INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Investments in and advances to unconsolidated affiliates were $536 million and $381 million as of December 31, 2025 and 2024, respectively. The Company’s share of losses and distributions of BetMGM North America Venture in excess of its equity method investment balance was $160 million and $89 million as of December 31, 2025 and 2024, respectively, which is recorded within “Other accrued liabilities” on the consolidated balance sheets.

The Company recorded its share of income (loss) from unconsolidated affiliates as follows:


	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Income (loss) from unconsolidated affiliates	$	69,982	$	(90,653)	$	(62,104)
Non-operating items from unconsolidated affiliates	1,135		(734)		(1,032)
	$	71,117	$	(91,387)	$	(63,136)

The following table summarizes the Company’s share of operating income (loss) from unconsolidated affiliates:


	Year Ended December 31,
	2025		2024		2023
	(In thousands)
BetMGM North America Venture	$	59,634	$	(110,079)	$	(90,894)
Other	10,348		19,426		28,790
	$	69,982	$	(90,653)	$	(62,104)

BetMGM North America Venture. In 2025, the Company received $135 million in distributions from BetMGM North America Venture. In 2024 and 2023, the Company contributed $25 million and $50 million, respectively, to BetMGM North America Venture.

MGM Osaka. Refer to Note 12 for discussion on the Company’s funding of MGM Osaka, which is recognized as contributions to MGM Osaka.

MGM Resorts International 10-K