LAS VEGAS, Aug. 2 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
today reported its second quarter 2007 financial results, achieving
the Company's highest ever second quarter diluted earnings per
share from continuing operations of $0.62, a 27% increase over the
$0.49 per share earned in 2006. Earnings benefited from strong
revenue trends, solid operating margins, and profits from sales of
Tower 3 of The Signature at MGM Grand. Net income per share on a
diluted basis, including discontinued operations, was $1.22 per
share compared to $0.50 per share in 2006. During the second
quarter, the Company recognized a pre-tax gain of $201 million on
the sale of Primm Valley Resorts and a pre-tax gain of $63 million
on the sale of its Laughlin Properties -- Colorado Belle and
Edgewater. Net revenues for the second quarter increased 10% to
$1.9 billion, an all-time record quarter for the Company. In
addition to the incremental revenue from Beau Rivage, which
reopened in August 2006, the Company benefited from strong hotel
revenues and the impact of new amenities at many of its Las Vegas
Strip resorts. Key results from the quarter include: -- Las Vegas
Strip REVPAR(1) increased 7%, which represents the sixteenth
consecutive quarter of year-over-year REVPAR increases for these
resorts; -- Occupancy at the Company's Las Vegas Strip resorts was
97.8%, the highest occupancy level achieved since 2000; -- Property
EBITDA(2) of $686 million was also a record for the second quarter,
and represented a 9% increase over the prior year; -- MGM Grand Las
Vegas earned Property EBITDA of $108 million, a 43% increase over
prior year second quarter and its best quarter ever. TI and
Excalibur also earned all-time record Property EBITDA of $34
million and $38 million, respectively; -- The Mirage achieved
record Property EBITDA for the second quarter of $59 million, a 41%
increase over prior year. New York-New York also had a record
second quarter Property EBITDA performance, earning $37 million; --
Non-gaming revenues increased 13%, 10% excluding Beau Rivage, with
continued strong results from non-gaming amenities; -- Gaming
revenues increased 5%, but decreased 5% excluding Beau Rivage due
to a lower table games hold percentage. Slot revenues increased 4%
at the Company's Las Vegas Strip resorts; -- Beau Rivage, which was
closed in the prior year quarter, earned Property EBITDA of $23
million;(3) -- Earned $63 million of profit from closings on units
of Tower 3 at The Signature at MGM Grand; -- Successfully issued
$750 million of 7.5% senior notes maturing in 2016. In June, the
Company signed a letter of intent with Kerzner International to
form a 50/50 joint venture to develop a multi-billion dollar
integrated resort to be located on the corner of Las Vegas
Boulevard and Sahara Avenue. The Company will provide 40 acres of
land, which is being valued at $20 million per acre, and Kerzner
International and one of its financial partners will contribute
cash equity. The following table lists significant items which
affect the comparability of the current year and prior year results
(EPS impact shown, net of tax, per diluted share; negative amounts
represent charges to income): Three months ended June 30, 2007 2006
--------------------------------------------------------------------
Profits from The Signature at MGM Grand $ 0.14 $ 0.06 Preopening
and start-up expenses (0.03) (0.03) Property transactions, net
(0.01) (0.03) "Our targeted capital investments, particularly in
our non-gaming operations, have led to strong returns and record
earnings," said Terry Lanni, MGM MIRAGE's Chairman and CEO. "The
opening of MGM Grand Detroit and MGM Grand Macau later this year,
and our recently announced joint venture project with Kerzner
International, further illustrate the powerful momentum created by
our accelerated growth platform." Net revenues increased 10%;
excluding Beau Rivage, net revenues were up 4%. As a result of its
continued commitment to reinvest in its resorts, the Company
generated significant increases in revenues from its non-gaming
operations. Recent and continuing upgrades at Mandalay Bay,
including fully remodeled standard rooms, are expected to further
enhance that property's results. In addition, the Company continues
to make investments across its portfolio of resorts, most notably
at Luxor and Monte Carlo, targeted at driving increased customer
visitation. The Company believes that these enhancements will
positively impact the Company's results in future periods. The new
MGM Grand Detroit is expected to open in October 2007 featuring
Detroit's most luxurious hotel and casino with 400 rooms. The new
resort will have a larger casino, with 4,500 slot machines compared
to 2,840 in the current interim casino and 98 table games
(including an eight-table poker room) versus 72. MGM Grand Detroit
will include a variety of exciting food and beverage and
entertainment amenities, including restaurants from world-famous
chefs Wolfgang Puck and Michael Mina. Gaming revenues increased 5%,
but decreased 5% excluding Beau Rivage. Slot revenues at the
Company's Las Vegas Strip resorts increased 4% with double-digit
increases at Bellagio and MGM Grand Las Vegas. MGM Grand Detroit
experienced a 4% decrease in slot revenues, as a competitor
recently opened its expanded casino facility. Table games volume
excluding baccarat increased 15%, 5% excluding Beau Rivage.
