MGM RESORTS INTERNATIONAL, 10-Q filed on 4/30/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 28, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-10362  
Entity Registrant Name MGM Resorts International  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 88-0215232  
Entity Address, Address Line One 3600 Las Vegas Boulevard South  
Entity Address, City or Town Las Vegas  
Entity Address, State or Province NV  
Entity Address, Postal Zip Code 89109  
City Area Code 702  
Local Phone Number 693-7120  
Title of 12(b) Security Common stock (Par Value $0.01)  
Trading Symbol MGM  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   272,149,150
Amendment Flag false  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2025  
Entity Central Index Key 0000789570  
Current Fiscal Year End Date --12-31  
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 2,270,563 $ 2,415,532
Accounts receivable, net 970,077 1,071,412
Inventories 135,016 140,559
Income tax receivable 210,222 257,514
Prepaid expenses and other 553,196 478,582
Total current assets 4,139,074 4,363,599
Property and equipment, net 6,190,406 6,196,159
Investments in and advances to unconsolidated affiliates 393,795 380,626
Goodwill 5,161,826 5,145,004
Other intangible assets, net 1,701,293 1,715,381
Operating lease right-of-use assets, net 23,407,115 23,532,287
Deferred income taxes 47,745 39,591
Other long-term assets, net 861,859 858,980
Total assets 41,903,113 42,231,627
Current liabilities    
Accounts and construction payable 380,842 412,662
Accrued interest on long-term debt 100,342 69,916
Other accrued liabilities 2,688,271 2,869,105
Total current liabilities 3,169,455 3,351,683
Deferred income taxes 2,810,395 2,811,663
Long-term debt, net 6,414,628 6,362,098
Operating lease liabilities 25,056,930 25,076,139
Other long-term obligations 830,283 910,088
Total liabilities 38,281,691 38,511,671
Commitments and contingencies (Note 7)
Redeemable noncontrolling interests 35,086 34,805
Stockholders' equity    
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 279,650,593 and 294,374,189 shares 2,797 2,944
Capital in excess of par value 0 0
Retained earnings 2,762,722 3,081,753
Accumulated other comprehensive income (loss) 88,025 (61,216)
Total MGM Resorts International stockholders' equity 2,853,544 3,023,481
Noncontrolling interests 732,792 661,670
Total stockholders’ equity 3,586,336 3,685,151
Total liabilities and stockholders' equity $ 41,903,113 $ 42,231,627
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 279,650,593 294,374,189
Common stock, shares outstanding (in shares) 279,650,593 294,374,189
v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues    
Total revenue $ 4,277,082 $ 4,383,470
Expenses    
General and administrative 1,164,898 1,194,682
Corporate expense 142,351 129,666
Preopening and start-up expenses 85 1,095
Property transactions, net 15,468 17,154
Depreciation and amortization 236,444 196,562
Total expenses 3,879,129 3,899,968
Loss from unconsolidated affiliates (12,896) (25,124)
Operating income 385,057 458,378
Non-operating income (expense)    
Interest expense, net of amounts capitalized (107,269) (110,037)
Non-operating items from unconsolidated affiliates 262 (136)
Other, net (11,266) (4,806)
Non-operating income (expense) (118,273) (114,979)
Income before income taxes 266,784 343,399
Provision for income taxes (40,053) (43,673)
Net income 226,731 299,726
Less: Net income attributable to noncontrolling interests (78,177) (82,250)
Net income attributable to MGM Resorts International $ 148,554 $ 217,476
Earnings per share    
Basic (in dollars per share) $ 0.52 $ 0.68
Diluted (in dollars per share) $ 0.51 $ 0.67
Weighted average common shares outstanding    
Basic (in shares) 287,125 320,488
Diluted (in shares) 289,096 323,757
Casino    
Revenues    
Total revenue $ 2,252,148 $ 2,241,095
Expenses    
Cost of sales 1,244,310 1,271,844
Rooms    
Revenues    
Total revenue 863,408 956,401
Expenses    
Cost of sales 280,849 274,408
Food and beverage    
Revenues    
Total revenue 770,173 769,403
Expenses    
Cost of sales 560,295 558,080
Entertainment, retail and other    
Revenues    
Total revenue 391,353 416,571
Expenses    
Cost of sales $ 234,429 $ 256,477
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 226,731 $ 299,726
Other comprehensive income (loss), net of tax:    
Foreign currency translation 148,308 (85,190)
Comprehensive income 375,039 214,536
Less: Comprehensive income attributable to noncontrolling interests (77,244) (81,146)
Comprehensive income attributable to MGM Resorts International $ 297,795 $ 133,390
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income $ 226,731 $ 299,726
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 236,444 196,562
Amortization of debt discounts and issuance costs 6,820 7,020
Provision for credit losses 10,784 18,152
Stock-based compensation 28,653 26,780
Foreign currency transaction loss (gain) 100,923 (32,925)
Property transactions, net 15,468 17,154
Noncash lease expense 128,361 128,509
Other investment losses (gains) (35,029) 21,287
Loss from unconsolidated affiliates 12,634 25,260
Distributions from unconsolidated affiliates 1,449 1,317
Deferred income taxes (9,781) (8,203)
Change in operating assets and liabilities:    
Accounts receivable 91,780 34,607
Inventories 5,507 (5,727)
Income taxes receivable and payable, net 49,407 52,949
Prepaid expenses and other (70,475) (39,249)
Accounts payable and accrued liabilities (227,015) (224,616)
Other (25,582) 30,668
Net cash provided by operating activities 547,079 549,271
Cash flows from investing activities    
Capital expenditures (228,041) (172,080)
Dispositions of property and equipment 60 547
Investments in unconsolidated affiliates 0 (10,029)
Acquisitions, net of cash acquired 0 (491)
Distributions from unconsolidated affiliates 522 595
Investments and other 419 73,048
Net cash used in investing activities (227,040) (108,410)
Cash flows from financing activities    
Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less 50,374 (76,702)
Debt issuance costs 0 (9,608)
Distributions to noncontrolling interest owners (11,807) (11,572)
Repurchases of common stock (489,280) (506,571)
Other (19,506) (24,517)
Net cash used in financing activities (470,219) (628,970)
Effect of exchange rate on cash, cash equivalents, and restricted cash 5,089 (17,600)
Cash, cash equivalents, and restricted cash    
Net change for the period (145,091) (205,709)
Balance, beginning of period 2,503,064 3,014,896
Balance, end of period 2,357,973 2,809,187
Supplemental cash flow disclosures    
Interest paid, net of amounts capitalized 70,023 48,362
Federal, state, and foreign income taxes paid (refunds received), net $ (156) $ 2,327
v3.25.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Total MGM Resorts International Stockholders’ Equity
Common Stock
Capital in Excess of Par Value
Retained Earnings
Accumulated Other Comprehensive Income
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2023     326,550,000        
Beginning balance at Dec. 31, 2023 $ 4,334,145 $ 3,811,170 $ 3,266 $ 0 $ 3,664,008 $ 143,896 $ 522,975
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 299,524 217,476     217,476   82,048
Currency translation adjustment (85,190) (84,086)       (84,086) (1,104)
Stock-based compensation 26,601 25,894   25,894     707
Issuance of common stock pursuant to stock-based compensation awards (in shares)     68,000        
Issuance of common stock pursuant to stock-based compensation awards (1,161) (1,161)   (1,161)      
Distributions to noncontrolling interest owners (33,183)           (33,183)
Repurchases of common stock (in shares)     (11,703,000)        
Repurchases of common stock (511,482) (511,482) $ (117) (23,553) (487,812)    
Adjustment of redeemable noncontrolling interest to redemption value 133 133     133    
Other (2,110) (1,180)   (1,180)     (930)
Ending balance (in shares) at Mar. 31, 2024     314,915,000        
Ending balance at Mar. 31, 2024 $ 4,027,277 3,456,764 $ 3,149 0 3,393,805 59,810 570,513
Beginning balance (in shares) at Dec. 31, 2024 294,374,189   294,374,000        
Beginning balance at Dec. 31, 2024 $ 3,685,151 3,023,481 $ 2,944 0 3,081,753 (61,216) 661,670
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 226,932 148,554     148,554   78,378
Currency translation adjustment 148,308 149,241       149,241 (933)
Stock-based compensation 28,504 27,758   27,758     746
Issuance of common stock pursuant to stock-based compensation awards (in shares)     31,000        
Issuance of common stock pursuant to stock-based compensation awards (365) (365) $ 1 (366)      
Distributions to noncontrolling interest owners (11,365)           (11,365)
Repurchases of common stock (in shares)     (14,754,000)        
Repurchases of common stock (494,205) (494,205) $ (148) (26,513) (467,544)    
Adjustment of redeemable noncontrolling interest to redemption value (41) (41)     (41)    
Other $ 3,417 (879)   (879)     4,296
Ending balance (in shares) at Mar. 31, 2025 279,650,593   279,651,000        
Ending balance at Mar. 31, 2025 $ 3,586,336 $ 2,853,544 $ 2,797 $ 0 $ 2,762,722 $ 88,025 $ 732,792
v3.25.1
ORGANIZATION
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION ORGANIZATION
Organization. MGM Resorts International, a Delaware corporation, (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the “Company”) is a global gaming and entertainment company with domestic and international locations featuring hotels and casinos, convention, dining, and retail offerings, and sports betting and online gaming operations.

