HMD 340, Sec 1003 Summer 2021
Project Instruction
PURPOSE OF THIS PROJECT IS:
(1)
(2)
(3)
(4)
to become sufficient in basic Excel functionality, including formulas and formatting;
to integrate the material learned in class and specifically Chapters 2, 3, and 5;
to analyze the operations of a hospitality company using vertical, horizontal, and ratio analysis; and
to prepare a report which can be presented to an upper level manager in a hospitality operation, which
will give students an opportunity to apply written communication skills.
TASK
Step 1: Create a cover page for your write-up part (word doc) following APA style (5 points).
Step 2: Download MGM’s 10-K Report (Annual Report) in Excel and PDF. These files are
available in the ‘Project’ Module on WebCampus.
Note: After you download the 'MGM annual report 2019 Excel' file, 'Save' it on your computer and select
'Enable saving', which will allow you to save and edit this file.
Step 3: [Use the Excel File] Balance Sheet Vertical & Horizontal Analysis (40 points)
Open the Excel File. Click “Enable Editing”. In the “Table of Contents” worksheet, go to Row 38. Click
on the “BLANCE SHEET” link.
In Cell A9 (i.e., the merged cell including A9:D9), type ‘(In thousands, except share data)’.
In Cell C10, type ‘Dec 31, 2019’.
In Cell D10, type ‘Dec 31, 2018’.
Type ‘Total Assets’ in Cell B30.
Right-click the row number of 47 (gray area) select ‘Insert’ to insert an empty row above row 47.
Then Type ‘Total Liabilities’ in Cell B47. That is, Stockholders’ equity has been moved from B47 to
B48.
(6) Calculate Total Liabilities for 2019 in Cell C47: =SUM(C39:C46)
(7) Calculate Total Liabilities for 2018 in Cell D47: =SUM(D39:D46)
(8) In Cell E10, type ‘Vertical analysis for 2019’.
(9) Conduct Vertical Analysis in Column E, using the numbers in Column C.
(10) In Cell F10, type ‘Vertical analysis for 2018’.
(11) Conduct vertical analysis using in Column F, using the numbers in Column D.
(12) In Cell G10, type ‘Horizontal analysis (Amount Change)’
(13) In Cell H10, type ‘Horizontal analysis (% Change)’.
(14) Conduct horizontal analysis in Columns G and H, using the numbers in Columns C and D.
(1)
(2)
(3)
(4)
(5)
Note: Percentage columns should be presented using one decimal place (e.g., 7.2%).
Note: Delete the following error: #DIV/0! (Divided by 0 error).
IMPORTANT: To earn points, you must use correct formulas when you conduct vertical and
horizontal analysis in Excel.
Tip: Watch the videos in Module 2. Use the formulas for vertical and horizontal analysis and copy the
formulas to other cells as demonstrated in the videos.
Dr. Jungsun (Sunny) Kim
1
Step 4: [Use the Excel File] Income Statement Vertical & Horizontal Analysis (40 points)
In the ‘Table of Contents’ worksheet, go to Row 39. Click on the ‘INCOME STATEMENT’ link.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Delete the numbers in Column E (i.e., Year 2017).
Type ‘Total Revenue’ in Cell B26.
In Cell E19, type ‘Vertical analysis for 2019’.
Conduct vertical analysis in Column E, using the numbers in Column C.
In Cell F19, type ‘Vertical analysis for 2018’.
Conduct vertical analysis using in Column F, using the numbers in Column D.
In Cell G19, type ‘Horizontal analysis (Amount Change)’
In Cell H19, type ‘Horizontal analysis (% Change)’.
Conduct horizontal analysis in Columns G and H, using the numbers in Columns C and D.
Note: Percentage columns should be presented using one decimal place (e.g., 7.2%).
Note: Delete the following error: #DIV/0! (Divided by 0 error).
IMPORTANT: To earn points, you must use correct formulas when you conduct vertical and
horizontal analysis in Excel.
Tip: Watch the videos in Module 2. Use the formulas for vertical and horizontal analysis and copy the
formulas to other cells as demonstrated in the videos.
Step 5: [Use the Excel File] Ratio Analysis (50 points)
In the ‘Balance Sheet’ Worksheet, type the ratios below in Cell B62:B66.
Caculate them for both years (i.e., 2019 ratios in Cell C62:C66; and 2018 ratios in Cell D62:D66).
(1)
(2)
(3)
(4)
(5)
Current ratio
Solvency ratio
Debt-to-equity ratio
Profit margin (%)
Return on assets (%)*
Note: For any formulas that use Net Income, use the company’s Net income attributable to MGM
Resorts International.
Note: For any formulas that use Total Owners’ Equity, use the company’s Total MGM Resorts
International stockholders’ equity.
*Note: Use Total Assets in 2017 = $29,160,042 (In thousands) to calculate the Average Total Assets
for 2018.
Note: Ratios should be presented using two decimal places (e.g., .95 or 28.22%)
IMPORTANT: To earn points, you must use correct formulas when you calculate ratios in Excel.
Tip: Use the Formula Table in Module 3 and watch the videos in Module 3.
Dr. Jungsun (Sunny) Kim
2
Step 6: [Use the Excel & PDF Files] Write-up in Word (60 points)
(1) Based on the horizontal, vertical, ratio analysis you conducted, select 2-3 accounts that you would want
to analyze as a manager or executive of this company.
(2) For each account you selected, you must provide a short explanation (1-2 sentences) of why you
choose to analyze this account. Your reasoning for account selection should be based on what you have
learned in class and the results of your analysis.
(3) After discussing why you selected the account, you need to explain what caused the change in the
account (1-2 sentences). Find this information from the company’s 10-K and cite the page numbers.
Tip: Once you open the 10-K PDF file in Adobe Reader, select “Edit” and “Find” and then type the
account you selected. It will help you find sections related to the account.
Tip: The examples below will help you understand how to write this section. That is, you can use these
examples as your write-up templates.
a) Accounts receivable, net: I chose this account because the results of horizontal analysis indicated that it
decreased by $XX million and XX% from 2018 to 2019. The results of vertical analysis also indicated
that this account decreased from X% of total assets in 2018 to X% of total assets in 2019. This account
decreased mainly due to… (MGM Resorts International, 2020, p. X).
b) Cash and cash equivalents: I chose this account since the results of horizontal analysis showed that this
account had the most significant changes during 2019, i.e., $XX and XX%. This account also increased
from X% of total assets in 2018 to X% of total assets in 2019. This account increased primarily due to the
proceeds (cash received) related to…. (MGM Resorts International, 2020, p. X).
c) Current portion of long-term debt: I selected this account because it showed the most significant
percentage change during 2019. In particular, the results of horizontal analysis indicated that this account
increased by $XX and XX% from 2018 to 2019. The major reason for this change is because the
company…. (MGM Resorts International, 2020, p. X).
d) Casino Revenue: I selected this account based on the results of the horizontal analysis. This account
increased by $XX and XX% from 2018 to 2019. The results of vertical analysis also indicated that this
account increased from X% of total revenue in 2018 to X% of total revenue in 2019. According to MGM’s
annual report, this account increased primarily due to the following factors:… (MGM Resorts
International, 2020, p. X).
e) Gain on X: Based on the results of horizontal analysis, I selected this account since it showed the most
significant amount change during 2019 (i.e., $XX). The company recorded a gain of $XX related to X,
which reflects… (MGM Resorts International, 2020, p. X).
f) Total Revenue: Based on the outcomes of horizontal analysis, I selected the company’s total revenue
(i.e., consolidated net revenue). The amount of this account increased from $XX in 2018 to $XX in 2019,
which is a X% increase. This change was mainly due to…. (MGM Resorts International, 2020, p. X).
Dr. Jungsun (Sunny) Kim
3
g) Operating income: I chose this account, as the company’s operating income (i.e., consolidated operating
income) significantly increased in 2019, compared to 2018 (i.e., increased by $XX and XX%). According
to MGM’s annual report, this account was impacted by the following factors: … (MGM Resorts
International, 2020, p. X).
h) Net income attributable to MGM Resorts International: I selected this account based on the results of
ratio analysis. In particular, X ratio increased from X% in 2018 to X% in 2019. This account increased by
$XX and XX%, mainly due to… (MGM Resorts International, 2020, p. X).
IMPORTANT: Your write-up should be minimum 1/2 page and maximum 1 page, excluding the
cover page and references page. Follow APA format. Double-spaced, Times New Roman & Size 12, and
one-inch page margin for all sides.
Step 7: Create a references page for your report following APA style (5 points)
The 10-K report was retrieved from https://mgmresorts.com/
The 10-K report was published in 2020.
Tip: Use the following website: https://chat.library.berkeleycollege.edu/faq/52238
Step 8: Submit your work (both Excel and Work files) by the Due Date
Save your Excel File with “Your First name_Last name_Project 1”.
Save your Word File with “Your First name_Last name_Project 1”.
Late submission will not be accepted (see the syllabus).
Before you submit, run spelling and grammar check in the Word file. Students are encouraged to use
the Writing Center.
1 point will be deducted per spelling or grammar error.
Dr. Jungsun (Sunny) Kim
4
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
Table_Of_Contents
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Table Of Contents
--------------------------------------------------------------------------------TABLE1
TABLE2
TABLE3
NAME AND TITLE
TABLE4
TABLE5
TABLE6
TABLE7
TABLE8
TABLE9
TABLE10
TABLE11
TABLE12
TABLE13
TABLE14
TABLE15
TABLE16
TABLE17
TABLE18
TABLE19
TABLE20
CASH FLOW
TABLE21
TABLE22
TABLE23
TABLE24
BALANCE SHEET
INCOME STATEMENT
TABLE25
CASH FLOW2
STOCKHOLDERS EQUITY
TABLE26
TABLE27
TABLE28
TABLE29
TABLE30
TABLE31
TABLE32
TABLE33
TABLE34
TABLE35
TABLE36
TABLE37
TABLE38
TABLE39
TABLE40
TABLE41
TABLE42
TABLE43
TABLE44
TABLE45
TABLE46
TABLE47
TABLE48
TABLE49
TABLE50
TABLE51
TABLE52
TABLE53
TABLE54
TABLE55
TABLE56
TABLE57
TABLE58
TABLE59
TABLE60
TABLE61
TABLE62
TABLE63
TABLE64
TABLE65
TABLE66
TABLE67
TABLE68
TABLE69
TABLE70
TABLE71
VALUATION AND QUALIFYING ACCOUNTS
TABLE72
TABLE73
TABLE74
TABLE75
TABLE76
TABLE77
TABLE78
TABLE79
TABLE80
TABLE81
TABLE82
TABLE83
TABLE84
TABLE85
TABLE86
TABLE87
TABLE88
TABLE89
TABLE90
TABLE91
TABLE92
TABLE93
TABLE94
SUBSIDIARIES
TABLE95
TABLE96
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE1
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
MGM Resorts International
(Exact name of Registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of
incorporation or organization)
88-0215232
(I.R.S. Employer
Identification Number)
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE2
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Common Stock, $0.01 Par Value
Trading Symbol(s)
MGM
Name of each exchange on
which registered
New York Stock Exchange
(NYSE)
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE3
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Our Operating Resorts
We have provided certain information below about our resorts as of December 31,
2019.
Name and Location
Las Vegas Strip Resorts:
Bellagio
MGM Grand Las Vegas (4)
Mandalay Bay (5)
The Mirage
Luxor
Excalibur
New York-New York
Park MGM (6)
Subtotal
Regional Operations:
MGM Grand Detroit (Detroit, Michigan)
(7)
Beau Rivage (Biloxi, Mississippi)
Gold Strike (Tunica, Mississippi)
Borgata (Atlantic City, New Jersey)
MGM National Harbor (Prince George's
County, Maryland) (8)
MGM Springfield (Springfield,
Massachusetts) (9)
MGM Northfield Park (Northfield,
Ohio)
Empire City (Yonkers, New York)
Subtotal
MGM China:
MGM Macau - 55.95% owned (Macau
S.A.R.)
