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GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill and other intangible assets consisted of the following:
 December 31,
 20252024
 (In thousands)
Goodwill$4,901,960 $5,145,004 
 
Indefinite-lived intangible assets:
Trademarks$598,977 $749,399 
Gaming rights and other99,529 382,065 
Total indefinite-lived intangible assets698,506 1,131,464 
Finite-lived intangible assets:
Customer lists291,657 296,600 
Less: Accumulated amortization(182,549)(150,715)
 109,108 145,885 
Gaming rights348,043 339,248 
Less: Accumulated amortization(124,255)(93,151)
223,788 246,097 
Technology and other470,996 270,986 
Less: Accumulated amortization(145,722)(79,051)
 325,274 191,935 
Total finite-lived intangible assets, net658,170 583,917 
Total other intangible assets, net$1,356,676 $1,715,381 
Goodwill. A summary of changes in the Company’s goodwill is as follows:
 2025
 Balance at January 1
Acquisitions
Impairment
Reclassifications
Currency exchangeBalance at December 31
 (In thousands)
Las Vegas Strip Resorts$2,707,009 $— $— $— $— $2,707,009 
Regional Operations660,940 — (256,133)(17,915)— 386,892 
MGM China1,356,625 — — — (2,510)1,354,115 
MGM Digital
420,430 — (22,794)— 56,308 453,944 
 $5,145,004 $— $(278,927)$(17,915)$53,798 $4,901,960 

 2024
 Balance at January 1Acquisitions
Impairment
Reclassifications
Currency exchangeBalance at December 31
 (In thousands)
Las Vegas Strip Resorts$2,707,009 $— $— $— $— $2,707,009 
Regional Operations660,940 — — — — 660,940 
MGM China1,349,356 — — — 7,269 1,356,625 
MGM Digital
448,389 215 — — (28,174)420,430 
 $5,165,694 $215 $— $— $(20,905)$5,145,004 

Refer to Note 4 for discussion on assets held for sale (reclassifications).

Empire City goodwill and gaming license impairment. The value of the Empire City reporting unit has been dependent upon the Company obtaining a commercial gaming license and the timing thereof, as well as other assumptions related to constructing and operating a commercial gaming facility. In the third quarter of 2025, the competitive and economic assumptions underpinning the Company’s return expectations on its investment in a commercial gaming facility changed, which led the Company to determine it would withdraw its application for a commercial gaming license for Empire City. Accordingly, the Company performed an interim impairment test of the goodwill related to the Empire City reporting unit using a discounted cash flow model to estimate fair value. As a result of the decrease in forecasted cash flows, the carrying value of Empire City exceeded its fair value. As such, the Company recorded an impairment of the full amount of the Empire City reporting unit’s goodwill of $256 million, which is reflected within Regional Operations above and presented in “Goodwill impairment” in the accompanying statements of operations. Additionally, the Company recorded an impairment of $52 million relating to Empire City’s existing gaming license, presented in “Property transactions, net” in the accompanying statements of operations.

Amortization expense. Amortization expense related to intangible assets was $139 million, $119 million and $103 million for 2025, 2024, and 2023, respectively. As of December 31, 2025, estimated future amortization was as follows:

Years ending December 31,
(In thousands)
2026$147,716 
2027127,799 
202890,504 
202968,682 
203044,840 
Thereafter178,629 
 $658,170