Core Operations Remain Strong; Progress Made on Growth Initiatives
LAS VEGAS, Oct. 26 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
today reported its third quarter 2005 financial results. Adjusted
earnings from continuing operations per diluted share ("Adjusted
EPS") increased to a third quarter record of $0.38 in 2005, an
increase of 36% over the previous third quarter record of $0.28
earned in the 2004 quarter.(1) The strong earnings were driven by
the accretive acquisition of the Mandalay Resort Group properties
("Mandalay"), as well as continued strength in core hotel and
gaming operations. Net revenues increased 74% to $1.8 billion for
the quarter. Same-store net revenues were $1.1 billion for the
quarter, up 10% over prior year. References in this release to
"same-store" results reflect the Company's operations excluding the
newly acquired Mandalay resorts and Monte Carlo in both periods.
Same-store results also exclude Beau Rivage in both periods. Third
quarter REVPAR (revenue per available room) at the Company's Las
Vegas Strip resorts increased 9% over the prior year on a
same-store basis, following a 10% year-over-year increase in the
2004 quarter. On a pro forma basis (including Mandalay for both
periods), REVPAR on the Las Vegas Strip increased 10%. Current
quarter results were negatively impacted by the closure of Beau
Rivage following Hurricane Katrina as well as the impact of
Hurricane Dennis in July. Beau Rivage earned operating income of $5
million in the current quarter versus $18 million in the prior
year; this shortfall equates to approximately $0.03 per diluted
share. See below for further discussion of the financial statement
impacts of Hurricane Katrina. The current year bad debt provision
is also approximately $0.03 per diluted share higher than the prior
year's abnormally low provision, negatively affecting the
comparison of earnings to the prior year. Adjusted EPS (and
Adjusted Earnings) excludes discontinued operations, preopening and
start-up expenses, restructuring costs, property transactions, tax
adjustments and gains or losses on early retirement of debt.(2) On
a GAAP (Generally Accepted Accounting Principles) basis, diluted
earnings per share from continuing operations increased to $0.31 in
the 2005 quarter from $0.27 in the third quarter of 2004. GAAP
diluted earnings per share, including the results of discontinued
operations, was also $0.31 in the 2005 period versus $0.45 in 2004.
The 2004 quarter included a $74 million pre-tax gain on the sale of
MGM Grand Australia. "Despite the closure of Beau Rivage, we were
able to deliver solid operating results, led by continued strength
at our Las Vegas Strip resorts," said Terry Lanni, MGM MIRAGE's
Chairman and CEO. "We believe trends on the Las Vegas Strip will
remain positive in the fourth quarter and into 2006. We are also
confident of the Gulf Coast's future, and we are committed to
rebuilding quickly. Our goal is to ensure that Beau Rivage remains
the premier destination resort on the Gulf Coast for many years to
come." Third Quarter 2005 Company Highlights * Generated net
revenues of $1.8 billion; on a same-store basis, net revenues were
$1.1 billion, up 10% from 2004; * Produced property-level EBITDA(3)
of $562 million; on a same-store basis, property-level EBITDA was
$338 million, up 7% over prior year; operating income was $340
million in the quarter versus $222 million in 2004; * Invested $191
million of capital in the Company's resorts and development
projects and repurchased $85 million of Company common stock, while
holding debt levels flat; * Responded rapidly in Mississippi,
guaranteeing wages and benefits for employees into December 2005
and making significant contributions to the community; * Announced
further details of Project CityCenter, including an all-star lineup
of world-class architects, and selected Taubman as the Company's
retail partner for Project CityCenter; * Opened two new restaurants
featuring the world-renowned cuisine of legendary chef Joel
Robuchon at MGM Grand Las Vegas; * Named 2005 "Corporation of the
Year" by the Latin Chamber of Commerce; * Secured employment
contracts with the Company's senior management team into 2010.
