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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 001-10362
MGM Resorts International
(Exact name of registrant as specified in its charter)
Delaware88-0215232
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109
(Address of principal executive offices) (Zip Code)
(702) 693-7120
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock (Par Value $0.01)MGMNew York Stock Exchange (NYSE)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer
☐
Smaller reporting company☐
Emerging growth company
☐
  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 Class  
 Outstanding at October 28, 2024
Common Stock, $0.01 par value 
297,740,481 shares




MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
FORM 10-Q
I N D E X
  Page
 
 
 
 
 
 


Part I. FINANCIAL INFORMATION
Item 1.         Financial Statements
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
 September 30,
2024		December 31,
2023
ASSETS
Current assets  
Cash and cash equivalents$2,950,592 $2,927,833 
Accounts receivable, net964,741 929,135 
Inventories144,843 141,678 
Income tax receivable212,578 141,444 
Prepaid expenses and other559,699 770,503 
Total current assets4,832,453 4,910,593 
Property and equipment, net5,950,035 5,449,544 
Other assets
Investments in and advances to unconsolidated affiliates414,161 240,803 
Goodwill 5,175,752 5,165,694 
Other intangible assets, net1,776,503 1,724,582 
Operating lease right-of-use assets, net23,658,647 24,027,465 
Other long-term assets, net933,402 849,867 
Total other assets31,958,465 32,008,411 
$42,740,953 $42,368,548 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts and construction payable$391,836 $461,718 
Current portion of long-term debt675,000 — 
Accrued interest on long-term debt112,403 60,173 
Other accrued liabilities2,707,519 2,604,177 
Total current liabilities3,886,758 3,126,068 
Deferred income taxes, net2,792,523 2,860,997 
Long-term debt, net6,234,275 6,343,810 
Operating lease liabilities25,092,217 25,127,464 
Other long-term obligations880,296 542,708 
Commitments and contingencies (Note 8)
Redeemable noncontrolling interests33,343 33,356 
Stockholders’ equity
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 296,886,350 and 326,550,141 shares
2,969 3,266 
Capital in excess of par value— — 
Retained earnings3,037,397 3,664,008 
Accumulated other comprehensive income191,575 143,896 
Total MGM Resorts International stockholders’ equity3,231,941 3,811,170 
Noncontrolling interests589,600 522,975 
Total stockholders’ equity3,821,541 4,334,145 
$42,740,953 $42,368,548 
The accompanying notes are an integral part of these consolidated financial statements.


1


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Revenues  
Casino$2,121,049 $2,050,584 $6,574,903 $5,884,394 
Rooms883,564 827,091 2,738,963 2,490,902 
Food and beverage755,322 698,261 2,326,863 2,163,628 
Entertainment, retail and other411,326 385,691 1,217,322 1,215,980 
Reimbursed costs11,877 11,556 35,932 33,782 
4,183,138 3,973,183 12,893,983 11,788,686 
Expenses
Casino1,205,286 1,056,487 3,698,885 3,073,122 
Rooms286,658 260,905 838,915 751,319 
Food and beverage563,521 530,145 1,693,031 1,579,561 
Entertainment, retail and other247,817 238,403 732,386 740,403 
Reimbursed costs11,877 11,556 35,932 33,782 
General and administrative1,176,726 1,192,298 3,582,376 3,472,228 
Corporate expense125,043 121,838 378,787 366,485 
Preopening and start-up expenses 519 68 2,469 356 
Property transactions, net25,493 12,227 59,124 (378,235)
Depreciation and amortization233,330 201,827 621,868 608,831 
3,876,270 3,625,754 11,643,773 10,247,852 
Income (loss) from unconsolidated affiliates7,989 22,507 (51,319)(68,681)
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 
Earnings per share
Basic$0.61 $0.46 $1.90 $2.30 
Diluted$0.61 $0.46 $1.88 $2.28 
Weighted average common shares outstanding
Basic300,499 347,345 310,688 360,732 
Diluted303,479 351,390 313,852 364,847 
The accompanying notes are an integral part of these consolidated financial statements.
2