As of March 31, 2025, the Company’s domestic casino resorts include the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan of Las Vegas (“The Cosmopolitan”), MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York, Park MGM (including NoMad Las Vegas), and Excalibur. The Company also operates MGM Grand Detroit in Detroit, Michigan, MGM National Harbor in Prince George’s County, Maryland, MGM Springfield in Springfield, Massachusetts, Borgata in Atlantic City, New Jersey, Empire City in Yonkers, New York, MGM Northfield Park in Northfield Park, Ohio, and Beau Rivage in Biloxi, Mississippi. Additionally, the Company operates The Park, a dining and entertainment district located between New York-New York and Park MGM. The Company leases the real estate assets of its domestic properties pursuant to triple net lease agreements.

The Company has an approximate 56% controlling interest in MGM China Holdings Limited (together with its subsidiaries, “MGM China”), which owns MGM Grand Paradise, S.A. (“MGM Grand Paradise”). MGM Grand Paradise owns and operates MGM Macau and MGM Cotai, two integrated casino, hotel and entertainment resorts in Macau, as well as the related gaming concession and land concessions.

The Company also owns LV Lion Holding Limited (together with its subsidiaries, “LeoVegas”), a consolidated subsidiary that has global online gaming operations headquartered in Sweden and Malta. Additionally, the Company and its venture partner, Entain plc, each have a 50% ownership interest in BetMGM, LLC (“BetMGM North America Venture”), an unconsolidated affiliate, which provides online sports betting and gaming in certain jurisdictions in North America. The Company also has a 50% ownership interest in Osaka IR KK, an unconsolidated affiliate, which is developing an integrated resort in Osaka, Japan.

Reportable segments. The Company has four reportable segments: Las Vegas Strip Resorts, Regional Operations, MGM China, and MGM Digital. See Note 10 for additional information about the Company’s segments.
v3.25.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2024 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year.

Principles of consolidation. The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a variable interest entity (“VIE”). The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. Bellagio REIT Venture (the landlord of Bellagio, which is a venture in which the Company has a 5% ownership interest) and Osaka IR KK are VIEs in which the Company is not the primary beneficiary because it does not have power on its own to direct the activities that could potentially be significant to the ventures and, accordingly, does not consolidate the ventures. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis.
For entities determined not to be a VIE, the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity under the voting interest model if it has a controlling financial interest based upon the terms of the respective entities’ ownership agreements, such as MGM China. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets and all intercompany balances and transactions are eliminated in consolidation. If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company generally accounts for the entity under the equity method, such as BetMGM North America Venture, which does not qualify for consolidation as the Company has joint control, given the entity is structured with substantive participating rights whereby both owners participate in the decision making process, which prevents the Company from exerting a controlling financial interest in such entity, as defined in Accounting Standards Codification (“ASC”) 810. For entities over which the Company does not have significant influence, the Company accounts for its equity investment under ASC 321.
Reclassifications. Certain reclassifications have been made to conform the prior period presentation.

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

•Level 1 inputs when measuring its equity investments recorded at fair value;
•Level 2 inputs for its long-term debt fair value disclosures; See Note 4;
•Level 2 inputs for its derivatives, and
•Level 1 and Level 2 inputs for its debt investments.

Equity investments. Fair value is measured based upon trading prices on the applicable securities exchange for equity investments for which the Company has elected the fair value option of ASC 825 and equity investments accounted for under ASC 321 that have a readily determinable fair value. The fair value of these investments was $420 million and $388 million as of March 31, 2025 and December 31, 2024, respectively, and is reflected within “Other long-term assets, net” on the consolidated balance sheets. Gains and losses are recorded in “Other, net” in the statements of operations. For the three months ended March 31, 2025 the Company recorded a net gain on its equity investments of $32 million. For the three months ended March 31, 2024, the Company recorded a net loss on its equity investments of $24 million.

Derivatives. The Company uses derivatives that are not designated for hedge accounting. The changes in fair value of these derivatives are recorded within “Other, net” in the statements of operations and within “Other” in operating activities in the statements of cash flows. The balance sheet classification of the derivatives in a current liability position are within “Other accrued liabilities,” a long-term liability position are within “Other long-term obligations,” a current asset position are within “Prepaid expenses and other,” and a long-term asset position are within “Other long-term assets, net.”

As of March 31, 2025, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates. As of March 31, 2025, the fair value of derivatives classified as assets were $2 million within long-term assets and liabilities of $60 million within current liabilities. As of December 31, 2024, the fair value of derivatives classified as liabilities were $96 million, with $57 million in current liabilities and $39 million in long-term liabilities.

For the three months ended March 31, 2025, the Company recorded a net gain on its derivatives of $40 million. For the three months ended March 31, 2024, the Company recorded a net loss on its derivatives of $38 million.

Debt investments. The Company’s investments in debt securities are classified as trading securities and recorded at fair value. Gains and losses are recorded in “Other, net” in the statements of operations. Debt securities are considered cash equivalents if the criteria for such classification is met or otherwise classified as short-term investments within “Prepaid expenses and other” since the investment of cash is available for current operations.
The following table presents information regarding the Company’s debt investments:

Fair value levelMarch 31, 2025December 31, 2024
(In thousands)
Cash and cash equivalents:
Money market funds
Level 1
$174,687 $52,794 
Cash and cash equivalents
174,687 52,794 
Short-term investments:
U.S. government securitiesLevel 110,420 19,075 
Corporate bondsLevel 2180,324 171,117 
Asset-backed securities
Level 2
12,334 9,960 
Short-term investments
203,078 200,152 
Total debt investments
$377,765 $252,946 

Cash and cash equivalents. Cash and cash equivalents consist of cash and highly liquid investments with maturities of 90 days or less at the date of purchase. The fair value of cash and cash equivalents approximates carrying value because of the short maturity of those instruments (Level 1).

Restricted cash. MGM China’s pledged cash of $87 million for each of March 31, 2025 and December 31, 2024, securing the bank guarantees discussed in Note 7 is restricted in use and classified within “Other long-term assets, net.” Such amounts plus “Cash and cash equivalents” on the consolidated balance sheets equal “Cash, cash equivalents, and restricted cash” on the consolidated statements of cash flows as of March 31, 2025 and December 31, 2024.

Accounts receivable. As of March 31, 2025 and December 31, 2024, the loss reserve on accounts receivable was $134 million and $135 million, respectively.

Accounts payable. As of March 31, 2025 and December 31, 2024, the Company had accrued $84 million and $109 million, respectively, for purchases of property and equipment within “Accounts and construction payable” on the consolidated balance sheets.

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

The following table summarizes the activity related to contract and contract-related liabilities:
 Outstanding Chip LiabilityLoyalty ProgramCustomer Advances and Other
 2025 20242025 20242025 2024
 (In thousands)
Balance at January 1$215,710 $211,606 $215,005 $201,973 $825,236 $766,226 
Balance at March 31177,017 190,631 205,276 194,946 813,917 781,973 
Increase / (decrease)$(38,693)$(20,975)$(9,729)$(7,027)$(11,319)$15,747 

Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) within Note 10.

Leases. Refer to Note 6 for information regarding leases under which the Company is a lessee. The Company is a lessor under certain other lease arrangements. Lease revenues earned by the Company from third parties are classified within the line item corresponding to the type or nature of the tenant’s good or service. For the three months ended
March 31, 2025, lease revenues from third-party tenants include $18 million recorded within food and beverage revenue, and $28 million recorded within entertainment, retail, and other revenue. For the three months ended March 31, 2024, lease revenues from third-party tenants include $20 million recorded within food and beverage revenue and $28 million recorded within entertainment, retail, and other revenue. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations.
v3.25.1
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES
Investments in and advances to unconsolidated affiliates were $394 million and $381 million as of March 31, 2025 and December 31, 2024, respectively. The Company’s share of losses of BetMGM North America Venture in excess of its equity method investment balance is $103 million and $89 million as of March 31, 2025 and December 31, 2024, respectively, which is recorded within “Other accrued liabilities” on the consolidated balance sheets.

The Company recorded its share of loss from unconsolidated affiliates as follows:
 Three Months Ended
March 31,
 20252024
 (In thousands)
Loss from unconsolidated affiliates$(12,896)$(25,124)
Non-operating items from unconsolidated affiliates262 (136)
 $(12,634)$(25,260)

The following table summarizes information related to the Company’s share of operating loss from unconsolidated affiliates:
 Three Months Ended
March 31,
 20252024
 (In thousands)
BetMGM North America Venture
$(15,201)$(32,601)
Other2,305 7,477 
 $(12,896)$(25,124)
v3.25.1
LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt consisted of the following:
 March 31,
2025		 December 31,
2024
 (In thousands)
MGM China first revolving credit facility$527,033 $477,567 
5.25% MGM China senior notes, due 2025
500,000 500,000 
5.875% MGM China senior notes, due 2026
750,000 750,000 
4.625% senior notes, due 2026
400,000 400,000 
5.5% senior notes, due 2027
675,000 675,000 
4.75% MGM China senior notes, due 2027
750,000 750,000 
4.75% senior notes, due 2028
750,000 750,000 
6.125% senior notes, due 2029
850,000 850,000 
7.125% MGM China senior notes, due 2031
500,000 500,000 
6.5% senior notes, due 2032
750,000 750,000 
7% debentures, due 2036
552 552 
 6,452,585 6,403,119 
Less: Unamortized discounts and debt issuance costs, net
(37,957)(41,021)
$6,414,628 $6,362,098 

MGM China’s senior notes due within one year of the applicable balance sheet date were classified as long-term as MGM China had both the intent and ability to refinance the notes on a long-term basis.

