LAS VEGAS, Feb. 21 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
today reported record fourth quarter and full year 2007 financial
results. The Company earned $2.85 per diluted share from continuing
operations in the fourth quarter, compared to $0.68 in the prior
year. The current quarter included a significant gain, $1.03
billion before income taxes, on the contribution of CityCenter to a
joint venture on November 15, 2007. The following table lists
significant items which affect the comparability of the current
year and prior year quarterly results (earnings per share ("EPS")
impact shown, net of tax, per diluted share; negative amounts
represent charges to income): Three months ended December 31, 2007
2006
------------------------------------------------------------------------
Gain on contribution of CityCenter to a joint venture $ 2.23 $ -
Preopening and start-up expenses (0.11) (0.02) Profits from The
Signature at MGM Grand 0.02 0.15 Hurricane Katrina business
interruption (recorded as a reduction of general and administrative
expenses) 0.08 - Property transactions net: Hurricane Katrina
property damage income 0.23 0.19 Other property transactions (0.01)
(0.02) Net revenues increased 4% to $1.9 billion, a record fourth
quarter for the Company. The Company benefited from solid customer
volumes at its Las Vegas Strip resorts, particularly in the
high-end gaming and leisure customer segments. Baccarat volume at
the Company's Las Vegas Strip resorts increased 15% and REVPAR(1)
at those same resorts increased 4%. Several of the Company's Las
Vegas resorts earned record fourth quarter Property EBITDA(2) --
MGM Grand, Mandalay Bay, Luxor and TI. However, these results were
offset by lower fourth quarter Property EBITDA at other resorts,
including Bellagio and Mirage. Overall, Property EBITDA was $706
million, a 5% decrease from the 2006 quarter, as increases in
insurance recoveries at Beau Rivage in the current year were offset
by higher preopening costs and lower income related to Signature
condominium sales. On a comparable basis, Property EBITDA decreased
1% compared to the fourth quarter of 2006. Significant developments
include: * Opened the new MGM Grand Detroit casino and hotel resort
complex on October 2, 2007; * 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; * Completed the sale of 14.2 million shares of common stock
at $84 per share to a subsidiary of Dubai World on October 18, 2007
for proceeds of approximately $1.2 billion; * Announced plans to
manage the development and operations of a $3 billion non-gaming,
mixed-use resort in Abu Dhabi, which will include a MGM Grand
branded non-gaming resort; * Closed on the CityCenter joint venture
transaction on November 15, 2007. The Company contributed the
CityCenter assets which the parties had mutually valued at $5.4
billion, subject to certain adjustments. Dubai World contributed
approximately $2.96 billion and, immediately following the close,
the Company received a cash distribution from the joint venture of
approximately $2.47 billion. The joint venture retained
approximately $490 million to fund near-term construction costs and
will obtain project specific financing to fund remaining project
costs; * Repurchased 7.4 million shares of its common stock for
$652 million, including 1.9 million shares under its new 20 million
share repurchase program approved by the Company's Board of
Directors in December 2007; * Opened, as 50% owner of MGM Grand
Paradise, the stunning MGM Grand Macau casino resort on December
18, 2007. "Even while closing on the most historic transaction in
our Company's history -- the CityCenter joint venture and strategic
relationship with Dubai World -- our dedicated employees delivered
exceptional operating results," said Terry Lanni, MGM MIRAGE's
Chairman and CEO. "Our Company is ideally positioned to excel
domestically and internationally. We have the premier resorts in
our markets and a focused management team, and we continue moving
forward on substantial growth initiatives." Detailed Discussion of
Fourth Quarter Operating Results
-------------------------------------------------------- Gaming
revenues increased 2%, led by strong baccarat volume -- up 17% --
and strong slots revenue -- up 3%. Several of our Las Vegas Strip
resorts turned in solid slots performances, and overall Las Vegas
Strip slots revenue was up 3%. Additionally, slots revenue at MGM
Grand Detroit increased 12% with the opening of the new permanent
facility. The overall table games hold percentage was near the high
end of the normal 18% to 22% range in the 2007 period, and was
slightly higher than the fourth quarter of 2006. Rooms revenue
increased 5%, led by a 4% increase in Las Vegas Strip REVPAR.