Financial Statement Impact of Hurricane Katrina Beau Rivage
sustained significant damage in late August 2005 as a result of
Hurricane Katrina and has been closed since and will remain closed
for the foreseeable future. The Company maintains insurance
covering both property damage and business interruption as a result
of the storm. The deductible under this coverage is $15 million,
based on the amount of damage incurred. Based on current estimates,
insurance proceeds are expected to exceed the net book value of
damaged assets; therefore, the Company will not record an
impairment charge related to the storm and upon ultimate settlement
of the claim will likely record a gain. The damaged assets have
been written off, and a corresponding insurance receivable has been
recorded. Business interruption coverage covers lost profits and
other costs incurred for the construction period plus up to six
months following the re-opening of the facility. Expected costs
during the interruption period are less than the anticipated
business interruption proceeds; therefore, post- storm costs are
being offset by the expected recoveries. Post-storm costs and
expected recoveries are recorded net within "General and
Administrative" expenses, except for depreciation of non-damaged
assets, which is classified as "Depreciation and Amortization."
Detailed Financial Results The following table shows key financial
results for the third quarter and year-to-date: Three months ended
Nine months ended September 30, September 30, ------------------
------------------- 2005 2004 2005 2004 ------ ------ ------ ------
(In millions) Casino revenue, net $805.3 $541.0 $2,184.5 $1,651.4
Non-casino revenue, net 1,002.9 495.4 2,543.8 1,524.0 Net revenue
1,808.2 1,036.4 4,728.3 3,175.4 Operating income 340.0 222.4
1,011.1 737.6 Income from continuing operations 93.2 76.2 345.5
275.0 Discontinued operations, net -- 50.7 -- 62.5 Net income 93.2
126.9 345.5 337.5
-------------------------------------------------------------------------
Property-level EBITDA(3) $562.5 $347.6 $1,566.5 $1,102.1 EBITDA
(after corporate expense)(3) 530.4 328.5 1,476.0 1,048.7 Adjusted
Earnings(2) 112.3 81.0 377.8 289.9 Net revenue in the third quarter
increased 74% from prior year and 10% on a same-store basis. Hotel
results, as well as results in several other non- gaming areas,
were strong as visitor volumes and the Company's market-leading
resort amenities continue to drive revenue growth across all
business lines. Casino revenue increased 49% in the 2005 quarter
and 4% on a same-store basis. On a same-store basis, table games
volume, including baccarat, was up 2%, including a strong 10%
increase in baccarat volume, despite the presence of a major new
competitor. Table games hold percentages were near the mid- point
of the Company's normal range for both the 2005 and 2004 periods.
Slot revenue in the quarter was up 4% from 2004 on a same-store
basis, on top of a 9% year-over-year increase in the 2004 third
quarter. Bellagio's slot revenue increased 13%, driven in large
part by additional customers from the Spa Tower expansion.
