Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

NOTE 10 — SEGMENT INFORMATION

The Company’s management views each of its casino resorts as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure. The Company has aggregated its operating segments into the following reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China.

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

Regional Operations. Regional Operations consists of the following casino resorts: MGM Grand Detroit in Detroit, Michigan; Beau Rivage in Biloxi, Mississippi; Gold Strike Tunica in Tunica, Mississippi; Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; MGM Springfield in Springfield, Massachusetts; Empire City in Yonkers, New York; and MGM Northfield Park in Northfield Park, Ohio.

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

The Company’s operations related to investments in unconsolidated affiliates and certain other corporate operations and management services have not been identified as separate reportable segments; therefore, these operations are included in “Corporate and other” in the following segment disclosures to reconcile to consolidated results.

Adjusted Property EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments. Adjusted Property EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, gain on REIT transactions, net, rent expense associated with triple-net operating and ground leases, income from unconsolidated affiliates related to investments in real estate ventures, and property transactions, net, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment, and rent expense related to the master lease with MGP that eliminates in consolidation.

The following tables present the Company’s segment information:

	Three Months Ended
	March 31,
	2021			2020
	(In thousands)
Net revenue
Las Vegas Strip Resorts
Casino	$	232,094		$	274,673
Rooms		144,329			362,864
Food and beverage		90,419			288,763
Entertainment, retail and other		78,122			207,506
		544,964			1,133,806
Regional Operations
Casino		596,655			536,630
Rooms		40,579			55,879
Food and beverage		50,364			95,092
Entertainment, retail and other		23,753			38,059
		711,351			725,660
MGM China
Casino		261,604			240,414
Rooms		13,512			15,209
Food and beverage		16,629			12,780
Entertainment, retail and other		4,609			3,484
		296,354			271,887
Reportable segment net revenues		1,552,669			2,131,353
Corporate and other		95,078			121,464
	$	1,647,747		$	2,252,817
Adjusted Property EBITDAR
Las Vegas Strip Resorts	$	108,119		$	267,599
Regional Operations		241,982			151,720
MGM China		4,775			(21,990	)
Reportable segment Adjusted Property EBITDAR		354,876			397,329
Other operating income (expense)
Corporate and other, net		(136,991	)		(102,237	)
Preopening and start-up expenses		(5	)		(122	)
Property transactions, net		(26,071	)		(54,975	)
Gain on REIT transactions, net		—			1,491,945
Depreciation and amortization		(290,551	)		(318,290	)
CEO transition expense		—			(44,401	)
Triple-net operating lease and ground lease rent expense		(189,620	)		(141,918	)
Income from unconsolidated affiliates related to real estate ventures		41,672			23,514
Operating income (loss)		(246,690	)		1,250,845
Non-operating income (expense)
Interest expense, net of amounts capitalized		(195,295	)		(157,137	)
Non-operating items from unconsolidated affiliates		(20,836	)		(32,621	)
Other, net		32,185			(124,264	)
		(183,946	)		(314,022	)
Income (loss) before income taxes		(430,636	)		936,823
Benefit (provision) for income taxes		94,698			(262,304	)
Net income (loss)		(335,938	)		674,519
Less: Net loss attributable to noncontrolling interests		4,109			132,350
Net income (loss) attributable to MGM Resorts International	$	(331,829	)	$	806,869