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
Net income$244,164 $211,885 $826,692 $935,312 
Other comprehensive income (loss), net of tax:
Foreign currency translation156,968 (30,386)50,700 (36,475)
Other— — — 871 
Other comprehensive income (loss)156,968 (30,386)50,700 (35,604)
Comprehensive income401,132 181,499 877,392 899,708 
Less: Comprehensive income attributable to noncontrolling interests(62,362)(51,056)(240,587)(105,104)
Comprehensive income attributable to MGM Resorts International$338,770 $130,443 $636,805 $794,604 
The accompanying notes are an integral part of these consolidated financial statements.
3

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Nine Months Ended September 30,
 20242023
Cash flows from operating activities  
Net income$826,692 $935,312 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization621,868 608,831 
Amortization of debt discounts and issuance costs20,396 20,846 
Loss on early retirement of debt2,013 — 
Provision for credit losses49,693 25,974 
Stock-based compensation51,720 46,246 
Foreign currency transaction loss28,303 26,302 
Property transactions, net59,124 (378,235)
Noncash lease expense386,412 388,571 
Other investment losses (gains)(11,134)39,452 
Loss from unconsolidated affiliates49,276 69,868 
Distributions from unconsolidated affiliates12,390 8,838 
Deferred income taxes(68,942)11,828 
Change in operating assets and liabilities:
Accounts receivable(40,244)5,296 
Inventories(3,029)(9,766)
Income taxes receivable and payable, net(69,203)(81,871)
Prepaid expenses and other(33,577)(74,088)
Accounts payable and accrued liabilities(232,629)276,924 
Other41,811 54,511 
Net cash provided by operating activities1,690,940 1,974,839 
Cash flows from investing activities
Capital expenditures(746,572)(603,053)
Dispositions of property and equipment3,472 6,133 
Investments in unconsolidated affiliates(182,078)(144,452)
Proceeds from sale of operating resorts— 460,392 
Acquisitions, net of cash acquired(113,882)(122,058)
Proceeds from repayment of principal on note receivable — 152,518 
Distributions from unconsolidated affiliates1,762 6,792 
Investments and other158,060 (176,826)
Net cash used in investing activities(879,238)(420,554)
Cash flows from financing activities  
Net repayments under bank credit facilities - maturities of 90 days or less(19,061)(931,028)
Issuance of long-term debt2,100,000 — 
Repayment of long-term debt(1,500,000)(1,285,600)
Debt issuance costs(38,268)(20,617)
Distributions to noncontrolling interest owners(103,569)(169,093)
Repurchases of common stock(1,238,064)(1,668,888)
Other25,163 (101,871)
Net cash used in financing activities(773,799)(4,177,097)
Effect of exchange rate on cash, cash equivalents, and restricted cash(14,736)(36,316)
Change in cash and cash equivalents classified as assets held for sale— 25,938 
Cash, cash equivalents, and restricted cash
Net change for the period23,167 (2,633,190)
Balance, beginning of period3,014,896 6,036,388 
Balance, end of period $3,038,063 $3,403,198 
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized$262,023 $301,173 
Federal, state and foreign income taxes paid, net
225,280 286,561 
Non-cash investing and financing activities
MGM Grand Paradise gaming concession intangible asset$— $226,083 
MGM Grand Paradise gaming concession payment obligation
— 226,083 
The accompanying notes are an integral part of these consolidated financial statements.
4