Baccarat volume decreased 13% against a tough prior year comparison
-- 2006 results were up 19% on same store basis over the 2005
quarter. The overall table games hold percentage was within the
normal 18-22% range in both periods, but was near the low end of
the range in the current year versus the high end of the range in
the 2006 quarter. In particular, Bellagio and Mandalay Bay
experienced hold percentages below the Company's normal range in
the current quarter. Rooms revenues increased 9%, 5% excluding Beau
Rivage, despite having 60,000 less available rooms due to room
remodeling at Mandalay Bay and the closing of Nevada Landing in
March 2007. Average room rates increased 5% at the Company's Las
Vegas Strip resorts. Las Vegas Strip REVPAR increased 7%, led by
double-digit percentage increases at MGM Grand Las Vegas,
Excalibur, and TI. The following table shows key hotel statistics
for the Company's Las Vegas Strip resorts: Three Months Ended
---------------------- June 30, June 30, 2007 2006 ----------
--------- Occupancy % 98% 97% Average Daily Rate (ADR) $ 162 $ 154
Revenue per Available Room (REVPAR) $ 159 $ 148 The Company's
operating income increased 12% to $469 million, which includes $63
million of profit from closings on units of Tower 3 of The
Signature at MGM Grand and $11 million of operating income from
Beau Rivage. The prior year quarter included $28 million of income
from Tower 1 of The Signature at MGM Grand. Excluding these items,
operating income increased slightly from prior year with a margin
of 22% in both quarters. Property EBITDA increased 9% to a record
$686 million; excluding the above items, Property EBITDA increased
slightly compared to the prior year quarter with a 33% margin,
slightly below the 34% margin in the 2006 quarter. Detailed
Discussion of Certain Charges In the second quarter of 2007 the
company had minimal property transactions. In the 2006 period, net
property transactions of $13 million largely related to the
write-off of assets in connection with expansion projects at MGM
Grand Las Vegas and Mandalay Bay and the write-off of Luxor's
investment in the Hairspray show. Preopening and start-up expenses
of $14 million in 2007 primarily related to CityCenter, MGM Grand
Detroit, and MGM Grand Macau. Preopening and start-up expenses of
$15 million in the 2006 quarter related primarily to CityCenter,
the Love show at The Mirage, The Signature at MGM Grand, and our
share of preopening related to the Borgata expansion. Financial
Position Second quarter capital investments totaled $1.3 billion,
which included $441 million for CityCenter, $81 million for the
permanent MGM Grand Detroit resort, and $23 million for trailing
payments on the construction of Beau Rivage. Also during the
quarter, the Company purchased 34 acres of land north of Circus
Circus Las Vegas for $580 million, 26 acres of which are part of
the land to be contributed to the joint venture with Kerzner
International. Remaining capital expenditures included spending of
$54 million on room and suite remodel projects, primarily at
Mandalay Bay, expenditures for corporate aircraft of $27 million,
and $90 million of other routine capital expenditures on various
new and upgraded amenities at the Company's resorts. During the
quarter the Company received an additional $19 million of insurance
recoveries related to Hurricane Katrina. These amounts were not
recognized as income pending the final settlement of the Company's
insurance claim. At June 30, 2007, the Company had $2.0 billion of
available borrowings under its senior credit facility. "Our
operating results this quarter once again prove the power of our
portfolio to generate consistent cash flows," said Jim Murren, MGM