Non-casino revenue was up 102% in the quarter and 17% on a
same-store basis. Hotel revenue increased 115% (17% on a same-store
basis), due to having more rooms available with the addition of
Mandalay and the Bellagio expansion as well as continued strong
year-over-year increases in room rates. The following table shows
key hotel statistics for the Company's Las Vegas Strip resorts on a
same-store and pro forma basis (pro forma includes Mandalay and
Monte Carlo for both periods): Three Months Ended
------------------ September 30, September 30, 2005 2004
------------- ------------- Same-store basis: Occupancy % 97% 97%
Average Daily Rate (ADR) $152 $138 Revenue per Available Room
(REVPAR) $147 $134 Pro forma basis: Occupancy % 97% 95% Average
Daily Rate (ADR) $133 $123 Revenue per Available Room (REVPAR) $128
$117 On a same-store basis, the Company had 8% (119,000) more room
nights available in the current year period due to the Bellagio
expansion and remodeled Skylofts and West Wing rooms at MGM Grand
Las Vegas, which are achieving higher rates than before the
remodel. Pro forma occupancy increased as a result of the Company's
continued implementation of enhanced yield management strategies at
the Mandalay resorts. Food and beverage revenue increased 79% (12%
on a same-store basis), resulting from new restaurants and lounges
added since last year, particularly at MGM Grand Las Vegas, as well
as additional volume generated by the Spa Tower addition at
Bellagio. Entertainment revenues were up significantly, 36% on a
same-store basis, over the prior year quarter as a result of the
contribution from KA at MGM Grand Las Vegas, which debuted in
December 2004. Property-level EBITDA increased 62% for the quarter
(7% on a same-store basis) and the property-level EBITDA margin was
32% on a same-store basis in 2005 versus 33% in 2004. Operating
income increased 53% over prior year as a result of the trends
described above. Third quarter 2005 Adjusted Earnings increased by
39% compared to 2004 due primarily to the higher operating income,
offset by higher interest expense as a result of the Mandalay
merger. For the third quarter of 2005, Adjusted Earnings excluded
$29.8 million ($19.1 million, net of tax) of items as follows: *
Net property transactions of $22.6 million ($14.7 million, net of
tax), including the write-off of assets replaced in connection with
expansion and remodel projects at Bellagio, Mirage and TI ($19.8
million), demolition costs associated with the Mirage showroom and
the Bellagio employee parking garage ($1.3 million), and other net
losses on fixed assets; * Preopening and start-up expenses of $6.1
million ($3.3 million, net of tax), including $5.4 million related
to Project CityCenter, along with costs associated with The
Residences at MGM Grand and the Joel Robuchon restaurants at MGM
Grand Las Vegas. * Tax adjustments of $1.1 million due to a true-up
of the benefit recorded in the second quarter of 2005 upon the
repatriation of the MGM Grand Australia sales proceeds. In the
third quarter of 2004, items excluded in the determination of
Adjusted Earnings totaled $6.5 million ($4.8 million, net of tax),
including minor amounts of preopening and start-up expenses,
property transactions, restructuring costs and tax adjustments.
Financial Position The Company generated significant operating cash
flow in the third quarter as a result of its positive operating
results and the addition of Mandalay. The Company utilized
available cash flow to make capital investments in its resorts and
development projects as well as repurchase its common stock,
without increased net borrowings. During the third quarter, the
Company repurchased 2 million shares of its common stock for $85
million. Third quarter capital investments totaled $191 million,
which included expenditures for the theatre for the Beatles/Cirque
du Soleil production show at The Mirage, the new Joel Robuchon
restaurants at MGM Grand Las Vegas, the purchase of land for the
permanent casino at MGM Grand Detroit, continued design work for
Project CityCenter and other routine capital expenditures. "We
continue to execute on our capital strategy, utilizing available
cash flow from operations to make investments in targeted projects
to enhance our resort amenities," said Jim Murren, MGM MIRAGE
President, CFO and Treasurer. "We expect this trend to continue
over the next several quarters, with cash flow available after
capital expenditures used to repay debt and strategically
repurchase shares." Outlook The Company expects Las Vegas Strip
REVPAR growth (on a pro forma basis, including Mandalay for both
periods) of approximately 6% for the fourth quarter, following a
13% year-over-year increase in the 2004 fourth quarter. "The fourth
quarter looks to be an exciting one for our Company, with several
large events planned and continued strength in forward convention
and room bookings," Mr. Murren said. "These factors should result
in a healthy increase in earnings over the 2004 quarter, in which
we earned a fourth quarter record $0.26 per share on an adjusted
basis, even with the closure of Beau Rivage. Beau Rivage
contributed approximately $0.03 per share in the 2004 fourth
quarter. We expect fourth quarter earnings to be in the range of
$0.30 to $0.35 per diluted share, which is consistent with
analysts' estimates that have been adjusted for the impact of the
closure of Beau Rivage." MGM MIRAGE will hold a conference call to
discuss its earnings results and outlook for the fourth quarter of
2005 at 11:00 a.m. Eastern Daylight Time today. The call can be
accessed live at http://www.companyboardroom.com/ or
http://www.mgmmirage.com/, or by calling 1-800-526-8531 (domestic)
or 1-706-634-6528 (international). Until November 2, 2005, a
complete replay of the conference call can be accessed by dialing
1-706-645-9291, access code 1178124. A complete replay of the call
will also be made available at http://www.mgmmirage.com/.