MGM Cotai - 55.95% owned (Macau
S.A.R.)
Subtotal
Other Operations:
Number of
Guestrooms
and Suites
Approximate
Casino Square
Footage (1)
3,933
6,071
4,750
3,044
4,397
3,981
2,024
2,898
31,098
155,000
169,000
152,000
94,000
101,000
94,000
81,000
66,000
912,000
400
1,740
1,133
2,767
127,000
87,000
48,000
160,000
308
146,000
240
109,000
6,588
73,000
137,000
887,000
582
307,000
1,390
1,972
298,000
605,000
CityCenter - 50% owned (Las Vegas,
Nevada) (10)
Subtotal
Grand total
5,499
5,499
45,157
139,000
139,000
2,543,000
Gaming
Tables (3)
Slots (2)
1,692
1,553
1,232
1,195
1,049
1,161
1,139
914
9,935
147
128
71
75
53
50
62
66
652
3,205
1,811
1,183
2,859
134
81
68
188
3,137
161
1,814
79
2,200
4,671
20,880
711
1,085
290
1,154
2,239
262
552
1,492
1,492
34,546
126
126
2,041
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
NAME_AND_TITLE
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Information about our Executive Officers
The following table sets forth, as of February 27, 2020, 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
James J. Murren(1)
William J. Hornbuckle
Corey I. Sanders
John M. McManus
Robert C. Selwood
Atif Rafiq
Age
58
62
56
52
64
46
AL
Information about our Executive Officers
ollowing table sets forth, as of February 27, 2020, the name, age and
on of each of our executive officers. Executive officers are elected by
and serve at the pleasure of the Board of Directors.
Position
Chairman and Chief Executive Officer
President and Chief Operating Officer
Chief Financial Officer and Treasurer
Executive Vice President, General Counsel and Secretary
Executive Vice President and Chief Accounting Officer
President of Commercial & Growth
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE4
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Name and Location
Las Vegas Strip Resorts
Bellagio(1)
MGM Grand Las Vegas(5)
Mandalay Bay(2)(5)
The Mirage(2)
Luxor(2)
Approximate
Acres
77
102
124
77
73
Excalibur(2)
New York-New York(2)
51
23
Park MGM(2)
Regional Operations
MGM Grand Detroit (Detroit,
Michigan)(2)
Beau Rivage (Biloxi,
Mississippi)(2)
Gold Strike (Tunica,
Mississippi)(2)
MGM National Harbor (Prince
George's County, Maryland)(2)
Borgata (Atlantic City, New
Jersey)(2)
MGM Springfield (Springfield,
Massachusetts)
MGM Northfield Park (Northfield,
Ohio)(2)
Empire City (Yonkers, New York)(2)
21
MGM China
MGM Macau(3)
MGM Cotai(3)
27
42
24
23
46
14
113
97
10
18
Notes
Approximately two acres of the site
are subject to two ground leases.(4)
Includes 15 acres of land located
across the Las Vegas Strip from
Luxor.
Includes three acres of land related
to The Park entertainment district
development located between Park MGM
and New York-New York.
10 acres are subject to a tidelands
lease.
All 23 acres are subject to a ground
lease.
11 acres are subject to ground
leases.
Includes 57 acres of land adjacent to
the property.
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE5
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
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, 2019:
Period
October 1, 2019 - October
31
2019
November 1, 2019 - November
30
2019
December 1, 2019 - December
31
2019
Total
Number of
Shares
Purchased
Average
Price Paid
per Share
-
Total Number
of Shares
Purchased as
Part of a Publicly
Announced Program
$
-
-
4,964,502
$
31.23
4,964,502
7,284,817
$
32.62
7,284,817
Dollar Value of
Shares that May
Yet be Purchased
Under the Program
(In thousands)
$
750,216
$
595,162
$
357,496
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE6
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2019
Net revenues
Operating income (loss)
Net income (loss)
Net income (loss) attributable to
MGM Resorts
International
Earnings (loss) per share - Basic
Earnings (loss) per share - Diluted
Dividends declared per common share
Total assets
Long-term obligations(1)
MGM Resorts International
stockholders' equity
$
$
$
$
$
12,899,672
3,940,215
2,214,380
2,049,146
3.90
3.88
0.52
33,876,356
15,915,508
7,727,265
$
2018
(In thousands, except per sha
11,763,096
1,469,486
583,894
$
$
$
$
466,772
0.82
0.81
0.48
30,210,706
15,449,495
6,512,283
2017
(In thousands, except per share data)
$
10,797,479 $
1,712,527
2,088,184
$
$
$
$
1,952,052
3.38
3.34
0.44
29,160,042
13,115,246
7,577,061
$
$
$
$
2016
9,478,269
2,078,199
1,235,846
1,100,408
1.94
1.92
28,174,400
13,359,339
6,192,825
2015
$
$
$
$
$
9,179,590
(152,838)
(1,037,444)
(445,515)
(0.82)
(0.82)
25,215,178
12,532,224
5,119,927
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE7
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Summary Financial Results
The following table summarizes our operating results:
2019
Net revenues
Operating income
Net income
Net income attributable to MGM Resorts
International
$
12,899,672
3,940,215
2,214,380
2,049,146
Year Ended December 31,
2018
(In thousands)
$
11,763,096
1,469,486
583,894
466,772
2017
$
10,797,479
1,712,527
2,088,184
1,952,052
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE8
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Net Revenues by Segment
The following table presents a detail by segment of net revenues:
Year Ended December 31,
2019
2018
(In thousands)
Las Vegas Strip Resorts
Table games win
Slots win
Other
Less: Incentives
Casino revenue
Rooms
Food and beverage
Entertainment, retail and other
Non-casino revenue
Regional Operations
Table games win
Slots win
Other
Less: Incentives
Casino revenue
Rooms
Food and beverage
Entertainment, retail and other
Non-casino revenue
MGM China
VIP table games win
Main floor table games win
Slots win
Less: Commissions and incentives
Casino revenue
Rooms
Food and beverage
Entertainment, retail and other
Non-casino revenue
$
789,330 $
1,193,607
64,834
(751,601)
1,296,170
1,863,521
1,517,745
1,153,615
4,534,881
5,831,051
949,055
1,140,269
62,249
(743,840)
1,407,733
1,776,029
1,402,378
1,130,532
4,308,939
5,716,672
827,155
2,362,638
313,710
(965,723)
2,537,780
316,753
494,243
201,008
1,012,004
3,549,784
793,754
1,947,325
108,690
(822,844)
2,026,925
318,017
428,934
160,645
907,596
2,934,521
1,237,297
1,906,600
286,939
(821,030)
2,609,806
142,306
127,152
26,158
295,616
1,235,387
1,391,454
284,919
(716,616)
2,195,144
118,527
114,862
21,424
254,813
Reportable segment net revenues
Corporate and other
$
2,905,422
12,286,257
613,415
12,899,672
$
2,449,957
11,101,150
661,946
11,763,096
2017
$
931,508
1,106,192
67,150
(668,020)
1,436,830
1,778,869
1,410,496
1,119,928
4,309,293
5,746,123
722,966
1,784,452
92,377
(764,992)
1,834,803
319,049
410,143
145,725
874,917
2,709,720
1,099,303
1,044,415
180,500
(582,583)
1,741,635
54,824
51,330
10,371
116,525
$
1,858,160
10,314,003
483,476
10,797,479
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE9
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2019
Table Games Drop
Table Games Win %
Slots Handle
Slots Hold %
$
$
2018
(Dollars in millions)
3,526 $
3,857 $
22.40%
24.60%
12,874 $
12,569 $
9.30%
9.10%
2017
3,777
24.70%
12,396
8.90%
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE10
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Occupancy
Average Daily Rate (ADR)
Revenue per Available Room (REVPAR)
Year Ended December 31,
2019
2018
91%
91%
$
167 $
161 $
$
153 $
147 $
2017
91%
160
146
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE11
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2019
Table Games Drop
Table Games Win %
Slots Handle
Slots Hold %
$
$
2018
(Dollars in millions)
4,226 $
4,038 $
19.60%
19.70%
25,031 $
21,468 $
9.40%
9.10%
2017
3,872
18.70%
19,634
9.10%
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE12
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
MGM China
The following table shows key gaming statistics for MGM China:
VIP Table Games Turnover
VIP Table Games Win %
Main Floor Table Games Drop
Main Floor Table Games Win %
$
$
Year Ended December 31,
2019
2018
(Dollars in millions)
38,071 $
40,599 $
3.20%
3.00%
8,252 $
7,566 $
23.10%
18.40%
2017
34,533
3.20%
5,159
20.20%
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE13
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Adjusted EBITDAR
The following table presents a detail of Adjusted EBITDAR. We use Adjusted
Property EBITDAR as the primary profit measure for our reportable segments. See
"Non-GAAP Measures" for additional information.