Senior secured credit facility. In February 2024, the Company amended its revolving facility to increase the facility to $2.3 billion and extend the maturity date to February 2029. At March 31, 2025, no amounts were drawn.

The Company’s senior secured credit facility contains customary representations and warranties, events of default and positive and negative covenants. The Company was in compliance with its credit facility covenants at March 31, 2025.

MGM China first revolving credit facility. At March 31, 2025, the MGM China first revolving credit facility consisted of a HK$9.75 billion (approximately $1.3 billion) unsecured revolving credit facility, which was to mature in May 2026, and had a weighted average interest rate of 5.47%.

The MGM China first revolving credit facility contained customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintain compliance with a maximum leverage ratio and a minimum interest coverage ratio. MGM China was in compliance with its MGM China first revolving credit facility covenants at March 31, 2025.

MGM China second revolving credit facility. At March 31, 2025, the MGM China second revolving credit facility consisted of a HK$5.85 billion (approximately $752 million) unsecured revolving credit facility, which was to mature in May 2026. At March 31, 2025, no amounts were drawn on the MGM China second revolving credit facility.

The MGM China second revolving credit facility contained customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintain compliance with a maximum leverage ratio and a minimum interest coverage ratio. MGM China was in compliance with its MGM China second revolving credit facility covenants at March 31, 2025.

MGM China revolving credit facility. On April 15, 2025, MGM China entered into a HK$23.4 billion senior unsecured revolving credit facility. The MGM China revolving credit facility matures in April 2030 and bears interest at a fluctuating rate per annum based on the Hong Kong Interbank Offer Rate plus 1.625% to 2.75%, as determined by MGM China’s leverage ratio. The MGM China revolving credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio. In April 2025, MGM China repaid in full the amounts
outstanding under its MGM China first revolving credit facility with borrowings under the MGM China revolving credit facility and the total commitments of the MGM China first revolving credit facility and MGM China second revolving credit facility were cancelled in full.

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $6.4 billion and $6.3 billion at March 31, 2025 and December 31, 2024, respectively.
v3.25.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
For interim income tax reporting the Company estimates its annual effective income tax rate and applies it to its year-to-date ordinary income. The income tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was 15.0% and 12.7% for the three months ended March 31, 2025 and March 31, 2024, respectively.

The Company recognizes deferred income tax assets, net of applicable reserves, related to net operating losses, tax credit carryforwards and certain temporary differences. The Company recognizes future tax benefits to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied.
v3.25.1
LEASES
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
LEASES LEASES
The Company leases real estate, land underlying certain of its properties, and various equipment under operating and, to a lesser extent, finance lease arrangements.

Other information. Components of lease costs and other information related to the Company’s leases were:
 Three Months Ended
March 31,
 20252024
 (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1)
$574,157 $574,943 
Finance lease costs
Interest expense$4,318 $8,884 
Amortization expense18,171 12,896 
Total finance lease costs$22,489 $21,780 
(1)Operating lease cost includes $83 million for each of the three months ended March 31, 2025 and 2024 related to the Bellagio lease, which is held with a related party.
 March 31,
2025		December 31,
2024
(In thousands)
Operating leases
Operating lease ROU assets, net(1)
$23,407,115 $23,532,287 
Operating lease liabilities - current, classified within “Other accrued liabilities”
$100,189 $98,021 
Operating lease liabilities - long-term(2)
25,056,930 25,076,139 
Total operating lease liabilities$25,157,119 $25,174,160 
Finance leases
Finance lease ROU assets, net, classified within “Property and equipment, net”
$282,912 $304,645 
Finance lease liabilities - current, classified within “Other accrued liabilities”
$74,551 $74,191 
Finance lease liabilities - long-term, classified within “Other long-term obligations”
225,880 243,256 
Total finance lease liabilities$300,431 $317,447 
Weighted average remaining lease term (years)
Operating leases2424
Finance leases88
Weighted average discount rate (%)
Operating leases7 7 
Finance leases6 6 
(1)As of March 31, 2025 and December 31, 2024, operating lease right-of-use assets (“ROU”), net included $3.4 billion related to the Bellagio lease.
(2)As of March 31, 2025 and December 31, 2024, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of March 31, 2025 and December 31, 2024, operating lease liabilities – current included $5 million and $3 million related to the Bellagio lease, respectively.

 Three Months Ended
March 31,
 20252024
Cash paid for amounts included in the measurement of lease liabilities(In thousands)
Operating cash outflows from operating leases$466,044 $456,382 
Operating cash outflows from finance leases4,318 3,817 
Financing cash outflows from finance leases(1)
15,038 14,309 
ROU assets obtained in exchange for new lease liabilities
Operating leases$65 $3,072 
Finance leases— 186,197 
(1)Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows.
Maturities of lease liabilities were as follows:
 Operating Leases  Finance Leases
Year ending December 31, (In thousands)
2025 (excluding the three months ended March 31, 2025)$1,403,211 $68,910 
20261,891,709 81,702 
20271,919,697 81,462 
20281,945,674 29,569 
20291,972,273 7,046 
Thereafter46,972,297 121,202 
Total future minimum lease payments56,104,861 389,891 
Less: Amount of lease payments representing interest(30,947,742)(89,460)
Present value of future minimum lease payments25,157,119 300,431 
Less: Current portion(100,189)(74,551)
Long-term portion of lease liabilities$25,056,930 $225,880 
LEASES LEASES
The Company leases real estate, land underlying certain of its properties, and various equipment under operating and, to a lesser extent, finance lease arrangements.

Other information. Components of lease costs and other information related to the Company’s leases were:
 Three Months Ended
March 31,
 20252024
 (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1)
$574,157 $574,943 
Finance lease costs
Interest expense$4,318 $8,884 
Amortization expense18,171 12,896 
Total finance lease costs$22,489 $21,780 
(1)Operating lease cost includes $83 million for each of the three months ended March 31, 2025 and 2024 related to the Bellagio lease, which is held with a related party.
 March 31,
2025		December 31,
2024
(In thousands)
Operating leases
Operating lease ROU assets, net(1)
$23,407,115 $23,532,287 
Operating lease liabilities - current, classified within “Other accrued liabilities”
$100,189 $98,021 
Operating lease liabilities - long-term(2)
25,056,930 25,076,139 
Total operating lease liabilities$25,157,119 $25,174,160 
Finance leases
Finance lease ROU assets, net, classified within “Property and equipment, net”
$282,912 $304,645 
Finance lease liabilities - current, classified within “Other accrued liabilities”
$74,551 $74,191 
Finance lease liabilities - long-term, classified within “Other long-term obligations”
225,880 243,256 
Total finance lease liabilities$300,431 $317,447 
Weighted average remaining lease term (years)
Operating leases2424
Finance leases88
Weighted average discount rate (%)
Operating leases7 7 
Finance leases6 6 
(1)As of March 31, 2025 and December 31, 2024, operating lease right-of-use assets (“ROU”), net included $3.4 billion related to the Bellagio lease.
(2)As of March 31, 2025 and December 31, 2024, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of March 31, 2025 and December 31, 2024, operating lease liabilities – current included $5 million and $3 million related to the Bellagio lease, respectively.

 Three Months Ended
March 31,
 20252024
Cash paid for amounts included in the measurement of lease liabilities(In thousands)
Operating cash outflows from operating leases$466,044 $456,382 
Operating cash outflows from finance leases4,318 3,817 
Financing cash outflows from finance leases(1)
15,038 14,309 
ROU assets obtained in exchange for new lease liabilities
Operating leases$65 $3,072 
Finance leases— 186,197 
(1)Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows.
Maturities of lease liabilities were as follows:
 Operating Leases  Finance Leases
Year ending December 31, (In thousands)
2025 (excluding the three months ended March 31, 2025)$1,403,211 $68,910 
20261,891,709 81,702 
20271,919,697 81,462 
20281,945,674 29,569 
20291,972,273 7,046 
Thereafter46,972,297 121,202 
Total future minimum lease payments56,104,861 389,891 
Less: Amount of lease payments representing interest(30,947,742)(89,460)
Present value of future minimum lease payments25,157,119 300,431 
Less: Current portion(100,189)(74,551)
Long-term portion of lease liabilities$25,056,930 $225,880 
v3.25.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Cybersecurity litigation, claims, and investigations. In September 2023, through unauthorized access to certain of its U.S. systems, third-party criminal actors accessed, for some of the Company’s customers, personal information (including name, contact information (such as phone number, email address and postal address), gender, date of birth and driver’s license numbers). For a limited number of customers, Social Security numbers and passport numbers were also accessed by the criminal actors. The Company has notified individuals impacted by this issue in accordance with federal and state law.

