LAS VEGAS, Aug. 5 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
today reported its second quarter 2008 financial results. The
Company achieved 97% occupancy at its Las Vegas Strip resorts,
while company-wide net revenue declined 2%. The Company earned
$0.40 per diluted share from continuing operations in the 2008
second quarter, compared to $0.62 in the prior year second quarter.
The 2007 quarter included $63 million, or $0.14 per diluted share
net of tax, of residential sales at The Signature at MGM Grand. The
2008 quarter includes $19 million, or $0.04 per diluted share net
of tax, of insurance recovery income related to the Monte Carlo
fire. Overall trends were similar to those experienced in the first
quarter of 2008 -- guests continued to visit the Company's resorts
in high numbers, but at lower room rates, and current economic
conditions led to lower visitor spending. Gaming revenues were
impacted slightly more than non-gaming revenues, with the Company
experiencing a 4% decline in gaming revenues on a
quarter-over-quarter basis. Net non-gaming revenues were flat as
relative strength in food and beverage and entertainment revenue
offset lower revenue in rooms and retail. The Company also notes
that results at its regional properties in Mississippi and Michigan
improved compared to first quarter performance and exceeded 2007
results. Key results for the quarter include: -- Net revenue
decreased 2% to $1.9 billion; -- Las Vegas Strip REVPAR(1)
decreased 5%; occupancy was 97% at the Company's Las Vegas Strip
resorts versus 98% a year ago; -- Casino revenue decreased 4%,
mainly as result of lower table games volume at the Company's Las
Vegas Strip resorts and a 10% decline in Las Vegas Strip slots
revenue, offset by increased slots revenue at the larger MGM Grand
Detroit and increases at Beau Rivage and Gold Strike Tunica; --
Property EBITDA(2) decreased 12% on a comparable basis, after
removing the impact of the prior year residential profits and
current year insurance recoveries. On an absolute basis, Property
EBITDA was $564 million in the 2008 quarter, an 18% decrease from
the prior year; -- Bellagio and Mandalay Bay reported increases in
Property EBITDA, with Bellagio reporting its highest ever quarterly
hotel revenue and leading the Las Vegas market in Property EBITDA;
Mandalay Bay produced a record for second quarter EBITDA. The
following table lists certain items which affect the comparability
of the current year and prior year quarterly results (earnings per
share impact shown, net of tax, per diluted share; negative amounts
represent charges to income): Three months ended June 30, 2008 2007
--------------------------- ------ ------ Profits from The
Signature at MGM Grand $ - $ 0.14 Preopening and start-up expenses
(0.02) (0.03) Monte Carlo fire business interruption (recorded as a
reduction of general and administrative expenses) 0.02 - Property
transactions, net: Monte Carlo fire property damage insurance 0.02
- Other property transactions (0.02) (0.01) "Our resorts were near
capacity and we believe our market share increased, as
discriminating customers seek the best resort and entertainment
experiences," said Terry Lanni, Chairman and CEO of MGM MIRAGE.
"Our track record of successfully navigating through changing
economic conditions is solid and is reinforced by our results this
quarter." Detailed Discussion of Second Quarter Operating Results
Casino revenue decreased 4%, mainly due to a decrease in table
games volume of 7%. The table games hold percentage was at the
mid-point of the normal 18% to 22% range in the current quarter and
slightly higher than in the 2007 quarter. Slots revenue decreased
2% in the quarter, with the Company's Las Vegas Strip resorts
posting a 10% decrease. However, slots revenue increased in the
high single digits at Beau Rivage and Gold Strike Tunica and 18% at
MGM Grand Detroit. MGM Grand Detroit continues to gain market share
as a result of its upgraded amenities. Rooms revenue decreased 6%,
with a 5% decline in Las Vegas Strip REVPAR. Average room rates
were down 5% at the Company's Las Vegas Strip resorts. Las Vegas
Strip occupancy decreased slightly, and the Company had
approximately 32,000 less rooms available at its Las Vegas Strip
resorts, mainly due to the lower room count at Monte Carlo. The
following table shows key hotel statistics for the Company's Las
