7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-09-30 2013-12-31 2013-09-30 2013-06-30 2013-03-31 2012-06-30 2012-03-31 2011-09-30 2011-06-30 2011-03-31 2010-12-31 2010-09-30 2010-06-30 2010-03-31 2009-12-31 
      
    		                                                          
      cash flows from operating activities
    		                                                          
      net income
    		-206,729,000 118,094,000 226,731,000 237,916,000 244,164,000 282,802,000 299,726,000 379,612,000 211,885,000 243,544,000 479,883,000 -320,014,000 -1,061,087,000 1,622,625,000 -34,793,000 116,087,000 1,337,936,000 90,304,000 -335,938,000 -455,968,000 -601,971,000 -936,487,000 674,519,000 2,065,950,000 6,104,000 76,169,000 66,157,000 5,760,000 171,410,000 140,423,000 266,301,000 1,425,293,000 176,496,000 241,620,000 253,009,000 69,922,000 561,260,000 514,498,000 91,198,000 -1,473,497,000 94,735,000 126,467,000 212,646,000 49,338,000 40,877,000 23,625,000 -30,578,000 22,578,000 -70,434,000 -203,307,000 -106,575,000 3,450,691,000 -89,871,000 -139,189,000 -317,991,000 -883,476,000 -96,741,000 -433,918,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                                          
      depreciation and amortization
    		260,717,000 241,975,000 236,444,000 209,229,000 233,330,000 191,976,000 196,562,000 205,297,000 201,827,000 203,503,000 203,501,000 1,421,637,000 1,405,520,000 366,255,000 288,638,000 297,031,000 279,403,000 283,625,000 290,551,000 298,697,000 294,363,000 299,206,000 318,290,000 331,438,000 322,009,000 334,788,000 316,414,000 312,542,000 300,472,000 296,208,000 268,822,000 249,357,000 249,600,000 244,754,000 249,769,000 233,052,000 209,737,000 206,899,000 199,839,000 200,164,000 204,742,000 208,565,000 206,412,000 202,386,000 207,474,000 211,682,000 218,151,000 211,918,000 235,643,000 236,809,000 249,520,000 177,467,000 152,397,000 146,666,000 158,857,000 164,766,000 163,134,000 167,396,000 
      amortization of debt discounts and issuance costs
    		6,388,000 7,042,000 6,820,000 6,831,000                                                       
      loss on retirement of long-term debt
    		                        2,721,000   1,426,000 -443,000 1,617,000 1,019,000 14,351,000 30,547,000   29,000 16,783,000 49,460,000 661,000 0 0     8,000 3,767,000 24,000 0 58,740,000         
      benefit from credit losses
    		9,607,000 18,973,000 10,784,000 11,396,000 19,855,000 11,686,000 18,152,000 23,010,000 3,671,000 6,170,000 16,133,000 15,911,000 6,535,000 39,000 253,000 16,037,000 2,091,000 1,597,000 2,127,000                                        
      stock-based compensation
    		14,275,000 16,456,000 28,653,000 28,504,000 12,395,000 12,545,000 26,780,000 27,361,000 11,125,000 11,230,000 23,891,000 25,158,000 7,415,000 15,379,000 23,344,000 26,495,000 11,281,000 10,858,000 16,549,000 29,275,000 21,948,000 18,835,000 36,898,000 24,320,000 15,320,000 17,062,000 32,136,000 19,167,000 17,099,000 17,801,000 16,110,000 16,188,000 15,341,000 15,005,000 15,960,000 16,610,000 13,954,000 12,875,000 12,048,000 12,248,000 9,688,000 10,260,000 10,676,000 9,951,000 8,398,000 7,379,000 7,932,000 8,623,000 10,192,000 10,604,000 10,055,000 9,396,000 9,210,000 8,832,000 8,599,000 8,002,000 9,555,000 9,495,000 
      foreign currency transaction loss
    		                                                          
      property transactions
    		101,775,000 125,000 15,468,000 22,192,000 25,493,000 16,477,000 17,154,000 7,722,000 12,227,000 5,614,000 -396,076,000 -1,060,701,000 -11,639,000 -19,395,000 54,738,000 -68,578,000 3,677,000 -28,906,000 26,071,000 8,127,000 4,116,000 26,349,000 54,975,000 11,378,000 249,858,000 5,790,000 8,776,000 28,679,000 -42,400,000 16,970,000 5,898,000 27,629,000 7,711,000 13,243,000 1,696,000 12,361,000 -1,268,000 854,000 5,131,000 1,491,277,000 7,123,000 3,953,000 1,589,000 6,794,000 2,012,000 26,127,000 88,131,000 8,491,000 90,467,000 917,000 81,837,000 900,000 91,000 6,349,000 318,154,000 1,126,282,000 689,000 549,358,000 
      goodwill impairment
    		                                                          
