLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Year Ended December 31,
	2018			2017			2016
Cash flows from operating activities
Net income (loss)	$	(37,911	)	$	131,683		$	349,716
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		224,682			224,358			318,122
Amortization of debt discounts and issuance costs		5,043			4,657			3,960
Loss on retirement of long-term debt		742			4,554			4,102
Loss on the sale of Mandarin Oriental		133,440			–			–
Gain on the sale of Crystals		–			–			(400,082	)
Property transactions, net		7,195			9,541			4,529
Provision (benefit) for doubtful accounts		3,938			(2,407	)		12,551
Change in fair value of interest rate swaps		8,325			–			–
Changes in current assets and liabilities:
Accounts receivable		(34,390	)		(9,828	)		(11,401	)
Inventories		(908	)		(1,761	)		2,000
Prepaid expenses and other		10,146			(831	)		8,461
Accounts payable and accrued liabilities		24,146			(6,185	)		(4,807	)
Change in residential real estate		–			–			1,771
Other		2,464			(12,521	)		10,100
Net cash provided by operating activities		346,912			341,260			299,022
Cash flows from investing activities
Capital expenditures, net of construction payable		(140,252	)		(107,166	)		(70,454	)
Proceeds from the sale of Mandarin Oriental		201,091			–			–
Proceeds from the sale of Crystals		–			–			1,078,889
Proceeds from property and equipment		246			2,177			–
Other		–			–			657
Net cash provided by (used in) investing activities		61,085			(104,989	)		1,009,092
Cash flows from financing activities
Net borrowings under senior credit facilities – maturities of ninety days or less		182,489			350,250			–
Repayments under senior credit facilities - maturities longer than ninety days		–			–			(266,000	)
Dividends and distributions paid		(625,000	)		(600,000	)		(1,080,000	)
Cash distributions to Members		–			–			(2,098	)
Due to MGM Resorts International		23,999			(908	)		18,901
Debt issuance costs		(1,995	)		(25,723	)		–
Net cash used in financing activities		(420,507	)		(276,381	)		(1,329,197	)
Cash and cash equivalents
Net decrease for the year		(12,510	)		(40,110	)		(21,083	)
Balance, beginning of year		195,191			235,301			256,384
Balance, end of year	$	182,681		$	195,191		$	235,301
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized	$	75,771		$	68,585		$	43,410
Assets acquired through capital leases		19,374			–			–

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

3

Exhibit 99.3

CITYCENTER HOLDINGS, LLC

CONSOLIDATED STATEMENTS OF MEMBERS’ EQUITY

(In thousands)

Balance as of January 1, 2016	$	6,284,218
Cash distributions to Members		(2,098	)
Dividends and distributions paid		(1,080,000	)
Income from discontinued operations		400,092
Net loss from continuing operations		(50,376	)
Balance as of December 31, 2016		5,551,836
Dividends and distributions paid		(600,000	)
Loss from discontinued operations		(5,543	)
Net income from continuing operations		137,226
Balance as of December 31, 2017		5,083,519
Dividends and distributions paid		(625,000	)
Loss from discontinued operations		(135,002	)
Net income from continuing operations		97,091
Balance as of December 31, 2018	$	4,420,608

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

4

Exhibit 99.3

CITYCENTER HOLDINGS, LLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 — ORGANIZATION AND NATURE OF BUSINESS

Organization. CityCenter Holdings, LLC (the “Company”) is a Delaware limited liability company that owns and operates CityCenter in Las Vegas, Nevada (“CityCenter”). The Company is a joint venture which is 50%-owned by a wholly owned subsidiary of MGM Resorts International (together with its subsidiaries, “MGM Resorts”), a Delaware corporation, and 50%-owned by Infinity World Development Corp (“Infinity World”), which is wholly owned by Dubai World, a Dubai United Arab Emirates government decree entity (each, a “Member”). The governing document for the Company is the Third Amended and Restated Limited Liability Company Agreement dated December 22, 2015 (the “LLC Agreement”).

Under the LLC Agreement, the Board of Directors of the Company is composed of six representatives (subject to intermittent vacancies) – three selected by each Member – and has exclusive power and authority for the overall management of the Company. Compensation for Board of Directors’ duties is borne by the Members. The Company has no employees and has entered into several agreements with MGM Resorts to provide day-to-day management of CityCenter and the Company. See Note 10 for further discussion of such agreements.

Nature of Business. CityCenter is a mixed-use development on the Las Vegas Strip located between the Bellagio and Park MGM (which was branded as Monte Carlo prior to May 2018) resorts, both owned by MGM Resorts. CityCenter consists of the following components:

• Aria Resort & Casino, a 4,004-room casino resort featuring an approximately 140,000 square-foot casino, approximately 500,000 square feet of conference and convention space, and numerous world-class restaurants, nightclub and bars, and pool and spa amenities;

• The Vdara Hotel and Spa, a luxury condominium-style hotel with 1,495 units; and

• The Veer Towers, 669 units in two towers consisting entirely of luxury residential condominium units (the last of the 669 units were sold and closed during the year ended December 31, 2016).

In August 2018, the Company closed the sale of Mandarin Oriental Las Vegas (“Mandarin Oriental”). See Note 3 for additional information related to the sale.

In April 2016, the Company closed the sale of The Shops at Crystals (“Crystals”). See Note 3 for additional information related to the sale.

NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation. The consolidated financial statements include the accounts of the Company and its subsidiaries. The Company does not have a variable interest in any variable interest entities. All intercompany balances and transactions have been eliminated in consolidation. The results of operations are not necessarily indicative of the results to be expected in the future.

Management’s use of estimates. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. Those principles require the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair value measurements. Fair value measurements affect the Company’s accounting for and impairment assessments of its long-lived assets and intangible assets. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy consisting of: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs. The Company used Level 2 inputs when measuring the fair value of its interest rate swaps. The interest rate swap values are recorded as a net unrealized gain or loss position and recognized as an asset or liability within “Other assets” or “Other long-term obligations.” See Note 7.

5

Exhibit 99.3

Cash and cash equivalents. Cash and cash equivalents include investments and interest bearing instruments with maturities of ninety days or less at the date of acquisition. Such investments are carried at cost, which approximates fair value.

Accounts receivable and credit risk. The Company issues markers to approved casino customers following investigations of creditworthiness. As of December 31, 2018, approximately 53% of the Company’s casino receivables were due from customers from foreign countries. Enforceability issues, business or economic conditions or other significant events in these countries could affect the collectability of such receivables.

Trade receivables, including casino and hotel receivables, are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An allowance for doubtful accounts is maintained to reduce the Company’s receivables to their estimated realizable amount, which approximates fair value. The allowance is estimated based on a specific review of customer accounts as well as historical collection experience and current economic and business conditions. Management believes that as of December 31, 2018, no significant concentrations of credit risk existed.

Inventories. Inventories consist primarily of food and beverage, retail merchandise and operating supplies, and are stated at the lower of cost or market. Cost is determined primarily by the average cost method for food and beverage and operating supplies. Cost for retail merchandise is determined using the cost method.

Residential real estate. Residential real estate represented capitalized costs of residential inventory, which consisted of completed condominium units available for sale less impairments previously recognized. Costs included land, direct and indirect construction and development costs, and capitalized property taxes and interest. The last residential units were sold in 2016.

Property and equipment. Property and equipment are stated at cost including capitalized interest. Gains or losses on dispositions of property and equipment are included in the determination of income or loss. Maintenance and repairs that neither materially add to the value of the property nor appreciably prolong its life are charged to expense as incurred. As of December 31, 2018 and 2017, the Company had accrued $2.9 million and $2.7 million, respectively, for property and equipment within accounts payable, and $0.3 million and $3.5 million, respectively, related to construction retention within accounts payable.

Property and equipment are depreciated over the following estimated useful lives on a straight-line basis:

Buildings and improvements	20 to 40 years
Land improvements	10 to 20 years
Furniture and fixtures	3 to 20 years
Equipment	3 to 15 years

Project costs are stated at cost and recorded as property and equipment (which includes adjustments made upon the initial contribution by MGM Resorts to the extent such property or equipment is contributed by MGM Resorts) unless determined to be impaired, in which case the carrying value is reduced to estimated fair value.

In December 2015, the Company decided to close the Zarkana show at the Aria Resort & Casino as part of a plan to expand its conference and convention space. As a result, the Company shortened the useful lives of the assets related to the Zarkana theatre and recognized accelerated depreciation expense of $82 million during the year ended December 31, 2016. The fully depreciated assets related to the Zarkana theatre were disposed in April 2016 and construction of the conference and expansion space began in May 2016, which opened during the first quarter of 2018.

Capitalized interest.  The interest costs associated with development and construction projects are capitalized and included in the cost of the project. Capitalization of interest ceases when the project is substantially complete or development activity is suspended for more than a brief period.

Impairment of long-lived assets. The Company evaluates its property and equipment for impairment as held and used. The Company reviews assets to be held and used for impairment whenever indicators of impairment exist. It then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying amount of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying amount, then impairment is recorded based on the fair value of the asset, typically measured using a discounted cash flow model. Any recognized impairment losses would be recorded as operating expense.

6

Exhibit 99.3

Other assets. The Company’s other assets include intangible assets, deposits, base stock, and other assets. Indefinite-lived intangible assets are reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment test for indefinite-lived intangible assets in the fourth quarter of each fiscal year. No impairments were indicated or recorded as a result of the annual impairment review.

Debt issuance costs. The Company capitalizes debt issuance costs, which include legal and other direct costs related to the issuance of debt. The capitalized costs are amortized straight-line to interest expense over the contractual term of the debt.

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.

The transaction price for a casino wager is the difference between gaming wins and losses (“net win”). In certain circumstances, the Company offers discounts on markers, which is estimated based upon historical business practice, and recorded as a reduction of casino revenue. The Company accounts for casino revenue on a portfolio basis given the similar characteristics of wagers by recognizing net win per gaming day versus on an individual wager basis.

For casino wager transactions that include other goods and services provided by the Company to gaming patrons on a discretionary basis to incentivize gaming, the Company allocates revenue from the casino wager transaction to the good or service delivered based upon stand-alone selling price (“SSP”). Discretionary goods and services provided by the Company and supplied by third parties are recognized as an operating expense.

For casino wager transactions that include incentives earned by customers under the Company’s loyalty program, the Company allocates a portion of net win based upon the SSP 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. Commissions and incentives provided to gaming customers were collectively $212 million, $190 million and $194 million for the years ended December 31, 2018, 2017 and 2016, 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.

The transaction price of rooms, food and beverage, and retail contracts is the net amount collected from the customer for such goods and services.The transaction price for such contracts is recorded as revenue when the good or service is transferred to the customer over their stay at the hotel or when the delivery is made for the food and beverage and retail and other contracts. Sales and usage-based taxes are excluded from revenues. For some arrangements, the Company acts as an agent in that it arranges for another party to transfer goods and services, which primarily include certain of the Company’s entertainment shows as well as customer rooms arranged by online travel agents.

The Company also has other contracts that include multiple goods and services, such as packages that bundle food, beverage, or entertainment offerings with hotel stays and convention services. For such arrangements, the Company allocates revenue to each good or service based on its relative SSP. The Company primarily determines the SSP of rooms, food and beverage, entertainment, and retail goods and services based on the amount that the Company charges when sold separately in similar circumstances to similar customers.

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 owned 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.

7

Exhibit 99.3

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

	Outstanding Chip Liability					Loyalty Program					Customer Advances and Other
	2018		2017			2018			2017		2018		2017
	(in thousands)
Balance at January 1	$	53,051	$	57,438		$	235		$	186	$	86,487	$	80,076
Balance at December 31		54,637		53,051			205			235		106,081		86,487
Increase / (decrease)	$	1,586	$	(4,387	)	$	(30	)	$	49	$	19,594	$	6,411

Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, rooms, food and beverage, and entertainment, retail, residential and other). Lease revenues earned by the Company from third-parties are classified within the line item corresponding to the type or nature of the tenant’s good or service. Lease revenues include $3 million, $3 million and $4 million recorded within food and beverage revenue for the years ended December 31, 2018, 2017 and 2016, respectively, and $3 million, $2 million and $3 million recorded within entertainment, retail, residential and other revenue for the same such periods, respectively.

Real estate sales. Revenue for residential sales is deferred until closing occurs, which is when title, possession and other attributes of ownership have been transferred to the buyer and the Company is not obligated to perform activities after the sale. Additionally, the buyer’s initial and continuing investment must be adequate to demonstrate a commitment to pay and the buyer’s receivable cannot be subject to future subordination.

Residential operating expenses include cost of real estate sold, holding costs, selling costs, indirect selling costs and valuation allowances for residential mortgage notes receivable. Costs associated with residential sales were deferred during construction, except for indirect selling costs and general and administrative expense, which were expensed as incurred.

Advertising. The Company expenses advertising costs the first time the advertising takes place. Advertising expense is included in preopening and start-up expenses when related to the preopening and start-up period and in general and administrative expense when related to ongoing operations. Advertising expense was $15 million, $14 million and $15 million for the years ended December 31, 2018, 2017 and 2016, respectively.

Property transactions, net. The Company classifies transactions related to long-lived assets – such as write-downs and impairments, demolition costs, and gains and losses on the sale of fixed assets – within “Property transactions, net” in the accompanying consolidated statements of operations.

Income taxes. The Company is treated as a partnership for federal income tax purposes. Therefore, federal income taxes are the responsibility of the Members. As a result, no provision for income taxes is reflected in the accompanying consolidated financial statements.

Comprehensive income (loss). Net income (loss) equals comprehensive income (loss) for all years presented.

Reclassification of prior year balances. Reclassifications were made to the prior-period consolidated financial statements to conform to the current period presentation.

Recently issued accounting standards. In May 2014, Financial Accounting Standards Board (“FASB”) issued Accounting Standard Codification (“ASC”) 606, “Revenue from Contracts with Customers (Topic 606),” (“ASC 606”) which outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods and services.

The Company adopted ASC 606 on a full retrospective basis effective January 1, 2018. The most significant impacts of the adoption of the new accounting pronouncement are as follows:

8

Exhibit 99.3

• Promotional Allowances. The Company no longer recognizes revenues for goods and services provided to customers for free as an inducement to gamble as gross revenue with a corresponding offset to promotional allowances to arrive at net revenues, and accordingly the promotional allowances line item has been removed. The majority of such amounts previously included in promotional allowances now offset casino revenues based on an allocation of revenues to performance obligations using SSP. This change resulted in a reclassification of revenue between revenue line items;

• Loyalty Accounting. As discussed within Revenue Recognition above, the outstanding performance obligations of the loyalty program liability are now recognized at retail value of such benefits owed to the customer (less estimated breakage). This change resulted in a decrease to retained earnings as of January 1, 2016 of $4 million, with a corresponding increase primarily to “Due to MGM Resorts International,” as a result of the initial application of the standard and did not have a significant impact to other balance sheet accounts or earnings;

• Gross versus Net Presentation. Mandatory service charges on food and beverage and wide area progressive operator fees are recorded gross, that is, the amount received from the customer will be recorded as revenue with the corresponding amount paid as an expense. These changes resulted in an increase in revenue with a corresponding increase in expense; and

• Estimated Cost of Promotional Allowances. The Company no longer reclassifies the estimated cost of complimentaries provided to the gaming patron from other expense line items to the casino expense line item. This change resulted in a reclassification between expense line items.

These changes, and other less significant adjustments that were required upon adoption, did not have an aggregate material impact on net income or cash flows. The following table shows the increase/(decrease) to the Company’s 2017 and 2016 income statement line items as follows:

	Twelve Months Ended
	December 31,			December 31,
	2017			2016
	Increase/(decrease)
	(in thousands)
Revenues
Casino	$	(100,190	)	$	(99,861	)
Rooms		(12,379	)		(10,097	)
Food and beverage		7,049			10,270
Entertainment, retail, residential and other		(2,825	)		(2,904	)
		(108,345	)		(102,592	)
Promotional allowances		136,069			128,897
		27,724			26,305
Expenses
Casino		(67,588	)		(65,979	)
Rooms		22,133			21,895
Food and beverage		68,513			63,865
Entertainment, retail, residential, and other		4,199			5,181
		27,257			24,962
Net income	$	467		$	1,343

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 right-of-use (“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 will adopt ASC 842 on January 1, 2019 utilizing the simplified transition method and accordingly will not recast comparative period financial information. The Company will elect 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. The Company also currently expects that the most significant impact will be the recognition of ROU assets and lease liabilities for operating leases that exist at the Company on the date of adoption.

In January 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force),” (“ASU 2016-15”).

9

Exhibit 99.3

ASU 2016-15 amends the guidance of ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of ASU 2016-15 is to reduce the diversity in practice that has resulted from the lack of consistent principles, specifically clarifying the guidance on eight cash flow issues. The adoption of 2016-15 did not have a material effect on the Company’s consolidated financial statements.

Subsequent events. Management has evaluated subsequent events through February 19, 2019, the date these consolidated financial statements were issued.

NOTE 3 — ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

In August 2018, the Company closed the sale of Mandarin Oriental, a hotel with adjacent retail and food and beverage outlets, to Lamco Fund I, LLC for approximately $214 million. The Company recognized a loss of $133 million on the sale, which is included within “Income (loss) from discontinued operations,” for the year ended December 31, 2018. The results of Mandarin Oriental are classified as discontinued operations in the accompanying consolidated statements of operations for the years ended December 31, 2018, 2017 and 2016 as the sale was a strategic shift in business. The 2017 and 2016 consolidated statements of cash flows have not been adjusted to reflect discontinued operations. The assets and liabilities of Mandarin Oriental are classified as held for sale as of December 31, 2017.

In April 2016, the Company closed the sale of Crystals, a retail, dining and entertainment district, to a venture led by Invesco Real Estate and Simon Property Group for approximately $1.1 billion. The Company recognized a gain of $400 million on the sale, which is included within “Income (loss) from discontinued operations,” for the year ended December 31, 2016. The results of Crystals are classified as discontinued operations in the accompanying consolidated statements of operations for the year ended December 31, 2016 as the sale of Crystals was a strategic shift in business.

The cash flows of discontinued operations are included with the cash flows of continuing operations in the accompanying consolidated statements of cash flows. Capital expenditures related to discontinued operations were $0, $1 million and $2 million for the years ended December 31, 2018, 2017 and 2016, respectively.

The following table summarizes assets held for sale and liabilities related to assets held for sale in the accompanying consolidated balance sheet as of December 31, 2017.

	December 31,
	2017
	(In thousands)
Cash and cash equivalents	$	13,173
Accounts receivable, net		3,919
Inventories		803
Prepaid expenses and other current assets		1,721
Property and equipment, net		334,789
Other assets		2,287
Total assets		356,692
Other accrued liabilities		9,494
Total liabilities		9,494
Net assets	$	347,198

The following table summarizes the net revenues, expenses, and gain or loss included in discontinued operations. For the years ended December 31, 2018, 2017 and 2016, income (loss) from discontinued operations included results from Mandarin Oriental and Crystals for the year ended December 31, 2016.

10

Exhibit 99.3

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Net revenues	$	45,353		$	67,545		$	84,349
Rooms, food and beverage, retail and other expenses		(30,814	)		(43,177	)		(43,824	)
General and administrative		(12,983	)		(17,450	)		(22,626	)
Depreciation and amortization		(3,118	)		(12,461	)		(16,796	)
NV energy exit expense		–			–			(1,093	)
Gain (loss) on the sale of discontinued operations		(133,440	)		–			400,082
	$	(135,002	)	$	(5,543	)	$	400,092

NOTE 4 — Accounts receivable, net

Accounts receivable, net consisted of the following:

	December 31,
	2018			2017
	(In thousands)
Casino	$	115,418		$	97,356
Hotel		43,623			36,316
Other		8,037			7,460
		167,078			141,132
Less: Allowance for doubtful accounts		(22,281	)		(26,787	)
	$	144,797		$	114,345

Allowance for doubtful accounts consisted of the following:

	Balance at		Provision for			Write-offs,
	Beginning of		Doubtful			Net of			Balance at
	Period		Accounts			Recoveries			End of Period
Allowance for doubtful accounts:	(In thousands)
Year Ended December 31, 2018	$	26,787	$	3,938		$	(8,444	)	$	22,281
Year Ended December 31, 2017		36,698		(2,407	)		(7,504	)		26,787
Year Ended December 31, 2016		45,078		12,551			(20,931	)		36,698

NOTE 5 — PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

	December 31,
	2018			2017
	(In thousands)
Land	$	1,537,976		$	1,521,642
Buildings, building improvements and land improvements		5,437,126			5,309,048
Furniture, fixtures and equipment		1,341,861			1,305,005
Construction in progress		30,856			135,082
		8,347,819			8,270,777
Less: Accumulated depreciation and amortization		(2,219,743	)		(2,030,862	)
	$	6,128,076		$	6,239,915

NOTE 6— OTHER ACCRUED LIABILITIES

Other accrued liabilities consisted of the following:

11

Exhibit 99.3

	December 31,
	2018		2017
	(In thousands)
Advance deposits and ticket sales	$	40,759	$	33,105
Casino outstanding chip liability		54,637		53,051
Casino front money deposits		56,478		46,063
Other gaming related accruals		9,050		7,555
Taxes, other than income taxes		16,384		14,875
Demolition accrual		13,246		13,246
Payroll and related		8,787		8,537
Other		8,458		8,022
	$	207,799	$	184,454

NOTE 7 – LONG-TERM DEBT, NET

Long-term debt, net consisted of the following:

	December 31,
	2018			2017
	(In thousands)
Senior credit facility	$	1,774,489		$	1,592,000
Less discounts and unamortized debt issuance cost		(26,645	)		(30,203	)
		1,747,844			1,561,797
Less current portion of long-term debt		(18,015	)		(16,000	)
	$	1,729,829		$	1,545,797

Senior credit facility. At December 31, 2018, the senior credit facility consisted of $1.8 billion of term loans and a $125 million revolving credit facility. The term loan B facility will mature in April 2024 and the revolving credit facility will mature in April 2022.  In May 2018, the Company amended its credit agreement to provide for a $200 million increase in the term loan B facility and repriced its term loan B interest rate to LIBOR plus 2.25% with a LIBOR floor of 0.75%.  Additionally, the term loan B facility is subject to quarterly amortization payments of approximately $5 million beginning in June 2018 through March 2024 with the remaining balance due in April 2024. During the year ended December 31, 2018, the Company permanently repaid $14 million in accordance with the scheduled amortization payments. As of December 31, 2018, the interest rate on the term loan B was 4.77%. Loans under the revolving facility bear interest at LIBOR plus 2.00%. As of December 31, 2018 the Company had not drawn on the revolving facility. The Company pays an applicable fee of 0.375%, for the unused portion of the revolving facility. In connection with the amendment of the senior credit facility, the Company recorded a loss on retirement of long-term debt of $0.7 million, primarily consisting of the write-off of a portion of previously unamortized debt issuance costs.

The senior credit facility is a general senior obligation of the Company and ranks equally with the Company’s other existing and future senior obligations, is fully and unconditionally guaranteed on a senior secured basis by the restricted subsidiaries of the Company and is secured by a first-priority perfected lien on substantially all of the Company’s assets and the assets of its subsidiaries.

The senior credit facility contains customary positive, negative and financial covenants, including a requirement that the Company maintains a quarterly minimum interest coverage ratio of 2.5:1.0 and a maximum quarterly leverage ratio for the trailing four quarters of 5.00:1.00 for December 31, 2018 and thereafter.  The Company was in compliance with all applicable covenants as of December 31, 2018.

Pursuant to the senior credit facility, the Company is required to make permanent repayments of principal based on an annual calculation of excess cash flow, as defined in the agreements. The percentage of excess cash flow required to be repaid is based on the Company’s leverage ratio as of the end of the fiscal year, with 50% required to be repaid if the leverage ratio is greater than 5.0:1.0 as of the measurement date, 25% if the leverage ratio is less than or equal to 5.0:1.0 and greater than 4.0:1.0, and no payment of excess cash flow is required if the leverage ratio is less than or equal to 4.0:1.0. During 2018 and 2017 and as of December 31, 2018 and 2017, the Company did not have excess cash flow required to be paid in accordance with the senior credit agreement for 2018 and 2017, respectively.  

12

Exhibit 99.3

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt as of December 31, 2018 and 2017 was approximately $1.66 billion and $1.58 billion, respectively, and was determined using estimates based on trading prices of similar liabilities, a Level 2 input.

Maturities of long-term debt. As of December 31, 2018, maturities of the Company’s long-term debt were as follows:

For the year ending December 31,	(In thousands)
2019	$	18,015
2020		18,015
2021		18,015
2022		18,015
2023		18,015
Thereafter		1,684,414
	$	1,774,489

Interest expense, net consisted of the following:

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Senior credit facility including discount amortization	$	77,074		$	58,380		$	59,254
Amortization of debt issuance costs and other		3,991			3,383			2,199
Capitalized interest		(554	)		(1,669	)		(421	)
	$	80,511		$	60,094		$	61,032

In order to manage interest rate risk inherent in its variable rate debt, the Company hedges the interest rate on the term loan under its senior credit facility. The Company entered into interest rate swap agreements effective December 31, 2018 with a notional value of $900 million and a maturity date of December 31, 2023. The fixed rate paid is 2.73% and the variable rate received resets monthly to the greater of one-month LIBOR or 0.75%.

As of December 31, 2018, the interest rate swaps were valued in a net unrealized loss position and recognized as a liability within “Other long-term obligations.” For the year ended December 31, 2018, the Company recorded an $8 million loss related to the change in fair value of the interest rate swaps in “Other, net.”

NOTE 8 — COMMITMENTS AND CONTINGENCIES

NV Energy.In July 2016, MGM Resorts, including the Company, filed its notice to exit the fully bundled sales system of NV Energy and will purchase energy, capacity, and/or ancillary services from a provider other than NV Energy. In September 2016, the Company paid an upfront impact payment of $14 million, of which $2 million was billed to third party entities and represented a reduction in the overall impact fee expense. Of this $2 million receivable for amounts billed to third party entities, $1 million is included in Accounts receivable, net as of both December 31, 2018 and 2017. Additionally, the Company is required to make ongoing payments to NV Energy for non-bypassable rate charges which primarily relate to its share of NV Energy’s portfolio of renewable energy contracts which extend through 2040 and each entity’s share of the costs of decommissioning and remediation of coal-fired power plants in Nevada. During 2017, the terms of the ongoing impact fee obligations were modified. Such modifications included a credit to be applied against future non-bypassable rate charges and substantially shortened the period over which MGM Resorts, including the Company, is responsible for such charges, with an end date in 2022. As such, the Company recognized a reduction in its liability for future charges of $8 million with a corresponding credit to “NV Energy exit expense.” As of December 31, 2018, and 2017, the Company recorded an estimate of such liability on a discounted basis of $1 million and $2 million, respectively, in “Due to MGM Resorts International” and $2 million and $4 million, respectively, in “Other long-term obligations.”

Other litigation. The Company is a party to various legal proceedings that relate to construction and operational 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 consolidated financial statements. The Company maintained an owner controlled insurance program (OCIP) during the construction and development process. Under the OCIP, certain insurance coverages may cover a portion of the Company’s general liability, workers compensation, and other potential liabilities.

13

Exhibit 99.3

Other guarantees. The Company is party to various guarantee contracts in the normal course of business, which are generally supported by letters of credit issued by financial institutions. The Company’s available borrowing capacity under the senior credit facility is reduced by any outstanding letters of credit.  At December 31, 2018, the Company had $9 million in a letter of credit outstanding. Additionally, as of December 31, 2018 the Company had $8 million of obligations related to professional services and maintenance contracts.

Leases where the Company is a lessee. The Company is party to various leases for real estate and equipment under operating lease arrangements. In December 2018, the Company entered into a capital lease for Information Technology equipment, which is amortized on a straight line basis over 5 years.

The expected fixed future minimum lease payments associated with this capital lease as of December 31, 2018 are as follows:

For the year ending December 31,	(In thousands)
2019	$	4,225
2020		4,225
2021		4,225
2022		4,225
2023		4,225
Total minimum lease payments		21,125
Less: Amount representing interest		1,751
Present value of minimum lease payments	$	19,374

The Company’s other future minimum obligations under non-cancellable leases are immaterial in each of the next five years, and in total.

Leases where the Company is a lessor. The Company enters into operating leases related to retail, dining and entertainment venues. As of December 31, 2018, the Company has 16 such leases in place. Tenants are primarily responsible for tenant improvements, though the Company provides construction allowances to certain lessees. Leases include base rent, common area maintenance charges and, in some cases, percentage rent based on the sales of the lessee. Payments received related to fixed future minimum leases are immaterial in each of the next five years, and in total.

Several leases contain terms that are based on meeting certain operational criteria. Contingent rentals included in income were $3

million, $2 million and $5 million for the years ended December 31, 2018, 2017 and 2016, respectively.

NOTE 9 —DIVIDENDS AND DISTRIBUTIONS TO MEMBERS

          The Company paid the following dividends and distributions:

• In 2018, $625 million in dividends and distributions, $312.5 million was paid to MGM Resorts and $312.5 million was paid to Infinity World;

• In 2017, $600 million in dividends and distributions, $300 million was paid to MGM Resorts and $300 million was paid to Infinity World; and

• In 2016, $1.1 billion in dividends and distributions, $540 million was paid to MGM Resorts and $540 million was paid to Infinity World.

NOTE 10 — MANAGEMENT AGREEMENTS AND RELATED PARTY TRANSACTIONS

The Company and MGM Resorts have entered into agreements whereby MGM Resorts is responsible for the ongoing management of CityCenter and the Company. The LLC Agreement provides for Infinity World’s right to terminate the Operations Management Agreements if MGM Resorts’ ability to perform under those agreements is impacted by its financial condition. The Company is paying MGM Resorts management fees as stipulated in each of the agreements referenced below.

14

Exhibit 99.3

Operations and assets management agreements. The Company and MGM Resorts entered into the following agreements to provide for the ongoing operations of CityCenter:

• Hotel and Casino Operations and Hotel Assets Management Agreement – Pursuant to this agreement, MGM Resorts manages the operations of Aria. The Company pays MGM Resorts an operating fee equal to 2% of Aria’s revenue plus 5% of Aria’s EBITDA (as defined in the agreement) for services under this agreement; and

• Condo-Hotel Operations Management Agreement – Pursuant to this agreement, MGM Resorts manages the ongoing operations of Vdara Condo-Hotel. The Company pays MGM Resorts a fee equal to 2% of Vdara’s revenue and 5% of Vdara’s EBITDA (as defined in the agreement) for services under this agreement.

In July 2018, the operations and assets management agreements discussed above were each amended to reference an annual fee the Company is to pay MGM Resorts of $0.5 million for the years ended December 31, 2018, 2019 and 2020, which will increase to $1.5 million beginning in 2021.

During the years ended December 31, 2018, 2017 and 2016, the Company incurred $47 million, $49 million and $43 million, respectively, related to the operating fees discussed above. In addition, the Company reimburses MGM Resorts for costs, primarily employee compensation, associated with its management activities. During the years ended December 31, 2018, 2017 and 2016, the Company incurred $409 million, $390 million and $387 million, respectively, for reimbursed costs of management services provided by MGM Resorts. As of December 31, 2018 and 2017, the Company owed MGM Resorts $85 million and $81 million, respectively, for operating services and reimbursable costs, and such amounts included $2 million and $4 million, respectively, related to NV energy expense, included in “Other long-term obligations,” and $0 and $18 million as of December 31, 2018 and 2017, respectively, related to capitalized construction costs.

Aircraft agreement. The Company has an agreement with MGM Resorts whereby MGM Resorts provides the Company the use of its aircraft on a time-sharing basis. The Company is charged a rate that is based on Federal Aviation Administration regulations, which provides for reimbursement for specific costs incurred by MGM Resorts without any profit or mark-up. The Company reimbursed MGM Resorts $5 million, $2 million and $2 million for aircraft related expenses for the years ended December 31, 2018, 2017 and 2016, respectively.

15

XML

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2018	Feb. 22, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Trading Symbol	MGM
Entity Registrant Name	MGM Resorts International
Entity Central Index Key	0000789570
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		536,916,609
Entity Public Float			$ 15.6

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 1,526,762	$ 1,499,995
Accounts receivable, net	657,206	542,273
Inventories	110,831	102,292
Income tax receivable	28,431	42,551
Prepaid expenses and other	203,548	189,244
Total current assets	2,526,778	2,376,355
Property and equipment, net	20,729,888	19,635,459
Other assets
Investments in and advances to unconsolidated affiliates	732,867	1,033,297
Goodwill	1,821,392	1,806,531
Other intangible assets, net	3,944,463	3,877,960
Other long-term assets, net	455,318	430,440
Total other assets	6,954,040	7,148,228
Total assets	30,210,706	29,160,042
Current liabilities
Accounts payable	302,578	255,028
Construction payable	311,793	474,807
Current portion of long-term debt	43,411	158,042
Accrued interest on long-term debt	140,046	135,785
Other accrued liabilities	2,151,054	2,114,635
Total current liabilities	2,948,882	3,138,297
Deferred income taxes, net	1,342,538	1,295,375
Long-term debt, net	15,088,005	12,751,052
Other long-term obligations	259,240	284,416
Commitments and contingencies (Note 11)
Redeemable noncontrolling interests	102,250	79,778
Stockholders' equity
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 527,479,528 and 566,275,789 shares	5,275	5,663
Capital in excess of par value	4,092,085	5,357,709
Retained earnings	2,423,479	2,217,299
Accumulated other comprehensive loss	(8,556)	(3,610)
Total MGM Resorts International stockholders' equity	6,512,283	7,577,061
Noncontrolling interests	3,957,508	4,034,063
Total stockholders' equity	10,469,791	11,611,124
Total liabilities and stockholders' equity	$ 30,210,706	$ 29,160,042

XML

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
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	527,479,528	566,275,789
Common stock, outstanding shares	527,479,528	566,275,789

XML

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Revenues	$ 11,763,096	$ 10,797,479	$ 9,478,269
Expenses
General and administrative	1,764,638	1,559,575	1,378,534
Corporate expense	419,204	356,872	312,705
NV Energy exit expense	0	(40,629)	139,335
Preopening and start-up expenses	151,392	118,475	140,075
Property transactions, net	9,147	50,279	17,078
Gain on Borgata transaction	0	0	(430,118)
Depreciation and amortization	1,178,044	993,480	849,527
Total expenses	10,441,300	9,231,174	7,928,357
Income from unconsolidated affiliates	147,690	146,222	528,287
Operating income	1,469,486	1,712,527	2,078,199
Non-operating income (expense)
Interest expense, net of amounts capitalized	(769,513)	(668,745)	(694,773)
Non-operating items from unconsolidated affiliates	(47,827)	(34,751)	(53,139)
Other, net	(18,140)	(48,241)	(72,698)
Total non-operating income (expense)	(835,480)	(751,737)	(820,610)
Income before income taxes	634,006	960,790	1,257,589
Benefit (provision) for income taxes	(50,112)	1,127,394	(21,743)
Net income	583,894	2,088,184	1,235,846
Less: Net income attributable to noncontrolling interests	(117,122)	(136,132)	(135,438)
Net income attributable to MGM Resorts International	$ 466,772	$ 1,952,052	$ 1,100,408
Earnings per share
Basic	$ 0.82	$ 3.38	$ 1.94
Diluted	$ 0.81	$ 3.34	$ 1.92
Weighted average common shares outstanding
Basic	544,253	572,253	568,134
Diluted	549,536	578,795	573,317
Casino [Member]
Revenues
Revenues	$ 5,753,150	$ 5,016,426	$ 4,108,126
Expenses
Expenses	3,199,775	2,673,397	2,213,922
Rooms [Member]
Revenues
Revenues	2,212,573	2,152,741	2,003,027
Expenses
Expenses	791,761	748,947	697,977
Food and Beverage [Member]
Revenues
Revenues	1,959,021	1,871,969	1,727,805
Expenses
Expenses	1,501,868	1,414,611	1,310,969
Entertainment, Retail and Other [Member]
Revenues
Revenues	1,412,860	1,354,301	1,242,159
Expenses
Expenses	999,979	954,125	901,201
Reimbursed Costs [Member]
Revenues
Revenues	425,492	402,042	397,152
Expenses
Expenses	$ 425,492	$ 402,042	$ 397,152

XML

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 5,760	$ 171,410	$ 140,423	$ 266,301	$ 1,418,993	$ 175,744	$ 240,873	$ 252,574	$ 583,894	$ 2,088,184	$ 1,235,846
Other comprehensive loss, net of tax:
Foreign currency translation adjustment									(13,022)	(43,188)	(2,680)
Unrealized gain on cash flow hedges									3,576	7,995	1,879
Other comprehensive loss									(9,446)	(35,193)	(801)
Comprehensive income									574,448	2,052,991	1,235,045
Less: Comprehensive income attributable to noncontrolling interests									(112,622)	(119,700)	(134,680)
Comprehensive income attributable to MGM Resorts International									$ 461,826	$ 1,933,291	$ 1,100,365