2019
Adjusted EBITDAR
Las Vegas Strip Resorts
Regional Operations
MGM China
Reportable segment Adjusted Property EBITDAR
Corporate and other
$
$
1,643,122
969,866
734,729
3,347,717
(331,621)
3,016,096
TDAR. We use Adjusted
reportable segments. See
Year Ended December 31,
2018
2017
(In thousands)
$
$
1,706,315 $
781,854
574,333
3,062,502
(224,800)
2,837,702 $
1,781,390
754,597
535,524
3,071,511
(213,908)
2,857,603
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE14
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Operating Results - Details of Certain Charges
Preopening and start-up expenses consisted of the following:
Year Ended December 31,
2019
MGM China
MGM Springfield
Park MGM rebranding
Other
$
$
(In thousands)
2,619 $
2,245
2,311
7,175 $
2018
64,341
60,787
22,569
3,695
151,392
2017
$
$
86,970
22,881
6,498
2,126
118,475
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE15
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2019
Loss related to sale of Circus Circus Las
Vegas and adjacent land
Gain on sale of Grand Victoria
Other property transactions, net
$
$
220,294
55,508
275,802
Year Ended December 31,
2018
2017
(In thousands)
$
$
$
(44,703)
53,850
9,147 $
50,279
50,279
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE16
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Operating Results - Income from Unconsolidated Affiliates
The following table summarizes information related to our income from
unconsolidated affiliates:
Year Ended December 31,
2019
CityCenter
Other
$
$
(In thousands)
128,421 $
(8,900)
119,521 $
2018
138,383
9,307
147,690
2017
$
$
133,400
12,822
146,222
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE17
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Non-operating Results
Interest expense. The following table summarizes information related to interest
expense, net:
Year Ended December 31,
2019
Total interest incurred
Interest capitalized
$
$
(In thousands)
853,007 $
(5,075)
847,932 $
2018
821,229 $
(51,716)
769,513 $
2017
779,855
(111,110)
668,745
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE18
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2019
Income before income taxes
Benefit (provision) for income taxes
Effective income tax rate
Federal, state and foreign income taxes paid,
net of refunds
$
$
2,846,725
(632,345)
22.20%
28,493
Year Ended December 31,
2018
(In thousands)
$
$
634,006 $
(50,112)
7.90% (117.3
(10,100) $
2017
960,790
1,127,394
)%
181,651
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE19
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2019
Net income attributable to MGM Resorts
International
Plus: Net income attributable to
noncontrolling interests
Net income
Provision (benefit) for income taxes
Income before income taxes
Non-operating expense
Interest expense, net of amounts capitalized
Non-operating items from unconsolidated
affiliates
Other, net
Operating income
NV Energy exit expense
Preopening and start-up expenses
Property transactions, net
Gain on Bellagio transaction
Depreciation and amortization
Restructuring
Triple net operating lease and ground lease
rent expense
Income from unconsolidated affiliates related
to investments in REITs
Adjusted EBITDAR
$
2,049,146
165,234
2,214,380
632,345
2,846,725
847,932
62,296
183,262
1,093,490
3,940,215
7,175
275,802
(2,677,996)
1,304,649
92,139
74,656
$
(544)
3,016,096
Year Ended December 31,
2018
2017
(In thousands)
$
466,772
$
117,122
583,894
50,112
634,006
136,132
2,088,184
(1,127,394)
960,790
769,513
668,745
47,827
18,140
835,480
1,469,486
151,392
9,147
1,178,044
-
34,751
48,241
751,737
1,712,527
(40,629)
118,475
50,279
993,480
-
29,633
$
2,837,702
1,952,052
23,471
$
2,857,603
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE20
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Year Ended December 31,
2019
Bellagio
MGM Grand Las Vegas
Mandalay Bay
The Mirage
Luxor
New York-New York
Excalibur
Park MGM
Circus Circus Las Vegas
Las Vegas Strip Resorts
MGM Grand Detroit
Beau Rivage
Gold Strike Tunica
Borgata
MGM National Harbor
MGM Springfield
Empire City Casino
MGM Northfield Park
Regional Operations
MGM Macau
MGM Cotai
MGM China
Unconsolidated resorts
Management and other operations
Stock compensation
Corporate
$
$
(In thousands)
465,194 $
282,609
237,472
153,838
125,758
147,179
117,774
65,983
47,315
1,643,122
193,971
111,101
66,712
206,812
215,962
34,349
71,013
69,946
969,866
458,099
276,630
734,729
122,598
24,773
(68,289)
(410,703)
3,016,096 $
2018
490,702
371,566
265,741
131,864
120,749
137,622
111,255
14,290
62,526
1,706,315
195,817
105,493
52,081
203,945
210,729
13,789
781,854
478,121
96,212
574,333
147,690
74,790
(68,211)
(379,069)
2,837,702
2017
$
$
506,526
344,685
258,471
176,996
126,650
135,036
113,561
49,191
70,274
1,781,390
176,280
89,319
52,882
286,690
149,426
754,597
535,524
535,524
146,222
26,838
(60,936)
(326,032)
2,857,603
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
CASH_FLOW
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Cash Flows - Summary
Our cash flows consisted of the following:
2019
Net cash provided by operating activities
Net cash provided by (used in) investing
activities
Net cash provided by (used in) financing
activities
$
1,810,401
3,519,434
(4,529,594)
Year Ended December 31,
2018
(In thousands)
$
1,722,539
(2,083,021)
389,234
2017
$
2,206,411
(1,580,592)
(568,778)
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE21
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Commitments and Contractual Obligations
The following table summarizes our scheduled contractual obligations as of
December 31, 2019:
2020
Long-term debt(1)
Estimated interest
payments on long-term
debt(2)
Construction commitments
Operating lease
liabilities(3)
Finance lease
liabilities(3)
Other long-term
liabilities(4)
Other purchase
obligations(5)
$
-
2021
$
$
2023
(In millions)
1,000 $
1,649
638
31
638
-
600
-
511
-
346
324
314
316
30
27
25
17
43
7
-
$
-
2022
109
1,154
$
35
1,067
$
24
1,970
-
$
1
2,494
2024 Thereafter
$
2,467
$
6,155
$
11,271
378
-
498
-
3,263
31
321
10,067
11,688
-
-
-
$
Total
3,166
99
32
$
16,752
82
$
169
26,603
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE22
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
December 31,
Casino receivables
Allowance for doubtful casino accounts receivable
Allowance as a percentage of casino accounts receivable
2019
(In thousands)
$
394,163
88,338
22%
2018
$
419,127
85,544
20%
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE23
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Debt maturing in,
2020
Fixed-rate
Average interest rate
Variable rate
Average interest rate
$
N/A
$
N/A
-
2021
$
N/A
$
N/A
2022
-
$
-
$
N/A
1,000 $
7.80%
$
2023
1,250
6.00%
399
3.50%
2024 Thereafter
Total
(In millions)
$
1,800 $
4,851 $
5.50%
5.40%
$
667 $
1,305 $
4.90%
3.80%
Fair Value
December 31,
2019
8,901 $
5.80%
2,371 $
4.10%
9,759
2,377
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE24
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Financial Statements:
Report of Independent Registered Public Accounting Firm on Internal
Control Over Financial Reporting
Report of Independent Registered Public Accounting Firm on Consolidated
Financial Statements
Consolidated Balance Sheets - December 31, 2019 and 2018
Years Ended December 31, 2019, 2018 and 2017
Consolidated Statements of Operations
Consolidated Statements of Comprehensive Income (Loss)
Consolidated Statements of Cash Flows
Consolidated Statements of Stockholders' Equity
Notes to Consolidated Financial Statements
52
53
55
56
57
58
59
60
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
BALANCE_SHEET
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
In thousands, except share data
ASSETS
Current assets
Cash and cash equivalents
Accounts receivable, net
Inventories
Income tax receivable
October 1 litigation insurance receivable
Prepaid expenses and other
Total current assets
Dec 31,2019
$
Property and equipment, net
Other assets
Investments in and advances to unconsolidated
affiliates
Goodwill
Other intangible assets, net
Operating lease right-of-use assets, net
Other long-term assets, net
Total other assets
Total Assets
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
Construction payable
Current portion of long-term debt
Accrued interest on long-term debt
October 1 litigation liability
Other accrued liabilities
Total current liabilities
Deferred income taxes, net
Long-term debt, net
Operating lease liabilities
Other long-term obligations
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests
Total Liabilities
Stockholders' equity
Common stock, $.01 par value: authorized
1,000,000,000 shares, issued and
outstanding 503,147,632 and 527,479,528 shares
Capital in excess of par value
2,329,604
612,717
102,888
27,167
735,000
200,317
4,007,693
18,285,955
$
$
822,366
2,084,564
3,826,504
4,392,481
456,793
11,582,708
33,876,356
235,437
74,734
122,250
735,000
2,024,002
3,191,423
2,106,506
11,168,904
4,277,970
363,588
105,046
21,213,437
5,031
3,531,099
Retained earnings
Accumulated other comprehensive loss
Total MGM Resorts International stockholders' equity
Noncontrolling interests
Total stockholders' equity
$
4,201,337
(10,202)
7,727,265
4,935,654
12,662,919
33,876,356
Dec 31,2018
$
$
$
Vertical Analysis for 2019
Vertical Analysis for 2018
1,526,762
657,206
110,831
28,431
203,548
2,526,778
7
2
505
217
37
9
67
835
20,729,888
54
6,851
732,867
1,821,392
3,944,463
455,318
6,954,040
30,210,706
2
6
11
13
1
34
100
242
602
1,304
150
2,298
9,984
302,578
311,793
43,411
140,046
2,151,054
2,948,882
1
0
0
0
2
6
9
100
103
14
46
711
975
1,342,538
15,088,005
259,240
6
33
13
1
444
4,986
102,250
19,740,915
0
63
34
6,524
5,275
4,092,085
0
10
2
1,352
2
1
86
$
2,423,479
(8,556)
6,512,283
3,957,508
10,469,791
30,210,706
12
(0)
23
15
37
100
801
(3)
2,152
1,308
3,460
9,984
Horizontal Analysis(Amount Change)
$
802,842 $
(44,489)
(7,943)
(1,264)
735,000
(3,231)
1,480,915
(2,443,933)
$
$
Horizontal Analysis(% Change)
34
(7)
(8)
(5)
100
(2)
37
(13)
89,499
263,172
(117,959)
4,392,481
1,475
4,628,668
3,665,650 $
11
13
(3)
100
0
40
11
(67,141) $
(237,059)
(43,411)
(17,796)
735,000
(127,052)
242,541
(29)
(317)
763,968
(3,919,101)
4,277,970
104,348
2,796
1,472,522
(244)
(560,986)
(15)
100
(6)
8
36
(35)
100
29
3
7
(5)
(16)
1,777,858
(1,646)
1,214,982
978,146
2,193,128
3,665,650 $
42
16
16
20
17
11
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
INCOME_STATEMENT
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
2019
Revenues
Casino
Rooms
Food and beverage
Entertainment, retail and other
Reimbursed costs
Total Revenue
Expenses
Casino
Rooms
Food and beverage
Entertainment, retail and other
Reimbursed costs
General and administrative
Corporate expense
NV Energy exit expense
Preopening and start-up expenses
Property transactions, net
Gain on Bellagio transaction
Depreciation and amortization
Income from unconsolidated affiliates
Operating income
Non-operating income (expense)
Interest expense, net of amounts capitalized
Non-operating items from unconsolidated
affiliates
Other, net
Income before income taxes
Benefit (provision) for income taxes
Net income
Less: Net income attributable to
$
6,517,759
2,322,579
2,145,247
1,477,200
436,887
12,899,672
3,623,899
829,677
1,661,626
1,051,400
436,887
2,101,217
464,642
7,175
275,802
(2,677,996)
1,304,649
9,078,978
119,521
3,940,215
(847,932)
(62,296)
(183,262)
(1,093,490)
2,846,725
(632,345)
2,214,380
noncontrolling interests
Net income attributable to MGM Resorts
International
Earnings per share
Basic
Diluted