MIRAGE President, CFO and Treasurer. "More exciting is the pace of
future growth. We will continue to develop strategic relationships
designed to create additional value from our significant real
estate portfolio. Of course, CityCenter is at the heart of our
growth strategy; we are very pleased with the quality of the
development and the pace of residential sales, and we continue on
track for a late 2009 opening." MGM MIRAGE will hold a conference
call to discuss its second quarter earnings results and outlook for
the third quarter 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 Thursday, August 9, 2007,
a complete replay of the conference call can be accessed by dialing
1-706-645-9291, access code 7007679. 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) REVPAR is hotel Revenue per Available
Room. (2) "EBITDA" is earnings before interest and other
non-operating income (expense), taxes, depreciation and
amortization. "Property EBITDA" is EBITDA before corporate expense
and stock compensation expense. EBITDA information 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. In addition, capital allocation, tax planning, financing
and stock compensation awards are all managed at the corporate
level. Management uses Property EBITDA 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
consolidated EBITDA to net income and of operating income to
Property EBITDA are included in the financial schedules
accompanying this release. (3) Beau Rivage earned operating income
of $11 million in the second quarter of 2007, with depreciation and
amortization of $12 million. Beau Rivage was closed during the
prior year second quarter as a result of Hurricane Katrina. MGM
MIRAGE (NYSE:MGM), one of the world's leading and most respected
hotel and gaming companies, owns and operates 17 properties located
in Nevada, Mississippi and Michigan, and has investments in three
other properties in Nevada, New Jersey and Illinois. In addition,
the Company has major new developments under construction in
Nevada, Michigan and Macau S.A.R. CityCenter is a multi-billion
dollar mixed-use urban development in the heart of the Las Vegas
Strip; a new MGM Grand hotel and casino complex is being built in
downtown Detroit; and the Company has a 50% interest in MGM Grand
Macau, a hotel-casino resort currently under construction 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 Six Months
Ended --------------------- ----------------------- June 30, June
30, June 30, June 30, 2007 2006 2007 2006 ---------------------
----------------------- Revenues: Casino $773,931 $734,694
$1,585,870 $1,514,952 Rooms 555,107 510,861 1,104,111 1,019,259
Food and beverage 424,717 369,734 842,166 738,778 Entertainment
143,237 104,853 277,485 203,833 Retail 79,072 70,022 147,322
134,508 Other 134,760 111,091 256,830 216,886 --------- ---------
--------- --------- 2,110,824 1,901,255 4,213,784 3,828,216 Less:
Promotional allowances (174,408) (140,747) (347,933) (293,340)
--------- --------- --------- --------- 1,936,416 1,760,508
3,865,851 3,534,876 --------- --------- --------- ---------
Expenses: Casino 410,168 381,509 828,276 792,541 Rooms 143,980
135,214 285,754 267,914 Food and beverage 249,699 222,248 494,081
438,619 Entertainment 104,249 76,104 202,394 148,996 Retail 49,499
45,696 93,890 89,582 Other 76,521 58,373 148,766 113,395 General
and administrative 302,187 256,688 587,292 506,799 Corporate
expense 43,668 38,579 77,623 75,231 Preopening and start-up
expenses 14,148 15,044 28,424 21,225 Restructuring costs -- 231 --
1,035 Property transactions, net 2,407 12,688 7,426 36,173
Depreciation and amortization 167,509 157,793 335,786 305,226
--------- --------- --------- --------- 1,564,035 1,400,167