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net income	$ 583,894	$ 2,088,184	$ 1,235,846
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,178,044	993,480	849,527
Amortization of debt discounts, premiums and issuance costs	41,102	32,996	40,493
Loss on retirement of long-term debt	3,619	45,696	66,933
Provision for doubtful accounts	39,762	20,603	10,863
Stock-based compensation	70,177	62,494	55,487
Property transactions, net	9,147	50,279	17,078
Gain on Borgata transaction	0	0	(430,118)
Income from unconsolidated affiliates	(96,542)	(111,471)	(471,980)
Distributions from unconsolidated affiliates	11,563	13,050	16,905
Deferred income taxes	46,720	(1,259,406)	(81,183)
Change in operating assets and liabilities:
Accounts receivable	(149,554)	(17,972)	(31,866)
Inventories	(7,860)	(4,656)	10,806
Income taxes receivable and payable, net	14,120	(53,204)	13,385
Prepaid expenses and other	(15,535)	(46,974)	20,192
Prepaid Cotai land concession premium	6,879	(7,765)	(22,376)
Accounts payable and accrued liabilities	21,508	422,258	273,744
Other	(34,505)	(21,181)	(39,764)
Net cash provided by operating activities	1,722,539	2,206,411	1,533,972
Cash flows from investing activities
Capital expenditures, net of construction payable	(1,486,843)	(1,864,082)	(2,262,473)
Dispositions of property and equipment	25,612	718	3,944
Proceeds from partial disposition of investment in unconsolidated affiliate	0	0	15,000
Proceeds from sale of business units and investment in unconsolidated affiliate	163,616	0	0
Investments in and advances to unconsolidated affiliates	(56,295)	(16,727)	(3,633)
Distributions from unconsolidated affiliates in excess of cumulative earnings	322,631	301,211	542,097
Other	(17,208)	(1,712)	(11,696)
Net cash used in investing activities	(2,083,021)	(1,580,592)	(2,276,204)
Cash flows from financing activities
Net borrowings under bank credit facilities – maturities of 90 days or less	1,242,259	15,001	491,032
Borrowings under bank credit facilities – maturities longer than 90 days	0	0	1,845,375
Repayments under bank credit facilities – maturities longer than 90 days	0	0	(1,845,375)
Issuance of long-term debt	1,000,000	350,000	2,050,000
Retirement of senior debentures	(2,265)	(502,669)	(2,258,053)
Repayment of Borgata credit facility	0	0	(583,598)
Debt issuance costs	(76,519)	(9,977)	(139,584)
Issuance of MGM Growth Properties Class A shares in public offering	0	404,685	1,207,500
MGM Growth Properties Class A share issuance costs	0	(17,137)	(75,032)
Acquisition of MGM China shares	0	0	(100,000)
Dividends paid to common shareholders	(260,592)	(252,014)	0
Distributions to noncontrolling interest owners	(184,932)	(170,402)	(103,367)
Proceeds from issuance of redeemable noncontrolling interests	0	0	47,325
Purchases of common stock	(1,283,333)	(327,500)	0
Other	(45,384)	(58,765)	(16,801)
Net cash provided by (used in) financing activities	389,234	(568,778)	519,422
Effect of exchange rate on cash	(1,985)	(3,627)	(921)
Cash and cash equivalents
Net increase (decrease) for the period	26,767	53,414	(223,731)
Balance, beginning of period	1,499,995	1,446,581	1,670,312
Balance, end of period	1,526,762	1,499,995	1,446,581
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized	723,609	658,637	661,166
Federal, state and foreign income taxes paid (refunds received), net	(10,100)	181,651	68,236
Non-cash investing and financing activities
Common stock issued for acquisition of MGM China shares	0	0	174,041
Deferred cash payment for acquisition of MGM China shares	0	0	43,265
Increase in construction accounts payable	0	204,466	20,241
Borgata [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on Borgata transaction			(430,000)
Cash flows from investing activities
Acquisition, net of cash acquired	0	0	(559,443)
Cash flows from financing activities
Repayment of Borgata credit facility			(583,598)
Northfield Park associates LLC [Member]
Cash flows from investing activities
Acquisition, net of cash acquired	$ (1,034,534)	$ 0	$ 0

XML

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Borgata [Member]	MGM Growth Properties LLC [Member]	MGM Growth Properties LLC [Member] Class A Shareholders [Member]	MGM National Harbor [Member]	MGM China [Member]	Common Stock [Member]	Common Stock [Member] Borgata [Member]	Common Stock [Member] MGM Growth Properties LLC [Member]	Common Stock [Member] MGM Growth Properties LLC [Member] Class A Shareholders [Member]	Common Stock [Member] MGM National Harbor [Member]	Common Stock [Member] MGM China [Member]	Capital in Excess of Par Value [Member]	Capital in Excess of Par Value [Member] Borgata [Member]	Capital in Excess of Par Value [Member] MGM Growth Properties LLC [Member]	Capital in Excess of Par Value [Member] MGM Growth Properties LLC [Member] Class A Shareholders [Member]	Capital in Excess of Par Value [Member] MGM National Harbor [Member]	Capital in Excess of Par Value [Member] MGM China [Member]	Retained Earnings (Accumulated Deficit) [Member]	Retained Earnings (Accumulated Deficit) [Member] Borgata [Member]	Retained Earnings (Accumulated Deficit) [Member] MGM Growth Properties LLC [Member]	Retained Earnings (Accumulated Deficit) [Member] MGM Growth Properties LLC [Member] Class A Shareholders [Member]	Retained Earnings (Accumulated Deficit) [Member] MGM National Harbor [Member]	Retained Earnings (Accumulated Deficit) [Member] MGM China [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Other Comprehensive Income (Loss) [Member] Borgata [Member]	Accumulated Other Comprehensive Income (Loss) [Member] MGM Growth Properties LLC [Member]	Accumulated Other Comprehensive Income (Loss) [Member] MGM Growth Properties LLC [Member] Class A Shareholders [Member]	Accumulated Other Comprehensive Income (Loss) [Member] MGM National Harbor [Member]	Accumulated Other Comprehensive Income (Loss) [Member] MGM China [Member]	Total MGM Resorts International Stockholder's Equity [Member]	Total MGM Resorts International Stockholder's Equity [Member] Borgata [Member]	Total MGM Resorts International Stockholder's Equity [Member] MGM Growth Properties LLC [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] MGM National Harbor [Member]	Total MGM Resorts International Stockholder's Equity [Member] MGM China [Member]	Non-Controlling Interests [Member]	Non-Controlling Interests [Member] Borgata [Member]	Non-Controlling Interests [Member] MGM Growth Properties LLC [Member]	Non-Controlling Interests [Member] MGM Growth Properties LLC [Member] Class A Shareholders [Member]	Non-Controlling Interests [Member] MGM National Harbor [Member]	Non-Controlling Interests [Member] MGM China [Member]
Beginning Balance at Dec. 31, 2015	$ 7,738,104						$ 5,648						$ 5,655,886						$ (581,952)						$ 14,022						$ 5,093,604						$ 2,644,500
Beginning Balance, Shares at Dec. 31, 2015							564,839
Net income	1,235,310						$ 0						0						1,100,408						0						1,100,408						134,902
Currency translation adjustment	(2,680)						0						0						0						(1,477)						(1,477)						(1,203)
Unrealized gain on cash flow hedges	1,879						0						0						0						1,434						1,434						445
Stock-based compensation	55,607						0						51,460						0						0						51,460						4,147
Issuance of common stock pursuant to stock-based compensation awards	(30,043)						$ 22						(30,065)						0						0						(30,043)						0
Issuance of common stock pursuant to stock-based compensation awards, Shares							2,225
Cash distributions and dividend payable to noncontrolling interest owners	(103,457)			$ (22,281)			$ 0			$ 0			0			$ 0			0			$ 0			0			$ 0			0			$ 0			(103,457)			$ (22,281)
Share issuance			$ 1,183,838						$ 0						$ (150,414)						$ 0						$ 0						$ (150,414)						$ 1,334,252
Issuance of performance share units	5,817						0						5,817						0						0						5,817						0
Acquisition transaction		$ 10,367				$ (142,612)		$ 0				$ 71		$ (18,385)				$ 127,146		$ 0				$ 0		$ 0				$ 1,074		$ (18,385)				$ 128,291		$ 28,752				$ (270,903)
Acquisition transaction, shares												7,060
Other	12,108						0						12,130						0						0						12,130						(22)
Ending Balance at Dec. 31, 2016	9,941,957						$ 5,741						5,653,575						518,456						15,053						6,192,825						3,749,132
Ending Balance, Shares at Dec. 31, 2016							574,124
Net income	2,080,372						$ 0						0						1,952,052						0						1,952,052						128,320
Currency translation adjustment	(43,188)						0						0						0						(23,995)						(23,995)						(19,193)
Unrealized gain on cash flow hedges	7,995						0						0						0						5,234						5,234						2,761
Stock-based compensation	62,522						0						57,531						0						0						57,531						4,991
Issuance of common stock pursuant to stock-based compensation awards	(33,780)						$ 22						(33,802)						0						0						(33,780)						0
Issuance of common stock pursuant to stock-based compensation awards, Shares							2,152
Cash distributions and dividend payable to noncontrolling interest owners	(147,685)			(29,777)			$ 0			0			0			0			0			0			0			0			0			0			(147,685)			(29,777)
Dividends declared to common shareholders	(252,014)						0						0						(252,014)						0						(252,014)						0
Share issuance				361,622						0						35,029						0						109						35,138						326,484
Issuance of performance share units	9,743						0						9,648						0						0						9,648						95
Repurchase of common stock	(327,500)						$ (100)						(327,400)						0						0						(327,500)						0
Repurchase of common stock, Shares							(10,000)
Adjustment of redeemable non-controlling interest to redemption value	(18,280)						$ 0						(18,280)						0						0						(18,280)						0
Acquisition transaction					$ 6,886						$ 0						$ (12,486)						$ 0						$ (11)						$ (12,497)						$ 19,383
Other	(7,749)						0						(6,106)						(1,195)						0						(7,301)						(448)
Ending Balance at Dec. 31, 2017	11,611,124						$ 5,663						5,357,709						2,217,299						(3,610)						7,577,061						4,034,063
Ending Balance, Shares at Dec. 31, 2017							566,276
Net income	574,886						$ 0						0						466,772						0						466,772						108,114
Currency translation adjustment	(13,022)						0						0						0						(7,422)						(7,422)						(5,600)
Unrealized gain on cash flow hedges	3,576						0						0						0						2,476						2,476						1,100
Stock-based compensation	70,196						0						65,072						0						0						65,072						5,124
Issuance of common stock pursuant to stock-based compensation awards	(32,202)						$ 23						(32,225)						0						0						(32,202)						0
Issuance of common stock pursuant to stock-based compensation awards, Shares							2,280
Cash distributions and dividend payable to noncontrolling interest owners	(147,321)			$ (31,732)			$ 0			$ 0			0			$ 0			0			$ 0			0			$ 0			0			$ 0			(147,321)			$ (31,732)
Dividends declared to common shareholders	(260,592)						0						0						(260,592)						0						(260,592)						0
Issuance of performance share units	3,716						0						3,609						0						0						3,609						107
Repurchase of common stock	(1,283,333)						$ (411)						(1,282,922)						0						0						(1,283,333)						0
Repurchase of common stock, Shares							(41,076)
Adjustment of redeemable non-controlling interest to redemption value	(21,326)						$ 0						(21,326)						0						0						(21,326)						0
Other	(4,179)						0						2,168						0						0						2,168						(6,347)
Ending Balance at Dec. 31, 2018	$ 10,469,791						$ 5,275						$ 4,092,085						$ 2,423,479						$ (8,556)						$ 6,512,283						$ 3,957,508
Ending Balance, Shares at Dec. 31, 2018							527,480

XML

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement Of Stockholders Equity [Abstract]
Dividends declared to common shareholders	$ 0.48	$ 0.44

XML

Organization

12 Months Ended

Dec. 31, 2018

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 (which was branded as Monte Carlo prior to May 2018), 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, which opened on August 24, 2018. The Company also owns and operates Borgata located on Renaissance Pointe in the Marina area of Atlantic City, New Jersey and the following resorts in Mississippi: Beau Rivage in Biloxi and Gold Strike in Tunica. Additionally, the Company owns 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 12. As of December 31, 2018, the Company owned 73.3% of the Operating Partnership units, and MGP held the remaining 26.7% 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, and MGM National Harbor from the landlord.

In July 2018, MGP acquired the membership interests of Northfield Park Associates, LLC (“Northfield”), an Ohio limited liability company that owns the real estate assets and operations of the Hard Rock Rocksino Northfield Park from Milstein Entertainment LLC. Simultaneously with the close of the transaction, MGP entered into a new agreement with an affiliate of Hard Rock Café International (STP), Inc. to continue to serve as the manager of the property. Refer to Note 4 for additional information.

In September 2018, the Company entered into an agreement with MGP to acquire all of the operating assets of Northfield from MGP. Northfield will be added to the existing master lease between the Company and MGP. The transaction is expected to close in the first half of 2019, subject to customary closing conditions. Refer to Note 4 for additional information.

In January 2019, the Company acquired the real property and operations associated with the Empire City Casino's race track and casino ("Empire City"). MGP then acquired the developed real property associated with Empire City from the Company and the real estate assets of Empire City will be leased to the Company pursuant to an amendment to the master lease. Refer to Note 4 for additional information.  

The Company has an approximate 56% controlling interest in 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 that opened on February 13, 2018, as well as the related gaming subconcession and land concessions.

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. On August 30, 2018, CityCenter completed the sale of the Mandarin Oriental Las Vegas (“Mandarin Oriental”) and adjacent retail parcels. See Note 6 and Note 17 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 6 for additional information regarding the Company’s investment in the Las Vegas Arena Company.

In August 2018, the Company, along with its joint venture partner, completed the sale of its 50% interest in Grand Victoria, a riverboat casino in Elgin, Illinois. See Note 6 for additional information regarding the Company’s investment in Grand Victoria.

During the fourth quarter of 2018, the Company has changed the aggregation of its operations into three reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China. This change of reportable segments reflects realignment within the Company stemming from the expansion of the Company’s regional operations. See Note 16 for additional information about the Company’s segments.

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Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation. For entities not determined to be a variable interest entity (“VIE”), the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets. The Company’s investments in unconsolidated affiliates which are 50% or less owned are accounted for under the equity method when the Company can exercise significant influence over or has joint control of the unconsolidated affiliate. All intercompany balances and transactions are eliminated in consolidation.

The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a VIE. A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. For these VIEs, the Company records a noncontrolling interest in the consolidated balance sheets. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis.

Management has determined that MGP is a 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 26.7% as of December 31, 2018 as noncontrolling interest in the Company’s consolidated financial statements. As of December 31, 2018, on a consolidated basis MGP had total assets of $11.0 billion, primarily related to its real estate investments, and total liabilities of $5.1 billion, primarily related to its indebtedness.  

Management’s use of estimates. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These principles require the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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

• Level 1 and Level 2 inputs for its long-term debt fair value disclosures. See Note 9;

• Level 2 and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed during the Northfield transaction and Borgata transaction. See Note 4.

Cash and cash equivalents. Cash and cash equivalents include investments and interest bearing instruments with maturities of 90 days or less at the date of acquisition. Such investments are carried at cost, which approximates market value. Book overdraft balances resulting from the Company’s cash management program are recorded as accounts payable or construction payable as applicable.

Accounts receivable and credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of casino accounts receivable. The Company issues credit to approved casino customers and gaming promoters following background checks and investigations of creditworthiness. At December 31, 2018 and 2017, approximately 62% and 40%, respectively, of our gross casino accounts receivable were owed by customers from foreign countries, primarily Asia. Business or economic conditions or other significant events in these countries could affect the collectability of such receivables.

Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their net carrying amount, which approximates fair value. The allowance is estimated based on both a specific review of customer accounts as well as historical collection experience and current economic and business conditions. Management believes that as of December 31, 2018, no significant concentrations of credit risk existed for which an allowance had not already been recorded.

Inventories. Inventories consist primarily of food and beverage, retail merchandise and operating supplies, and are stated at the lower of cost or net realizable value. Cost is determined primarily using the average cost method for food and beverage and operating supplies. Cost for retail merchandise is determined using the cost method.

Property and equipment. Property and equipment are stated at cost. A significant amount of the Company’s property and equipment was acquired through business combinations and therefore recognized at fair value at the acquisition date. Gains or losses on dispositions of property and equipment are included in the determination of income or loss. Maintenance costs are expensed as incurred. As of December 31, 2018 and 2017, the Company had accrued $47 million and $28 million, respectively for property and equipment within accounts payable, and $2 million and $34 million, respectively, related to construction retention within other long-term liabilities.

Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis:

Buildings and improvements	15 to 40 years
Land improvements	10 to 20 years
Furniture and fixtures	3 to 20 years
Equipment	3 to 15 years

The Company evaluates its property and equipment and other long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge is recorded based on the fair value of the asset, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses.

Capitalized interest. The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. When no debt is incurred specifically for a project, interest is capitalized on amounts expended on the project using the weighted-average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete or development activity is suspended for more than a brief period.

Investments in and advances to unconsolidated affiliates. The Company has investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for the Company’s share of the investees’ earnings and losses, amortization of certain basis differences, as well as capital contributions to and distributions from these companies. Distributions in excess of equity method earnings are recognized as a return of investment and recorded as investing cash inflows in the accompanying consolidated statements of cash flows. The Company classifies operating income and losses as well as gains and impairments related to its investments in unconsolidated affiliates as a component of operating income or loss and classifies non-operating income or losses related to its investments in unconsolidated affiliates as a component of non-operating income or loss, as the Company’s investments in such unconsolidated affiliates are an extension of the Company’s core business operations.

The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of its investment may have experienced an “other-than-temporary” decline in value. If such conditions exist, the Company compares the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is “other-than-temporary” based on its assessment of all relevant factors, including consideration of the Company’s intent and ability to retain its investment. The Company estimates fair value using a discounted cash flow analysis based on estimated future results of the investee and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. See Note 6 for results of the Company’s review of its investment in certain of its unconsolidated affiliates.

Goodwill and other intangible assets. Goodwill represents the excess of purchase price over fair market value of net assets acquired in business combinations. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests in the fourth quarter of each fiscal year. No impairments were indicated or recorded as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2018, 2017 and 2016.

Accounting guidance provides entities the option to perform a qualitative assessment of goodwill and indefinite-lived intangible assets (commonly referred to as “step zero”) in order to determine whether further impairment testing is necessary. In performing the step zero analysis the Company considers macroeconomic conditions, industry and market considerations, current and forecasted financial performance, entity-specific events, and changes in the composition or carrying amount of net assets of reporting units for goodwill. In addition, the Company takes into consideration the amount of excess of fair value over carrying value determined in the last quantitative analysis that was performed, as well as the period of time that has passed since the last quantitative analysis. If the step zero analysis indicates that it is more likely than not that the fair value is less than its carrying amount, the entity would proceed to a quantitative analysis.

Under the quantitative analysis, goodwill for relevant reporting units is tested for impairment using a discounted cash flow analysis based on the estimated future results of the Company’s reporting units discounted using market discount rates and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. Effective January 1, 2017, the Company adopted accounting guidance that simplifies goodwill impairment testing by eliminating the requirement to calculate the implied fair value of goodwill (formerly “Step 2”) in the event that impairment is identified. Instead, an impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Under the quantitative analysis, license rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference.

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

The transaction price for a casino wager is the difference between gaming wins and losses (“net win”). In certain circumstances, the Company offers discounts on markers, which is estimated based upon historical business practice, and recorded as a reduction of casino revenue. Commissions rebated to gaming promoters and VIP players at MGM China are also recorded as a reduction of casino revenue. The Company accounts for casino revenue on a portfolio basis given the similar characteristics of wagers by recognizing net win per gaming day versus on an individual wager basis.

For casino wager transactions that include other goods and services provided by the Company to gaming patrons on a discretionary basis to incentivize gaming, the Company allocates revenue from the casino wager transaction to the good or service delivered based upon stand-alone selling price (“SSP”). Discretionary goods and services provided by the Company and supplied by third parties are recognized as an operating expense.

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 SSP 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. Commissions and incentives provided to gaming customers were collectively $2.3 billion, $2.1 billion and $1.8 billion for the years ended December 31, 2018, 2017 and 2016, 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.

The transaction price of rooms, food and beverage, and retail contracts is the net amount collected from the customer for such goods and services. The transaction price for such contracts is recorded as revenue when the good or service is transferred to the customer over their stay at the hotel or when the delivery is made for the food & beverage and retail & other contracts. Sales and usage-based taxes are excluded from revenues. For some arrangements, the Company acts as an agent in that it arranges for another party to transfer goods and services, which primarily include certain of the Company’s entertainment shows as well as customer rooms arranged by online travel agents.

The Company also has other contracts that include multiple goods and services, such as packages that bundle food, beverage, or entertainment offerings with hotel stays and convention services. For such arrangements, the Company allocates revenue to each good or service based on its relative SSP. The Company primarily determines the SSP of rooms, food and beverage, entertainment, and retail goods and services based on the amount that the Company charges when sold separately in similar circumstances to similar customers.

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
	2018			2017		2018		2017		2018		2017
	(in thousands)
Balance at January 1	$	597,753		$	227,538	$	91,119	$	88,379	$	539,626	$	437,287
Balance at December 31		323,811			597,753		113,293		91,119		667,285		539,626
Increase / (decrease)	$	(273,942	)	$	370,215	$	22,174	$	2,740	$	127,659	$	102,339

Reimbursed costs. Costs reimbursed pursuant to management services are recognized as revenue in the period it incurs the costs as this reflects when the Company performs its related performance obligation and is entitled to reimbursement. Reimbursed costs relate primarily to the Company’s management of CityCenter.

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 16. Lease revenues earned by the Company from third-parties are classified within the line item corresponding to the type or nature of the tenant’s good or service. Lease revenues include $51 million, $51 million and $50 million recorded within food and beverage revenue for 2018, 2017 and 2016, respectively, and $87 million, $79 million and $77 million recorded within entertainment, retail, and other revenue for the same such periods, respectively.

Advertising. The Company expenses advertising costs the first time the advertising takes place. Advertising expense, which is generally included in general and administrative expenses, was $305 million, $223 million and $171 million for 2018, 2017 and 2016, respectively.

Corporate expense. Corporate expense represents unallocated payroll, aircraft costs, professional fees and various other expenses not directly related to the Company’s casino resort operations. In addition, corporate expense includes the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are expensed as incurred.

Preopening and start-up expenses. Preopening and start-up costs, including organizational costs, are expensed as incurred. Costs classified as preopening and start-up expenses include payroll, outside services, advertising, and other expenses related to new or start-up operations.

Property transactions, net. The Company classifies transactions such as write-downs and impairments, demolition costs, and normal gains and losses on the sale of assets as “Property transactions, net.” See Note 15 for a detailed discussion of these amounts.

Redeemable noncontrolling interest. Certain noncontrolling interest parties have non-voting economic interests in MGM National Harbor which provide for annual preferred distributions by MGM National Harbor to the noncontrolling interest parties based on a percentage of its annual net gaming revenue (as defined in the MGM National Harbor operating agreement). Such distributions are accrued each quarter and are paid 90-days after the end of each fiscal year.

Beginning on December 31, 2019 the noncontrolling interest parties will each have the ability to require MGM National Harbor to purchase all or a portion of their interests for a purchase price based on a contractually agreed upon formula. Additionally, certain noncontrolling interest parties each have the right to sell back all or a portion of their interests prior to such date if MGM National Harbor were to guarantee or grant liens to secure any indebtedness of the Company or its affiliates other than the indebtedness of MGM National Harbor.

The Company has recorded the interests as “Redeemable noncontrolling interests” in the mezzanine section of the accompanying consolidated balance sheets and not stockholders’ equity because their redemption is not exclusively in the Company’s control. The interests were initially accounted for at fair value. Subsequently, the Company recognizes changes in the redemption value as they occur and adjusts the carrying amount of the redeemable noncontrolling interests to equal the maximum redemption value, provided such amount does not fall below the initial carrying value, at the end of each reporting period. The Company records any changes caused by such an adjustment in capital in excess of par value. Additionally, the carrying amount of the redeemable noncontrolling interests is adjusted for accrued annual preferred distributions, with changes caused by such adjustments recorded within net income (loss) attributable to noncontrolling interests.

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.

	Year Ended December 31,
	2018			2017			2016
Numerator:	(In thousands)
Net income attributable to MGM Resorts International	$	466,772		$	1,952,052		$	1,100,408
Adjustment related to redeemable noncontrolling interests		(21,326	)		(18,363	)		(28	)
Net income available to common stockholders - basic		445,446			1,933,689			1,100,380
Potentially dilutive effect due to MGP and MGM China stock compensation plans		(206	)		(268	)		(51	)
Net income attributable to common stockholders - diluted	$	445,240		$	1,933,421		$	1,100,329
Denominator:
Weighted-average common shares outstanding basic		544,253			572,253			568,134
Potential dilution from share-based awards		5,283			6,542			5,183
Weighted-average common and common equivalent shares - diluted		549,536			578,795			573,317
Antidilutive share-based awards excluded from the calculation of diluted earnings per share		2,668			2,601			4,207

Currency translation. The Company translates the financial statements of foreign subsidiaries that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments resulting from this process are recorded to other comprehensive income (loss).

Accumulated other comprehensive income (loss). Comprehensive income (loss) includes net income (loss) and all other non-stockholder changes in equity, or other comprehensive income (loss). Elements of the Company’s accumulated other comprehensive income are reported in the accompanying consolidated statements of stockholders’ equity. Amounts reported in accumulated other comprehensive income related to cash flow hedges will be reclassified to interest expense as interest payments are made on our variable-rate debt.

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 right-of-use (“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 will adopt ASC 842 on January 1, 2019 utilizing the simplified transition method and accordingly will not recast comparative period financial information. The Company will elect 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. The Company also currently expects that the most significant impact will be the recognition of ROU assets and lease liabilities for operating leases that exist at the Company on the date of adoption with the most material of such leases being ground leases.

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Accounts Receivable, Net

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Accounts Receivable, Net

NOTE 3 — ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:

	December 31,
	2018			2017
	(In thousands)
Casino	$	419,127		$	343,869
Hotel		154,707			146,931
Other		174,147			144,044
		747,981			634,844
Less: Allowance for doubtful accounts		(90,775	)		(92,571	)
	$	657,206		$	542,273

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Acquisition

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Acquisition

NOTE 4 — ACQUISITION

Northfield

On July 6, 2018, MGP completed its acquisition of 100% of the membership interests of Northfield for a purchase price of approximately $1.1 billion (“Northfield Acquisition”). MGP funded the acquisition through a $200 million draw on the Operating Partnership’s term loan A and a $655 million draw under the Operating Partnership’s revolving credit facility, with the remainder of the purchase price paid with cash on hand. The acquisition expanded MGP’s real estate assets and diversified MGP’s geographic reach.

MGP recognized 100% of the assets and liabilities of Northfield at fair value at the date of the 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. The allocation of fair value for substantially all of the assets and liabilities is preliminary and may be adjusted up to one year after the acquisition. Specifically, as of December 31, 2018, the Company is finalizing valuation work related to the asset classes that comprise the property and equipment acquired.

The following table sets forth the preliminary purchase price allocation as of July 6, 2018 (in thousands):

Fair value of assets acquired and liabilities assumed:
Property and equipment	$	792,807
Cash and cash equivalents		35,831
Racing and gaming license		228,000
Customer list		25,000
Goodwill		17,915
Other assets		9,598
Other liabilities		(38,786	)
	$	1,070,365

MGP 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 goodwill is primarily attributable to the synergies expected to arise after the acquisition.

As further discussed in Note 17, the Company entered into an agreement with MGP to acquire all of the operating assets of Northfield (“Northfield OpCo”) from MGP and the real estate assets of Northfield will be leased to a subsidiary of the Company. The transaction is expected to close in the first half of 2019, subject to customary closing conditions. The transaction will be an intercompany transaction and, accordingly, the effect will be eliminated in the Company’s consolidated financial statements.

Consolidated results. For the period from July 6, 2018 through December 31, 2018, Northfield’s net revenue was $133 million, operating income and net income were both $33 million. Pro forma results of operations for the acquisition have not been presented because it is not material to the consolidated results of operations.

Empire City

On January 29, 2019, the Company acquired the real property and operations associated with the Empire City Casino's race track and casino (“Empire City”) for total consideration of approximately $864 million, plus customary working capital and other adjustments (“Empire City Acquisition”). The fair value of consideration paid included the assumption of debt of approximately $246 million, which was subsequently repaid, the issuance of approximately $266 million of the Company’s common stock, 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. Preliminary fair values for assets acquired and liabilities assumed are not reported herein as the Company is still in the process of completing the initial accounting for the acquisition.

Following the completion of the acquisition of Empire City, MGP acquired the developed real property associated with Empire City from the Company and leases the real property to a subsidiary of the Company. See Note 17 for additional information.

Borgata acquisition

On August 1, 2016, the Company completed the acquisition of Boyd Gaming Corporation’s (“Boyd Gaming”) ownership interest in Borgata for cash consideration of $604 million. Following the completion of the acquisition of Boyd Gaming’s interest, MGP acquired Borgata’s real property from the Company and leases the real property to a subsidiary of the Company. Additionally, as discussed in Note 11, Borgata subsequently entered into a property tax reimbursement agreement in February 2017 with the Department of Community Affairs of the State of New Jersey and Atlantic City and received the settlement amount of $72 million in June 2017, half of which the Company paid Boyd Gaming, net of fees and expenses.

Through the acquisition of Boyd Gaming’s interest in Borgata, the Company obtained 100% of the equity interests in Borgata and therefore consolidated Borgata as of August 1, 2016. The Company recognized 100% of the assets and liabilities of Borgata at fair value at the date of the acquisition. Prior to the acquisition, the Company held a 50% ownership interest in Borgata, which was accounted for under the equity method. The fair value of the equity interests of Borgata was determined by the transaction price and equaled approximately $1.2 billion. The carrying value of the Company’s equity method investment was significantly less than its share of the fair value of Borgata at the acquisition date, resulting in a $430 million gain on the acquisition.

Borgata’s net revenue for the period from August 1, 2016 through December 31, 2016 was $350 million, operating income was $34 million and net income was $4 million.

Pro forma information. The operating results for Borgata are included in the accompanying consolidated statements of operations from the date of acquisition. The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the Company’s acquisition of its controlling interest has occurred as of January 1, 2015 and excludes the $430 million gain discussed above. The unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 1, 2015.

	Year Ended December 31,
	2016
	(In thousands, except per share data)
	(unaudited)
Net revenues	$	9,963,322
Net income attributable to MGM Resorts International		818,247
Basis net income per share	$	1.44
Diluted net income per share	$	1.43

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Property and Equipment, Net

12 Months Ended

Dec. 31, 2018

Property Plant And Equipment [Abstract]

Property and Equipment, Net

NOTE 5 — PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

	December 31,
	2018			2017
	(In thousands)
Land	$	6,923,769		$	6,531,701
Buildings, building improvements and land improvements		16,437,695			12,245,950
Furniture, fixtures and equipment		6,064,330			5,157,363
Construction in progress		321,944			3,950,635
		29,747,738			27,885,649
Less: Accumulated depreciation		(9,017,850	)		(8,250,190	)
	$	20,729,888		$	19,635,459

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Investments in and Advances to Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2018

Equity Method Investments And Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

NOTE 6 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

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

	December 31,
	2018		2017
	(In thousands)
CityCenter Holdings, LLC – CityCenter (50%)	$	589,965	$	808,220
Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50% at December 31, 2017)		—		124,342
Las Vegas Arena Company, LLC (42.5%)		73,540		76,619
Other		69,362		24,116
	$	732,867	$	1,033,297

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

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Income from unconsolidated affiliates	$	147,690		$	146,222		$	528,287
Preopening and start-up expenses		(3,321	)		—			(3,168	)
Non-operating items from unconsolidated affiliates		(47,827	)		(34,751	)		(53,139	)
	$	96,542		$	111,471		$	471,980

The following table summarizes information related to the Company’s share of income from unconsolidated affiliates:

	Year Ended December 31,
	2018		2017		2016
	(In thousands)
CityCenter	$	138,383	$	133,401	$	445,853
Borgata (through July 31, 2016)		—		—		61,169
Other		9,307		12,821		21,265
	$	147,690	$	146,222	$	528,287

CityCenter

Mandarin Oriental sale. In August 2018, CityCenter closed the sale of the Mandarin Oriental and adjacent retail parcels for approximately $214 million. During the year ended December 31, 2018, CityCenter recognized a loss on the sale of the Mandarin Oriental of $133 million and the Company recognized a $12 million gain on the sale related to the reversal of basis differences in excess of its share of the loss recorded by CityCenter, which is recorded within “Income from unconsolidated affiliates”.

Crystals sale. In April 2016, CityCenter closed the sale of Crystals for approximately $1.1 billion. During the year ended December 31, 2016, CityCenter recognized a gain on the sale of Crystals of $400 million and the Company recognized a $401 million gain, which included $200 million representing its 50% share of the gain recorded by CityCenter and $201 million representing the reversal of certain basis differences. The basis differences primarily related to other-than-temporary impairment charges recorded on the Company’s investment in CityCenter that were allocated to Crystals’ building assets.

CityCenter distributions. In September 2018, CityCenter paid a $225 million dividend, of which the Company received its 50% share, or approximately $113 million and in May 2018, CityCenter paid a $400 million dividend, of which the Company received its 50% share, or $200 million. In April 2017, CityCenter paid a $600 million dividend, consisting of a $350 million dividend using proceeds from the upsized senior credit facilities and a $250 million dividend from cash on hand, of which $78 million was part of its annual dividend policy. MGM Resorts received its 50% share, or $300 million. In March 2016, a $90 million distribution was declared in accordance with CityCenter’s annual distribution policy and in April 2016, CityCenter declared a $990 million special distribution in connection with the Crystals sale. The Company’s $540 million share of such distributions was received in May 2016.

Grand Victoria

Grand Victoria sale. In August 2018, the Company, along with its joint venture partner, completed the sale of Grand Victoria, of which a subsidiary of the Company owned a 50% interest, for $328 million in cash. The Company recorded a gain of $45 million related to the sale, which is recorded within “Property transactions, net”.

Borgata

The Company acquired Boyd Gaming’s ownership interest in Borgata on August 1, 2016, and therefore began to consolidate Borgata beginning on that date. Prior thereto, the Company’s investment in Borgata was accounted for under the equity method.

Las Vegas Arena Company, LLC

Athena Arena transaction. On September 1, 2016, the Company and AEG each sold a 7.5% membership interest in the Las Vegas Arena Company, LLC to Athena Arena, LLC. As a result of this transaction, the Company received $15 million in proceeds and recorded a $3 million gain in “Property transactions, net”.

Unconsolidated Affiliate Financial Information - CityCenter

Summarized balance sheet information is as follows:

	December 31,
	2018		2017
	(In thousands)
Current assets	$	363,755	$	708,910
Property and other assets, net and other long-term assets		6,167,853		6,280,474
Current liabilities		347,710		348,232
Long-term debt and other long-term obligations		1,763,290		1,557,633

Summarized results of operations are as follows:

	Year Ended December 31,
	2018			2017		2016
	(In thousands)
Net revenues	$	1,277,745		$	1,227,733	$	1,160,606
Operating income		185,368			200,109		13,979
Income (loss) from continuing operations		97,091			137,226		(50,376	)
Net income (loss)		(37,911	)		131,683		349,716

Basis Differences

The Company’s investments in unconsolidated affiliates do not equal the Company’s share of venture-level equity due to various basis differences. Basis differences related to depreciable assets are being amortized based on the useful lives of the related assets and liabilities, and basis differences related to non–depreciable assets, such as land and indefinite-lived intangible assets, are not being amortized. Differences between the Company’s share of venture-level equity and investment balances are as follows:

	December 31,
	2018			2017
	(In thousands)
Venture-level equity attributable to the Company	$	2,347,103		$	2,659,780
Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts    International (1)		(514,592	)		(532,501	)
CityCenter capitalized interest (2)		186,830			206,065
CityCenter completion guarantee (3)		274,685			322,703
CityCenter deferred gain (4)		(212,276	)		(219,561	)
CityCenter capitalized interest on sponsor notes (5)		(36,500	)		(40,258	)
Other-than-temporary impairments of CityCenter investment (6)		(1,352,118	)		(1,504,161	)
Acquisition fair value adjustments net of other-than-temporary impairments of Grand    Victoria investment (7)		—			99,619
Other adjustments		39,735			41,611
	$	732,867		$	1,033,297

(1) Primarily relates to land and fixed assets.

(2) Relates to interest capitalized on the Company’s investment balance during development and construction stages.

(3) Created by contributions to CityCenter under the completion guarantee recognized as equity contributions by CityCenter split between the members.

(4) Relates to a deferred gain on assets contributed to CityCenter upon formation of CityCenter.

(5) Relates to interest on the sponsor notes capitalized by CityCenter during development. Such sponsor notes were converted to equity in 2013.  

(6) The impairment of the Company’s CityCenter investment includes $352 million and $379 million of impairments allocated to land as of December 31, 2018 and December 31, 2017, respectively.

(7) Relates to indefinite-lived gaming license rights for Grand Victoria and other-than-temporary impairments of the Company’s investment in Grand Victoria.

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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

NOTE 7 — GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and other intangible assets consisted of the following:  

	December 31,
	2018			2017
Goodwill:	(In thousands)
Las Vegas Strip Resorts	$	70,975		$	70,975
Regional Operations		386,892			386,892
Corporate and other		17,915			—
MGM China		1,345,610			1,348,664
	$	1,821,392		$	1,806,531
Indefinite-lived intangible assets:
Detroit development rights	$	98,098		$	98,098
Northfield racing and gaming licenses		228,000			—
Trademarks, license rights and other		312,022			312,022
Total indefinite-lived intangible assets		638,120			410,120
Finite-lived intangible assets:
MGM Grand Paradise gaming subconcession		4,468,766			4,478,911
Less: Accumulated amortization		(1,342,561	)		(1,180,908	)
		3,126,205			3,298,003
MGM Macau land concession		83,885			84,076
Less: Accumulated amortization		(32,035	)		(27,870	)
		51,850			56,206
MGM China customer lists		127,679			127,969
Borgata customer list		22,000			22,000
Northfield customer list		25,000			—
Less: Accumulated amortization		(151,465	)		(145,569	)
		23,214			4,400
Finite-lived gaming licenses and other intangible assets		136,127			136,127
Less: Accumulated amortization		(31,053	)		(26,896	)
		105,074			109,231
Total finite-lived intangible assets, net		3,306,343			3,467,840
Total other intangible assets, net	$	3,944,463		$	3,877,960

Goodwill. A summary of changes in the Company’s goodwill by reportable segment is as follows for 2018 and 2017:

	2018
	Balance at January 1		Acquisitions		Currency exchange			Balance at December 31
	(In thousands)
Goodwill, net by segment:
Las Vegas Strip Resorts	$	70,975	$	—	$	—		$	70,975
Regional Operations		386,892		—		—			386,892
MGM China		1,348,664		—		(3,054	)		1,345,610
Corporate and other		—		17,915		—			17,915
	$	1,806,531	$	17,915	$	(3,054	)	$	1,821,392
	2017
	Balance at January 1		Acquisitions		Currency exchange			Balance at December 31
	(In thousands)
Goodwill, net by segment:
Las Vegas Strip Resorts	$	70,975	$	—	$	—		$	70,975
Regional Operations		386,892		—		—			386,892
MGM China		1,359,252		—		(10,588	)		1,348,664
	$	1,817,119	$	—	$	(10,588	)	$	1,806,531

Goodwill was recognized by MGP, which is included within Corporate and other, in connection with its acquisition of Northfield in 2018. See Note 4 for discussion of the Northfield Acquisition.

Indefinite-lived intangible assets. The Company’s indefinite-lived intangible assets consist primarily of development rights in Detroit, gaming and racing licenses for Northfield, and trademarks and trade names, of which $210 million is related to the Mandalay Resort Group and $83 million is related to Borgata.

MGM Grand Paradise gaming subconcession. Pursuant to the agreement dated June 19, 2004 between MGM Grand Paradise and Sociedade de Jogos de Macau, S.A., a gaming subconcession was acquired by MGM Grand Paradise for the right to operate casino games of chance and other casino games for a period of 15 years commencing on April 20, 2005. The Company cannot provide any assurance that the gaming subconcession will be extended beyond the original terms of the agreement; however, management believes that the gaming subconcession will be extended, given that the Cotai land concession agreement with the government extends significantly beyond the gaming subconcession. As such, as of December 31, 2018, the Company amortizes the gaming subconcession intangible asset on a straight-line basis over the initial term of the Cotai land concession, ending in January 2038.  