Weighted average common shares outstanding
Basic
Diluted
(165,234)
$
2,049,146
$
$
3.90
3.88
524,173
527,645
Year Ended December 31,
2018
$
5,753,150
2,212,573
1,959,021
1,412,860
425,492
11,763,096
3,199,775
791,761
1,501,868
999,979
425,492
1,764,638
419,204
151,392
9,147
1,178,044
10,441,300
147,690
1,469,486
(769,513)
(47,827)
(18,140)
(835,480)
634,006
(50,112)
583,894
Vertical analysis for 2019
(117,122)
$
466,772
$
$
0.82
0.81
544,253
549,536
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE25
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
Net income
Other comprehensive income (loss), net of
tax:
Foreign currency translation adjustment
Other comprehensive income (loss) related to
cash flow hedges
Other comprehensive loss
Comprehensive income
Less: Comprehensive income attributable to
noncontrolling interests
Comprehensive income attributable to MGM
Resorts International
$
2019
2,214,380
28,870
(29,505)
(635)
2,213,745
(168,447)
$
2,045,298
Year Ended December 31,
$
$
2018
583,894 $
2017
2,088,184
(13,022)
(43,188)
3,576
(9,446)
574,448
7,995
(35,193)
2,052,991
(112,622)
(119,700)
461,826
$
1,933,291
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
CASH_FLOW2
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
2019
Cash flows from operating activities
Net income
Adjustments to reconcile net income to net cash
provided by
operating activities:
Depreciation and amortization
Amortization of debt discounts, premiums and
issuance costs
Loss on early retirement of debt
Provision for doubtful accounts
Stock-based compensation
Property transactions, net
Gain on Bellagio transaction
Noncash lease expense
Income from unconsolidated affiliates
Distributions from unconsolidated affiliates
Deferred income taxes
Change in operating assets and liabilities:
Accounts receivable
Inventories
Income taxes receivable and payable, net
Prepaid expenses and other
Accounts payable and accrued liabilities
Other
Net cash provided by operating activities
Cash flows from investing activities
Capital expenditures, net of construction
payable
Dispositions of property and equipment
Proceeds from Bellagio transaction
Proceeds from sale of Circus Circus Las Vegas
and adjacent land
Proceeds from sale of business units and
$
2,214,380
1,304,649
38,972
198,151
39,270
88,838
275,802
(2,677,996)
71,784
(57,225)
299
595,046
(726,610)
6,522
1,259
7,567
465,602
(35,909)
1,810,401
(739,006)
2,578
4,151,499
652,333
investment in unconsolidated affiliate
Acquisition of Northfield, net of cash acquired
Acquisition of Empire City Casino, net of cash
acquired
Investments in and advances to unconsolidated
affiliates
Distributions from unconsolidated affiliates
Other
Net cash provided by (used in) investing
activities
Cash flows from financing activities
Net borrowings (repayments) under bank credit
facilities - maturities of
90 days or less
Issuance of long-term debt
Retirement of senior notes and senior
debentures
Debt issuance costs
Issuance of MGM Growth Properties Class A
shares, net
Dividends paid to common shareholders
Distributions to noncontrolling interest owners
Purchases of common stock
Other
Net cash provided by (used in) financing
activities
Effect of exchange rate on cash
Cash and cash equivalents
Net increase for the period
Balance, beginning of period
Balance, end of period
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized
Federal, state and foreign income taxes paid
(refunds received), net
Non-cash investing and financing activities
Note receivable related to sale of Circus
Circus Las Vegas and adjacent land
Investment in Bellagio BREIT Venture
Increase in construction accounts payable
(535,681)
(81,877)
100,700
(31,112)
3,519,434
(3,634,049)
3,250,000
(3,764,167)
(63,391)
1,250,006
(271,288)
(223,303)
(1,031,534)
(41,868)
(4,529,594)
2,601
$
802,842
1,526,762
2,329,604
$
826,970
28,493
$
133,689
62,133
-
Year Ended December 31,
2018
$
583,894
1,178,044
2017
$
2,088,184
993,480
41,102
3,619
39,762
70,177
9,147
(96,542)
11,563
46,720
32,996
45,696
20,603
62,494
50,279
(111,471)
13,050
(1,259,406)
(149,554)
(7,860)
14,120
(8,656)
21,508
(34,505)
1,722,539
(17,972)
(4,656)
(53,204)
(54,739)
422,258
(21,181)
2,206,411
(1,486,843)
25,612
-
(1,864,082)
718
-
-
-
163,616
(1,034,534)
-
-
-
(56,295)
322,631
(17,208)
(16,727)
301,211
(1,712)
(2,083,021)
(1,580,592)
1,242,259
1,000,000
15,001
350,000
(2,265)
(76,519)
(502,669)
(9,977)
(260,592)
(184,932)
(1,283,333)
(45,384)
387,548
(252,014)
(170,402)
(327,500)
(58,765)
389,234
(1,985)
(568,778)
(3,627)
$
26,767
1,499,995
1,526,762
$
53,414
1,446,581
1,499,995
$
723,609
$
658,637
(10,100)
$
-
181,651
$
204,466
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
STOCKHOLDERS_EQUITY
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
For the Years ended December 31, 2019, 2018 and 2017
(In thousands)
Common Stock
Shares
Balances, January 1, 2017
Net income
Currency translation
adjustment
Other comprehensive income
- cash
flow hedges
Stock-based compensation
Issuance of common stock
pursuant to
stock-based compensation
awards
Cash distributions to
noncontrolling
interest owners
Dividends declared to
common shareholders
($0.44 per share)
MGP dividend payable to
Class A
shareholders
Issuance of performance
share units
Repurchase of common stock
MGP Class A share issuance
Adjustment of redeemable
noncontrolling interest to
redemption value
MGM National Harbor
Par
Value
574,124 $
-
Capital in
Excess of
Par Value
5,741 $
5,653,575
-
-
-
-
-
-
57,531
2,152
22
(33,802)
-
-
-
-
-
-
-
-
-
(10,000)
-
-
(100)
-
-
9,648
(327,400)
35,029
(18,280)
transaction
Other
Balances, December 31, 2017
Net income
Currency translation
adjustment
Other comprehensive income
- cash
flow hedges
Stock-based compensation
Issuance of common stock
pursuant to
stock-based compensation
awards
Cash distributions to
noncontrolling
interest owners
Dividends declared to
common shareholders
($0.48 per share)
MGP dividend payable to
Class A
shareholders
Issuance of performance
share units
Repurchase of common stock
Adjustment of redeemable
noncontrolling interest to
redemption value
Other
Balances, December 31, 2018
Net income
Currency translation
adjustment
Other comprehensive loss cash
flow hedges
Stock-based compensation
Issuance of common stock
pursuant to
stock-based compensation
awards
Cash distributions to
noncontrolling
interest owners
Dividends declared to
common shareholders
($0.52 per share)
MGP dividend payable to
Class A
shareholders
566,276
-
5,663
-
(12,486)
(6,106)
5,357,709
-
-
-
-
-
-
65,072
2,280
23
(32,225)
-
-
-
-
-
-
-
-
-
(41,076)
527,480
-
(411)
5,275
-
3,609
(1,282,922)
(21,326)
2,168
4,092,085
-
-
-
-
-
-
83,897
2,150
20
(25,985)
-
-
-
-
-
-
-
-
-
Issuance of performance
share units
Repurchase of common stock
Adjustment of redeemable
noncontrolling interest to
redemption value
Empire City acquisition
Empire City MGP transaction
MGP Class A share issuance
Park MGM Transaction
Northfield OpCo transaction
Other
Balances, December 31, 2019
(35,854)
9,372
503,148
(358)
1,546
(1,031,176)
94
$
5,031
$
(2,714)
265,671
(18,913)
150,464
(1,984)
21,681
(3,473)
3,531,099
Retained
Earnings
(Accumulated
Deficit)
$
518,456
1,952,052
Accumulated
Other
Comprehensive
Income (Loss)
$
15,053
-
Total
MGM Resorts
International
NonTotal
Stockholders'
Controlling
Stockholders'
Equity
Interests
Equity
$
6,192,825 $
3,749,132 $
9,941,957
1,952,052
128,320
2,080,372
-
(23,995)
(23,995)
(19,193)
(43,188)
-
5,234
-
5,234
57,531
2,761
4,991
7,995
62,522
-
-
(33,780)
-
(33,780)
-
-
-
(252,014)
-
-
-
-
109
-
-
(252,014)
9,648
(327,500)
35,138
(18,280)
(147,685)
(147,685)
-
(252,014)
(29,777)
(29,777)
95
326,484
9,743
(327,500)
361,622
-
(18,280)
(1,195)
2,217,299
466,772
(11)
(3,610)
-
(12,497)
(7,301)
7,577,061
466,772
19,383
(448)
4,034,063
108,114
6,886
(7,749)
11,611,124
574,886
-
(7,422)
(7,422)
(5,600)
(13,022)
-
2,476
-
2,476
65,072
1,100
5,124
3,576
70,196
-
-
(32,202)
-
(32,202)
-
-
-
(260,592)
-
(260,592)
-
-
-
-
3,609
(1,283,333)
(8,556)
-
(21,326)
2,168
6,512,283
2,049,146
2,423,479
2,049,146
-
(147,321)
(147,321)
-
(260,592)
(31,732)
(31,732)
107
-
(6,347)
3,957,508
156,141
3,716
(1,283,333)
(21,326)
(4,179)
10,469,791
2,205,287
-
16,125
16,125
12,745
28,870
-
(19,973)
-
(19,973)
83,897
(9,532)
4,941
(29,505)
88,838
-
-
(25,965)
-
(25,965)
-
-
-
(271,288)
-
-
-
(271,288)
-
(181,816)
(181,816)
-
(271,288)
(53,489)
(53,489)
-
$
4,201,337
-
$
195
1,512
16
(2)
481
(10,202) $
1,546
(1,031,534)
(2,714)
265,765
(18,718)
151,976
(1,968)
21,679
(2,992)
7,727,265 $
-
1,546
(1,031,534)
23,745
1,049,582
2,496
(27,439)
772
4,935,654 $
(2,714)
265,765
5,027
1,201,558
528
(5,760)
(2,220)
12,662,919
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE26
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Buildings and improvements
Land improvements
Furniture and fixtures
Equipment
15
10
3
3
to 40 years
to 20 years
to 20 years
to 15 years
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE27
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Outstanding Chip Liability
2019
Loyalty Program
2018
2019
2018
(in thousands)
Balance at
January 1
Balance at
December 31
Increase /
(decrease)
$
323,811
$
314,570
$
(9,241) $
597,753
$
323,811
(273,942) $
113,293
$
126,966
13,673
91,119
113,293
$
22,174
Customer Advances and Other
2019
2018
$
667,285
$
481,095
$
(186,190) $
539,626
667,285
127,659
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE28
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2019
Numerator:
Net income attributable to MGM Resorts
International
Adjustment related to redeemable
noncontrolling interests
Net income available to common stockholders basic
Potentially dilutive effect due to MGP and MGM
China stock compensation plans
Net income attributable to common stockholders
- diluted
Denominator:
Weighted-average common shares outstanding
basic
Potential dilution from share-based awards
Weighted-average common and common equivalent
shares - diluted
Antidilutive share-based awards excluded from
the calculation of diluted earnings per share
$
2,049,146
(2,713)
2,046,433
(194)
$
2,046,239
524,173
3,472
527,645
1,617
Year Ended December 31,
2018
2017
(In thousands)
$
466,772
$
(21,326)
(18,363)
445,446
1,933,689
(206)
$
445,240
1,952,052
(268)
$
1,933,421
544,253
5,283
572,253
6,542
549,536
578,795
2,668
2,601
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE29
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
NOTE 3 - ACCOUNTS RECEIVABLE, NET
Accounts receivable, net consisted of the following:
December 31,
Casino
Hotel
Other
Less: Allowance for doubtful accounts
2019
(In thousands)
$
394,163 $
164,079
149,036
707,278
(94,561)
$
612,717 $
2018
419,127
154,707
174,147
747,981
(90,775)
657,206
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE30
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Property and equipment
Cash and cash equivalents
Racing and gaming license
Other intangible assets
Goodwill
Other assets
Deferred income taxes
Other liabilities
$
$
645,733
63,197
52,000
34,000
256,133
24,420
(125,149)
(85,690)
864,644
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE31
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Property and equipment
Cash and cash equivalents
Racing and gaming license
Customer list
Goodwill
Other assets
Other liabilities
$
$
792,807
35,831
228,000
25,000
17,915
9,598
(38,786)
1,070,365
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE32
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
NOTE 5 - PROPERTY AND EQUIPMENT, NET
