v3.24.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company’s management views each of its casino properties as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure. The Company has aggregated its operating segments into the following reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China.

Las Vegas Strip Resorts. Las Vegas Strip Resorts consists of the following casino resorts in Las Vegas, Nevada: Aria (including Vdara), Bellagio, The Cosmopolitan, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including Delano 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; Gold Strike Tunica in Tunica, Mississippi (until its disposition in February 2023); Borgata in Atlantic City, New Jersey; MGM National Harbor in Prince George’s County, Maryland; MGM Springfield in Springfield, Massachusetts; Empire City in Yonkers, New York; and MGM Northfield Park in Northfield Park, Ohio.

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

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

Adjusted Property EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments. Adjusted Property EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, rent expense related to triple-net operating leases and ground leases, income from unconsolidated affiliates related to investments in real estate ventures, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment.
The following tables present the Company’s segment information:
Three Months Ended
September 30,		Nine Months Ended
September 30,
 202420232024 2023
 (In thousands)
Net revenue
Las Vegas Strip Resorts
Casino$476,434 $546,273 $1,458,721 $1,539,048 
Rooms743,261 694,554 2,337,808 2,152,960 
Food and beverage574,587 545,850 1,798,109 1,727,248 
Entertainment, retail and other337,931 319,162 998,066 1,009,385 
2,132,213 2,105,839 6,592,704 6,428,641 
Regional Operations
Casino692,654 678,565 2,061,659 2,074,972 
Rooms88,275 85,267 232,740 229,500 
Food and beverage116,378 107,952 336,037 331,322 
Entertainment, retail and other, and reimbursed costs54,841 53,173 158,329 161,106 
952,148 924,957 2,788,765 2,796,900 
MGM China
Casino800,208 713,961 2,611,497 1,938,891 
Rooms52,029 47,270 168,415 108,442 
Food and beverage64,356 44,460 192,716 105,058 
Entertainment, retail and other12,863 6,834 31,036 18,681 
929,456 812,525 3,003,664 2,171,072 
Reportable segment net revenues4,013,817 3,843,321 12,385,133 11,396,613 
Corporate and other169,321 129,862 508,850 392,073 
 $4,183,138 $3,973,183 $12,893,983 $11,788,686 

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
(In thousands)
Adjusted Property EBITDAR
Las Vegas Strip Resorts$731,037 $714,086 $2,341,114 $2,326,424 
Regional Operations 299,985 293,257 862,465 900,199 
MGM China237,356 226,117 832,405 604,454 
Reportable segment Adjusted Property EBITDAR1,268,378 1,233,460 4,035,984 3,831,077 
 
Other operating income (expense)
Corporate and other, net(132,444)(87,946)(468,740)(437,193)
Preopening and start-up expenses(519)(68)(2,469)(356)
Property transactions, net (25,493)(12,227)(59,124)378,235 
Depreciation and amortization(233,330)(201,827)(621,868)(608,831)
Triple-net operating lease and ground lease rent expense(564,436)(564,154)(1,692,961)(1,698,867)
Income from unconsolidated affiliates related to real estate ventures2,701 2,698 8,069 8,088 
Operating income314,857 369,936 1,198,891 1,472,153 
Non-operating income (expense)
Interest expense, net of amounts capitalized(111,873)(111,170)(334,649)(353,415)
Non-operating items from unconsolidated affiliates417 438 2,043 (1,187)
Other, net93,333 (34,879)45,096 35,121 
(18,123)(145,611)(287,510)(319,481)
Income before income taxes296,734 224,325 911,381 1,152,672 
Provision for income taxes(52,570)(12,440)(84,689)(217,360)
Net income244,164 211,885 826,692 935,312 
Less: Net income attributable to noncontrolling interests(59,586)(50,768)(237,566)(106,592)
Net income attributable to MGM Resorts International$184,578 $161,117 $589,126 $828,720