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)
 Common Stock      
Shares Par Value Capital in Excess of Par Value  Retained Earnings  
Accumulated Other Comprehensive Income
 Total MGM Resorts International Stockholders’ Equity  Noncontrolling Interests  Total Stockholders’ Equity
Balances, July 1, 2024304,965 $3,050 $— $3,172,243 $37,383 $3,212,676 $601,469 $3,814,145 
Net income— — — 184,578 — 184,578 59,499 244,077 
Currency translation adjustment— — — — 154,192 154,192 2,776 156,968 
Stock-based compensation— — 11,443 — — 11,443 774 12,217 
Issuance of common stock pursuant to stock-based compensation awards270 3 (4,396)— — (4,393)— (4,393)
Distributions to noncontrolling interest owners— — — — — — (84,424)(84,424)
Repurchases of common stock (8,349)(84)(6,535)(319,208)— (325,827)— (325,827)
Adjustment of redeemable noncontrolling interest to redemption value— — — (216)— (216)— (216)
Other— — (512)— — (512)9,506 8,994 
Balances, September 30, 2024296,886 $2,969 $— $3,037,397 $191,575 $3,231,941 $589,600 $3,821,541 
Balances, January 1, 2024326,550 $3,266 $— $3,664,008 $143,896 $3,811,170 $522,975 $4,334,145 
Net income— — — 589,126 — 589,126 237,171 826,297 
Currency translation adjustment— — — — 47,679 47,679 3,021 50,700 
Stock-based compensation— — 49,066 — — 49,066 2,181 51,247 
Issuance of common stock pursuant to stock-based compensation awards382 3 (6,154)— — (6,151)— (6,151)
Distributions to noncontrolling interest owners— — — — — — (178,713)(178,713)
Repurchases of common stock (30,046)(300)(34,066)(1,215,752)— (1,250,118)— (1,250,118)
Adjustment of redeemable noncontrolling interest to redemption value— — — 15 — 15 — 15 
Other— — (8,846)— — (8,846)2,965 (5,881)
Balances, September 30, 2024296,886 $2,969 $— $3,037,397 $191,575 $3,231,941 $589,600 $3,821,541 

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

5


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)
 Common Stock 
 Shares Par Value  Capital in Excess of Par Value  Retained Earnings  
Accumulated Other Comprehensive Income
 Total MGM Resorts International Stockholders’ Equity  Noncontrolling Interests  Total Stockholders’ Equity
Balances, July 1, 2023352,790 $3,528 $— $4,382,588 $30,057 $4,416,173 $419,194 $4,835,367 
Net income— — — 161,117 — 161,117 50,625 211,742 
Currency translation adjustment— — — — (30,674)(30,674)288 (30,386)
Stock-based compensation— — 10,270 — — 10,270 794 11,064 
Issuance of common stock pursuant to stock-based compensation awards891 9 (9,762)(9,318)— (19,071)— (19,071)
Distributions to noncontrolling interest owners— — — — — — (7,476)(7,476)
Repurchases of common stock (12,766)(128)— (571,462)— (571,590)— (571,590)
Adjustment of redeemable noncontrolling interest to redemption value— — (34)— — (34)— (34)
Other— — (474)— — (474)(362)(836)
Balances, September 30, 2023340,915 $3,409 $— $3,962,925 $(617)$3,965,717 $463,063 $4,428,780 
Balances, January 1, 2023379,088 $3,791 $— $4,794,239 $33,499 $4,831,529 $378,594 $5,210,123 
Net income— — — 828,720 — 828,720 106,111 934,831 
Currency translation adjustment— — — — (34,987)(34,987)(1,488)(36,475)
Stock-based compensation— — 44,092 — — 44,092 2,093 46,185 
Issuance of common stock pursuant to stock-based compensation awards1,096 11 (12,328)(9,318)— (21,635)— (21,635)
Distributions to noncontrolling interest owners— — — — — — (21,566)(21,566)
Issuance of restricted stock units— — 1,701 — — 1,701 — 1,701 
Repurchases of common stock (39,269)(393)(33,688)(1,650,716)— (1,684,797)— (1,684,797)
Adjustment of redeemable noncontrolling interest to redemption value— — 1,377 — — 1,377 — 1,377 
Other— — (1,154)— 871 (283)(681)(964)
Balances, September 30, 2023340,915 $3,409 $— $3,962,925 $(617)$3,965,717 $463,063 $4,428,780 

The accompanying notes are an integral part of these consolidated financial statements.
6

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 1 — 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 September 30, 2024, 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, Luxor, New York-New York, Park MGM, 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 (“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”), 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 plans to develop an integrated resort in Osaka, Japan.

Reportable segments. The Company has three reportable segments: Las Vegas Strip Resorts, Regional Operations and MGM China. See Note 11 for additional information about the Company’s segments.

NOTE 2 — 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 (“U.S. GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2023 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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 BREIT 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
7

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, 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 5;
•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 $433 million and $435 million as of September 30, 2024 and December 31, 2023, 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 September 30, 2024, the Company recorded a net gain on its equity investments of $48 million. For the nine months ended September 30, 2024, the Company recorded a net loss on its equity investments of $2 million. For the three and nine months ended September 30, 2023, the Company recorded a net loss on its equity investments of $57 million and $52 million, respectively.