MGM Macau land concession. MGM Grand Paradise entered into a contract with the Macau government to use the land under MGM Macau commencing from April 6, 2006. The land use right has an initial term through April 6, 2031, subject to renewal for additional periods. As of December 31, 2018, the land concession intangible asset is amortized on a straight-line basis over the remaining initial contractual term.

Customer lists. The Company recognized an intangible asset related to Northfield’s customer list, which is amortized on a straight-line basis over its estimated useful life of seven years. The Company also recognized intangible assets related to MGM China and Borgata’s customer lists, which became fully amortized in 2016 and 2018, respectively.

Finite-lived gaming licenses. The Company was granted a license to operate a casino in Maryland. The consideration paid to the State of Maryland for the license fee of $22 million is considered a finite-lived intangible asset that is amortized on a straight-line basis over a period of its initial term of 15 years, beginning in December 2016, when the casino started operations. The Company was granted a license to operate a casino in Massachusetts. The consideration paid to the State of Massachusetts for the license fee of $85 million is considered a finite-lived intangible asset that will be amortized over a period of 15 years, beginning in August 2018, when the casino started operations.

Other. The Company’s other finite–lived intangible assets consist primarily of lease acquisition costs amortized over the life of the related leases, and certain license rights amortized over their contractual life.  

Total amortization expense related to intangible assets was $176 million, $173 million and $180 million for 2018, 2017, and 2016, respectively. As of December 31, 2018, estimated future amortization is as follows:

Years ending December 31,	(In thousands)
2019	$	179,944
2020		179,944
2021		179,944
2022		179,944
2023		179,761
Thereafter		2,406,806
	$	3,306,343

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Other Accrued Liabilities

12 Months Ended

Dec. 31, 2018

Other Liabilities Disclosure [Abstract]

Other Accrued Liabilities

NOTE 8 — OTHER ACCRUED LIABILITIES

Other accrued liabilities consisted of the following:

	2018		2017
	(In thousands)
Contract and contract-related liabilities:
Outstanding chip liability	$	323,811	$	597,753
Loyalty program obligations		113,293		91,119
Casino front money		342,941		303,950
Advance deposits and ticket sales		221,003		149,698
Unpaid wagers and other		103,341		85,978
Other accrued liabilities:
Payroll and related		518,892		483,101
Taxes, other than income taxes		235,160		170,639
MGP Dividend		31,732		29,777
Other		260,881		202,620
	$	2,151,054	$	2,114,635

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Long-Term Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 9 — LONG-TERM DEBT

Long-term debt consisted of the following:  

	December 31,
	2018			2017
	(In thousands)
Senior credit facility	$	750,000		$	372,500
Operating Partnership senior credit facility		2,819,125			2,091,375
MGM China credit facility		2,433,562			2,301,584
$850 million 8.625% senior notes, due 2019		850,000			850,000
$500 million 5.25% senior notes, due 2020		500,000			500,000
$1,000 million 6.75% senior notes, due 2020		1,000,000			1,000,000
$1,250 million 6.625% senior notes, due 2021		1,250,000			1,250,000
$1,000 million 7.75% senior notes, due 2022		1,000,000			1,000,000
$1,250 million 6% senior notes, due 2023		1,250,000			1,250,000
$1,050 million 5.625% Operating Partnership senior notes, due 2024		1,050,000			1,050,000
$1,000 million 5.75% senior notes, due 2025		1,000,000			—
$500 million 4.50% Operating Partnership senior notes, due 2026		500,000			500,000
$500 million 4.625% senior notes, due 2026		500,000			500,000
$350 million 4.50% Operating Partnership senior notes, due 2028		350,000			350,000
$0.6 million 7% debentures, due 2036		552			552
$2.3 million 6.7% debentures, due 2096		—			2,265
		15,253,239			13,018,276
Less: Premiums, discounts, and unamortized debt issuance costs, net		(121,823	)		(109,182	)
		15,131,416			12,909,094
Less: Current portion		(43,411	)		(158,042	)
	$	15,088,005		$	12,751,052

Debt due within one year of the December 31, 2018 and 2017 balance sheet 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 and $158 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 as of December 31, 2018 and 2017, respectively.

Interest expense, net consisted of the following:

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Total interest incurred	$	821,229		$	779,855		$	814,731
Interest capitalized		(51,716	)		(111,110	)		(119,958	)
	$	769,513		$	668,745		$	694,773

Senior credit facility. At December 31, 2018, the Company’s senior credit facility consisted of a $750 million term loan A facility and a $1.5 billion revolving facility. In December 2018, the Company amended its senior credit facility to provide for a $250 million increase of the revolving facility to $1.5 billion and a $520 million increase on the term loan A facility. Additionally, the revolving and term loan A facilities were repriced to LIBOR plus 1.50% to 2.25% determined by reference to a total net leverage ratio pricing grid and the final maturity date of the facilities was extended to December 2023. The term loan A facility’s repayment will start on the last business day of each calendar quarter beginning March 31, 2020, for an amount equal to 1.25% of the aggregate principal amount of the term loan A facility outstanding as of the amendment effective date, with the remaining balance due in December 2023. The Company permanently repaid $9 million of the term loan A facility for the year ended December 31, 2018 in accordance with the scheduled amortization. At December 31, 2018, the interest rate on the term loan A facility was 4.77%. At December 31, 2018, no amounts were drawn on the revolving credit facility.

The senior credit facility contains representations and warranties, customary events of default, and positive, negative and financial covenants, including that the Company maintain compliance with a maximum total net leverage ratio, a maximum first lien net leverage ratio and a minimum interest coverage ratio. Such financial covenants will become effective beginning in January 2019.

The senior credit facility is secured by (i) a mortgage on the real properties comprising the MGM Grand Las Vegas and the Bellagio, (ii) a pledge of substantially all existing and future personal property of the subsidiaries of the Company that own the MGM Grand Las Vegas and the Bellagio; and (iii) a pledge of the equity or limited liability company interests of the entities that own MGM Grand Las Vegas and the Bellagio.

Mandatory prepayments of the credit facilities will be required upon the occurrence of certain events, including sales of certain assets, casualty events and the incurrence of certain additional indebtedness, subject to certain exceptions and reinvestment rights.

Operating Partnership senior credit facility. At December 31, 2018, the Operating Partnership’s senior secured credit facility consisted of a $470 million term loan A facility, a $1.8 billion term loan B facility, and a $1.35 billion revolving credit facility. In March 2018, the Operating Partnership repriced its term loan B interest rate to LIBOR plus 2.00% and extended the maturity of the term loan B facility to March 2025, which became effective in August 2018.

In June 2018, the Operating Partnership amended its credit agreement to provide for a $750 million increase of the revolving facility to $1.35 billion, a $200 million increase on the term loan A facility, and extensions of the maturities of the revolving facility and the term loan A facility to June 2023. Additionally, the revolving and term loan A facilities were repriced to LIBOR plus 1.75% to 2.25% determined by reference to a total net leverage ratio pricing grid. In addition, the term loan A facility’s repayment will start on the last business day of each calendar quarter beginning September 30, 2019, for an amount equal to 0.625% of the aggregate principal amount of the term loan A outstanding as of the amendment effective date.

Prior to the amendment, the term loan A facility was subject to amortization in equal quarterly installments of 2.5% of the initial aggregate principal amount to be payable each year. The Operating Partnership permanently repaid $4 million of the term loan A facility for the year ended December 31, 2018. The term loan B facility is subject to equal quarterly installments of 1.0% of the initial aggregate principal amount to be payable each year. The Operating Partnership permanently repaid $19 million of the term loan B facility for the year ended December 31, 2018, in accordance with the scheduled amortization. At December 31, 2018, $550 million was drawn on the revolving credit facility. At December 31, 2018, the interest rates on the term loan A facility and the term loan B facility were both 4.52%, and the interest rate on the revolving credit facility was 4.43%.

The Operating Partnership credit facility contains customary representations and warranties, events of default and positive and negative covenants. The revolving credit facility and term loan A facility also require the Operating Partnership maintain compliance with a maximum senior secured net debt to adjusted total assets ratio, maximum total net debt to adjusted assets ratio and a minimum interest coverage ratio. The Operating Partnership was in compliance with its credit facility covenants at December 31, 2018. 

The Operating Partnership senior credit facility is guaranteed by each of the Operating Partnership’s existing and subsequently acquired direct and indirect wholly owned material domestic restricted subsidiaries, and secured by a first priority lien security interest on substantially all of the Operating Partnership’s and such restricted subsidiaries’ material assets, including mortgages on its real estate, excluding the real estate assets of MGM National Harbor and Empire City, subject to customary exclusions.

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 December 31, 2018, 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 resets monthly to the one-month LIBOR with no minimum floor. In December 2018, the Operating Partnership entered into additional interest rate swaps that have a notional amount of $400 million on which it will pay a fixed rate of 2.735% with the variable rate received resetting monthly to the one-month LIBOR with a floor of 0%. Such interest rate swaps will become effective on December 31, 2019. As of December 31, 2018 and 2017, the derivative financial instruments have been designated as cash flow hedges and qualify for hedge accounting.

MGM China credit facility. At December 31, 2018, the MGM China credit facility consisted of $1.8 billion of term loans and a $1.0 billion revolving credit facility, which bear interest at a fluctuating rate per annum based on HIBOR plus 1.375% to 2.50%, as determined by MGM China’s leverage ratio. In June 2018, MGM China amended and restated its credit facility for a reduction in the total revolving credit commitments of $450 million to $1.0 billion and an increase in the total term loan commitments of $450 million to $2.0 billion (the aggregate amount of commitments remained unchanged). The final maturity date was also extended to June 2022, but no revolving credit loans or term loans shall remain outstanding after, and no revolving credit or term loan commitments shall be available after March 31, 2022. Quarterly principal amortization payments of the term loan facilities were amended to be 5% of the original principal amount beginning in September 2018 through December 2021, with the remaining balance due in March 2022. MGM China permanently repaid $507 million of term loans for the year ended December 31, 2018 in accordance with the scheduled amortization. At December 31, 2018, $641 million was drawn on the revolving credit facility. At December 31, 2018, the interest rate on the term loans was 4.74% and the interest rate on the revolving credit facility was 4.72%.

The MGM China credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio. MGM China was in compliance with its credit facility covenants at December 31, 2018.

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

In June 2018, the Company issued $1.0 billion in aggregate principal amount of 5.750% senior notes due 2025.

In July 2017, the Company redeemed for cash all $475 million principal amount of its outstanding 11.375% senior notes due 2018. The Company incurred a $30 million loss on the early retirement of such notes recorded in “Other, net” in the consolidated statements of operations.

Operating Partnership senior notes. In September 2017, the Operating Partnership issued $350 million in aggregate principal amount of 4.50% senior notes due 2028.

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

Each series of the Operating Partnership's senior notes are fully and unconditionally guaranteed, jointly and severally, on a senior basis by all of the Operating Partnership’s subsidiaries that guarantee the Operating Partnership’s credit facilities, other than MGP Finance Co-Issuer, Inc., which is a co-issuer of the senior notes. The Operating Partnership may redeem all or part of the senior notes at a redemption price equal to 100% of the principal amount of the senior notes plus, to the extent the Operating Partnership is redeeming senior notes prior to the date that is three months prior to their maturity date, an applicable make whole premium, plus, in each case, accrued and unpaid interest. The indentures governing the senior notes contain customary covenants and events of default. These covenants are subject to a number of important exceptions and qualifications set forth in the applicable indentures governing the senior notes, including, with respect to the restricted payments covenants, the ability to make unlimited restricted payments to maintain the REIT status of MGP.

Maturities of long-term debt. The maturities of the principal amount of the Company’s long-term debt as of December 31, 2018 are as follows:

Years ending December 31,	(In thousands)
2019	$	1,272,734
2020		1,966,109
2021		1,716,109
2022		2,306,237
2023		2,884,875
Thereafter		5,107,175
	$	15,253,239

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $15.1 billion and $13.6 billion at December 31, 2018 and 2017, 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

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 10 — INCOME TAXES

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.

Income (loss) before income taxes for domestic and foreign operations consisted of the following:

	Year Ended December 31,
	2018			2017		2016
	(In thousands)
Domestic operations	$	660,832		$	747,090	$	984,095
Foreign operations		(26,826	)		213,700		273,494
	$	634,006		$	960,790	$	1,257,589

The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows:

	Year Ended December 31,
	2018			2017			2016
Federal:	(In thousands)
Current	$	11,991		$	(120,980	)	$	(97,502	)
Deferred (excluding separate components)		(143,468	)		204,713			(124,625	)
Deferred – change in enacted rates		—			987,942			—
Deferred – valuation allowance		(19,753	)		101,443			222,688
Other noncurrent		576			1,356			3,608
Benefit (provision) for federal income taxes		(150,654	)		1,174,474			4,169
State:
Current		(12,564	)		(6,798	)		4,069
Deferred (excluding separate components)		(12,731	)		(25,233	)		2,313
Deferred – operating loss carryforward		(29,490	)		44,242			(16,024	)
Deferred – valuation allowance		41,068			(40,078	)		23,058
Other noncurrent		(1,334	)		(3,876	)		(2,901	)
Benefit (provision) for state income taxes		(15,051	)		(31,743	)		10,515
Foreign:
Current		(2,037	)		(470	)		(2,015	)
Deferred (excluding separate components)		63,827			(40,653	)		(34,425	)
Deferred – operating loss carryforward		30,574			4,688			2,988
Deferred – valuation allowance		23,229			21,098			(2,975	)
Benefit (provision) for foreign income taxes		115,593			(15,337	)		(36,427	)
	$	(50,112	)	$	1,127,394		$	(21,743	)

A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows:

	Year Ended December 31,
	2018			2017			2016
Federal income tax statutory rate		21.0	%		35.0	%		35.0	%
Change in enacted rates		—			(102.7	)		—
Non-controlling interest		(2.4	)		(1.5	)		(0.9	)
Foreign jurisdiction income/losses taxed at other than U.S. statutory rate		(9.5	)		(9.2	)		(3.8	)
Repatriation of foreign earnings		—			35.4			5.2
Foreign tax credit		—			(70.3	)		(10.6	)
Federal valuation allowance		3.1			(10.6	)		(17.7	)
Macau dividend tax		(6.4	)		4.2			—
State taxes, net		1.9			2.4			—
General business credits		(2.9	)		(1.0	)		(0.7	)
Stock-based compensation		(1.2	)		(2.1	)		—
Gain on Borgata transaction		—			—			(5.4	)
Non-deductible employee dining facility costs		1.4			—			—
Permanent and other items		2.9			3.1			0.6
		7.9	%		(117.3	)%		1.7	%

The tax-effected components of the Company’s net deferred tax liability are as follows:

	December 31,
	2018			2017
Deferred tax assets – federal and state:	(In thousands)
Bad debt reserve	$	23,497		$	25,432
Deferred compensation		5,950			5,232
Net operating loss carryforward		23,406			46,702
Accruals, reserves and other		88,139			94,904
Investments in unconsolidated affiliates		83,130			84,188
Stock-based compensation		20,581			24,390
Tax credits		2,926,996			3,045,138
		3,171,699			3,325,986
Less: Valuation allowance		(2,449,582	)		(2,462,272	)
		722,117			863,714
Deferred tax assets – foreign:
Bad debt reserve		1,372			821
Net operating loss carryforward		107,308			76,909
Accruals, reserves and other		18,603			—
Property and equipment		998			—
Stock-based compensation		5,409			4,423
		133,690			82,153
Less: Valuation allowance		(28,121	)		(51,466	)
		105,569			30,687
Total deferred tax assets	$	827,686		$	894,401
Deferred tax liabilities – federal and state:
Property and equipment	$	(1,729,786	)	$	(1,670,704	)
Long-term debt		(3,141	)		(48,809	)
Intangibles		(90,758	)		(79,167	)
		(1,823,685	)		(1,798,680	)
Deferred tax liabilities – foreign:
Accruals, reserves and other		—			(26,657	)
Property and equipment		—			(16,277	)
Intangibles		(346,539	)		(348,162	)
		(346,539	)		(391,096	)
Total deferred tax liability	$	(2,170,224	)	$	(2,189,776	)
Net deferred tax liability	$	(1,342,538	)	$	(1,295,375	)

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the U.S. Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code that are generally applicable to tax years beginning after December 31, 2017, including, but not limited to, (1) reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (3) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (4) adding a new provision designed to tax global intangible low-taxed income (GILTI), which allows for the possibility of using foreign tax credits (FTCs) and a deduction of up to 50 percent to offset the income tax liability (subject to some limitations); (5) creating a new limitation on deductible interest expense; (6) imposing additional limitations on the deductibility of executive compensation and certain employee fringe benefits; and (7) increasing bonus depreciation to allow for full expensing of qualified property.

The SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act.  

The Company’s accounting for certain elements of the Tax Act was incomplete as of December 31, 2017. However, the Company was able to make reasonable estimates of certain effects and, therefore, recorded a provisional discrete non-cash net tax benefit of $1.4 billion in the period ended December 31, 2017, consisting of a benefit of $988 million for the corporate rate reduction and a benefit of $438 million from its provisional re-assessment of the Tax Act’s impact on the valuation allowance on its foreign tax credit (“FTC”) carryovers. The Company did not provide tax expense for the transition tax on its unrepatriated earnings, which totaled $669 million without regard to actual 2017 distributions of $62 million, because such earnings were fully offset by FTCs.

The Company’s accounting for the impact of the Tax Act is now complete. The Company recorded non-cash income tax expense totaling $20 million during the measurement period in 2018, as it adjusted its valuation allowance on its FTC carryovers to account for guidance clarifying the treatment of FTCs resulting from GILTI and other provisions impacting FTC utilization. These measurement period adjustments increased the Company’s effective tax rate by 3% during the year ended December 31, 2018. In addition, the Company finalized its accounting for the tax treatment of indirect costs of providing certain employee fringe benefits subject to limitation under the Tax Act. This measurement period adjustment had an immaterial impact on the effective tax rate for the year ended December 31, 2018.

The Company has made an accounting policy decision to treat taxes due, if any, on future inclusions in U.S. taxable income under the GILTI provisions as a current period expense when incurred. Accordingly, the Company has not provided a deferred tax liability for any GILTI taxes that may result in future periods.

The Company has recorded a valuation allowance of $2.4 billion on its FTC carryover of $2.9 billion as of December 31, 2018, resulting in an FTC net deferred tax asset of $481 million. The FTCs are attributable to the Macau Special Gaming Tax, which is 35% of gross gaming revenue in Macau. Because MGM Grand Paradise is presently exempt from the Macau 12% complementary tax on gaming profits, the Company believes that payment of the Macau Special Gaming Tax qualifies as a tax paid in lieu of an income tax that is creditable against U.S. taxes. While the Company generally does not expect to generate new FTC carryovers under the Tax Act, it will be able to utilize its existing FTC carryovers to the extent that it has active foreign source income during the 10-year FTC carryforward period. Such foreign source income includes the recapture, to the extent of U.S. taxable income, of overall domestic losses that totaled $1.7 billion at December 31, 2018. The Company relies on future U.S. source operating income in assessing utilization of the overall domestic losses and, by extension, future FTC realization during the 10-year FTC carryover period. The FTC carryovers will expire if not utilized as follows: $640 million in 2022; $976 million in 2023; $782 million in 2024; $332 million in 2025; and $196 million in 2027.

The Company’s assessment of the realization of its FTC deferred tax asset is based on available evidence, including assumptions concerning future U.S. operating profits and our interpretations of the Tax Act based upon guidance issued to date. As a result, significant judgment is required in assessing the possible need for a valuation allowance and changes to such assumptions could result in a material change in the valuation allowance with a corresponding impact on the provision for income taxes in the period including such change.  

Income generated from gaming operations of MGM Grand Paradise is exempted from Macau’s 12% complementary tax, pursuant to approval from the Macau government. Absent this exemption, “Net income attributable to MGM Resorts International” would have decreased by $43 million and $38 million in 2018 and 2017, respectively, and diluted earnings per share would have decreased by $0.08 and $0.07 in 2018 and 2017, respectively.

MGM Grand Paradise has been granted an exemption from the Macau 12% complementary tax on gaming profits through March 31, 2020, which is the end of the term of its current gaming sub-concession. The Company has assumed that MGM Grand Paradise will pay the Macau 12% complementary tax on gaming profits for all periods beyond March 31, 2020 and has factored that assumption into the measurement of Macau deferred tax assets and liabilities.

Non-gaming operations remain subject to the Macau complementary tax. MGM Grand Paradise had at December 31, 2018 a complementary tax net operating loss carryforward of $866 million resulting from non-gaming operations that will expire if not utilized against non-gaming income in years 2019 through 2021.

MGM Grand Paradise’s exemption from the 12% complementary tax on gaming profits does not apply to dividend distributions of such profits to MGM China. However, MGM Grand Paradise has had an agreement with the Macau government to settle the 12% complementary tax that would otherwise be due by its shareholder, MGM China, on distributions of its gaming profits by paying a flat annual payment (“annual fee arrangement”) regardless of the amount of distributable dividends. Such annual fee arrangement was effective for distributions of profits earned through December 31, 2016. Since the earnings for 2017 were not covered by an annual fee arrangement as of December 31, 2017, the Company provided deferred taxes on such earnings, which totaled $41 million as of December 31, 2017. On March 15, 2018, MGM Grand Paradise executed an extension of the annual fee arrangement, which covers the distributions of gaming profits earned for the period of January 1, 2017 through March 31, 2020. It requires annual payments of approximately $1 million for 2017 through 2019 and a payment of approximately $300,000 for the first quarter 2020. The Company reversed the $41 million of deferred taxes previously recorded on 2017 earnings, resulting in a reduction in provision for income taxes for the year ended December 31, 2018, partially offset by the 2017 annual payment amount.

The Company has net operating losses in certain of the states in which it operates that total $355 million as of December 31, 2018, which equates to deferred tax assets of $23 million after federal tax effect and before valuation allowance. These net operating loss carryforwards will expire if not utilized by 2029 through 2038. The Company has provided a valuation allowance of $3 million on certain of its state deferred tax assets, including the net operating losses described above.

In addition, there is a valuation allowance of $26 million on certain Macau deferred tax assets, and a valuation allowance of $2 million on Hong Kong net operating losses because the Company believes these assets do not meet the “more likely than not” criteria for recognition.

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows:

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Gross unrecognized tax benefits at January 1	$	18,588		$	14,026		$	13,724
Gross increases - prior period tax positions		5,345			—			—
Gross decreases - prior period tax positions		(957	)		(2,280	)		(3,375	)
Gross increases - current period tax positions		1,488			6,842			3,677
Gross unrecognized tax benefits at December 31	$	24,464		$	18,588		$	14,026

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $13 million and $11million at December 31, 2018 and 2017, respectively.

The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense, which were not material as of December 31, 2018, 2017 or 2016. The Company does not anticipate that the total amounts of unrecognized tax benefits at December 31, 2018 will change materially within the next twelve months.

The Company files income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, and foreign jurisdictions, although the income taxes paid in foreign jurisdictions are not material. As of December 31, 2018, the IRS can no longer assess tax with respect to years ended prior to 2014; however the IRS may adjust NOLs generated in such years that were utilized in 2014. The Company’s 2014 U.S. consolidated federal income tax return is currently under examination by the IRS. The IRS examination of the 2014 U.S. income tax return of CityCenter Holdings, LLC, an unconsolidated affiliate treated as a partnership for income tax purposes was completed during 2018 and the Company’s share of the resultant adjustments were not material in the aggregate.  

As of December 31, 2018, other than adjustments resulting from the federal income tax audits discussed above, the various state and local tax jurisdictions in which the Company files tax returns can no longer assess tax with respect to years ended prior to 2014. However, such jurisdictions may adjust NOLs generated in such years that are utilized in subsequent years. The Company’s state income tax returns filed in Mississippi and New Jersey for the tax years 2014 through 2016 and Michigan for the tax years 2014 through 2017 are currently under examination. No other state or local income tax returns are currently under examination.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 11 – COMMITMENTS AND CONTINGENCIES

Leases. The Company leases real estate and various equipment under operating and, to a lesser extent, capital lease arrangements. Certain real estate leases provide for escalation of rent based upon a specified price index and/or based upon periodic appraisals.

At December 31, 2018, the Company was obligated under non-cancellable operating leases to make future minimum lease payments as follows:

Years ending December 31,	(In thousands)
2019	$	106,643
2020		83,150
2021		62,437
2022		47,036
2023		45,157
Thereafter		1,357,611
Total minimum lease payments	$	1,702,034

The table above excludes the Company’s future lease obligations to a subsidiary of the Operating Partnership pursuant to the master lease agreement discussed in Note 17 as these lease obligations are eliminated in consolidation. Rental expense for operating leases was $89 million, $92 million and $80 million for 2018, 2017 and 2016, respectively, which included short-term rentals charged to rent expense. The Company’s operating leases are materially comprised of ground leases for various properties. The Company accounts for the Cotai land concession contract as an operating lease for which the required upfront payments are amortized over the initial 25-year contract term ending in January 2038.

Additionally, the Company has a series of ground leases for a total of approximately 11 acres of land on which the Borgata employee parking garage, public space expansion, rooms expansion, and modified surface parking lot reside. The Company recorded an unfavorable lease liability for the excess contractual lease obligations over the market value of the leases, which will be amortized on a straight-line basis over the term of the lease contracts through December 2070. The remaining balance of the unfavorable lease liability was $46 million and $47 million as of December 31, 2018 and 2017, respectively. The ground lease is accounted for as an operating lease.

Also, the Company has a ground lease agreement for an approximate 23-acre parcel of land at MGM National Harbor. The ground lease has an initial term of 25 years and the right to extend for up to 13 additional six-year periods with the first 7 of those additional periods considered to be reasonably assured. The Company therefore amortizes the lease on a straight-line basis over a 67-year term to December 2082.

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 based on assertions that the Company and/or certain of its subsidiaries were negligent. The Company also received letters from attorneys purporting to represent other persons with claims related to the October 1, 2017 shooting. Lawsuits were first filed in October 2017 and include actions filed by multiple individuals in the District Court of Clark County, Nevada and in the Superior Court of Los Angeles County, California. Some of the original actions have been voluntarily dismissed, and plaintiffs’ counsel indicate they anticipate re-filing the lawsuits in similar form. In June 2018, the Company removed to federal court all actions that remained pending in California and Nevada state courts following the voluntary dismissals. Motions to remand have been filed in several cases, and the Company anticipates that there may be additional motions to remand filed in the future. 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. In February of 2019, the Company and plaintiffs’ counsel commenced mediation of these matters.  The above-described litigation currently is stayed pending mediation.

The Company is currently unable to reliably predict the future developments in, outcome of, and economic costs and other consequences of pending or future 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 these 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 are 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. In the event the Company incurs any liability, the Company believes it is unlikely it would incur losses in connection with these claims in excess of its insurance coverage. 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. In addition, 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.

Borgata property tax reimbursement agreement. On February 15, 2017, Borgata, the Department of Community Affairs of the State of New Jersey and Atlantic City entered into an agreement wherein Borgata was to be reimbursed $72 million as settlement for property tax refunds in satisfaction of New Jersey Tax Court and Superior Court judgments totaling approximately $106 million, plus interest for the 2009-2012 tax years and the settlement of pending tax appeals for the tax years 2013-2015. Those pending tax appeals could potentially have resulted in Borgata being awarded additional refunds due of approximately $65 million. In June 2017, Atlantic City and the State of New Jersey issued bonds and used the proceeds to pay the $72 million settlement in full. The Company recorded the amounts received pursuant to the reimbursement agreement as an offset to general and administrative expenses in the consolidated statements of operations. As required by the purchase and sale agreement to acquire Borgata in August 2016, the Company paid Boyd Gaming half of the settlement amount received by the Company, net of fees and expenses. Amounts paid to Boyd Gaming were recorded in general and administrative expenses in the consolidated statements of operations.

NV Energy. In July 2016, the Company filed its notice to exit the fully bundled sales system of NV Energy and now purchases energy, capacity, and/or ancillary services from a provider other than NV Energy. The Company paid an upfront impact payment of $83 million, including $14 million related to CityCenter, in September 2016. Under the terms of the exit agreement, the Company and CityCenter were required to make ongoing payments to NV Energy for non-bypassable rate charges, which primarily relate to each entity’s share of NV Energy’s portfolio of renewable energy contracts which extended through 2040 and each entity’s share of the costs of decommissioning and remediation of coal-fired power plants in Nevada. The Company’s initial estimate of its obligation related to non-bypassable charges was $71 million. The expense recognized related to the upfront payment and the initial accrual for the liability associated with the non-bypassable charges was recorded within “NV Energy exit expense” in the Company’s consolidated statements of operations for the year ended December 31, 2016. Subsequent accretion of the liability and changes in estimates are recognized within general and administrative expenses in the consolidated statement of operations. In the second quarter of 2017, the terms of the ongoing impact fee obligations were modified. Such modifications included a credit to be applied against future non-bypassable rate charges and substantially shortened the period over which the Company and CityCenter are responsible for such charges, with an end date in 2022. As such, the Company recognized a reduction in its liability for future charges of $41 million with a corresponding credit to “NV Energy exit expense”. Additionally, CityCenter recorded an $8 million reduction in liability and credit to expense. As of December 31, 2018 and 2017, the Company has recorded an estimate of its remaining liability on a discounted basis of $8 million and $10 million, respectively, in “Other accrued liabilities” and $15 million and $23 million, respectively, in “Other long-term obligations.”

Grand Paradise Macau deferred cash payment. On September 1, 2016, the Company purchased 188.1 million common shares of its MGM China subsidiary from Grand Paradise Macau (“GPM”), an entity controlled by Ms. Ho, Pansy Catilina Chiu King (“Ms. Ho”). As part of the consideration for the purchase, the Company agreed to pay GPM or its nominee a deferred cash payment of $50 million, which will be paid in amounts equal to the ordinary dividends received on such shares, with a final lump sum payment due on the fifth anniversary of the closing date of the transaction if any portion of the deferred cash payment remains unpaid at that time. In 2018 and 2017, the total amount paid under the deferred cash payment arrangement was $11 million and $7 million, respectively. Such amount was paid to Expert Angles Limited, an entity controlled by Ms. Ho through November 2018 and subsequently controlled by an immediate family member of Ms. Ho. As of December 31, 2018, the Company recorded a remaining liability on a discounted basis of $36 million in “Other long-term obligations.” 

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 December 31, 2018, $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 senior credit facility or MGM China’s credit facility at December 31, 2018. The amount of available borrowings under each of the credit facilities is reduced by any outstanding letters of credit.

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Stockholders' Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Stockholders' Equity

NOTE 12 — STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income (Loss)

The following is a summary of the changes in the accumulated balance of other comprehensive income (loss) attributable to MGM Resorts International:

	Currency Translation Adjustments			Cash Flow Hedges			Other		Total
	(In thousands)
Balance, January 1, 2017	$	12,545		$	1,434		$	1,074	$	15,053
Other comprehensive income (loss) before reclassifications		(43,188	)		(1,221	)		98		(44,311	)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense		—			9,216			—		9,216
Other comprehensive income (loss), net of tax		(43,188	)		7,995			98		(35,095	)
Other comprehensive income (loss) attributable to noncontrolling interest		19,193			(2,761	)		—		16,432
Balance, December 31, 2017		(11,450	)		6,668			1,172		(3,610	)
Other comprehensive income (loss) before reclassifications		(13,022	)		4,706			—		(8,316	)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense		—			(1,130	)		—		(1,130	)
Other comprehensive income (loss), net of tax		(13,022	)		3,576			—		(9,446	)
Other comprehensive income (loss) attributable to noncontrolling interest		5,600			(1,100	)		—		4,500
Balance, December 31, 2018	$	(18,872	)	$	9,144		$	1,172	$	(8,556	)

Noncontrolling interest

The following is a summary of net income attributable to MGM Resorts International and transfers to noncontrolling interest:

	For the Years Ended December 31,
	2018			2017
	(In thousands)
Net income attributable to MGM Resorts International	$	466,772		$	1,952,052
Transfers from/(to) to noncontrolling interest:
MGP Class A share issuance		—			35,138
MGM National Harbor transaction		—			(12,497	)
Other		(5,667	)		(2,889	)
Net transfers from/(to) noncontrolling interest		(5,667	)		19,752
Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest	$	461,105		$	1,971,804

Noncontrolling interest ownership transactions

MGP Class A share issuance. In September 2017, MGP completed a public offering of 13.2 million of its Class A shares. In connection with the offering, the Operating Partnership issued 13.2 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 72.3% of partnership units in the Operating Partnership.

MGM National Harbor transaction. On October 5, 2017, MGP acquired the long-term leasehold interest and real property associated with MGM National Harbor from a subsidiary of the Company in exchange for cash of $463 million, the assumption of $425 million of indebtedness, which was immediately repaid by MGP on the closing date, and the issuance of 9.8 million Operating Partnership units to a subsidiary of the Company. The Company adjusted the carrying value of noncontrolling interests to adjust for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, including assets and liabilities transferred, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the MGM National Harbor transaction, the Company indirectly owned 73.4% of the partnership units in the Operating Partnership.

Other events. In January 2019, MGP issued 12.9 million Operating Partnership units to a subsidiary of the Company in connection with the Empire City Transaction.  The Company will adjust the carrying value of noncontrolling interests to adjust for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, including assets and liabilities transferred, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income, as needed, within the first quarter 2019.

In January 2019, MGP completed an offering of 19.6 million of its Class A shares. In connection with the offering, the Operating Partnership issued 19.6 million Operating Partnership units to MGP. The Company will adjust 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, as needed, within the first quarter 2019.

Stock repurchase program

MGM Resorts International stock repurchase program. In May 2018, the Company’s Board of Directors authorized a $2.0 billion stock repurchase program and 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 year ended December 31, 2018, the Company repurchased approximately 41 million shares at an average purchase price of $31.25 per share for an aggregate amount of $1.3 billion. Repurchased shares were retired. The remaining availability under the $2.0 billion stock repurchase program was approximately $1.4 billion as of December 31, 2018.

During the year ended December 31, 2017, the Company repurchased 10 million shares at $32.75 per share for a total aggregate amount of $328 million. Repurchased shares were retired.

MGM Resorts International dividends. On February 13, 2019 the Company’s Board of Directors approved a quarterly dividend of $0.13 per share that will be payable on March 15, 2019 to holders of record on March 8, 2019.

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Stock-Based Compensation

12 Months Ended

Dec. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

NOTE 13 — STOCK-BASED COMPENSATION

MGM Resorts 2005 Omnibus Incentive Plan. The Company’s omnibus incentive plan, as amended (the “Omnibus Plan”), allows it to grant up to 45 million shares or share-based awards, such as stock options, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), performance share units (“PSUs”) and other stock-based awards to eligible directors, officers and employees of the Company and its subsidiaries.

As of December 31, 2018, the Company had an aggregate of approximately 20 million shares of common stock available for grant as share-based awards under the Omnibus Plan. Additionally, as of December 31, 2018, the Company had approximately 7 million aggregate SARs outstanding and approximately 7 million aggregate RSUs and PSUs outstanding, including deferred share units and dividend equivalent units related to RSUs and PSUs.

Intrinsic value. The following table includes information related to the intrinsic value:

	Year ended
	December 31, 2018
	(In thousands)
Share-based awards exercised and RSUs and PSUs vested	$	97,302
Stock options and SARs outstanding		21,563
Stock options and SARs vested and expected to vest		21,547
Stock options and SARs exercisable		19,745

As of December 31, 2018, there was a total of $134 million of unamortized compensation related to stock options, SARs, RSUs, and PSUs, which is expected to be recognized over a weighted-average period of 2.1 years.

MGM Growth Properties 2016 Omnibus Incentive Plan and MGM China Share Option Plan. The Company’s subsidiaries, MGP and MGM China, each adopted their own equity award plans for the issuance of share-based awards to each subsidiary’s eligible recipients.

Recognition of compensation cost. Compensation cost was recognized as follows:

	Year Ended December 31,
	2018			2017			2016
Compensation cost:	(In thousands)
Omnibus Plan	$	57,735		$	49,383		$	43,661
MGM Growth Properties Omnibus Incentive Plan		2,092			2,568			3,401
MGM China Share Option Plan		10,369			10,571			8,545
Total compensation cost		70,196			62,522			55,607
Less:  Reimbursed costs and capitalized cost		(1,710	)		(1,398	)		(1,350	)
Compensation cost after reimbursed costs and capitalized cost		68,486			61,124			54,257
Less:  Related tax benefit		(13,218	)		(18,650	)		(16,782	)
Compensation cost, net of tax benefit	$	55,268		$	42,474		$	37,475

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Employee Benefit Plans

12 Months Ended

Dec. 31, 2018

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

NOTE 14 — EMPLOYEE BENEFIT PLANS

Multiemployer benefit plans. The Company currently participates in multiemployer pension plans in which the risks of participating differs from single-employer plans in the following aspects:

a) Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers;

b) If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers;

c) If an entity chooses to stop participating in some of its multiemployer plans, the entity may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability; and

d) If the plan is terminated by withdrawal of all employers and if the value of the nonforfeitable benefits exceeds plan assets and withdrawal liability payments, employers are required by law to make up the insufficient difference.

The Company’s participation in these plans is presented below.

	EIN/Pension	Pension Protection Act Zone Status (2)		FIP/RP	Contributions by the Company (in thousands)(4)						Surcharge	Expiration Dates of Collective Bargaining
Pension Fund(1)	Plan Number	2017	2016	Status (3)	2018		2017		2016		Imposed	Agreements
Southern Nevada Culinary and Bartenders Pension Plan	88-6016617/001	Green	Green	No	$	47,825	$	45,297	$	44,001	No	5/31/2019; 5/31/2023(5)
Legacy Plan of the National Retirement Fund (NRF)(6)	13-6130178/001	Red	Red	Yes	$	9,794	$	9,416	$	3,788	Yes	2/29/2020

(1) The Company was listed in the plan's Form 5500 as providing more than 5% of the total contributions for the plan years 2017 and 2016 for the Southern Nevada Culinary and Bartenders Pension Plan and for the plan year 2016 for the NRF. At the date the financial statements were issued, Form 5500 was not available for the plan year 2018.

(2) The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Plans in the red zone are generally less than 65% funded (critical status) and plans in the green zone are at least 80% funded.

(3) Indicates plans for which a Financial Improvement Plan (FIP) or a Rehabilitation Plan (RP) is either pending or has been implemented.

(4) There have been no significant changes that affect the comparability of contributions, other than those for the UNITE HERE Retirement Fund (“UHF”), formally known as the Legacy Plan of the National Retirement Fund (“NRF”) prior to January 1, 2018, which reflect the period from acquisition of Borgata of August 1, 2016 through December 31, 2016 within the 2016 column and a full-year of contributions within the 2018 and 2017 columns.