Property and equipment, net consisted of the following:
December 31,
Land
Buildings, building improvements and land improvements
Furniture, fixtures and equipment
Construction in progress
Less: Accumulated depreciation
Finance lease ROU assets, net
2019
(In thousands)
$
5,348,223
15,291,801
5,924,439
209,890
26,774,353
(8,581,835)
93,437
$
18,285,955
2018
$
$
6,923,769
16,437,695
6,064,330
321,944
29,747,738
(9,017,850)
20,729,888
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE33
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
NOTE 6 - INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES
Investments in and advances to unconsolidated affiliates consisted of the
following:
December 31,
2019
CityCenter Holdings, LLC - CityCenter (50%)
Other
(In thousands)
$
568,879
253,487
$
822,366
2018
$
$
589,965
142,902
732,867
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE34
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2019
Income from unconsolidated affiliates
Preopening and start-up expenses
Non-operating items from unconsolidated affiliates
$
$
119,521
(62,296)
57,225
Year Ended December 31,
2018
(In thousands)
$
$
147,690 $
(3,321)
(47,827)
96,542 $
2017
146,222
(34,751)
111,471
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE35
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2019
CityCenter
Other
$
$
2018
(In thousands)
128,421 $
138,383
(8,900)
9,307
119,521 $
147,690
2017
$
$
133,401
12,821
146,222
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE36
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Unconsolidated Affiliate Financial Information - CityCenter
Summarized balance sheet information is as follows:
December 31,
Current assets
Property and other assets, net and other long-term assets
Current liabilities
Long-term debt and other long-term obligations
2019
(In thousands)
$
405,918
5,982,059
295,815
1,782,411
2018
$
363,755
6,167,853
347,710
1,763,290
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE37
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Year Ended December 31,
2019
Net revenues
Operating income
Income from continuing operations
Net income (loss)
$
1,294,861
188,156
69,143
69,143
2018
(In thousands)
$
1,277,745
185,368
97,091
(37,911)
2017
$
1,227,733
200,109
137,226
131,683
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE38
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
December 31,
2019
Venture-level equity attributable to the Company
Adjustment to CityCenter equity upon contribution of
net assets by MGM Resorts
International (1)
CityCenter capitalized interest (2)
CityCenter completion guarantee (3)
CityCenter deferred gain (4)
CityCenter capitalized interest on sponsor notes (5)
Other-than-temporary impairments of CityCenter
investment (6)
Other adjustments
(In thousands)
$
2,399,993
(509,382)
177,898
261,708
(210,240)
(34,755)
$
(1,304,317)
41,461
822,366
2018
$
2,347,103
(514,592)
186,830
274,685
(212,276)
(36,500)
$
(1,352,118)
39,735
732,867
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE39
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
NOTE 7 - GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill and other intangible assets consisted of the following:
Goodwill
Indefinite-lived intangible assets:
Detroit development rights
MGM Northfield Park racing and gaming licenses
Trademarks, license rights and other
Total indefinite-lived intangible assets
Finite-lived intangible assets:
MGM Grand Paradise gaming sub-concession
Less: Accumulated amortization
MGM Macau land concession
Less: Accumulated amortization
Customer lists
Less: Accumulated amortization
Finite-lived gaming licenses and other intangible assets
Less: Accumulated amortization
Total finite-lived intangible assets, net
Total other intangible assets, net
December 31,
2019
(In thousands)
$
2,084,564 $
$
$
98,098
228,000
352,212
678,310
$
4,519,558
(1,514,772)
3,004,786
202,347
(161,892)
40,455
141,327
(38,374)
102,953
3,148,194
3,826,504 $
2018
1,821,392
98,098
228,000
312,022
638,120
4,468,766
(1,342,561)
3,126,205
83,885
(32,035)
51,850
174,679
(151,465)
23,214
136,127
(31,053)
105,074
3,306,343
3,944,463
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE40
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2019
Balance at
January 1
Goodwill, net by segment:
Las Vegas Strip Resorts
Regional Operations
MGM China
Corporate and other
$
$
Acquisitions
70,975
386,892
1,345,610
17,915
1,821,392
$
$
256,133
256,133
Reclassifications
(In thousands)
$
$
(40,523)
58,438
(17,915)
-
Currency
exchange
$
$
Balance at
December 31
7,039
7,039
$
$
30,452
701,463
1,352,649
2,084,564
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE41
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2018
Balance at
January 1
Goodwill, net by segment:
Las Vegas Strip Resorts
Regional Operations
MGM China
Corporate and other
$
$
Acquisitions
(In thousands)
70,975
386,892
1,348,664
1,806,531
$
$
17,915
17,915
Currency
exchange
$
$
(3,054)
(3,054)
Balance at
December 31
$
$
70,975
386,892
1,345,610
17,915
1,821,392
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE42
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Years ending December 31,
Thereafter
(In thousands)
2020 $
193,886
2021
196,932
2022
190,840
2023
178,378
2024
175,866
2,212,292
$
3,148,194
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE43
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
NOTE 8 - OTHER ACCRUED LIABILITIES
Other accrued liabilities consisted of the following:
2019
(In thousands)
Contract and contract-related liabilities:
Outstanding chip liability
Loyalty program obligations
Casino front money
Advance deposits and ticket sales
Unpaid wagers and other
Other accrued liabilities:
Payroll and related
Taxes, other than income taxes
MGP Dividend
$
314,570
126,966
176,827
190,325
113,943
507,041
218,027
53,489
2018
$
323,811
113,293
342,941
221,003
103,341
518,892
235,160
31,732
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE44
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
NOTE 9 - LONG-TERM DEBT
Long-term debt consisted of the following:
December 31,
2019
Senior credit facility
Operating Partnership senior credit facility
MGM China credit facility
$850 million 8.625% senior notes, due 2019
$500 million 5.25% senior notes, due 2020
$1,000 million 6.75% senior notes, due 2020
$1,250 million 6.625% senior notes, due 2021
$1,000 million 7.75% senior notes, due 2022
$1,250 million 6% senior notes, due 2023
$1,050 million 5.625% Operating Partnership senior
notes, due 2024
$750 million 5.375% MGM China senior notes, due 2024
$1,000 million 5.75% senior notes, due 2025
$750 million 5.875% MGM China senior notes, due 2026
$500 million 4.50% Operating Partnership senior
notes, due 2026
$500 million 4.625% senior notes, due 2026
$750 million 5.75% Operating Partnership senior
notes, due 2027
$1,000 million 5.5% senior notes, due 2027
$350 million 4.50% Operating Partnership senior
notes, due 2028
$0.6 million 7% debentures, due 2036
(In thousands)
$
1,703,750
667,404
1,000,000
1,250,000
1,050,000
750,000
1,000,000
750,000
500,000
500,000
750,000
1,000,000
350,000
552
11,271,706
Less: Premiums, discounts, and unamortized debt
issuance costs, net
Less: Current portion
$
(102,802)
11,168,904
11,168,904
2018
$
750,000
2,819,125
2,433,562
850,000
500,000
1,000,000
1,250,000
1,000,000
1,250,000
1,050,000
1,000,000
500,000
500,000
350,000
552
15,253,239
$
(121,823)
15,131,416
(43,411)
15,088,005
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE45
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Year Ended December 31,
2019
(In thousands)
Total interest incurred $ 853,007
$
Interest capitalized
(5,075)
$
847,932 $
2018
821,229 $
(51,716)
769,513 $
2017
779,855
(111,110)
668,745
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE46
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Years ending December 31,
Thereafter
(In thousands)
2020 $
2021
2022
1,000,000
2023
1,649,125
2024
2,467,404
6,155,177
$
11,271,706
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE47
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Year Ended December 31,
2019
Domestic operations
Foreign operations
$
$
(In thousands)
2,717,756 $
128,969
2,846,725 $
2018
660,832 $
(26,826)
634,006 $
2017
747,090
213,700
960,790
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE48
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2019
Federal:
Current
Deferred (excluding separate components)
Deferred - change in enacted rates
Deferred - valuation allowance
Other noncurrent
Benefit (provision) for federal income taxes
State:
Current
Deferred (excluding separate components)
Deferred - operating loss carryforward
Deferred - valuation allowance
Other noncurrent
Provision for state income taxes
Foreign:
Current
Deferred (excluding separate components)
Deferred - operating loss carryforward
Deferred - valuation allowance
Benefit (provision) for foreign income taxes
$
(4,928)
(537,993)
(20,175)
(5,745)
(568,841)
(22,685)
(32,793)
(5,241)
(191)
(1,401)
(62,311)
$
(2,454)
44,374
32,915
(76,028)
(1,193)
(632,345)
Year Ended December 31,
2018
(In thousands)
$
11,991 $
(143,468)
(19,753)
576
(150,654)
(12,564)
(12,731)
(29,490)
41,068
(1,334)
(15,051)
$
(2,037)
63,827
30,574
23,229
115,593
(50,112) $
2017
(120,980)
204,713
987,942
101,443
1,356
1,174,474
(6,798)
(25,233)
44,242
(40,078)
(3,876)
(31,743)
(470)
(40,653)
4,688
21,098
(15,337)
1,127,394
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE49
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Federal income tax statutory rate
Change in enacted rates
Non-controlling interest
Foreign jurisdiction income/losses taxed at
other than U.S. statutory rate
Repatriation of foreign earnings
Foreign tax credit
Federal valuation allowance
Macau dividend tax
State taxes, net
General business credits
Stock-based compensation
Non-deductible employee dining facility costs
Permanent and other items
Year Ended December 31,
2019
2018
21.00%
21.00%
(0.80)
(2.40)
(0.50)
0.70
1.70
(0.50)
(0.10)
0.20
0.50
22.20%
(9.50)
3.10
(6.40)
1.90
(2.90)
(1.20)
1.40
2.90
7.90%
2017
35.00%
(102.70)
(1.50)
(9.20)
35.40
(70.30)
(10.60)
4.20
2.40
(1.00)
(2.10)
3.10
-117.30%
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE50
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
December 31,
Deferred tax assets - federal and state:
Bad debt reserve
Deferred compensation
Net operating loss carryforward
Accruals, reserves and other
Investments in unconsolidated affiliates
Stock-based compensation
Lease liabilities
Long-term debt
Tax credits
Less: Valuation allowance
2019
(In thousands)
$
25,085 $
7,918
19,265
97,590
18,882
1,020,171
2,022
2,600,142
3,791,075
(2,469,907)
1,321,168
23,497
5,950
23,406
88,139
83,130
20,581
2,926,996
3,171,699
(2,449,582)
722,117
1,682
140,223
13,112
10,125
6,487
1,213
172,842
(104,149)
68,693
1,389,861 $
1,372
107,308
18,603
998
5,409
133,690
(28,121)
105,569
827,686
(1,599,948) $
(496,501)
(977,870)
(112,380)
(3,186,699)
(1,729,786)
(3,141)
(90,758)
(1,823,685)
(307,728)
(1,940)
(309,668)
(3,496,367) $
(2,106,506) $
(346,539)
(346,539)
(2,170,224)
(1,342,538)
Deferred tax assets - foreign:
Bad debt reserve
Net operating loss carryforward
Accruals, reserves and other
Property and equipment
Stock-based compensation
Lease liabilities
Less: Valuation allowance
Total deferred tax assets
Deferred tax liabilities - federal and state:
Property and equipment
Investments in unconsolidated affiliates
ROU assets
Long-term debt
Intangibles
$
$
Deferred tax liabilities - foreign:
Intangibles
ROU Assets
Total deferred tax liability
Net deferred tax liability
$
$
2018
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE51
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Year Ended December 31,
(In thousands)
Gross unrecognized tax benefits at January 1
$
24,464 $
18,588
Gross increases - prior period tax positions
8,960
5,345
Gross decreases - prior period tax positions
(1,006)
(957)
Gross increases - current period tax positions
880
1,488
Gross unrecognized tax benefits at December 31 $ 33,298
$
24,464
$
$
14,026
(2,280)
6,842
18,588
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE52
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
"General and administrative"
Finance Lease Costs
Interest expense
Amortization expense
Total finance lease costs
Supplemental balance sheet information
Operating leases
Operating lease right-of-use assets
Operating lease liabilities - short-term, classified within
"Other accrued liabilities"
Operating lease liabilities - long-term
Total operating lease liabilities
Finance leases
Finance lease right-of-use assets, classified within "Property
and equipment, net"
Finance lease liabilities - short-term, classified within
"Other accrued liabilities"
Finance lease liabilities - long-term, classified within "Other
long-term obligations"
Total finance lease liabilities
Weighted-average remaining lease term (years)
Operating leases
Finance leases
Weighted-average discount rate (%)
Operating leases
Finance leases
$
143,954
$
1,164
13,341
14,505
$
December 31, 2019
(In thousands)
$
4,392,481
$
$
67,473
4,277,970
4,345,443
$
93,437
$
27,975
$
67,182
95,157
31
4
7
3
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE53
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Cash paid for amounts included in the measurement of lease
liabilities
Operating cash outflows from operating leases
Operating cash outflows from finance leases
Financing cash outflows from finance leases
ROU assets obtained in exchange for new lease liabilities
Operating leases
Finance leases
Year Ended
December 31, 2019
(In thousands)
$
117,072
1,164
10,311
$
3,814,115
84,934
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE54
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Year ending December 31,
2020
2021
2022
2023
2024
Thereafter
Total future minimum lease payments
Less: Amount of lease payments representing interest
Present value of future minimum lease payments
Less: Current portion
Long-term lease obligations
Operating Leases
(In thousands)
$
345,678
324,281
313,779
316,336
320,642
10,066,850
11,687,566
(7,342,123)
4,345,443
(67,473)
$
4,277,970
Finance Leases
$
$
30,361
27,273
25,427
17,019
100,080
(4,923)
95,157
(27,975)
67,182
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE55
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
NOTE 13 - 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
Balances, January 1, 2017
Other comprehensive income (loss) before
reclassifications
Amounts reclassified from accumulated
other comprehensive income to "Interest
expense, net"
Other comprehensive income (loss), net of
tax
Other comprehensive (income) loss
attributable to noncontrolling interest
Balances, December 31, 2017
Other comprehensive income (loss) before
reclassifications
Amounts reclassified from accumulated
other comprehensive loss to "Interest
expense, net"
Other comprehensive income (loss), net of
tax
Other comprehensive (income) loss
attributable to noncontrolling interest
Balances, December 31, 2018
Other comprehensive income (loss) before
reclassifications
Amounts reclassified from accumulated
other comprehensive loss to "Interest
expense, net"
$
Cash Flow
Hedges
(In thousands)
12,545 $
1,434
(43,188)
(1,221)
-
9,216
(43,188)
7,995
19,193
(11,450)
(2,761)
6,668
(13,022)
4,706
-
(1,130)
(13,022)
3,576
5,600
(18,872)
(1,100)
9,144
28,870
(28,783)
-
(5,599)
Amounts reclassified from accumulated
other comprehensive loss related to
de-designation of interest rate swaps to
"Other, net"
Other comprehensive income (loss), net of
tax
Other changes in accumulated other
comprehensive income (loss):
Empire City MGP transaction
MGP Class A share issuances
Park MGM Transaction
Northfield OpCo transaction
Other
Changes in accumulated other
comprehensive income (loss)
Other comprehensive (income) loss
attributable to noncontrolling interest
Balances, December 31, 2019
$
-
4,877
28,870
(29,505)
-
-
28,870
(29,505)
(12,745)
(2,747) $
9,532
(10,829)
Other
$
Total
1,074
98
-
$
15,053
(44,311)
9,216
98
(35,095)
1,172
16,432
(3,610)
-
(8,316)
-
(1,130)
-
(9,446)
1,172
4,500
(8,556)
-
-
87
(5,599)
-
$
4,877
-
(635)
195
1,512
16
(2)
481
195
1,512
16
(2)
481
2,202
1,567
3,374
$
(3,213)
(10,202)
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE56
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
For the Years Ended December 31,
2019
2018
(In thousands)
Net income attributable to MGM Resorts
International
Transfers from/(to) noncontrolling interest:
MGP Class A share issuances
MGM National Harbor transaction
Empire City MGP transaction
Park MGM Transaction
Northfield OpCo transaction
Other
Net transfers from/(to) noncontrolling interest
Change from net income attributable to MGM
Resorts International and transfers to
noncontrolling interest
$
2,049,146
$
151,976
(18,718)
(1,968)
21,679
(935)
152,034
$
2,201,180
466,772
(5,667)
(5,667)
$
461,105
2017
$
1,952,052
35,138
(12,497)
(2,889)
19,752
$
1,971,804
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE57
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2019
SARs exercised and RSUs and PSUs vested
SARs outstanding
SARs vested and expected to vest
SARs exercisable
$
86,843
45,197
45,162
41,432
Year Ended December 31,
2018
(In thousands)
$
97,302
21,563
21,547
19,745
2017
$
100,264
112,604
111,284
78,865
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE58
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2019
Compensation cost:
Omnibus Plan
MGM Growth Properties Omnibus Incentive Plan
MGM China Share Option Plan
Total compensation cost
Less: Reimbursed costs and capitalized cost
Compensation cost after reimbursed costs and
capitalized cost
Less: Related tax benefit
Compensation cost, net of tax benefit
$
$
76,995
2,277
9,566
88,838
(3,487)
85,351
(16,752)
68,599
Year Ended December 31,
2018
(In thousands)
$
$
2017
57,735 $
2,092
10,369
70,196
(1,710)
49,383
2,568
10,571
62,522
(1,398)
68,486
(13,218)
55,268 $
61,124
(18,650)
42,474
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE59
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Pension Fund(1)
Southern Nevada
Culinary and
Bartenders Pension
Plan
The Legacy Plan of the
UNITE HERE Retirement
Fund (UHF)(6)
Pension
Protection Act
Zone Status (2)
2018
EIN/Pension
Plan Number
FIP/RP
2017 Status (3)
88-6016617/001
Green
Green
No
82-0994119/001
Red
Red
Yes
Contributions by the Company
(in thousands)(4)
2019
2018
Surcharge
2017 Imposed
$
52,218
$
47,825
$
$
10,151
$
9,794
$
45,297 No
9,416 Yes
Expiration
Dates of
Collective
Bargaining
Agreements
3/31/2021(5);
5/31/2023(5);
5/31/2024(5)
2/29/2020(7)
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE60
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
NOTE 16 - PROPERTY TRANSACTIONS, NET
Property transactions, net consisted of the following:
2019
Loss related to sale of Circus Circus Las
Vegas and adjacent land
Gain on sale of Grand Victoria
Other property transactions, net
$
$
220,294
55,508
275,802
Year Ended December 31,
2018
2017
(In thousands)
$
$
$
(44,703)
53,850
9,147 $
50,279
50,279
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE61
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2019
Net Revenues
Las Vegas Strip Resorts
Casino
Rooms
Food and beverage
Entertainment, retail and other
$
Regional Operations
Casino
Rooms
Food and beverage
Entertainment, retail and other
2,537,780
316,753
494,243
201,008
3,549,784
MGM China
Casino
Rooms
Food and beverage
Entertainment, retail and other
Reportable segment net revenues
Corporate and other
$
Adjusted Property EBITDAR
Las Vegas Strip Resorts
Regional Operations
MGM China
Reportable segment Adjusted Property EBITDAR
Other operating income (expense)
Corporate and other
NV Energy exit expense
Preopening and start-up expenses
Property transactions, net
Gain on Bellagio transaction
Depreciation and amortization
Restructuring
Triple net operating lease and ground lease
rent expense
Income from unconsolidated affiliates related
to investments in REITs
1,296,170
1,863,521
1,517,745
1,153,615
5,831,051
$
2,609,806
142,306
127,152
26,158
2,905,422
12,286,257
613,415
12,899,672
1,643,122
969,866
734,729
3,347,717
(331,621)
(7,175)
(275,802)
2,677,996
(1,304,649)
(92,139)
(74,656)
544
Operating income
Non-operating income (expense)
Interest expense, net of amounts capitalized
Non-operating items from unconsolidated
affiliates
Other, net
Income before income taxes
Benefit (provision) for income taxes
Net income
Less: Net income attributable to
noncontrolling interests
Net income attributable to MGM Resorts
International
3,940,215
(847,932)
(62,296)
(183,262)
(1,093,490)
2,846,725
(632,345)
2,214,380
(165,234)
$
2,049,146
Year Ended December 31,
2018
2017
(In thousands)
$
$
$
1,407,733
1,776,029
1,402,378
1,130,532
5,716,672
$
1,436,830
1,778,869
1,410,496
1,119,928
5,746,123
2,026,925
318,017
428,934
160,645
2,934,521
1,834,803
319,049
410,143
145,725
2,709,720
2,195,144
118,527
114,862
21,424
2,449,957
11,101,150
661,946
11,763,096
1,741,635
54,824
51,330
10,371
1,858,160
10,314,003
483,476
10,797,479
1,706,315
781,854
574,333
3,062,502
$
$
1,781,390
754,597
535,524
3,071,511
(224,800)
(151,392)
(9,147)
(1,178,044)
-
(213,908)
40,629
(118,475)
(50,279)
(993,480)
-
(29,633)
(23,471)
-
-
1,469,486
$
1,712,527
(769,513)
(668,745)
(47,827)
(18,140)
(835,480)
634,006
(50,112)
583,894
(34,751)
(48,241)
(751,737)
960,790
1,127,394
2,088,184
(117,122)
(136,132)
466,772
$
1,952,052
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE62
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
2019
Capital expenditures:
Las Vegas Strip Resorts
Regional Operations
MGM China
Reportable segment capital expenditures
Corporate and other
Eliminated in consolidation
$
$
285,863
187,489
145,634
618,986
120,020
739,006
Year Ended December 31,
2018
(In thousands)
$
$
501,044 $
72,865
390,212
964,121
537,347
(14,625)
1,486,843 $
2017
419,983
66,628
923,346
1,409,957
469,053
(14,928)
1,864,082
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE63
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
December 31,
2019
Long-lived assets:
United States
China and all other foreign countries
$
$
2018
(In thousands)
20,582,055 $
18,228,939
8,007,449
8,266,804
28,589,504 $
26,495,743
2017
$
$
16,863,222
8,456,728
25,319,950
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE64
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION
Guarantor
Subsidiaries
Parent
Current assets
Property and equipment, net
Investments in subsidiaries
Investments in the MGP Operating
Partnership
Investments in and advances to
unconsolidated affiliates
Intercompany accounts
Other non-current assets
Current liabilities
Intercompany accounts
Deferred income taxes, net
Long-term debt, net
Other non-current liabilities
Total liabilities
Redeemable noncontrolling interests
MGM Resorts International
stockholders' equity
Noncontrolling interests
Total stockholders' equity
$
1,847,328
26,283,270
-
$
$
$
59,968
28,190,566
842,161
12,956,091
1,865,535
4,713,521
85,993
20,463,301
7,727,265
7,727,265