Average room rates were up 3% at the Company's Las Vegas Strip
resorts with occupancy consistent with the prior year. The
following table shows key hotel statistics for the Company's Las
Vegas Strip resorts: Three months ended December 31, 2007 2006
------------------------------------------------------------------------
Occupancy % 93% 93% Average Daily Rate (ADR) $ 156 $ 151 Revenue
per Available Room (REVPAR) $ 145 $ 140 Food and beverage revenue
increased 7% as the Company's restaurants and nightclubs continue
to experience increased volumes and the Company continues to invest
in new restaurants and nightclubs. The current quarter benefited
from the LAX nightclub at Luxor, as well as Luxor's recently opened
restaurants -- Cathouse and Company -- and the new Liquidity bar
and lounge at the center of the casino. Catering and banquets
revenue also increased significantly at Mandalay Bay in the
quarter. Entertainment revenue increased 9% driven by a strong
event calendar for boxing and concert events, as well as strong
demand for the Company's portfolio of Cirque du Soleil productions.
MGM Grand Detroit earned $33 million of Property EBITDA, down 8%
from the 2006 quarter, despite the opening of the new permanent
casino facility. Net revenues at MGM Grand Detroit increased 29%
but operating margins declined; as is often the case with a new
facility, operating expenses were higher than normal, and MGM Grand
Detroit also incurred $7 million of preopening and start-up
expenses. Beau Rivage also experienced a decline in Property EBITDA
-- excluding insurance recoveries - as new competitors have opened
since the 2006 quarter. Insurance recoveries of $39 million were
recorded as a reduction in general and administrative expenses and
$110 million of insurance recoveries were recorded as property
transactions. In 2006, Beau Rivage recorded $86 million of
insurance recoveries, all recorded as property transactions.
Operating income was positively impacted by the CityCenter gain and
insurance recoveries at Beau Rivage and negatively impacted by
lower profits from condominium sales at The Signature at MGM Grand
-- $9 million in the 2007 quarter versus $65 million in 2006 -- as
the development and sales process for The Signature at MGM Grand
was completed earlier in 2007. In addition, the Company incurred
higher preopening expense -- $38 million in the current quarter
versus $9 million in 2006. Preopening and start-up expenses in the
2007 quarter included $25 million related to the Company's share of
preopening expenses at MGM Grand Macau, $7 million related to MGM
Grand Detroit, and $5 million related to CityCenter. Excluding
these items, operating income decreased 9%, mainly due to new labor
contracts in Las Vegas and Detroit and higher depreciation expense
incurred related to our continued capital investments, including
the MGM Grand Detroit. Property EBITDA was also impacted by the
items discussed above and was down 1% on a comparable basis to the
prior year quarter. The following table lists the items that
impacted comparability of Property EBITDA (expense/(income)): Three
months ended December 31, 2007 2006
------------------------------------------------------------------------
(In thousands) Profits from The Signature at MGM Grand $ (8,538) $
(65,246) Preopening and start-up expenses 37,603 8,922 Hurricane
Katrina business interruption (recorded as a reduction of general
and administrative expenses) (39,227) - Property transactions net:
Hurricane Katrina property damage income (110,268) (86,016) Other
property transactions 8,579 3,047 "In the fourth quarter, our
overall business remained solid, and we continue to look for
opportunities to maximize both customer volume and operating
margins," said Jim Murren, MGM MIRAGE President and Chief Operating
Officer. "Our strategy of executing profitable targeted capital
investments can be seen across our resorts. Luxor now features an
array of dining, nightclub and entertainment options, all opened
within the past few months. Mandalay Bay has an entirely new
standard room product. We believe our customers are very
discriminating, and appreciate the difference in strategy between
our company and our competitors -- a difference which will likely
only become more pronounced over time." Full Year 2007 Results
------------------------ For the full year 2007, net revenues
increased 7% to $7.7 billion, 4% excluding Beau Rivage, which
re-opened on August 29, 2006 after being closed for twelve months.
