LAS VEGAS, Oct. 30 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
today reported record third quarter 2007 financial results,
achieving diluted earnings per share from continuing operations of
$0.62, a 17% increase over the $0.53 per share earned in 2006.
Earnings benefited from continued year-over-year growth in net
revenues and income recognized during the quarter from Hurricane
Katrina insurance recoveries. Net revenues increased 6% to $1.9
billion, a record third quarter for the Company. The Company
continues to generate significant increases in revenues from its
non-gaming operations as activity at the Company's restaurants,
nightclubs, and shows accelerated across the board and room rates
remain strong. Key results from the quarter include: -- Hotel
revenues increased 7% led by a 6% increase in Las Vegas Strip
REVPAR(1) -- the 17th consecutive quarter of REVPAR increases at
the Company's Las Vegas Strip resorts; -- Gaming revenues increased
3%, but decreased 3% excluding Beau Rivage; volumes were flat and
the table games hold percentage, though near the middle of the
Company's normal range, was lower than the prior year; -- Property
EBITDA(2) of $705 million was an all-time record, representing a
13% increase over the prior year; excluding insurance recoveries,
other property transactions, preopening expenses and residential
sales, Property EBITDA was consistent with the prior-year quarter.
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 September 30, 2007
2006
------------------------------------------------------------------------
Profits from The Signature at MGM Grand $ 0.03 $0.06 Preopening and
start-up expenses (0.06) (0.01) Hurricane Katrina business
interruption income (recorded as a reduction of general and
administrative expenses) 0.06 - Property transactions net:
Hurricane Katrina property damage income 0.24 - Other property
transactions (0.04) - Tax adjustments - 0.02 Recent significant
developments: -- Opened the new MGM Grand Detroit casino and hotel
resort complex on October 2; -- Entered into a 50/50 joint venture
agreement on August 21 with a subsidiary of Dubai World; the
Company will contribute the CityCenter project, continue to develop
the resort, and upon completion manage CityCenter for a fee; Dubai
World will contribute cash, most of which will be immediately
distributed to the Company; -- Completed the sale of 14.2 million
shares of common stock at $84 per share to a subsidiary of Dubai
World on October 18, for proceeds of approximately $1.2 billion; --
Signed a definitive agreement with Kerzner International and a
subsidiary of Dubai World, forming the joint venture which will
develop a multi-billion dollar integrated resort property on the
Las Vegas Strip; -- Announced plans for MGM Grand Atlantic City, a
$4.5-$5.0 billion destination casino resort, which will be located
on the Company's 72-acre site at Renaissance Pointe. "Our growth
initiatives, including strategic relationships with Dubai World and
Kerzner International, reflect our ability to leverage our
tremendous assets and creative energy to grow the Company," said
Terry Lanni, MGM MIRAGE's Chairman and CEO. "Our all-new MGM Grand
Detroit is the clear market leader right out of the gate. We are
well underway in creating the most important Las Vegas development
ever, CityCenter, and we believe our MGM Grand Atlantic City
project will have a similarly profound impact on the Atlantic City
market." Detailed Discussion of Operating Results
----------------------------------------- Net revenues increased 6%
for the quarter; excluding Beau Rivage, net revenues were up 2%.
Gaming revenues increased 3%, but decreased 3% excluding Beau
Rivage. Several Las Vegas Strip resorts posted solid increases in
slot revenues over the prior year, including Bellagio, MGM Grand,
and Mirage -- each up 8% -- and Mandalay Bay -- up 9%. Overall,
slot revenues at the Company's Las Vegas resorts were up 2%. Slot
revenues at MGM Grand Detroit's interim facility fell 8%, partially
due to the winding down of operations at the interim facility in
preparation for the new resort. Table games revenues decreased 5%
excluding Beau Rivage. Table games volume, excluding Beau Rivage,
was consistent with the prior year period. The overall table games
hold percentage was near the middle of the normal 18-22% range in
the 2007 period, though lower than 2006. Rooms revenues increased
7% despite having 29,000 less available rooms on the Las Vegas
Strip due primarily to room and suite remodel activity at Mandalay
Bay and Bellagio. Average room rates increased 5% at the Company's
Las Vegas Strip resorts and occupancy remained solid. The following
table shows key hotel statistics for the Company's Las Vegas Strip
resorts: Three Months Ended ------------------------------
September 30, September 30, 2007 2006
------------------------------ Occupancy % 97% 96% Average Daily
Rate (ADR) $147 $140 Revenue per Available Room (REVPAR) $143 $135
Food and beverage revenues increased 10% as the Company's
restaurants and nightclubs continue to experience increased volumes
and the Company continues to invest in new restaurants and
nightclubs. For example, on August 31 Luxor opened LAX, the latest
addition to the Company's exciting nightlife amenities as part of
the repositioning of the resort, which will include additional new
entertainment and dining offerings opening in 2007 and 2008.