      noncash lease expense
    		125,913,000 128,691,000 128,361,000 128,991,000 128,982,000 128,921,000 128,509,000 127,549,000 127,489,000 128,859,000 132,223,000 134,559,000 135,022,000 107,904,000 60,118,000 57,331,000 43,557,000 43,562,000 44,467,000 43,485,000 43,250,000 45,568,000 51,096,000                                    
      other investment gains
    		          -6,152,000    -14,983,000 10,155,000 47,611,000                                          
      (income) income from unconsolidated affiliates
    		-31,584,000                                  -32,782,000    5,792,000 -22,473,000 -33,412,000        14,850,000 40,175,000 24,153,000 -4,025,000 -23,053,000      
      distributions from unconsolidated affiliates
    		1,420,000 5,376,000 1,449,000 9,539,000 1,302,000 9,771,000 1,317,000 11,283,000 1,299,000 6,224,000 1,315,000 1,304,000 1,301,000 9,386,000 25,444,000 24,952,000 24,793,000 33,331,000 16,294,000 24,185,000 24,161,000 24,352,000 13,886,000     0 1,913,000 5,100,000 4,550,000 2,600,000 3,350,000 2,850,000 4,250,000 2,889,000 3,303,000 3,802,000 6,911,000 18,133,000 3,386,000 3,775,000 4,039,000 3,841,000 4,140,000 4,713,000 3,678,000 4,397,000 5,216,000 5,199,000 6,222,000 10,185,000 38,029,000 64,796,000 8,001,000 8,000,000 11,909,000 50,359,000 
      deferred income taxes
    		25,147,000 -18,216,000 -9,781,000 -16,174,000 -9,195,000 -51,544,000 -8,203,000 -129,106,000 -23,994,000 -2,276,000 38,098,000 124,349,000 -170,802,000 541,572,000 1,070,000 88,483,000 222,285,000 11,472,000 -80,293,000 -31,286,000 -79,668,000 -147,920,000 277,221,000 542,261,000 -15,828,000 786,000 67,827,000 105,482,000 12,224,000 18,760,000 -89,746,000 -1,360,346,000 82,570,000 22,122,000 -9,020,000 9,030,000 -52,114,000 -45,197,000 7,653,000 102,608,000 -25,535,000 -12,040,000 -68,648,000 9,431,000   6,018,000 63,125,000        -440,283,000 91,106,000 -72,954,000 
      change in operating assets and liabilities:
    		                                                          
