v3.25.4
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Information
 
Year Ended December 31,
 202520242023
 (In thousands)
Net revenue   
Las Vegas Strip Resorts   
Casino $2,013,701 $1,960,146 $2,127,612 
Rooms2,880,685 3,159,497 3,027,668 
Food and beverage 2,260,651 2,356,718 2,289,812 
Entertainment, retail and other1,286,466 1,339,752 1,354,054 
 8,441,503 8,816,113 8,799,146 
Regional Operations
Casino 2,772,734 2,737,778 2,712,205 
Rooms307,959 304,322 296,100 
Food and beverage 461,549 456,129 440,002 
Entertainment, retail and other230,091 222,093 222,002 
 3,772,333 3,720,322 3,670,309 
MGM China
Casino 3,909,643 3,496,697 2,787,837 
Rooms188,757 217,798 177,158 
Food and beverage 323,764 265,883 161,669 
Entertainment, retail and other39,579 42,006 26,945 
 4,461,743 4,022,384 3,153,609 
MGM Digital
Casino654,190 552,012 432,146 
Reportable segment net revenues17,329,769 17,110,831 16,055,210 
Corporate and other207,914 129,714 109,039 
 $17,537,683 $17,240,545 $16,164,249 
Expenses
Las Vegas Strip Resorts
Payroll related$2,623,256 $2,635,565 $2,517,233 
Cost of sales515,998 536,807 551,877 
Gaming taxes230,045 232,841 241,943 
Other segment items(1)
2,214,331 2,304,357 2,297,607 
5,583,630 5,709,570 5,608,660 
Regional Operations
Payroll related935,699 922,924 879,221 
Cost of sales161,998 166,872 159,670 
Gaming taxes763,166 757,824 735,179 
Other segment items(1)
748,243 729,146 763,043 
2,609,106 2,576,766 2,537,113 
MGM China
Payroll related633,050 565,858 473,616 
Cost of sales116,260 96,516 62,453 
Gaming taxes1,969,031 1,778,032 1,380,976 
Other segment items(1)
540,208 494,852 369,675 
3,258,5492,935,2582,286,720
MGM Digital
Payroll related128,715 87,579 71,929 
Marketing costs267,621 253,227 164,645 
Gaming taxes157,721 125,934 84,064 
Other segment items(2)
190,440 162,499 143,932 
$744,497 $629,239 $464,570 
(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.
Year Ended December 31,
202520242023
(In thousands)
Segment Adjusted EBITDAR
Las Vegas Strip Resorts$2,857,873 $3,106,543 $3,190,486 
Regional Operations1,163,227 1,143,556 1,133,196 
MGM China1,203,194 1,087,126 866,889 
MGM Digital
(90,307)(77,227)(32,424)

5,133,987 5,259,998 5,158,147 
 
Other operating income (expense)
Corporate and other, net(519,941)(500,447)(496,867)
Preopening and start-up expenses(1,086)(7,972)(415)
Property transactions, net(126,036)(81,316)370,513 
Goodwill impairment
(278,927)— — 
Depreciation and amortization(1,017,794)(831,097)(814,128)
Triple net lease rent expense
(2,258,405)(2,258,057)(2,263,649)
Income (loss) from unconsolidated affiliates69,982 (90,653)(62,104)
Operating income
1,001,7801,490,4561,891,497
Non-operating income (expense)
Interest expense, net of amounts capitalized(419,042)(443,230)(460,293)
Non-operating items from unconsolidated affiliates1,135 (734)(1,032)
Other, net(303,094)70,573 42,591 
(721,001)(373,391)(418,734)
Income before income taxes280,779 1,117,065 1,472,763 
Benefit (provision) for income taxes240,093 (52,457)(157,839)
Net income520,872 1,064,608 1,314,924 
Less: Net income attributable to noncontrolling interests(315,010)(318,050)(172,744)
Net income attributable to MGM Resorts International$205,862 $746,558 $1,142,180 

 
Year Ended December 31,
 202520242023
Capital expenditures:(In thousands)
Las Vegas Strip Resorts$513,605 $597,152 $527,104 
Regional Operations154,186 170,490 135,848 
MGM China195,211 148,813 45,331 
MGM Digital82,824 65,849 34,175 
Reportable segment capital expenditures945,826 982,304 742,458 
Corporate and other123,101 168,285 189,355 
 $1,068,927 $1,150,589 $931,813 
Schedule of Long Lived Assets Presented by Geographic Region
Long-lived assets, which includes property and equipment, net and operating and finance lease right-of-use assets, net, presented by geographic region were as follows:
 December 31,
 202520242023
Long-lived assets:(In thousands)
United States$26,478,770 $26,903,773 $26,698,996 
China
2,672,851 2,734,513 2,731,397 
Other
156,700 90,160 46,616 
 $29,308,321 $29,728,446 $29,477,009 
Schedule of Revenue by Geographic Region
Net revenue, for which the country was determined based upon the location of the property or online gaming hub, presented by geographic region were as follows:
 Year Ended December 31,
 202520242023
Net revenue:
(In thousands)
United States$12,411,625 $12,664,897 $12,577,085 
China
4,464,095 4,020,420 3,153,520 
Other
661,963 555,228 433,644 
 $17,537,683 $17,240,545 $16,164,249