Entertainment revenues increased 13% driven by strong demand across
the Company's portfolio of Cirque du Soleil productions. Beau
Rivage was open for a full quarter in 2007 versus 33 days in 2006.
Beau Rivage earned operating income of $145 million in the third
quarter of 2007 with depreciation and amortization of $12 million
for Property EBITDA of $157 million. In the third quarter of 2007,
Beau Rivage's operating income and Property EBITDA includes $135
million of insurance recoveries, $107 million of which was recorded
as property transactions and $28 million of which was recorded as a
reduction in general and administrative expenses. Beau Rivage's
third quarter 2007 Property EBITDA before insurance recoveries was
$22 million. In the third quarter of 2006, Beau Rivage earned
operating income of $10 million with depreciation and amortization
of $5 million for Property EBITDA of $15 million. Corporate expense
of $63 million in the third quarter includes $18 million related to
severance costs, Atlantic City and Macau development initiatives,
and the CityCenter transaction. The Company's operating income
increased 11% to $465 million. Operating income was positively
impacted by a full quarter of operations at Beau Rivage, including
the insurance recoveries discussed earlier, and negatively impacted
by lower profits from condominium sales at the Signature at MGM
Grand -- $12 million in the 2007 quarter versus $26 million in
2006. In addition, operating income was negatively impacted by
higher write-offs, demolition costs and preopening expense -- $44
million in the current quarter versus $6 million in 2006. Excluding
results at Beau Rivage and the other items above, operating income
decreased 10%, due in large part to higher corporate expense.
Property EBITDA increased 13% to $705 million; excluding the impact
of the above items, Property EBITDA and the Property EBITDA margin
were consistent with 2006 results. "Key volume indicators that we
have come to rely on to gauge our Las Vegas business remain strong.
These metrics suggest continued growth over the upcoming quarters,"
said Jim Murren, MGM MIRAGE President and Chief Operating Officer.
"We have many opportunities to increase our future profits through
initiatives deployed throughout the remainder of this year and into
2008. The opening of our Detroit resort has been a tremendous
success and we are only a couple of months away from opening in
Macau. Both of these resorts will substantially add to our future
cash flows and earnings." Detailed Discussion of Certain Charges
--------------------------------------- In addition to the income
from Hurricane Katrina insurance recoveries of $107 million
included in property transactions, the Company recognized $12
million of write-offs primarily related to discontinued
construction projects at its Las Vegas resorts and $5 million in
demolition costs related to ongoing capital projects. In the 2006
period, the Company had minimal property transactions. Preopening
and start-up expenses of $26 million in the 2007 quarter included
$14 million related to MGM Grand Detroit. Ongoing preopening and
start-up expenses were also incurred at CityCenter and MGM Grand
Macau. Financial Position ------------------- Third quarter capital
investments totaled $767 million, which included $451 million for
CityCenter and $140 million for the permanent MGM Grand Detroit
resort. Remaining capital expenditures included spending of $61
million on room and suite remodel projects, primarily at Mandalay
Bay and Bellagio, expenditures for corporate aircraft of $13
million, and $102 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 $92 million of
insurance recoveries related to Hurricane Katrina, bringing
cumulative proceeds through September 30, 2007 to $522 million, of
which $53 million was deferred. In October, the Company reached
final settlements with its remaining carriers and expects to
receive an additional $113 million, bringing final insurance
proceeds to $635 million. The proceeds of $1.2 billion from the