      accounts receivable
    		102,819,000 -67,047,000 91,780,000 -117,418,000 33,822,000 -108,673,000 34,607,000 -137,584,000 -106,444,000 36,050,000 75,690,000 -145,131,000 -18,380,000 -37,791,000 -10,385,000 -68,560,000 -29,469,000 -92,183,000 -45,970,000 767,706,000 -55,716,000 111,884,000 136,225,000 -70,824,000 -735,866,000 31,119,000 48,961,000 -117,763,000 -57,948,000 -1,231,000 27,388,000 -31,972,000 -49,697,000 27,008,000 36,223,000 -57,948,000 -12,647,000 14,640,000 22,747,000 -17,469,000 -15,134,000 -23,767,000 -6,350,000 31,642,000 -75,172,000 29,033,000     -100,125,000 -2,522,000 -4,486,000 -4,798,000 2,738,000 -36,503,000 21,187,000 -70,213,000 
      inventories
    		-147,000 8,050,000 5,507,000 4,304,000 3,149,000 -451,000 -5,727,000 -5,758,000 -4,955,000 -2,121,000 -2,690,000 -14,239,000 1,031,000 -7,639,000 -5,780,000 -2,203,000 -3,957,000 3,356,000 5,911,000 9,013,000 9,476,000 -462,000 -3,322,000 -1,212,000 2,621,000 4,690,000 423,000 -6,403,000 5,471,000 -1,814,000 -5,114,000 -1,058,000 1,871,000 -2,673,000 -2,796,000 -329,000 4,751,000 -218,000 6,602,000 -3,704,000 3,952,000 -3,628,000 731,000 3,117,000 -9,574,000 2,782,000 3,947,000 2,509,000  2,061,000 1,035,000 -1,935,000 1,294,000 -2,912,000 3,326,000 -438,000 5,442,000 -3,688,000 
      income taxes receivable and payable
    		58,417,000 -20,333,000 49,407,000 -63,639,000 1,741,000 -123,893,000 52,949,000 23,378,000 -33,419,000 -183,016,000 134,564,000 161,224,000 116,000 -3,447,000 39,204,000 -74,850,000 27,184,000 15,984,000 1,238,000 -73,037,000 -3,870,000 -122,048,000 -17,295,000 -3,296,000 -2,881,000 -2,461,000 9,897,000 -8,877,000 3,569,000 18,528,000 900,000 -48,565,000 13,375,000 -84,710,000 66,696,000 11,312,000 -2,522,000 -2,184,000 6,779,000 -7,402,000 -2,382,000 -3,041,000 6,879,000 -30,424,000 14,115,000 -6,067,000 2,602,000 2,818,000  54,657,000 370,000 175,678,000 2,606,000 2,155,000 12,620,000 335,313,000 -152,102,000 -219,863,000 
      prepaid expenses and other
    		-70,785,000 59,083,000 -70,475,000 68,639,000 -29,581,000 35,253,000 -39,249,000 23,213,000 -70,684,000 20,267,000 -23,671,000 10,979,000 -56,217,000 44,582,000 -13,768,000 15,547,000 -40,320,000 15,423,000 -27,258,000 44,858,000 -21,403,000 16,619,000 -40,111,000 30,672,000 -44,787,000 62,132,000 -40,450,000 31,155,000 -52,105,000 32,127,000 -26,712,000 3,279,000 -43,737,000 34,383,000 -40,899,000 35,811,000 -14,014,000 38,776,000 -40,381,000 14,890,000 -18,546,000 27,348,000 -37,386,000 9,705,000 31,058,000 -39,202,000     -14,215,000 32,884,000 -11,685,000 13,175,000 -25,960,000 29,042,000 -14,610,000 3,200,000 
      accounts payable and accrued liabilities
    		-9,948,000 32,105,000 -227,015,000 125,234,000 53,617,000 -61,630,000 -224,616,000 133,207,000 288,850,000 66,884,000 -78,810,000 91,639,000 106,169,000 46,594,000 -60,563,000 60,504,000 194,622,000 211,263,000 -23,763,000 -932,602,000 190,992,000 -63,434,000 -577,936,000 -13,670,000 598,477,000 -21,936,000 -97,269,000 -29,042,000 -65,510,000 2,343,000 113,717,000 416,405,000 105,466,000 38,712,000 -141,058,000 184,198,000 160,919,000 21,415,000 -93,704,000 -31,067,000 48,289,000 -78,863,000 -77,428,000 -91,206,000 -73,524,000 91,917,000   -44,326,000 130,230,000 66,469,000 -31,208,000 -12,761,000 57,862,000 42,037,000 -5,024,000 -83,667,000 59,550,000 
      other
    		58,067,000 -67,033,000 -25,582,000 82,346,000 -60,500,000 71,643,000 30,668,000 -41,600,000 39,343,000 18,629,000 22,841,000 -32,394,000 10,394,000 11,268,000 -4,311,000 -45,722,000 -38,584,000 -7,596,000 -33,745,000 -8,940,000 -15,932,000 -14,909,000 -8,969,000 -7,708,000 -10,860,000 -7,084,000 -10,257,000 -17,951,000 4,673,000 -14,696,000 -6,531,000 -14,737,000 -4,575,000 2,508,000 -4,377,000 -25,960,000 -1,755,000 -819,000 -11,230,000 -37,320,000 -99,000 5,887,000 5,401,000 10,514,000 -3,511,000 10,356,000     12,701,000 4,395,000 -4,339,000 -12,662,000 -4,175,000 -11,871,000 16,379,000 -7,274,000 
      net cash from operating activities
    		681,434,000 645,870,000 547,079,000 671,555,000 667,431,000 474,238,000 549,271,000 715,938,000 694,080,000 576,706,000 704,053,000 423,188,000 400,561,000 512,231,000 420,482,000 486,718,000 518,289,000 456,026,000 -87,610,000 -243,438,000 -164,103,000 -662,565,000 -422,937,000 454,293,000 388,275,000 568,051,000 399,782,000 327,073,000 302,315,000 515,487,000 577,664,000 694,502,000 572,783,000 533,691,000 405,435,000 484,967,000 435,359,000 389,050,000 224,596,000 267,299,000 290,511,000 271,621,000 175,648,000 219,190,000 214,691,000 365,695,000 535,406,000 194,656,000 220,562,000 291,694,000 184,117,000 272,945,000 23,978,000 123,616,000 30,554,000 394,753,000 -44,909,000 69,598,000 
      cash flows from investing activities
    		                                                          
      capital expenditures
    		-275,989,000 -268,442,000 -228,041,000 -404,017,000 -336,250,000 -238,242,000 -172,080,000 -328,760,000 -209,756,000 -253,477,000 -139,820,000 -308,497,000 -219,726,000 -135,261,000 -101,583,000                                            
      free cash flows
    		405,445,000 377,428,000 319,038,000 267,538,000 331,181,000 235,996,000 377,191,000 387,178,000 484,324,000 323,229,000 564,233,000 114,691,000 180,835,000 376,970,000 318,899,000                                            
      dispositions of property and equipment
    		522,000 31,000 60,000 9,707,000 1,791,000 1,134,000 547,000 -702,000 509,000 439,000 5,185,000 102,271,000 768,000 6,063,000 2,917,000 96,409,000 821,000 8,865,000 505,000 5,703,000 241,000 17,000 175,000 642,000 1,363,000 232,000 341,000 25,037,000 135,000 215,000 225,000 347,000 78,000 113,000 180,000 654,000 1,631,000 1,432,000 227,000 7,689,000 84,000 95,000 164,000 125,000 17,484,000 223,000 88,000 235,000   112,000   70,927,000 6,575,000   224,000 
      investments in unconsolidated affiliates
    		-122,856,000   0 -140,880,000 -31,169,000 -10,029,000 -16,588,000 -70,664,000 -38,058,000 -35,730,000 -28,469,000 -59,136,000 -38,004,000 -129,177,000 -75,044,000 -50,000,000 -25,000,000 -76,845,000 -25,815,000 -32,766,000 -17,695,000 -20,649,000  -602,000 -71,111,000 -9,558,000  0 0 -2,503,000  -1,148,000 -1,273,000 -3,500,000                        
      acquisitions, net of cash acquired
    		   0 -113,391,000 0 -491,000 0    430,000 -291,809,000                                              
      investments and other
    		-6,223,000 -24,959,000 419,000 -10,177,000 94,341,000 -9,329,000 73,048,000 50,879,000 39,659,000 6,863,000 -223,348,000 -285,000,000 -83,081,000                                              
      net cash from investing activities
    		-334,879,000 -378,290,000 -227,040,000 -403,925,000 -493,829,000 -276,999,000 -108,410,000 -293,621,000 -361,537,000 -271,195,000 212,178,000 535,545,000 -644,045,000 2,464,064,000 -237,383,000 -133,376,000 1,950,743,000 -118,810,000 -154,912,000 -112,250,000 -69,561,000 -21,566,000 2,362,681,000 4,548,687,000 -151,688,000 -150,754,000 -726,811,000 -284,329,000 -1,119,259,000 -247,056,000 -432,377,000 -453,978,000 -533,836,000 -126,829,000 -465,949,000 -686,435,000 -1,157,543,000 -2,202,000 -430,024,000 -393,005,000 -225,174,000 -293,676,000 116,797,000 -188,893,000 -188,785,000 -131,139,000     -95,269,000 331,683,000 -110,537,000 -165,157,000 -54,736,000 -49,952,000 -316,234,000 -55,969,000 
      cash flows from financing activities
    		                                                          