(5) The Company is party to ten collective bargaining agreements (CBA) that require contributions with the Local Joint Executive Board of Las Vegas, which is made up of the Culinary and Bartenders Unions. The agreements between CityCenter Hotel Casino, LLC, Bellagio, Mandalay Corp., and MGM Grand Hotel, LLC are the most significant because more than half of the Company’s employee participants in this plan are covered by those four agreements.

(6) In December 2017, the Pension Benefit Guaranty Corporation approved the spin-off of the UNITE HERE portion of the NRF to the plan of a newly-formed Legacy Plan of the UNITE HERE Retirement Fund. As a result of the spin-off, the pension liabilities as well as certain assets of the plan were transferred to the new Plan. The terms of the Plan are identical to the NRF. The spin-off was effective as of January 1, 2018.

Multiemployer benefit plans other than pensions. Pursuant to its collective bargaining agreements referenced above, the Company also contributes to UNITE HERE Health (the “Health Fund”), which provides healthcare benefits to its active and retired members. The Company contributed $191 million, $183 million, and $187 million to the Health Fund in the years ended December 31, 2018, 2017, and 2016, respectively.  

Self-insurance. The Company is self-insured for most health care benefits and workers compensation for its non-union employees. The liability for self-insurance was $93 million and $87 million at December 31, 2018 and 2017, respectively, which is included in “Other accrued liabilities.”

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Property Transactions, Net

12 Months Ended

Dec. 31, 2018

Property Plant And Equipment [Abstract]

Property Transactions, Net

NOTE 15 — PROPERTY TRANSACTIONS, NET

Property transactions, net consisted of the following:

	Year Ended December 31,
	2018			2017		2016
	(In thousands)
Gain on sale of Grand Victoria	$	(44,703	)	$	—	$	—
Other property transactions, net		53,850			50,279		17,078
	$	9,147		$	50,279	$	17,078

Grand Victoria investment sale. See Note 6 for additional information related to the sale of Grand Victoria investment in 2018.

Other. Other property transactions, net includes miscellaneous asset disposals and demolition costs in the periods presented in the above table, including a loss of $24 million related to MGM Cotai production show costs in 2018, and a loss of $20 million and $34 million related to the rebranding of the Monte Carlo Resort and Casino to Park MGM and NoMad Las Vegas in 2018 and 2017, respectively.

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Segment Information

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Segment Information

NOTE 16 — 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. During the fourth quarter of 2018, the Company changed its reportable segments to Las Vegas Strip Resorts, Regional Operations and MGM China. This change of reportable segments reflects realignment within the Company stemming from the expansion of the Company’s regional operations.

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; and MGM Springfield in Springfield, Massachusetts (upon commencing operations in August 2018).

MGM China.  MGM China consists of MGM Macau and MGM Cotai (upon commencing operations in February 2018).

The Company’s operations related to investments in unconsolidated affiliates, MGP’s Northfield casino, 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. Adjusted Property EBITDA is a measure defined as Adjusted EBITDA before corporate expense and stock compensation expense, which are not allocated to each property. 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, NV Energy exit expense, gain on Borgata transaction, and property transactions, net.

The following tables present the Company’s segment information. As a result of the change in reportable segments described above, we have recast previously reported segment information to conform to the current presentation in the following tables:

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Net Revenues
Las Vegas Strip Resorts
Casino	$	1,407,733		$	1,436,830		$	1,394,820
Rooms		1,776,029			1,778,869			1,762,850
Food and beverage		1,402,378			1,410,496			1,432,717
Entertainment, retail and other		1,130,532			1,119,928			1,074,307
		5,716,672			5,746,123			5,664,694
Regional Operations
Casino		2,026,925			1,834,803			1,017,857
Rooms		318,017			319,049			182,809
Food and beverage		428,934			410,143			235,383
Entertainment, retail and other		160,645			145,725			84,108
		2,934,521			2,709,720			1,520,157
MGM China
Casino		2,195,144			1,741,635			1,695,023
Rooms		118,527			54,824			57,367
Food and beverage		114,862			51,330			51,237
Entertainment, retail and other		21,424			10,371			8,331
		2,449,957			1,858,160			1,811,958
Reportable segment net revenues		11,101,150			10,314,003			8,996,809
Corporate and other		661,946			483,476			481,460
	$	11,763,096		$	10,797,479		$	9,478,269
Adjusted Property EBITDA
Las Vegas Strip Resorts	$	1,705,479		$	1,780,600		$	1,661,921
Regional Operations		759,096			731,916			399,701
MGM China		568,294			535,524			529,281
Reportable segment Adjusted Property EBITDA		3,032,869			3,048,040			2,590,903
Other operating income (expense)
Corporate and other		(224,800	)		(213,908	)		203,193
NV Energy exit expense		—			40,629			(139,335	)
Preopening and start-up expenses		(151,392	)		(118,475	)		(140,075	)
Property transactions, net		(9,147	)		(50,279	)		(17,078	)
Gain on Borgata transaction		—			—			430,118
Depreciation and amortization		(1,178,044	)		(993,480	)		(849,527	)
Operating income		1,469,486			1,712,527			2,078,199
Non-operating income (expense)
Interest expense, net of amounts capitalized		(769,513	)		(668,745	)		(694,773	)
Non-operating items from unconsolidated affiliates		(47,827	)		(34,751	)		(53,139	)
Other, net		(18,140	)		(48,241	)		(72,698	)
		(835,480	)		(751,737	)		(820,610	)
Income before income taxes		634,006			960,790			1,257,589
Benefit (provision) for income taxes		(50,112	)		1,127,394			(21,743	)
Net income		583,894			2,088,184			1,235,846
Less: Net income attributable to noncontrolling interests		(117,122	)		(136,132	)		(135,438	)
Net income attributable to MGM Resorts International	$	466,772		$	1,952,052		$	1,100,408

	December 31,
	2018			2017			2016
Total assets:	(In thousands)
Las Vegas Strip Resorts	$	11,783,736		$	11,648,168		$	11,650,747
Regional Operations		5,751,826			4,780,717			4,800,714
MGM China		9,093,307			9,461,535			8,443,411
Reportable segment total assets		26,628,869			25,890,420			24,894,872
Corporate and other		3,666,586			3,339,746			3,334,724
Eliminated in consolidation		(84,749	)		(70,124	)		(55,196	)
	$	30,210,706		$	29,160,042		$	28,174,400

	December 31,
	2018			2017			2016
Property and equipment, net:	(In thousands)
Las Vegas Strip Resorts	$	10,605,454		$	10,568,296		$	10,568,317
Regional Operations		4,503,104			3,752,528			3,785,654
MGM China		3,818,460			3,827,391			2,857,626
Reportable segment property and equipment, net		18,927,018			18,148,215			17,211,597
Corporate and other		1,887,619			1,557,368			1,268,622
Eliminated in consolidation		(84,749	)		(70,124	)		(55,196	)
	$	20,729,888		$	19,635,459		$	18,425,023

	Year Ended December 31,
	2018			2017			2016
Capital expenditures:	(In thousands)
Las Vegas Strip Resorts	$	501,044		$	419,983		$	288,526
Regional Operations		72,865			66,628			29,425
MGM China		390,212			923,346			984,355
Reportable segment capital expenditures		964,121			1,409,957			1,302,306
Corporate and other		537,347			469,053			973,446
Eliminated in consolidation		(14,625	)		(14,928	)		(13,279	)
	$	1,486,843		$	1,864,082		$	2,262,473

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Related Party Transactions

12 Months Ended

Dec. 31, 2018

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 17 — RELATED PARTY TRANSACTIONS

CityCenter

Management agreements. The Company and CityCenter have entered into agreements whereby the Company is responsible for management of the operations of CityCenter for a fee of 2% of revenue and 5% of EBITDA (as defined) for Aria and Vdara. The Company earned fees of $47 million, $49 million and $43 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company is being reimbursed for certain costs in performing its development and management services. During the years ended December 31, 2018, 2017 and 2016, the Company incurred $409 million, $390 million and $387 million, respectively, of costs reimbursable by CityCenter, primarily for employee compensation and certain allocated costs. As of December 31, 2018 and 2017, CityCenter owed the Company $83 million and $77 million, respectively, for management services and reimbursable costs recorded in “Accounts receivable, net” in the accompanying consolidated balance sheets.

MGM China

Ms. Ho is a member of the Board of Directors of, and holds a minority ownership interest in, MGM China. Ms. Ho is also the managing director of Shun Tak Holdings Limited (together with its subsidiaries “Shun Tak”), a leading conglomerate in Hong Kong with core businesses in transportation, property, hospitality and investments. Shun Tak provides various services and products, including ferry tickets, travel products, rental of hotel rooms, laundry services, advertising services and property cleaning services to MGM China. MGM China incurred expenses relating to Shun Tak of $17 million, $13 million and $10 million for the years ended December 31, 2018, 2017 and 2016, respectively.

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. An entity owned by Ms. Ho received distributions of $22 million, $15 million and $15 million for the years ended December 31, 2018, 2017 and 2016, respectively, in connection with the ownership of a noncontrolling interest in MGM Branding and Development Holdings, Ltd.   

MGP

As further 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 and MGM National Harbor from the landlord.

The master lease has an initial lease term of ten years that began on April 25, 2016 (other than with respect to MGM National Harbor, as described below) with the potential to extend the term for four additional five-year terms thereafter at the option of the tenant. The master lease provides that any extension of its term must apply to all of the real estate under the master lease at the time of the extension. The master lease has a triple-net structure, which requires the tenant to pay substantially all costs associated with the lease, including real estate taxes, insurance, utilities and routine maintenance, in addition to the base rent. Additionally, the master lease provides the landlord with a right of first offer with respect to MGM Springfield, which the landlord may exercise should the Company elect to sell this property in the future. In connection with the MGM National Harbor transaction, the master lease was amended to provide that the initial term with respect to MGM National Harbor ends on April 31, 2024. Thereafter, the initial term of the master lease with respect to MGM National Harbor may be renewed at the option of the tenant for an initial renewal period lasting until the earlier of the end of the then-current term of the master lease or the next renewal term (depending on whether the Company elects to renew the other properties under the master lease in connection with the expiration of the initial ten-year term). If, however, the tenant chooses not to renew the lease with respect to MGM National Harbor after the initial MGM National Harbor term under the master lease, the tenant would also lose the right to renew the master lease with respect to the rest of the properties when the initial ten-year lease term ends related to the rest of the properties in 2026.

In connection with the commencement of the third lease year on April 1, 2018, annual rent payments under the master lease increased to $770 million from $757 million. Rent under the master lease consists of a “base rent” component and a “percentage rent” component. As of December 31, 2018, the base rent represents approximately 90% of the rent payments due under the master lease and the percentage rent represents approximately 10% of the rent payments due under the master lease. The master lease also provides for fixed annual escalators of 2% on the base rent through the sixth lease year and the possibility for additional 2% increases thereafter subject to the tenant meeting an adjusted net revenue to rent ratio, as well as potential increases in percentage rent in year six and every five years thereafter based on a percentage of average actual annual net revenue during the preceding five year period calculated in accordance with the terms under the master lease. The master lease also contains customary events of default and financial covenants. The Company was in compliance with all applicable covenants as of December 31, 2018.

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. The real estate assets of Empire City will be 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 percent of this rent will be fixed and contractually grow at 2 percent 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.  

Additionally, in September 2018, the Company entered into a definitive agreement with MGP to acquire Northfield OpCo from MGP for approximately $275 million, subject to customary purchase price adjustments. The real estate assets of Northfield will be leased to the Company pursuant to an amendment to the master lease, increasing the annual rent payment to MGP by $60 million, prorated for the remainder of the lease year. Consistent with the master lease terms, 90 percent of this rent will be fixed and contractually grow at 2 percent per year until 2022. The transaction is expected to close in the first half of 2019, subject to customary closing conditions.

Also, in December 2018, the Company entered into an agreement with MGP whereby MGP will pay the Company consideration of $638 million for renovations undertaken by the Company regarding the Park MGM and NoMad Las Vegas property (the “Park MGM Lease Transaction”). Additionally, at closing, the parties will enter into an amendment to the master lease whereby the annual rent payment to MGP will increase 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. The transaction is expected to close in the first quarter of 2019 and is subject to customary closing conditions.

All intercompany transactions, including transactions under the master lease, 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

12 Months Ended

Dec. 31, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Condensed Consolidating Financial Information

NOTE 18 —CONDENSED CONSOLIDATING FINANCIAL INFORMATION

As of December 31, 2018, 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 December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016, 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. For these subsidiaries, such investment constitutes continuing involvement, and accordingly, the sale and leaseback of the real estate assets under the master lease do not qualify for sale-leaseback accounting. The real estate assets are 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 are also reflected on the balance sheet of the MGP subsidiary that received such assets. The condensed consolidating financial information presented below therefore includes the accounting for such activity within the respective columns presented and in the elimination column. In connection with the adoption of ASC 842, the Company is reassessing whether the sale and leaseback of the real estate assets under the master lease now qualify as a passed sale and, accordingly, the corresponding lease classification, both of which could impact the condensed consolidating financial information.

CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION

	December 31, 2018
					Non-Guarantor Subsidiaries
	Parent		Guarantor Subsidiaries		MGP		Other		Elimination			Consolidated
	(In thousands)
Current assets	$	304,741	$	1,178,696	$	78,222	$	972,820	$	(7,701	)	$	2,526,778
Property and equipment, net		—		13,564,979		10,526,520		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		—		7,135,263		—		—		(7,135,263	)		—
Other non-current assets		67,214		917,537		346,565		4,932,872		(43,015	)		6,221,173
	$	22,791,237	$	30,310,856	$	10,951,307	$	13,158,319	$	(47,001,013	)	$	30,210,706
Current liabilities	$	154,484	$	1,617,675	$	189,247	$	1,224,752	$	(237,276	)	$	2,948,882
Intercompany accounts		6,932,325		—		307		202,631		(7,135,263	)		—
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 long-term obligations		39,019		7,210,897		215,664		2,247,584		(9,453,924	)		259,240
Total liabilities		16,278,954		8,829,142		5,105,801		6,280,951		(16,856,183	)		19,638,665
Redeemable noncontrolling interests		—		—		—		102,250		—			102,250
MGM Resorts International stockholders' equity		6,512,283		21,481,714		4,279,535		4,383,581		(30,144,830	)		6,512,283
Noncontrolling interests		—		—		1,565,971		2,391,537		—			3,957,508
Total stockholders' equity		6,512,283		21,481,714		5,845,506		6,775,118		(30,144,830	)		10,469,791
	$	22,791,237	$	30,310,856	$	10,951,307	$	13,158,319	$	(47,001,013	)	$	30,210,706

	December 31, 2017
					Non-Guarantor Subsidiaries
	Parent		Guarantor Subsidiaries		MGP		Other		Elimination			Consolidated
	(In thousands)
Current assets	$	78,909	$	1,015,802	$	266,627	$	1,022,340	$	(7,323	)	$	2,376,355
Property and equipment, net		—		13,521,221		10,021,938		6,125,722		(10,033,422	)		19,635,459
Investments in subsidiaries		21,040,147		3,304,768		—		—		(24,344,915	)		—
Investments in the MGP Operating Partnership		—		3,549,063		—		862,037		(4,411,100	)		—
Investments in and advances to unconsolidated affiliates		—		1,002,903		—		5,394		25,000			1,033,297
Intercompany accounts		—		5,998,499		—		—		(5,998,499	)		—
Other non-current assets		49,142		913,602		62,555		5,134,220		(44,588	)		6,114,931
	$	21,168,198	$	29,305,858	$	10,351,120	$	13,149,713	$	(44,814,847	)	$	29,160,042
Current liabilities	$	153,159	$	1,445,031	$	144,537	$	1,609,110	$	(213,540	)	$	3,138,297
Intercompany accounts		5,783,578		—		962		213,959		(5,998,499	)		—
Deferred income taxes, net		934,966		—		28,544		360,409		(28,544	)		1,295,375
Long-term debt, net		6,682,574		2,835		3,934,628		2,131,015		—			12,751,052
Other long-term obligations		36,860		7,268,664		174,710		2,305,353		(9,501,171	)		284,416
Total liabilities		13,591,137		8,716,530		4,283,381		6,619,846		(15,741,754	)		17,469,140
Redeemable noncontrolling interests		—		—		—		79,778		—			79,778
MGM Resorts International stockholders' equity		7,577,061		20,589,328		4,443,089		4,040,676		(29,073,093	)		7,577,061
Noncontrolling interests		—		—		1,624,650		2,409,413		—			4,034,063
Total stockholders' equity		7,577,061		20,589,328		6,067,739		6,450,089		(29,073,093	)		11,611,124
	$	21,168,198	$	29,305,858	$	10,351,120	$	13,149,713	$	(44,814,847	)	$	29,160,042

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION

	Year Ended December 31, 2018
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	7,647,304		$	1,002,444		$	3,983,575		$	(870,227	)	$	11,763,096
Equity in subsidiaries' earnings		1,216,482			116,676			—			—			(1,333,158	)		—
Expenses
Casino and hotel operations		11,130			4,350,634			88,053			2,491,007			(21,949	)		6,918,875
General and administrative		9,945			1,238,461			96,607			495,015			(75,390	)		1,764,638
Corporate expense		156,503			216,318			48,675			21,317			(23,609	)		419,204
Preopening and start-up expenses		—			26,100			—			125,292			—			151,392
Property transactions, net		—			(15,955	)		20,319			25,033			(20,250	)		9,147
Depreciation and amortization		—			622,552			273,031			543,606			(261,145	)		1,178,044
		177,578			6,438,110			526,685			3,701,270			(402,343	)		10,441,300
Income (loss) from unconsolidated affiliates		—			148,866			—			(1,176	)		—			147,690
Operating income		1,038,904			1,474,736			475,759			281,129			(1,801,042	)		1,469,486
Interest expense, net of amounts capitalized		(480,985	)		(510	)		(215,532	)		(72,486	)		—			(769,513	)
Other, net		63,722			(444,897	)		(4,690	)		(187,786	)		507,684			(65,967	)
Income before income taxes		621,641			1,029,329			255,537			20,857			(1,293,358	)		634,006
Benefit (provision) for income taxes		(154,869	)		—			(10,835	)		115,592			—			(50,112	)
Net income		466,772			1,029,329			244,702			136,449			(1,293,358	)		583,894
Less: Net income attributable to noncontrolling interests		—			—			(67,065	)		(50,057	)		—			(117,122	)
Net income attributable to MGM Resorts International	$	466,772		$	1,029,329		$	177,637		$	86,392		$	(1,293,358	)	$	466,772
Net income	$	466,772		$	1,029,329		$	244,702		$	136,449		$	(1,293,358	)	$	583,894
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(7,422	)		(7,422	)		—			(13,022	)		14,844			(13,022	)
Unrealized gain on cash flow hedges		2,476			—			4,128			—			(3,028	)		3,576
Other comprehensive income (loss)		(4,946	)		(7,422	)		4,128			(13,022	)		11,816			(9,446	)
Comprehensive income		461,826			1,021,907			248,830			123,427			(1,281,542	)		574,448
Less: Comprehensive income attributable to noncontrolling interests		—			—			(68,165	)		(44,457	)		—			(112,622	)
Comprehensive income attributable to MGM Resorts International	$	461,826		$	1,021,907		$	180,665		$	78,970		$	(1,281,542	)	$	461,826

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Year Ended December 31, 2018
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(460,117	)	$	1,271,583		$	580,207		$	330,866		$	—		$	1,722,539
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(696,076	)		(1,578	)		(789,189	)		—			(1,486,843	)
Dispositions of property and equipment		—			25,507			—			105			—			25,612
Proceeds from sale of business units and investment in unconsolidated affiliate		—			163,616			—			—			—			163,616
Acquisition of Northfield, net of cash acquired		—			—			(1,034,534	)		—			—			(1,034,534	)
Investments in and advances to unconsolidated affiliates		—			(56,295	)		—			—			—			(56,295	)
Distributions from unconsolidated affiliates in excess of cumulative earnings		—			322,631			—			—			—			322,631
Intercompany accounts		—			(1,136,764	)		—			—			1,136,764			—
Other		—			(13,416	)		—			(3,792	)		—			(17,208	)
Net cash used in investing activities		—			(1,390,797	)		(1,036,112	)		(792,876	)		1,136,764			(2,083,021	)
Cash flows from financing activities
Net borrowings under bank credit facilities - maturities of 90 days or less		377,500			—			727,750			137,009			—			1,242,259
Issuance of long-term debt		1,000,000			—			—			—			—			1,000,000
Retirement of senior debentures		—			(2,265	)		—			—			—			(2,265	)
Debt issuance costs		(26,125	)		—			(17,490	)		(32,904	)		—			(76,519	)
Dividends paid to common shareholders		(260,592	)		—			—			—			—			(260,592	)
MGP dividends paid to consolidated subsidiaries		—			—			(333,192	)		—			333,192			—
Distributions to noncontrolling interest owners		—			—			(121,069	)		(63,863	)		—			(184,932	)
Intercompany accounts		917,760			207,015			—			345,181			(1,469,956	)		—
Purchases of common stock		(1,283,333	)		—			—			—			—			(1,283,333	)
Other		(32,225	)		(6,979	)		—			(6,180	)		—			(45,384	)
Net cash provided by financing activities		692,985			197,771			255,999			379,243			(1,136,764	)		389,234
Effect of exchange rate on cash		—			—			—			(1,985	)		—			(1,985	)
Cash and cash equivalents
Net increase (decrease) for the period		232,868			78,557			(199,906	)		(84,752	)		—			26,767
Balance, beginning of period		26,870			311,044			259,722			902,359			—			1,499,995
Balance, end of period	$	259,738		$	389,601		$	59,816		$	817,607		$	—		$	1,526,762

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION

	Year Ended December 31, 2017
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	7,649,990		$	765,695		$	3,151,304		$	(769,510	)	$	10,797,479
Equity in subsidiaries' earnings		1,391,725			156,081			—			—			(1,547,806	)		—
Expenses
Casino and hotel operations		10,784			4,262,212			—			1,923,942			(3,816	)		6,193,122
General and administrative		8,742			1,180,989			84,348			369,844			(84,348	)		1,559,575
Corporate expense		127,092			200,801			34,085			(515	)		(4,591	)		356,872
NV Energy exit expense		—			(40,629	)		—			—			—			(40,629	)
Preopening and start-up expenses		—			8,258			—			110,217			—			118,475
Property transactions, net		—			43,985			34,022			6,294			(34,022	)		50,279
Depreciation and amortization		—			649,676			260,455			343,804			(260,455	)		993,480
		146,618			6,305,292			412,910			2,753,586			(387,232	)		9,231,174
Income (loss) from unconsolidated affiliates		—			147,234			—			(1,012	)		—			146,222
Operating income		1,245,107			1,648,013			352,785			396,706			(1,930,084	)		1,712,527
Interest expense, net of amounts capitalized		(466,907	)		(982	)		(184,175	)		(16,681	)		—			(668,745	)
Other, net		26,215			(402,602	)		2,286			(142,997	)		434,106			(82,992	)
Income before income taxes		804,415			1,244,429			170,896			237,028			(1,495,978	)		960,790
Benefit (provision) for income taxes		1,147,637			—			(4,906	)		(15,337	)		—			1,127,394
Net income		1,952,052			1,244,429			165,990			221,691			(1,495,978	)		2,088,184
Less: Net income attributable to noncontrolling interests		—			—			(41,775	)		(94,357	)		—			(136,132	)
Net income attributable to MGM Resorts International	$	1,952,052		$	1,244,429		$	124,215		$	127,334		$	(1,495,978	)	$	1,952,052
Net income	$	1,952,052		$	1,244,429		$	165,990		$	221,691		$	(1,495,978	)	$	2,088,184
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(23,995	)		(23,995	)		—			(43,188	)		47,990			(43,188	)
Unrealized gain on cash flow hedges		5,234			—			9,782			—			(7,021	)		7,995
Other comprehensive income (loss)		(18,761	)		(23,995	)		9,782			(43,188	)		40,969			(35,193	)
Comprehensive income		1,933,291			1,220,434			175,772			178,503			(1,455,009	)		2,052,991
Less: Comprehensive income attributable to noncontrolling interests		—			—			(44,536	)		(75,164	)		—			(119,700	)
Comprehensive income attributable to MGM Resorts International	$	1,933,291		$	1,220,434		$	131,236		$	103,339		$	(1,455,009	)	$	1,933,291

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Year Ended December 31, 2017
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(584,252	)	$	1,152,083		$	482,578		$	1,156,002		$	—		$	2,206,411
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(482,024	)		(488	)		(1,381,570	)		—			(1,864,082	)
Dispositions of property and equipment		—			502			—			216			—			718
Acquisition of National Harbor, net of cash acquired		—			—			(462,500	)		—			462,500			—
Investments in and advances to unconsolidated affiliates		—			(16,727	)		—			—			—			(16,727	)
Distributions from unconsolidated affiliates in excess of cumulative earnings		—			301,211			—			—			—			301,211
Intercompany accounts		462,500			(1,186,942	)		—			—			724,442			—
Other		—			(1,754	)		—			42			—			(1,712	)
Net cash provided by (used in) investing activities		462,500			(1,385,734	)		(462,988	)		(1,381,312	)		1,186,942			(1,580,592	)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less		122,500			—			(466,875	)		359,376			—			15,001
Issuance of long-term debt		—			—			350,000			—			—			350,000
Retirement of senior notes		(502,669	)		—			—			—			—			(502,669	)
Debt issuance costs		—			—			(5,598	)		(4,379	)		—			(9,977	)
Issuance of MGM Growth Properties Class A shares in public offering		—			—			404,685			—			—			404,685
MGM Growth Properties Class A share issuance costs		—			—			(17,137	)		—			—			(17,137	)
Dividends paid to common shareholders		(252,014	)		—			—			—			—			(252,014	)
MGP dividends paid to consolidated subsidiaries		—			—			(290,091	)		—			290,091			—
Distributions to noncontrolling interest owners		—			—			(95,344	)		(75,058	)		—			(170,402	)
Intercompany accounts		1,042,111			248,626			—			186,296			(1,477,033	)		—
Purchases of common stock		(327,500	)		—			—			—			—			(327,500	)
Other		(33,801	)		(11,644	)		—			(13,320	)		—			(58,765	)
Net cash provided by (used in) financing activities		48,627			236,982			(120,360	)		452,915			(1,186,942	)		(568,778	)
Effect of exchange rate on cash		—			—			—			(3,627	)		—			(3,627	)
Cash and cash equivalents
Net increase (decrease) for the period		(73,125	)		3,331			(100,770	)		223,978			—			53,414
Balance, beginning of period		99,995			307,713			360,492			678,381			—			1,446,581
Balance, end of period	$	26,870		$	311,044		$	259,722		$	902,359		$	—		$	1,499,995

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION

	Year Ended December 31, 2016
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	7,050,893		$	467,548		$	2,430,795		$	(470,967	)	$	9,478,269
Equity in subsidiaries' earnings		1,779,119			174,587			—			—			(1,953,706	)		—
Expenses
Casino and hotel operations		9,063			4,027,602			—			1,487,975			(3,419	)		5,521,221
General and administrative		6,834			1,137,027			68,063			214,839			(48,229	)		1,378,534
Corporate expense		131,938			160,887			20,360			(194	)		(286	)		312,705
NV Energy exit expense		—			139,335			—			—			—			139,335
Preopening and start-up expenses		—			8,775			—			131,300			—			140,075
Property transactions, net		—			16,449			4,684			(246	)		(3,809	)		17,078
Gain on Borgata transaction		—			(430,118	)		—			—			—			(430,118	)
Depreciation and amortization		—			524,123			220,667			261,730			(156,993	)		849,527
		147,835			5,584,080			313,774			2,095,404			(212,736	)		7,928,357
Income (loss) from unconsolidated affiliates		—			528,605			—			(318	)		—			528,287
Operating income		1,631,284			2,170,005			153,774			335,073			(2,211,937	)		2,078,199
Interest expense, net of amounts capitalized		(562,536	)		(1,500	)		(115,438	)		(15,299	)		—			(694,773	)
Other, net		(7,864	)		(324,141	)		(726	)		(93,145	)		300,039			(125,837	)
Income before income taxes		1,060,884			1,844,364			37,610			226,629			(1,911,898	)		1,257,589
Benefit (provision) for income taxes		39,524			(22,579	)		(2,264	)		(36,424	)		—			(21,743	)
Net income		1,100,408			1,821,785			35,346			190,205			(1,911,898	)		1,235,846
Less: Net income attributable to noncontrolling interests		—			—			(29,938	)		(105,500	)		—			(135,438	)
Net income attributable to MGM Resorts International	$	1,100,408		$	1,821,785		$	5,408		$	84,705		$	(1,911,898	)	$	1,100,408
Net income	$	1,100,408		$	1,821,785		$	35,346		$	190,205		$	(1,911,898	)	$	1,235,846
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(1,477	)		(1,477	)		—			(2,680	)		2,954			(2,680	)
Unrealized gain on cash flow hedges		1,434			—			1,879			—			(1,434	)		1,879
Other comprehensive income (loss)		(43	)		(1,477	)		1,879			(2,680	)		1,520			(801	)
Comprehensive income		1,100,365			1,820,308			37,225			187,525			(1,910,378	)		1,235,045
Less: Comprehensive income attributable to noncontrolling interests		—			—			(30,383	)		(104,297	)		—			(134,680	)
Comprehensive income attributable to MGM Resorts International	$	1,100,365		$	1,820,308		$	6,842		$	83,228		$	(1,910,378	)	$	1,100,365

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Year Ended December 31, 2016
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(603,136	)	$	1,313,595		$	297,781		$	525,732		$	—		$	1,533,972
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(290,455	)		(138,987	)		(1,833,031	)		—			(2,262,473	)
Dispositions of property and equipment		—			1,940			—			2,004			—			3,944
Proceeds from partial disposition of investment in unconsolidated affiliates		—			15,000			—			—			—			15,000
Acquisition of Borgata, net of cash acquired		—			(559,443	)		—			—			—			(559,443	)
Investments in and advances to unconsolidated affiliates		—			(3,633	)		—			—			—			(3,633	)
Distributions from unconsolidated affiliates in excess of cumulative earnings		—			542,097			—			—			—			542,097
Intercompany accounts		—			(1,562,442	)		—			—			1,562,442			—
Other		—			(7,651	)		—			(4,045	)		—			(11,696	)
Net cash used in investing activities		—			(1,864,587	)		(138,987	)		(1,835,072	)		1,562,442			(2,276,204	)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less		(2,016,000	)		4,094,850			(2,411,600	)		823,782			—			491,032
Borrowings under bank credit facilities - maturities longer than 90 days		1,845,375			—			—			—			—			1,845,375
Repayments under bank credit facilities - maturities longer than 90 days		(1,845,375	)		—			—			—			—			(1,845,375	)
Issuance of long-term debt		500,000			—			1,550,000			—			—			2,050,000
Retirement of senior notes		(2,255,392	)		(2,661	)		—			—			—			(2,258,053	)
Repayment of Borgata credit facility		—			(583,598	)		—			—			—			(583,598	)
Debt issuance costs		(29,871	)		—			(77,163	)		(32,550	)		—			(139,584	)
Issuance of MGM Growth Properties Class A shares in public offering		—			—			1,207,500			—			—			1,207,500
MGM Growth Properties Class A share issuance costs		—			—			(75,032	)		—			—			(75,032	)
Acquisition of MGM China shares		(100,000	)		—			—			—			—			(100,000	)
MGP dividends paid to consolidated subsidiaries		—			—			(113,414	)		—			113,414			—
Distributions to noncontrolling interest owners		—			—			(37,415	)		(65,952	)		—			(103,367	)
Intercompany accounts		4,082,303			(2,954,054	)		158,822			388,785			(1,675,856	)		—
Proceeds from issuance of redeemable noncontrolling interests		—			—			—			47,325			—			47,325
Other		(16,765	)		—			—			(36	)		—			(16,801	)
Net cash provided by financing activities		164,275			554,537			201,698			1,161,354			(1,562,442	)		519,422
Effect of exchange rate on cash		—			—			—			(921	)		—			(921	)
Cash and cash equivalents
Net increase (decrease) for the period		(438,861	)		3,545			360,492			(148,907	)		—			(223,731	)
Balance, beginning of period		538,856			304,168			—			827,288			—			1,670,312
Balance, end of period	$	99,995		$	307,713		$	360,492		$	678,381		$	—		$	1,446,581

XML

Selected Quarterly Financial Results (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Results (Unaudited)

NOTE 19 — SELECTED QUARTERLY FINANCIAL RESULTS (UNAUDITED)

	Quarter
	First		Second		Third		Fourth			Total
2018	(In thousands, except per share data)
Net revenues	$	2,822,237	$	2,858,695	$	3,029,302	$	3,052,862		$	11,763,096
Operating income		359,757		363,075		410,903		335,751			1,469,486
Net income		266,301		140,423		171,410		5,760			583,894
Net income (loss) attributable to MGM Resorts    International		223,444		123,777		142,878		(23,327	)		466,772
Earnings (loss) per share-basic	$	0.39	$	0.21	$	0.26	$	(0.06	)	$	0.82
Earnings (loss) per share-diluted	$	0.38	$	0.21	$	0.26	$	(0.06	)	$	0.81
2017
Net revenues	$	2,717,566	$	2,652,133	$	2,830,175	$	2,597,605		$	10,797,479
Operating income		496,511		499,898		492,704		223,414			1,712,527
Net income		252,574		240,873		175,744		1,418,993			2,088,184
Net income attributable to MGM Resorts    International		206,412		209,864		148,363		1,387,413			1,952,052
Earnings per share-basic	$	0.36	$	0.36	$	0.26	$	2.42		$	3.38
Earnings per share-diluted	$	0.36	$	0.36	$	0.26	$	2.39		$	3.34

Because earnings per share amounts are calculated using the weighted average number of common and dilutive common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four quarters does not equal the total earnings per share amounts for the year. The following sections list certain items affecting comparability of quarterly and year-to-date results and related per share amounts. Additional information related to these items is included elsewhere in the notes to the accompanying financial statements.

Certain items affecting comparability for the year ended December 31, 2018 are as follows:

• First Quarter. The Company recorded a $72 million tax benefit ($0.13 per share in the quarter) related to a measurement period adjustment of the Tax Act;

• Second Quarter. None;

• Third Quarter. The Company recorded a $45 million gain ($0.07 per share in the quarter and $0.06 per share in the full year of 2018) related to the sale of Grand Victoria. Additionally, the Company recorded a $12 million gain ($0.02 per share in the quarter and full year of 2018) related to the sale of Mandarin Oriental; and

• Fourth Quarter. The Company recorded business interruption insurance proceeds of $24 million ($0.04 per share in the quarter and $0.03 per share in the full year of 2018) primarily at Mandalay Bay. Additionally, the Company recorded a $92 million tax expense ($0.17 per share in the quarter) related to the Tax Act.

Certain items affecting comparability for the year ended December 31, 2017 are as follows:

• First Quarter. None;

• Second Quarter. The Company recorded a $41 million gain ($0.05 per share in the quarter and full year of 2017) related to a modification of the 2016 NV Energy exit fee. Additionally, the Company recorded a $36 million gain ($0.04 per share in the quarter and full year of 2017) related to Borgata’s share of a property tax settlement from Atlantic City;

• Third Quarter. None; and

• Fourth Quarter. The Company recorded a $1.4 billion tax benefit ($2.49 per share in the quarter and $2.46 per share for full year of 2017) related to the enactment of the Tax Act.

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Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2018

Valuation And Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

(In thousands)

	Balance at		Provision for		Write-offs,
	Beginning of		Doubtful		Net of			Balance at
	Period		Accounts		Recoveries			End of Period
Allowance for doubtful accounts:
Year Ended December 31, 2018	$	92,571	$	39,762	$	(41,558	)	$	90,775
Year Ended December 31, 2017		97,920		20,603		(25,952	)		92,571
Year Ended December 31, 2016		89,789		10,863		(2,732	)		97,920

	Balance at
	Beginning of							Balance at
	Period		Increase		Decrease			End of Period
Deferred income tax valuation allowance:
Year Ended December 31, 2018	$	2,513,738	$	—	$	(36,035	)	$	2,477,703
Year Ended December 31, 2017		2,583,274		—		(69,536	)		2,513,738
Year Ended December 31, 2016		2,807,131		2,975		(226,832	)		2,583,274

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Basis of Presentation and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Principles of consolidation

Principles of consolidation. For entities not determined to be a variable interest entity (“VIE”), the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets. The Company’s investments in unconsolidated affiliates which are 50% or less owned are accounted for under the equity method when the Company can exercise significant influence over or has joint control of the unconsolidated affiliate. All intercompany balances and transactions are eliminated in consolidation.

The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a VIE. A VIE is an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. For these VIEs, the Company records a noncontrolling interest in the consolidated balance sheets. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis.

Management has determined that MGP is a 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 26.7% as of December 31, 2018 as noncontrolling interest in the Company’s consolidated financial statements. As of December 31, 2018, on a consolidated basis MGP had total assets of $11.0 billion, primarily related to its real estate investments, and total liabilities of $5.1 billion, primarily related to its indebtedness.  

Management's use of estimates

Management’s use of estimates. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These principles require the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair value measurements

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

• Level 1 and Level 2 inputs for its long-term debt fair value disclosures. See Note 9;

• Level 2 and Level 3 inputs when assessing the fair value of assets acquired and liabilities assumed during the Northfield transaction and Borgata transaction. See Note 4.

Cash and cash equivalents

Cash and cash equivalents. Cash and cash equivalents include investments and interest bearing instruments with maturities of 90 days or less at the date of acquisition. Such investments are carried at cost, which approximates market value. Book overdraft balances resulting from the Company’s cash management program are recorded as accounts payable or construction payable as applicable.

Accounts receivable and credit risk

Accounts receivable and credit risk. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of casino accounts receivable. The Company issues credit to approved casino customers and gaming promoters following background checks and investigations of creditworthiness. At December 31, 2018 and 2017, approximately 62% and 40%, respectively, of our gross casino accounts receivable were owed by customers from foreign countries, primarily Asia. Business or economic conditions or other significant events in these countries could affect the collectability of such receivables.

Accounts receivable are typically non-interest bearing and are initially recorded at cost. Accounts are written off when management deems the account to be uncollectible. Recoveries of accounts previously written off are recorded when received. An estimated allowance for doubtful accounts is maintained to reduce the Company’s receivables to their net carrying amount, which approximates fair value. The allowance is estimated based on both a specific review of customer accounts as well as historical collection experience and current economic and business conditions. Management believes that as of December 31, 2018, no significant concentrations of credit risk existed for which an allowance had not already been recorded.

Inventories

Inventories. Inventories consist primarily of food and beverage, retail merchandise and operating supplies, and are stated at the lower of cost or net realizable value. Cost is determined primarily using the average cost method for food and beverage and operating supplies. Cost for retail merchandise is determined using the cost method.