sale of common stock in October to a subsidiary of Dubai World were
used to reduce outstanding borrowings under the Company's senior
credit facility. Following these payments, the Company had
approximately $2.0 billion of available borrowings under its senior
credit facility. "Our recent strategic transactions will have a
profound impact on our financial position and allow us to execute
our many growth initiatives," said Dan D'Arrigo, MGM MIRAGE
Executive Vice President and Chief Financial Officer. "Following
the transactions with Dubai World, we will have significant
borrowing capacity under our senior credit facility and no
significant debt maturities in 2008." Development Update
------------------- As discussed earlier, the permanent MGM Grand
Detroit opened on October 2 at estimated final costs consistent
with previous estimates. In Macau, the updated total project budget
is $1.25 billion, up from the previous estimate of $1.1 billion. At
CityCenter, the construction budget has increased from $7.4 billion
to $7.8 billion. The current budget for preopening expenses is $200
million, consistent with previous estimates. MGM MIRAGE will hold a
conference call to discuss its third quarter earnings results and
outlook for the fourth 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 Tuesday, November 6, 2007, a complete replay
of the conference call can be accessed by dialing 1-706-645-9291,
access code 21241421. 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. MGM
MIRAGE (NYSE:MGM), one of the world's leading and most respected
development companies with significant holdings in gaming,
hospitality and entertainment, owns and operates 17 properties
located in Nevada, Mississippi and Michigan, and has investments in
three other properties in Nevada, New Jersey and Illinois. MGM
MIRAGE is the largest landholder on the Las Vegas Strip, with
significant undeveloped landholdings in both Las Vegas and Atlantic
City. The Company recently opened MGM Grand Detroit, a major new
resort; and will open another, MGM Grand Macau, before the end of
the year. Also under development is CityCenter, a multi-billion
dollar mixed-use urban development in the heart of the Las Vegas
Strip. The Company has entered into an agreement with a subsidiary
of Dubai World whereby MGM MIRAGE will contribute the CityCenter
assets into a newly formed joint venture equally owned by the
parties valued at $5.4 billion. MGM MIRAGE has signed a definitive
agreement with Kerzner International Holdings Limited and Istithmar
Hotels FZE to develop a new multi-billion dollar integrated resort
property on the Las Vegas Strip. The Company has a separate
definitive agreement with the Diaoyutai State Guesthouse in Beijing
forming a strategic relationship to pursue non-gaming business
opportunities in the People's Republic of China. MGM MIRAGE
supports responsible gaming and has implemented the American Gaming
Association's Code of Conduct for Responsible Gaming at its
properties. MGM MIRAGE has received 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, 2007 2006
2007 2006 -------------------------- --------------------------
Revenues: Casino $ 803,834 $ 782,047 $2,389,704 $2,296,999 Rooms
510,795 479,107 1,614,906 1,498,366 Food and beverage 406,620
369,383 1,248,786 1,108,161 Entertainment 141,093 125,290 418,578
329,123 Retail 75,608 73,027 222,930 207,535 Other 132,061 118,765
388,891 335,651 ----------- ----------- ----------- -----------
2,070,011 1,947,619 6,283,795 5,775,835 Less: Promotional
allowances (172,941) (152,577) (520,874) (445,917) -----------
----------- ----------- ----------- 1,897,070 1,795,042 5,762,921
5,329,918 ----------- ----------- ----------- ----------- Expenses:
Casino 412,165 395,253 1,240,441 1,187,794 Rooms 142,722 136,118
428,476 404,032 Food and beverage 242,034 228,799 736,115 667,418
Entertainment 101,164 91,056 303,558 240,052 Retail 47,917 46,359
141,807 135,941 Other 83,812 67,818 232,578 181,213 General and