      net borrowings (repayments) under bank credit facilities - maturities of 90 days or less
    		  50,374,000      -172,587,000    99,388,000 855,796,000 -18,134,000                                            
      issuance of long-term debt
    		   0 850,000,000           0 0 0 749,775,000 1,500,000,000 0   0 0 2,500,000,000 750,000,000 0 0       0                     845,000,000  
      repayment of long-term debt
    		0   -675,000,000 0   0 -35,600,000 0 -1,250,000,000                                                
      debt issuance costs
    		0   -50,000 -12,945,000 -15,715,000 -9,608,000 -918,000    0 0 0 -1,367,000 -7,368,000 -12,000 -2,134,000 -9,212,000 -20,318,000 -1,822,000 -30,869,000 -9,339,000 0 -17,845,000 -35,435,000 -10,111,000 -11,711,000 -31,000 -60,233,000 -4,544,000 -217,000 -4,357,000 -498,000 -4,905,000 -1,130,000 -15,193,000 -90,684,000 -32,577,000 0 -531,000    -6,515,000 0        -8,300,000 0 -27,877,000 -70,654,000 1,172,000 
      distributions to noncontrolling interest owners
    		-78,710,000 -68,230,000 -11,807,000 -84,998,000 -8,633,000 -83,364,000 -11,572,000 -8,000,000 -7,476,000 -143,681,000 -17,936,000 -2,907,000 -1,538,000 -88,215,000 -118,039,000 -84,676,000 -83,938,000 -79,186,000 -76,390,000 -66,610,000 -65,127,000 -81,995,000 -72,653,000 -51,064,000 -69,821,000 -55,879,000 -46,539,000 -35,406,000 -48,119,000 -54,027,000 -47,380,000 -30,732,000 -49,798,000 -65,029,000 -24,843,000 -24,677,000 -45,892,000 -30,531,000 -2,267,000 -2,665,000 -40,108,000 -61,830,000 -202,624,000 -71,275,000 0 -59,332,000             
      repurchases of common stock
    		-12,000 -227,883,000 -489,280,000 -119,826,000 -322,727,000 -408,766,000 -506,571,000 -623,029,000 -565,669,000 -618,820,000 -484,399,000 -352,208,000                                               
      net cash from financing activities
    		-172,495,000 -589,686,000 -470,219,000 -790,482,000 349,653,000 -494,482,000 -628,970,000 -827,534,000 -847,561,000 -949,403,000 -2,380,133,000 -243,738,000 -241,133,000 -373,844,000 -2,165,587,000 -720,668,000 -2,523,413,000 -883,513,000 1,313,499,000 863,589,000 -7,985,000 -496,930,000 1,744,753,000 -3,909,708,000 -162,107,000 -482,630,000 24,851,000 181,837,000 845,548,000 -521,101,000 -117,050,000 -726,798,000 190,965,000 -43,411,000 10,466,000 201,710,000 -334,932,000 451,682,000 200,962,000 -19,868,000 -591,870,000 164,636,000 189,223,000 -79,559,000 402,174,000 -137,884,000     804,810,000 -114,103,000 18,870,000 -12,252,000 -436,269,000 227,820,000 -1,254,477,000 1,145,588,000 
      effect of exchange rate on cash, cash equivalents, and restricted cash
    		2,221,000 8,778,000 5,089,000 -12,147,000 13,533,000 -10,669,000 -17,600,000 16,915,000 -11,923,000 -17,913,000 -6,480,000 12,241,000 -1,698,000 -262,000 -1,355,000                                            
      cash, cash equivalents, and restricted cash
    		                                                          