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 September 30, 2024, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates. As of September 30, 2024, the fair value of derivatives classified as assets were $27 million, with $12 million in current assets and $15 million in long-term assets, and liabilities of $21 million, with $19 million in current liabilities and $2 million in long-term liabilities. As of December 31, 2023, the fair value of derivatives classified as assets were $10 million, with $1 million in current assets and $9 million in long-term assets, and liabilities of $17 million, with $8 million in current liabilities and $9 million in long-term liabilities.

For the three months ended September 30, 2024, the Company recorded a net gain on its derivatives of $87 million and for the nine months ended September 30, 2024, the Company recorded a net loss on its derivatives of $13 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.
8


The following table presents information regarding the Company’s debt investments:

Fair value levelSeptember 30, 2024December 31, 2023
(In thousands)
Cash and cash equivalents:
Money market funds
Level 1
$217,131 $18,828 
Cash and cash equivalents
217,131 18,828 
Short-term investments:
U.S. government securitiesLevel 15,978 37,805 
U.S. agency securitiesLevel 2— 9,804 
Corporate bondsLevel 2189,242 364,926 
Asset-backed securities
Level 2
4,415 7,170 
Short-term investments
199,635 419,705 
Total debt investments
$416,766 $438,533 

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 September 30, 2024 and December 31, 2023, securing the bank guarantees discussed in Note 8 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 September 30, 2024 and December 31, 2023.

Accounts receivable. As of September 30, 2024 and December 31, 2023, the loss reserve on accounts receivable was $145 million and $130 million, respectively.

Note receivable. In February 2023, the secured note receivable related to the sale of Circus Circus Las Vegas and the adjacent land was repaid, prior to maturity, for $170 million, which approximated its carrying value on the date of repayment.

Accounts payable. As of September 30, 2024 and December 31, 2023, the Company had accrued $90 million and $84 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.

9

The following table summarizes the activity related to contract and contract-related liabilities:

 Outstanding Chip LiabilityLoyalty ProgramCustomer Advances and Other
 2024 20232024 20232024 2023
 (In thousands)
Balance at January 1$211,606 $185,669 $201,973 $183,602 $766,226 $816,376 
Balance at September 30171,502 185,615 213,330 204,333 795,489 847,572 
Increase / (decrease)$(40,104)$(54)$11,357 $20,731 $29,263 $31,196 

The January 1, 2023 balances exclude liabilities related to assets held for sale related to Gold Strike Tunica.

Revenue by source. The Company presents the revenue earned disaggregated by the type or nature of the good or service (casino, room, food and beverage, and entertainment, retail and other) and by relevant geographic region within Note 11.

Leases. Refer to Note 7 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 and nine months ended September 30, 2024, lease revenues from third-party tenants include $21 million and $62 million recorded within food and beverage revenue, respectively and $28 million and $86 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. For the three and nine months ended September 30, 2023, lease revenues from third-party tenants include $20 million and $57 million recorded within food and beverage revenue, respectively and $27 million and $86 million recorded within entertainment, retail, and other revenue for the same such periods, respectively. Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations.

Redeemable noncontrolling interest. Noncontrolling interests with redemption features, such as put rights, that are not exclusively in the Company’s control, are considered redeemable noncontrolling interests. Redeemable noncontrolling interests are presented outside of stockholders’ equity within the mezzanine section of the accompanying consolidated balance sheets. The interests are initially accounted for at fair value and subsequently adjusted to the greater of the redemption value and carrying value (initial fair value adjusted for attributed net income (loss) and distributions, as applicable). The Company records such adjustments to retained earnings, to the extent available, with any residual amount applied against capital in excess of par value.

During the nine months ended September 30, 2023, the Company purchased $138 million of interests from its redeemable noncontrolling interest parties.

NOTE 3 — ACQUISITIONS AND DIVESTITURES

Push Gaming acquisition. On August 31, 2023, LeoVegas acquired 86% of digital gaming developer, Push Gaming Holding Limited (“Push Gaming”) for total consideration of $146 million, which was allocated to $126 million of goodwill and $40 million of amortizable intangible assets.

