LAS VEGAS, May 6 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:
MGM) today announced its financial results for the first quarter of
2010. As previously reported, the Company recorded a first quarter
diluted loss per share of $0.22
compared to earnings of $0.38 per
share in the prior year first quarter. The current year results
include a gain on extinguishment of debt of $142 million (or $0.21 per share, net of tax) related to the
restatement and amendment of the Company’s senior credit facility
in March and a pre-tax non-cash charge of approximately
$86 million (or $0.13 per share, net of tax) representing the
Company’s share of an impairment at CityCenter related to its
residential inventory. The prior year results include a gain
of approximately $190 million (or
$0.44 per share, net of tax) related
to the sale of Treasure Island hotel and casino.
The following table lists these and other items which affect the
comparability of the current and prior year quarterly results
(approximate per diluted share impact shown, net of tax; negative
amounts represent charges to income):
Three months ended March
31,
|
2010
|
2009
|
|
Preopening and start-up
expenses
|
$(0.01)
|
$(0.02)
|
|
Monte Carlo fire business interruption
income (recorded as a
|
|
|
|
reduction of general and
administrative expenses)
|
-
|
0.04
|
|
Property transactions, net:
|
|
|
|
Gain on the sale of
TI
|
-
|
0.44
|
|
Monte Carlo fire property
damage income
|
-
|
0.02
|
|
Income (loss) from unconsolidated
affiliates:
|
|
|
|
CityCenter residential
non-cash impairment charge
|
(0.13)
|
-
|
|
CityCenter forfeited
residential deposits income
|
0.02
|
-
|
|
Gain on extinguishment of long-term
debt
|
0.21
|
-
|
|
|
|
|
The following key results for the quarter are presented on a
“same store” basis excluding the results of Treasure Island casino
resort (“TI”) in the prior year as the Company completed the sale
of TI in March 2009:
- Net revenue, excluding reimbursed costs, decreased 4% to
$1.4 billion, compared to a 6%
year-over-year decrease in the fourth quarter of 2009;
- Casino revenue decreased 5%, partially offset by strong
baccarat results during the quarter with baccarat volume up
17%;
- Las Vegas Strip REVPAR(1) decreased 8% compared to the prior
year quarter versus a 16% year-over-year decrease in the fourth
quarter of 2009; and
- Adjusted Property EBITDA(2) attributable to wholly-owned
operations was $267 million, or down
19%, excluding Monte Carlo
insurance proceeds benefiting the prior year quarter.
Key results at the Company’s joint ventures include the
following operating results (the Company’s share of which is
reflected in income (loss) from unconsolidated affiliates in the
Company’s statement of operations):
- MGM Grand Macau earned operating income of $49 million in the first quarter of 2010, which
included depreciation expense of $22
million, and
- Aria, the centerpiece casino resort at CityCenter, reported net
revenue of $160 million and an
operating loss of $66 million, which
included depreciation expense of $54
million. Hotel occupancy percentage was 63% with an
average daily rate of $194.
“We see signs of improvement in the Las Vegas market and expect those to
accelerate in the second half of the year and into 2011. Our
forward bookings continue to improve as our convention bookings
continue to gain traction,” said Jim
Murren, MGM MIRAGE Chairman and Chief Executive Officer.
“We are well positioned to increase our operating margins and
cash flows as the economy recovers. CityCenter’s first
quarter results were particularly affected by the weakness in the
Las Vegas convention market.
We expect Las Vegas visitation to
be strong for the balance of 2010 and Aria’s conference calendar is
strengthening; therefore, we expect Aria’s occupancy to improve
over the balance of the year. We are unveiling a
comprehensive new marketing effort for Aria in the coming weeks
with new TV and direct marketing elements. Now that
CityCenter is complete, we are able to use its architecturally
unique and highly visual assets in a coordinated global advertising
push.”