In connection with this cybersecurity issue, the Company became subject to consumer class actions in U.S. and Canadian courts. These class actions assert a variety of common law and statutory claims based on allegations that the Company failed to use reasonable security procedures and practices to safeguard customers’ personal information, and seek monetary and statutory damages, injunctive relief and other related relief. The Company reached a settlement for $45 million to resolve the purported U.S. civil class action litigation related to the 2023 cybersecurity issue and a 2019 cybersecurity issue, which was paid by insurance carriers into a settlement fund in February 2025. In addition, the Company continues to be subject to investigations by state regulators, which also could result in monetary fines and other relief. The Company cannot predict the timing or outcome of any of these potential matters, or whether the Company may be subject to additional legal proceedings, claims, regulatory inquiries, investigations, or enforcement actions. While the Company believes it is reasonably possible that it may incur losses associated with the above-described proceedings, it is not possible to estimate the amount of loss or range of loss, if any, that might result from adverse judgments, settlements, or other resolution given the preliminary stage of these proceedings.

Other litigation. The Company is a party to various other legal proceedings, most of which relate to routine matters incidental to its business. Management does not believe that the outcome of such proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Commitments and guarantees. MGM China bank guarantees. In connection with the issuance of the gaming concession in January 2023, bank guarantees were provided to the government of Macau in the amount of MOP 1 billion (approximately $125 million as of March 31, 2025) to warrant the fulfillment of labor liabilities and of damages or losses that may result if there is noncompliance with the concession. The guarantees expire 180 days after the end of the concession term. As of March 31, 2025, MOP 700 million of the bank guarantees (approximately $87 million as of March 31, 2025) were secured by pledged cash.

Bellagio REIT shortfall guarantee. The Company provides a shortfall guarantee of the $3.01 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of the landlord of Bellagio, Bellagio REIT Venture, which is a VIE and a related party, for which such indebtedness matures in 2029. The terms of the shortfall guarantee provide that after the lenders have exhausted certain remedies to collect on the obligations under the indebtedness, the Company would then be responsible for any shortfall between the value of the collateral, which is the real estate assets of the applicable property owned by the landlord, and the debt obligation. The guarantee is accounted for under ASC 460 at fair value; such value is immaterial.
Osaka IR KK guarantees. The Company provides for guarantees (1) in the amount of 12.65 billion yen (approximately $84 million as of March 31, 2025) for 50% of Osaka IR KK’s obligations to Osaka under various agreements related to the venture’s development of an integrated resort in Osaka, Japan and (2) of an uncapped amount to provide funding to Osaka IR KK, if necessary, for the completion of the construction and full opening of the integrated resort. The guarantees expire when the obligations relating to the full opening of the integrated resort are fulfilled. The guarantees are accounted for under ASC 460 at fair value; such value is immaterial. Additionally, the Company’s ownership interest in Osaka IR KK, which had a carrying value of $285 million as of March 31, 2025, is pledged as collateral for Osaka IR KK’s obligations under its credit agreement.

Osaka IR KK funding commitment. The Company has commitments to fund Osaka IR KK of 428 billion yen, of which an estimated amount of approximately 392 billion yen (approximately $2.6 billion as of March 31, 2025) remains to be funded as of March 31, 2025. During the three months ended March 31, 2024, the Company funded 1.4 billion yen (approximately $9 million) of the committed amount to Osaka IR KK. The amount and timing of funding is expected to change as a result of project progress, inflation, and other factors.
Other guarantees. The Company and its subsidiaries are party to various guarantee contracts in the normal course of business, which are generally supported by letters of credit issued by financial institutions. The Company’s senior credit facility limits the amount of letters of credit that can be issued to $1.35 billion. At March 31, 2025, $25 million in letters of credit were outstanding under the Company’s senior credit facility. The amount of available borrowings under the credit facility is reduced by any outstanding letters of credit.
v3.25.1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The table below reconciles basic and diluted earnings per share of common stock. Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of stock-based awards outstanding under the Company’s stock compensation plan. Antidilutive share-based awards excluded from the diluted earnings per share calculation are not material.
 Three Months Ended
March 31,
 20252024
 
(In thousands)
Numerator:  
Net income attributable to MGM Resorts International$148,554 $217,476 
Adjustment related to redeemable noncontrolling interests(41)133 
Net income available to common stockholders – basic and diluted$148,513 $217,609 
Denominator:
Weighted-average common shares outstanding – basic287,125 320,488 
Potential dilution from stock-based awards
1,971 3,269 
Weighted-average common and common equivalent shares – diluted289,096 323,757 
v3.25.1
STOCKHOLDERS’ EQUITY
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
MGM Resorts International stock repurchases. In February 2023, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan, in November 2023, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan, and in April 2025, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan. Under these stock repurchase plans, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time.

During the three months ended March 31, 2024, the Company repurchased approximately 12 million shares of its common stock for an aggregate amount of $511 million. In connection with these repurchases, the February 2023 stock repurchase plan was completed. Repurchased shares were retired.
During the three months ended March 31, 2025, the Company repurchased approximately 15 million shares of its common stock for an aggregate amount of $494 million. Repurchased shares were retired. The remaining availability under the November 2023 $2.0 billion stock repurchase plan was $337 million as of March 31, 2025.
Subsequent to March 31, 2025, the Company repurchased approximately 8 million shares of its common stock for an aggregate amount of $215 million, excluding excise tax. Repurchased shares were retired.
v3.25.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company’s management views the operations of each of its casino properties as an operating segment which are aggregated into the reportable segments of Las Vegas Strip Resorts, Regional Operations, and MGM China based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure. The Company’s interactive gaming operations are reported within the MGM Digital reportable segment. During the fourth quarter of 2024, the Company added MGM Digital as a reportable segment to reflect the Company’s strategic focus on interactive gaming. The corresponding items of segment information for MGM Digital, which were previously included within “Corporate and other”, as applicable, were recast for prior periods.

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

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

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

MGM Digital. MGM Digital consists of LeoVegas and other consolidated subsidiaries that offer interactive gaming.

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

Segment Adjusted EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments. Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, loss from unconsolidated affiliates, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment. Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China.
Three Months Ended
March 31,
 2025 2024
Net revenue(In thousands)
Las Vegas Strip Resorts
Casino$538,259 $497,548 
Rooms750,049 827,253 
Food and beverage586,039 599,281 
Entertainment, retail and other301,773 330,947 
2,176,120 2,255,029 
Regional Operations
Casino671,975 684,968 
Rooms66,725 65,933 
Food and beverage109,081 107,753 
Entertainment, retail and other52,638 50,825 
900,419 909,479 
MGM China
Casino895,852 920,048 
Rooms46,634 63,215 
Food and beverage75,053 62,369 
Entertainment, retail and other9,933 10,385 
1,027,472 1,056,017 
MGM Digital
Casino128,058 127,608 
Reportable segment net revenues4,232,069 4,348,133 
Corporate and other45,013 35,337 
 $4,277,082 $4,383,470 
Three Months Ended
March 31,
 2025 2024
Expenses(In thousands)
Las Vegas Strip Resorts
Payroll related$661,746 $643,583 
Cost of sales127,757 135,188 
Gaming taxes59,210 57,944 
Other segment items(1)
516,247 590,526 
1,364,960 1,427,241 
Regional Operations
Payroll related228,947 227,238 
Cost of sales37,214 39,344 
Gaming taxes184,714 185,996 
Other segment items(1)
170,502 182,799 
621,377 635,377 
MGM China
Payroll related145,208 133,166 
Cost of sales27,500 22,350 
Gaming taxes448,776 478,319 
Other segment items(1)
120,423 120,996 
741,907 754,831 
MGM Digital
Payroll related29,537 20,369 
Marketing costs57,793 59,034 
Gaming taxes30,625 28,814 
Other segment items(2)
44,496 38,181 
$162,451 $146,398 
(1) Other segment items primarily include corporate allocations, service provider costs, promotional expense, and other miscellaneous expenses.
(2) Other segment items primarily include third party game provider fees, service provider costs, and other miscellaneous expenses.
Three Months Ended
March 31,
20252024
(In thousands)
Segment Adjusted EBITDAR
Las Vegas Strip Resorts$811,160 $827,788 
Regional Operations 279,042 274,102 
MGM China285,565 301,186 
MGM Digital(34,393)(18,790)
1,341,374 1,384,286 
 
Other operating income (expense)
Corporate and other, net(126,949)(121,634)
Preopening and start-up expenses(85)(1,095)
Property transactions, net (15,468)(17,154)
Depreciation and amortization(236,444)(196,562)
Triple net lease rent expense(564,475)(564,339)
Loss from unconsolidated affiliates(12,896)(25,124)
Operating income385,057 458,378 
Non-operating income (expense)
Interest expense, net of amounts capitalized(107,269)(110,037)
Non-operating items from unconsolidated affiliates262 (136)
Other, net(11,266)(4,806)
(118,273)(114,979)
Income before income taxes266,784 343,399 
Provision for income taxes(40,053)(43,673)
Net income226,731 299,726 
Less: Net income attributable to noncontrolling interests(78,177)(82,250)
Net income attributable to MGM Resorts International$148,554 $217,476 

 Three Months Ended
March 31,
 20252024
Capital expenditures:(In thousands)
Las Vegas Strip Resorts$105,238 $102,985 
Regional Operations22,617 19,832 
MGM China59,736 15,384 
MGM Digital18,437 11,769 
Reportable segment capital expenditures206,028 149,970 
Corporate and other22,013 22,110 
 $228,041 $172,080 