administrative 286,447 278,551 873,739 785,350 Corporate expense
63,050 35,184 140,673 110,415 Preopening and start-up expenses
25,851 6,083 54,275 27,308 Restructuring costs -- -- -- 1,035
Property transactions, net (89,225) 282 (81,799) 36,455
Depreciation and amortization 170,780 156,280 506,566 461,506
----------- ----------- ----------- ----------- 1,486,717 1,441,783
4,576,429 4,238,519 ----------- ----------- ----------- -----------
Income from unconsolidated affiliates 54,260 66,138 192,227 158,773
----------- ----------- ----------- ----------- Operating income
464,613 419,397 1,378,719 1,250,172 ----------- -----------
----------- ----------- Non-operating income (expense): Interest
income 4,770 2,650 12,936 8,422 Interest expense, net (180,033)
(189,368) (547,473) (572,993) Non-operating items from
unconsolidated affiliates (4,599) (4,627) (14,419) (11,563) Other,
net (1,152) (1,659) (4,684) (6,877) ----------- -----------
----------- ----------- (181,014) (193,004) (553,640) (583,011)
----------- ----------- ----------- ----------- Income from
continuing operations before income taxes 283,599 226,393 825,079
667,161 Provision for income taxes (99,736) (72,628) (295,308)
(230,293) ----------- ----------- ----------- ----------- Income
from continuing operations 183,863 153,765 529,771 436,868
----------- ----------- ----------- ----------- Discontinued
operations: Income from discontinued operations -- 3,744 10,461
14,815 Gain on disposal of discontinued operations -- -- 263,881 --
Provision for income taxes -- (1,247) (91,905) (4,990) -----------
----------- ----------- ----------- -- 2,497 182,437 9,825
----------- ----------- ----------- ----------- Net income $
183,863 $ 156,262 $ 712,208 $ 446,693 =========== ===========
=========== =========== Per share of common stock: Basic: Income
from continuing operations $ 0.65 $ 0.55 $ 1.86 $ 1.54 Discontinued
operations -- -- 0.65 0.04 ----------- ----------- -----------
----------- Net income per share $ 0.65 $ 0.55 $ 2.51 $ 1.58
=========== =========== =========== =========== Weighted average
shares outstanding 284,730 281,836 284,201 283,423 ===========
=========== =========== =========== Diluted: Income from continuing
operations $ 0.62 $ 0.53 $ 1.79 $ 1.50 Discontinued operations --
0.01 0.62 0.03 ----------- ----------- ----------- ----------- Net
income per share $ 0.62 $ 0.54 $ 2.41 $ 1.53 ===========
=========== =========== =========== Weighted average shares
outstanding 296,248 289,258 295,687 291,744 =========== ===========
=========== =========== 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, 2007 2006 2007 2006 ------------ ------------
------------ ------------ Las Vegas Strip $1,598,237 $1,543,101
$4,865,228 $4,671,092 Other Nevada 46,177 52,812 137,667 151,261
MGM Grand Detroit 110,445 116,141 337,049 345,142 Mississippi
142,211 82,988 422,977 162,423 ------------ ------------
------------ ------------ $1,897,070 $1,795,042 $5,762,921
$5,329,918 ============ ============ ============ ============ MGM
MIRAGE AND SUBSIDIARIES SUPPLEMENTAL DATA - PROPERTY EBITDA (In
thousands) (Unaudited) Three Months Ended Nine Months Ended
-------------------------- -------------------------- September 30,
September 30, September 30, September 30, 2007 2006 2007 2006
------------ ------------ ------------ ------------ Las Vegas Strip
$ 469,598 $ 486,621 $1,549,664 $1,528,117 Other Nevada 5,808 6,185
9,892 18,827 MGM Grand Detroit 17,305 38,421 80,247 114,020
Mississippi 164,285 25,011 227,595 42,401 Unconsolidated resorts
47,746 64,814 178,840 154,154 ------------ ------------
------------ ------------ $ 704,742 $ 621,052 $2,046,238 $1,857,519
============ ============ ============ ============ MGM MIRAGE AND
SUBSIDIARIES DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA
and EBITDA (In thousands) (Unaudited) Three Months Ended September
30, 2007 ------------------------------------- Preopening Property
and start-up Restructuring transactions, expenses costs net Total
-------------- ------------- ------------ --------- Las Vegas Strip