Vegas Strip resorts: Three months ended June 30, 2008 2007
--------------------------- ------ ------ Occupancy % 97% 98%
Average Daily Rate (ADR) $155 $162 Revenue per Available Room
(REVPAR) $150 $159 These trends are largely in line with the
Company's experience in the first quarter, when Las Vegas Strip
REVPAR decreased 4%. In the second quarter, the Company
strategically managed its room rates to ensure that occupancy was
maximized in line with historical levels. Food and beverage revenue
increased 2% and entertainment revenues also performed well, only
down 4% despite a difficult comparison as the second quarter of
2007 featured the Oscar de la Hoya-Floyd Mayweather fight. The
Company's Cirque du Soleil production shows generated a combined 3%
increase in revenue. The Company believes its restaurants,
nightclubs and shows continue to attract guests seeking the highest
quality experience, and the Company has continued to introduce new
venues such as the recently opened Brand Steakhouse at Monte Carlo,
Tender Steakhouse at Luxor, BLT Burger at The Mirage, and
Yellowtail sushi restaurant at Bellagio; and the soon-to-open
RokVegas nightclub at New York-New York. In addition, the new
production show from Cirque du Soleil and Criss Angel, Believe,
will open in the fall. The Company recorded $19 million of
insurance recovery income in the quarter related to the January
2008 Monte Carlo fire -- $9 million related to business
interruption recorded as a reduction of general and administrative
expenses, and $10 million related to property damage recorded as
property transactions. Through June 30, 2008, the Company had
received $50 million from its insurers. Excluding the insurance
recovery income, Monte Carlo earned Property EBITDA of $17 million
in the 2008 second quarter compared to $32 million reported in the
2007 second quarter; the property is still without nearly 200
rooms, mostly suites, as a result of the fire. Corporate expense
decreased from $44 million in the 2007 quarter to $27 million in
2008, due to the impact of cost reduction measures implemented
during the quarter and lower accruals for profit-based bonuses. MGM
Grand Macau, of which the Company owns 50%, recorded Property
EBITDA of $23 million and an operating loss of $5 million. The
Company recognized its share of MGM Grand Macau's results as
follows: $4 million of loss in the "Income from unconsolidated
affiliates" line and $3 million of expense in "Non-operating items
from unconsolidated affiliates." "As these results represent only
our second full quarter of operations at MGM Grand Macau, we
believe we are still in the early stages of realizing the potential
of this resort," said Mr. Lanni. "We have taken several steps to
improve our operating performance over the past several months and
based on our results in June and July, we believe these measures
are having the desired impact as evidenced by our increased market
share." Operating income decreased 29% for the quarter to $334
million, a larger percentage decrease than the 18% drop in Property
EBITDA as a result of higher depreciation expense, including the
larger MGM Grand Detroit. Year-over-year comparisons for both
Property EBITDA and operating income were impacted by the prior
year Signature profits of $63 million and the other items described
earlier in the release. On a comparable basis excluding these items
in both quarterly periods, Property EBITDA decreased 12% with a
margin of 30% in 2008 versus 33% in 2007; and operating income
decreased 21% with a margin of 17% versus 22%. Net income,
including discontinued operations, decreased to $113 million, or
$0.40 per diluted share, from $360 million, or $1.22 per diluted
share. In addition to the factors described above, the decrease
resulted from the $264 million of pre-tax gains recorded in the
prior year quarter from the sale of discontinued operations (the
Primm Valley Resorts and Laughlin Properties). "Our resorts are
clearly positioned to be the standard of quality in our industry,
and our results reflect that competitive position," said Jim
Murren, President and Chief Operating Officer of MGM MIRAGE. "While
we had mixed results, some of our properties generated increases in
cash flow in this challenging environment, and our cost reduction
efforts continue to gain traction without impacting guest service;
we expect these initiatives will benefit us well into the future.
