The Company is Effectively Managing its Cost Structure to Maximize
Cash Flow and Making Significant Strides to Increase Liquidity LAS
VEGAS, Oct. 29 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
today reported its third quarter 2008 financial results. The
Company earned $0.22 per diluted share from continuing operations
for the 2008 third quarter compared to $0.62 in the prior year
third quarter. Results for the 2008 quarter included a non-cash
write-down of $30 million, or $0.07 per diluted share, related to
the 36-hole Primm Valley Golf Club and underlying land. Results for
the third quarter of 2007 included $135 million, or $0.30 per
diluted share, of income related to insurance proceeds received for
Hurricane Katrina. These and several other items impacted
comparability of quarterly results as shown in the following table
(earnings per share impact, net of tax, per diluted share; negative
amounts represent charges to income): Three months ended September
30, 2008 2007
-----------------------------------------------------------------------
Profits from The Signature at MGM Grand $ - $ 0.03 Preopening and
start-up expenses (0.01) (0.06) 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 (0.08) (0.04) The Company's net revenue decreased 6%
to $1.8 billion. Las Vegas Strip REVPAR(1) decreased 10%; casino
revenue decreased 8%, while food and beverage revenue and
entertainment revenue were down 3% and 4%, respectively. Property
EBITDA(2) was $502 million in the quarter compared to $705 million
in 2007. The comparison was affected by the items noted above, and
a $15 million impact from the reversal of bonus accruals in the
2008 quarter due to the Company not meeting its internal profit
targets. On a comparable basis, excluding these items, Property
EBITDA declined 18%, with a margin of 28% versus 32% in the prior
year. Consolidated EBITDA was $442 million compared to $635 million
in 2007. Adjusting for items affecting comparability, including a
total company-wide bonus accrual reversal of $22 million, EBITDA
declined 14%. This decline is less than the Property EBITDA decline
due to significantly lower corporate expense. Bellagio reported
extremely strong results for the third quarter with a 3% increase
in net revenue and Property EBITDA of $90 million, an 8% increase
over the prior year third quarter. Bellagio's average room rate
increased 1% to $247 and occupancy was 96%, leading to an increase
in REVPAR to $238 and an all-time high in terms of third quarter
hotel revenues. "We continue to manage our resorts to achieve
maximum performance across all our businesses, and achieved
occupancy of 95% at our Las Vegas Strip resorts for the third
quarter," said Terry Lanni, Chairman and CEO of MGM MIRAGE. "Our
performance was impacted by the global economic environment, a
trend that is not unique to our industry, but we continue to
generate strong cash flows. Bellagio, our flagship resort,
continues to outperform the market as evidenced by its third
quarter performance." Detailed Discussion of Third Quarter
Operating Results Casino revenue decreased 8%, mainly due to a
decrease in table games volume of 13% at the Company's Las Vegas
Strip resorts. The table games hold percentage was within the
Company's normal 18% to 22% range in the current quarter and
slightly higher than in the 2007 quarter. Slots revenue decreased
6% in the quarter, with the Company's Las Vegas Strip resorts
reporting a 13% decrease, partially offset by double digit
increases at Gold Strike Tunica and MGM Grand Detroit. Rooms
revenue decreased 10%. Average room rates were down 9% at the
Company's Las Vegas Strip resorts, with Las Vegas Strip occupancy
at 95% compared to 97% in the prior year quarter. The following
table shows key hotel statistics for the Company's Las Vegas Strip
resorts: Three months ended September 30, 2008 2007
-----------------------------------------------------------------------
Occupancy % 95% 97% Average Daily Rate (ADR) $135 $147 Revenue per
Available Room (REVPAR) $128 $143 Other non-gaming revenues were
relatively strong in light of current market conditions. Food and
beverage revenues were down 3%. Entertainment revenues were down
4%, largely due to fewer events at the Company's arenas. The
Company's market-leading Cirque du Soleil production shows continue
to attract large audiences, with revenues consistent with the prior
year quarter. In addition, Believe starring Criss Angel is
currently playing preview performances at Luxor and will perform
its grand-opening show on October 31. Corporate expense decreased
from $63 million in the 2007 quarter to $24 million in 2008. The