The increase in revenues was largely a result of continued strength
in leisure and business travel, as reflected in the 6% increase in
Las Vegas Strip REVPAR in 2007. Revenue increases in non-gaming
areas also resulted from the appeal of our hotel, restaurant,
nightclub and entertainment products, which the Company believes
garner significant market share and premium prices. Food and
beverage revenue increased 11% for the year, and entertainment
revenue increased 22% for the year. EPS from continuing operations
for the full year was $4.70 versus $2.18 earned in 2006. The
following table lists significant items which affect the
comparability of the current year and prior year annual results
(EPS impact shown, net of tax, per diluted share; negative amounts
represent charges to income): Year ended December 31, 2007 2006
------------------------------------------------------------------------
Gain on contribution of CityCenter to a joint venture $ 2.28 $ -
Preopening and start-up expenses (0.24) (0.09) Profits from The
Signature at MGM Grand 0.20 0.26 Hurricane Katrina business
interruption (recorded as a reduction of general and administrative
expenses) 0.15 - Property transactions net: Hurricane Katrina
property damage income 0.47 0.19 Other property transactions (0.07)
(0.02) Financial Position -------------------- Fourth quarter
capital investments totaled $515 million, which included $228
million for CityCenter through November 15 and $49 million for the
permanent MGM Grand Detroit resort. Remaining capital expenditures
included spending of $25 million on room and suite remodel
projects, primarily at Bellagio and Excalibur, expenditures for
corporate aircraft of $21 million, and $192 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 $113 million of insurance recoveries related to
Hurricane Katrina, bringing cumulative proceeds through December
31, 2007 to $635 million, and closing out the Company's claims
related to Hurricane Katrina. The proceeds of $1.2 billion from the
sale of common stock in October to a subsidiary of Dubai World and
the $2.5 billion distributed from the CityCenter joint venture in
November were used to reduce outstanding borrowings under the
Company's senior credit facility. Available borrowing capacity
under the Company's senior credit facility was $3.7 million as of
December 31, 2007. Subsequent to year end the Company repaid $180
million of its senior notes at maturity. Also, in January 2008, the
Company initiated a 15 million share joint tender offer with Dubai
World at a price of $80 per share. The tender offer period expired
on February 14, 2008 and all 15 million shares will be purchased.
The Company will purchase 8.5 million shares for a total cost of
$680 million from borrowings under the senior credit facility. "Our
Company is financially well positioned to carry out planned growth
initiatives, including reinvestment in our existing resorts, while
at the same time maintaining a strong balance sheet," said Dan
D'Arrigo, MGM MIRAGE Executive Vice President and Chief Financial
Officer. "Our capital allocation strategy remains sound, and will
allow us to prudently expand our brands both domestically and in
international markets, while maximizing shareholder value." MGM
MIRAGE will hold a conference call to discuss its fourth quarter
earnings results and outlook for the first quarter of 2008 at 11:00
a.m. Eastern Standard 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, February 28, 2008, a complete
replay of the conference call can be accessed by dialing
1-706-645-9291, access code 33165515. 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 50% investments in four other properties in
Nevada, New Jersey, Illinois and Macau. MGM MIRAGE is developing
major casino and non- casino resorts, separately and with partners
in Las Vegas, Atlantic City, the People's Republic of China and Abu
Dhabi, U.A.E. 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 Twelve Months
Ended -------------------------- ------------------------- December
31, December 31, December 31, December 31, 2007 2006 2007 2006
------------ ------------ ----------- ----------- Revenues: Casino
$ 849,350 $ 833,439 $3,239,054 $3,130,438 Rooms 515,636 493,111
2,130,542 1,991,477 Food and beverage 402,869 375,753 1,651,655
1,483,914 Entertainment 142,331 130,417 560,909 459,540 Retail
73,218 71,160 296,148 278,695 Other 130,469 117,018 519,360 452,669
------------ ------------ ----------- ----------- 2,113,873