Gold Strike Tunica. On February 15, 2023, the Company completed the sale of the operations of Gold Strike Tunica to CNE Gaming Holdings, LLC, a subsidiary of Cherokee Nation Business, for cash consideration of $450 million, or $474 million, net of purchase price adjustments and transaction costs. At closing, the master lease between the Company and VICI was amended to remove Gold Strike Tunica and to reflect a $40 million reduction in annual cash rent. The Company recognized a $399 million gain recorded within “Property transactions, net.” The gain reflects the net cash consideration less the net carrying value of the assets and liabilities derecognized of $75 million.

NOTE 4 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Investments in and advances to unconsolidated affiliates were $414 million and $241 million as of September 30, 2024 and December 31, 2023, respectively. The Company’s share of losses of BetMGM in excess of its equity method investment balance is $44 million and $5 million as of September 30, 2024 and December 31, 2023, respectively.
10


The Company recorded its share of income (loss) from unconsolidated affiliates as follows:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (In thousands)
Income (loss) from unconsolidated affiliates$7,989 $22,507 $(51,319)$(68,681)
Non-operating items from unconsolidated affiliates417 438 2,043 (1,187)
 $8,406 $22,945 $(49,276)$(69,868)

The following table summarizes information related to the Company’s share of operating income (loss) from unconsolidated affiliates:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (In thousands)
BetMGM$3,211 $12,629 $(67,781)$(91,743)
Other4,778 9,878 16,462 23,062 
 $7,989 $22,507 $(51,319)$(68,681)


NOTE 5 — LONG-TERM DEBT

Long-term debt consisted of the following:
 September 30,
2024		 December 31,
2023
 (In thousands)
MGM China first revolving credit facility$353,743 $371,300 
5.375% MGM China senior notes, due 2024
— 750,000 
6.75% senior notes, due 2025
— 750,000 
5.75% senior notes, due 2025
675,000 675,000 
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 — 
7.125% MGM China senior notes, due 2031
500,000 — 
6.5% senior notes, due 2032
750,000 — 
7% debentures, due 2036
552 552 
 6,954,295 6,371,852 
Less: Unamortized discounts and debt issuance costs, net
(45,020)(28,042)
6,909,275 6,343,810 
Less: Current portion
(675,000)— 
$6,234,275 $6,343,810 

11

MGM China’s 5.25% senior notes due within one year of the September 30, 2024 balance sheet was classified as long-term as MGM China has both the intent and ability to refinance the notes on a long-term basis under its revolving credit facilities.

Senior secured credit facility. In February 2024, the Company amended its senior secured credit facility to increase the facility to $2.3 billion and extend the maturity date to February 2029. At September 30, 2024, 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 September 30, 2024.

MGM China first revolving credit facility. At September 30, 2024, the MGM China first revolving credit facility consisted of a HK$9.75 billion (approximately $1.3 billion) unsecured revolving credit facility, which matures in May 2026, and had a weighted average interest rate of 6.82%.

The MGM China first 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. The financial covenants under the MGM China first revolving credit facility are waived through December 31, 2024 and become effective beginning on March 31, 2025. MGM China was in compliance with its applicable MGM China first revolving credit facility covenants at September 30, 2024.

MGM China second revolving credit facility. At September 30, 2024, the MGM China second revolving credit facility consisted of a HK$5.85 billion (approximately $753 million) unsecured revolving credit facility. The option to increase the amount of the facility was further exercised in May 2024, increasing the facility by HK$1.26 billion (approximately $161 million) to its full capacity of HK$5.85 billion. At September 30, 2024, no amounts were drawn on the MGM China second revolving credit facility.

The MGM China second 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. The financial covenants under the MGM China second revolving credit facility are waived through December 31, 2024 and become effective beginning on March 31, 2025. MGM China was in compliance with its applicable MGM China second revolving credit facility covenants at September 30, 2024.

Senior notes. In September 2024, the Company issued $850 million in aggregate principal amount of 6.125% notes due 2029. The Company used the net proceeds from the offering to fund the early redemption of its $675 million in aggregate principal amount of 5.75% notes due 2025 at a redemption price of 100.607% in October 2024, with the remainder primarily used for general corporate purposes.