current quarter includes the impact of cost reduction measures
implemented throughout 2008 as well as the reversal of bonus
accruals. Additionally, the 2007 quarter included $18 million of
costs related to severance, development initiatives, and the
CityCenter joint venture transaction. MGM Grand Macau, of which the
Company owns 50%, recorded Property EBITDA of $35 million, a 52%
increase over the $23 million earned in the second quarter. The
Company recognized its share of MGM Grand Macau's results as
follows: $8 million of income in the "Income from unconsolidated
affiliates" line and $3 million of expense in "Non-operating items
from unconsolidated affiliates." On a comparable basis, the
Company's operating margin was 14% versus 19% in the prior year
quarter, and operating income declined 29%. These year-over- year
comparisons exclude the impact from the reversal of bonus accruals
during the current quarter and the other items listed in the table
earlier in the release. "While our margins have held up well in a
difficult environment, we continue to make permanent improvements
to our cost structure which will benefit us now and into the
future," said Jim Murren, President and Chief Operating Officer of
MGM MIRAGE. "We continue to mobilize the unmatched talents of our
management team to identify opportunities for margin improvement
and remain focused on providing the highest levels of guest
service. We believe we have plentiful opportunities to further
reduce costs and we are dedicated to maximizing our cash flows."
Projects Update In October 2007, the Company announced the
development of MGM Grand Atlantic City, to be located adjacent to
the Borgata on a 72-acre site in Renaissance Point in Atlantic
City, New Jersey. The Company has made extensive progress on design
and other pre-development activities. Current economic conditions
and the impact of the credit market environment have caused the
Company to reassess timing for the project. Accordingly, the
Company has postponed additional development activities. "We
continue to believe that Atlantic City represents an important
market for further development," said Mr. Lanni. "We intend to
resume development at such time as economic conditions and capital
markets are sufficiently improved to enable us to go forward on a
reasonable basis. Likewise, with respect to our joint venture with
Kerzner International and Istithmar announced in September 2007 for
the development of a major resort complex on the southwest corner
of the Las Vegas Strip and Sahara Avenue in Las Vegas, we have
agreed with our joint venture partners that we should defer
additional design and pre-construction activities and have amended
our joint venture agreement accordingly. These actions reflect the
Company's commitment to maximize our financial resources in this
environment." Financial Position In September, the Company entered
into an amendment to its $7.0 billion senior credit facility. The
amendment increases the maximum total leverage ratio, modifies
drawn and undrawn pricing levels as well as revises certain
definitions and limitations on secured indebtedness. Available
borrowing capacity under the Company's senior credit facility was
$1.2 billion as of September 30, 2008. In early October, CityCenter
successfully completed the first phase of its financing by securing
a $1.8 billion senior bank credit facility. CityCenter has received
additional signed commitment letters totaling in excess of $500
million, and the Company and Dubai World continue to work with
lenders to obtain additional financing, up to a total of $3.0
billion, for CityCenter. During the third quarter, the Company and
Dubai World each provided CityCenter with additional loans of $300
million to fund construction. "Securing $1.8 billion of financing
at CityCenter and amending our $7.0 billion senior credit facility
provide the Company with significant additional financial
flexibility," said Executive Vice President and Chief Financial
Officer of MGM MIRAGE, Dan D'Arrigo. "We intend to further access
the capital markets, and aggressively manage our liquidity and
financial position." Third quarter capital investments totaled $181
million, which included $73 million for room and suite remodel
projects, primarily at The Mirage and TI; and $19 million for
projects related to CityCenter, including the people mover
connecting Bellagio, CityCenter, and Monte Carlo, as well as
expenditures for Monte Carlo's share of a new parking garage. The
remaining $89 million was for other capital expenditures, including
various new and upgraded amenities at the Company's resorts.