Property and equipment

Property and equipment. Property and equipment are stated at cost. A significant amount of the Company’s property and equipment was acquired through business combinations and therefore recognized at fair value at the acquisition date. Gains or losses on dispositions of property and equipment are included in the determination of income or loss. Maintenance costs are expensed as incurred. As of December 31, 2018 and 2017, the Company had accrued $47 million and $28 million, respectively for property and equipment within accounts payable, and $2 million and $34 million, respectively, related to construction retention within other long-term liabilities.

Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis:

Buildings and improvements	15 to 40 years
Land improvements	10 to 20 years
Furniture and fixtures	3 to 20 years
Equipment	3 to 15 years

The Company evaluates its property and equipment and other long-lived assets for impairment based on its classification as held for sale or to be held and used. Several criteria must be met before an asset is classified as held for sale, including that management with the appropriate authority commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. For assets held for sale, the Company recognizes the asset at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. For assets to be held and used, the Company reviews for impairment whenever indicators of impairment exist. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge is recorded based on the fair value of the asset, typically measured using a discounted cash flow model. If an asset is still under development, future cash flows include remaining construction costs. All recognized impairment losses, whether for assets held for sale or assets to be held and used, are recorded as operating expenses.

Capitalized interest

Capitalized interest. The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. When no debt is incurred specifically for a project, interest is capitalized on amounts expended on the project using the weighted-average cost of the Company’s outstanding borrowings. Capitalization of interest ceases when the project is substantially complete or development activity is suspended for more than a brief period.

Investments in and advances to unconsolidated affiliates

Investments in and advances to unconsolidated affiliates. The Company has investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for the Company’s share of the investees’ earnings and losses, amortization of certain basis differences, as well as capital contributions to and distributions from these companies. Distributions in excess of equity method earnings are recognized as a return of investment and recorded as investing cash inflows in the accompanying consolidated statements of cash flows. The Company classifies operating income and losses as well as gains and impairments related to its investments in unconsolidated affiliates as a component of operating income or loss and classifies non-operating income or losses related to its investments in unconsolidated affiliates as a component of non-operating income or loss, as the Company’s investments in such unconsolidated affiliates are an extension of the Company’s core business operations.

The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of its investment may have experienced an “other-than-temporary” decline in value. If such conditions exist, the Company compares the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determines whether the impairment is “other-than-temporary” based on its assessment of all relevant factors, including consideration of the Company’s intent and ability to retain its investment. The Company estimates fair value using a discounted cash flow analysis based on estimated future results of the investee and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. See Note 6 for results of the Company’s review of its investment in certain of its unconsolidated affiliates.

Goodwill and other intangible assets

Goodwill and other intangible assets. Goodwill represents the excess of purchase price over fair market value of net assets acquired in business combinations. Goodwill and indefinite-lived intangible assets must be reviewed for impairment at least annually and between annual test dates in certain circumstances. The Company performs its annual impairment tests in the fourth quarter of each fiscal year. No impairments were indicated or recorded as a result of the annual impairment review for goodwill and indefinite-lived intangible assets in 2018, 2017 and 2016.

Accounting guidance provides entities the option to perform a qualitative assessment of goodwill and indefinite-lived intangible assets (commonly referred to as “step zero”) in order to determine whether further impairment testing is necessary. In performing the step zero analysis the Company considers macroeconomic conditions, industry and market considerations, current and forecasted financial performance, entity-specific events, and changes in the composition or carrying amount of net assets of reporting units for goodwill. In addition, the Company takes into consideration the amount of excess of fair value over carrying value determined in the last quantitative analysis that was performed, as well as the period of time that has passed since the last quantitative analysis. If the step zero analysis indicates that it is more likely than not that the fair value is less than its carrying amount, the entity would proceed to a quantitative analysis.

Under the quantitative analysis, goodwill for relevant reporting units is tested for impairment using a discounted cash flow analysis based on the estimated future results of the Company’s reporting units discounted using market discount rates and market indicators of terminal year capitalization rates, and a market approach that utilizes business enterprise value multiples based on a range of multiples from the Company’s peer group. Effective January 1, 2017, the Company adopted accounting guidance that simplifies goodwill impairment testing by eliminating the requirement to calculate the implied fair value of goodwill (formerly “Step 2”) in the event that impairment is identified. Instead, an impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Under the quantitative analysis, license rights are tested for impairment using a discounted cash flow approach, and trademarks are tested for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, an impairment loss is recognized equal to the difference.

Revenue recognition

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

The transaction price for a casino wager is the difference between gaming wins and losses (“net win”). In certain circumstances, the Company offers discounts on markers, which is estimated based upon historical business practice, and recorded as a reduction of casino revenue. Commissions rebated to gaming promoters and VIP players at MGM China are also recorded as a reduction of casino revenue. The Company accounts for casino revenue on a portfolio basis given the similar characteristics of wagers by recognizing net win per gaming day versus on an individual wager basis.

For casino wager transactions that include other goods and services provided by the Company to gaming patrons on a discretionary basis to incentivize gaming, the Company allocates revenue from the casino wager transaction to the good or service delivered based upon stand-alone selling price (“SSP”). Discretionary goods and services provided by the Company and supplied by third parties are recognized as an operating expense.

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 SSP 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. Commissions and incentives provided to gaming customers were collectively $2.3 billion, $2.1 billion and $1.8 billion for the years ended December 31, 2018, 2017 and 2016, 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.

The transaction price of rooms, food and beverage, and retail contracts is the net amount collected from the customer for such goods and services. The transaction price for such contracts is recorded as revenue when the good or service is transferred to the customer over their stay at the hotel or when the delivery is made for the food & beverage and retail & other contracts. Sales and usage-based taxes are excluded from revenues. For some arrangements, the Company acts as an agent in that it arranges for another party to transfer goods and services, which primarily include certain of the Company’s entertainment shows as well as customer rooms arranged by online travel agents.

The Company also has other contracts that include multiple goods and services, such as packages that bundle food, beverage, or entertainment offerings with hotel stays and convention services. For such arrangements, the Company allocates revenue to each good or service based on its relative SSP. The Company primarily determines the SSP of rooms, food and beverage, entertainment, and retail goods and services based on the amount that the Company charges when sold separately in similar circumstances to similar customers.

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
	2018			2017		2018		2017		2018		2017
	(in thousands)
Balance at January 1	$	597,753		$	227,538	$	91,119	$	88,379	$	539,626	$	437,287
Balance at December 31		323,811			597,753		113,293		91,119		667,285		539,626
Increase / (decrease)	$	(273,942	)	$	370,215	$	22,174	$	2,740	$	127,659	$	102,339

Reimbursed costs. Costs reimbursed pursuant to management services are recognized as revenue in the period it incurs the costs as this reflects when the Company performs its related performance obligation and is entitled to reimbursement. Reimbursed costs relate primarily to the Company’s management of CityCenter.

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 16. Lease revenues earned by the Company from third-parties are classified within the line item corresponding to the type or nature of the tenant’s good or service. Lease revenues include $51 million, $51 million and $50 million recorded within food and beverage revenue for 2018, 2017 and 2016, respectively, and $87 million, $79 million and $77 million recorded within entertainment, retail, and other revenue for the same such periods, respectively.

Advertising

Advertising. The Company expenses advertising costs the first time the advertising takes place. Advertising expense, which is generally included in general and administrative expenses, was $305 million, $223 million and $171 million for 2018, 2017 and 2016, respectively.

Corporate expense

Corporate expense. Corporate expense represents unallocated payroll, aircraft costs, professional fees and various other expenses not directly related to the Company’s casino resort operations. In addition, corporate expense includes the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are expensed as incurred.

Preopening and start-up expenses

Preopening and start-up expenses. Preopening and start-up costs, including organizational costs, are expensed as incurred. Costs classified as preopening and start-up expenses include payroll, outside services, advertising, and other expenses related to new or start-up operations.

Property transactions, net

Property transactions, net. The Company classifies transactions such as write-downs and impairments, demolition costs, and normal gains and losses on the sale of assets as “Property transactions, net.” See Note 15 for a detailed discussion of these amounts.

Redeemable noncontrolling interest

Redeemable noncontrolling interest. Certain noncontrolling interest parties have non-voting economic interests in MGM National Harbor which provide for annual preferred distributions by MGM National Harbor to the noncontrolling interest parties based on a percentage of its annual net gaming revenue (as defined in the MGM National Harbor operating agreement). Such distributions are accrued each quarter and are paid 90-days after the end of each fiscal year.

Beginning on December 31, 2019 the noncontrolling interest parties will each have the ability to require MGM National Harbor to purchase all or a portion of their interests for a purchase price based on a contractually agreed upon formula. Additionally, certain noncontrolling interest parties each have the right to sell back all or a portion of their interests prior to such date if MGM National Harbor were to guarantee or grant liens to secure any indebtedness of the Company or its affiliates other than the indebtedness of MGM National Harbor.

The Company has recorded the interests as “Redeemable noncontrolling interests” in the mezzanine section of the accompanying consolidated balance sheets and not stockholders’ equity because their redemption is not exclusively in the Company’s control. The interests were initially accounted for at fair value. Subsequently, the Company recognizes changes in the redemption value as they occur and adjusts the carrying amount of the redeemable noncontrolling interests to equal the maximum redemption value, provided such amount does not fall below the initial carrying value, at the end of each reporting period. The Company records any changes caused by such an adjustment in capital in excess of par value. Additionally, the carrying amount of the redeemable noncontrolling interests is adjusted for accrued annual preferred distributions, with changes caused by such adjustments recorded within net income (loss) attributable to noncontrolling interests.

Income (loss) per share of common stock

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.

	Year Ended December 31,
	2018			2017			2016
Numerator:	(In thousands)
Net income attributable to MGM Resorts International	$	466,772		$	1,952,052		$	1,100,408
Adjustment related to redeemable noncontrolling interests		(21,326	)		(18,363	)		(28	)
Net income available to common stockholders - basic		445,446			1,933,689			1,100,380
Potentially dilutive effect due to MGP and MGM China stock compensation plans		(206	)		(268	)		(51	)
Net income attributable to common stockholders - diluted	$	445,240		$	1,933,421		$	1,100,329
Denominator:
Weighted-average common shares outstanding basic		544,253			572,253			568,134
Potential dilution from share-based awards		5,283			6,542			5,183
Weighted-average common and common equivalent shares - diluted		549,536			578,795			573,317
Antidilutive share-based awards excluded from the calculation of diluted earnings per share		2,668			2,601			4,207

Currency translation

Currency translation. The Company translates the financial statements of foreign subsidiaries that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments resulting from this process are recorded to other comprehensive income (loss).

Accumulated other comprehensive income (loss)

Accumulated other comprehensive income (loss). Comprehensive income (loss) includes net income (loss) and all other non-stockholder changes in equity, or other comprehensive income (loss). Elements of the Company’s accumulated other comprehensive income are reported in the accompanying consolidated statements of stockholders’ equity. Amounts reported in accumulated other comprehensive income related to cash flow hedges will be reclassified to interest expense as interest payments are made on our variable-rate debt.

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 right-of-use (“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 will adopt ASC 842 on January 1, 2019 utilizing the simplified transition method and accordingly will not recast comparative period financial information. The Company will elect 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. The Company also currently expects that the most significant impact will be the recognition of ROU assets and lease liabilities for operating leases that exist at the Company on the date of adoption with the most material of such leases being ground leases.

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Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property and Equipment

Property and equipment are generally depreciated over the following estimated useful lives on a straight-line basis:

Buildings and improvements	15 to 40 years
Land improvements	10 to 20 years
Furniture and fixtures	3 to 20 years
Equipment	3 to 15 years

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
	2018			2017		2018		2017		2018		2017
	(in thousands)
Balance at January 1	$	597,753		$	227,538	$	91,119	$	88,379	$	539,626	$	437,287
Balance at December 31		323,811			597,753		113,293		91,119		667,285		539,626
Increase / (decrease)	$	(273,942	)	$	370,215	$	22,174	$	2,740	$	127,659	$	102,339

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.

	Year Ended December 31,
	2018			2017			2016
Numerator:	(In thousands)
Net income attributable to MGM Resorts International	$	466,772		$	1,952,052		$	1,100,408
Adjustment related to redeemable noncontrolling interests		(21,326	)		(18,363	)		(28	)
Net income available to common stockholders - basic		445,446			1,933,689			1,100,380
Potentially dilutive effect due to MGP and MGM China stock compensation plans		(206	)		(268	)		(51	)
Net income attributable to common stockholders - diluted	$	445,240		$	1,933,421		$	1,100,329
Denominator:
Weighted-average common shares outstanding basic		544,253			572,253			568,134
Potential dilution from share-based awards		5,283			6,542			5,183
Weighted-average common and common equivalent shares - diluted		549,536			578,795			573,317
Antidilutive share-based awards excluded from the calculation of diluted earnings per share		2,668			2,601			4,207

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Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consisted of the following:

	December 31,
	2018			2017
	(In thousands)
Casino	$	419,127		$	343,869
Hotel		154,707			146,931
Other		174,147			144,044
		747,981			634,844
Less: Allowance for doubtful accounts		(90,775	)		(92,571	)
	$	657,206		$	542,273

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Acquisition (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Schedule of Purchase Price Allocation

The following table sets forth the preliminary purchase price allocation as of July 6, 2018 (in thousands):

Fair value of assets acquired and liabilities assumed:
Property and equipment	$	792,807
Cash and cash equivalents		35,831
Racing and gaming license		228,000
Customer list		25,000
Goodwill		17,915
Other assets		9,598
Other liabilities		(38,786	)
	$	1,070,365

Schedule of Unaudited Pro Forma Consolidated Financial Information

The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the Company’s acquisition of its controlling interest has occurred as of January 1, 2015 and excludes the $430 million gain discussed above. The unaudited pro forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of January 1, 2015.

	Year Ended December 31,
	2016
	(In thousands, except per share data)
	(unaudited)
Net revenues	$	9,963,322
Net income attributable to MGM Resorts International		818,247
Basis net income per share	$	1.44
Diluted net income per share	$	1.43

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Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2018

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:

	December 31,
	2018			2017
	(In thousands)
Land	$	6,923,769		$	6,531,701
Buildings, building improvements and land improvements		16,437,695			12,245,950
Furniture, fixtures and equipment		6,064,330			5,157,363
Construction in progress		321,944			3,950,635
		29,747,738			27,885,649
Less: Accumulated depreciation		(9,017,850	)		(8,250,190	)
	$	20,729,888		$	19,635,459

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Investments in and Advances to Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2018

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:

	December 31,
	2018		2017
	(In thousands)
CityCenter Holdings, LLC – CityCenter (50%)	$	589,965	$	808,220
Elgin Riverboat Resort–Riverboat Casino – Grand Victoria (50% at December 31, 2017)		—		124,342
Las Vegas Arena Company, LLC (42.5%)		73,540		76,619
Other		69,362		24,116
	$	732,867	$	1,033,297

Schedule of Share of Net Income From Unconsolidated Affiliates

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

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Income from unconsolidated affiliates	$	147,690		$	146,222		$	528,287
Preopening and start-up expenses		(3,321	)		—			(3,168	)
Non-operating items from unconsolidated affiliates		(47,827	)		(34,751	)		(53,139	)
	$	96,542		$	111,471		$	471,980

Schedule of Share of Income From Unconsolidated Affiliates

The following table summarizes information related to the Company’s share of income from unconsolidated affiliates:

	Year Ended December 31,
	2018		2017		2016
	(In thousands)
CityCenter	$	138,383	$	133,401	$	445,853
Borgata (through July 31, 2016)		—		—		61,169
Other		9,307		12,821		21,265
	$	147,690	$	146,222	$	528,287

Summarized Balance Sheet Information

Summarized balance sheet information is as follows:

	December 31,
	2018		2017
	(In thousands)
Current assets	$	363,755	$	708,910
Property and other assets, net and other long-term assets		6,167,853		6,280,474
Current liabilities		347,710		348,232
Long-term debt and other long-term obligations		1,763,290		1,557,633

Summarized Income Statement Information

Summarized results of operations are as follows:

	Year Ended December 31,
	2018			2017		2016
	(In thousands)
Net revenues	$	1,277,745		$	1,227,733	$	1,160,606
Operating income		185,368			200,109		13,979
Income (loss) from continuing operations		97,091			137,226		(50,376	)
Net income (loss)		(37,911	)		131,683		349,716

Tabular Disclosure of Differences between Share of Venture-Level Equity and Investment Balances

Differences between the Company’s share of venture-level equity and investment balances are as follows:

	December 31,
	2018			2017
	(In thousands)
Venture-level equity attributable to the Company	$	2,347,103		$	2,659,780
Adjustment to CityCenter equity upon contribution of net assets by MGM Resorts    International (1)		(514,592	)		(532,501	)
CityCenter capitalized interest (2)		186,830			206,065
CityCenter completion guarantee (3)		274,685			322,703
CityCenter deferred gain (4)		(212,276	)		(219,561	)
CityCenter capitalized interest on sponsor notes (5)		(36,500	)		(40,258	)
Other-than-temporary impairments of CityCenter investment (6)		(1,352,118	)		(1,504,161	)
Acquisition fair value adjustments net of other-than-temporary impairments of Grand    Victoria investment (7)		—			99,619
Other adjustments		39,735			41,611
	$	732,867		$	1,033,297

(1) Primarily relates to land and fixed assets.

(2) Relates to interest capitalized on the Company’s investment balance during development and construction stages.

(3) Created by contributions to CityCenter under the completion guarantee recognized as equity contributions by CityCenter split between the members.

(4) Relates to a deferred gain on assets contributed to CityCenter upon formation of CityCenter.

(5) Relates to interest on the sponsor notes capitalized by CityCenter during development. Such sponsor notes were converted to equity in 2013.  

(6) The impairment of the Company’s CityCenter investment includes $352 million and $379 million of impairments allocated to land as of December 31, 2018 and December 31, 2017, respectively.

(7) Relates to indefinite-lived gaming license rights for Grand Victoria and other-than-temporary impairments of the Company’s investment in Grand Victoria.

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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following:  

	December 31,
	2018			2017
Goodwill:	(In thousands)
Las Vegas Strip Resorts	$	70,975		$	70,975
Regional Operations		386,892			386,892
Corporate and other		17,915			—
MGM China		1,345,610			1,348,664
	$	1,821,392		$	1,806,531
Indefinite-lived intangible assets:
Detroit development rights	$	98,098		$	98,098
Northfield racing and gaming licenses		228,000			—
Trademarks, license rights and other		312,022			312,022
Total indefinite-lived intangible assets		638,120			410,120
Finite-lived intangible assets:
MGM Grand Paradise gaming subconcession		4,468,766			4,478,911
Less: Accumulated amortization		(1,342,561	)		(1,180,908	)
		3,126,205			3,298,003
MGM Macau land concession		83,885			84,076
Less: Accumulated amortization		(32,035	)		(27,870	)
		51,850			56,206
MGM China customer lists		127,679			127,969
Borgata customer list		22,000			22,000
Northfield customer list		25,000			—
Less: Accumulated amortization		(151,465	)		(145,569	)
		23,214			4,400
Finite-lived gaming licenses and other intangible assets		136,127			136,127
Less: Accumulated amortization		(31,053	)		(26,896	)
		105,074			109,231
Total finite-lived intangible assets, net		3,306,343			3,467,840
Total other intangible assets, net	$	3,944,463		$	3,877,960

Summary of Changes in Company's Goodwill by Reportable Segment

Goodwill. A summary of changes in the Company’s goodwill by reportable segment is as follows for 2018 and 2017:

	2018
	Balance at January 1		Acquisitions		Currency exchange			Balance at December 31
	(In thousands)
Goodwill, net by segment:
Las Vegas Strip Resorts	$	70,975	$	—	$	—		$	70,975
Regional Operations		386,892		—		—			386,892
MGM China		1,348,664		—		(3,054	)		1,345,610
Corporate and other		—		17,915		—			17,915
	$	1,806,531	$	17,915	$	(3,054	)	$	1,821,392
	2017
	Balance at January 1		Acquisitions		Currency exchange			Balance at December 31
	(In thousands)
Goodwill, net by segment:
Las Vegas Strip Resorts	$	70,975	$	—	$	—		$	70,975
Regional Operations		386,892		—		—			386,892
MGM China		1,359,252		—		(10,588	)		1,348,664
	$	1,817,119	$	—	$	(10,588	)	$	1,806,531

Schedule of Estimated Future Amortization

As of December 31, 2018, estimated future amortization is as follows:

Years ending December 31,	(In thousands)
2019	$	179,944
2020		179,944
2021		179,944
2022		179,944
2023		179,761
Thereafter		2,406,806
	$	3,306,343

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Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Other Liabilities Disclosure [Abstract]

Schedule of Other Accrued Liabilities

Other accrued liabilities consisted of the following:

	2018		2017
	(In thousands)
Contract and contract-related liabilities:
Outstanding chip liability	$	323,811	$	597,753
Loyalty program obligations		113,293		91,119
Casino front money		342,941		303,950
Advance deposits and ticket sales		221,003		149,698
Unpaid wagers and other		103,341		85,978
Other accrued liabilities:
Payroll and related		518,892		483,101
Taxes, other than income taxes		235,160		170,639
MGP Dividend		31,732		29,777
Other		260,881		202,620
	$	2,151,054	$	2,114,635

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Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following:  

	December 31,
	2018			2017
	(In thousands)
Senior credit facility	$	750,000		$	372,500
Operating Partnership senior credit facility		2,819,125			2,091,375
MGM China credit facility		2,433,562			2,301,584
$850 million 8.625% senior notes, due 2019		850,000			850,000
$500 million 5.25% senior notes, due 2020		500,000			500,000
$1,000 million 6.75% senior notes, due 2020		1,000,000			1,000,000
$1,250 million 6.625% senior notes, due 2021		1,250,000			1,250,000
$1,000 million 7.75% senior notes, due 2022		1,000,000			1,000,000
$1,250 million 6% senior notes, due 2023		1,250,000			1,250,000
$1,050 million 5.625% Operating Partnership senior notes, due 2024		1,050,000			1,050,000
$1,000 million 5.75% senior notes, due 2025		1,000,000			—
$500 million 4.50% Operating Partnership senior notes, due 2026		500,000			500,000
$500 million 4.625% senior notes, due 2026		500,000			500,000
$350 million 4.50% Operating Partnership senior notes, due 2028		350,000			350,000
$0.6 million 7% debentures, due 2036		552			552
$2.3 million 6.7% debentures, due 2096		—			2,265
		15,253,239			13,018,276
Less: Premiums, discounts, and unamortized debt issuance costs, net		(121,823	)		(109,182	)
		15,131,416			12,909,094
Less: Current portion		(43,411	)		(158,042	)
	$	15,088,005		$	12,751,052

Schedule of Interest Expense, Net

Interest expense, net consisted of the following:

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Total interest incurred	$	821,229		$	779,855		$	814,731
Interest capitalized		(51,716	)		(111,110	)		(119,958	)
	$	769,513		$	668,745		$	694,773

Schedule of Maturities of Long-Term Debt

Maturities of long-term debt. The maturities of the principal amount of the Company’s long-term debt as of December 31, 2018 are as follows:

Years ending December 31,	(In thousands)
2019	$	1,272,734
2020		1,966,109
2021		1,716,109
2022		2,306,237
2023		2,884,875
Thereafter		5,107,175
	$	15,253,239

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Taxes for Domestic and Foreign Operations

Income (loss) before income taxes for domestic and foreign operations consisted of the following:

	Year Ended December 31,
	2018			2017		2016
	(In thousands)
Domestic operations	$	660,832		$	747,090	$	984,095
Foreign operations		(26,826	)		213,700		273,494
	$	634,006		$	960,790	$	1,257,589

Schedule of Benefit (Provision) for Income Taxes Attributable to Income (Loss) Before Income Taxes

The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows:

	Year Ended December 31,
	2018			2017			2016
Federal:	(In thousands)
Current	$	11,991		$	(120,980	)	$	(97,502	)
Deferred (excluding separate components)		(143,468	)		204,713			(124,625	)
Deferred – change in enacted rates		—			987,942			—
Deferred – valuation allowance		(19,753	)		101,443			222,688
Other noncurrent		576			1,356			3,608
Benefit (provision) for federal income taxes		(150,654	)		1,174,474			4,169
State:
Current		(12,564	)		(6,798	)		4,069
Deferred (excluding separate components)		(12,731	)		(25,233	)		2,313
Deferred – operating loss carryforward		(29,490	)		44,242			(16,024	)
Deferred – valuation allowance		41,068			(40,078	)		23,058
Other noncurrent		(1,334	)		(3,876	)		(2,901	)
Benefit (provision) for state income taxes		(15,051	)		(31,743	)		10,515
Foreign:
Current		(2,037	)		(470	)		(2,015	)
Deferred (excluding separate components)		63,827			(40,653	)		(34,425	)
Deferred – operating loss carryforward		30,574			4,688			2,988
Deferred – valuation allowance		23,229			21,098			(2,975	)
Benefit (provision) for foreign income taxes		115,593			(15,337	)		(36,427	)
	$	(50,112	)	$	1,127,394		$	(21,743	)

Schedule of Reconciliation of the Federal Income Tax Statutory Rate and the Company's Effective Tax Rate

A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows:

	Year Ended December 31,
	2018			2017			2016
Federal income tax statutory rate		21.0	%		35.0	%		35.0	%
Change in enacted rates		—			(102.7	)		—
Non-controlling interest		(2.4	)		(1.5	)		(0.9	)
Foreign jurisdiction income/losses taxed at other than U.S. statutory rate		(9.5	)		(9.2	)		(3.8	)
Repatriation of foreign earnings		—			35.4			5.2
Foreign tax credit		—			(70.3	)		(10.6	)
Federal valuation allowance		3.1			(10.6	)		(17.7	)
Macau dividend tax		(6.4	)		4.2			—
State taxes, net		1.9			2.4			—
General business credits		(2.9	)		(1.0	)		(0.7	)
Stock-based compensation		(1.2	)		(2.1	)		—
Gain on Borgata transaction		—			—			(5.4	)
Non-deductible employee dining facility costs		1.4			—			—
Permanent and other items		2.9			3.1			0.6
		7.9	%		(117.3	)%		1.7	%

Schedule of Tax-Effected Components of the Company's Net Deferred Tax Liability

The tax-effected components of the Company’s net deferred tax liability are as follows:

	December 31,
	2018			2017
Deferred tax assets – federal and state:	(In thousands)
Bad debt reserve	$	23,497		$	25,432
Deferred compensation		5,950			5,232
Net operating loss carryforward		23,406			46,702
Accruals, reserves and other		88,139			94,904
Investments in unconsolidated affiliates		83,130			84,188
Stock-based compensation		20,581			24,390
Tax credits		2,926,996			3,045,138
		3,171,699			3,325,986
Less: Valuation allowance		(2,449,582	)		(2,462,272	)
		722,117			863,714
Deferred tax assets – foreign:
Bad debt reserve		1,372			821
Net operating loss carryforward		107,308			76,909
Accruals, reserves and other		18,603			—
Property and equipment		998			—
Stock-based compensation		5,409			4,423
		133,690			82,153
Less: Valuation allowance		(28,121	)		(51,466	)
		105,569			30,687
Total deferred tax assets	$	827,686		$	894,401
Deferred tax liabilities – federal and state:
Property and equipment	$	(1,729,786	)	$	(1,670,704	)
Long-term debt		(3,141	)		(48,809	)
Intangibles		(90,758	)		(79,167	)
		(1,823,685	)		(1,798,680	)
Deferred tax liabilities – foreign:
Accruals, reserves and other		—			(26,657	)
Property and equipment		—			(16,277	)
Intangibles		(346,539	)		(348,162	)
		(346,539	)		(391,096	)
Total deferred tax liability	$	(2,170,224	)	$	(2,189,776	)
Net deferred tax liability	$	(1,342,538	)	$	(1,295,375	)

Schedule of Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows:

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Gross unrecognized tax benefits at January 1	$	18,588		$	14,026		$	13,724
Gross increases - prior period tax positions		5,345			—			—
Gross decreases - prior period tax positions		(957	)		(2,280	)		(3,375	)
Gross increases - current period tax positions		1,488			6,842			3,677
Gross unrecognized tax benefits at December 31	$	24,464		$	18,588		$	14,026

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments And Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments Required to be Made under Non-Cancellable Operating Leases and Capital Leases

At December 31, 2018, the Company was obligated under non-cancellable operating leases to make future minimum lease payments as follows:

Years ending December 31,	(In thousands)
2019	$	106,643
2020		83,150
2021		62,437
2022		47,036
2023		45,157
Thereafter		1,357,611
Total minimum lease payments	$	1,702,034

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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Summary of Changes in Accumulated Balance of Other Comprehensive Income

The following is a summary of the changes in the accumulated balance of other comprehensive income (loss) attributable to MGM Resorts International:

	Currency Translation Adjustments			Cash Flow Hedges			Other		Total
	(In thousands)
Balance, January 1, 2017	$	12,545		$	1,434		$	1,074	$	15,053
Other comprehensive income (loss) before reclassifications		(43,188	)		(1,221	)		98		(44,311	)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense		—			9,216			—		9,216
Other comprehensive income (loss), net of tax		(43,188	)		7,995			98		(35,095	)
Other comprehensive income (loss) attributable to noncontrolling interest		19,193			(2,761	)		—		16,432
Balance, December 31, 2017		(11,450	)		6,668			1,172		(3,610	)
Other comprehensive income (loss) before reclassifications		(13,022	)		4,706			—		(8,316	)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense		—			(1,130	)		—		(1,130	)
Other comprehensive income (loss), net of tax		(13,022	)		3,576			—		(9,446	)
Other comprehensive income (loss) attributable to noncontrolling interest		5,600			(1,100	)		—		4,500
Balance, December 31, 2018	$	(18,872	)	$	9,144		$	1,172	$	(8,556	)

Summary of Net Income Attributable to and Transfers from Noncontrolling Interest

The following is a summary of net income attributable to MGM Resorts International and transfers to noncontrolling interest:

	For the Years Ended December 31,
	2018			2017
	(In thousands)
Net income attributable to MGM Resorts International	$	466,772		$	1,952,052
Transfers from/(to) to noncontrolling interest:
MGP Class A share issuance		—			35,138
MGM National Harbor transaction		—			(12,497	)
Other		(5,667	)		(2,889	)
Net transfers from/(to) noncontrolling interest		(5,667	)		19,752
Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest	$	461,105		$	1,971,804

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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Information Related to Intrinsic Value

Intrinsic value. The following table includes information related to the intrinsic value:

	Year ended
	December 31, 2018
	(In thousands)
Share-based awards exercised and RSUs and PSUs vested	$	97,302
Stock options and SARs outstanding		21,563
Stock options and SARs vested and expected to vest		21,547
Stock options and SARs exercisable		19,745

Schedule of Compensation Cost Recognized

Recognition of compensation cost. Compensation cost was recognized as follows:

	Year Ended December 31,
	2018			2017			2016
Compensation cost:	(In thousands)
Omnibus Plan	$	57,735		$	49,383		$	43,661
MGM Growth Properties Omnibus Incentive Plan		2,092			2,568			3,401
MGM China Share Option Plan		10,369			10,571			8,545
Total compensation cost		70,196			62,522			55,607
Less:  Reimbursed costs and capitalized cost		(1,710	)		(1,398	)		(1,350	)
Compensation cost after reimbursed costs and capitalized cost		68,486			61,124			54,257
Less:  Related tax benefit		(13,218	)		(18,650	)		(16,782	)
Compensation cost, net of tax benefit	$	55,268		$	42,474		$	37,475

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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Compensation And Retirement Disclosure [Abstract]

Table Outlining Company's Participation in Pension Plans

The Company’s participation in these plans is presented below.

	EIN/Pension	Pension Protection Act Zone Status (2)		FIP/RP	Contributions by the Company (in thousands)(4)						Surcharge	Expiration Dates of Collective Bargaining
Pension Fund(1)	Plan Number	2017	2016	Status (3)	2018		2017		2016		Imposed	Agreements
Southern Nevada Culinary and Bartenders Pension Plan	88-6016617/001	Green	Green	No	$	47,825	$	45,297	$	44,001	No	5/31/2019; 5/31/2023(5)
Legacy Plan of the National Retirement Fund (NRF)(6)	13-6130178/001	Red	Red	Yes	$	9,794	$	9,416	$	3,788	Yes	2/29/2020

(1) The Company was listed in the plan's Form 5500 as providing more than 5% of the total contributions for the plan years 2017 and 2016 for the Southern Nevada Culinary and Bartenders Pension Plan and for the plan year 2016 for the NRF. At the date the financial statements were issued, Form 5500 was not available for the plan year 2018.

(2) The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Plans in the red zone are generally less than 65% funded (critical status) and plans in the green zone are at least 80% funded.

(3) Indicates plans for which a Financial Improvement Plan (FIP) or a Rehabilitation Plan (RP) is either pending or has been implemented.

(4) There have been no significant changes that affect the comparability of contributions, other than those for the UNITE HERE Retirement Fund (“UHF”), formally known as the Legacy Plan of the National Retirement Fund (“NRF”) prior to January 1, 2018, which reflect the period from acquisition of Borgata of August 1, 2016 through December 31, 2016 within the 2016 column and a full-year of contributions within the 2018 and 2017 columns.

(5) The Company is party to ten collective bargaining agreements (CBA) that require contributions with the Local Joint Executive Board of Las Vegas, which is made up of the Culinary and Bartenders Unions. The agreements between CityCenter Hotel Casino, LLC, Bellagio, Mandalay Corp., and MGM Grand Hotel, LLC are the most significant because more than half of the Company’s employee participants in this plan are covered by those four agreements.

(6) In December 2017, the Pension Benefit Guaranty Corporation approved the spin-off of the UNITE HERE portion of the NRF to the plan of a newly-formed Legacy Plan of the UNITE HERE Retirement Fund. As a result of the spin-off, the pension liabilities as well as certain assets of the plan were transferred to the new Plan. The terms of the Plan are identical to the NRF. The spin-off was effective as of January 1, 2018.