2,020,898 8,397,668 7,796,733 Less: Promotional allowances
(185,157) (174,860) (706,031) (620,777) ------------ ------------
----------- ----------- 1,928,716 1,846,038 7,691,637 7,175,956
------------ ------------ ----------- ----------- Expenses: Casino
437,443 425,198 1,677,884 1,612,992 Rooms 141,715 135,410 570,191
539,442 Food and beverage 248,164 234,860 984,279 902,278
Entertainment 95,548 93,567 399,106 333,619 Retail 48,330 43,988
190,137 179,929 Other 84,972 63,913 317,550 245,126 General and
administrative 266,624 285,592 1,140,363 1,070,942 Corporate
expense 53,220 51,092 193,893 161,507 Preopening and start-up
expenses 37,830 9,054 92,105 36,362 Restructuring costs -- -- --
1,035 Property transactions, net (104,514) (77,435) (186,313)
(40,980) Gain on CityCenter transaction (1,029,660) -- (1,029,660)
-- Depreciation and amortization 193,768 168,121 700,334 629,627
------------ ------------ ----------- ----------- 473,440 1,433,360
5,049,869 5,671,879 ------------ ------------ -----------
----------- Income from unconsolidated affiliates 29,935 95,398
222,162 254,171 ------------ ------------ ----------- -----------
Operating income 1,485,211 508,076 2,863,930 1,758,248 ------------
------------ ----------- ----------- Non-operating income
(expense): Interest income 4,274 2,770 17,210 11,192 Interest
expense, net (160,870) (187,368) (708,343) (760,361) Non-operating
items from unconsolidated affiliates (4,386) (4,500) (18,805)
(16,063) Other, net 9,120 (8,213) 4,436 (15,090) ------------
------------ ----------- ----------- (151,862) (197,311) (705,502)
(780,322) ------------ ------------ ----------- ----------- Income
from continuing operations before income taxes 1,333,349 310,765
2,158,428 977,926 Provision for income taxes (462,575) (111,637)
(757,883) (341,930) ------------ ------------ -----------
----------- Income from continuing operations 870,774 199,128
1,400,545 635,996 ------------ ------------ ----------- -----------
Discontinued operations: Income from discontinued operations --
3,658 10,461 18,473 Gain on disposal of discontinued operations
1,932 -- 265,813 -- Provision for income taxes (495) (1,215)
(92,400) (6,205) ------------ ------------ ----------- -----------
1,437 2,443 183,874 12,268 ------------ ------------ -----------
----------- Net income $ 872,211 $ 201,571 $1,584,419 $ 648,264
============ ============ =========== =========== Per share of
common stock: Basic: Income from continuing operations $ 2.96 $
0.70 $ 4.88 $ 2.25 Discontinued operations -- 0.01 0.64 0.04
------------ ------------ ----------- ----------- Net income per
share $ 2.96 $ 0.71 $ 5.52 $ 2.29 ============ ============
=========== =========== Weighted average shares outstanding 294,545
282,307 286,809 283,140 ============ ============ ===========
=========== Diluted: Income from continuing operations $ 2.85 $
0.68 $ 4.70 $ 2.18 Discontinued operations -- 0.01 0.61 0.04
------------ ------------ ----------- ----------- Net income per
share $ 2.85 $ 0.69 $ 5.31 $ 2.22 ============ ============
=========== =========== Weighted average shares outstanding 305,989
291,774 298,284 291,747 ============ ============ ===========
=========== MGM MIRAGE AND SUBSIDIARIES SUPPLEMENTAL DATA - NET
REVENUES (In thousands) (Unaudited) Three Months Ended Twelve
Months Ended -------------------------- -------------------------
December 31, December 31, December 31, December 31, 2007 2006 2007
2006 ------------ ------------ ----------- ----------- Las Vegas
Strip $1,608,565 $1,556,676 $6,473,793 $6,227,768 Other Nevada
39,415 46,385 177,082 197,646 MGM Grand Detroit 150,310 116,155
487,359 461,297 Mississippi 124,584 126,822 547,561 289,245 Other
5,842 -- 5,842 -- ------------ ------------ ----------- -----------
$1,928,716 $1,846,038 $7,691,637 $7,175,956 ============
============ =========== =========== MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - PROPERTY EBITDA (In thousands) (Unaudited)
Three Months Ended Twelve Months Ended --------------------------
------------------------- December 31, December 31, December 31,
December 31, 2007 2006 2007 2006 ------------ ------------
----------- ----------- Las Vegas Strip $ 501,934 $ 494,491
$2,051,598 $2,022,608 Other Nevada 501 3,903 10,393 22,729 MGM
Grand Detroit 33,411 36,354 113,658 150,374 Mississippi 167,234
112,506 394,829 154,907 Other 1,040 -- 1,040 -- Unconsolidated
resorts 2,283 93,051 181,123 247,205 ------------ ------------