Goodwill and Indefinite-lived Intangible Assets The Company reviews
goodwill and indefinite-lived intangible assets for impairment
annually in the fourth quarter and between annual test dates in
certain circumstances. The majority of the Company's goodwill and
indefinite- lived intangible assets (mainly trademarks and license
rights) relate to the Mandalay Resort Group acquisition in April
2005. The Company does not believe a triggering event requiring the
Company to conduct an interim impairment test had occurred as of
September 30, 2008 and will perform the annual test during the
fourth quarter. The Company notes that its market capitalization as
of September 30, 2008 exceeded its net book value by 53%, or $2.7
billion, and its net book value per share was $18.61. However, due
to a subsequent decline in the Company's market capitalization, the
Company believes it is reasonably possible that its fourth quarter
analysis will result in a non-cash impairment charge, but cannot
reasonably estimate the amount of such charge until it completes
its annual evaluation later in the fourth quarter. As of September
30, 2008, the balances of the Company's goodwill and
indefinite-lived intangible assets were $1.3 billion and $345
million, respectively. MGM MIRAGE will hold a conference call to
discuss its third quarter earnings results and outlook for the
fourth 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 November 5,
2008, a complete replay of the conference call can be accessed by
dialing 1-706-645-9291, access code 69045664. 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 Nine Months Ended
----------------------------- -----------------------------
September 30, September 30, September 30, September 30, 2008 2007
2008 2007 -------------- -------------- --------------
-------------- Revenues: Casino $ 739,331 $ 803,834 $ 2,271,978 $
2,389,704 Rooms 458,051 510,795 1,500,322 1,614,906 Food and
beverage 395,090 406,620 1,229,045 1,248,786 Entertainment 135,673
141,093 408,541 418,578 Retail 69,205 75,608 202,060 222,930 Other
155,335 132,061 478,664 388,891 -------------- --------------
-------------- -------------- 1,952,685 2,070,011 6,090,610
6,283,795 Less: Promotional allowances (167,154) (172,941)
(506,355) (520,874) -------------- -------------- --------------
-------------- 1,785,531 1,897,070 5,584,255 5,762,921
-------------- -------------- -------------- --------------
Expenses: Casino 383,406 404,509 1,200,948 1,217,643 Rooms 136,313
135,550 412,846 407,813 Food and beverage 237,130 232,829 720,201
709,234 Entertainment 94,667 100,281 288,617 300,913 Retail 42,411
47,211 128,070 139,785 Other 99,389 81,256 307,521 225,316 General
and administrative 326,831 314,625 971,016 956,010 Corporate
expense 24,466 63,050 83,537 140,673 Preopening and start-up
expenses 5,505 25,851 17,626 54,275 Restructuring costs - - 329 -
Property transactions, net 32,326 (89,225) 34,984 (81,799)
Depreciation and amortization 200,102 170,780 591,659 506,566
-------------- -------------- -------------- --------------
1,582,546 1,486,717 4,757,354 4,576,429 --------------
-------------- -------------- -------------- Income from
unconsolidated affiliates 38,572 54,260 89,728 192,227
-------------- -------------- -------------- --------------
Operating income 241,557 464,613 916,629 1,378,719 --------------
-------------- -------------- -------------- Non-operating income
(expense): Interest income 5,910 4,770 13,056 12,936 Interest
expense, net (144,751) (180,033) (439,844) (547,473) Non-operating
items from unconsolidated affiliates (9,552) (4,599) (26,731)
(14,419) Other, net 2,125 (1,152) 791 (4,684) --------------
-------------- -------------- -------------- (146,268) (181,014)
(452,728) (553,640) -------------- -------------- --------------
-------------- Income from continuing operations before income
taxes 95,289 283,599 463,901 825,079 Provision for income taxes
(34,011) (99,736) (171,176) (295,308) Income from --------------
-------------- -------------- -------------- continuing operations
61,278 183,863 292,725 529,771 -------------- --------------
-------------- -------------- Discontinued operations: Income from
discontinued operations - - - 10,461 Gain on disposal of
discontinued operations - - - 263,881 Provision for income taxes -