Supplemental detailed earnings information will also be available
on the Company's website. (1) All share and per share amounts in
this release and accompanying tables have been adjusted to reflect
a 2-for-1 stock split effected in the form of a 100% stock dividend
in May 2005. (2) Adjusted Earnings (and Adjusted EPS) is presented
solely as a supplemental disclosure because management believes
that it is 1) a widely used measure of performance, and 2) a
principal basis for valuation of gaming companies, as this measure
is considered by many to be a better measure on which to base
expectations of future results than income from continuing
operations computed in accordance with generally accepted
accounting principles ("GAAP"). Reconciliations of GAAP income from
continuing operations and EPS to Adjusted Earnings and EPS are
included in the financial schedules accompanying this release. (3)
EBITDA is earnings before interest and other non-operating income
(expense), taxes, depreciation and amortization, restructuring,
preopening and start-up expenses, and property transactions, net.
EBITDA is presented solely as a supplemental disclosure because
management believes that it is 1) a widely used measure of
operating performance in the gaming industry, and 2) a principal
basis for valuation of gaming companies. Management uses
property-level EBITDA (EBITDA before corporate expense) as the
primary measure of the Company's operating resorts' performance,
including the evaluation of operating personnel. EBITDA should not
be construed as an alternative to operating income, as an indicator
of the Company's operating performance; or as an alternative to
cash flows from operating activities, as a measure of liquidity; or
as any other measure determined in accordance with generally
accepted accounting principles. The Company has significant uses of
cash flows, including capital expenditures, interest payments,
taxes and debt principal repayments, which are not reflected in
EBITDA. Also, other gaming companies that report EBITDA information
may calculate EBITDA in a different manner than the Company.
Reconciliations of operating income to EBITDA are included in the
financial schedules accompanying this release. MGM MIRAGE
(NYSE:MGM), one of the world's leading and most respected hotel and
gaming companies, owns and operates 24 properties located in
Nevada, Mississippi and Michigan, and has investments in four other
properties in Nevada, New Jersey, Illinois and the United Kingdom.
MGM MIRAGE has also announced plans to develop Project CityCenter,
a multi-billion dollar mixed- use urban development project in the
heart of Las Vegas and has a 50% interest in the MGM Grand Macau, a
development project in Macau S.A.R. MGM MIRAGE supports responsible
gaming and has implemented the American Gaming Association's Code
of Conduct for Responsible Gaming at its properties. MGM MIRAGE
also has been the recipient of numerous awards and recognitions for
its industry-leading Diversity Initiative and its community
philanthropy programs. For more information about MGM MIRAGE,
please visit the company's website at http://www.mgmmirage.com/.