28,190,566
$
1,166,667
2,972,291
3,500,241
3,713,065
$
$
$
782,820
12,994,459
14,142,246
39,271,789
1,601,959
569
13,151,072
14,753,600
24,513,386
4,803
24,518,189
39,271,789
Guarantor
Subsidiaries
Parent
Current assets
$
304,741
$
1,244,864
Property and equipment, net
Investments in subsidiaries
Investments in the MGP Operating
Partnership
Investments in and advances to
unconsolidated affiliates
Intercompany accounts
Other non-current assets
Assets held for sale
Current liabilities
Intercompany accounts
Deferred income taxes, net
Long-term debt, net
Other non-current liabilities
Liabilities related to assets held
for sale
Total liabilities
Redeemable noncontrolling interests
MGM Resorts International
stockholders' equity
Noncontrolling interests
Total stockholders' equity
22,419,282
13,585,370
3,401,031
-
$
$
$
67,214
22,791,237
154,484
6,932,325
1,097,654
8,055,472
39,019
3,434,602
$
$
678,748
7,135,183
1,186,666
30,666,464
1,646,481
570
7,210,948
16,278,954
-
8,857,999
-
6,512,283
6,512,283
22,791,237
21,808,465
21,808,465
30,666,464
$
December 31, 2019
Non-Guarantor
Subsidiaries
MGP
Other
Elimination
(In thousands)
$
216,232
10,827,972
-
$
790,285
4,497,664
-
-
$
$
$
866,068
11,910,272
197,581
774
29,909
4,307,354
476,642
5,012,260
-
$
$
4,383,113
2,514,899
6,898,012
11,910,272
$
$
(12,819)
(11,972)
(29,783,511)
783,049
(4,496,114)
14,546
7,057,191
13,142,735
845,471
37,594
240,971
2,147,460
2,339,166
5,610,662
105,046
25,000
(12,994,459)
(11,365,131)
(58,639,006)
(295,749)
(12,994,459)
(29,909)
(11,411,315)
(24,731,432)
-
5,011,075
2,415,952
7,427,027
13,142,735
$
$
$
(33,907,574)
(33,907,574)
(58,639,006)
December 31, 2018
Non-Guarantor
Subsidiaries
MGP
$
Other
(In thousands)
12,054
$
Elimination
972,820
$
(7,701)
10,506,129
-
$
$
$
77,436
355,688
10,951,307
160,441
227
33,634
4,666,949
215,613
$
$
6,392,014
-
(9,753,625)
(25,820,313)
831,494
(4,266,096)
29,119
4,932,872
13,158,319
1,224,752
202,631
240,970
2,365,014
2,247,584
25,000
(7,135,183)
(43,015)
(355,688)
(47,356,621)
(237,276)
(7,135,183)
(29,720)
(9,453,924)
$
$
28,937
5,105,801
-
6,280,951
102,250
(28,937)
(16,885,040)
-
4,279,535
1,565,971
5,845,506
10,951,307
4,383,581
2,391,537
6,775,118
13,158,319
(30,471,581)
(30,471,581)
(47,356,621)
$
$
Consolidated
$
4,007,693
18,285,955
-
$
$
$
822,366
10,760,342
33,876,356
3,191,423
2,106,506
11,168,904
4,641,558
21,108,391
105,046
7,727,265
4,935,654
12,662,919
33,876,356
Consolidated
$
2,526,778
20,729,888
-
$
$
732,867
6,221,173
30,210,706
2,948,882
1,342,538
15,088,005
259,240
19,638,665
102,250
$
6,512,283
3,957,508
10,469,791
30,210,706
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE65
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
INFORMATION
Guarantor
Subsidiaries
Parent
Net revenues
Equity in subsidiaries' earnings
Expenses
Casino and hotel operations
General and administrative
Corporate expense
Preopening and start-up expenses
Property transactions, net
Gain on Bellagio transaction
Depreciation and amortization
Income (loss) from unconsolidated
affiliates
Operating income
Interest expense, net of amounts
capitalized
Other non-operating, net
Income from continuing operations
before income taxes
Provision for income taxes
Income from continuing operations, net
of tax
Income from discontinued operations,
net of tax
Net income
Less: Net income attributable to
noncontrolling interests
Net income attributable to MGM Resorts
International
Net income
Other comprehensive income (loss), net
of tax:
$
3,468,056
$
9,834
27,752
180,288
7,530
225,404
4,715,365
2,235,321
236,175
5,168
255,081
(2,677,996)
431,222
5,200,336
3,242,652
134,584
3,328,409
(472,066)
(97,903)
(1,103)
254,509
2,672,683
(623,537)
3,581,815
(8)
2,049,146
3,581,807
2,049,146
3,581,807
$
$
8,250,745
143,416
2,049,146
2,049,146
(8,995)
$
$
3,572,812
3,581,807
Foreign currency translation
adjustment
Other comprehensive loss related to
cash flow hedges
Other comprehensive income (loss)
Comprehensive income
Less: Comprehensive income
attributable to noncontrolling
interests
Comprehensive income attributable to
MGM Resorts International
16,125
16,125
(19,973)
(3,848)
2,045,298
16,125
3,597,932
$
2,045,298
$
3,597,932
Year Ended December 31, 2019
Non-Guarantor
Subsidiaries
MGP
Other
(In thousands)
$
881,078 $
23,321
27,041
10,844
294,705
355,911
$
$
Elimination
4,648,935
-
$
2,889,321
755,378
21,138
2,007
2,347
578,722
4,248,913
Consolidated
(881,086) $
(3,611,472)
12,899,672
-
(11,031)
(940,555)
(951,586)
7,603,489
2,101,217
464,642
7,175
275,802
(2,677,996)
1,304,649
9,078,978
525,167
(15,063)
384,959
(3,540,972)
(249,944)
(8,276)
(124,819)
(11,304)
(382,584)
(847,932)
(245,558)
266,947
(7,598)
248,836
(1,202)
(3,923,556)
-
2,846,725
(632,345)
259,349
247,634
(3,923,556)
2,214,380
16,216
275,565
247,634
(16,216)
(3,939,772)
2,214,380
(90,260)
(65,979)
185,305
275,565
$
$
181,655
247,634
$
$
(3,939,772) $
(3,939,772) $
119,521
3,940,215
(165,234)
2,049,146
2,214,380
-
$
28,870
(32,250)
(35,198)
(35,198)
240,367
28,870
276,504
25,666
(6,584)
(3,946,356)
(80,728)
(87,719)
159,639
$
188,785
$
(3,946,356) $
28,870
(29,505)
(635)
2,213,745
(168,447)
2,045,298
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE66
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION
Guarantor
Subsidiaries
Parent
Cash flows from operating activities
Net cash provided by (used in) operating
activities
Cash flows from investing activities
Capital expenditures, net of construction
payable
Dispositions of property and equipment
Proceeds from Bellagio transaction
Proceeds from sale of Circus Circus Las
Vegas and adjacent land
Acquisition of Empire City Casino, net of
cash acquired
Investments in and advances to
unconsolidated affiliates
Distributions from unconsolidated affiliates
Intercompany accounts
Northfield OpCo transaction
Other
Net cash provided by (used in) investing
activities
Cash flows from financing activities
Net borrowings (repayments) under bank
credit facilities - maturities of 90 days or
less
Issuance of long-term debt
Retirement of senior notes and senior
debentures
Debt issuance costs
Issuance of MGM Growth Properties Class A
shares, net
Dividends paid to common shareholders
MGP dividends paid to consolidated
subsidiaries
$
(308,995) $
1,404,869
-
(504,105)
2,425
4,151,499
-
652,333
-
(535,681)
-
(81,877)
100,700
(5,859,196)
(3,779)
(4,500)
-
(2,082,181)
(752,220)
1,000,000
245,950
-
(3,764,167)
(14,080)
-
(271,288)
-
-
-
Distributions to noncontrolling interest
owners
Purchases of common stock
Intercompany accounts
Other
Net cash provided by (used in) financing
activities
Effect of exchange rate on cash
Cash flows from discontinued operations, net
Cash flows from operating activities
Cash flows used in investing activities
Cash flows used in financing activities
Net cash flows used in discontinued
operations
Change in cash and cash equivalents
classified as assets held for sale
Cash and cash equivalents
Net increase (decrease) for the period
Balance, beginning of period
Balance, end of period
$
(1,031,534)
5,987,076
(27,217)
(4,907)
456,571
(47,686)
1,126,570
-
649,928
-
-
-
-
-
-
-
817,575
259,738
1,077,313
$
(27,384)
445,423
418,039
Year Ended December 31, 2019
Non-Guarantor
Subsidiaries
MGP
(In thousands)
$
Other
100,706
-
$
Elimination
629,412
(234,913)
153
-
$
Consolidated
(15,591) $
12
1,810,401
-
(739,006)
2,578
4,151,499
-
-
-
652,333
-
-
-
(535,681)
3,779
-
(26,612)
5,859,196
-
3,779
(261,372)
5,859,208
(81,877)
100,700
(31,112)
3,519,434
(1,361,325)
750,000
(1,766,454)
1,500,000
-
(3,634,049)
3,250,000
(9,983)
(39,328)
-
(3,764,167)
(63,391)
-
-
1,250,006
(271,288)
1,250,006
(371,759)
-
371,759
-
$
(161,976)
(1,342)
(56,420)
(212,692)
(3,523)
(6,230,955)
37,900
(223,303)
(1,031,534)
(41,868)
93,621
-
(578,417)
2,601
(5,821,296)
-
(4,529,594)
2,601
15,591
(12)
(37,900)
-
(15,591)
12
37,900
-
(22,321)
-
22,321
-
(22,321)
-
22,321
-
198,106
3,995
202,101
(207,776)
817,606
609,830 $
22,321
22,321
$
$
802,842
1,526,762
2,329,604
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE67
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
INFORMATION
Guarantor
Subsidiaries
Parent
Net revenues
Equity in subsidiaries' earnings
Expenses
Casino and hotel operations
General and administrative
Corporate expense
Preopening and start-up expenses
Property transactions, net
Depreciation and amortization
Income (loss) from unconsolidated
affiliates
Operating income
Interest expense, net of amounts
capitalized
Other non-operating, net
Income before income taxes
Benefit (provision) for income taxes
Income from continuing operations, net
of tax
Income from discontinued operations,
net of tax
Net income
Less: Net income attributable to
noncontrolling interests
Net income attributable to MGM Resorts
International
Net income
Other comprehensive income (loss), net
of tax:
Foreign currency translation
adjustment
$
1,221,538
$
11,130
9,945
156,503
177,578
4,438,687
1,241,329
216,318
26,100
(15,955)
628,961
6,535,440
1,043,960
148,866
1,510,355
(480,985)
63,722
626,697
(159,925)
(510)
(444,897)
1,064,948
-
466,772
1,064,948
466,772
1,064,948
$
$
7,780,253
116,676
466,772
466,772
(7,422)
$
$
1,064,948
1,064,948
(7,422)
Other comprehensive income related to
cash flow hedges
Other comprehensive income (loss)
Comprehensive income
Less: Comprehensive income
attributable to noncontrolling
interests
Comprehensive income attributable to
MGM Resorts International
2,476
(4,946)
461,826
(7,422)
1,057,526
$
461,826
$
1,057,526
Year Ended December 31, 2018
Non-Guarantor
Subsidiaries
MGP
$
Other
Elimination
Consolidated
(In thousands)
869,495 $
3,983,575 $
(870,227) $
11,763,096
(1,338,214)
93,739
48,675
20,319
266,622
429,355
$
$
2,491,007
495,015
21,317
125,292
25,033
543,606
3,701,270
(21,949)
(75,390)
(23,609)
(20,250)
(261,145)
(402,343)
6,918,875
1,764,638
419,204
151,392
9,147
1,178,044
10,441,300
147,690
1,469,486
440,140
(1,176)
281,129
(1,806,098)
(215,532)
(4,690)
219,918
(5,779)
(72,486)
(187,786)
20,857
115,592
507,684
(1,298,414)
-
(769,513)
(65,967)
634,006
(50,112)
214,139
136,449
(1,298,414)
583,894
30,563
244,702
136,449
(30,563)
(1,328,977)
583,894
(67,065)
(50,057)
177,637
244,702
-
$
$
86,392
136,449
(13,022)
$
$
-
(117,122)
(1,328,977) $
(1,328,977) $
466,772
583,894
14,844
(13,022)
$
4,128
4,128
248,830
(13,022)
123,427
(68,165)
(44,457)
180,665
$
78,970
(3,028)
11,816
(1,317,161)
$
3,576
(9,446)
574,448
-
(112,622)
(1,317,161) $
461,826
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE68
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION
Guarantor
Subsidiaries
Parent
Cash flows from operating activities
Net cash provided by (used in)
operating activities
Cash flows from investing activities
Capital expenditures, net of
construction payable
Dispositions of property and equipment
Proceeds from sale of business units
and investment in unconsolidated
affiliate
Acquisition of Northfield, net of cash
acquired
Investments in and advances to
unconsolidated affiliates
Distributions from unconsolidated
affiliates
Intercompany accounts
Other
Net cash used in investing activities
Cash flows from financing activities
Net borrowings under bank credit
facilities - maturities of 90 days or
less
Issuance of long-term debt
Retirement of senior notes and senior
debentures
Debt issuance costs
Dividends paid to common shareholders
MGP dividends paid to consolidated
subsidiaries
Distributions to noncontrolling
interest owners
Purchases of common stock
$
(460,117) $
1,294,989
-
(697,462)
25,507
-
163,616
-
33,802
-
(56,295)
-
322,631
(1,136,764)
