The following reflects selected historical financial data that should be read in conjunction with “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. The historical results are not necessarily indicative of the results of operations to be expected in the future.
2019
2018
2017
2016
2015
(In thousands, except per share data)
Net revenues
$
12,899,672
$
11,763,096
$
10,797,479
$
9,478,269
$
9,179,590
Operating income (loss)
3,940,215
1,469,486
1,712,527
2,078,199
(152,838
)
Net income (loss)
2,214,380
583,894
2,088,184
1,235,846
(1,037,444
)
Net income (loss) attributable to MGM Resorts International
2,049,146
466,772
1,952,052
1,100,408
(445,515
)
Earnings (loss) per share - Basic
$
3.90
$
0.82
$
3.38
$
1.94
$
(0.82
)
Earnings (loss) per share - Diluted
$
3.88
$
0.81
$
3.34
$
1.92
$
(0.82
)
Dividends declared per common share
$
0.52
$
0.48
$
0.44
$
—
$
—
Total assets
$
33,876,356
$
30,210,706
$
29,160,042
$
28,174,400
$
25,215,178
Long-term obligations(1)
15,915,508
15,449,495
13,115,246
13,359,339
12,532,224
MGM Resorts International stockholders' equity
7,727,265
6,512,283
7,577,061
6,192,825
5,119,927
(1)
Includes long-term debt, operating lease liabilities, other long-term obligations (which includes finance lease liabilities), and redeemable noncontrolling interests.
The following events/transactions affect the year-to-year comparability of the selected financial data presented above:
Acquisitions, Dispositions, and Significant Transactions
•
In 2016, we recorded a $401 million gain for our share of CityCenter’s gain on the sale of the Shops at Crystals (“Crystals”) and also recorded a $430 million gain on our acquisition of the remaining 50% ownership interest in Borgata on August 1, 2016, and began to consolidate Borgata beginning on that date.
•
In 2016, we received net proceeds of $1.1 billion in connection with MGP’s IPO.
•
In 2016, we opened MGM National Harbor.
•
In 2018, we opened MGM Cotai and MGM Springfield; MGP acquired Northfield.
•
In 2019, we acquired Empire City.
•
In 2019, we recorded a loss of $220 million related to the sale of Circus Circus Las Vegas and adjacent land and a gain of $2.7 billion related to the Bellagio transaction.
Other
•
In 2015, we recorded a goodwill impairment charge of $1.5 billion at MGM China. We also recorded an $80 million gain for our share of CityCenter’s gain resulting from the final resolution of its construction litigation and related settlements.
•
In 2016, we recorded a $152 million expense related to our strategic decision to exit the fully bundled sales system of NV Energy. In 2017, we then recorded a gain of $45 million related to the NV Energy exit fee modification.
•
In 2017, we began declaring dividends.
•
In 2017, we recorded a $1.4 billion tax benefit related to the enactment of the U.S. Tax Cuts and Jobs Act (“Tax Act”). In 2018, we then recorded a $20 million tax expense related to the Tax Act.
•
In 2018, we adopted the new accounting standard relating to revenue recognition on a full retrospective basis. Accordingly, financial data as of and for the years ended December 31, 2018, 2017, and 2016, and for the year ended December 31, 2015, reflect such retrospective adoption within the chart above. Financial data as of December 31, 2015 does not reflect such adoption.
•
In 2019, we adopted the new accounting standard related to leases utilizing the simplified transition method and accordingly did not recast comparative period financial information.
•
In 2019, we recorded a $198 million loss on early retirement of debt.
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