- - (91,905) -------------- -------------- --------------
-------------- - - - 182,437 -------------- --------------
-------------- -------------- Net income $ 61,278 $ 183,863 $
292,725 $ 712,208 ============== ============== ==============
============== Per share of common stock: Basic: Income from
continuing operations $ 0.22 $ 0.65 $ 1.04 $ 1.86 Discontinued
operations - - - 0.65 Net income -------------- --------------
-------------- -------------- per share $ 0.22 $ 0.65 $ 1.04 $ 2.51
============== ============== ============== ==============
Weighted average shares outstanding 276,417 284,730 280,926 284,201
============== ============== ============== ==============
Diluted: Income from continuing operations $ 0.22 $ 0.62 $ 1.02 $
1.79 Discontinued operations - - - 0.62 Net income --------------
-------------- -------------- -------------- per share $ 0.22 $
0.62 $ 1.02 $ 2.41 ============== ============== ==============
============== Weighted average shares outstanding 279,846 296,248
287,604 295,687 ============== ============== ==============
============== 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, 2008 2007
2008 2007 -------------- -------------- --------------
-------------- Las Vegas Strip $ 1,450,899 $ 1,598,237 $ 4,569,476
$ 4,865,228 Other Nevada 41,334 46,177 117,005 137,667 MGM Grand
Detroit 139,859 110,445 430,067 337,049 Mississippi 135,357 142,211
408,980 422,977 Other 18,082 - 58,727 - --------------
-------------- -------------- -------------- $ 1,785,531 $
1,897,070 $ 5,584,255 $ 5,762,921 ============== ==============
============== ============== 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, 2008 2007 2008 2007 -------------- --------------
-------------- -------------- Las Vegas Strip $ 398,998 $ 469,598 $
1,361,238 $ 1,549,664 Other Nevada 3,226 5,808 1,806 9,892 MGM
Grand Detroit 33,849 17,305 106,785 80,247 Mississippi 26,208
164,285 82,194 227,595 Other 5,066 - 13,815 - Unconsolidated
resorts 34,535 47,746 74,536 178,840 -------------- --------------
-------------- -------------- $ 501,882 $ 704,742 $ 1,640,374 $
2,046,238 ============== ============== ==============
============== MGM MIRAGE AND SUBSIDIARIES DETAIL OF CERTAIN
CHARGES AFFECTING PROPERTY EBITDA and EBITDA (In thousands)
(Unaudited) Three Months Ended September 30, 2008
------------------------------------- Preopening and Property
start-up Restructuring transactions, expenses costs net Total
-------------- -------------- -------------- -------------- Las
Vegas Strip $ 1,494 $ - $ 1,765 $ 3,259 Other Nevada - - 20 20 MGM
Grand Detroit - - - - Mississippi - - 71 71 Unconsolidated resorts
3,957 - - 3,957 -------------- -------------- --------------
-------------- 5,451 - 1,856 7,307 Corporate and other 54 - 30,470
30,524 -------------- -------------- -------------- --------------
$ 5,505 $ - $ 32,326 $ 37,831 ============== ==============
============== ============== Three Months Ended September 30, 2007
------------------------------------- Preopening and Property
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) ============== ============== ==============
============== MGM MIRAGE AND SUBSIDIARIES DETAIL OF CERTAIN
CHARGES AFFECTING PROPERTY EBITDA and EBITDA (continued) (In
thousands) (Unaudited) Nine Months Ended September 30, 2008
------------------------------------ Preopening and Property
start-up Restructuring transactions, expenses costs net Total
-------------- -------------- -------------- -------------- Las
Vegas Strip $ 2,114 $ 329 $ 926 $ 3,369 Other Nevada - - 2,207
2,207 MGM Grand Detroit 135 - 8 143 Mississippi - - 73 73
Unconsolidated resorts 15,276 - - 15,276 --------------
-------------- -------------- -------------- 17,525 329 3,214
21,068 Corporate and other 101 - 31,770 31,871 --------------
-------------- -------------- -------------- $ 17,626 $ 329 $
34,984 $ 52,939 ============== ============== ==============
============== Nine Months Ended September 30, 2007
------------------------------------ Preopening and Property
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) ============== ============== ==============
============== 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, 2008 2007
2008 2007 -------------- -------------- --------------
-------------- EBITDA $ 441,659 $ 635,393 $ 1,508,288 $ 1,885,285