----------- ----------- $ 706,403 $ 740,305 $2,752,641 $2,597,823
============ ============ =========== =========== MGM MIRAGE AND
SUBSIDIARIES DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA
and EBITDA (In thousands) (Unaudited) Three Months Ended December
31, 2007 --------------------------------------- Preopening and
Property start-up Restructuring transactions, expenses costs net
Total ------------ ------------ ----------- ----------- Las Vegas
Strip $ 2,833 $ -- $ 8,658 $ 11,491 Other Nevada -- -- -- -- MGM
Grand Detroit 7,119 -- (570) 6,549 Mississippi -- -- (109,777)
(109,777) Unconsolidated resorts 27,652 -- -- 27,652 ------------
------------ ----------- ----------- 37,604 -- (101,689) (64,085)
Corporate and other 226 -- (2,825) (2,599) ------------
------------ ----------- ----------- $ 37,830 $ -- $ (104,514) $
(66,684) ============ ============ =========== =========== Three
Months Ended December 31, 2006
--------------------------------------- Preopening and Property
start-up Restructuring transactions, expenses costs net Total
------------ ------------ ----------- ----------- Las Vegas Strip $
5,186 $ -- $ 2,668 $ 7,854 Other Nevada -- -- 378 378 MGM Grand
Detroit 1,389 -- -- 1,389 Mississippi -- -- (86,015) (86,015)
Unconsolidated resorts 2,347 -- -- 2,347 ------------ ------------
----------- ----------- 8,922 -- (82,969) (74,047) Corporate and
other 132 -- 5,534 5,666 ------------ ------------ -----------
----------- $ 9,054 $ -- $ (77,435) $ (68,381) ============
============ =========== =========== MGM MIRAGE AND SUBSIDIARIES
DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA and EBITDA
(continued) (In thousands) (Unaudited) Twelve Months Ended December
31, 2007 --------------------------------------- Preopening and
Property start-up Restructuring transactions, expenses costs net
Total ------------ ------------ ----------- ----------- Las Vegas
Strip $ 24,078 $ -- $ 29,258 $ 53,336 Other Nevada -- -- 4,630
4,630 MGM Grand Detroit 26,257 -- (570) 25,687 Mississippi -- --
(216,211) (216,211) Unconsolidated resorts 41,039 -- -- 41,039
------------ ------------ ----------- ----------- 91,374 --
(182,893) (91,519) Corporate and other 731 -- (3,420) (2,689)
------------ ------------ ----------- ----------- $ 92,105 $ -- $
(186,313) $ (94,208) ============ ============ ===========
=========== Twelve Months Ended December 31, 2006
--------------------------------------- Preopening and Property
start-up Restructuring transactions, expenses costs net Total
------------ ------------ ----------- ----------- Las Vegas Strip $
24,210 $ 1,035 $ 35,303 $ 60,548 Other Nevada -- -- 336 336 MGM
Grand Detroit 3,313 -- 1 3,314 Mississippi -- -- (85,838) (85,838)
Unconsolidated resorts 8,316 -- -- 8,316 ------------ ------------
----------- ----------- 35,839 1,035 (50,198) (13,324) Corporate
and other 523 -- 9,218 9,741 ------------ ------------ -----------
----------- $ 36,362 $ 1,035 $ (40,980) $ (3,583) ============
============ =========== =========== MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF CONSOLIDATED EBITDA TO INCOME FROM CONTINUING
OPERATIONS (In thousands) (Unaudited) Three Months Ended Twelve
Months Ended -------------------------- -------------------------
December 31, December 31, December 31, December 31, 2007 2006 2007
2006 ------------ ------------ ----------- ----------- EBITDA
$1,678,979 $ 676,197 $3,564,264 $2,387,875 Depreciation and
amortization (193,768) (168,121) (700,334) (629,627) ------------
------------ ----------- ----------- Operating income 1,485,211
508,076 2,863,930 1,758,248 ------------ ------------ -----------
----------- Non-operating income (expense): Interest expense, net
(160,870) (187,368) (708,343) (760,361) Other 9,008 (9,943) 2,841
(19,961) ------------ ------------ ----------- -----------
(151,862) (197,311) (705,502) (780,322) ------------ ------------
----------- ----------- Income from continuing operations before
income taxes 1,333,349 310,765 2,158,428 977,926 Provision for
income taxes (462,575) (111,637) (757,883) (341,930) ------------
------------ ----------- ----------- Income from continuing
operations $ 870,774 $ 199,128 $1,400,545 $ 635,996 ============
============ =========== =========== MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO PROPERTY EBITDA (In
thousands) (Unaudited) Three Months Ended December 31, 2007
-------------------------------------- Depreciation Operating and