Total assets are not allocated to segments for internal reporting or when determining the allocation of resources and, accordingly, are not presented.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 148,554 $ 217,476
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of presentation
Basis of presentation. As permitted by the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2024 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial statements. The results for such periods are not necessarily indicative of the results to be expected for the full year.
Principles of consolidation
Principles of consolidation. The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a variable interest entity (“VIE”). The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. Bellagio REIT Venture (the landlord of Bellagio, which is a venture in which the Company has a 5% ownership interest) and Osaka IR KK are VIEs in which the Company is not the primary beneficiary because it does not have power on its own to direct the activities that could potentially be significant to the ventures and, accordingly, does not consolidate the ventures. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis.
For entities determined not to be a VIE, the Company consolidates such entities in which the Company owns 100% of the equity. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity under the voting interest model if it has a controlling financial interest based upon the terms of the respective entities’ ownership agreements, such as MGM China. For these entities, the Company records a noncontrolling interest in the consolidated balance sheets and all intercompany balances and transactions are eliminated in consolidation. If the entity does not qualify for consolidation under the voting interest model and the Company has significant influence over the operating and financial decisions of the entity, the Company generally accounts for the entity under the equity method, such as BetMGM North America Venture, which does not qualify for consolidation as the Company has joint control, given the entity is structured with substantive participating rights whereby both owners participate in the decision making process, which prevents the Company from exerting a controlling financial interest in such entity, as defined in Accounting Standards Codification (“ASC”) 810. For entities over which the Company does not have significant influence, the Company accounts for its equity investment under ASC 321.
Reclassifications
Reclassifications. Certain reclassifications have been made to conform the prior period presentation.
Fair value measurements
Fair value measurements. Fair value measurements affect the Company’s accounting and impairment assessments of its long-lived assets, investments in unconsolidated affiliates or equity interests, assets acquired, and liabilities assumed in an acquisition, and goodwill and other intangible assets. Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are quoted prices for identical or comparable instruments or pricing using observable market data; or Level 3 inputs, which are unobservable inputs. The Company used the following inputs in its fair value measurements:

•Level 1 inputs when measuring its equity investments recorded at fair value;
•Level 2 inputs for its long-term debt fair value disclosures; See Note 4;
•Level 2 inputs for its derivatives, and
•Level 1 and Level 2 inputs for its debt investments.

Equity investments. Fair value is measured based upon trading prices on the applicable securities exchange for equity investments for which the Company has elected the fair value option of ASC 825 and equity investments accounted for under ASC 321 that have a readily determinable fair value. The fair value of these investments was $420 million and $388 million as of March 31, 2025 and December 31, 2024, respectively, and is reflected within “Other long-term assets, net” on the consolidated balance sheets. Gains and losses are recorded in “Other, net” in the statements of operations. For the three months ended March 31, 2025 the Company recorded a net gain on its equity investments of $32 million. For the three months ended March 31, 2024, the Company recorded a net loss on its equity investments of $24 million.

Derivatives. The Company uses derivatives that are not designated for hedge accounting. The changes in fair value of these derivatives are recorded within “Other, net” in the statements of operations and within “Other” in operating activities in the statements of cash flows. The balance sheet classification of the derivatives in a current liability position are within “Other accrued liabilities,” a long-term liability position are within “Other long-term obligations,” a current asset position are within “Prepaid expenses and other,” and a long-term asset position are within “Other long-term assets, net.”

As of March 31, 2025, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates. As of March 31, 2025, the fair value of derivatives classified as assets were $2 million within long-term assets and liabilities of $60 million within current liabilities. As of December 31, 2024, the fair value of derivatives classified as liabilities were $96 million, with $57 million in current liabilities and $39 million in long-term liabilities.

For the three months ended March 31, 2025, the Company recorded a net gain on its derivatives of $40 million. For the three months ended March 31, 2024, the Company recorded a net loss on its derivatives of $38 million.

Debt investments. The Company’s investments in debt securities are classified as trading securities and recorded at fair value. Gains and losses are recorded in “Other, net” in the statements of operations. Debt securities are considered cash equivalents if the criteria for such classification is met or otherwise classified as short-term investments within “Prepaid expenses and other” since the investment of cash is available for current operations.
Cash and cash equivalents
Cash and cash equivalents. Cash and cash equivalents consist of cash and highly liquid investments with maturities of 90 days or less at the date of purchase. The fair value of cash and cash equivalents approximates carrying value because of the short maturity of those instruments (Level 1).
Restricted cash
Restricted cash. MGM China’s pledged cash of $87 million for each of March 31, 2025 and December 31, 2024, securing the bank guarantees discussed in Note 7 is restricted in use and classified within “Other long-term assets, net.” Such amounts plus “Cash and cash equivalents” on the consolidated balance sheets equal “Cash, cash equivalents, and restricted cash” on the consolidated statements of cash flows as of March 31, 2025 and December 31, 2024.
Revenue recognition
Revenue recognition. Contract and Contract-Related Liabilities. There may be a difference between the timing of cash receipts from the customer and the recognition of revenue, resulting in a contract or contract-related liability. The Company generally has three types of liabilities related to contracts with customers: (1) outstanding chip liability, which represents the amounts owed in exchange for gaming chips held by a customer, (2) loyalty program obligations, which represents the deferred allocation of revenue relating to loyalty program incentives earned, and (3) customer advances and other, which is primarily funds deposited by customers before gaming play occurs (“casino front money”) and advance payments on goods and services yet to be provided, such as advance ticket sales and deposits on rooms and convention space or for unpaid wagers. These liabilities are generally expected to be recognized as revenue within one year of being purchased, earned, or deposited and are recorded within “Other accrued liabilities” on the consolidated balance sheets.
Leases
Leases. Refer to Note 6 for information regarding leases under which the Company is a lessee. The Company is a lessor under certain other lease arrangements. Lease revenues earned by the Company from third parties are classified within the line item corresponding to the type or nature of the tenant’s good or service. For the three months ended
March 31, 2025, lease revenues from third-party tenants include $18 million recorded within food and beverage revenue, and $28 million recorded within entertainment, retail, and other revenue. For the three months ended March 31, 2024, lease revenues from third-party tenants include $20 million recorded within food and beverage revenue and $28 million recorded within entertainment, retail, and other revenue. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations.
v3.25.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Schedule of Debt Investments
The following table presents information regarding the Company’s debt investments:

Fair value levelMarch 31, 2025December 31, 2024
(In thousands)
Cash and cash equivalents:
Money market funds
Level 1
$174,687 $52,794 
Cash and cash equivalents
174,687 52,794 
Short-term investments:
U.S. government securitiesLevel 110,420 19,075 
Corporate bondsLevel 2180,324 171,117 
Asset-backed securities
Level 2
12,334 9,960 
Short-term investments
203,078 200,152 
Total debt investments
$377,765 $252,946 
Schedule of Contract and Contract-related Liabilities
The following table summarizes the activity related to contract and contract-related liabilities:
 Outstanding Chip LiabilityLoyalty ProgramCustomer Advances and Other
 2025 20242025 20242025 2024
 (In thousands)
Balance at January 1$215,710 $211,606 $215,005 $201,973 $825,236 $766,226 
Balance at March 31177,017 190,631 205,276 194,946 813,917 781,973 
Increase / (decrease)$(38,693)$(20,975)$(9,729)$(7,027)$(11,319)$15,747 
v3.25.1
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Share of Loss from Unconsolidated Affiliates
The Company recorded its share of loss from unconsolidated affiliates as follows:
 Three Months Ended
March 31,
 20252024
 (In thousands)
Loss from unconsolidated affiliates$(12,896)$(25,124)
Non-operating items from unconsolidated affiliates262 (136)
 $(12,634)$(25,260)
Schedule of Share of Operating Loss from Unconsolidated Affiliates
The following table summarizes information related to the Company’s share of operating loss from unconsolidated affiliates:
 Three Months Ended
March 31,
 20252024
 (In thousands)
BetMGM North America Venture
$(15,201)$(32,601)
Other2,305 7,477 
 $(12,896)$(25,124)
v3.25.1
LONG-TERM DEBT (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consisted of the following:
 March 31,
2025		 December 31,
2024
 (In thousands)
MGM China first revolving credit facility$527,033 $477,567 
5.25% MGM China senior notes, due 2025
500,000 500,000 
5.875% MGM China senior notes, due 2026
750,000 750,000 
4.625% senior notes, due 2026
400,000 400,000 
5.5% senior notes, due 2027
675,000 675,000 
4.75% MGM China senior notes, due 2027
750,000 750,000 
4.75% senior notes, due 2028
750,000 750,000 
6.125% senior notes, due 2029
850,000 850,000 
7.125% MGM China senior notes, due 2031
500,000 500,000 
6.5% senior notes, due 2032
750,000 750,000 
7% debentures, due 2036
552 552 
 6,452,585 6,403,119 
Less: Unamortized discounts and debt issuance costs, net
(37,957)(41,021)
$6,414,628 $6,362,098 
v3.25.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Components of Lease Costs and Other Information
Other information. Components of lease costs and other information related to the Company’s leases were:
 Three Months Ended
March 31,
 20252024
 (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1)
$574,157 $574,943 
Finance lease costs
Interest expense$4,318 $8,884 
Amortization expense18,171 12,896 
Total finance lease costs$22,489 $21,780 
(1)Operating lease cost includes $83 million for each of the three months ended March 31, 2025 and 2024 related to the Bellagio lease, which is held with a related party.
 Three Months Ended
March 31,
 20252024
Cash paid for amounts included in the measurement of lease liabilities(In thousands)
Operating cash outflows from operating leases$466,044 $456,382 
Operating cash outflows from finance leases4,318 3,817 
Financing cash outflows from finance leases(1)
15,038 14,309 
ROU assets obtained in exchange for new lease liabilities
Operating leases$65 $3,072 
Finance leases— 186,197 
(1)Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows.
Schedule of Supplemental Balance Sheet Information Related to Leases
 March 31,
2025		December 31,
2024
(In thousands)
Operating leases
Operating lease ROU assets, net(1)
$23,407,115 $23,532,287 
Operating lease liabilities - current, classified within “Other accrued liabilities”
$100,189 $98,021 
Operating lease liabilities - long-term(2)
25,056,930 25,076,139 
Total operating lease liabilities$25,157,119 $25,174,160 
Finance leases
Finance lease ROU assets, net, classified within “Property and equipment, net”
$282,912 $304,645 
Finance lease liabilities - current, classified within “Other accrued liabilities”
$74,551 $74,191 
Finance lease liabilities - long-term, classified within “Other long-term obligations”
225,880 243,256 
Total finance lease liabilities$300,431 $317,447 
Weighted average remaining lease term (years)
Operating leases2424
Finance leases88
Weighted average discount rate (%)
Operating leases7 7 
Finance leases6 6 
(1)As of March 31, 2025 and December 31, 2024, operating lease right-of-use assets (“ROU”), net included $3.4 billion related to the Bellagio lease.
(2)As of March 31, 2025 and December 31, 2024, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of March 31, 2025 and December 31, 2024, operating lease liabilities – current included $5 million and $3 million related to the Bellagio lease, respectively.
Schedule of Operating Lease Maturity
Maturities of lease liabilities were as follows:
 Operating Leases  Finance Leases
Year ending December 31, (In thousands)
2025 (excluding the three months ended March 31, 2025)$1,403,211 $68,910 
20261,891,709 81,702 
20271,919,697 81,462 
20281,945,674 29,569 
20291,972,273 7,046 
Thereafter46,972,297 121,202 
Total future minimum lease payments56,104,861 389,891 
Less: Amount of lease payments representing interest(30,947,742)(89,460)
Present value of future minimum lease payments25,157,119 300,431 
Less: Current portion(100,189)(74,551)
Long-term portion of lease liabilities$25,056,930 $225,880 
Schedule of Finance Lease Maturity
Maturities of lease liabilities were as follows:
 Operating Leases  Finance Leases
Year ending December 31, (In thousands)
2025 (excluding the three months ended March 31, 2025)$1,403,211 $68,910 
20261,891,709 81,702 
20271,919,697 81,462 
20281,945,674 29,569 
20291,972,273 7,046 
Thereafter46,972,297 121,202 
Total future minimum lease payments56,104,861 389,891 
Less: Amount of lease payments representing interest(30,947,742)(89,460)
Present value of future minimum lease payments25,157,119 300,431 
Less: Current portion(100,189)(74,551)
Long-term portion of lease liabilities$25,056,930 $225,880 
v3.25.1
EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Share of Common Stock
The table below reconciles basic and diluted earnings per share of common stock. Diluted weighted-average common and common equivalent shares include adjustments for potential dilution of stock-based awards outstanding under the Company’s stock compensation plan. Antidilutive share-based awards excluded from the diluted earnings per share calculation are not material.
 Three Months Ended
March 31,
 20252024
 
(In thousands)
Numerator:  
Net income attributable to MGM Resorts International$148,554 $217,476 
Adjustment related to redeemable noncontrolling interests(41)133 
Net income available to common stockholders – basic and diluted$148,513 $217,609 
Denominator:
Weighted-average common shares outstanding – basic287,125 320,488 
Potential dilution from stock-based awards
1,971 3,269 
Weighted-average common and common equivalent shares – diluted289,096 323,757 
v3.25.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Information
Three Months Ended
March 31,
 2025 2024
Net revenue(In thousands)
Las Vegas Strip Resorts
Casino$538,259 $497,548 
Rooms750,049 827,253 
Food and beverage586,039 599,281 
Entertainment, retail and other301,773 330,947 
2,176,120 2,255,029 
Regional Operations
Casino671,975 684,968 
Rooms66,725 65,933 
Food and beverage109,081 107,753 
Entertainment, retail and other52,638 50,825 
900,419 909,479 
MGM China
Casino895,852 920,048 
Rooms46,634 63,215 
Food and beverage75,053 62,369 
Entertainment, retail and other9,933 10,385 
1,027,472 1,056,017 
MGM Digital
Casino128,058 127,608 
Reportable segment net revenues4,232,069 4,348,133 
Corporate and other45,013 35,337 
 $4,277,082 $4,383,470 
Three Months Ended
March 31,
 2025 2024
Expenses(In thousands)
Las Vegas Strip Resorts
Payroll related$661,746 $643,583 
Cost of sales127,757 135,188 
Gaming taxes59,210 57,944 
Other segment items(1)
516,247 590,526 
1,364,960 1,427,241 
Regional Operations
Payroll related228,947 227,238 
Cost of sales37,214 39,344 
Gaming taxes184,714 185,996 
Other segment items(1)
170,502 182,799 
621,377 635,377 
MGM China
Payroll related145,208 133,166 
Cost of sales27,500 22,350 
Gaming taxes448,776 478,319 
Other segment items(1)
120,423 120,996 
741,907 754,831 
MGM Digital
Payroll related29,537 20,369 
Marketing costs57,793 59,034 
Gaming taxes30,625 28,814 
Other segment items(2)
44,496 38,181 
$162,451 $146,398 
(1) Other segment items primarily include corporate allocations, service provider costs, promotional expense, and other miscellaneous expenses.
(2) Other segment items primarily include third party game provider fees, service provider costs, and other miscellaneous expenses.
Three Months Ended
March 31,
20252024
(In thousands)
Segment Adjusted EBITDAR
Las Vegas Strip Resorts$811,160 $827,788 
Regional Operations 279,042 274,102 
MGM China285,565 301,186 
MGM Digital(34,393)(18,790)
1,341,374 1,384,286 
 
Other operating income (expense)
Corporate and other, net(126,949)(121,634)
Preopening and start-up expenses(85)(1,095)
Property transactions, net (15,468)(17,154)
Depreciation and amortization(236,444)(196,562)
Triple net lease rent expense(564,475)(564,339)
Loss from unconsolidated affiliates(12,896)(25,124)
Operating income385,057 458,378 
Non-operating income (expense)
Interest expense, net of amounts capitalized(107,269)(110,037)
Non-operating items from unconsolidated affiliates262 (136)
Other, net(11,266)(4,806)
(118,273)(114,979)
Income before income taxes266,784 343,399 
Provision for income taxes(40,053)(43,673)
Net income226,731 299,726 
Less: Net income attributable to noncontrolling interests(78,177)(82,250)
Net income attributable to MGM Resorts International$148,554 $217,476 