We believe in the durability of the Las Vegas market and that over
time it will continue to grow in line with historical trends. Our
own forward booking trends show improvement in the fourth quarter
of 2008 and into 2009." Financial Position Second quarter capital
investments totaled $221 million which included $73 million on room
and suite remodel projects, primarily at The Mirage and TI; $7
million for the theatre at Luxor; expenditures of $9 million for
remediation efforts at Monte Carlo; and $23 million for the people
mover joining CityCenter, Monte Carlo and Bellagio, and Monte
Carlo's share of a parking garage being constructed for both Monte
Carlo and CityCenter. The remaining $109 million was for other
capital expenditures, including various new and upgraded amenities
at the Company's resorts. The Company repurchased 2.6 million
shares of its common stock in the open market for $134 million
during the second quarter, completing the Company's December 2007
share repurchase authorization. In May 2008, the Company's Board of
Directors approved a new 20 million share repurchase program;
however, the Company has not repurchased any shares under this
authorization. Available borrowing capacity under the Company's
senior credit facility was $1.7 billion as of June 30, 2008; after
giving effect to the repayment of $196 million of senior notes in
August 2008, such availability is $1.5 billion. During the quarter,
the Company and Dubai World each funded $300 million of
construction costs for CityCenter. The Company and Dubai World are
currently working with several relationship lenders regarding a $3
billion financing package for the joint venture. To date,
CityCenter has received commitments totaling $1.65 billion from the
lead banks -- Bank of America, Royal Bank of Scotland, UBS, BNP
Paribas, and Sumitomo Mitsui. In addition, CityCenter has received
commitments from Deutsche Bank, Morgan Stanley, and the Bank of
Nova Scotia. "In an unprecedented credit market, CityCenter has
received to date well over half of the financing committed from
these institutions and anticipates finalizing its bank financing
this quarter," said Executive Vice President and Chief Financial
Officer of MGM MIRAGE, Dan D'Arrigo. Related to MGM MIRAGE capital
spending, Mr. D'Arrigo noted, "Over the past several years, we have
invested significant capital in our resorts in the form of new
restaurants, entertainment venues and upgraded rooms, and we
maintain them at the highest level. As a result, our required
capital spending for the remainder of this year and into 2009 will
be lower than in the recent past, enhancing our available free cash
flow." MGM MIRAGE will hold a conference call to discuss its second
quarter earnings results and outlook for the third quarter of 2008
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 August 12, 2008, a
complete replay of the conference call can be accessed by dialing
1-706-645-9291, access code 54787690. 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 INCOME STATEMENT (In thousands, except
per share data) (Unaudited) Three Months Ended Six Months Ended
---------------------- ---------------------- June 30, June 30,
June 30, June 30, 2008 2007 2008 2007 ---------- ----------
---------- ---------- Revenues: Casino $ 742,183 $ 773,931
$1,532,647 $1,585,870 Rooms 523,530 555,107 1,042,271 1,104,111
Food and beverage 431,563 424,717 833,955 842,166 Entertainment
138,030 143,237 272,868 277,485 Retail 68,818 79,072 132,855
147,322 Other 155,984 134,760 303,957 256,830 ---------- ----------
---------- ---------- 2,060,108 2,110,824 4,118,553 4,213,784 Less:
Promotional allowances (164,389) (174,408) (339,201) (347,933)
---------- ---------- ---------- ---------- 1,895,719 1,936,416
3,779,352 3,865,851 ---------- ---------- ---------- ----------
Expenses: Casino 400,979 401,342 817,542 813,134 Rooms 139,736
137,078 276,533 272,263 Food and beverage 246,799 240,701 483,071
476,405 Entertainment 98,286 103,389 193,950 200,632 Retail 42,495
48,830 85,659 92,574 Other 96,196 75,252 188,760 144,060 General
and administrative 323,811 329,711 644,185 641,385 Corporate
expense 26,621 43,668 59,071 77,623 Preopening and start-up
expenses 6,957 14,148 12,121 28,424 Restructuring costs - - 329 -
Property transactions, net (118) 2,407 2,658 7,426 Depreciation and
amortization 197,218 167,509 391,557 335,786 ---------- ----------
---------- ---------- 1,578,980 1,564,035 3,155,436 3,089,712
---------- ---------- ---------- ---------- Income from
unconsolidated affiliates 17,045 96,592 51,156 137,967 ----------