In April 2024, the Company issued $750 million in aggregate principal amount of 6.5% notes due 2032. The Company used the net proceeds from the offering to fund the early redemption of its $750 million in aggregate principal amount of 6.75% notes due 2025 in May 2024.

In March 2023, the Company repaid its $1.25 billion 6% notes due 2023 upon maturity.

MGM China senior notes. In June 2024, MGM China issued $500 million in aggregate principal amount of 7.125% notes due 2031.

In May 2024, MGM China repaid its $750 million in aggregate principal amount of 5.375% notes due 2024.

LeoVegas senior notes. In August 2023, LeoVegas repaid its outstanding senior unsecured notes totaling $36 million.

Fair value of long-term debt. The estimated fair value of the Company’s long-term debt was $6.9 billion and $6.3 billion at September 30, 2024 and December 31, 2023, respectively.

12

NOTE 6 — INCOME TAXES

For interim income tax reporting the Company estimates its annual effective tax rate and applies it to its year-to-date ordinary income. The 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 17.7% and 9.3% for the three and nine months ended September 30, 2024, respectively, compared to 5.5% and 18.9% for the three and nine months ended September 30, 2023, respectively.

On January 29, 2024, MGM Grand Paradise was granted an extension of its exemption from the Macau 12% complementary tax on gaming profits for the period of January 1, 2023 through December 31, 2027.

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.

NOTE 7 — 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 are:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1)
$575,293 $575,112 $1,725,494 $1,731,572 
Finance lease costs
Interest expense$8,891 $2,484 $27,701 $7,005 
Amortization expense14,755 17,030 40,711 51,869 
Total finance lease costs$23,646 $19,514 $68,412 $58,874 
(1)Operating lease cost includes $83 million for each of the three months ended September 30, 2024 and 2023 and $248 million for each of the nine months ended September 30, 2024 and 2023 related to the Bellagio lease, which is held with a related party.

13

 September 30,
2024		December 31,
2023
(In thousands)
Operating leases
Operating lease ROU assets, net(1)
$23,658,647 $24,027,465 
Operating lease liabilities - current, classified within “Other accrued liabilities”
$88,364 $74,988 
Operating lease liabilities - long-term(2)
25,092,217 25,127,464 
Total operating lease liabilities$25,180,581 $25,202,452 
Finance leases
Finance lease ROU assets, net, classified within “Property and equipment, net”
$320,200 $85,783 
Finance lease liabilities - current, classified within “Other accrued liabilities”
$71,455 $9,166 
Finance lease liabilities - long-term, classified within “Other long-term obligations”
259,464 85,391 
Total finance lease liabilities$330,919 $94,557 
Weighted average remaining lease term (years)
Operating leases2525
Finance leases822
Weighted average discount rate (%)
Operating leases7 7 
Finance leases6 6 
(1)As of September 30, 2024 and December 31, 2023, operating lease right-of-use assets, net included $3.4 billion and $3.5 billion related to the Bellagio lease, respectively.
(2)As of September 30, 2024 and December 31, 2023, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease. As of September 30, 2024, operating lease liabilities – current included $2 million related to the Bellagio lease.

 Nine Months Ended
September 30,
 20242023
Cash paid for amounts included in the measurement of lease liabilities(In thousands)
Operating cash outflows from operating leases$1,377,717 $1,350,828 
Operating cash outflows from finance leases11,389 4,917 
Financing cash outflows from finance leases(1)
38,745 53,211 
ROU assets obtained in exchange for new lease liabilities
Operating leases$5,079 $12,347 
Finance leases272,878 518 
(1)Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows.