Depreciation and amortization (200,102) (170,780) (591,659)
(506,566) -------------- -------------- --------------
-------------- Operating income 241,557 464,613 916,629 1,378,719
-------------- -------------- -------------- --------------
Non-operating income (expense): Interest expense, net (144,751)
(180,033) (439,844) (547,473) Other (1,517) (981) (12,884) (6,167)
-------------- -------------- -------------- --------------
(146,268) (181,014) (452,728) (553,640) --------------
-------------- -------------- -------------- Income from continuing
operations before income taxes 95,289 283,599 463,901 825,079
Provision for income taxes (34,011) (99,736) (171,176) (295,308)
-------------- -------------- -------------- -------------- Income
from continuing operations $ 61,278 $ 183,863 $ 292,725 $ 529,771
============== ============== ============== ============== MGM
MIRAGE AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME TO
PROPERTY EBITDA (In thousands) (Unaudited) Three Months Ended
September 30, 2008 -------------------------------------
Depreciation Operating and income amortization EBITDA
-------------- -------------- -------------- Las Vegas Strip $
249,481 $ 149,517 $ 398,998 Other Nevada 1,588 1,638 3,226 MGM
Grand Detroit 19,587 14,262 33,849 Mississippi 10,480 15,728 26,208
Other 2,531 2,535 5,066 Unconsolidated resorts 34,535 - 34,535
-------------- -------------- -------------- 318,202 183,680
501,882 Stock compensation (8,870) Corporate and other (51,353)
-------------- $ 441,659 ============== 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 ============== Nine Months Ended September 30, 2008
------------------------------------ Depreciation Operating and
income amortization EBITDA -------------- --------------
-------------- Las Vegas Strip $ 917,235 $ 444,003 $ 1,361,238
Other Nevada (2,818) 4,624 1,806 MGM Grand Detroit 63,875 42,910
106,785 Mississippi 35,441 46,753 82,194 Other 7,203 6,612 13,815
Unconsolidated resorts 74,536 - 74,536 --------------
-------------- -------------- 1,095,472 544,902 1,640,374 Stock
compensation (29,665) Corporate and other (102,421) --------------
$ 1,508,288 ============== 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 ============== MGM
MIRAGE AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands,
except share data) (Unaudited) September 30, December 31, 2008 2007
-------------- -------------- ASSETS Current assets: Cash and cash
equivalents $ 250,087 $ 416,124 Accounts receivable, net 322,821
412,933 Inventories 125,423 126,941 Income tax receivable 51,201 -
Deferred income taxes 46,347 63,453 Prepaid expenses and other
117,333 106,364 -------------- -------------- Total current assets
913,212 1,125,815 -------------- -------------- Property and
equipment, net 16,889,955 16,870,898 Other assets: Investments in
unconsolidated affiliates 2,536,193 2,482,727 Goodwill 1,262,922
1,262,922 Other intangible assets, net 359,711 362,098 Deposits and
other assets, net 1,428,735 623,226 -------------- --------------
Total other assets 5,587,561 4,730,973 --------------
-------------- $ 23,390,728 $ 22,727,686 ==============
============== LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable $ 155,183 $ 220,495 Construction
payable 46,861 76,524 Income taxes payable - 284,075 Accrued
interest on long-term debt 147,593 211,228 Other accrued
liabilities 822,868 932,365 -------------- -------------- Total
current liabilities 1,172,505 1,724,687 --------------
-------------- Deferred income taxes 3,420,190 3,416,660 Long-term
debt 13,288,306 11,175,229 Other long-term obligations 365,267
350,407 Stockholders' equity: Common stock, $.01 par value:
authorized 600,000,000 shares, issued 369,275,641 and 368,395,926
shares and outstanding 276,498,614 and 293,768,899 shares 3,693
3,684 Capital in excess of par value 4,010,114 3,951,162 Treasury
stock, at cost: 92,777,027 and 74,627,027 shares (3,355,963)
(2,115,107) Retained earnings 4,513,133 4,220,408 Accumulated other
comprehensive income (loss) (26,517) 556 --------------
-------------- Total stockholders' equity 5,144,460 6,060,703
-------------- -------------- $ 23,390,728 $ 22,727,686
============== ============== 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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