---------- ---------- ---------- Operating income 333,784 468,973
675,072 914,106 ---------- ---------- ---------- ----------
Non-operating income (expense): Interest income 3,680 5,509 7,146
8,166 Interest expense, net (145,304) (183,429) (295,093) (367,440)
Non-operating items from unconsolidated affiliates (7,288) (4,714)
(17,179) (9,820) Other, net (1,564) (804) (1,334) (3,532)
---------- ---------- ---------- ---------- (150,476) (183,438)
(306,460) (372,626) ---------- ---------- ---------- ----------
Income from continuing operations before income taxes 183,308
285,535 368,612 541,480 Provision for income taxes (70,207)
(102,637) (137,165) (195,572) ---------- ---------- ----------
---------- Income from continuing operations 113,101 182,898
231,447 345,908 ---------- ---------- ---------- ----------
Discontinued operations: Income from discontinued operations -
2,615 - 10,461 Gain on disposal of discontinued operations -
263,881 - 263,881 Provision for income taxes - (89,222) - (91,905)
---------- ---------- ---------- ---------- - 177,274 - 182,437
---------- ---------- ---------- ---------- Net income $ 113,101 $
360,172 $ 231,447 $ 528,345 ========== ========== ==========
========== Per share of common stock: Basic: Income from continuing
operations $ 0.41 $ 0.64 $ 0.82 $ 1.22 Discontinued operations -
0.63 - 0.64 ---------- ---------- ---------- ---------- Net income
per share $ 0.41 $ 1.27 $ 0.82 $ 1.86 ========== ==========
========== ========== Weighted average shares outstanding 277,468
283,849 283,205 283,933 ========== ========== ========== ==========
Diluted: Income from continuing operations $ 0.40 $ 0.62 $ 0.79 $
1.17 Discontinued operations - 0.60 - 0.62 ---------- ----------
---------- ---------- Net income per share $ 0.40 $ 1.22 $ 0.79 $
1.79 ========== ========== ========== ========== Weighted average
shares outstanding 284,615 295,232 291,508 295,402 ==========
========== ========== ========== 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, 2008
2007 2008 2007 ----------- ----------- ----------- ----------- Las
Vegas Strip $ 1,551,148 $ 1,640,648 $ 3,099,205 $ 3,266,991 Other
Nevada 38,821 47,058 75,671 91,490 MGM Grand Detroit 145,428
110,470 290,208 226,604 Mississippi 139,401 138,240 273,623 280,766
Other 20,921 - 40,645 - ----------- ----------- -----------
----------- $ 1,895,719 $ 1,936,416 $ 3,779,352 $ 3,865,851
=========== =========== =========== =========== 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, 2008 2007 2008 2007 ----------- -----------
----------- ----------- Las Vegas Strip $ 482,744 $ 531,224 $
962,240 $ 1,080,066 Other Nevada (735) 6,080 (1,420) 4,084 MGM
Grand Detroit 38,524 28,116 72,936 62,942 Mississippi 28,616 27,907
55,986 63,310 Other 4,170 - 8,749 - Unconsolidated resorts 10,634
92,952 40,001 131,094 ----------- ----------- -----------
----------- $ 563,953 $ 686,279 $ 1,138,492 $ 1,341,496 ===========
=========== =========== =========== MGM MIRAGE AND SUBSIDIARIES
DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA and EBITDA (In
thousands) (Unaudited) Three Months Ended June 30, 2008
-------------------------------- Preopening and Property start-up
Restructuring transactions, expenses costs net Total -----------
----------- ----------- ----------- Las Vegas Strip $ 394 $ - $
(3,628) $ (3,234) Other Nevada - - 2,187 2,187 MGM Grand Detroit
(59) - - (59) Mississippi - - (3) (3) Unconsolidated resorts 6,575
- - 6,575 ----------- ----------- ----------- ----------- 6,910 -
(1,444) 5,466 Corporate and other 47 - 1,326 1,373 -----------
----------- ----------- ----------- $ 6,957 $ - $ (118) $ 6,839
=========== =========== =========== =========== Three Months Ended
June 30, 2007 -------------------------------- Preopening and
Property start-up Restructuring transactions, 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 =========== =========== ===========
=========== MGM MIRAGE AND SUBSIDIARIES DETAIL OF CERTAIN CHARGES
AFFECTING PROPERTY EBITDA and EBITDA (continued) (In thousands)
(Unaudited) Six Months Ended June 30, 2008
------------------------------ Preopening and Property start-up
Restructuring transactions, expenses costs net Total -----------
----------- ----------- ----------- Las Vegas Strip $ 620 $ 329 $
(839) $ 110 Other Nevada - - 2,187 2,187 MGM Grand Detroit 135 - 8
143 Mississippi - - 2 2 Unconsolidated resorts 11,319 - - 11,319
----------- ----------- ----------- ----------- 12,074 329 1,358
13,761 Corporate and other 47 - 1,300 1,347 ----------- -----------
----------- ----------- $ 12,121 $ 329 $ 2,658 $ 15,108 ===========