 Three Months Ended
March 31,
 20252024
Capital expenditures:(In thousands)
Las Vegas Strip Resorts$105,238 $102,985 
Regional Operations22,617 19,832 
MGM China59,736 15,384 
MGM Digital18,437 11,769 
Reportable segment capital expenditures206,028 149,970 
Corporate and other22,013 22,110 
 $228,041 $172,080 
v3.25.1
ORGANIZATION (Details)
 3 Months Ended
Mar. 31, 2025
segment
resort
Organization Disclosure [Line Items]  
Number of reportable segments | segment 4
BetMGM LLC  
Organization Disclosure [Line Items]  
Ownership interest (as a percent) 50.00%
BetMGM LLC | Entain plc  
Organization Disclosure [Line Items]  
Ownership interest (as a percent) 50.00%
Osaka IR KK | Japan  
Organization Disclosure [Line Items]  
Ownership interest (as a percent) 50.00%
MGM China  
Organization Disclosure [Line Items]  
Controlling interest (as a percent) 56.00%
Number of integrated casino | resort 2
v3.25.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
Ownership interest (in percent) 100.00%    
Fair value of investment $ 420   $ 388
Net gain (loss) on equity investments 32 $ (24)  
Loss reserve for accounts receivable 134   135
Accrual for property and equipment within accounts payable 84   109
Food and Beverage Revenue      
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
Lease revenue 18 20  
Entertainment Retail and Other Revenue      
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
Lease revenue 28 28  
MGM Grand Paradise SA | June 2022 Sub Concession Extension Contract      
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
Obligation amount 87   87
Foreign Exchange Forward      
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
Derivative asset 2    
Derivative liability 60   96
Derivative liability current     57
Derivative liability noncurrent     $ 39
Net gain (loss) on derivative $ 40 $ (38)  
Bellagio BREIT Venture      
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]      
Ownership interest by noncontrolling owner (in percent) 5.00%    
v3.25.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Debt Investments (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt and Equity Securities, FV-NI [Line Items]    
Total debt investments $ 377,765 $ 252,946
Cash and cash equivalents:    
Debt and Equity Securities, FV-NI [Line Items]    
Total debt investments 174,687 52,794
Cash and cash equivalents: | Level 1 | Money market funds    
Debt and Equity Securities, FV-NI [Line Items]    
Total debt investments 174,687 52,794
Short-term investments:    
Debt and Equity Securities, FV-NI [Line Items]    
Total debt investments 203,078 200,152
Short-term investments: | Level 1 | U.S. government securities    
Debt and Equity Securities, FV-NI [Line Items]    
Total debt investments 10,420 19,075
Short-term investments: | Level 2 | Corporate bonds    
Debt and Equity Securities, FV-NI [Line Items]    
Total debt investments 180,324 171,117
Short-term investments: | Level 2 | Asset-backed securities    
Debt and Equity Securities, FV-NI [Line Items]    
Total debt investments $ 12,334 $ 9,960
v3.25.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Contract and Contract-related Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Outstanding Chip Liability    
Contract And Contract Related Liabilities [Roll Forward]    
Balance at January 1 $ 215,710 $ 211,606
Balance at March 31 177,017 190,631
Increase / (decrease) (38,693) (20,975)
Loyalty Program    
Contract And Contract Related Liabilities [Roll Forward]    
Balance at January 1 215,005 201,973
Balance at March 31 205,276 194,946
Increase / (decrease) (9,729) (7,027)
Customer Advances and Other    
Contract And Contract Related Liabilities [Roll Forward]    
Balance at January 1 825,236 766,226
Balance at March 31 813,917 781,973
Increase / (decrease) $ (11,319) $ 15,747
v3.25.1
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Additional Information (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Schedule Of Equity Method Investments [Line Items]    
Investments in and advances to unconsolidated affiliates $ 393,795 $ 380,626
BetMGM North America Venture    
Schedule Of Equity Method Investments [Line Items]    
Equity method investment $ 103,000 $ 89,000
v3.25.1
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Schedule of Share of Income (Loss) from Unconsolidated Affiliates (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]    
Loss from unconsolidated affiliates $ (12,896) $ (25,124)
Non-operating items from unconsolidated affiliates 262 (136)
Net income from unconsolidated affiliates $ (12,634) $ (25,260)
v3.25.1
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Schedule of Share of Operating Income (Loss) from Unconsolidated Affiliates (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Schedule Of Equity Method Investments [Line Items]    
Loss from unconsolidated affiliates $ (12,896) $ (25,124)
BetMGM North America Venture    
Schedule Of Equity Method Investments [Line Items]    
Loss from unconsolidated affiliates (15,201) (32,601)
Other    
Schedule Of Equity Method Investments [Line Items]    
Loss from unconsolidated affiliates $ 2,305 $ 7,477
v3.25.1
LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt, gross $ 6,452,585 $ 6,403,119
Less: Unamortized discounts and debt issuance costs, net (37,957) (41,021)
Long-term debt $ 6,414,628 6,362,098
5.25% MGM China senior notes, due 2025    
Debt Instrument [Line Items]    
Long-term debt, interest rate (in percent) 5.25%  
Senior notes $ 500,000 500,000
5.875% MGM China senior notes, due 2026    
Debt Instrument [Line Items]    
Long-term debt, interest rate (in percent) 5.875%  
Senior notes $ 750,000 750,000
4.625% senior notes, due 2026    
Debt Instrument [Line Items]    
Long-term debt, interest rate (in percent) 4.625%  
Senior notes $ 400,000 400,000
5.5% senior notes, due 2027    
Debt Instrument [Line Items]    
Long-term debt, interest rate (in percent) 5.50%  
Senior notes $ 675,000 675,000
4.75% MGM China senior notes, due 2027    
Debt Instrument [Line Items]    
Long-term debt, interest rate (in percent) 4.75%  
Senior notes $ 750,000 750,000
4.75% senior notes, due 2028    
Debt Instrument [Line Items]    
Long-term debt, interest rate (in percent) 4.75%  
Senior notes $ 750,000 750,000
6.125% senior notes, due 2029    
Debt Instrument [Line Items]    
Long-term debt, interest rate (in percent) 6.125%  
Senior notes $ 850,000 850,000
7.125% MGM China senior notes, due 2031    
Debt Instrument [Line Items]    
Long-term debt, interest rate (in percent) 7.125%  
Senior notes $ 500,000 500,000
6.5% senior notes, due 2032    
Debt Instrument [Line Items]    
Long-term debt, interest rate (in percent) 6.50%  
Senior notes $ 750,000 750,000
7% debentures, due 2036    
Debt Instrument [Line Items]    
Long-term debt, interest rate (in percent) 7.00%  
Senior notes $ 552 552
MGM China first revolving credit facility    
Debt Instrument [Line Items]    
Long-term debt, gross $ 527,033 $ 477,567
v3.25.1
LONG-TERM DEBT - Additional Information (Details)
$ in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2025
HKD ($)
Dec. 31, 2024
USD ($)
Feb. 29, 2024
USD ($)
Debt Instrument [Line Items]        
Long-term debt, fair value $ 6,400.0   $ 6,300.0  
Revolving Credit Facility | Line of Credit | Senior secured credit facility        
Debt Instrument [Line Items]        
Line of credit facility       $ 2,300.0
Line of credit facility drawn 0.0      
Revolving Credit Facility | Line of Credit | MGM China first revolving credit facility        
Debt Instrument [Line Items]        
Line of credit facility $ 1,300.0      
Line of credit facility drawn   $ 9,750    
Debt instrument, weighted average interest rate (in percent) 5.47% 5.47%    
Revolving Credit Facility | Line of Credit | MGM China second revolving credit facility        
Debt Instrument [Line Items]        
Line of credit facility $ 752.0 $ 5,850    
Line of credit facility drawn $ 0.0      
Revolving Credit Facility | Line of Credit | MGM China revolving credit facility        
Debt Instrument [Line Items]        
Line of credit facility   $ 23,400    
Revolving Credit Facility | Line of Credit | MGM China revolving credit facility | Minimum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate (as a percent) 1.625%      
Revolving Credit Facility | Line of Credit | MGM China revolving credit facility | Maximum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate (as a percent) 2.75%      
v3.25.1
INCOME TAXES (Details)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Effective income tax rate 15.00% 12.70%
v3.25.1
LEASES - Schedule of Components of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Lessee, Lease, Description [Line Items]    
Operating lease cost, primarily classified within "General and administrative" $ 574,157 $ 574,943
Interest expense 4,318 8,884
Amortization expense 18,171 12,896
Total finance lease costs 22,489 21,780
Bellagio    
Lessee, Lease, Description [Line Items]    
Operating lease cost, primarily classified within "General and administrative" $ 83,000 $ 83,000
v3.25.1
LEASES - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Operating leases    
Operating lease ROU assets, net $ 23,407,115 $ 23,532,287
Operating lease liabilities - current, location Other accrued liabilities Other accrued liabilities
Operating lease liabilities - current, classified within “Other accrued liabilities” $ 100,189 $ 98,021
Operating lease liabilities - long-term 25,056,930 25,076,139
Total operating lease liabilities $ 25,157,119 $ 25,174,160
Finance leases    
Finance lease ROU assets, net, location Property and equipment, net Property and equipment, net
Finance lease ROU assets, net, classified within “Property and equipment, net” $ 282,912 $ 304,645
Finance lease liabilities - current, location Other accrued liabilities Other accrued liabilities
Finance lease liabilities - current, classified within “Other accrued liabilities” $ 74,551 $ 74,191
Finance lease liabilities - long-term, location Other long-term obligations Other long-term obligations
Finance lease liabilities - long-term, classified within “Other long-term obligations” $ 225,880 $ 243,256
Total finance lease liabilities $ 300,431 $ 317,447
Weighted average remaining lease term (years)    
Operating leases 24 years 24 years
Finance leases 8 years 8 years
Weighted average discount rate (%)    
Operating leases 7.00% 7.00%
Finance leases 6.00% 6.00%
Bellagio    
Operating leases    
Operating lease ROU assets, net $ 3,400,000 $ 3,400,000
Operating lease liabilities - current, classified within “Other accrued liabilities” 5,000 3,000