income amortization EBITDA ------------- -------------- -----------
Las Vegas Strip $ 355,262 $ 146,672 $ 501,934 Other Nevada (981)
1,482 501 MGM Grand Detroit 19,425 13,986 33,411 Mississippi
151,460 15,774 167,234 Other 70 970 1,040 Unconsolidated resorts
2,283 -- 2,283 ------------- -------------- ----------- 527,519
178,884 706,403 Stock compensation (11,195) Gain on CityCenter
transaction 1,029,660 Corporate and other (45,889) -----------
$1,678,979 =========== Three Months Ended December 31, 2006
-------------------------------------- Depreciation Operating and
income amortization EBITDA ------------- -------------- -----------
Las Vegas Strip $ 359,467 $ 135,024 $ 494,491 Other Nevada 1,932
1,971 3,903 MGM Grand Detroit 30,880 5,474 36,354 Mississippi
97,387 15,119 112,506 Unconsolidated resorts 93,051 -- 93,051
------------- -------------- ----------- 582,717 157,588 740,305
Stock compensation (15,065) Corporate and other (49,043)
----------- $ 676,197 =========== Twelve Months Ended December 31,
2007 -------------------------------------- Depreciation Operating
and income amortization EBITDA ------------- --------------
----------- Las Vegas Strip $1,502,156 $ 549,442 $2,051,598 Other
Nevada 3,942 6,451 10,393 MGM Grand Detroit 81,836 31,822 113,658
Mississippi 333,452 61,377 394,829 Other 70 970 1,040
Unconsolidated resorts 181,123 -- 181,123 -------------
-------------- ----------- 2,102,579 650,062 2,752,641 Stock
compensation (46,545) Gain on CityCenter transaction 1,029,660
Corporate and other (171,492) ----------- $3,564,264 ===========
Twelve Months Ended December 31, 2006
-------------------------------------- Depreciation Operating and
income amortization EBITDA ------------- -------------- -----------
Las Vegas Strip $1,490,745 $ 531,863 $2,022,608 Other Nevada 13,755
8,974 22,729 MGM Grand Detroit 134,190 16,184 150,374 Mississippi
120,133 34,774 154,907 Unconsolidated resorts 247,205 -- 247,205
------------- -------------- ----------- 2,006,028 591,795
2,597,823 Stock compensation (69,121) Corporate and other (140,827)
----------- $2,387,875 =========== MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (In thousands, except share data)
(Unaudited) December 31, December 31, 2007 2006 --------------
-------------- ASSETS Current assets: Cash and cash equivalents $
412,390 $ 452,944 Accounts receivable, net 412,345 362,921
Inventories 126,116 118,459 Income tax receivable -- 18,619
Deferred income taxes 63,453 68,046 Prepaid expenses and other
105,412 124,414 Assets held for sale 55,670 369,348 --------------
-------------- Total current assets 1,175,386 1,514,751
-------------- -------------- Real estate under development --
188,433 Property and equipment, net 16,823,704 17,241,860 Other
assets: Investments in unconsolidated affiliates 2,482,727
1,092,257 Goodwill 1,262,922 1,300,747 Other intangible assets, net
359,770 367,200 Deposits and other assets, net 623,177 440,990
-------------- -------------- Total other assets 4,728,596
3,201,194 -------------- -------------- $22,727,686 $22,146,238
============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $ 219,556 $ 182,154
Construction payable 76,524 234,486 Income taxes payable 284,075 --
Accrued interest on long-term debt 211,228 232,957 Other accrued
liabilities 929,424 958,244 Liabilities related to assets held for
sale 3,880 40,259 -------------- -------------- Total current
liabilities 1,724,687 1,648,100 -------------- --------------
Deferred income taxes 3,416,660 3,441,157 Long-term debt 11,175,229
12,994,869 Other long-term obligations 350,407 212,563
Stockholders' equity: Common stock, $.01 par value: authorized
600,000,000 shares, issued 368,395,926 and 362,886,027 shares and
outstanding 293,768,899 and 283,909,000 shares 3,684 3,629 Capital
in excess of par value 3,951,162 2,806,636 Treasury stock, at cost:
74,627,027 and 78,977,027 shares (2,115,107) (1,597,120) Retained
earnings 4,220,408 2,635,989 Accumulated other comprehensive income
556 415 -------------- -------------- Total stockholders' equity
6,060,703 3,849,549 -------------- -------------- $22,727,686
$22,146,238 ============== ============== DATASOURCE: MGM MIRAGE
CONTACT: Investment Community, Daniel J. D'Arrigo, Executive Vice
President, Chief Financial Officer, +1-702-693-8895, or News Media,
Alan M. Feldman, Senior Vice President Public Affairs,
+1-702-650-6947, both of MGM MIRAGE Web site:
http://www.mgmmirage.com/
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