$ 5,642 $ -- $ 17,735 $ 23,377 Other Nevada -- -- 20 20 MGM Grand
Detroit 13,554 -- -- 13,554 Mississippi -- -- (107,035) (107,035)
Unconsolidated resorts 6,514 -- -- 6,514 --------------
-------------- ----------- --------- 25,710 -- (89,280) (63,570)
Corporate and other 141 -- 55 196 -------------- --------------
----------- --------- $ 25,851 $ -- $ (89,225) $(63,374)
============== ============== =========== ========= Three Months
Ended September 30, 2006 -------------------------------------
Preopening Property and start-up Restructuring transactions,
expenses costs net Total -------------- -------------- -----------
--------- Las Vegas Strip $ 3,998 $ -- $ 69 $ 4,067 Other Nevada --
-- (21) (21) MGM Grand Detroit 647 -- -- 647 Mississippi -- -- 167
167 Unconsolidated resorts 1,324 -- -- 1,324 --------------
-------------- ----------- --------- 5,969 -- 215 6,184 Corporate
and other 114 -- 67 181 -------------- -------------- -----------
--------- $ 6,083 $ -- $ 282 $ 6,365 ============== ==============
=========== ========= MGM MIRAGE AND SUBSIDIARIES DETAIL OF CERTAIN
CHARGES AFFECTING PROPERTY EBITDA and EBITDA (continued) (In
thousands) (Unaudited) Nine Months Ended September 30, 2007
------------------------------------ Preopening Property and
start-up Restructuring transactions, expenses costs net Total
-------------- -------------- ----------- --------- Las Vegas Strip
$ 21,245 $ -- $ 20,600 $ 41,845 Other Nevada -- -- 4,630 4,630 MGM
Grand Detroit 19,138 -- -- 19,138 Mississippi -- -- (106,434)
(106,434) Unconsolidated resorts 13,387 -- -- 13,387 --------------
-------------- ----------- --------- 53,770 -- (81,204) (27,434)
Corporate and other 505 -- (595) (90) -------------- --------------
----------- --------- $ 54,275 $ -- $ (81,799) $(27,524)
============== ============== =========== ========= Nine Months
Ended September 30, 2006 ------------------------------------
Preopening Property and start-up Restructuring transactions,
expenses costs net Total -------------- -------------- -----------
--------- Las Vegas Strip $ 19,024 $ 1,035 $ 32,635 $ 52,694 Other
Nevada -- -- (42) (42) MGM Grand Detroit 1,924 -- 1 1,925
Mississippi -- -- 177 177 Unconsolidated resorts 5,969 -- -- 5,969
-------------- -------------- ----------- --------- 26,917 1,035
32,771 60,723 Corporate and other 391 -- 3,684 4,075 --------------
-------------- ----------- --------- $ 27,308 $ 1,035 $ 36,455 $
64,798 ============== ============== =========== ========= 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, 2007 2006 2007 2006 ------------ ------------
------------ ------------ EBITDA $ 635,393 $ 575,677 $1,885,285
$1,711,678 Depreciation and amortization (170,780) (156,280)
(506,566) (461,506) ------------ ------------ ------------
------------ Operating income 464,613 419,397 1,378,719 1,250,172
------------ ------------ ------------ ------------ Non-operating
income (expense): Interest expense, net (180,033) (189,368)
(547,473) (572,993) Other (981) (3,636) (6,167) (10,018)
------------ ------------ ------------ ------------ (181,014)
(193,004) (553,640) (583,011) ------------ ------------
------------ ------------ Income from continuing operations before
income taxes 283,599 226,393 825,079 667,161 Provision for income
taxes (99,736) (72,628) (295,308) (230,293) ------------
------------ ------------ ------------ Income from continuing
operations $ 183,863 $ 153,765 $ 529,771 $ 436,868 ============
============ ============ ============ MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO PROPERTY EBITDA (In
thousands) (Unaudited) Three Months Ended September 30, 2007
------------------------------------- Depreciation Operating and
income amortization EBITDA ------------ ------------ -----------
Las Vegas Strip $ 334,218 $ 135,380 $ 469,598 Other Nevada 4,304
1,504 5,808 MGM Grand Detroit 11,343 5,962 17,305 Mississippi
148,974 15,311 164,285 Unconsolidated resorts 47,746 -- 47,746
------------ ------------ ----------- 546,585 158,157 704,742 Stock