3,089,712 2,796,736 --------- --------- --------- --------- Income
from unconsolidated affiliates 96,592 57,081 137,967 92,635
--------- --------- --------- --------- Operating income 468,973
417,422 914,106 830,775 --------- --------- --------- ---------
Non-operating income (expense): Interest income 5,509 3,027 8,166
5,772 Interest expense, net (183,429) (190,776) (367,440) (383,625)
Non-operating items from unconsolidated affiliates (4,714) (3,341)
(9,820) (6,936) Other, net (804) (2,174) (3,532) (5,218) ---------
--------- --------- --------- (183,438) (193,264) (372,626)
(390,007) --------- --------- --------- --------- Income from
continuing operations before income taxes 285,535 224,158 541,480
440,768 Provision for income taxes (102,637) (80,817) (195,572)
(157,665) --------- --------- --------- --------- Income from
continuing operations 182,898 143,341 345,908 283,103 ---------
--------- --------- --------- Discontinued operations: Income from
discontinued operations 2,615 4,589 10,461 11,071 Gain on disposal
of discontinued operations 263,881 -- 263,881 -- Provision for
income taxes (89,222) (1,536) (91,905) (3,743) --------- ---------
--------- --------- 177,274 3,053 182,437 7,328 --------- ---------
--------- --------- Net income $360,172 $146,394 $528,345 $290,431
========= ========= ========= ========= Per share of common stock:
Basic: Income from continuing operations $0.64 $0.50 $1.22 $1.00
Discontinued operations 0.63 0.01 0.64 0.02 --------- ---------
--------- --------- Net income per share $1.27 $0.51 $1.86 $1.02
========= ========= ========= ========= Weighted average shares
outstanding 283,849 284,285 283,933 284,239 ========= =========
========= ========= Diluted: Income from continuing operations
$0.62 $0.49 $1.17 $0.97 Discontinued operations 0.60 0.01 0.62 0.02
--------- --------- --------- --------- Net income per share $1.22
$0.50 $1.79 $0.99 ========= ========= ========= ========= Weighted
average shares outstanding 295,232 292,962 295,402 292,868
========= ========= ========= ========= MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES (In thousands) (Unaudited) Three
Months Ended Six Months Ended ---------------------
----------------------- June 30, June 30, June 30, June 30, 2007
2006 2007 2006 ---------- ---------- ---------- ---------- Las
Vegas Strip $1,640,648 $1,556,387 $3,266,991 $3,127,991 Other
Nevada 47,058 51,650 91,490 98,449 MGM Grand Detroit 110,470
113,908 226,604 229,001 Mississippi 138,240 38,563 280,766 79,435
---------- ---------- ---------- ---------- $1,936,416 $1,760,508
$3,865,851 $3,534,876 ========== ========== ========== ==========
MGM MIRAGE AND SUBSIDIARIES SUPPLEMENTAL DATA - PROPERTY EBITDA (In
thousands) (Unaudited) Three Months Ended Six Months Ended
--------------------- ----------------------- June 30, June 30,
June 30, June 30, 2007 2006 2007 2006 ---------- ---------
---------- ---------- Las Vegas Strip $531,224 $518,115 $1,080,066
$1,041,496 Other Nevada 6,080 7,067 4,084 12,642 MGM Grand Detroit
28,116 38,499 62,942 75,599 Mississippi 27,907 8,031 63,310 17,390
Unconsolidated resorts 92,952 55,144 131,094 89,340 ----------
--------- ---------- ---------- $686,279 $626,856 $1,341,496
$1,236,467 ========== ========= ========== ========== MGM MIRAGE
AND SUBSIDIARIES DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY
EBITDA and EBITDA (In thousands) (Unaudited) Three Months Ended
June 30, 2007 -----------------------------------------------
Preopening Property and start- Restruc- trans- up turing actions,
expenses costs net Total --------- ----- ------ ------- Las Vegas
Strip $7,131 $-- $2,587 $9,718 Other Nevada -- -- (20) (20) MGM