Statements in this release which are not historical facts are
"forward looking" statements and "safe harbor statements" under the
Private Securities Litigation Reform Act of 1995 that involve risks
and/or uncertainties, including risks and/or uncertainties as
described in the company's public filings with the Securities and
Exchange Commission. MGM MIRAGE AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands, except per share data)
(Unaudited) Three Months Ended Nine Months Ended
--------------------------- --------------------------- September
30, September 30, September 30, September 30, 2005 2004 2005 2004
------------- ------------- ------------- ------------- Revenues:
Casino $ 805,277 $ 540,957 $ 2,184,468 $ 1,651,371 Rooms 478,462
223,001 1,208,277 690,266 Food and beverage 368,186 205,262 963,848
635,066 Entertainment 114,904 67,099 318,762 200,312 Retail 75,248
46,023 189,590 139,193 Other 127,291 63,006 295,099 180,107
------------- ------------- ------------- ------------- 1,969,368
1,145,348 5,160,044 3,496,315 Less: Promotional allowances
(161,125) (108,952) (431,710) (320,958) ------------- -------------
------------- ------------- 1,808,243 1,036,396 4,728,334 3,175,357
------------- ------------- ------------- ------------- Expenses:
Casino 389,750 262,619 1,090,306 813,216 Rooms 148,732 60,266
343,616 185,251 Food and beverage 257,600 120,149 612,377 360,478
Entertainment 84,244 48,126 229,110 142,339 Retail 48,859 29,849
123,676 88,988 Other 76,864 38,258 180,846 109,482 General and
administra- tive 288,728 160,972 696,805 458,673 Corporate expense
32,112 19,183 90,554 53,379 Preopening and start-up expenses 6,147
1,584 12,568 3,584 Restructuring costs (credit) 11 1,587 (59) 5,901
Property transactions, net 22,637 1,677 28,633 5,354 Depreciation
and amortization 161,566 101,245 423,734 296,282 -------------
------------- ------------- ------------- 1,517,250 845,515
3,832,166 2,522,927 ------------- ------------- -------------
------------- Income from unconsoli- dated affiliates 49,006 31,476
114,936 85,190 ------------- ------------- -------------
------------- Operating income 339,999 222,357 1,011,104 737,620
------------- ------------- ------------- -------------
Non-operating income (expense): Interest income 3,156 1,421 10,172
3,440 Interest expense, net (193,150) (95,262) (461,966) (277,694)
Non-operating items from unconsoli- dated affiliates (4,344)
(6,419) (11,535) (19,314) Other, net 1,894 (435) (15,578) (10,162)
------------- ------------- ------------- ------------- (192,444)
(100,695) (478,907) (303,730) ------------- -------------
------------- ------------- Income from continuing operations
before income taxes 147,555 121,662 532,197 433,890 Provision for
income taxes (54,345) (45,495) (186,740) (158,920) -------------
------------- ------------- ------------- Income from continuing
operations 93,210 76,167 345,457 274,970 -------------
------------- ------------- ------------- Discontinued operations
Income from discontinued operations, including gain on disposal of
$74,352 (three months 2004) and $82,538 (nine months 2004) --
75,529 -- 94,207 Provision for income taxes -- (24,815) -- (31,731)
------------- ------------- ------------- ------------- -- 50,714
-- 62,476 ------------- ------------- ------------- -------------
Net income $ 93,210 $ 126,881 $ 345,457 $ 337,446 =============
============= ============= ============= Per share of common
stock: Basic: Income from continuing operations $ 0.33 $ 0.28 $
1.21 $ 0.99 Discontinued operations -- 0.18 -- 0.22 -------------
------------- ------------- ------------- Net income per share $
0.33 $ 0.46 $ 1.21 $ 1.21 ============= ============= =============
============= Weighted average shares outstanding 286,752 275,572