      net change for the period
    		176,281,000 -313,328,000 -145,091,000 -534,999,000 536,788,000 -307,912,000 -205,709,000 -388,302,000 -526,941,000 -661,805,000 -1,444,444,000  -488,739,000 2,564,957,000 -1,983,843,000                                            
      balance, beginning of period
    		0 0 2,503,064,000 0 0 0 3,014,896,000 0 0 0 6,036,388,000 0 0 0 5,203,059,000 0 0 0 5,101,637,000 0 0 0 2,329,604,000 0 0 0 1,526,762,000 0 0 0 1,499,995,000 0 0 0 1,446,581,000 0 0 0 1,670,312,000 0 0 0 1,713,715,000 0 0 0 0 1,543,509,000 0 1,865,913,000 0 0 498,964,000 0 0 0 2,056,207,000  
      balance, end of period
    		176,281,000 -313,328,000 2,357,973,000 -534,999,000 536,788,000 -307,912,000 2,809,187,000 -388,302,000 -526,941,000 -661,805,000 4,591,944,000 740,954,000 -488,739,000 2,564,957,000 3,219,216,000 -367,774,000 -55,399,000 -545,280,000 6,171,512,000 507,765,000 -241,633,000 -1,180,912,000 6,016,417,000 1,096,035,000 72,978,000 -62,813,000 1,223,404,000 224,085,000 29,805,000 -252,530,000 1,525,402,000 -486,693,000 229,626,000 361,618,000 1,395,444,000 423,000 -1,057,097,000 838,350,000 1,664,905,000 -137,483,000 -534,545,000 146,805,000 2,195,535,000 -51,710,000 428,266,000 96,730,000 -201,964,000 1,480,637,000 97,029,000 1,634,892,000 893,572,000 490,278,000 431,275,000 -53,793,000 -460,451,000 572,621,000 440,587,000  
      supplemental cash flow disclosures
    		                                                          
      interest paid, net of amounts capitalized
    		72,049,000 127,417,000 70,023,000 144,237,000 50,288,000 163,373,000 48,362,000 150,987,000 50,704,000 158,230,000 92,239,000 161,928,000 82,080,000 146,108,000 183,513,000   200,920,000 146,631,000 211,198,000 139,101,000 127,417,000 162,002,000 229,185,000 182,589,000 205,849,000 209,347,000 206,741,000 192,089,000 156,375,000 168,404,000 135,786,000 180,861,000 129,843,000 212,147,000  203,241,000 153,076,000 195,028,000 152,287,000 225,462,000 185,361,000 213,430,000 203,805,000 194,643,000 209,490,000 217,534,000 218,613,000 261,491,000 211,835,000 208,144,000   260,483,000 259,034,000 248,674,000 251,849,000 307,094,000 
      federal, state, and foreign income taxes paid (refunds received)
    		  -156,000                                                        
      foreign currency transaction gain
    		 207,531,000 100,923,000                                                        
      other investment (gains) losses
    		                                                          
      net borrowings under bank credit facilities - maturities of 90 days or less
    		                                                          
      federal, state, and foreign income taxes paid
    		                                                          
      other investment losses
    		  -35,029,000 43,371,000 -54,894,000 22,473,000 21,287,000 -38,340,000 51,835,000    19,588,000                                              
      income from unconsolidated affiliates
    		  12,634,000 42,111,000 -8,406,000 32,422,000 25,260,000  -22,945,000 16,630,000 76,183,000    61,971,000        -3,127,000 -9,569,000 -21,545,000 -5,527,000 -20,584,000 -16,323,000 -23,912,000 -36,872,000 -19,435,000  -28,876,000    -21,365,000      -97,697,000 -582,000 57,747,000 18,745,000 32,182,000 6,111,000       34,310,000 57,767,000 107,762,000  
      loss on early retirement of debt
    		   5,074,000            0 0   0 -202,000 -79,000 126,743,000                                    
      gain on reit transactions
    		           0 0       0 0 0 -1,491,945,000                                    
      proceeds from sale of operating resorts
    		       0 0 7,568,000 452,824,000                                                
      proceeds from repayment of principal on note receivable
    		       0 0 0 152,518,000                                                
      proceeds from real estate transactions
    		           0 0                                              
      net borrowings (repayments) under bank credit facilities – maturities of 90 days or less
    		                      1,289,434,000 -1,923,042,000   -289,767,000         192,584,000   243,000,000                    
      dividends paid to common shareholders
    		           -957,000 -980,000 -1,021,000 -1,090,000 -1,151,000 -1,181,000 -1,220,000 -1,237,000 -1,236,000 -1,233,000 -1,233,000 -73,904,000 -66,125,000 -66,948,000 -68,416,000 -69,799,000 -63,297,000 -63,961,000 -65,335,000 -67,999,000 -62,288,000 -63,297,000 -63,247,000 -63,182,000                        
      change in cash and cash equivalents classified as assets held for sale
    		       0 0 0 25,938,000 13,718,000 -2,424,000                                              
      federal, state and foreign income taxes paid
    		   41,716,000 59,344,000 163,609,000 2,327,000 57,836,000    10,067,000                                               
      non-cash investing and financing activities
    		                                                          