Grand Detroit 3,205 -- -- 3,205 Mississippi -- -- 603 603
Unconsolidated resorts 3,640 -- -- 3,640 --------- ----- ------
------- 13,976 -- 3,170 17,146 Corporate and other 172 -- (763)
(591) --------- ----- ------ ------- $14,148 $-- $2,407 $16,555
========= ===== ====== ======= Three Months Ended June 30, 2006
----------------------------------------------- Preopening Property
and start- Restruc- trans- up turing actions, expenses costs net
Total --------- ----- ------ ------- Las Vegas Strip $11,818 $231
$9,073 $21,122 Other Nevada -- -- (18) (18) MGM Grand Detroit 684
-- 3 687 Mississippi -- -- 13 13 Unconsolidated resorts 2,424 -- --
2,424 --------- ----- ------ ------- 14,926 231 9,071 24,228
Corporate and other 118 -- 3,617 3,735 --------- ----- ------
------- $15,044 $231 $12,688 $27,963 ========= ===== ====== =======
MGM MIRAGE AND SUBSIDIARIES DETAIL OF CERTAIN CHARGES AFFECTING
PROPERTY EBITDA and EBITDA (continued) (In thousands) (Unaudited)
Six Months Ended June 30, 2007
----------------------------------------------- Preopening Property
and Restruc- trans- start-up turing actions, expenses costs net
Total --------- ------ ------ ------- Las Vegas Strip $15,603 $-
$2,865 $18,468 Other Nevada - - 4,610 4,610 MGM Grand Detroit 5,584
- - 5,584 Mississippi - - 601 601 Unconsolidated resorts 6,873 - -
6,873 --------- ------ ------ ------- 28,060 - 8,076 36,136
Corporate and other 364 - (650) (286) --------- ------ ------
------- $28,424 $- $7,426 $35,850 ========= ====== ====== =======
Six Months Ended June 30, 2006
----------------------------------------------- Preopening Restruc-
Property and turing trans- start-up costs actions, expenses
(credit) net Total --------- ------ ------ ------- Las Vegas Strip
$15,026 $1,035 $32,566 $48,627 Other Nevada -- -- (21) (21) MGM
Grand Detroit 1,277 -- 1 1,278 Mississippi -- -- 10 10
Unconsolidated resorts 4,645 -- -- 4,645 --------- ------ ------
------- 20,948 1,035 32,556 54,539 Corporate and other 277 -- 3,617
3,894 --------- ------ ------ ------- $21,225 $1,035 $36,173
$58,433 ========= ====== ====== ======= MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF CONSOLIDATED EBITDA TO INCOME FROM CONTINUING
OPERATIONS (In thousands) (Unaudited) Three Months Ended Six Months
Ended --------------------- ----------------------- June 30, June
30, June 30, June 30, 2007 2006 2007 2006 -------- --------
---------- ---------- EBITDA $636,482 $575,215 $1,249,892
$1,136,001 Depreciation and amortization (167,509) (157,793)
(335,786) (305,226) -------- -------- ---------- ----------
Operating income 468,973 417,422 914,106 830,775 -------- --------
---------- ---------- Non-operating income (expense): Interest
expense, net (183,429) (190,776) (367,440) (383,625) Other (9)
(2,488) (5,186) (6,382) -------- -------- ---------- ----------
(183,438) (193,264) (372,626) (390,007) -------- --------
---------- ---------- Income from continuing operations before
income taxes 285,535 224,158 541,480 440,768 Provision for income
taxes (102,637) (80,817) (195,572) (157,665) -------- --------
---------- ---------- Income from continuing operations $182,898
$143,341 $345,908 $283,103 ======== ======== ========== ==========
MGM MIRAGE AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME TO
PROPERTY EBITDA (In thousands) (Unaudited) Three Months Ended June
30, 2007 ---------------------------------------- Depreciation
Operating and income amortization EBITDA --------- --------
-------- Las Vegas Strip $397,731 $133,493 $531,224 Other Nevada
4,490 1,590 6,080 MGM Grand Detroit 22,204 5,912 28,116 Mississippi
12,781 15,126 27,907 Unconsolidated resorts 92,952 -- 92,952
--------- -------- -------- 530,158 156,121 686,279 Stock