284,938 279,867 ============= ============= =============
============= Diluted: Income from continuing operations $ 0.31 $
0.27 $ 1.16 $ 0.95 Discontinued operations -- 0.18 -- 0.22
------------- ------------- ------------- ------------- Net income
per share $ 0.31 $ 0.45 $ 1.16 $ 1.17 ============= =============
============= ============= Weighted average shares outstanding
298,885 284,520 296,753 289,233 ============= =============
============= ============= MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF GAAP INCOME FROM CONTINUING OPERATIONS AND EPS TO
ADJUSTED EARNINGS AND EPS (In thousands, except per share data)
(Unaudited) Three Months Ended Nine Months Ended
---------------------------- --------------------------- September
30, September 30, September 30, September 30, 2005 2004 2005 2004
------------- ------------- ------------- ------------- Income from
continuing operations $ 93,210 $ 76,167 $ 345,457 $ 274,970
Preopening and start-up expenses, net 3,342 1,030 8,358 2,330
Restructuring costs (credit), net 7 1,032 (39) 3,836 Property
transactions, net 14,714 1,090 18,611 3,480 Tax adjustments 1,065
1,643 (6,340) 1,643 Gain on debt retirements, net -- -- 11,790
3,593 ------------- ------------- ------------- -------------
Adjusted earnings $ 112,338 $ 80,962 $ 377,837 $ 289,852
============= ============= ============= ============= Per diluted
share of common stock: Income from continuing operations $ 0.31 $
0.27 $ 1.16 $ 0.95 Preopening and start-up expenses, net 0.01 --
0.03 0.01 Restructuring costs (credit), net -- -- -- 0.01 Property
transactions, net 0.05 -- 0.06 0.01 Tax adjustments 0.01 0.01
(0.02) 0.01 Gain on debt retirements, net -- -- 0.04 0.01
------------- ------------- ------------- ------------- Adjusted
EPS $ 0.38 $ 0.28 $ 1.27 $ 1.00 ============= =============
============= ============= Weighted average diluted shares
outstanding 298,885 284,520 296,753 289,233 =============
============= ============= ============= MGM MIRAGE AND
SUBSIDIARIES RECONCILIATION OF CONSOLIDATED EBITDA TO INCOME FROM
CONTINUING OPERATIONS (In thousands) (Unaudited) Three Months Ended
Nine Months Ended ----------------------------
--------------------------- September 30, September 30, September
30, September 30, 2005 2004 2005 2004 ------------- -------------
------------- ------------- EBITDA $ 530,360 $ 328,450 $ 1,475,980
$ 1,048,741 Preopening and start-up expenses (6,147) (1,584)
(12,568) (3,584) Restructuring costs (credit) (11) (1,587) 59
(5,901) Property transactions, net (22,637) (1,677) (28,633)
(5,354) Depreciation and amortization (161,566) (101,245) (423,734)
(296,282) ------------- ------------- ------------- -------------
Operating income 339,999 222,357 1,011,104 737,620 -------------
------------- ------------- ------------- Non-operating income
(expense): Interest expense, net (193,150) (95,262) (461,966)
(277,694) Other 706 (5,433) (16,941) (26,036) -------------
------------- ------------- ------------- (192,444) (100,695)
(478,907) (303,730) ------------- ------------- -------------
------------- Income from continuing operations before income taxes
147,555 121,662 532,197 433,890 Provision for income taxes (54,345)
(45,495) (186,740) (158,920) ------------- -------------
------------- ------------- Income from continuing operations $
93,210 $ 76,167 $ 345,457 $ 274,970 ============= =============
============= ============= MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES (In thousands) (Unaudited) Three
Months Ended Nine Months Ended ----------------------------
--------------------------- September 30, September 30, September
30, September 30, 2005 2004 2005 2004 ------------- -------------