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Property Transactions, Net (Tables)

12 Months Ended

Dec. 31, 2018

Property Plant And Equipment [Abstract]

Schedule of Property Transactions, Net

Property transactions, net consisted of the following:

	Year Ended December 31,
	2018			2017		2016
	(In thousands)
Gain on sale of Grand Victoria	$	(44,703	)	$	—	$	—
Other property transactions, net		53,850			50,279		17,078
	$	9,147		$	50,279	$	17,078

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Segment Information (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Schedule of Segment Information

The following tables present the Company’s segment information. As a result of the change in reportable segments described above, we have recast previously reported segment information to conform to the current presentation in the following tables:

	Year Ended December 31,
	2018			2017			2016
	(In thousands)
Net Revenues
Las Vegas Strip Resorts
Casino	$	1,407,733		$	1,436,830		$	1,394,820
Rooms		1,776,029			1,778,869			1,762,850
Food and beverage		1,402,378			1,410,496			1,432,717
Entertainment, retail and other		1,130,532			1,119,928			1,074,307
		5,716,672			5,746,123			5,664,694
Regional Operations
Casino		2,026,925			1,834,803			1,017,857
Rooms		318,017			319,049			182,809
Food and beverage		428,934			410,143			235,383
Entertainment, retail and other		160,645			145,725			84,108
		2,934,521			2,709,720			1,520,157
MGM China
Casino		2,195,144			1,741,635			1,695,023
Rooms		118,527			54,824			57,367
Food and beverage		114,862			51,330			51,237
Entertainment, retail and other		21,424			10,371			8,331
		2,449,957			1,858,160			1,811,958
Reportable segment net revenues		11,101,150			10,314,003			8,996,809
Corporate and other		661,946			483,476			481,460
	$	11,763,096		$	10,797,479		$	9,478,269
Adjusted Property EBITDA
Las Vegas Strip Resorts	$	1,705,479		$	1,780,600		$	1,661,921
Regional Operations		759,096			731,916			399,701
MGM China		568,294			535,524			529,281
Reportable segment Adjusted Property EBITDA		3,032,869			3,048,040			2,590,903
Other operating income (expense)
Corporate and other		(224,800	)		(213,908	)		203,193
NV Energy exit expense		—			40,629			(139,335	)
Preopening and start-up expenses		(151,392	)		(118,475	)		(140,075	)
Property transactions, net		(9,147	)		(50,279	)		(17,078	)
Gain on Borgata transaction		—			—			430,118
Depreciation and amortization		(1,178,044	)		(993,480	)		(849,527	)
Operating income		1,469,486			1,712,527			2,078,199
Non-operating income (expense)
Interest expense, net of amounts capitalized		(769,513	)		(668,745	)		(694,773	)
Non-operating items from unconsolidated affiliates		(47,827	)		(34,751	)		(53,139	)
Other, net		(18,140	)		(48,241	)		(72,698	)
		(835,480	)		(751,737	)		(820,610	)
Income before income taxes		634,006			960,790			1,257,589
Benefit (provision) for income taxes		(50,112	)		1,127,394			(21,743	)
Net income		583,894			2,088,184			1,235,846
Less: Net income attributable to noncontrolling interests		(117,122	)		(136,132	)		(135,438	)
Net income attributable to MGM Resorts International	$	466,772		$	1,952,052		$	1,100,408

	December 31,
	2018			2017			2016
Total assets:	(In thousands)
Las Vegas Strip Resorts	$	11,783,736		$	11,648,168		$	11,650,747
Regional Operations		5,751,826			4,780,717			4,800,714
MGM China		9,093,307			9,461,535			8,443,411
Reportable segment total assets		26,628,869			25,890,420			24,894,872
Corporate and other		3,666,586			3,339,746			3,334,724
Eliminated in consolidation		(84,749	)		(70,124	)		(55,196	)
	$	30,210,706		$	29,160,042		$	28,174,400

	December 31,
	2018			2017			2016
Property and equipment, net:	(In thousands)
Las Vegas Strip Resorts	$	10,605,454		$	10,568,296		$	10,568,317
Regional Operations		4,503,104			3,752,528			3,785,654
MGM China		3,818,460			3,827,391			2,857,626
Reportable segment property and equipment, net		18,927,018			18,148,215			17,211,597
Corporate and other		1,887,619			1,557,368			1,268,622
Eliminated in consolidation		(84,749	)		(70,124	)		(55,196	)
	$	20,729,888		$	19,635,459		$	18,425,023

	Year Ended December 31,
	2018			2017			2016
Capital expenditures:	(In thousands)
Las Vegas Strip Resorts	$	501,044		$	419,983		$	288,526
Regional Operations		72,865			66,628			29,425
MGM China		390,212			923,346			984,355
Reportable segment capital expenditures		964,121			1,409,957			1,302,306
Corporate and other		537,347			469,053			973,446
Eliminated in consolidation		(14,625	)		(14,928	)		(13,279	)
	$	1,486,843		$	1,864,082		$	2,262,473

XML

Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Condensed Consolidating Balance Sheet Information

	December 31, 2018
					Non-Guarantor Subsidiaries
	Parent		Guarantor Subsidiaries		MGP		Other		Elimination			Consolidated
	(In thousands)
Current assets	$	304,741	$	1,178,696	$	78,222	$	972,820	$	(7,701	)	$	2,526,778
Property and equipment, net		—		13,564,979		10,526,520		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		—		7,135,263		—		—		(7,135,263	)		—
Other non-current assets		67,214		917,537		346,565		4,932,872		(43,015	)		6,221,173
	$	22,791,237	$	30,310,856	$	10,951,307	$	13,158,319	$	(47,001,013	)	$	30,210,706
Current liabilities	$	154,484	$	1,617,675	$	189,247	$	1,224,752	$	(237,276	)	$	2,948,882
Intercompany accounts		6,932,325		—		307		202,631		(7,135,263	)		—
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 long-term obligations		39,019		7,210,897		215,664		2,247,584		(9,453,924	)		259,240
Total liabilities		16,278,954		8,829,142		5,105,801		6,280,951		(16,856,183	)		19,638,665
Redeemable noncontrolling interests		—		—		—		102,250		—			102,250
MGM Resorts International stockholders' equity		6,512,283		21,481,714		4,279,535		4,383,581		(30,144,830	)		6,512,283
Noncontrolling interests		—		—		1,565,971		2,391,537		—			3,957,508
Total stockholders' equity		6,512,283		21,481,714		5,845,506		6,775,118		(30,144,830	)		10,469,791
	$	22,791,237	$	30,310,856	$	10,951,307	$	13,158,319	$	(47,001,013	)	$	30,210,706

	December 31, 2017
					Non-Guarantor Subsidiaries
	Parent		Guarantor Subsidiaries		MGP		Other		Elimination			Consolidated
	(In thousands)
Current assets	$	78,909	$	1,015,802	$	266,627	$	1,022,340	$	(7,323	)	$	2,376,355
Property and equipment, net		—		13,521,221		10,021,938		6,125,722		(10,033,422	)		19,635,459
Investments in subsidiaries		21,040,147		3,304,768		—		—		(24,344,915	)		—
Investments in the MGP Operating Partnership		—		3,549,063		—		862,037		(4,411,100	)		—
Investments in and advances to unconsolidated affiliates		—		1,002,903		—		5,394		25,000			1,033,297
Intercompany accounts		—		5,998,499		—		—		(5,998,499	)		—
Other non-current assets		49,142		913,602		62,555		5,134,220		(44,588	)		6,114,931
	$	21,168,198	$	29,305,858	$	10,351,120	$	13,149,713	$	(44,814,847	)	$	29,160,042
Current liabilities	$	153,159	$	1,445,031	$	144,537	$	1,609,110	$	(213,540	)	$	3,138,297
Intercompany accounts		5,783,578		—		962		213,959		(5,998,499	)		—
Deferred income taxes, net		934,966		—		28,544		360,409		(28,544	)		1,295,375
Long-term debt, net		6,682,574		2,835		3,934,628		2,131,015		—			12,751,052
Other long-term obligations		36,860		7,268,664		174,710		2,305,353		(9,501,171	)		284,416
Total liabilities		13,591,137		8,716,530		4,283,381		6,619,846		(15,741,754	)		17,469,140
Redeemable noncontrolling interests		—		—		—		79,778		—			79,778
MGM Resorts International stockholders' equity		7,577,061		20,589,328		4,443,089		4,040,676		(29,073,093	)		7,577,061
Noncontrolling interests		—		—		1,624,650		2,409,413		—			4,034,063
Total stockholders' equity		7,577,061		20,589,328		6,067,739		6,450,089		(29,073,093	)		11,611,124
	$	21,168,198	$	29,305,858	$	10,351,120	$	13,149,713	$	(44,814,847	)	$	29,160,042

Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income Information

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION

	Year Ended December 31, 2018
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	7,647,304		$	1,002,444		$	3,983,575		$	(870,227	)	$	11,763,096
Equity in subsidiaries' earnings		1,216,482			116,676			—			—			(1,333,158	)		—
Expenses
Casino and hotel operations		11,130			4,350,634			88,053			2,491,007			(21,949	)		6,918,875
General and administrative		9,945			1,238,461			96,607			495,015			(75,390	)		1,764,638
Corporate expense		156,503			216,318			48,675			21,317			(23,609	)		419,204
Preopening and start-up expenses		—			26,100			—			125,292			—			151,392
Property transactions, net		—			(15,955	)		20,319			25,033			(20,250	)		9,147
Depreciation and amortization		—			622,552			273,031			543,606			(261,145	)		1,178,044
		177,578			6,438,110			526,685			3,701,270			(402,343	)		10,441,300
Income (loss) from unconsolidated affiliates		—			148,866			—			(1,176	)		—			147,690
Operating income		1,038,904			1,474,736			475,759			281,129			(1,801,042	)		1,469,486
Interest expense, net of amounts capitalized		(480,985	)		(510	)		(215,532	)		(72,486	)		—			(769,513	)
Other, net		63,722			(444,897	)		(4,690	)		(187,786	)		507,684			(65,967	)
Income before income taxes		621,641			1,029,329			255,537			20,857			(1,293,358	)		634,006
Benefit (provision) for income taxes		(154,869	)		—			(10,835	)		115,592			—			(50,112	)
Net income		466,772			1,029,329			244,702			136,449			(1,293,358	)		583,894
Less: Net income attributable to noncontrolling interests		—			—			(67,065	)		(50,057	)		—			(117,122	)
Net income attributable to MGM Resorts International	$	466,772		$	1,029,329		$	177,637		$	86,392		$	(1,293,358	)	$	466,772
Net income	$	466,772		$	1,029,329		$	244,702		$	136,449		$	(1,293,358	)	$	583,894
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(7,422	)		(7,422	)		—			(13,022	)		14,844			(13,022	)
Unrealized gain on cash flow hedges		2,476			—			4,128			—			(3,028	)		3,576
Other comprehensive income (loss)		(4,946	)		(7,422	)		4,128			(13,022	)		11,816			(9,446	)
Comprehensive income		461,826			1,021,907			248,830			123,427			(1,281,542	)		574,448
Less: Comprehensive income attributable to noncontrolling interests		—			—			(68,165	)		(44,457	)		—			(112,622	)
Comprehensive income attributable to MGM Resorts International	$	461,826		$	1,021,907		$	180,665		$	78,970		$	(1,281,542	)	$	461,826

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION

	Year Ended December 31, 2017
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	7,649,990		$	765,695		$	3,151,304		$	(769,510	)	$	10,797,479
Equity in subsidiaries' earnings		1,391,725			156,081			—			—			(1,547,806	)		—
Expenses
Casino and hotel operations		10,784			4,262,212			—			1,923,942			(3,816	)		6,193,122
General and administrative		8,742			1,180,989			84,348			369,844			(84,348	)		1,559,575
Corporate expense		127,092			200,801			34,085			(515	)		(4,591	)		356,872
NV Energy exit expense		—			(40,629	)		—			—			—			(40,629	)
Preopening and start-up expenses		—			8,258			—			110,217			—			118,475
Property transactions, net		—			43,985			34,022			6,294			(34,022	)		50,279
Depreciation and amortization		—			649,676			260,455			343,804			(260,455	)		993,480
		146,618			6,305,292			412,910			2,753,586			(387,232	)		9,231,174
Income (loss) from unconsolidated affiliates		—			147,234			—			(1,012	)		—			146,222
Operating income		1,245,107			1,648,013			352,785			396,706			(1,930,084	)		1,712,527
Interest expense, net of amounts capitalized		(466,907	)		(982	)		(184,175	)		(16,681	)		—			(668,745	)
Other, net		26,215			(402,602	)		2,286			(142,997	)		434,106			(82,992	)
Income before income taxes		804,415			1,244,429			170,896			237,028			(1,495,978	)		960,790
Benefit (provision) for income taxes		1,147,637			—			(4,906	)		(15,337	)		—			1,127,394
Net income		1,952,052			1,244,429			165,990			221,691			(1,495,978	)		2,088,184
Less: Net income attributable to noncontrolling interests		—			—			(41,775	)		(94,357	)		—			(136,132	)
Net income attributable to MGM Resorts International	$	1,952,052		$	1,244,429		$	124,215		$	127,334		$	(1,495,978	)	$	1,952,052
Net income	$	1,952,052		$	1,244,429		$	165,990		$	221,691		$	(1,495,978	)	$	2,088,184
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(23,995	)		(23,995	)		—			(43,188	)		47,990			(43,188	)
Unrealized gain on cash flow hedges		5,234			—			9,782			—			(7,021	)		7,995
Other comprehensive income (loss)		(18,761	)		(23,995	)		9,782			(43,188	)		40,969			(35,193	)
Comprehensive income		1,933,291			1,220,434			175,772			178,503			(1,455,009	)		2,052,991
Less: Comprehensive income attributable to noncontrolling interests		—			—			(44,536	)		(75,164	)		—			(119,700	)
Comprehensive income attributable to MGM Resorts International	$	1,933,291		$	1,220,434		$	131,236		$	103,339		$	(1,455,009	)	$	1,933,291

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION

	Year Ended December 31, 2016
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Net revenues	$	—		$	7,050,893		$	467,548		$	2,430,795		$	(470,967	)	$	9,478,269
Equity in subsidiaries' earnings		1,779,119			174,587			—			—			(1,953,706	)		—
Expenses
Casino and hotel operations		9,063			4,027,602			—			1,487,975			(3,419	)		5,521,221
General and administrative		6,834			1,137,027			68,063			214,839			(48,229	)		1,378,534
Corporate expense		131,938			160,887			20,360			(194	)		(286	)		312,705
NV Energy exit expense		—			139,335			—			—			—			139,335
Preopening and start-up expenses		—			8,775			—			131,300			—			140,075
Property transactions, net		—			16,449			4,684			(246	)		(3,809	)		17,078
Gain on Borgata transaction		—			(430,118	)		—			—			—			(430,118	)
Depreciation and amortization		—			524,123			220,667			261,730			(156,993	)		849,527
		147,835			5,584,080			313,774			2,095,404			(212,736	)		7,928,357
Income (loss) from unconsolidated affiliates		—			528,605			—			(318	)		—			528,287
Operating income		1,631,284			2,170,005			153,774			335,073			(2,211,937	)		2,078,199
Interest expense, net of amounts capitalized		(562,536	)		(1,500	)		(115,438	)		(15,299	)		—			(694,773	)
Other, net		(7,864	)		(324,141	)		(726	)		(93,145	)		300,039			(125,837	)
Income before income taxes		1,060,884			1,844,364			37,610			226,629			(1,911,898	)		1,257,589
Benefit (provision) for income taxes		39,524			(22,579	)		(2,264	)		(36,424	)		—			(21,743	)
Net income		1,100,408			1,821,785			35,346			190,205			(1,911,898	)		1,235,846
Less: Net income attributable to noncontrolling interests		—			—			(29,938	)		(105,500	)		—			(135,438	)
Net income attributable to MGM Resorts International	$	1,100,408		$	1,821,785		$	5,408		$	84,705		$	(1,911,898	)	$	1,100,408
Net income	$	1,100,408		$	1,821,785		$	35,346		$	190,205		$	(1,911,898	)	$	1,235,846
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment		(1,477	)		(1,477	)		—			(2,680	)		2,954			(2,680	)
Unrealized gain on cash flow hedges		1,434			—			1,879			—			(1,434	)		1,879
Other comprehensive income (loss)		(43	)		(1,477	)		1,879			(2,680	)		1,520			(801	)
Comprehensive income		1,100,365			1,820,308			37,225			187,525			(1,910,378	)		1,235,045
Less: Comprehensive income attributable to noncontrolling interests		—			—			(30,383	)		(104,297	)		—			(134,680	)
Comprehensive income attributable to MGM Resorts International	$	1,100,365		$	1,820,308		$	6,842		$	83,228		$	(1,910,378	)	$	1,100,365

Schedule of Condensed Consolidating Statement of Cash Flows Information

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Year Ended December 31, 2018
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(460,117	)	$	1,271,583		$	580,207		$	330,866		$	—		$	1,722,539
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(696,076	)		(1,578	)		(789,189	)		—			(1,486,843	)
Dispositions of property and equipment		—			25,507			—			105			—			25,612
Proceeds from sale of business units and investment in unconsolidated affiliate		—			163,616			—			—			—			163,616
Acquisition of Northfield, net of cash acquired		—			—			(1,034,534	)		—			—			(1,034,534	)
Investments in and advances to unconsolidated affiliates		—			(56,295	)		—			—			—			(56,295	)
Distributions from unconsolidated affiliates in excess of cumulative earnings		—			322,631			—			—			—			322,631
Intercompany accounts		—			(1,136,764	)		—			—			1,136,764			—
Other		—			(13,416	)		—			(3,792	)		—			(17,208	)
Net cash used in investing activities		—			(1,390,797	)		(1,036,112	)		(792,876	)		1,136,764			(2,083,021	)
Cash flows from financing activities
Net borrowings under bank credit facilities - maturities of 90 days or less		377,500			—			727,750			137,009			—			1,242,259
Issuance of long-term debt		1,000,000			—			—			—			—			1,000,000
Retirement of senior debentures		—			(2,265	)		—			—			—			(2,265	)
Debt issuance costs		(26,125	)		—			(17,490	)		(32,904	)		—			(76,519	)
Dividends paid to common shareholders		(260,592	)		—			—			—			—			(260,592	)
MGP dividends paid to consolidated subsidiaries		—			—			(333,192	)		—			333,192			—
Distributions to noncontrolling interest owners		—			—			(121,069	)		(63,863	)		—			(184,932	)
Intercompany accounts		917,760			207,015			—			345,181			(1,469,956	)		—
Purchases of common stock		(1,283,333	)		—			—			—			—			(1,283,333	)
Other		(32,225	)		(6,979	)		—			(6,180	)		—			(45,384	)
Net cash provided by financing activities		692,985			197,771			255,999			379,243			(1,136,764	)		389,234
Effect of exchange rate on cash		—			—			—			(1,985	)		—			(1,985	)
Cash and cash equivalents
Net increase (decrease) for the period		232,868			78,557			(199,906	)		(84,752	)		—			26,767
Balance, beginning of period		26,870			311,044			259,722			902,359			—			1,499,995
Balance, end of period	$	259,738		$	389,601		$	59,816		$	817,607		$	—		$	1,526,762

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Year Ended December 31, 2017
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(584,252	)	$	1,152,083		$	482,578		$	1,156,002		$	—		$	2,206,411
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(482,024	)		(488	)		(1,381,570	)		—			(1,864,082	)
Dispositions of property and equipment		—			502			—			216			—			718
Acquisition of National Harbor, net of cash acquired		—			—			(462,500	)		—			462,500			—
Investments in and advances to unconsolidated affiliates		—			(16,727	)		—			—			—			(16,727	)
Distributions from unconsolidated affiliates in excess of cumulative earnings		—			301,211			—			—			—			301,211
Intercompany accounts		462,500			(1,186,942	)		—			—			724,442			—
Other		—			(1,754	)		—			42			—			(1,712	)
Net cash provided by (used in) investing activities		462,500			(1,385,734	)		(462,988	)		(1,381,312	)		1,186,942			(1,580,592	)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less		122,500			—			(466,875	)		359,376			—			15,001
Issuance of long-term debt		—			—			350,000			—			—			350,000
Retirement of senior notes		(502,669	)		—			—			—			—			(502,669	)
Debt issuance costs		—			—			(5,598	)		(4,379	)		—			(9,977	)
Issuance of MGM Growth Properties Class A shares in public offering		—			—			404,685			—			—			404,685
MGM Growth Properties Class A share issuance costs		—			—			(17,137	)		—			—			(17,137	)
Dividends paid to common shareholders		(252,014	)		—			—			—			—			(252,014	)
MGP dividends paid to consolidated subsidiaries		—			—			(290,091	)		—			290,091			—
Distributions to noncontrolling interest owners		—			—			(95,344	)		(75,058	)		—			(170,402	)
Intercompany accounts		1,042,111			248,626			—			186,296			(1,477,033	)		—
Purchases of common stock		(327,500	)		—			—			—			—			(327,500	)
Other		(33,801	)		(11,644	)		—			(13,320	)		—			(58,765	)
Net cash provided by (used in) financing activities		48,627			236,982			(120,360	)		452,915			(1,186,942	)		(568,778	)
Effect of exchange rate on cash		—			—			—			(3,627	)		—			(3,627	)
Cash and cash equivalents
Net increase (decrease) for the period		(73,125	)		3,331			(100,770	)		223,978			—			53,414
Balance, beginning of period		99,995			307,713			360,492			678,381			—			1,446,581
Balance, end of period	$	26,870		$	311,044		$	259,722		$	902,359		$	—		$	1,499,995

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION

	Year Ended December 31, 2016
							Non-Guarantor Subsidiaries
	Parent			Guarantor Subsidiaries			MGP			Other			Elimination			Consolidated
	(In thousands)
Cash flows from operating activities
Net cash provided by (used in) operating activities	$	(603,136	)	$	1,313,595		$	297,781		$	525,732		$	—		$	1,533,972
Cash flows from investing activities
Capital expenditures, net of construction payable		—			(290,455	)		(138,987	)		(1,833,031	)		—			(2,262,473	)
Dispositions of property and equipment		—			1,940			—			2,004			—			3,944
Proceeds from partial disposition of investment in unconsolidated affiliates		—			15,000			—			—			—			15,000
Acquisition of Borgata, net of cash acquired		—			(559,443	)		—			—			—			(559,443	)
Investments in and advances to unconsolidated affiliates		—			(3,633	)		—			—			—			(3,633	)
Distributions from unconsolidated affiliates in excess of cumulative earnings		—			542,097			—			—			—			542,097
Intercompany accounts		—			(1,562,442	)		—			—			1,562,442			—
Other		—			(7,651	)		—			(4,045	)		—			(11,696	)
Net cash used in investing activities		—			(1,864,587	)		(138,987	)		(1,835,072	)		1,562,442			(2,276,204	)
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less		(2,016,000	)		4,094,850			(2,411,600	)		823,782			—			491,032
Borrowings under bank credit facilities - maturities longer than 90 days		1,845,375			—			—			—			—			1,845,375
Repayments under bank credit facilities - maturities longer than 90 days		(1,845,375	)		—			—			—			—			(1,845,375	)
Issuance of long-term debt		500,000			—			1,550,000			—			—			2,050,000
Retirement of senior notes		(2,255,392	)		(2,661	)		—			—			—			(2,258,053	)
Repayment of Borgata credit facility		—			(583,598	)		—			—			—			(583,598	)
Debt issuance costs		(29,871	)		—			(77,163	)		(32,550	)		—			(139,584	)
Issuance of MGM Growth Properties Class A shares in public offering		—			—			1,207,500			—			—			1,207,500
MGM Growth Properties Class A share issuance costs		—			—			(75,032	)		—			—			(75,032	)
Acquisition of MGM China shares		(100,000	)		—			—			—			—			(100,000	)
MGP dividends paid to consolidated subsidiaries		—			—			(113,414	)		—			113,414			—
Distributions to noncontrolling interest owners		—			—			(37,415	)		(65,952	)		—			(103,367	)
Intercompany accounts		4,082,303			(2,954,054	)		158,822			388,785			(1,675,856	)		—
Proceeds from issuance of redeemable noncontrolling interests		—			—			—			47,325			—			47,325
Other		(16,765	)		—			—			(36	)		—			(16,801	)
Net cash provided by financing activities		164,275			554,537			201,698			1,161,354			(1,562,442	)		519,422
Effect of exchange rate on cash		—			—			—			(921	)		—			(921	)
Cash and cash equivalents
Net increase (decrease) for the period		(438,861	)		3,545			360,492			(148,907	)		—			(223,731	)
Balance, beginning of period		538,856			304,168			—			827,288			—			1,670,312
Balance, end of period	$	99,995		$	307,713		$	360,492		$	678,381		$	—		$	1,446,581

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Selected Quarterly Financial Results (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Financial Results

	Quarter
	First		Second		Third		Fourth			Total
2018	(In thousands, except per share data)
Net revenues	$	2,822,237	$	2,858,695	$	3,029,302	$	3,052,862		$	11,763,096
Operating income		359,757		363,075		410,903		335,751			1,469,486
Net income		266,301		140,423		171,410		5,760			583,894
Net income (loss) attributable to MGM Resorts    International		223,444		123,777		142,878		(23,327	)		466,772
Earnings (loss) per share-basic	$	0.39	$	0.21	$	0.26	$	(0.06	)	$	0.82
Earnings (loss) per share-diluted	$	0.38	$	0.21	$	0.26	$	(0.06	)	$	0.81
2017
Net revenues	$	2,717,566	$	2,652,133	$	2,830,175	$	2,597,605		$	10,797,479
Operating income		496,511		499,898		492,704		223,414			1,712,527
Net income		252,574		240,873		175,744		1,418,993			2,088,184
Net income attributable to MGM Resorts    International		206,412		209,864		148,363		1,387,413			1,952,052
Earnings per share-basic	$	0.36	$	0.36	$	0.26	$	2.42		$	3.38
Earnings per share-diluted	$	0.36	$	0.36	$	0.26	$	2.39		$	3.34

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Organization - Additional Information (Detail) - Segment	1 Months Ended		3 Months Ended		6 Months Ended	12 Months Ended
	Oct. 31, 2017	Sep. 30, 2017	Dec. 31, 2018	Mar. 31, 2017	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Organization Disclosure [Line Items]
Percentage of minority interest			26.70%			26.70%
Number of reportable segments			3
CityCenter Holdings LLC As Investee [Member]
Organization Disclosure [Line Items]
Percentage ownership interest			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%
Infinity World Development Corp [Member] | CityCenter Holdings LLC As Investee [Member]
Organization Disclosure [Line Items]
Percentage ownership interest			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%
Athena Arena, LLC [Member] | Las Vegas Arena Company LLC As Investee [Member]
Organization Disclosure [Line Items]
Percentage ownership interest			15.00%			15.00%
Hard Rock Rocksino Northfield Park [Member]
Organization Disclosure [Line Items]
Date of acquisition agreement						2018-07
Hard Rock Rocksino Northfield Park [Member] | Forecast [Member]
Organization Disclosure [Line Items]
Date of acquisition agreement					2018-09
Class A shares [Member]
Organization Disclosure [Line Items]
Common stock voting rights						one vote per share
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	73.40%	72.30%				73.30%
Percentage of minority interest			26.70%			26.70%
MGM China [Member]
Organization Disclosure [Line Items]
Percentage ownership interest				56.00%

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Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Percentage of ownership interest	100.00%
Percentage of minority interest	26.70%
Total assets	$ 30,210,706,000	$ 29,160,042,000	$ 28,174,400,000
Total liabilities	19,638,665,000	17,469,140,000
Accrual for property and equipment	47,000,000	28,000,000
Construction retention accrued	2,000,000	34,000,000
Impairment charges	0	0	0
Commissions, complimentaries and other incentives	2,300,000,000	2,100,000,000	1,800,000,000
Advertising expense	305,000,000	223,000,000	171,000,000
Food and Beverage Revenue [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Lease revenue	51,000,000	51,000,000	50,000,000
Entertainment Retail and Other Revenue [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Lease revenue	$ 87,000,000	$ 79,000,000	$ 77,000,000
Accounts Receivable [Member] | Customer Concentration [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Percentage of gross casino accounts receivable	62.00%	40.00%
MGM Growth Properties LLC [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Percentage of minority interest	26.70%
Total assets	$ 11,000,000,000
Total liabilities	$ 5,100,000,000

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Basis of Presentation and Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2018
Minimum [Member] | Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Useful life	15 years
Minimum [Member] | Land improvements [Member]
Property, Plant and Equipment [Line Items]
Useful life	10 years
Minimum [Member] | Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years
Minimum [Member] | Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years
Maximum [Member] | Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Useful life	40 years
Maximum [Member] | Land improvements [Member]
Property, Plant and Equipment [Line Items]
Useful life	20 years
Maximum [Member] | Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Useful life	20 years
Maximum [Member] | Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful life	15 years

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Basis of Presentation and Significant Accounting Policies - Schedule of Contract and Contract - related Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Outstanding Chip Liability [Member]
Contract And Contract Related Liabilities [Line Items]
Balance at January 1	$ 597,753	$ 227,538
Balance at December 31	323,811	597,753
Increase / (decrease)	(273,942)	370,215
Loyalty Program [Member]
Contract And Contract Related Liabilities [Line Items]
Balance at January 1	91,119	88,379
Balance at December 31	113,293	91,119
Increase / (decrease)	22,174	2,740
Customer Advances and Other [Member]
Contract And Contract Related Liabilities [Line Items]
Balance at January 1	539,626	437,287
Balance at December 31	667,285	539,626
Increase / (decrease)	$ 127,659	$ 102,339

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Basis of Presentation and Significant Accounting Policies - 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								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Net income attributable to MGM Resorts International	$ (23,327)	$ 142,878	$ 123,777	$ 223,444	$ 1,387,413	$ 148,363	$ 209,864	$ 206,412	$ 466,772	$ 1,952,052	$ 1,100,408
Adjustment related to redeemable noncontrolling interests									(21,326)	(18,363)	(28)
Net income available to common stockholders - basic									445,446	1,933,689	1,100,380
Potentially dilutive effect due to MGP and MGM China stock compensation plans									(206)	(268)	(51)
Net income attributable to common stockholders - diluted									$ 445,240	$ 1,933,421	$ 1,100,329
Denominator:
Weighted-average common shares outstanding basic									544,253	572,253	568,134
Potential dilution from share-based awards									5,283	6,542	5,183
Weighted-average common and common equivalent shares - diluted									549,536	578,795	573,317
Antidilutive share-based awards excluded from the calculation of diluted earnings per share									2,668	2,601	4,207

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Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 747,981	$ 634,844
Less: Allowance for doubtful accounts	(90,775)	(92,571)	$ (97,920)	$ (89,789)
Accounts receivable, net	657,206	542,273
Casino [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	419,127	343,869
Hotel [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	154,707	146,931
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 174,147	$ 144,044

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Acquisition - Additional Information (Details) - USD ($) $ in Thousands			1 Months Ended				5 Months Ended	6 Months Ended	12 Months Ended
	Jul. 06, 2018	Aug. 01, 2016	Dec. 31, 2024	Jan. 29, 2019	Dec. 31, 2018	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Total purchase price					$ 638,000
Gain on Borgata transaction									$ 0	$ 0	$ 430,118
Borgata Property Tax Reimbursement Agreement [Member]
Business Acquisition [Line Items]
Legal settlement amount received						$ 72,000
Northfield Park associates LLC [Member]
Business Acquisition [Line Items]
Revenue								$ 133,000
Operating income								33,000
Net income								$ 33,000
Empire City [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Total purchase price				$ 864,000
Liabilities incurred for acquisition				$ 246,000
Date of acquisition agreement				Jan. 29, 2019
Consideration in form of common stock				$ 266,000
Additional contingent consideration payable			$ 50,000
Borgata [Member]
Business Acquisition [Line Items]
Revenue							$ 350,000
Net income							4,000
Purchase price in cash		$ 604,000
Operating income included in consolidated results							$ 34,000
Gain on Borgata transaction											$ 430,000
MGM Growth Properties LLC [Member] | Northfield Park associates LLC [Member]
Business Acquisition [Line Items]
Percentage of membership interest acquired	100.00%
Total purchase price	$ 1,100,000
MGM Growth Properties LLC [Member] | Northfield Park associates LLC [Member] | Revolving Credit Facility [Member]
Business Acquisition [Line Items]
Liabilities incurred for acquisition	655,000
MGM Growth Properties LLC [Member] | Northfield Park associates LLC [Member] | Delayed Draw Term Loan A [Member]
Business Acquisition [Line Items]
Liabilities incurred for acquisition	$ 200,000

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Acquisition - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jul. 06, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair value of assets acquired and liabilities assumed:
Goodwill	$ 1,821,392		$ 1,806,531	$ 1,817,119
MGM Growth Properties LLC [Member] | Northfield Park associates LLC [Member]
Fair value of assets acquired and liabilities assumed:
Property and equipment		$ 792,807
Cash and cash equivalents		35,831
Racing and gaming license		228,000
Customer list		25,000
Goodwill		17,915
Other assets		9,598
Other liabilities		(38,786)
Business combination, assets acquired and liabilities assumed		$ 1,070,365

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Acquisition - Schedule of Unaudited Proforma Consolidated Financial Information (Detail) - Borgata [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) $ / shares
Business Acquisition [Line Items]
Net revenues | $	$ 9,963,322
Net income attributable to MGM Resorts International | $	$ 818,247
Basis net income per share | $ / shares	$ 1.44
Diluted net income per share | $ / shares	$ 1.43

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Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 29,747,738	$ 27,885,649
Less: Accumulated depreciation	(9,017,850)	(8,250,190)
Property and equipment, net	20,729,888	19,635,459	$ 18,425,023
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,923,769	6,531,701
Buildings, building improvements and land improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	16,437,695	12,245,950
Furniture, fixtures and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,064,330	5,157,363
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 321,944	$ 3,950,635

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Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	$ 732,867	$ 1,033,297
CityCenter Holdings LLC As Investee [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	589,965	808,220
Elgin Riverboat Resort-Riverboat Casino [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	0	124,342
Las Vegas Arena Company LLC As Investee [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	73,540	76,619
Other [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	$ 69,362	$ 24,116

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Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments in and Advances to Unconsolidated Affiliates (Parenthetical) (Detail)	Dec. 31, 2018	Aug. 31, 2018	Dec. 31, 2017
CityCenter Holdings LLC As Investee [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest	50.00%		50.00%
Elgin Riverboat Resort-Riverboat Casino [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage ownership interest	0.00%	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	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity Method Investments And Joint Ventures [Abstract]
Income from unconsolidated affiliates	$ 147,690	$ 146,222	$ 528,287
Preopening and start-up expenses	(3,321)	0	(3,168)
Non-operating items from unconsolidated affiliates	(47,827)	(34,751)	(53,139)
Net income from unconsolidated affiliates	$ 96,542	$ 111,471	$ 471,980

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Investments in and Advances to Unconsolidated Affiliates - Schedule of Share of Income From Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated affiliates	$ 147,690	$ 146,222	$ 528,287
CityCenter Holdings LLC As Investee [Member]
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated affiliates	138,383	133,401	445,853
Borgata [Member]
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated affiliates	0	0	61,169
Other [Member]
Schedule Of Equity Method Investments [Line Items]
Income from unconsolidated affiliates	$ 9,307	$ 12,821	$ 21,265

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Investments in and Advances to Unconsolidated Affiliates - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended						3 Months Ended	12 Months Ended
	Aug. 01, 2016	Sep. 30, 2018	May 31, 2018	Apr. 30, 2017	May 31, 2016	Apr. 30, 2016	Mar. 31, 2016	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Aug. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Distributions from unconsolidated affiliates									$ 322,631	$ 301,211	$ 542,097
Borgata [Member]
Schedule Of Equity Method Investments [Line Items]
Date of acquisition	Aug. 01, 2016
City Center Holdings L L C [Member]
Schedule Of Equity Method Investments [Line Items]
Dividend paid/declared		$ 225,000	$ 400,000	$ 600,000
Distribution declared in accordance with annual distribution policy				78,000			$ 90,000
City Center Holdings L L C [Member] | Cash [Member]
Schedule Of Equity Method Investments [Line Items]
Dividend paid/declared				250,000
City Center Holdings L L C [Member] | Upsized Senior Credit Facilities [Member]
Schedule Of Equity Method Investments [Line Items]
Dividend paid/declared				$ 350,000
City Center Holdings L L C [Member] | Crystals [Member]
Schedule Of Equity Method Investments [Line Items]
Consideration received from sale of discontinued operations						$ 1,100,000
Recognized gain on sale											400,000
Dividend paid/declared						$ 990,000
Mandarin Oriental [Member] | City Center Holdings L L C [Member]
Schedule Of Equity Method Investments [Line Items]
Consideration received from sale of discontinued operations												$ 214,000
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences									133,000
Mandarin Oriental [Member] | CityCenter Holdings LLC As Investee [Member]
Schedule Of Equity Method Investments [Line Items]
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences									$ 12,000
CityCenter Holdings LLC As Investee [Member]
Schedule Of Equity Method Investments [Line Items]
Distributions from unconsolidated affiliates		50.00%	50.00%	50.00%
Distributions from unconsolidated affiliates		$ 113,000	$ 200,000	$ 300,000	$ 540,000
Percentage ownership interest									50.00%	50.00%
CityCenter Holdings LLC As Investee [Member] | Crystals [Member]
Schedule Of Equity Method Investments [Line Items]
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences											401,000
Recognized gain on sale, unconsolidated affiliates											$ 200,000
Realized gain (loss) percentage											50.00%
Recognized gain on sale, reversal of certain basis differences											$ 201,000
Elgin Riverboat Resort-Riverboat Casino [Member]
Schedule Of Equity Method Investments [Line Items]
Consideration received from sale of discontinued operations									$ 45,000
Percentage ownership interest									0.00%	50.00%		50.00%
Grand Victoria [Member]
Schedule Of Equity Method Investments [Line Items]
Consideration received from sale of discontinued operations									$ 328,000
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences								$ 45,000	$ 45,000

XML

Investments in and Advances to Unconsolidated Affiliates - Additional Information 1 (Detail) - USD ($) $ in Thousands		12 Months Ended
	Sep. 01, 2016	Dec. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Proceeds from sale of equity method investments		$ 163,616
Las Vegas Arena Company LLC As Investee [Member]
Schedule Of Equity Method Investments [Line Items]
Sale of interest in joint venture	7.50%
Proceeds from sale of equity method investments	$ 15,000
Las Vegas Arena Company LLC As Investee [Member] | Property Transactions, Net [Member]
Schedule Of Equity Method Investments [Line Items]
Recognized gain on sale, unconsolidated affiliates	$ 3,000

XML

Investments in and Advances to Unconsolidated Affiliates - Summarized Balance Sheet Information (Detail) - City Center [Member] - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Equity Method Investments [Line Items]
Current assets	$ 363,755	$ 708,910
Property and other assets, net and other long-term assets	6,167,853	6,280,474
Current liabilities	347,710	348,232
Long-term debt and other long-term obligations	$ 1,763,290	$ 1,557,633

XML

Investments in and Advances to Unconsolidated Affiliates - Summarized Income Statement Information (Detail) - City Center [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule Of Equity Method Investments [Line Items]
Net revenues	$ 1,277,745	$ 1,227,733	$ 1,160,606
Operating income	185,368	200,109	13,979
Income (loss) from continuing operations	97,091	137,226	(50,376)
Net income (loss)	$ (37,911)	$ 131,683	$ 349,716

XML

Investments in and Advances to Unconsolidated Affiliates - Tabular Disclosure of Differences between Share of Venture-Level Equity and Investment Balances (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Equity Method Investments [Line Items]
Venture-level equity attributable to the Company	$ 2,347,103	$ 2,659,780
Other adjustments	39,735	41,611
Investment balance	732,867	1,033,297
CityCenter Holdings LLC As Investee [Member]
Schedule Of Equity Method Investments [Line Items]
Adjustment to CityCenter equity upon contribution of net assets by MGM resorts International	(514,592)	(532,501)
CityCenter capitalized interest	186,830	206,065
CityCenter completion guarantee	274,685	322,703
CityCenter deferred gain	(212,276)	(219,561)
CityCenter capitalized interest on sponsor notes	(36,500)	(40,258)
Other-than-temporary impairments of investment	(1,352,118)	(1,504,161)
Investment balance	589,965	808,220
Grand Victoria [Member]
Schedule Of Equity Method Investments [Line Items]
Acquisition fair value adjustments net of other-than-temporary impairments of Grand Victoria investment	$ 0	$ 99,619

XML

Investments in and Advances to Unconsolidated Affiliates - Tabular Disclosure of Differences between Share of Venture-Level Equity and Investment Balances (Parenthetical) (Detail) - CityCenter Holdings LLC As Investee [Member] - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Equity Method Investments [Line Items]
Other-than-temporary impairments of investment	$ (1,352,118)	$ (1,504,161)
Land [Member]
Schedule Of Equity Method Investments [Line Items]
Other-than-temporary impairments of investment	$ 352,000	$ 379,000

XML

Goodwill and Other Intangible Assets - Schedule of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 1,821,392	$ 1,806,531	$ 1,817,119
Total indefinite-lived intangible assets	638,120	410,120
Finite-lived intangible assets, net	3,306,343	3,467,840
Total other intangible assets, net	3,944,463	3,877,960
Trademarks, License Rights and Other [Member]
Goodwill And Intangible Assets [Line Items]
Total indefinite-lived intangible assets	312,022	312,022
Customer Lists [Member]
Goodwill And Intangible Assets [Line Items]
Less: Accumulated amortization	(151,465)	(145,569)
Finite-Lived Gaming Licenses and Other Intangible Assets [Member]
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets, gross	136,127	136,127
Less: Accumulated amortization	(31,053)	(26,896)
Finite-lived intangible assets, net	105,074	109,231
Northfield Park associates LLC [Member] | Racing and Gaming Licenses [Member]
Goodwill And Intangible Assets [Line Items]
Total indefinite-lived intangible assets	228,000	0
Northfield Park associates LLC [Member] | Customer Lists [Member]
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets, gross	25,000	0
Borgata [Member] | Customer Lists [Member]
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets, gross	22,000	22,000
Detroit Wholly Owned Subsidiary | Development Rights [Member]
Goodwill And Intangible Assets [Line Items]
Total indefinite-lived intangible assets	98,098	98,098
MGM Grand Paradise [Member] | Gaming Subconcession [Member]
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets, gross	4,468,766	4,478,911
Less: Accumulated amortization	(1,342,561)	(1,180,908)
Finite-lived intangible assets, net	3,126,205	3,298,003
MGM Macau [Member] | Land Concession [Member]
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets, gross	83,885	84,076
Less: Accumulated amortization	(32,035)	(27,870)
Finite-lived intangible assets, net	51,850	56,206
Las Vegas Strip Resorts [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill	70,975	70,975	70,975
Regional Operations [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill	386,892	386,892	386,892
MGM China [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill	1,345,610	1,348,664	$ 1,359,252
MGM China [Member] | Customer Lists [Member]
Goodwill And Intangible Assets [Line Items]
Finite-lived intangible assets, gross	127,679	127,969
Finite-lived intangible assets, net	23,214	4,400
Corporate and Other [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 17,915	$ 0