Operating lease liabilities - long-term $ 3,800,000 $ 3,800,000
v3.25.1
LEASES - Schedule of Supplemental Cash Flow and Other Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities    
Operating cash outflows from operating leases $ 466,044 $ 456,382
Operating cash outflows from finance leases 4,318 3,817
Financing cash outflows from finance leases 15,038 14,309
ROU assets obtained in exchange for new lease liabilities    
Operating leases 65 3,072
Finance leases $ 0 $ 186,197
v3.25.1
LEASES - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Operating Leases    
2025 (excluding the three months ended March 31, 2025) $ 1,403,211  
2026 1,891,709  
2027 1,919,697  
2028 1,945,674  
2029 1,972,273  
Thereafter 46,972,297  
Total future minimum lease payments 56,104,861  
Less: Amount of lease payments representing interest (30,947,742)  
Total operating lease liabilities 25,157,119 $ 25,174,160
Less: Current portion (100,189) (98,021)
Long-term portion of lease liabilities 25,056,930 25,076,139
Finance Leases    
2025 (excluding the three months ended March 31, 2025) 68,910  
2026 81,702  
2027 81,462  
2028 29,569  
2029 7,046  
Thereafter 121,202  
Total future minimum lease payments 389,891  
Less: Amount of lease payments representing interest (89,460)  
Total finance lease liabilities 300,431 317,447
Less: Current portion (74,551) (74,191)
Long-term portion of lease liabilities $ 225,880 $ 243,256
v3.25.1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands, ¥ in Millions, MOP$ in Millions
 1 Months Ended 3 Months Ended
Feb. 28, 2025
USD ($)
Jan. 31, 2023
MOP (MOP$)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2024
JPY (¥)
Mar. 31, 2025
MOP (MOP$)
Mar. 31, 2025
JPY (¥)
Dec. 31, 2024
USD ($)
Loss Contingencies [Line Items]                
Funded amount     $ 0 $ 10,029        
Long-term debt, gross     6,452,585         $ 6,403,119
Senior Credit Facility                
Loss Contingencies [Line Items]                
Credit facility outstanding     25,000          
Revolving Credit Facility                
Loss Contingencies [Line Items]                
Long-term debt, gross     $ 1,350,000          
Japanese Joint Venture | Japan                
Loss Contingencies [Line Items]                
Guarantor obligations (as a percent)     50.00%     50.00% 50.00%  
Osaka IR KK | Japan                
Loss Contingencies [Line Items]                
Guarantor obligations (as a percent)     50.00%     50.00% 50.00%  
Purchase commitment, amount | ¥             ¥ 428,000  
Commitment amount     $ 2,600,000       392,000  
Funded amount       $ 9,000 ¥ 1,400      
Osaka IR KK | Japan | Asset Pledged as Collateral                
Loss Contingencies [Line Items]                
Equity method investment     285,000          
Performance Guarantee                
Loss Contingencies [Line Items]                
Obligation amount     84,000       ¥ 12,650  
Blackstone Real Estate Income Trust                
Loss Contingencies [Line Items]                
Obligation amount     3,010,000          
MGM Grand Paradise SA | January 2023 Concessions                
Loss Contingencies [Line Items]                
Obligation amount   MOP$ 1,000 125,000          
Guarantee expiration, days after the end of the concession term   180 days            
MGM Grand Paradise SA | Gaming Concessions                
Loss Contingencies [Line Items]                
Obligation amount     $ 87,000     MOP$ 700    
Insurance Carriers                
Loss Contingencies [Line Items]                
Payments for legal settlements $ 45,000              
v3.25.1
EARNINGS PER SHARE (Details) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator:    
Net income attributable to MGM Resorts International $ 148,554 $ 217,476
Adjustment related to redeemable noncontrolling interests (41) 133
Net income attributable to common stockholders – basic 148,513 217,609
Net income attributable to common stockholders – diluted $ 148,513 $ 217,609
Denominator:    
Weighted-average common shares outstanding – basic (in shares) 287,125 320,488
Potential dilution from stock-based awards (in shares) 1,971 3,269
Weighted-average common and common equivalent shares – diluted (in shares) 289,096 323,757
v3.25.1
STOCKHOLDERS’ EQUITY (Details) - USD ($)
shares in Thousands, $ in Thousands
 1 Months Ended 3 Months Ended
Apr. 30, 2025
Mar. 31, 2025
Mar. 31, 2024
Nov. 30, 2023
Feb. 28, 2023
Schedule Of Stockholders Equity Note [Line Items]          
Repurchases of common stock   $ 494,205 $ 511,482    
Common Stock          
Schedule Of Stockholders Equity Note [Line Items]          
Repurchases of common stock (in shares)   14,754 11,703    
Repurchases of common stock   $ 148 $ 117    
Share Repurchase Program | Common Stock          
Schedule Of Stockholders Equity Note [Line Items]          
Repurchases of common stock (in shares)   15,000 12,000    
Repurchases of common stock   $ 494,000 $ 511,000    
Share Repurchase Program | Common Stock | Subsequent Event          
Schedule Of Stockholders Equity Note [Line Items]          
Repurchases of common stock (in shares) 8,000        
Repurchases of common stock $ 215,000        
Share Repurchase Program February 2023 | Common Stock          
Schedule Of Stockholders Equity Note [Line Items]          
Authorized amount of stock repurchase         $ 2,000,000
Share Repurchase Program November 2023 | Common Stock          
Schedule Of Stockholders Equity Note [Line Items]          
Authorized amount of stock repurchase       $ 2,000,000  
Repurchase of common stock, remaining amount   $ 337,000      
Share Repurchase Program April 2025 | Common Stock | Subsequent Event          
Schedule Of Stockholders Equity Note [Line Items]          
Authorized amount of stock repurchase $ 2,000,000        
v3.25.1
SEGMENT INFORMATION (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues    
Total revenue $ 4,277,082 $ 4,383,470
Expenses    
Total expenses 3,879,129 3,899,968
Other operating income (expense)    
Preopening and start-up expenses (85) (1,095)
Property transactions, net (15,468) (17,154)
Depreciation and amortization (236,444) (196,562)
Triple net lease rent expense (564,475) (564,339)
Loss from unconsolidated affiliates (12,896) (25,124)
Operating income 385,057 458,378
Non-operating income (expense)    
Interest expense, net of amounts capitalized (107,269) (110,037)
Non-operating items from unconsolidated affiliates 262 (136)
Other, net (11,266) (4,806)
Non-operating income (expense) (118,273) (114,979)
Income before income taxes 266,784 343,399
Provision for income taxes (40,053) (43,673)
Net income 226,731 299,726
Less: Net income attributable to noncontrolling interests (78,177) (82,250)
Net income attributable to MGM Resorts International 148,554 217,476
Capital expenditures 228,041 172,080
MGM Digital    
Expenses    
Total expenses 162,451 146,398
Reportable Segments    
Revenues    
Total revenue 4,232,069 4,348,133
Segment Adjusted EBITDAR    
Segment Adjusted EBITDAR 1,341,374 1,384,286
Non-operating income (expense)    
Capital expenditures 206,028 149,970
Reportable Segments | Las Vegas Strip Resorts    
Revenues    
Total revenue 2,176,120 2,255,029
Expenses    
Payroll related 661,746 643,583
Cost of sales 127,757 135,188
Gaming taxes 59,210 57,944
Other segment items 516,247 590,526
Total expenses 1,364,960 1,427,241
Segment Adjusted EBITDAR    
Segment Adjusted EBITDAR 811,160 827,788
Non-operating income (expense)    
Capital expenditures 105,238 102,985
Reportable Segments | Regional Operations    
Revenues    
Total revenue 900,419 909,479
Expenses    
Payroll related 228,947 227,238
Cost of sales 37,214 39,344
Gaming taxes 184,714 185,996
Other segment items 170,502 182,799
Total expenses 621,377 635,377
Segment Adjusted EBITDAR    
Segment Adjusted EBITDAR 279,042 274,102
Non-operating income (expense)    
Capital expenditures 22,617 19,832
Reportable Segments | MGM China    
Revenues    
Total revenue 1,027,472 1,056,017
Expenses    
Payroll related 145,208 133,166
Cost of sales 27,500 22,350
Gaming taxes 448,776 478,319
Other segment items 120,423 120,996
Total expenses 741,907 754,831
Segment Adjusted EBITDAR    
Segment Adjusted EBITDAR 285,565 301,186
Non-operating income (expense)    
Capital expenditures 59,736 15,384
Reportable Segments | MGM Digital    
Expenses    
Payroll related 29,537 20,369
Gaming taxes 30,625 28,814
Other segment items 44,496 38,181
Marketing costs 57,793 59,034
Segment Adjusted EBITDAR    
Segment Adjusted EBITDAR (34,393) (18,790)
Non-operating income (expense)    
Capital expenditures 18,437 11,769
Corporate and other    
Revenues    
Total revenue 45,013 35,337
Other operating income (expense)    
Corporate and other, net (126,949) (121,634)
Non-operating income (expense)    
Capital expenditures 22,013 22,110
Casino    
Revenues    
Total revenue 2,252,148 2,241,095
Expenses    
Cost of sales 1,244,310 1,271,844
Casino | Reportable Segments | Las Vegas Strip Resorts    
Revenues    
Total revenue 538,259 497,548
Casino | Reportable Segments | Regional Operations    
Revenues    
Total revenue 671,975 684,968
Casino | Reportable Segments | MGM China    
Revenues    
Total revenue 895,852 920,048
Casino | Reportable Segments | MGM Digital    
Revenues    
Total revenue 128,058 127,608
Rooms    
Revenues    
Total revenue 863,408 956,401
Expenses    
Cost of sales 280,849 274,408
Rooms | Reportable Segments | Las Vegas Strip Resorts    
Revenues    
Total revenue 750,049 827,253
Rooms | Reportable Segments | Regional Operations    
Revenues    
Total revenue 66,725 65,933
Rooms | Reportable Segments | MGM China    
Revenues    
Total revenue 46,634 63,215
Food and beverage    
Revenues    
Total revenue 770,173 769,403
Expenses    
Cost of sales 560,295 558,080
Food and beverage | Reportable Segments | Las Vegas Strip Resorts    
Revenues    
Total revenue 586,039 599,281
Food and beverage | Reportable Segments | Regional Operations    
Revenues    
Total revenue 109,081 107,753
Food and beverage | Reportable Segments | MGM China    
Revenues    
Total revenue 75,053 62,369
Entertainment, retail and other    
Revenues    
Total revenue 391,353 416,571
Expenses    
Cost of sales 234,429 256,477
Entertainment, retail and other | Reportable Segments | Las Vegas Strip Resorts    
Revenues    
Total revenue 301,773 330,947
Entertainment, retail and other | Reportable Segments | Regional Operations    
Revenues    
Total revenue 52,638 50,825
Entertainment, retail and other | Reportable Segments | MGM China    
Revenues    
Total revenue $ 9,933 $ 10,385