------------- ------------- Las Vegas Strip $ 1,452,235 $ 785,006 $
3,766,319 $ 2,436,201 Other Nevada 163,802 66,565 353,674 183,169
MGM Grand Detroit 107,652 104,835 331,054 320,819 Mississippi
84,554 79,990 277,287 235,168 ------------- -------------
------------- ------------- $ 1,808,243 $ 1,036,396 $ 4,728,334 $
3,175,357 ============= ============= ============= =============
MGM MIRAGE AND SUBSIDIARIES SUPPLEMENTAL DATA - PROPERTY LEVEL
EBITDA (In thousands) (Unaudited) Three Months Ended Nine Months
Ended ---------------------------- ---------------------------
September 30, September 30, September 30, September 30, 2005 2004
2005 2004 ------------- ------------- ------------- -------------
Las Vegas Strip $ 434,513 $ 246,413 $ 1,211,874 $ 804,885 Other
Nevada 26,183 11,294 56,859 31,761 MGM Grand Detroit 36,818 35,604
114,758 118,570 Mississippi 15,952 22,846 68,107 61,714
Unconsolidated affiliates 49,006 31,476 114,936 85,190
------------- ------------- ------------- ------------- $ 562,472 $
347,633 $ 1,566,534 $ 1,102,120 ============= =============
============= ============= MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - HOTEL STATISTICS (Unaudited) Three Months Ended
Nine Months Ended ----------------------------
--------------------------- September 30, September 30, September
30, September 30, 2005 2004 2005 2004 ------------- -------------
------------- ------------- Las Vegas Strip Occupancy % 96.5% 97.1%
96.6% 96.2% Average daily rate (ADR) $133 $138 $146 $146 Revenue
per available room (REVPAR) $128 $134 $141 $141 Other Occupancy %
73.2% 78.9% 74.0% 77.5% ADR $54 $64 $58 $62 REVPAR $40 $50 $43 $48
Company-wide Occupancy % 91.5% 93.3% 91.7% 92.2% ADR $119 $125 $131
$131 REVPAR $109 $117 $120 $121 MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO EBITDA (In thousands)
(Unaudited) Three Months Ended September 30, 2005
-------------------------------------- Depreci- Pre- ation opening
Property and and Restruc- trans- Operating amorti- start-up turing
actions, income zation expenses costs net EBITDA ---------
--------- -------- -------- -------- --------- Las Vegas Strip $
280,901 $ 129,364 $ 1,876 $ 11 $ 22,361 $ 434,513 Other Nevada
16,452 9,731 -- -- -- 26,183 MGM Grand Detroit 30,327 6,487 4 -- --
36,818 Mississippi 6,313 9,103 260 -- 276 15,952 Unconsoli- dated
affiliates 50,436 -- (1,430) -- -- 49,006 --------- ---------
-------- -------- -------- --------- 384,429 154,685 710 11 22,637
562,472 Corporate and other (44,430) 6,881 5,437 -- -- (32,112)
--------- --------- -------- -------- -------- --------- $ 339,999
$ 161,566 $ 6,147 $ 11 $ 22,637 $ 530,360 ========= =========
======== ======== ======== ========= Three Months Ended September
30, 2004 -------------------------------------- Depreci- Pre- ation
opening Property and and Restruc- trans- Operating amorti- start-up
turing actions, income zation expenses costs net EBITDA ---------
-------- -------- -------- -------- --------- Las Vegas Strip $
165,654 $ 77,552 $ 1,584 $ -- $ 1,623 $ 246,413 Other Nevada 5,865
5,443 -- -- (14) 11,294 MGM Grand Detroit 26,207 7,810 -- 1,587 --
35,604 Mississippi 17,504 5,219 -- -- 123 22,846 Unconsoli- dated
affiliates 31,476 -- -- -- -- 31,476 --------- -------- --------
-------- --------- --------- 246,706 96,024 1,584 1,587 1,732
347,633 Corporate and other (24,349) 5,221 -- -- (55) (19,183)
--------- -------- -------- -------- --------- --------- $ 222,357
$101,245 $ 1,584 $ 1,587 $ 1,677 $ 328,450 ========= ========
======== ======== ========= ========= Nine Months Ended September
30, 2005 -------------------------------------- Depreci- Pre- ation
opening Restruc- Property and and turing trans- Operating amorti-
start-up costs actions, income zation expenses (credit) net EBITDA