XML

Goodwill and Other Intangible Assets - Summary of Changes in Company's Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Goodwill And Intangible Assets [Line Items]
Goodwill, beginning balance	$ 1,806,531	$ 1,817,119
Acquisitions	17,915	0
Currency exchange	(3,054)	(10,588)
Goodwill, ending balance	1,821,392	1,806,531
Las Vegas Strip Resorts [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill, beginning balance	70,975	70,975
Acquisitions	0	0
Currency exchange	0	0
Goodwill, ending balance	70,975	70,975
Regional Operations [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill, beginning balance	386,892	386,892
Acquisitions	0	0
Currency exchange	0	0
Goodwill, ending balance	386,892	386,892
MGM China [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill, beginning balance	1,348,664	1,359,252
Acquisitions	0	0
Currency exchange	(3,054)	(10,588)
Goodwill, ending balance	1,345,610	1,348,664
Corporate and Other [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill, beginning balance	0
Acquisitions	17,915
Currency exchange	0
Goodwill, ending balance	$ 17,915	$ 0

XML

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Apr. 20, 2005	Aug. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets			$ 638,120	$ 410,120
Amortization expense related to intangible assets			176,000	$ 173,000	$ 180,000
License [Member] | Maryland [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets					15 years
Consideration paid for license fee					$ 22,000
License [Member] | Massachusetts [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets		15 years
Consideration paid for license fee		$ 85,000
MGM Grand Paradise [Member] | Gaming Subconcession [Member]
Finite Lived Intangible Assets [Line Items]
Estimated remaining useful life of gaming subconcession	15 years
Mandalay Resort Group (2005) [Member] | Trademarks And Trade Names [Member]
Finite Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets			210,000
Borgata [Member] | Trademarks And Trade Names [Member]
Finite Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets			$ 83,000
Northfield Park associates LLC [Member] | Customer Lists [Member]
Finite Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets			7 years

XML

Goodwill and Other Intangible Assets - Schedule of Estimated Future Amortization (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Estimated future amortization
2019	$ 179,944
2020	179,944
2021	179,944
2022	179,944
2023	179,761
Thereafter	2,406,806
Finite-lived intangible assets, net	$ 3,306,343	$ 3,467,840

XML

Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Contract and contract-related liabilities:
Outstanding chip liability	$ 323,811	$ 597,753
Loyalty program obligations	113,293	91,119
Casino front money	342,941	303,950
Advance deposits and ticket sales	221,003	149,698
Unpaid wagers and other	103,341	85,978
Other accrued liabilities:
Payroll and related	518,892	483,101
Taxes, other than income taxes	235,160	170,639
MGP Dividend	31,732	29,777
Other	260,881	202,620
Other accrued liabilities	$ 2,151,054	$ 2,114,635

XML

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt, Gross	$ 15,253,239	$ 13,018,276
Less: Premiums, discounts, and unamortized debt issuance costs, net	(121,823)	(109,182)
Long-term debt	15,131,416	12,909,094
Less: Current portion	(43,411)	(158,042)
Long-term debt, net	15,088,005	12,751,052
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, Gross	750,000	372,500
Operating Partnership Senior Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, Gross	2,819,125	2,091,375
MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, Gross	2,433,562	2,301,584
Less: Current portion	(43,000)	(158,000)
8.625% senior notes, due 2019 [Member]
Debt Instrument [Line Items]
Senior notes	850,000	850,000
5.25% senior notes, due 2020 [Member]
Debt Instrument [Line Items]
Senior notes	500,000	500,000
6.75% senior notes, due 2020 [Member]
Debt Instrument [Line Items]
Senior notes	1,000,000	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
5.75% senior notes, due 2025 [Member]
Debt Instrument [Line Items]
Senior notes	1,000,000	0
5.625% Operating Partnership senior notes, due 2024 [Member]
Debt Instrument [Line Items]
Senior notes	1,050,000	1,050,000
4.50% Operating Partnership senior notes, due 2026 [Member]
Debt Instrument [Line Items]
Senior notes	500,000	500,000
4.50% Operating Partnership senior notes, due 2028 [Member]
Debt Instrument [Line Items]
Senior notes	350,000	350,000
4.625% senior notes, due 2026 [Member]
Debt Instrument [Line Items]
Senior notes	500,000	500,000
7% debentures, due 2036 [Member]
Debt Instrument [Line Items]
Senior notes	552	552
6.7% debentures, due 2096 [Member]
Debt Instrument [Line Items]
Senior notes	$ 0	$ 2,265

XML

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
8.625% senior notes, due 2019 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	$ 850.0	$ 850.0
Long-term debt, interest rate (as a percent)	8.625%	8.625%
Long-term debt, maturity year	2019	2019
5.25% senior notes, due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	$ 500.0	$ 500.0
Long-term debt, interest rate (as a percent)	5.25%	5.25%
Long-term debt, maturity year	2020	2020
6.75% senior notes, due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	$ 1,000.0	$ 1,000.0
Long-term debt, interest rate (as a percent)	6.75%	6.75%
Long-term debt, maturity year	2020	2020
6.625% senior notes, due 2021 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	$ 1,250.0	$ 1,250.0
Long-term debt, interest rate (as a percent)	6.625%	6.625%
Long-term debt, maturity year	2021	2021
7.75% senior notes, due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	$ 1,000.0	$ 1,000.0
Long-term debt, interest rate (as a percent)	7.75%	7.75%
Long-term debt, maturity year	2022	2022
6% senior notes, due 2023 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	$ 1,250.0	$ 1,250.0
Long-term debt, interest rate (as a percent)	6.00%	6.00%
Long-term debt, maturity year	2023	2023
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
5.75% senior notes, due 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	$ 1,000.0	$ 0.0
Long-term debt, interest rate (as a percent)	5.75%	5.75%
Long-term debt, maturity year	2025	2025
4.50% 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
4.50% Operating Partnership 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
6.7% debentures, due 2096 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount	$ 0.0	$ 2.3
Long-term debt, interest rate (as a percent)	6.70%	6.70%
Long-term debt, maturity year	2096	2096

XML

Long-Term Debt - Additional Information (Detail) - USD ($)					1 Months Ended						12 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Feb. 27, 2019	Jun. 15, 2018	Jan. 31, 2019	Jun. 30, 2018	May 31, 2018	Mar. 31, 2018	Sep. 30, 2017	Jul. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2022
Debt Instrument [Line Items]
Current portion of long-term debt, net of debt issuance costs											$ 43,411,000	$ 158,042,000
Credit facility amount											15,253,239,000	13,018,276,000
Loss on retirement of long-term debt											3,619,000	45,696,000	$ 66,933,000
Long-term debt, fair value											15,100,000,000	$ 13,600,000,000
Interest Rate Swap [Member] | Cash Flow Hedges [Member]
Debt Instrument [Line Items]
Notional amount											$ 400,000,000
Fixed interest rate											2.735%
Hong Kong Interbank Offered Rate HIBOR [Member] | MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Variable interest rate base											HIBOR
Minimum [Member] | LIBOR [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member]
Debt Instrument [Line Items]
Derivative basis spread on variable rate											0.00%
Term Loan A [Member] | Operating Partnership Senior Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility amount											$ 470,000,000
Line Of Credit Facility Increase Decrease For Period Net						$ 200,000,000
Long-term debt, maturity year						2023
Term loan repayment percentage of initial aggregate principal amount							2.50%
Repayments of term loan											$ 4,000,000
Debt instrument, interest rate											4.52%
Term Loan A [Member] | Forecast [Member] | Operating Partnership Senior Credit Facility [Member]
Debt Instrument [Line Items]
Term loan repayment percentage of initial aggregate principal amount		0.625%
Term Loan A [Member] | Minimum [Member] | LIBOR [Member] | Operating Partnership Senior Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate margin (as a percent)						1.75%
Term Loan A [Member] | Maximum [Member] | LIBOR [Member] | Operating Partnership Senior Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate margin (as a percent)						2.25%
Term Loan B [Member] | Operating Partnership Senior Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility amount											$ 1,800,000,000
Interest rate margin (as a percent)								2.00%
Term loan repayment percentage of initial aggregate principal amount											1.00%
Repayments of term loan											$ 19,000,000
Debt instrument, interest rate											4.52%
Credit facility, maturity date								2025-03
Term Loan B [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member]
Debt Instrument [Line Items]
Notional amount											$ 1,200,000,000
Fixed interest rate											1.844%
Term Loan B [Member] | Minimum [Member] | LIBOR [Member] | Interest Rate Swap [Member] | Cash Flow Hedges [Member]
Debt Instrument [Line Items]
Derivative basis spread on variable rate											0.00%
Amended and Restated Credit Agreement [Member] | MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, expiration date											Jun. 30, 2022
Senior Notes 5.750%, Due in 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, principal amount						$ 1,000,000,000
Long-term debt, interest rate (as a percent)						5.75%
8.625% senior notes, due 2019 [Member]
Debt Instrument [Line Items]
Long-term debt, maturity year											2019	2019
Long-term debt, principal amount											$ 850,000,000	$ 850,000,000
Long-term debt, interest rate (as a percent)											8.625%	8.625%
8.625% senior notes, due 2019 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Repayments of term loan			$ 850,000,000
11.375% senior notes, due 2018 [Member]
Debt Instrument [Line Items]
Long-term debt, maturity year											2018
Long-term debt, interest rate (as a percent)										11.375%
Redemption of senior notes										$ 475,000,000
Loss on retirement of long-term debt										$ 30,000,000
4.5% senior unsecured notes, due 2028 [Member] | MGP Growth Properties Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt, maturity year									2028
Long-term debt, principal amount									$ 350,000,000
Long-term debt, interest rate (as a percent)									4.50%
5.75% senior unsecured notes, due 2027 [Member] | MGP Growth Properties Senior Notes [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Long-term debt, maturity year					2027
Long-term debt, principal amount					$ 750,000,000
Long-term debt, interest rate (as a percent)					5.75%
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Line Of Credit Facility Increase Decrease For Period Net											$ 250,000
Senior Credit Facility [Member] | Term Loan A [Member]
Debt Instrument [Line Items]
Credit facility amount											750,000,000
Line Of Credit Facility Increase Decrease For Period Net											$ 520,000
Long-term debt, maturity year											2023
Repayments of term loan											$ 9,000,000
Debt instrument, interest rate											4.77%
Senior Credit Facility [Member] | Term Loan A [Member] | Forecast [Member]
Debt Instrument [Line Items]
Term loan repayment percentage of initial aggregate principal amount	1.25%
Senior Credit Facility [Member] | Term Loan A [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate margin (as a percent)											1.50%
Senior Credit Facility [Member] | Term Loan A [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate margin (as a percent)											2.25%
MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Current portion of long-term debt, net of debt issuance costs											$ 43,000,000	$ 158,000,000
Credit facility amount											2,433,562,000	$ 2,301,584,000
Revolving Credit Facility [Member] | Operating Partnership Senior Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility											1,350,000,000
Line Of Credit Facility Increase Decrease For Period Net						$ 750,000,000
Long-term debt, maturity year						2023
Line of credit facility drawn											$ 550,000,000
Debt instrument, interest rate											4.43%
Revolving Credit Facility [Member] | MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility											$ 1,000,000,000
Revolving Credit Facility [Member] | Maximum [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate margin (as a percent)											2.50%
Revolving Credit Facility [Member] | Amended and Restated Credit Agreement [Member] | MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility				$ 1,000,000,000
Line Of Credit Facility Increase Decrease For Period Net				(450,000,000)
Line of credit facility drawn											$ 641,000,000
Debt instrument, interest rate											4.72%
Amortization payments of aggregate principal balance (as percent)											5.00%
Revolving Credit Facility [Member] | Amended and Restated Credit Agreement [Member] | Forecast [Member] | MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility														$ 0
Line of credit facility, remaining borrowing capacity														0
Revolving Credit Facility [Member] | Senior Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility											$ 1,500,000,000
Repayments of term loan											0
Term loans [Member] | MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility											1,800,000,000
Repayments of term loan											$ 507,000,000
Term loans [Member] | Minimum [Member] | Hong Kong Interbank Offered Rate HIBOR [Member] | MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate margin (as a percent)											1.375%
Term loans [Member] | Amended and Restated Credit Agreement [Member] | MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility				2,000,000,000
Line Of Credit Facility Increase Decrease For Period Net				$ 450,000,000
Weighted average interest rate at the end of the period (as a percent)											4.74%
Term loans [Member] | Amended and Restated Credit Agreement [Member] | Forecast [Member] | MGM China Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility														0
Line of credit facility, remaining borrowing capacity														$ 0

XML

Long-Term Debt - Schedule of Interest Expense, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Total interest incurred	$ 821,229	$ 779,855	$ 814,731
Interest capitalized	(51,716)	(111,110)	(119,958)
Interest expense, net	$ 769,513	$ 668,745	$ 694,773

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Long-Term Debt - Schedule of Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2019	$ 1,272,734
2020	1,966,109
2021	1,716,109
2022	2,306,237
2023	2,884,875
Thereafter	5,107,175
Long-term debt, Gross	$ 15,253,239	$ 13,018,276

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Income Taxes - Schedule of Income (Loss) Before Taxes for Domestic and Foreign Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Domestic operations	$ 660,832	$ 747,090	$ 984,095
Foreign operations	(26,826)	213,700	273,494
Income before income taxes	$ 634,006	$ 960,790	$ 1,257,589

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Income Taxes - Schedule of Benefit (Provision) for Income Taxes Attributable to Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Federal:
Current			$ 11,991	$ (120,980)	$ (97,502)
Deferred (excluding separate components)			(143,468)	204,713	(124,625)
Deferred – change in enacted rates			0	987,942	0
Deferred – valuation allowance			(19,753)	101,443	222,688
Other noncurrent			576	1,356	3,608
Benefit (provision) for federal income taxes			(150,654)	1,174,474	4,169
State:
Current			(12,564)	(6,798)	4,069
Deferred (excluding separate components)			(12,731)	(25,233)	2,313
Deferred – operating loss carryforward			(29,490)	44,242	(16,024)
Deferred – valuation allowance			41,068	(40,078)	23,058
Other noncurrent			(1,334)	(3,876)	(2,901)
Benefit (provision) for state income taxes			(15,051)	(31,743)	10,515
Foreign:
Current			(2,037)	(470)	(2,015)
Deferred (excluding separate components)			63,827	(40,653)	(34,425)
Deferred – operating loss carryforward			30,574	4,688	2,988
Deferred – valuation allowance			23,229	21,098	(2,975)
Benefit (provision) for foreign income taxes			115,593	(15,337)	(36,427)
Benefit (provision) for income taxes	$ (92,000)	$ 72,000	$ (50,112)	$ 1,127,394	$ (21,743)

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Income Taxes - Schedule of Reconciliation of the Federal Income Tax Statutory Rate and the Company's Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Line Items]
Federal income tax statutory rate	21.00%	35.00%	35.00%
Change in enacted rates	0.00%	(102.70%)	0.00%
Non-controlling interest	(2.40%)	(1.50%)	(0.90%)
Foreign jurisdiction income/losses taxed at other than U.S. statutory rate	(9.50%)	(9.20%)	(3.80%)
Repatriation of foreign earnings	0.00%	35.40%	5.20%
Foreign tax credit	(0.00%)	(70.30%)	(10.60%)
Federal valuation allowance	3.10%	(10.60%)	(17.70%)
State taxes, net	1.90%	2.40%	0.00%
General business credits	(2.90%)	(1.00%)	(0.70%)
Stock-based compensation	(1.20%)	(2.10%)	0.00%
Gain on Borgata transaction	0.00%	0.00%	(5.40%)
Non-deductible employee dining facility costs	1.40%	0.00%	0.00%
Permanent and other items	2.90%	3.10%	0.60%
Provision for income taxes (as a percent)	7.90%	(117.30%)	1.70%
Macau [Member]
Income Tax Disclosure [Line Items]
Macau dividend tax	(6.40%)	4.20%	0.00%

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Income Taxes - Schedule of Tax-Effected Components of the Company's Net Deferred Tax Liability (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets
Deferred tax assets, net	$ 827,686	$ 894,401
Deferred tax liabilities
Total deferred tax liability	(2,170,224)	(2,189,776)
Net deferred tax liability	(1,342,538)	(1,295,375)
Federal and state [Member]
Deferred tax assets
Bad debt reserve	23,497	25,432
Deferred compensation	5,950	5,232
Net operating loss carryforward	23,406	46,702
Accruals, reserves and other	88,139	94,904
Investments in unconsolidated affiliates	83,130	84,188
Stock-based compensation	20,581	24,390
Tax credits	2,926,996	3,045,138
Deferred tax assets, gross	3,171,699	3,325,986
Less: Valuation allowance	(2,449,582)	(2,462,272)
Deferred tax assets, net	722,117	863,714
Deferred tax liabilities
Property and equipment	(1,729,786)	(1,670,704)
Long-term debt	(3,141)	(48,809)
Intangibles	(90,758)	(79,167)
Total deferred tax liability	(1,823,685)	(1,798,680)
Foreign [Member]
Deferred tax assets
Bad debt reserve	1,372	821
Net operating loss carryforward	107,308	76,909
Accruals, reserves and other	18,603	0
Property and equipment	998	0
Stock-based compensation	5,409	4,423
Deferred tax assets, gross	133,690	82,153
Less: Valuation allowance	(28,121)	(51,466)
Deferred tax assets, net	105,569	30,687
Deferred tax liabilities
Accruals, reserves and other	0	(26,657)
Property and equipment	0	(16,277)
Intangibles	(346,539)	(348,162)
Total deferred tax liability	$ (346,539)	$ (391,096)

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Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Line Items]
Federal income tax statutory rate			21.00%	35.00%	35.00%
Tax Cuts and Jobs Act of 2017, provisional discrete non-cash net tax benefit				$ 1,400,000
Tax Cuts and Jobs Act of 2017, Tax benefit due to change in corporate tax rate				988,000
Tax cuts and jobs Act of 2017, Tax benefit on re-assessment of foreign tax credit valuation allowance				438,000
Foreign unrepatriated earnings				669,000
Foreign earnings distributions during the period				62,000
Tax cuts and jobs act of 2017, measurement period adjustment, income tax expense (benefit)			$ 20,000
Measurement period adjustment, effective tax rate increased			3.00%
Deferred Taxes for annual fee			$ 41	41
MGM Grand Paradise SA [Member]
Income Tax Disclosure [Line Items]
Complementary tax			$ 866,000
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%
Decrease in net income attributable to MGM Resorts International			$ (43,000)	$ (38,000)
Per share decrease in net income attributable to MGM Resorts International			$ (0.08)	$ (0.07)
Annual payments required under the extended annual fee arrangement			$ 1,000	$ 1,000
Macau [Member] | MGM Grand Paradise SA [Member] | Forecast [Member]
Income Tax Disclosure [Line Items]
Annual payments required under the extended annual fee arrangement		$ 1,000
Payments required under the extended annual fee arrangement	$ 300
Maximum [Member]
Income Tax Disclosure [Line Items]
Deduction percentage to offset income tax liability				50.00%

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Income Taxes - Additional Information1 (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Line Items]
Net deferred tax asset	$ 481
Tax credit carry forward period	10 years
Domestic losses recaptured in foreign tax credit carry forward.	$ 1,700
Unrecognized tax benefits, if recognized, would affect the effective tax rate	13	$ 11
Macau [Member]
Income Tax Disclosure [Line Items]
Deferred tax assets, valuation allowance	26
Hong Kong [Member]
Income Tax Disclosure [Line Items]
Net operating losses, valuation allowance	2
2022 [Member]
Income Tax Disclosure [Line Items]
Tax credit carryforward expiration amount	$ 640
Foreign tax credit carryforward, expiration date	Dec. 31, 2022
2023 [Member]
Income Tax Disclosure [Line Items]
Tax credit carryforward expiration amount	$ 976
Foreign tax credit carryforward, expiration date	Dec. 31, 2023
2024 [Member]
Income Tax Disclosure [Line Items]
Tax credit carryforward expiration amount	$ 782
Foreign tax credit carryforward, expiration date	Dec. 31, 2024
2025 [Member]
Income Tax Disclosure [Line Items]
Tax credit carryforward expiration amount	$ 332
Foreign tax credit carryforward, expiration date	Dec. 31, 2025
2027 [Member]
Income Tax Disclosure [Line Items]
Tax credit carryforward expiration amount	$ 196
Foreign tax credit carryforward, expiration date	Dec. 31, 2027
Macau [Member]
Income Tax Disclosure [Line Items]
Valuation allowance on foreign tax credit	$ 2,400
Foreign tax credit carryover	$ 2,900
Special gaming tax rate	35.00%
State [Member]
Income Tax Disclosure [Line Items]
Complementary tax	$ 355
Deferred tax assets after federal tax effect and before valuation allowance	23
Deferred tax assets, valuation allowance	$ 3
State [Member] | Minimum [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards expire	2029
State [Member] | Maximum [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards expire	2038

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Income Taxes - Schedule of Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits at January 1	$ 18,588	$ 14,026	$ 13,724
Gross increases - prior period tax positions	5,345	0	0
Gross decreases - prior period tax positions	(957)	(2,280)	(3,375)
Gross increases - current period tax positions	1,488	6,842	3,677
Gross unrecognized tax benefits at December 31	$ 24,464	$ 18,588	$ 14,026

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Commitments and Contingencies - Schedule of Future Minimum Lease Payments Required to be Made under Non-Cancellable Operating Leases (Detail) $ in Thousands	Dec. 31, 2018 USD ($)
Operating Leases Future Payments
2019	$ 106,643
2020	83,150
2021	62,437
2022	47,036
2023	45,157
Thereafter	1,357,611
Total minimum lease payments	$ 1,702,034

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Commitments and Contingencies - Additional Information (Detail)			1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 15, 2017 USD ($)	Sep. 01, 2016 USD ($) shares	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2018 USD ($) a Agreement	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Aug. 31, 2016 a
Loss Contingencies [Line Items]
Rental expense for operating leases					$ 89,000,000	$ 92,000,000	$ 80,000,000
Initial term of contract					25 years
Initial contract ending date					Jan. 31, 2038
Other accrued liabilities					$ 260,881,000	202,620,000
Other long-term obligations					259,240,000	284,416,000
Business exit expense (credit)					0	(40,629,000)	$ 139,335,000
MGP Senior Credit Facility [Member]
Loss Contingencies [Line Items]
Credit facility outstanding					0
Senior Credit Facility [Member]
Loss Contingencies [Line Items]
Credit facility outstanding					12,000,000
Letters of credit [Member] | MGP Senior Credit Facility [Member]
Loss Contingencies [Line Items]
Credit facility amount					75,000,000
Letters of credit [Member] | Senior Credit Facility [Member]
Loss Contingencies [Line Items]
Credit facility amount					250,000,000
NV Energy Exit [Member]
Loss Contingencies [Line Items]
Upfront impact payment and related costs			$ 83,000,000
Estimated obligation related to non-bypassable charges					0	71,000,000
Other accrued liabilities					8,000,000	10,000,000
Other long-term obligations					$ 15,000,000	23,000,000
Business exit expense (credit)				$ (41,000,000)
Borgata Property Tax Reimbursement Agreement [Member]
Loss Contingencies [Line Items]
Property tax refunds plus interest	$ 106,000,000
Additional tax refunds due	65,000,000
Payment of settlement for property tax refunds	72,000,000
MGM National Harbor Project [Member]
Loss Contingencies [Line Items]
Area of ground lease | a					23
Initial lease term					25 years
Number of lease extension periods | Agreement					13
Number of reasonably assured lease extensions | Agreement					7
Length of each potential extension period for operating leases					6 years
Operating lease term					67 years
Operating Lease ending date					Dec. 31, 2082
City Center Holdings LLC As a Legal Entity [Member] | NV Energy Exit [Member]
Loss Contingencies [Line Items]
Upfront impact payment and related costs			$ 14,000,000
Business exit expense (credit)				$ (8,000,000)
MGM China [Member]
Loss Contingencies [Line Items]
Ordinary shares acquired | shares		188,100,000
Grand Paradise Macau [Member]
Loss Contingencies [Line Items]
Other long-term obligations					$ 36,000,000
Deferred cash payment to Grand Paradise Macau		$ 50,000,000			11,000,000	7,000,000
Standby Letters of Credit [Member] | Letters of credit [Member] | MGM China Credit Facility [Member]
Loss Contingencies [Line Items]
Credit facility amount					$ 100,000,000
Borgata [Member]
Loss Contingencies [Line Items]
Area of ground lease | a								11
Lease expiration date					Dec. 31, 2070
Borgata [Member] | City of Atlantic City, New Jersey [Member] | Borgata Property Tax Reimbursement Agreement [Member]
Loss Contingencies [Line Items]
Reimbursement of property tax - Total amount	$ 72,000,000
Borgata [Member] | Unfavorable Regulatory Action [Member]
Loss Contingencies [Line Items]
Unfavorable lease liability					$ 46,000,000	$ 47,000,000

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Stockholders' Equity - Summary of Changes in Accumulated Balance of Other Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 11,611,124	$ 9,941,957
Ending Balance	10,469,791	11,611,124
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(11,450)	12,545
Other comprehensive income (loss) before reclassifications	(13,022)	(43,188)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	0	0
Other comprehensive income (loss), net of tax	(13,022)	(43,188)
Other comprehensive income (loss) attributable to noncontrolling interest	5,600	19,193
Ending Balance	(18,872)	(11,450)
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	6,668	1,434
Other comprehensive income (loss) before reclassifications	4,706	(1,221)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	(1,130)	9,216
Other comprehensive income (loss), net of tax	3,576	7,995
Other comprehensive income (loss) attributable to noncontrolling interest	(1,100)	(2,761)
Ending Balance	9,144	6,668
Accumulated Other Adjustment Including Portion Attributable To Noncontrolling Interest
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	1,172	1,074
Other comprehensive income (loss) before reclassifications	0	98
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	0	0
Other comprehensive income (loss), net of tax	0	98
Other comprehensive income (loss) attributable to noncontrolling interest	0	0
Ending Balance	1,172	1,172
AOCI Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(3,610)	15,053
Other comprehensive income (loss) before reclassifications	(8,316)	(44,311)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense	(1,130)	9,216
Other comprehensive income (loss), net of tax	(9,446)	(35,095)
Other comprehensive income (loss) attributable to noncontrolling interest	4,500	16,432
Ending Balance	$ (8,556)	$ (3,610)

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Stockholders' Equity - Summary of Net Income Attributable to and Transfers from Noncontrolling Interest (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Stockholders Equity Note [Line Items]
Net income attributable to MGM Resorts International	$ (23,327)	$ 142,878	$ 123,777	$ 223,444	$ 1,387,413	$ 148,363	$ 209,864	$ 206,412	$ 466,772	$ 1,952,052	$ 1,100,408
Transfers from/(to) to noncontrolling interest:
Other									(5,667)	(2,889)
Net transfers from/(to) noncontrolling interest									(5,667)	19,752
Change from net income attributable to MGM Resorts International and transfers to noncontrolling interest									461,105	1,971,804
MGM National Harbor Transaction [Member]
Transfers from/(to) to noncontrolling interest:
Net transfers from/(to) noncontrolling interest									0	(12,497)
MGM Growth Properties LLC [Member]
Transfers from/(to) to noncontrolling interest:
MGP Class A share issuance											$ 1,183,838
MGM Growth Properties LLC [Member] | Class A shares [Member]
Transfers from/(to) to noncontrolling interest:
MGP Class A share issuance									$ 0	$ 35,138

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Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands		1 Months Ended			12 Months Ended
	Feb. 13, 2019	Jan. 31, 2019	Oct. 31, 2017	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	May 31, 2018
Stockholders Equity Note [Line Items]
Long-term debt, Gross					$ 15,253,239,000	$ 13,018,276,000
Repurchase of common stock					$ 1,283,333,000	$ 327,500,000
Subsequent Event [Member]
Stockholders Equity Note [Line Items]
Dividend declared date	Feb. 13, 2019
Dividends declared per share	$ 0.13
Dividends paid date	Mar. 15, 2019
Dividend record date	Mar. 08, 2019
Common Stock [Member]
Stockholders Equity Note [Line Items]
Common stock repurchases, Shares					41,076	10,000
Repurchase of common stock					$ 411,000	$ 100,000
Share Repurchase Program [Member]
Stockholders Equity Note [Line Items]
Authorized amount of stock repurchase							$ 2,000,000,000
Repurchase of common stock, remaining amount					$ 1,400,000,000
Share Repurchase Program Two [Member]
Stockholders Equity Note [Line Items]
Authorized amount of stock repurchase				$ 1,000,000,000
Share Repurchase Program [Member] | Common Stock [Member]
Stockholders Equity Note [Line Items]
Common stock repurchases, Shares					41,000	10,000
Stock repurchased, average price per share					$ 31.25	$ 32.75
Repurchase of common stock					$ 1,300,000,000	$ 328,000,000
MGM National Harbor Transaction [Member]
Stockholders Equity Note [Line Items]
Cash in exchange			$ 463,000,000
MGM Growth Properties LLC [Member]
Stockholders Equity Note [Line Items]
Issuance of operating partnership units		12,900	9,800
Partnership interest			73.40%	72.30%	73.30%
MGM Growth Properties LLC [Member] | Term loans [Member]
Stockholders Equity Note [Line Items]
Long-term debt, Gross			$ 425,000,000
Class A shares [Member] | MGM Growth Properties LLC [Member]
Stockholders Equity Note [Line Items]
New issuance of shares		19,600		13,200
Issuance of operating partnership units		19,600		13,200

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Stock-Based Compensation - Additional Information (Detail) - Omnibus Plan [Member] $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares to be issued	45,000,000
Number of shares available for grant as share-based awards	20,000,000
Number of options and stock appreciation rights outstanding	7,000,000
Number of restricted stock units and performance share units outstanding	7,000,000
Unamortized compensation | $	$ 134
Weighted-average period over which compensation cost is expected to be recognized	2 years 1 month 6 days

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Stock-Based Compensation - Schedule of Information Related to Intrinsic Value (Detail) - Omnibus Plan [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based awards exercised and RSUs and PSUs vested	$ 97,302
Stock options and SARs outstanding	21,563
Stock options and SARs vested and expected to vest	21,547
Stock options and SARs exercisable	$ 19,745

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Stock-Based Compensation - Schedule of Compensation Cost Recognized (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Compensation cost	$ 70,196	$ 62,522	$ 55,607
Less: Reimbursed costs and capitalized cost	(1,710)	(1,398)	(1,350)
Compensation cost after reimbursed costs and capitalized cost	68,486	61,124	54,257
Less: Related tax benefit	(13,218)	(18,650)	(16,782)
Compensation cost, net of tax benefit	55,268	42,474	37,475
Omnibus Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Compensation cost	57,735	49,383	43,661
MGP Omnibus Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Compensation cost	2,092	2,568	3,401
MGM China Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Compensation cost	$ 10,369	$ 10,571	$ 8,545

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Employee Benefit Plans - Table Outlining Company's Participation in Pension Plans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Southern Nevada Culinary and Bartenders Pension Plan [Member]
Multiemployer Plans [Line Items]
Employer identification number	886016617
Pension plan number	001
Pension Protection Act Zone Status		Green	Green
FIP/RP Status	No
Contributions by the Company	$ 47,825	$ 45,297	$ 44,001
Surcharge Imposed	No
Expiration Date of Collective Bargaining Agreements, First	May 31, 2019
Expiration Date of Collective Bargaining Agreements, Last	May 31, 2023
Legacy Plan of the National Retirement Fund (NRF) [Member]
Multiemployer Plans [Line Items]
Employer identification number	136130178
Pension plan number	001
Pension Protection Act Zone Status		Red	Red
FIP/RP Status	Implemented
Contributions by the Company	$ 9,794	$ 9,416	$ 3,788
Surcharge Imposed	Yes
Expiration Date of Collective Bargaining Agreements, Last	Feb. 29, 2020

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Employee Benefit Plans - Table Outlining Company's Participation in Pension Plans (Parenthetical) (Detail) - Agreement	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Multiemployer Plans [Line Items]
Number of collective bargaining agreements	10
Number of significant collective bargaining agreements	4
Southern Nevada Culinary and Bartenders Pension Plan [Member]
Multiemployer Plans [Line Items]
Minimum percentage of total contributions to be listed in Pension Plan's Forms 5500		5.00%	5.00%
Multiemployer plans, funded status	At least 80 percent
Legacy Plan of the National Retirement Fund (NRF) [Member]
Multiemployer Plans [Line Items]
Minimum percentage of total contributions to be listed in Pension Plan's Forms 5500			5.00%
Multiemployer plans, funded status	Less than 65 percent

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Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other Accrued Liabilities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Liability for self-insurance	$ 93	$ 87
Multiemployer Plans, Postretirement Benefit [Member] | UNITE HERE Health [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Contributions by the Company	$ 191	$ 183	$ 187

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Property Transactions, Net - Schedule of Property Transactions, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Other property transactions, net	$ 53,850	$ 50,279	$ 17,078
Property transactions, net	9,147	50,279	17,078
Grand Victoria [Member]
Property, Plant and Equipment [Line Items]
Gain on sale of Grand Victoria	$ (44,703)	$ 0	$ 0

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Property Transactions, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Other property transactions, net	$ (53,850)	$ (50,279)	$ (17,078)
M G M Cotai Production [Member]
Property, Plant and Equipment [Line Items]
Other property transactions, net	(24,000)
Monte Carlo Rebranding [Member]
Property, Plant and Equipment [Line Items]
Other property transactions, net	$ (20,000)	$ (34,000)

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Segment Information - Schedule of Segment Information (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Revenues	$ 3,052,862	$ 3,029,302	$ 2,858,695	$ 2,822,237	$ 2,597,605	$ 2,830,175	$ 2,652,133	$ 2,717,566	$ 11,763,096	$ 10,797,479	$ 9,478,269
Other operating income (expense)
NV Energy exit expense									0	40,629	(139,335)
Preopening and start-up expenses									(151,392)	(118,475)	(140,075)
Property transactions, net									(9,147)	(50,279)	(17,078)
Gain on Borgata transaction									0	0	430,118
Depreciation and amortization									(1,178,044)	(993,480)	(849,527)
Operating income	335,751	410,903	363,075	359,757	223,414	492,704	499,898	496,511	1,469,486	1,712,527	2,078,199
Non-operating income (expense)
Interest expense, net of amounts capitalized									(769,513)	(668,745)	(694,773)
Non-operating items from unconsolidated affiliates									(47,827)	(34,751)	(53,139)
Other, net									(18,140)	(48,241)	(72,698)
Total non-operating income (expense)									(835,480)	(751,737)	(820,610)
Income before income taxes									634,006	960,790	1,257,589
Benefit (provision) for income taxes	(92,000)			72,000					(50,112)	1,127,394	(21,743)
Net income	5,760	171,410	140,423	266,301	1,418,993	175,744	240,873	252,574	583,894	2,088,184	1,235,846
Less: Net income attributable to noncontrolling interests									(117,122)	(136,132)	(135,438)
Net income attributable to MGM Resorts International	(23,327)	$ 142,878	$ 123,777	$ 223,444	1,387,413	$ 148,363	$ 209,864	$ 206,412	466,772	1,952,052	1,100,408
Total assets	30,210,706				29,160,042				30,210,706	29,160,042	28,174,400
Property and equipment, net	20,729,888				19,635,459				20,729,888	19,635,459	18,425,023
Capital expenditures									1,486,843	1,864,082	2,262,473
Reportable segments [Member]
Revenues
Revenues									11,101,150	10,314,003	8,996,809
Adjusted Property EBITDA									3,032,869	3,048,040	2,590,903
Non-operating income (expense)
Total assets	26,628,869				25,890,420				26,628,869	25,890,420	24,894,872
Property and equipment, net	18,927,018				18,148,215				18,927,018	18,148,215	17,211,597
Capital expenditures									964,121	1,409,957	1,302,306
Reportable segments [Member] | Las Vegas Strip Resorts [Member]
Revenues
Revenues									5,716,672	5,746,123	5,664,694
Adjusted Property EBITDA									1,705,479	1,780,600	1,661,921
Non-operating income (expense)
Total assets	11,783,736				11,648,168				11,783,736	11,648,168	11,650,747
Property and equipment, net	10,605,454				10,568,296				10,605,454	10,568,296	10,568,317
Capital expenditures									501,044	419,983	288,526
Reportable segments [Member] | MGM China [Member]
Revenues
Revenues									2,449,957	1,858,160	1,811,958
Adjusted Property EBITDA									568,294	535,524	529,281
Non-operating income (expense)
Total assets	9,093,307				9,461,535				9,093,307	9,461,535	8,443,411
Property and equipment, net	3,818,460				3,827,391				3,818,460	3,827,391	2,857,626
Capital expenditures									390,212	923,346	984,355
Reportable segments [Member] | Regional Operations [Member]
Revenues
Revenues									2,934,521	2,709,720	1,520,157
Adjusted Property EBITDA									759,096	731,916	399,701
Non-operating income (expense)
Total assets	5,751,826				4,780,717				5,751,826	4,780,717	4,800,714
Property and equipment, net	4,503,104				3,752,528				4,503,104	3,752,528	3,785,654
Capital expenditures									72,865	66,628	29,425
Corporate and other [Member]
Revenues
Revenues									661,946	483,476	481,460
Other operating income (expense)
Corporate and other									(224,800)	(213,908)	203,193
Non-operating income (expense)
Total assets	3,666,586				3,339,746				3,666,586	3,339,746	3,334,724
Property and equipment, net	1,887,619				1,557,368				1,887,619	1,557,368	1,268,622
Capital expenditures									537,347	469,053	973,446
Consolidation, Eliminations [Member]
Non-operating income (expense)
Total assets	(84,749)				(70,124)				(84,749)	(70,124)	(55,196)
Property and equipment, net	$ (84,749)				$ (70,124)				(84,749)	(70,124)	(55,196)
Capital expenditures									(14,625)	(14,928)	(13,279)
Casino [Member]
Revenues
Revenues									5,753,150	5,016,426	4,108,126
Casino [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member]
Revenues
Revenues									1,407,733	1,436,830	1,394,820
Casino [Member] | Reportable segments [Member] | MGM China [Member]
Revenues
Revenues									2,195,144	1,741,635	1,695,023
Casino [Member] | Reportable segments [Member] | Regional Operations [Member]
Revenues
Revenues									2,026,925	1,834,803	1,017,857
Rooms [Member]
Revenues
Revenues									2,212,573	2,152,741	2,003,027
Rooms [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member]
Revenues
Revenues									1,776,029	1,778,869	1,762,850
Rooms [Member] | Reportable segments [Member] | MGM China [Member]
Revenues
Revenues									118,527	54,824	57,367
Rooms [Member] | Reportable segments [Member] | Regional Operations [Member]
Revenues
Revenues									318,017	319,049	182,809
Food and Beverage [Member]
Revenues
Revenues									1,959,021	1,871,969	1,727,805
Food and Beverage [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member]
Revenues
Revenues									1,402,378	1,410,496	1,432,717
Food and Beverage [Member] | Reportable segments [Member] | MGM China [Member]
Revenues
Revenues									114,862	51,330	51,237
Food and Beverage [Member] | Reportable segments [Member] | Regional Operations [Member]
Revenues
Revenues									428,934	410,143	235,383
Entertainment, Retail and Other [Member]
Revenues
Revenues									1,412,860	1,354,301	1,242,159
Entertainment, Retail and Other [Member] | Reportable segments [Member] | Las Vegas Strip Resorts [Member]
Revenues
Revenues									1,130,532	1,119,928	1,074,307
Entertainment, Retail and Other [Member] | Reportable segments [Member] | MGM China [Member]
Revenues
Revenues									21,424	10,371	8,331
Entertainment, Retail and Other [Member] | Reportable segments [Member] | Regional Operations [Member]
Revenues
Revenues									$ 160,645	$ 145,725	$ 84,108