=========== =========== =========== Six Months Ended June 30, 2007
------------------------------ Preopening and Property start-up
Restructuring transactions, 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
=========== =========== =========== =========== 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, 2008 2007 2008 2007 ----------
---------- ---------- ---------- EBITDA $ 531,002 $ 636,482
$1,066,629 $1,249,892 Depreciation and amortization (197,218)
(167,509) (391,557) (335,786) ---------- ---------- ----------
---------- Operating income 333,784 468,973 675,072 914,106
---------- ---------- ---------- ---------- Non-operating income
(expense): Interest expense, net (145,304) (183,429) (295,093)
(367,440) Other (5,172) (9) (11,367) (5,186) ---------- ----------
---------- ---------- (150,476) (183,438) (306,460) (372,626)
---------- ---------- ---------- ---------- Income from continuing
operations before income taxes 183,308 285,535 368,612 541,480
Provision for income taxes (70,207) (102,637) (137,165) (195,572)
---------- ---------- ---------- ---------- Income from continuing
operations $ 113,101 $ 182,898 $ 231,447 $ 345,908 ==========
========== ========== ========== MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO PROPERTY EBITDA (In
thousands) (Unaudited) Three Months Ended June 30, 2008
-------------------------------- Depreciation Operating and income
amortization EBITDA ------------ ------------ ------------ Las
Vegas Strip $ 334,457 $ 148,287 $ 482,744 Other Nevada (2,220)
1,485 (735) MGM Grand Detroit 24,227 14,297 38,524 Mississippi
13,148 15,468 28,616 Other 2,091 2,079 4,170 Unconsolidated resorts
10,634 - 10,634 ------------ ------------ ------------ 382,337
181,616 563,953 Stock compensation (9,592) Corporate and other
(23,359) ------------ $ 531,002 ============ 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 =========== Six Months Ended June 30, 2008
------------------------------ Depreciation Operating and income
amortization EBITDA ------------ ------------ ----------- Las Vegas
Strip $ 667,754 $ 294,486 $ 962,240 Other Nevada (4,406) 2,986
(1,420) MGM Grand Detroit 44,288 28,648 72,936 Mississippi 24,961
31,025 55,986 Other 4,672 4,077 8,749 Unconsolidated resorts 40,001
- 40,001 ------------ ------------ ----------- 777,270 361,222
1,138,492 Stock compensation (20,795) Corporate and other (51,068)
----------- $ 1,066,629 =========== 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 =========== MGM MIRAGE AND SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS (In thousands, except share data) (Unaudited) June
30, December 31, 2008 2007 ----------- ----------- ASSETS Current
assets: Cash and cash equivalents $ 279,995 $ 416,124 Accounts
receivable, net 366,133 412,933 Inventories 125,781 126,941 Income
tax receivable 1,752 - Deferred income taxes 72,437 63,453 Prepaid
expenses and other 95,723 106,364 ----------- ----------- Total
current assets 941,821 1,125,815 ----------- ----------- Property
and equipment, net 16,924,342 16,870,898 Other assets: Investments
in unconsolidated affiliates 2,504,529 2,482,727 Goodwill 1,262,922
1,262,922 Other intangible assets, net 360,502 362,098 Deposits and
other assets, net 1,136,995 623,226 ----------- ----------- Total
other assets 5,264,948 4,730,973 ----------- -----------
$23,131,111 $22,727,686 =========== =========== LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $
164,055 $ 220,495 Construction payable 57,658 76,524 Income taxes
payable - 284,075 Accrued interest on long-term debt 190,322
211,228 Other accrued liabilities 875,226 932,365 -----------
----------- Total current liabilities 1,287,261 1,724,687
----------- ----------- Deferred income taxes 3,375,204 3,416,660
Long-term debt 13,010,813 11,175,229 Other long-term obligations
371,518 350,407 Stockholders' equity: Common stock, $.01 par value:
authorized 600,000,000 shares, issued 369,110,366 and 368,395,926
shares and outstanding 276,333,339 and 293,768,899 shares 3,691
3,684 Capital in excess of par value 3,996,481 3,951,162 Treasury
stock, at cost: 92,777,027 and 74,627,027 shares (3,355,963)
(2,115,107) Retained earnings 4,451,855 4,220,408 Accumulated other
comprehensive income (loss) (9,749) 556 ----------- -----------
Total stockholders' equity 5,086,315 6,060,703 -----------
----------- $23,131,111 $22,727,686 =========== ===========
DATASOURCE: MGM MIRAGE CONTACT: Investment Community, Daniel J.
D'Arrigo, Executive Vice President, Chief Financial Officer,
+1-702-693-8895, or 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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