--------- -------- -------- -------- -------- --------- Las Vegas
Strip $ 841,879 $337,406 $ 4,795 $ 7 $ 27,787 $1,211,874 Other
Nevada 32,107 24,815 -- -- (63) 56,859 MGM Grand Detroit 94,551
19,899 4 -- 304 114,758 Mississippi 45,725 21,731 335 -- 316 68,107
Unconsoli- dated affiliates 113,959 -- 977 -- -- 114,936 ---------
-------- -------- -------- -------- --------- 1,128,221 403,851
6,111 7 28,344 1,566,534 Corporate and other (117,117) 19,883 6,457
(66) 289 (90,554) --------- -------- -------- -------- --------
--------- $1,011,104 $423,734 $ 12,568 $ (59) $ 28,633 $1,475,980
========= ======== ======== ======== ======== ========= Nine Months
Ended September 30, 2004 --------------------------------------
Depreci- Pre- ation opening Property and and Restruc- trans-
Operating amorti- start-up turing actions, income zation expenses
costs net EBITDA --------- -------- -------- -------- --------
--------- Las Vegas Strip $ 567,517 $224,504 $ 3,455 $ 3,900 $
5,509 $ 804,885 Other Nevada 16,028 15,294 -- -- 439 31,761 MGM
Grand Detroit 93,980 22,657 -- 1,587 346 118,570 Mississippi 45,847
15,765 -- -- 102 61,714 Unconsoli- dated affiliates 85,190 -- -- --
-- 85,190 --------- -------- -------- -------- -------- ---------
808,562 278,220 3,455 5,487 6,396 1,102,120 Corporate and other
(70,942) 18,062 129 414 (1,042) (53,379) --------- --------
-------- -------- -------- --------- $ 737,620 $296,282 $ 3,584 $
5,901 $ 5,354 $1,048,741 ========= ======== ======== ========
======== ========= MGM MIRAGE AND SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS (In thousands, except share data) (Unaudited) September 30,
December 31, 2005 2004 ----------- ----------- ASSETS Current
assets: Cash and cash equivalents $ 265,442 $ 435,128 Accounts
receivable, net 298,657 204,151 Inventories 106,257 70,333 Deferred
income taxes 58,534 28,928 Prepaid expenses and other 129,775
81,662 ----------- ----------- Total current assets 858,665 820,202
----------- ----------- Property and equipment, net 16,396,269
8,914,142 Other assets: Investments in unconsolidated affiliates
911,852 842,640 Goodwill and other intangible assets, net 1,695,078
233,335 Deposits and other assets, net 488,099 304,710 -----------
----------- Total other assets 3,095,029 1,380,685 -----------
----------- $20,349,963 $11,115,029 =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $ 161,013 $ 198,050 Income taxes payable 65,518 4,991
Current portion of long-term debt 14 14 Accrued interest on
long-term debt 172,053 116,997 Other accrued liabilities 869,897
607,925 ----------- ----------- Total current liabilities 1,268,495
927,977 ----------- ----------- Deferred income taxes 3,376,735
1,802,008 Long-term debt 12,271,362 5,458,848 Other long-term
obligations 188,194 154,492 Stockholders' equity: Common stock
($.01 par value: authorized 600,000,000 shares, issued 356,313,839
and 347,147,868 shares and outstanding 287,624,124 and 280,739,868
shares) 3,563 3,472 Capital in excess of par value 2,564,313
2,346,329 Deferred compensation (5,502) (10,878) Treasury stock, at
cost (68,689,715 and 66,408,000 shares) (1,205,916) (1,110,551)
Retained earnings 1,889,926 1,544,499 Accumulated other
comprehensive loss (1,207) (1,167) ----------- ----------- Total
stockholders' equity 3,245,177 2,771,704 ----------- -----------
$20,349,963 $11,115,029 =========== =========== DATASOURCE: MGM
MIRAGE CONTACT: Investment Community, James J. Murren, President,
Chief Financial Officer & Treasurer, +1-702-693-8770, or News
Media, Alan M. Feldman, Senior Vice President, Public Affairs,
+1-702-891-7147, both of MGM MIRAGE Web site:
http://www.mgmmirage.com/ Company News On-Call:
http://www.prnewswire.com/comp/000725.html
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