XML

Related Party Transactions - Additional Information (Detail) $ in Thousands			1 Months Ended				3 Months Ended								12 Months Ended
	Apr. 01, 2018 USD ($)	Oct. 05, 2017 USD ($)	Jan. 31, 2019 USD ($)	Jan. 29, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2018 USD ($) Term	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Related Party Transaction [Line Items]
Revenues							$ 3,052,862	$ 3,029,302	$ 2,858,695	$ 2,822,237	$ 2,597,605	$ 2,830,175	$ 2,652,133	$ 2,717,566	$ 11,763,096	$ 10,797,479	$ 9,478,269
Initial lease term															10 years
Company initial lease can be extended | Term															4
Company initial lease additional extension option															5 years
Leasing arrangement description of rent																0
Total purchase price					$ 638,000
Empire City [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Total purchase price				$ 864,000
Date of acquisition agreement				Jan. 29, 2019
Empire City [Member] | Developed Real Property | Subsequent Event [Member]
Related Party Transaction [Line Items]
Total purchase price			$ 634,000
Increase in annual rent payment			$ 50,000
Annual fixed rent, percentage			90.00%
Increase in annual rent per year, percentage			2.00%
Northfield OpCo [Member]
Related Party Transaction [Line Items]
Date of acquisition agreement						Sep. 30, 2018
Purchase price in cash						$ 275,000
Master Lease [Member]
Related Party Transaction [Line Items]
Annual rent payments under master lease of properties	$ 770,000	$ 757,000
Increase in annual rent payment					$ 50,000
Annual fixed rent, percentage					90.00%
Increase in annual rent per year, percentage					2.00%
Master Lease [Member] | Northfield OpCo [Member]
Related Party Transaction [Line Items]
Increase in annual rent payment						$ 60,000
Annual fixed rent, percentage						90.00%
Increase in annual rent per year, percentage						2.00%
Base Rent [Member]
Related Party Transaction [Line Items]
Percentage of initial total rent payments due																90.00%
Fixed annual rent escalator percentage											2.00%					2.00%
Additional annual rent escalator percentage																2.00%
Percentage Rent [Member]
Related Party Transaction [Line Items]
Percentage of initial total rent payments due																10.00%
Shun Tak [Member] | MGM China [Member]
Related Party Transaction [Line Items]
Expenses incurred															$ 17,000	$ 13,000	10,000
Ms Ho Pansy Catilina Chiu King [Member] | MGM Branding and Development [Member]
Related Party Transaction [Line Items]
Distribution made to noncontrolling interests															22,000	15,000	15,000
City Center Holdings L L C [Member]
Related Party Transaction [Line Items]
Revenues															$ 47,000	49,000	43,000
City Center Holdings L L C [Member] | Aria and Vdara [Member]
Related Party Transaction [Line Items]
Management fee as a percentage of revenue															2.00%
Management fee received, percentage of EBITDA															5.00%
City Center Holdings L L C [Member] | Management Services and Reimbursable Costs [Member]
Related Party Transaction [Line Items]
Reimbursable costs for support services provided															$ 409,000	390,000	$ 387,000
Receivable related to management services and reimbursable costs					$ 83,000		$ 83,000				$ 77,000				$ 83,000	$ 77,000

XML

Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Balance Sheet Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	$ 2,526,778	$ 2,376,355
Property and equipment, net	20,729,888	19,635,459	$ 18,425,023
Investments in subsidiaries	0	0
Investments in the MGP Operating Partnership	0	0
Investments in and advances to unconsolidated affiliates	732,867	1,033,297
Intercompany accounts	0	0
Other non-current assets	6,221,173	6,114,931
Total assets	30,210,706	29,160,042	28,174,400
Current liabilities	2,948,882	3,138,297
Intercompany accounts	0	0
Deferred income taxes, net	1,342,538	1,295,375
Long-term debt, net	15,088,005	12,751,052
Other long-term obligations	259,240	284,416
Total liabilities	19,638,665	17,469,140
Redeemable noncontrolling interests	102,250	79,778
MGM Resorts International stockholders' equity	6,512,283	7,577,061
Noncontrolling interests	3,957,508	4,034,063
Total stockholders' equity	10,469,791	11,611,124	$ 9,941,957	$ 7,738,104
Total liabilities and stockholders' equity	30,210,706	29,160,042
Reportable Legal Entities [Member] | Parent [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	304,741	78,909
Property and equipment, net	0	0
Investments in subsidiaries	22,419,282	21,040,147
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	67,214	49,142
Total assets	22,791,237	21,168,198
Current liabilities	154,484	153,159
Intercompany accounts	6,932,325	5,783,578
Deferred income taxes, net	1,097,654	934,966
Long-term debt, net	8,055,472	6,682,574
Other long-term obligations	39,019	36,860
Total liabilities	16,278,954	13,591,137
Redeemable noncontrolling interests	0	0
MGM Resorts International stockholders' equity	6,512,283	7,577,061
Noncontrolling interests	0	0
Total stockholders' equity	6,512,283	7,577,061
Total liabilities and stockholders' equity	22,791,237	21,168,198
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	1,178,696	1,015,802
Property and equipment, net	13,564,979	13,521,221
Investments in subsidiaries	3,401,031	3,304,768
Investments in the MGP Operating Partnership	3,434,602	3,549,063
Investments in and advances to unconsolidated affiliates	678,748	1,002,903
Intercompany accounts	7,135,263	5,998,499
Other non-current assets	917,537	913,602
Total assets	30,310,856	29,305,858
Current liabilities	1,617,675	1,445,031
Intercompany accounts	0	0
Deferred income taxes, net	0	0
Long-term debt, net	570	2,835
Other long-term obligations	7,210,897	7,268,664
Total liabilities	8,829,142	8,716,530
Redeemable noncontrolling interests	0	0
MGM Resorts International stockholders' equity	21,481,714	20,589,328
Noncontrolling interests	0	0
Total stockholders' equity	21,481,714	20,589,328
Total liabilities and stockholders' equity	30,310,856	29,305,858
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	78,222	266,627
Property and equipment, net	10,526,520	10,021,938
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	346,565	62,555
Total assets	10,951,307	10,351,120
Current liabilities	189,247	144,537
Intercompany accounts	307	962
Deferred income taxes, net	33,634	28,544
Long-term debt, net	4,666,949	3,934,628
Other long-term obligations	215,664	174,710
Total liabilities	5,105,801	4,283,381
Redeemable noncontrolling interests	0	0
MGM Resorts International stockholders' equity	4,279,535	4,443,089
Noncontrolling interests	1,565,971	1,624,650
Total stockholders' equity	5,845,506	6,067,739
Total liabilities and stockholders' equity	10,951,307	10,351,120
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	972,820	1,022,340
Property and equipment, net	6,392,014	6,125,722
Investments in subsidiaries	0	0
Investments in the MGP Operating Partnership	831,494	862,037
Investments in and advances to unconsolidated affiliates	29,119	5,394
Intercompany accounts	0	0
Other non-current assets	4,932,872	5,134,220
Total assets	13,158,319	13,149,713
Current liabilities	1,224,752	1,609,110
Intercompany accounts	202,631	213,959
Deferred income taxes, net	240,970	360,409
Long-term debt, net	2,365,014	2,131,015
Other long-term obligations	2,247,584	2,305,353
Total liabilities	6,280,951	6,619,846
Redeemable noncontrolling interests	102,250	79,778
MGM Resorts International stockholders' equity	4,383,581	4,040,676
Noncontrolling interests	2,391,537	2,409,413
Total stockholders' equity	6,775,118	6,450,089
Total liabilities and stockholders' equity	13,158,319	13,149,713
Elimination [Member]
Condensed Balance Sheet Statements Captions [Line Items]
Current assets	(7,701)	(7,323)
Property and equipment, net	(9,753,625)	(10,033,422)
Investments in subsidiaries	(25,820,313)	(24,344,915)
Investments in the MGP Operating Partnership	(4,266,096)	(4,411,100)
Investments in and advances to unconsolidated affiliates	25,000	25,000
Intercompany accounts	(7,135,263)	(5,998,499)
Other non-current assets	(43,015)	(44,588)
Total assets	(47,001,013)	(44,814,847)
Current liabilities	(237,276)	(213,540)
Intercompany accounts	(7,135,263)	(5,998,499)
Deferred income taxes, net	(29,720)	(28,544)
Long-term debt, net	0	0
Other long-term obligations	(9,453,924)	(9,501,171)
Total liabilities	(16,856,183)	(15,741,754)
Redeemable noncontrolling interests	0	0
MGM Resorts International stockholders' equity	(30,144,830)	(29,073,093)
Noncontrolling interests	0	0
Total stockholders' equity	(30,144,830)	(29,073,093)
Total liabilities and stockholders' equity	$ (47,001,013)	$ (44,814,847)

XML

Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income Information (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Condensed Income Statements Captions [Line Items]
Net revenues	$ 3,052,862	$ 3,029,302	$ 2,858,695	$ 2,822,237	$ 2,597,605	$ 2,830,175	$ 2,652,133	$ 2,717,566	$ 11,763,096	$ 10,797,479	$ 9,478,269
Equity in subsidiaries' earnings									0	0	0
Expenses
Casino and hotel operations									6,918,875	6,193,122	5,521,221
General and administrative									1,764,638	1,559,575	1,378,534
Corporate expense									419,204	356,872	312,705
NV Energy exit expense										(40,629)	139,335
Preopening and start-up expenses									151,392	118,475	140,075
Property transactions, net									9,147	50,279	17,078
Gain on Borgata transaction									0	0	(430,118)
Depreciation and amortization									1,178,044	993,480	849,527
Total expenses									10,441,300	9,231,174	7,928,357
Income (loss) from unconsolidated affiliates									147,690	146,222	528,287
Operating income	335,751	410,903	363,075	359,757	223,414	492,704	499,898	496,511	1,469,486	1,712,527	2,078,199
Interest expense, net of amounts capitalized									(769,513)	(668,745)	(694,773)
Other, net									(65,967)	(82,992)	(125,837)
Income before income taxes									634,006	960,790	1,257,589
Benefit (provision) for income taxes	(92,000)			72,000					(50,112)	1,127,394	(21,743)
Net income	5,760	171,410	140,423	266,301	1,418,993	175,744	240,873	252,574	583,894	2,088,184	1,235,846
Less: Net income attributable to noncontrolling interests									(117,122)	(136,132)	(135,438)
Net income attributable to MGM Resorts International	(23,327)	142,878	123,777	223,444	1,387,413	148,363	209,864	206,412	466,772	1,952,052	1,100,408
Net income	$ 5,760	$ 171,410	$ 140,423	$ 266,301	$ 1,418,993	$ 175,744	$ 240,873	$ 252,574	583,894	2,088,184	1,235,846
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment									(13,022)	(43,188)	(2,680)
Unrealized gain on cash flow hedges									3,576	7,995	1,879
Other comprehensive loss									(9,446)	(35,193)	(801)
Comprehensive income									574,448	2,052,991	1,235,045
Less: Comprehensive income attributable to noncontrolling interests									(112,622)	(119,700)	(134,680)
Comprehensive income attributable to MGM Resorts International									461,826	1,933,291	1,100,365
Reportable Legal Entities [Member] | Parent [Member]
Condensed Income Statements Captions [Line Items]
Net revenues									0	0	0
Equity in subsidiaries' earnings									1,216,482	1,391,725	1,779,119
Expenses
Casino and hotel operations									11,130	10,784	9,063
General and administrative									9,945	8,742	6,834
Corporate expense									156,503	127,092	131,938
NV Energy exit expense										0	0
Preopening and start-up expenses									0	0	0
Property transactions, net									0	0	0
Gain on Borgata transaction											0
Depreciation and amortization									0	0	0
Total expenses									177,578	146,618	147,835
Income (loss) from unconsolidated affiliates									0	0	0
Operating income									1,038,904	1,245,107	1,631,284
Interest expense, net of amounts capitalized									(480,985)	(466,907)	(562,536)
Other, net									63,722	26,215	(7,864)
Income before income taxes									621,641	804,415	1,060,884
Benefit (provision) for income taxes									(154,869)	1,147,637	39,524
Net income									466,772	1,952,052	1,100,408
Less: Net income attributable to noncontrolling interests									0	0	0
Net income attributable to MGM Resorts International									466,772	1,952,052	1,100,408
Net income									466,772	1,952,052	1,100,408
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment									(7,422)	(23,995)	(1,477)
Unrealized gain on cash flow hedges									2,476	5,234	1,434
Other comprehensive loss									(4,946)	(18,761)	(43)
Comprehensive income									461,826	1,933,291	1,100,365
Less: Comprehensive income attributable to noncontrolling interests									0	0	0
Comprehensive income attributable to MGM Resorts International									461,826	1,933,291	1,100,365
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Condensed Income Statements Captions [Line Items]
Net revenues									7,647,304	7,649,990	7,050,893
Equity in subsidiaries' earnings									116,676	156,081	174,587
Expenses
Casino and hotel operations									4,350,634	4,262,212	4,027,602
General and administrative									1,238,461	1,180,989	1,137,027
Corporate expense									216,318	200,801	160,887
NV Energy exit expense										(40,629)	139,335
Preopening and start-up expenses									26,100	8,258	8,775
Property transactions, net									(15,955)	43,985	16,449
Gain on Borgata transaction											(430,118)
Depreciation and amortization									622,552	649,676	524,123
Total expenses									6,438,110	6,305,292	5,584,080
Income (loss) from unconsolidated affiliates									148,866	147,234	528,605
Operating income									1,474,736	1,648,013	2,170,005
Interest expense, net of amounts capitalized									(510)	(982)	(1,500)
Other, net									(444,897)	(402,602)	(324,141)
Income before income taxes									1,029,329	1,244,429	1,844,364
Benefit (provision) for income taxes									0	0	(22,579)
Net income									1,029,329	1,244,429	1,821,785
Less: Net income attributable to noncontrolling interests									0	0	0
Net income attributable to MGM Resorts International									1,029,329	1,244,429	1,821,785
Net income									1,029,329	1,244,429	1,821,785
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment									(7,422)	(23,995)	(1,477)
Unrealized gain on cash flow hedges									0	0	0
Other comprehensive loss									(7,422)	(23,995)	(1,477)
Comprehensive income									1,021,907	1,220,434	1,820,308
Less: Comprehensive income attributable to noncontrolling interests									0	0	0
Comprehensive income attributable to MGM Resorts International									1,021,907	1,220,434	1,820,308
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member]
Condensed Income Statements Captions [Line Items]
Net revenues									1,002,444	765,695	467,548
Equity in subsidiaries' earnings									0	0	0
Expenses
Casino and hotel operations									88,053	0	0
General and administrative									96,607	84,348	68,063
Corporate expense									48,675	34,085	20,360
NV Energy exit expense										0	0
Preopening and start-up expenses									0	0	0
Property transactions, net									20,319	34,022	4,684
Gain on Borgata transaction											0
Depreciation and amortization									273,031	260,455	220,667
Total expenses									526,685	412,910	313,774
Income (loss) from unconsolidated affiliates									0	0	0
Operating income									475,759	352,785	153,774
Interest expense, net of amounts capitalized									(215,532)	(184,175)	(115,438)
Other, net									(4,690)	2,286	(726)
Income before income taxes									255,537	170,896	37,610
Benefit (provision) for income taxes									(10,835)	(4,906)	(2,264)
Net income									244,702	165,990	35,346
Less: Net income attributable to noncontrolling interests									(67,065)	(41,775)	(29,938)
Net income attributable to MGM Resorts International									177,637	124,215	5,408
Net income									244,702	165,990	35,346
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment									0	0	0
Unrealized gain on cash flow hedges									4,128	9,782	1,879
Other comprehensive loss									4,128	9,782	1,879
Comprehensive income									248,830	175,772	37,225
Less: Comprehensive income attributable to noncontrolling interests									(68,165)	(44,536)	(30,383)
Comprehensive income attributable to MGM Resorts International									180,665	131,236	6,842
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member]
Condensed Income Statements Captions [Line Items]
Net revenues									3,983,575	3,151,304	2,430,795
Equity in subsidiaries' earnings									0	0	0
Expenses
Casino and hotel operations									2,491,007	1,923,942	1,487,975
General and administrative									495,015	369,844	214,839
Corporate expense									21,317	(515)	(194)
NV Energy exit expense										0	0
Preopening and start-up expenses									125,292	110,217	131,300
Property transactions, net									25,033	6,294	(246)
Gain on Borgata transaction											0
Depreciation and amortization									543,606	343,804	261,730
Total expenses									3,701,270	2,753,586	2,095,404
Income (loss) from unconsolidated affiliates									(1,176)	(1,012)	(318)
Operating income									281,129	396,706	335,073
Interest expense, net of amounts capitalized									(72,486)	(16,681)	(15,299)
Other, net									(187,786)	(142,997)	(93,145)
Income before income taxes									20,857	237,028	226,629
Benefit (provision) for income taxes									115,592	(15,337)	(36,424)
Net income									136,449	221,691	190,205
Less: Net income attributable to noncontrolling interests									(50,057)	(94,357)	(105,500)
Net income attributable to MGM Resorts International									86,392	127,334	84,705
Net income									136,449	221,691	190,205
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment									(13,022)	(43,188)	(2,680)
Unrealized gain on cash flow hedges									0	0	0
Other comprehensive loss									(13,022)	(43,188)	(2,680)
Comprehensive income									123,427	178,503	187,525
Less: Comprehensive income attributable to noncontrolling interests									(44,457)	(75,164)	(104,297)
Comprehensive income attributable to MGM Resorts International									78,970	103,339	83,228
Elimination [Member]
Condensed Income Statements Captions [Line Items]
Net revenues									(870,227)	(769,510)	(470,967)
Equity in subsidiaries' earnings									(1,333,158)	(1,547,806)	(1,953,706)
Expenses
Casino and hotel operations									(21,949)	(3,816)	(3,419)
General and administrative									(75,390)	(84,348)	(48,229)
Corporate expense									(23,609)	(4,591)	(286)
NV Energy exit expense										0	0
Preopening and start-up expenses									0	0	0
Property transactions, net									(20,250)	(34,022)	(3,809)
Gain on Borgata transaction											0
Depreciation and amortization									(261,145)	(260,455)	(156,993)
Total expenses									(402,343)	(387,232)	(212,736)
Income (loss) from unconsolidated affiliates									0	0	0
Operating income									(1,801,042)	(1,930,084)	(2,211,937)
Interest expense, net of amounts capitalized									0	0	0
Other, net									507,684	434,106	300,039
Income before income taxes									(1,293,358)	(1,495,978)	(1,911,898)
Benefit (provision) for income taxes									0	0	0
Net income									(1,293,358)	(1,495,978)	(1,911,898)
Less: Net income attributable to noncontrolling interests									0	0	0
Net income attributable to MGM Resorts International									(1,293,358)	(1,495,978)	(1,911,898)
Net income									(1,293,358)	(1,495,978)	(1,911,898)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment									14,844	47,990	2,954
Unrealized gain on cash flow hedges									(3,028)	(7,021)	(1,434)
Other comprehensive loss									11,816	40,969	1,520
Comprehensive income									(1,281,542)	(1,455,009)	(1,910,378)
Less: Comprehensive income attributable to noncontrolling interests									0	0	0
Comprehensive income attributable to MGM Resorts International									$ (1,281,542)	$ (1,455,009)	$ (1,910,378)

XML

Condensed Consolidating Financial Information - Schedule of Condensed Consolidating Statement of Cash Flows Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net cash provided by (used in) operating activities	$ 1,722,539	$ 2,206,411	$ 1,533,972
Cash flows from investing activities
Capital expenditures, net of construction payable	(1,486,843)	(1,864,082)	(2,262,473)
Dispositions of property and equipment	25,612	718	3,944
Proceeds from partial disposition of investment in unconsolidated affiliate	0	0	15,000
Proceeds from sale of business units and investment in unconsolidated affiliate	163,616
Investments in and advances to unconsolidated affiliates	(56,295)	(16,727)	(3,633)
Distributions from unconsolidated affiliates in excess of cumulative earnings	322,631	301,211	542,097
Intercompany accounts	0	0	0
Other	(17,208)	(1,712)	(11,696)
Net cash used in investing activities	(2,083,021)	(1,580,592)	(2,276,204)
Proceeds from sale of business units and investment in unconsolidated affiliate	163,616	0	0
Cash flows from financing activities
Net borrowings under bank credit facilities – maturities of 90 days or less	1,242,259	15,001	491,032
Borrowings under bank credit facilities – maturities longer than 90 days	0	0	1,845,375
Repayments under bank credit facilities – maturities longer than 90 days	0	0	(1,845,375)
Issuance of long-term debt	1,000,000	350,000	2,050,000
Retirement of senior debentures	(2,265)	(502,669)	(2,258,053)
Repayment of Borgata credit facility	0	0	(583,598)
Debt issuance costs	(76,519)	(9,977)	(139,584)
Issuance of MGM Growth Properties Class A shares in public offering		404,685	1,207,500
MGM Growth Properties Class A share issuance costs	0	(17,137)	(75,032)
Dividends paid to common shareholders	(260,592)	(252,014)	0
Acquisition of MGM China shares	0	0	(100,000)
MGP dividends paid to consolidated subsidiaries	0	0	0
Distributions to noncontrolling interest owners	(184,932)	(170,402)	(103,367)
Intercompany accounts	0	0	0
Purchases of common stock	(1,283,333)	(327,500)	0
Proceeds from issuance of redeemable noncontrolling interests	0	0	47,325
Other	(45,384)	(58,765)	(16,801)
Net cash provided by (used in) financing activities	389,234	(568,778)	519,422
Effect of exchange rate on cash	(1,985)	(3,627)	(921)
Cash and cash equivalents
Net increase (decrease) for the period	26,767	53,414	(223,731)
Balance, beginning of period	1,499,995	1,446,581	1,670,312
Balance, end of period	1,526,762	1,499,995	1,446,581
Northfield Park associates LLC [Member]
Cash flows from investing activities
Acquisition, net of cash acquired	(1,034,534)	0	0
National Harbor [Member]
Cash flows from investing activities
Acquisition, net of cash acquired		0
Borgata [Member]
Cash flows from investing activities
Acquisition, net of cash acquired	0	0	(559,443)
Cash flows from financing activities
Repayment of Borgata credit facility			(583,598)
Reportable Legal Entities [Member] | Parent [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	(460,117)	(584,252)	(603,136)
Cash flows from investing activities
Capital expenditures, net of construction payable	0	0	0
Dispositions of property and equipment	0	0	0
Proceeds from partial disposition of investment in unconsolidated affiliate			0
Proceeds from sale of business units and investment in unconsolidated affiliate	0
Investments in and advances to unconsolidated affiliates	0	0	0
Distributions from unconsolidated affiliates in excess of cumulative earnings	0	0	0
Intercompany accounts	0	462,500	0
Other	0	0	0
Net cash used in investing activities	0	462,500	0
Cash flows from financing activities
Net borrowings under bank credit facilities – maturities of 90 days or less	377,500	122,500	(2,016,000)
Borrowings under bank credit facilities – maturities longer than 90 days			1,845,375
Repayments under bank credit facilities – maturities longer than 90 days			(1,845,375)
Issuance of long-term debt	1,000,000	0	500,000
Retirement of senior debentures	0	(502,669)	(2,255,392)
Debt issuance costs	(26,125)	0	(29,871)
Issuance of MGM Growth Properties Class A shares in public offering		0	0
MGM Growth Properties Class A share issuance costs		0	0
Dividends paid to common shareholders	(260,592)	(252,014)
Acquisition of MGM China shares			(100,000)
MGP dividends paid to consolidated subsidiaries	0	0	0
Distributions to noncontrolling interest owners	0	0	0
Intercompany accounts	917,760	1,042,111	4,082,303
Purchases of common stock	(1,283,333)	(327,500)
Proceeds from issuance of redeemable noncontrolling interests			0
Other	(32,225)	(33,801)	(16,765)
Net cash provided by (used in) financing activities	692,985	48,627	164,275
Effect of exchange rate on cash	0	0	0
Cash and cash equivalents
Net increase (decrease) for the period	232,868	(73,125)	(438,861)
Balance, beginning of period	26,870	99,995	538,856
Balance, end of period	259,738	26,870	99,995
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	1,271,583	1,152,083	1,313,595
Cash flows from investing activities
Capital expenditures, net of construction payable	(696,076)	(482,024)	(290,455)
Dispositions of property and equipment	25,507	502	1,940
Proceeds from partial disposition of investment in unconsolidated affiliate			15,000
Proceeds from sale of business units and investment in unconsolidated affiliate	163,616
Investments in and advances to unconsolidated affiliates	(56,295)	(16,727)	(3,633)
Distributions from unconsolidated affiliates in excess of cumulative earnings	322,631	301,211	542,097
Intercompany accounts	(1,136,764)	(1,186,942)	(1,562,442)
Other	(13,416)	(1,754)	(7,651)
Net cash used in investing activities	(1,390,797)	(1,385,734)	(1,864,587)
Cash flows from financing activities
Net borrowings under bank credit facilities – maturities of 90 days or less	0	0	4,094,850
Borrowings under bank credit facilities – maturities longer than 90 days			0
Repayments under bank credit facilities – maturities longer than 90 days			0
Issuance of long-term debt	0	0	0
Retirement of senior debentures	(2,265)	0	(2,661)
Debt issuance costs	0	0	0
Issuance of MGM Growth Properties Class A shares in public offering		0	0
MGM Growth Properties Class A share issuance costs		0	0
Dividends paid to common shareholders	0	0
Acquisition of MGM China shares			0
MGP dividends paid to consolidated subsidiaries	0	0	0
Distributions to noncontrolling interest owners	0	0	0
Intercompany accounts	207,015	248,626	(2,954,054)
Purchases of common stock	0	0
Proceeds from issuance of redeemable noncontrolling interests			0
Other	(6,979)	(11,644)	0
Net cash provided by (used in) financing activities	197,771	236,982	554,537
Effect of exchange rate on cash	0	0	0
Cash and cash equivalents
Net increase (decrease) for the period	78,557	3,331	3,545
Balance, beginning of period	311,044	307,713	304,168
Balance, end of period	389,601	311,044	307,713
Reportable Legal Entities [Member] | Non-Guarantor MGP Subsidiaries [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	580,207	482,578	297,781
Cash flows from investing activities
Capital expenditures, net of construction payable	(1,578)	(488)	(138,987)
Dispositions of property and equipment	0	0	0
Proceeds from partial disposition of investment in unconsolidated affiliate			0
Proceeds from sale of business units and investment in unconsolidated affiliate	0
Investments in and advances to unconsolidated affiliates	0	0	0
Distributions from unconsolidated affiliates in excess of cumulative earnings	0	0	0
Intercompany accounts	0	0	0
Other	0	0	0
Net cash used in investing activities	(1,036,112)	(462,988)	(138,987)
Cash flows from financing activities
Net borrowings under bank credit facilities – maturities of 90 days or less	727,750	(466,875)	(2,411,600)
Borrowings under bank credit facilities – maturities longer than 90 days			0
Repayments under bank credit facilities – maturities longer than 90 days			0
Issuance of long-term debt	0	350,000	1,550,000
Retirement of senior debentures	0	0	0
Debt issuance costs	(17,490)	(5,598)	(77,163)
Issuance of MGM Growth Properties Class A shares in public offering		404,685	1,207,500
MGM Growth Properties Class A share issuance costs		(17,137)	(75,032)
Dividends paid to common shareholders	0	0
Acquisition of MGM China shares			0
MGP dividends paid to consolidated subsidiaries	(333,192)	(290,091)	(113,414)
Distributions to noncontrolling interest owners	(121,069)	(95,344)	(37,415)
Intercompany accounts	0	0	158,822
Purchases of common stock	0	0
Proceeds from issuance of redeemable noncontrolling interests			0
Other	0	0	0
Net cash provided by (used in) financing activities	255,999	(120,360)	201,698
Effect of exchange rate on cash	0	0	0
Cash and cash equivalents
Net increase (decrease) for the period	(199,906)	(100,770)	360,492
Balance, beginning of period	259,722	360,492	0
Balance, end of period	59,816	259,722	360,492
Reportable Legal Entities [Member] | Non-Guarantor Other Subsidiaries [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	330,866	1,156,002	525,732
Cash flows from investing activities
Capital expenditures, net of construction payable	(789,189)	(1,381,570)	(1,833,031)
Dispositions of property and equipment	105	216	2,004
Proceeds from partial disposition of investment in unconsolidated affiliate			0
Proceeds from sale of business units and investment in unconsolidated affiliate	0
Investments in and advances to unconsolidated affiliates	0	0	0
Distributions from unconsolidated affiliates in excess of cumulative earnings	0	0	0
Intercompany accounts	0	0	0
Other	(3,792)	42	(4,045)
Net cash used in investing activities	(792,876)	(1,381,312)	(1,835,072)
Cash flows from financing activities
Net borrowings under bank credit facilities – maturities of 90 days or less	137,009	359,376	823,782
Borrowings under bank credit facilities – maturities longer than 90 days			0
Repayments under bank credit facilities – maturities longer than 90 days			0
Issuance of long-term debt	0	0	0
Retirement of senior debentures	0	0	0
Debt issuance costs	(32,904)	(4,379)	(32,550)
Issuance of MGM Growth Properties Class A shares in public offering		0	0
MGM Growth Properties Class A share issuance costs		0	0
Dividends paid to common shareholders	0	0
Acquisition of MGM China shares			0
MGP dividends paid to consolidated subsidiaries	0	0	0
Distributions to noncontrolling interest owners	(63,863)	(75,058)	(65,952)
Intercompany accounts	345,181	186,296	388,785
Purchases of common stock	0	0
Proceeds from issuance of redeemable noncontrolling interests			47,325
Other	(6,180)	(13,320)	(36)
Net cash provided by (used in) financing activities	379,243	452,915	1,161,354
Effect of exchange rate on cash	(1,985)	(3,627)	(921)
Cash and cash equivalents
Net increase (decrease) for the period	(84,752)	223,978	(148,907)
Balance, beginning of period	902,359	678,381	827,288
Balance, end of period	817,607	902,359	678,381
Reportable Legal Entities [Member] | Northfield Park associates LLC [Member] | Parent [Member]
Cash flows from investing activities
Acquisition, net of cash acquired	0
Reportable Legal Entities [Member] | Northfield Park associates LLC [Member] | Guarantor Subsidiaries [Member]
Cash flows from investing activities
Acquisition, net of cash acquired	0
Reportable Legal Entities [Member] | Northfield Park associates LLC [Member] | Non-Guarantor MGP Subsidiaries [Member]
Cash flows from investing activities
Acquisition, net of cash acquired	(1,034,534)
Reportable Legal Entities [Member] | Northfield Park associates LLC [Member] | Non-Guarantor Other Subsidiaries [Member]
Cash flows from investing activities
Acquisition, net of cash acquired	0
Reportable Legal Entities [Member] | National Harbor [Member] | Parent [Member]
Cash flows from investing activities
Acquisition, net of cash acquired		0
Reportable Legal Entities [Member] | National Harbor [Member] | Guarantor Subsidiaries [Member]
Cash flows from investing activities
Acquisition, net of cash acquired		0
Reportable Legal Entities [Member] | National Harbor [Member] | Non-Guarantor MGP Subsidiaries [Member]
Cash flows from investing activities
Acquisition, net of cash acquired		(462,500)
Reportable Legal Entities [Member] | National Harbor [Member] | Non-Guarantor Other Subsidiaries [Member]
Cash flows from investing activities
Acquisition, net of cash acquired		0
Reportable Legal Entities [Member] | Borgata [Member] | Parent [Member]
Cash flows from investing activities
Acquisition, net of cash acquired			0
Cash flows from financing activities
Repayment of Borgata credit facility			0
Reportable Legal Entities [Member] | Borgata [Member] | Guarantor Subsidiaries [Member]
Cash flows from investing activities
Acquisition, net of cash acquired			(559,443)
Cash flows from financing activities
Repayment of Borgata credit facility			(583,598)
Reportable Legal Entities [Member] | Borgata [Member] | Non-Guarantor MGP Subsidiaries [Member]
Cash flows from investing activities
Acquisition, net of cash acquired			0
Cash flows from financing activities
Repayment of Borgata credit facility			0
Reportable Legal Entities [Member] | Borgata [Member] | Non-Guarantor Other Subsidiaries [Member]
Cash flows from investing activities
Acquisition, net of cash acquired			0
Cash flows from financing activities
Repayment of Borgata credit facility			0
Elimination [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	0	0	0
Cash flows from investing activities
Capital expenditures, net of construction payable	0	0	0
Dispositions of property and equipment	0	0	0
Proceeds from partial disposition of investment in unconsolidated affiliate			0
Proceeds from sale of business units and investment in unconsolidated affiliate	0
Investments in and advances to unconsolidated affiliates	0	0	0
Distributions from unconsolidated affiliates in excess of cumulative earnings	0	0	0
Intercompany accounts	1,136,764	724,442	1,562,442
Other	0	0	0
Net cash used in investing activities	1,136,764	1,186,942	1,562,442
Cash flows from financing activities
Net borrowings under bank credit facilities – maturities of 90 days or less	0	0	0
Borrowings under bank credit facilities – maturities longer than 90 days			0
Repayments under bank credit facilities – maturities longer than 90 days			0
Issuance of long-term debt	0	0	0
Retirement of senior debentures	0	0	0
Debt issuance costs	0	0	0
Issuance of MGM Growth Properties Class A shares in public offering		0	0
MGM Growth Properties Class A share issuance costs		0	0
Dividends paid to common shareholders	0	0
Acquisition of MGM China shares			0
MGP dividends paid to consolidated subsidiaries	333,192	290,091	113,414
Distributions to noncontrolling interest owners	0	0	0
Intercompany accounts	(1,469,956)	(1,477,033)	(1,675,856)
Purchases of common stock	0	0
Proceeds from issuance of redeemable noncontrolling interests			0
Other	0	0	0
Net cash provided by (used in) financing activities	(1,136,764)	(1,186,942)	(1,562,442)
Effect of exchange rate on cash	0	0	0
Cash and cash equivalents
Net increase (decrease) for the period	0	0	0
Balance, beginning of period	0	0	0
Balance, end of period	0	0	0
Elimination [Member] | Northfield Park associates LLC [Member]
Cash flows from investing activities
Acquisition, net of cash acquired	$ 0
Elimination [Member] | National Harbor [Member]
Cash flows from investing activities
Acquisition, net of cash acquired		$ 462,500
Elimination [Member] | Borgata [Member]
Cash flows from investing activities
Acquisition, net of cash acquired			0
Cash flows from financing activities
Repayment of Borgata credit facility			$ 0

XML

Selected Quarterly Financial Results (Unaudited) - Schedule of Selected Quarterly Financial Results (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Net revenues	$ 3,052,862	$ 3,029,302	$ 2,858,695	$ 2,822,237	$ 2,597,605	$ 2,830,175	$ 2,652,133	$ 2,717,566	$ 11,763,096	$ 10,797,479	$ 9,478,269
Operating income	335,751	410,903	363,075	359,757	223,414	492,704	499,898	496,511	1,469,486	1,712,527	2,078,199
Net income	5,760	171,410	140,423	266,301	1,418,993	175,744	240,873	252,574	583,894	2,088,184	1,235,846
Net income attributable to MGM Resorts International	$ (23,327)	$ 142,878	$ 123,777	$ 223,444	$ 1,387,413	$ 148,363	$ 209,864	$ 206,412	$ 466,772	$ 1,952,052	$ 1,100,408
Earnings (loss) per share-basic	$ (0.06)	$ 0.26	$ 0.21	$ 0.39	$ 2.42	$ 0.26	$ 0.36	$ 0.36	$ 0.82	$ 3.38	$ 1.94
Earnings (loss) per share-diluted	$ (0.06)	$ 0.26	$ 0.21	$ 0.38	$ 2.39	$ 0.26	$ 0.36	$ 0.36	$ 0.81	$ 3.34	$ 1.92

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Selected Quarterly Financial Results - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information [Line Items]
Tax (benefit) expense	$ 92,000		$ (72,000)			$ 50,112	$ (1,127,394)	$ 21,743
Tax (benefit) expense, per share	$ 0.17		$ (0.13)			$ 0
Gain on acquisition						$ 0	0	430,118
Borgata [Member]
Quarterly Financial Information [Line Items]
Gain on acquisition								$ 430,000
Gain on property tax settlement					$ 36,000		$ 36,000
Gain on property tax settlement, per share					$ 0.04		$ 0.04
Crystals [Member]
Quarterly Financial Information [Line Items]
Tax (benefit) expense				$ 1,400,000			$ 1,400,000
Tax (benefit) expense, per share				$ 2.49			$ 2.46
Crystals [Member] | N V Energy
Quarterly Financial Information [Line Items]
NV Energy exit expense					$ 41,000		$ 41,000
NV Energy exit expense per share					$ 0.05		$ 0.05
Grand Victoria [Member]
Quarterly Financial Information [Line Items]
Recognized gain on sale, unconsolidated affiliates and reversal of basis differences		$ 45,000				$ 45,000
Gain on acquisition per share		$ 0.07				$ 0.06
Mandarin Oriental [Member]
Quarterly Financial Information [Line Items]
Gain on acquisition		$ 12,000				$ 12,000
Gain on acquisition per share		$ 0.02				$ 0.02
Mandalay Bay
Quarterly Financial Information [Line Items]
Business interruption insurance proceeds	$ 24,000					$ 24,000
Business interruption insurance proceeds, per share	$ 0.04					$ 0.03

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Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in Valuation Allowances And Reserves [Roll Forward]
Balance at Beginning of Period	$ 92,571	$ 97,920	$ 89,789
Provision for Doubtful Accounts	39,762	20,603	10,863
Write-offs, Net of Recoveries	(41,558)	(25,952)	(2,732)
Balance at End of Period	90,775	92,571	97,920
Deferred income tax valuation allowance [Member]
Movement in Valuation Allowances And Reserves [Roll Forward]
Balance at Beginning of Period	2,513,738	2,583,274	2,807,131
Increase	0	0	2,975
Decrease	(36,035)	(69,536)	(226,832)
Balance at End of Period	$ 2,477,703	$ 2,513,738	$ 2,583,274