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Maturities of lease liabilities were as follows:
 Operating Leases  Finance Leases
Year ending December 31, (In thousands)
2024 (excluding the nine months ended September 30, 2024)$459,142 $25,229 
20251,864,318 84,460 
20261,889,911 81,026 
20271,917,382 80,708 
20281,945,374 29,445 
Thereafter48,944,154 128,248 
Total future minimum lease payments57,020,281 429,116 
Less: Amount of lease payments representing interest(31,839,700)(98,197)
Present value of future minimum lease payments25,180,581 330,919 
Less: Current portion(88,364)(71,455)
Long-term portion of lease liabilities$25,092,217 $259,464 

NOTE 8 — 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. federal and state 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. In addition, the Company is the subject of investigations by state and federal 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. The Company has incurred, and expects to continue to incur, certain expenses related to the cybersecurity issue, including expenses to respond to, remediate, and investigate this matter. The full scope of the costs and related impacts of this issue, including the extent to which all of the costs will be offset by cybersecurity insurance, has not been determined.

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.

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 September 30, 2024) 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 September 30, 2024, MOP 700 million of the bank guarantees (approximately $87 million as of September 30, 2024) were secured by pledged cash.

Shortfall guarantees. The Company provides shortfall guarantees of the $3.01 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of Bellagio BREIT Venture, the landlord of Bellagio, which matures in 2029, and of the $3.0 billion principal amount of indebtedness (and any interest accrued and unpaid thereon) of the landlords of Mandalay Bay and MGM Grand Las Vegas, which matures in 2032 and has an anticipated repayment date of March 2030. The terms of the shortfall guarantees 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
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value of the collateral, which is the real estate assets of the applicable property owned by the landlord, and the debt obligation. The guarantees are accounted for under ASC 460 at fair value; such value is immaterial.

MGM/Osaka IR KK guarantees. The Company provides for guarantees (1) in the amount of 12.65 billion yen (approximately $88 million as of September 30, 2024) 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 $302 million as of September 30, 2024, is pledged as collateral for Osaka IR KK’s obligations under its credit agreement.

MGM/Osaka IR KK funding commitment. The Company has commitments to fund Osaka IR KK for its proportionate share of the unfinanced portion of Osaka IR KK’s development project, of which approximately 271 billion yen (approximately $1.9 billion as of September 30, 2024) remains to be funded as of September 30, 2024. The amount and timing of funding is subject to change based upon inflation, the progress and scope of the development, and other factors, which may increase the funding. During the three and nine months ended September 30, 2024, the Company funded 22.2 billion yen (approximately $138 million) and 25.2 billion yen (approximately $157 million), respectively, of the committed amount to Osaka IR KK. During the three and nine months ended September 30, 2023, the Company funded 10.3 billion yen (approximately $69 million) of the committed amount to Osaka IR KK.

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 September 30, 2024, $28 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.

NOTE 9 — 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
September 30,		Nine Months Ended
September 30,
 2024202320242023
 (In thousands)
Numerator:  
Net income attributable to MGM Resorts International$184,578 $161,117 $589,126 $828,720 
Adjustment related to redeemable noncontrolling interests(216)(34)14 1,376 
Net income attributable to common stockholders – basic and diluted$184,362 $161,083 $589,140 $830,096 
Denominator:
Weighted-average common shares outstanding – basic300,499 347,345 310,688 360,732 
Potential dilution from stock-based awards
2,980 4,045 3,164 4,115 
Weighted-average common and common equivalent shares – diluted303,479 351,390 313,852 364,847 

NOTE 10 — STOCKHOLDERS’ EQUITY

MGM Resorts International stock repurchases. In March 2022, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan, in February 2023, the Company announced that the Board of Directors authorized a $2.0 billion stock repurchase plan and, in November 2023, 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
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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 September 30, 2023, the Company repurchased approximately 13 million shares of its common stock for an aggregate amount of $572 million. During the nine months ended September 30, 2023, the Company repurchased approximately 39 million shares of its common stock for an aggregate amount of $1.7 billion. In connection with these repurchases, the March 2022 stock repurchase plan was completed. Repurchased shares were retired.

During the three months ended September 30, 2024, the Company repurchased approximately 8 million shares of its common stock for an aggregate amount of $326 million. During the nine months ended September 30, 2024, the Company repurchased approximately 30 million shares of its common stock for an aggregate amount of $1.3 billion. In connection with these repurchases, the February 2023 stock repurchase plan was completed. Repurchased shares were retired. The remaining availability under the November 2023 $2.0 billion stock repurchase plan was $946 million as of September 30, 2024.

NOTE 11 — 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.

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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