(13,416)
(1,358,381)
377,500
1,000,000
(26,125)
(260,592)
(1,283,333)
(2,265)
-
Intercompany accounts
Other
Net cash provided by financing
activities
Effect of exchange rate on cash
Cash flows from discontinued
operations, net
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Net cash flows from discontinued
operations
Change in cash and cash equivalents
classified as assets held for sale
Cash and cash equivalents
Net increase (decrease) for the period
Balance, beginning of period
Balance, end of period
$
917,760
(32,225)
207,015
(6,979)
692,985
-
197,771
-
-
-
-
-
-
-
232,868
26,870
259,738
$
134,379
311,044
445,423
Year Ended December 31, 2018
Non-Guarantor
Subsidiaries
MGP
(In thousands)
$
Other
556,801
(192)
-
(1,068,336)
(1,068,528)
$
Elimination
330,866
(789,189)
105
$
Consolidated
-
-
$
1,722,539
(1,486,843)
25,612
-
-
-
-
(1,034,534)
-
-
(56,295)
(3,792)
(792,876)
1,136,764
1,136,764
727,750
-
137,009
-
-
(17,490)
-
(32,904)
-
-
(333,192)
-
(121,068)
-
(63,864)
-
333,192
-
163,616
322,631
(17,208)
(2,083,021)
1,242,259
1,000,000
(2,265)
(76,519)
(260,592)
(184,932)
(1,283,333)
256,000
-
$
345,181
(6,180)
(1,469,956)
-
(45,384)
379,242
(1,985)
(1,136,764)
-
389,234
(1,985)
23,406
32,416
-
-
(23,406)
(32,416)
-
-
55,822
-
(55,822)
-
55,822
-
(55,822)
-
(84,753)
902,359
817,606 $
-
(255,727)
259,722
3,995 $
$
26,767
1,499,995
1,526,762
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE69
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
INFORMATION
Guarantor
Subsidiaries
Parent
Net revenues
Equity in subsidiaries' earnings
Expenses
Casino and hotel operations
General and administrative
Corporate expense
NV Energy exit expense
Preopening and start-up expenses
Property transactions, net
Depreciation and amortization
Income (loss) from unconsolidated
affiliates
Operating income
Interest expense, net of amounts
capitalized
Other non-operating, net
Income before income taxes
Benefit (provision) for income taxes
Net income
Less: Net income attributable to
noncontrolling interests
Net income attributable to MGM Resorts
International
Net income
Other comprehensive income (loss), net of
tax:
Foreign currency translation adjustment
Other comprehensive income related to cash
flow hedges
Other comprehensive income (loss)
Comprehensive income
$
1,391,725
$
10,784
8,742
127,092
146,618
4,262,212
1,180,989
200,801
(40,629)
8,258
43,985
649,676
6,305,292
1,245,107
147,234
1,648,013
(466,907)
26,215
804,415
1,147,637
1,952,052
(982)
(402,602)
1,244,429
1,244,429
$
$
7,649,990
156,081
1,952,052
1,952,052
$
$
1,244,429
1,244,429
(23,995)
(23,995)
5,234
(18,761)
1,933,291
(23,995)
1,220,434
Less: Comprehensive income attributable to
noncontrolling interests
Comprehensive income attributable to MGM
Resorts International
$
1,933,291
$
1,220,434
Year Ended December 31, 2017
Non-Guarantor
Subsidiaries
MGP
Other
(In thousands)
$
765,695 $
-
$
$
Elimination
3,151,304
-
$
Consolidated
(769,510) $
(1,547,806)
10,797,479
-
84,348
34,085
34,022
260,455
412,910
1,923,942
369,844
(515)
110,217
6,294
343,804
2,753,586
(3,816)
(84,348)
(4,591)
(34,022)
(260,455)
(387,232)
352,785
(1,012)
396,706
(1,930,084)
146,222
1,712,527
(184,175)
2,286
170,896
(4,906)
165,990
(16,681)
(142,997)
237,028
(15,337)
221,691
434,106
(1,495,978)
(1,495,978)
(668,745)
(82,992)
960,790
1,127,394
2,088,184
(41,775)
(94,357)
124,215
165,990
9,782
9,782
175,772
$
$
127,334
221,691
(43,188)
(43,188)
178,503
$
$
(1,495,978) $
(1,495,978) $
47,990
(7,021)
40,969
(1,455,009)
6,193,122
1,559,575
356,872
(40,629)
118,475
50,279
993,480
9,231,174
(136,132)
1,952,052
2,088,184
(43,188)
7,995
(35,193)
2,052,991
(44,536)
$
131,236
(75,164)
$
103,339
$
(1,455,009) $
(119,700)
1,933,291
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE70
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION
Guarantor
Subsidiaries
Parent
Cash flows from operating activities
Net cash provided by (used in)
operating activities
Cash flows from investing activities
Capital expenditures, net of
construction payable
Dispositions of property and equipment
Acquisition of National Harbor, net of
cash acquired
Investments in and advances to
unconsolidated affiliates
Distributions from unconsolidated
affiliates
Intercompany accounts
Other
Net cash provided by (used in)
investing activities
Cash flows from financing activities
Net borrowings (repayments) under bank
credit facilities - maturities of 90
days or less
Issuance of long-term debt
Retirement of senior notes and senior
debentures
Debt issuance costs
Issuance of MGM Growth Properties Class
A shares, net
Dividends paid to common shareholders
MGP dividends paid to consolidated
subsidiaries
Distributions to noncontrolling
interest owners
Purchases of common stock
$
(584,252) $
-
1,152,083
(482,024)
502
-
-
-
(16,727)
462,500
-
301,211
(1,186,942)
(1,754)
462,500
(1,385,734)
122,500
-
-
(502,669)
-
-
(252,014)
-
(327,500)
-
Intercompany accounts
Other
Net cash provided by (used in)
financing activities
Effect of exchange rate on cash
Cash and cash equivalents
Net increase (decrease) for the period
Balance, beginning of period
Balance, end of period
1,042,111
(33,801)
48,627
-
$
(73,125)
99,995
26,870 $
248,626
(11,644)
236,982
3,331
307,713
311,044
Year Ended December 31, 2017
Non-Guarantor
Subsidiaries
MGP
(In thousands)
$
Other
482,578
(488)
(462,500)
$
Elimination
1,156,002
(1,381,570)
216
-
-
-
-
-
(462,988)
(466,875)
350,000
$
Consolidated
-
462,500
-
42
(1,381,312)
2,206,411
(1,864,082)
718
(16,727)
724,442
-
301,211
(1,712)
1,186,942
(1,580,592)
-
15,001
350,000
(4,379)
-
(502,669)
(9,977)
387,548
-
-
-
387,548
(252,014)
(290,091)
-
(95,344)
-
(75,058)
-
(5,598)
359,376
-
$
290,091
-
(170,402)
(327,500)
-
$
186,296
(13,320)
(1,477,033)
-
(58,765)
(120,360)
-
452,915
(3,627)
(1,186,942)
-
(568,778)
(3,627)
(100,770)
360,492
259,722 $
223,978
678,381
902,359
$
-
$
53,414
1,446,581
1,499,995
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE71
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
NOTE 20 - SELECTED QUARTERLY FINANCIAL RESULTS (UNAUDITED)
First
2019
Net revenues
Operating income
Net income
Net income (loss) attributable to
MGM Resorts
International
Earnings (loss) per share - Basic
Earnings (loss) per share - Diluted
2018
Net revenues
Operating income
Net income
Net income (loss) attributable to
MGM Resorts
International
Earnings (loss) per share - Basic
Earnings (loss) per share - Diluted
$
$
$
$
$
$
Second
3,176,911
370,260
66,157
31,297
0.05
0.05
2,822,237
359,757
266,301
223,444
0.39
0.38
$
$
$
$
$
$
(In thousands, except per share data)
3,223,243
371,485
76,169
43,405
0.08
0.08
2,858,695
363,075
140,423
123,777
0.21
0.21
Quarter
Third
Fourth
(In thousands, except per share data)
$
3,314,382 $
238,381
6,104
$
$
$
$
$
(37,133)
(0.08) $
(0.08) $
3,029,302
410,903
171,410
142,878
0.26
0.26
$
$
$
Total
3,185,136
2,960,089
2,065,950
2,011,577
3.94
3.91
3,052,862
335,751
5,760
$
$
$
12,899,672
3,940,215
2,214,380
2,049,146
3.90
3.88
$
11,763,096
1,469,486
583,894
(23,327)
(0.06) $
(0.06) $
466,772
0.82
0.81
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
VALUATION_AND_QUALIFYING_ACCOUNTS
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
(In thousands)
Balance at
Beginning of
Period
Allowance for doubtful accounts:
Year Ended December 31, 2019
Year Ended December 31, 2018
Year Ended December 31, 2017
$
Provision for
Doubtful
Accounts
90,775
92,571
97,920
Balance at
Beginning of
Period
Deferred income tax valuation allowance:
Year Ended December 31, 2019
Year Ended December 31, 2018
Year Ended December 31, 2017
$
2,477,703
2,513,738
2,583,274
$
39,270
39,762
20,603
Increase
$
96,353
-
Write-offs,
Net of
Recoveries
$
Decrease
$
Balance at
End of Period
(35,484)
(41,558)
(25,952)
$
Balance at
End of Period
$
(36,035)
(69,536)
2,574,056
2,477,703
2,513,738
94,561
90,775
92,571
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE72
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Equity Compensation Plan Information
The following table includes information about our equity compensation plans at
December 31, 2019:
Securities to be
issued
upon exercise of
outstanding
options,
warrants and rights
Equity compensation plans
approved by
security holders (1)
Equity compensation plans not
approved by
security holders
10,991
-
about our equity compensation plans at
Securities
available for
future issuance
under
Weighted average
exercise price of
outstanding options,
warrants and rights
(In thousands, except per share data)
$
equity compensation
plans
23.16
20,310
-
-
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE73
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Report of Independent Registered Public Accounting Firm on Internal
Control Over Financial Reporting
Report of Independent Registered Public Accounting Firm on Consolidated
Financial Statements
Consolidated Balance Sheets - December 31, 2019 and 2018
Years Ended December 31, 2019, 2018 and 2017
Consolidated Statements of Operations
Consolidated Statements of Comprehensive Income (Loss)
Consolidated Statements of Cash Flows
Consolidated Statements of Stockholders' Equity
Notes to Consolidated Financial Statements
52
53
55
56
57
58
59
60
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE74
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
Exhibit
Number
2.10
3.10
3.20
4.1(1)
4.1(2)
4.1(3)
4.1(4)
4.1(5)
eated by EDGAR Online, Inc.
GM RESORTS INTERNATIONAL
BLE74
rm Type: 10-K
riod End: Dec 31, 2019
te Filed: Feb 27, 2020
ble Of Contents
Description
Master Transaction Agreement by and among MGM Resorts International,
Bellagio, LLC and BCORE Paradise Parent LLC, dated as of October 15,
2019 (incorporated by reference to Exhibit 2.1 of MGM Resort
International's Current Report on Form 8-K filed with the SEC on
October 16, 2019).
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).
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).
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).
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).
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).
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).
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).
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE75
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
4.1(6)
4.1(7)
4.1(8)
4.1(9)
4.1(10)
4.1(11)
4.1(12)
4.1(13)
4.1(14)
4.1(15)
4.1(16)
4.1(17)
Created by EDGAR Online, Inc.
MGM RESORTS INTERNATIONAL
TABLE75
Form Type: 10-K
Period End: Dec 31, 2019
Date Filed: Feb 27, 2020
Table Of Contents
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).
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).
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).
Seventh Supplemental Indenture, dated April 10, 2019, among MGM
Resorts International, the guarantors named therein and U.S. Bank
National Association, as trustee, to the Indenture, dated as of
March 22, 2012, among MGM Resorts International and U.S. Bank National
Association, as trustee, relating to the 5.500% senior notes due 2027
(incorporated by reference to Exhibit 4.1 of the Company's Current
Report on Form 8-K filed on April 10, 2019).
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) .
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).
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).
Indenture, dated as of January 25, 2019, 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 January 25, 2019).
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
Propertie...
Purchase answer to see full
attachment