      mgm grand paradise gaming concession intangible asset
    		       0 0 0 226,083,000                                                
      mgm grand paradise gaming concession payment obligation
    		        0 0 226,083,000                                                
      net repayments under bank credit facilities - maturities of 90 days or less
    		      -76,702,000    -586,456,000                                                
      amortization of debt discounts, premiums and issuance costs
    		     6,688,000 7,020,000 6,998,000 6,970,000 6,746,000 7,130,000 7,365,000 7,133,000 7,986,000 10,285,000 10,192,000 10,198,000 10,204,000 9,734,000 9,445,000 9,015,000 7,968,000 7,935,000 9,433,000 9,804,000 10,362,000 9,373,000 10,389,000 10,757,000 10,322,000 9,634,000 7,065,000 8,214,000 8,873,000 8,844,000 8,832,000 9,275,000 9,941,000 12,445,000 11,451,000 15,315,000 9,732,000 9,782,000 9,379,000 9,254,000 9,151,000 8,510,000 8,366,000 16,534,000 22,854,000 23,130,000 23,624,000 23,558,000 23,806,000 24,446,000 24,234,000 15,497,000 14,648,000 
      foreign currency transaction (gain) loss
    		     -4,241,000 -32,925,000                                                    
      mgm grand paradise gaming concession long-term obligation
    		                                                          
      gain on consolidation of citycenter
    		               0                                           
      loss (income) from unconsolidated affiliates
    		           41,534,000 18,462,000   23,817,000 -11,690,000 -60,122,000 46,415,000 28,410,000 2,969,000                                      
      issuance of mgm growth properties class a shares
    		               0 282,000 116,535,000 676,034,000 0 0 88,000 524,616,000 550,644,000 86,063,000                                  
      non-cash financing activities
    		                                                          
      federal, state and foreign income taxes paid (refunds received)
    		         216,501,000 372,000        -2,401,000                                        
      proceeds from issuance of bridge loan facility
    		                   0 0 0 1,304,625,000                                    
      net increase for the period
    		               -367,774,000 -55,399,000 -545,280,000 1,069,875,000 507,765,000 -241,633,000 -1,180,912,000 3,686,813,000    -303,358,000 224,085,000 29,805,000 -252,530,000 25,407,000 -486,693,000 229,626,000    -1,057,097,000 838,350,000 -5,407,000 -145,626,000 -526,402,000 142,591,000 482,372,000  428,266,000      893,572,000   -53,793,000 -460,451,000 572,621,000 -1,615,620,000  
      vici breit venture assumption of bridge loan facility
    		                                                          
      retirement of senior notes
    		            0 0 -1,000,000,000     0 -18,000           0    0 -759,205,000   0 -875,000,000   0  -150,028,000     -31,230,000 -8,436,000 -325,470,000 0 -645,839,000 -211,684,000 -296,956,000 -57,362,000 
      purchases of common stock
    		             -1,114,083,000 -1,001,972,000 -727,315,000 -686,533,000 -220,392,000 -119,269,000 0 0 0 -353,720,000 -392,719,000 -356,982,000   -149,999,000 -176,070,000 -594,864,000 -362,400,000 0                           
      federal, state and foreign income tax refunds received
    		              -67,294,000                                            
      proceeds from sale of circus circus las vegas and adjacent land
    		                                                          
      net repayments under bank credit facilities – maturities of 90 days or less
    		               146,270,000 -1,690,887,000    70,320,000                    328,908,000 272,118,000 -1,318,626,000        839,226,000      -1,275,177,000  
      note receivable related to sale of circus circus las vegas and adjacent land
    		                                                          
      mgp breit venture assumption of bridge loan facility
    		                   0 0 0 1,304,625,000                                    
      gain on reit transaction
    		                                                          
      capital expenditures, net of construction payable
    		                -138,747,000 -104,478,000 -78,914,000 -93,008,000 -37,363,000 -67,098,000 -73,110,000 -256,220,000 -161,168,000 -138,366,000 -183,252,000 -262,919,000 -362,163,000 -443,137,000 -418,624,000 -464,804,000 -526,668,000 -416,535,000 -456,075,000 -672,165,000 -619,737,000 -543,072,000 -427,499,000 -466,241,000 -406,537,000 -301,712,000 -292,329,000 -247,211,000 -182,551,000 -136,695,000     -91,146,000 -50,719,000 -34,459,000 -78,952,000 -49,444,000 -25,153,000 -53,942,000 -14,166,000 
      proceeds from sale of investments in unconsolidated affiliates
    		                                                          
      proceeds from sale of aria and vdara real estate assets
    		                                                          
      acquisition of citycenter, net of cash acquired
    		                                                          
      proceeds from mandalay bay and mgm grand las vegas transaction
    		                   0 0 0 2,455,839,000                                    
      effect of exchange rate on cash
    		                -1,018,000 1,017,000 -1,102,000 -136,000 16,000 149,000 2,316,000 2,763,000 -1,502,000 2,520,000 -1,180,000 -496,000 1,201,000 140,000 -2,830,000 -419,000 -286,000 -1,833,000 -1,089,000 181,000 19,000 -180,000 -941,000 -52,000 131,000 10,000 704,000 -1,101,000 186,000 58,000   671,000 148,000 -86,000        
      cash and cash equivalents
    		                                                          
      investment in mgp breit venture
    		                   0 0 0 802,000,000                                    
      net borrowings under bank credit facilities – maturities of 90 days or less
    		                  125,902,000         464,158,000   380,035,000 -603,733,000   107,480,000                        
      proceeds from bellagio transaction
    		                                                          