compensation (11,060) Corporate and other (38,737) --------
$636,482 ======== Three Months Ended June 30, 2006
---------------------------------------- Depreciation Operating and
income amortization EBITDA --------- -------- -------- Las Vegas
Strip $380,645 $137,470 $518,115 Other Nevada 4,642 2,425 7,067 MGM
Grand Detroit 35,262 3,237 38,499 Mississippi 2,534 5,497 8,031
Unconsolidated resorts 55,144 -- 55,144 --------- -------- --------
478,227 148,629 626,856 Stock compensation (15,835) Corporate and
other (35,806) -------- $575,215 ======== Six Months Ended June 30,
2007 ---------------------------------------- Depreciation
Operating and income amortization EBITDA --------- --------
--------- Las Vegas Strip $812,676 $267,390 $1,080,066 Other Nevada
619 3,465 4,084 MGM Grand Detroit 51,068 11,874 62,942 Mississippi
33,018 30,292 63,310 Unconsolidated resorts 131,094 -- 131,094
--------- -------- --------- 1,028,475 313,021 1,341,496 Stock
compensation (24,640) Corporate and other (66,964) --------
$1,249,892 ========= Six Months Ended June 30, 2006
---------------------------------------- Depreciation Operating and
income amortization EBITDA --------- -------- --------- Las Vegas
Strip $775,996 $265,500 $1,041,496 Other Nevada 7,861 4,781 12,642
MGM Grand Detroit 69,445 6,154 75,599 Mississippi 6,393 10,997
17,390 Unconsolidated resorts 89,340 -- 89,340 --------- --------
--------- 949,035 287,432 1,236,467 Stock compensation (36,931)
Corporate and other (63,535) -------- $1,136,001 ========== MGM
MIRAGE AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands,
except share data) (Unaudited) June 30, December 31, 2007 2006
--------- --------- ASSETS Current assets: Cash and cash
equivalents $294,609 $452,944 Accounts receivable, net 333,295
362,921 Inventories 125,485 118,459 Income tax receivable -- 18,619
Deferred income taxes 69,909 68,046 Prepaid expenses and other
103,564 124,414 Assets held for sale 55,068 369,348 ---------
--------- Total current assets 981,930 1,514,751 ---------
--------- Real estate under development 344,994 188,433 Property
and equipment, net 18,755,673 17,241,860 Other assets: Investments
in unconsolidated affiliates 1,124,836 1,092,257 Goodwill 1,269,591
1,300,747 Other intangible assets, net 361,811 367,200 Deposits and
other assets, net 659,336 440,990 --------- --------- Total other
assets 3,415,574 3,201,194 --------- --------- $23,498,171
$22,146,238 ========== ========== LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $149,868 $182,154
Construction payable 357,263 234,486 Income taxes payable 104,976 -
Accrued interest on long-term debt 250,212 232,957 Other accrued
liabilities 960,037 958,244 Liabilities related to assets held for
sale 3,456 40,259 --------- --------- Total current liabilities
1,825,812 1,648,100 --------- --------- Deferred income taxes
3,359,077 3,441,157 Long-term debt 13,560,785 12,994,869 Other
long-term obligations 421,403 212,563 Stockholders' equity: Common
stock, $.01 par value: authorized 600,000,000 shares, issued
365,720,069 and 362,886,027 shares and outstanding 284,243,042 and
283,909,000 shares 3,657 3,629 Capital in excess of par value
2,933,892 2,806,636 Treasury stock, at cost: 81,477,027 and
78,977,027 shares (1,771,707) (1,597,120) Retained earnings
3,164,334 2,635,989 Accumulated other comprehensive income 918 415
--------- --------- Total stockholders' equity 4,331,094 3,849,549
--------- --------- $23,498,171 $22,146,238 ========== ==========
DATASOURCE: MGM MIRAGE CONTACT: Investment Community, JAMES J.
MURREN, President, Chief Financial Officer & Treasurer,
+1-702-693-8877, 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/
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