compensation (10,710) Corporate and other (58,639) ----------- $
635,393 =========== Three Months Ended September 30, 2006
------------------------------------- Depreciation Operating and
income amortization EBITDA ----------- ------------ ----------- Las
Vegas Strip $ 355,282 $ 131,339 $ 486,621 Other Nevada 3,963 2,222
6,185 MGM Grand Detroit 33,865 4,556 38,421 Mississippi 16,353
8,658 25,011 Unconsolidated resorts 64,814 -- 64,814 -----------
------------ ----------- 474,277 146,775 621,052 Stock compensation
(17,125) Corporate and other (28,250) ----------- $ 575,677
=========== Nine Months Ended September 30, 2007
------------------------------------ Depreciation Operating and
income amortization EBITDA ----------- ------------ ----------- Las
Vegas Strip $1,146,894 $ 402,770 $1,549,664 Other Nevada 4,923
4,969 9,892 MGM Grand Detroit 62,411 17,836 80,247 Mississippi
181,992 45,603 227,595 Unconsolidated resorts 178,840 -- 178,840
----------- ------------ ----------- 1,575,060 471,178 2,046,238
Stock compensation (35,350) Corporate and other (125,603)
----------- $1,885,285 =========== Nine Months Ended September 30,
2006 -------------------------------------- Depreciation Operating
and income amortization EBITDA ----------- ------------ -----------
Las Vegas Strip $1,131,278 $ 396,839 $1,528,117 Other Nevada 11,824
7,003 18,827 MGM Grand Detroit 103,310 10,710 114,020 Mississippi
22,746 19,655 42,401 Unconsolidated resorts 154,154 -- 154,154
----------- ----------- ----------- 1,423,312 434,207 1,857,519
Stock compensation (54,056) Corporate and other (91,785)
----------- $1,711,678 =========== MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (In thousands, except share data)
(Unaudited) September 30, December 31, 2007 2006 ------------
------------ ASSETS Current assets: Cash and cash equivalents $
311,605 $ 452,944 Accounts receivable, net 378,697 362,921
Inventories 124,562 118,459 Income tax receivable 50,652 18,619
Deferred income taxes 65,105 68,046 Prepaid expenses and other
148,801 124,414 Assets held for sale 55,077 369,348 ------------
------------ Total current assets 1,134,499 1,514,751 ------------
------------ Real estate under development 478,318 188,433 Property
and equipment, net 19,302,533 17,241,860 Other assets: Investments
in unconsolidated affiliates 1,107,179 1,092,257 Goodwill 1,269,591
1,300,747 Other intangible assets, net 360,553 367,200 Deposits and
other assets, net 654,538 440,990 ------------ ------------ Total
other assets 3,391,861 3,201,194 ------------ ------------
$24,307,211 $22,146,238 ============ ============ LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $
186,870 $ 182,154 Construction payable 371,293 234,486 Accrued
interest on long-term debt 179,724 232,957 Other accrued
liabilities 964,462 958,244 Liabilities related to assets held for
sale 3,396 40,259 ------------ ----------- Total current
liabilities 1,705,745 1,648,100 ------------ ----------- Deferred
income taxes 3,373,770 3,441,157 Long-term debt 14,131,377
12,994,869 Other long-term obligations 514,567 212,563
Stockholders' equity: Common stock, $.01 par value: authorized
600,000,000 shares, issued 367,114,815 and 362,886,027 shares and
outstanding 285,637,788 and 283,909,000 shares 3,671 3,629 Capital
in excess of par value 3,000,476 2,806,636 Treasury stock, at cost:
81,477,027 and 78,977,027 shares (1,771,707) (1,597,120) Retained
earnings 3,348,197 2,635,989 Accumulated other comprehensive income
1,115 415 ------------ ------------ Total stockholders' equity
4,581,752 3,849,549 ------------ ------------ $24,307,211
$22,146,238 ============ ============ DATASOURCE: MGM Mirage
CONTACT: investors, Daniel J. D'Arrigo, Executive Vice President,
Chief Financial Officer, +1-702-693-8895, or media, Alan M.
Feldman, Senior Vice President, Public Affairs, +1-702-891-7147,
both of MGM Mirage Web site: http://www.mgmmirage.com/
http://www.companyboardroom.com/
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