      proceeds from sale of business units and investment in unconsolidated affiliate
    		                                                          
      acquisition of northfield, net of cash acquired
    		                                                          
      acquisition of empire city casino, net of cash acquired
    		                       0 0 0 -535,681,000                                
      investment in bellagio breit venture
    		                                                          
      benefit from doubtful accounts
    		                    14,369,000 39,879,000 21,980,000 8,814,000 13,128,000 8,950,000 8,378,000 7,111,000 15,327,000 8,183,000 9,141,000 6,839,000 3,403,000 -2,506,000 12,867,000 7,879,000 3,786,000 -5,811,000 5,009,000 7,720,000 11,343,000 17,673,000 17,955,000 8,260,000 -1,960,000 233,000 3,092,000 13,604,000 12,133,000 19,542,000 6,757,000 4,133,000 8,406,000 7,110,000 3,587,000 17,829,000 1,306,000 11,020,000 
      federal, state and foreign income taxes paid, net of refunds
    		                    6,728,000          2,935,000 23,114,000 17,932,000 138,045,000 2,560,000  7,914,000 50,807,000 4,601,000 -19,639,000 9,477,000 17,216,000 4,747,000 31,754,000 29,000 -576,000 -2,354,000 3,736,000 4,416,000 1,830,000 1,145,000 -174,090,000 1,913,000 1,000,000 30,315,000 -362,273,000 740,000  
      retirement of senior notes and senior debentures
    		                      -846,724,000 -2,004,189,000 -52,000 -909,926,000 -850,000,000                                
      federal, state and foreign income taxes paid (received), net of refunds
    		                      2,439,000  11,153,000 13,498,000 -6,429,000  2,447,000                              
      empire city transaction assets acquired
    		                                                          
      gain on bellagio transaction
    		                                                          
      investments in and advances to unconsolidated affiliates
    		                                   -2,078,000 0 0 -1,555,000 -1,538,000 -17,845,000 -16,600,000 -160,079,000 -16,696,000 -5,100,000 -9,453,000     -5,000,000 -26,000,000 -76,648,000 -145,000,000 -106,000,000 -40,000,000 -262,000,000 -41,618,000 
      increase in construction accounts payable
    		                                                          
      net decrease for the period
    		                        72,978,000          -51,137,000         -50,363,000         -67,689,000      
      issuance of mgm growth properties common stock in public offering
    		                          571,838,000          0                      
      mgm growth properties class a share issuance costs
    		                          -23,447,000                                
      gain on borgata transaction
    		                                   -340,000                       
      prepaid cotai land concession premium
    		                           1,721,000 1,718,000 1,718,000 1,722,000 1,727,000 1,724,000 1,731,000 -12,947,000 1,737,000 -12,946,000 1,737,000 -12,904,000 1,740,000 -12,954,000 1,740,000 -12,953,000 -12,956,000 1,740,000 -12,946,000 1,720,000 1,569,000           
      proceeds from partial disposition of investment in unconsolidated affiliate
    		                                   0                       
      acquisition of borgata, net of cash acquired
    		                                   -8,468,000                       
      distributions from unconsolidated affiliates in excess of cumulative earnings
    		                           2,344,000 120,287,000   1,211,000 0   -939,000 -401,000 541,808,000 1,629,000 -1,238,000 714,000                  
      borrowings under bank credit facilities – maturities longer than 90 days
    		                                   0 0   0 1,701,875,000 1,706,250,000 1,710,625,000    0 2,793,000,000  450,000,000 2,284,129,000      1,942,524,000  
      repayments under bank credit facilities – maturities longer than 90 days
    		                                   0    -1,701,875,000 -1,706,250,000          -2,284,129,000      -2,399,037,000  
      retirement of senior debentures
    		                                      -2,661,000                    
      repayment of borgata credit facility
    		                                   0                       
      issuance of mgm growth properties class a shares in public offering
    		                                                          
      acquisition of mgm china shares
    		                                   0                       
      proceeds from issuance of redeemable noncontrolling interests
    		                                                          
      common stock issued for acquisition of mgm china shares
    		                                                          
      deferred cash payment for acquisition of mgm china shares
    		                                                          
      proceeds from sale of investment in unconsolidated affiliate
    		                                                          
      acquisition of northfield park, net of cash acquired
    		                                                          
      mgm growth properties class a share issurance costs
    		                                                          
      retirement of debentures
    		                            0 0 -2,265,000                            
      investments in cash deposits - original maturities longer than 90 days
    		                                                          
      proceeds from cash deposits - original maturities longer than 90 days
    		                                                          
      change in cash related to assets held for sale
    		                                       8,143,000 -8,143,000 4,214,000 -552,000                
      conversion of convertible senior notes to equity
    		                                       0 0                  
      increase in investment in and advances to citycenter related to change in completion guarantee liability
    		                                       0 0 0 -8,198,000 30,773,000  29,405,000             
      issuance of long term debt
    		                                                          
      issuance of mgm growth properties common shares in public offering
    		                                                          
      mgm growth properties common share issuance costs
    		                                                          
      investments in treasury securities - maturities longer than 90 days
    		                                           -29,996,000  -54,114,000     -90,109,000        
      proceeds from treasury securities - maturities longer than 90 days
    		                                           99,062,000  69,126,000 75,156,000 60,112,000 90,074,000 60,108,000 90,071,000        
      payments for gaming licenses
    		                                                          
      excess tax benefit from exercise of stock options
    		                                   8,507,000 958,000 2,777,000 1,035,000                    
      proceeds from sale of assets held for sale
    		                                        0                  
      investments in cash deposits – original maturities longer than 90 days
    		                                                          
      proceeds from cash deposits – original maturities longer than 90 days
    		                                                          
      mgm growth properties common stock issuance costs
    		                                    0                      
      proceeds from issuance of redeemable noncontrolling interest
    		                                        0                  
      decrease in investment in and advances to citycenter related to change in completion guarantee liability
    		                                                          
      proceeds from sale of business units and investment in unconsolidated affiliates
    		                                                          
      issuance of senior notes
    		                                                0 1,850,000,000 0   494,485,000 0    
      investments in cash deposits - maturities longer than 90 days
    		                                        0                  
      proceeds from cash deposits - maturities longer than 90 days
    		                                        200,205,000                  
      distributions from unconsolidated affiliates in excess of earnings
    		                                          1,111,000 209,000    103,000 284,000 1,801,000   985,000      
      cash deposits - original maturities longer than 90 days
    		                                          570,000,000                
      cash related to assets held for sale
    		                                                          
      borrowings under bank credit facilities - maturities longer than 90 days
    		                                                          
      repayments under bank credit facilities - maturities longer than 90 days
    		                                                          
      (gain) loss on retirement of long-term debt
    		                                                     8,516,000 0    
      gain on mgm china transaction
    		                                                  0        
      acquisition of mgm china, net of cash paid
    		                                                          
      investments in treasury securities- maturities longer than 90 days
    		                                                          
      proceeds from treasury securities- maturities longer than 90 days
    		                                                          
      retirement of senior notes, including premiums paid
    		                                                          
      non-cash investing activity
    		                                                          
      increase in investment in citycenter related to change in completion guarantee liability
    		                                                  2,001,000   10,391,000 232,425,000    
      change in deferred income taxes
    		                                                  -76,500,000 -80,713,000 -65,418,000 -46,910,000     
      acquisition of mgm china, net of cash acquired
    		                                                  0        
      net borrowings (repayments) under bank credit facilities — maturities of 90 days or less
    		                                                    215,672,000     1,457,807,000 
      borrowings under bank credit facilities — maturities longer than 90 days
    		                                                    1,206,728,000  3,180,041,000   110,000,000 
      repayments under bank credit facilities — maturities longer than 90 days
    		                                                    -1,077,400,000  -3,180,041,000   -366,115,000 
      gain on retirement of long-term debt
    		                                                          
      change in current assets and liabilities:
    		                                                          
      distributions from cost method investments
    		                                                     3,246,000     
      capped call transactions
    		                                                     0 0    
      investments in treasury securities — maturities longer than 90 days
    		                                                    -60,035,000      
      proceeds from treasury securities — maturities longer than 90 days
    		                                                    59,994,000      
      interest paid
    		                                                    220,095,000      
      business interruption insurance – lost profits
    		                                                          
      business interruption insurance – cost recovery
    		                                                          
      convertible note investment impairment
    		                                                          
      business interruption insurance recoveries
    		                                                         0 
      proceeds from sale of treasure island
    		                                                          
      property damage insurance recoveries
    		                                                         0 
      issuance of common stock in public offering
    		                                                          
      repayment of detroit economic development corporation bonds
    		                                                          
      business interruption insurance — lost profits
    		                                                         0 
      net repayments under bank credit facilities — maturities of 90 days or less
    		                                                      210,000,000    
      payment of detroit economic development corporation bonds
    		                                                         0 
      change in current assets and liabilities
    		                                                          
      issuance of common stock upon exercise of stock options
    		                                                          
      gain on extinguishment of long-term debt
    		                                                        -141,755,000  
      advance to infinity world
    		                                                          
      issuance of common stock upon exercise of stock awards
    		                                                          
      note receivable related to sale of treasure island
    		                                                          
      convertible note impairment
    		                                                         0 
      business interruption insurance — cost recovery
    		                                                          
      gain on citycenter transaction
    		                                                          
      gain on disposal of discontinued operations
    		                                                          
      changes in assets and liabilities:
    		                                                          
      real estate under development
    		                                                          
      residential sales deposits
    		                                                          
      proceeds from sale of ti
    		                                                          
      proceeds from contribution of citycenter
    		                                                          
      proceeds from disposals of discontinued operations
    		                                                          
      purchase of convertible note
    		                                                          
      issuance of common stock
    		                                                          
      excess tax benefits from stock-based compensation
    		                                                          
      net increase for the year
    		                                                          
      balance, beginning of year
    		                                                          
      balance, end of year
    		                                                          
      state, federal and foreign income taxes paid, net of refunds
    		                                                          
      carrying value of net assets contributed to joint venture
    		                                                          
      citycenter completion guarantees and delayed equity contributions
    		                                                          
      reduction in investment in citycenter related to change in completion guarantee liability
    		                                                          
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.