Detailed Discussion of First Quarter Operating
Results
(Results are presented on a same store basis excluding
TI)
Net revenue for the first quarter of 2010 was $1.46 billion. Excluding reimbursed costs revenue
mainly related to the Company’s management of CityCenter, the
Company earned net revenue of $1.36
billion, a decrease of 4% from 2009. Reimbursed costs
revenue represents reimbursement of payroll and other costs
incurred by the Company in connection with the provision of
management services.
Total casino revenue decreased 5% compared to the prior year,
with slots revenue down approximately 1% for the quarter. The
Company’s table games volume, excluding baccarat, was down 4% in
the quarter, but baccarat volume was up 17% compared to the prior
year quarter. The overall table games hold percentage was
lower in 2010 than the prior year quarter and near the midpoint of
the Company’s normal 18% to 22% range, while in the 2009 quarter it
was at the top end of the range. These factors led to an
overall decrease in table games revenue of 10% for the quarter.
Rooms revenue decreased 6% with Las Vegas Strip REVPAR down by
8%. Weakness in the Las
Vegas convention market continued to put pressure on room
rates and drove the Company to replace these customers with
increased leisure and casino business to maintain occupancy.
The following table shows key hotel statistics for the
Company’s Las Vegas Strip resorts:
Three months ended March
31,
|
2010
|
2009
|
|
Occupancy %
|
85%
|
87%
|
|
Average Daily Rate (ADR)
|
$111
|
$118
|
|
Revenue per Available Room
(REVPAR)
|
$94
|
$103
|
|
|
|
|
Food and beverage revenue declined 3%, a portion of which
related to a decrease in convention and banquet business.
Entertainment revenue increased 6%, due to new shows added
since the first quarter of 2009, including Disney’s The Lion
King.
Operating loss for the first quarter of 2010 was $11 million (which included the Company’s
$86 million share of the CityCenter
residential impairment charge) compared to operating income of
$355 million in the 2009 quarter.
In addition, the prior year results included a $190 million pre-tax gain on the TI sale,
$15 million of Monte Carlo business interruption insurance
recovery income (recorded as a reduction to general and
administrative expense) and $7
million of Monte Carlo
property damage insurance recovery income (recorded as property
transactions, net). The Company reported Adjusted Property EBITDA
attributable to wholly-owned operations of $267 million in the 2010 quarter, down 19%
excluding insurance recoveries related to the Monte Carlo fire in the prior year.
Adjusted Property EBITDA, which includes impact from unconsolidated
affiliates, was $187 million in the
2010 quarter and was negatively impacted by the CityCenter
residential impairment charge. The Company reported Adjusted
EBITDA(2), which includes corporate expense, of $156 million in the 2010 quarter.
Income from Unconsolidated Affiliates
The Company reported a loss from unconsolidated affiliates of
$81 million versus income of
$16 million in the prior year first
quarter. The loss in the first quarter of 2010 was attributable to
the company’s 50% share of the operating loss at CityCenter.
CityCenter reported net revenues of $260
million and an operating loss of $255
million in the first quarter of 2010, which includes an
approximately $171 million non-cash
impairment charge related to its residential inventory,
depreciation expense of $69 million,
and preopening expenses of $6
million. CityCenter results benefited from revenues of
$24 million related to forfeited
residential deposits.
The loss at CityCenter was partially offset by the Company’s
share of operating income at the MGM Grand Macau, which earned
operating income of $49 million in
the first quarter of 2010, which included depreciation expense of
$22 million, a significant
improvement compared to an operating loss of $5 million in the 2009 first quarter, which
included depreciation expense of $21
million.
Financial Position
At March 31, 2010, the Company had
approximately $13.0 billion of
indebtedness (with a carrying value of $12.7
billion), including $3.8
billion of borrowings outstanding under its senior credit
facility, with available borrowing capacity under the senior credit
facility of approximately $900
million. These balances reflect the impact of the
Company’s March issuance of $845
million of 9% senior secured notes due 2020. The net
proceeds of such issuance were used to repay a portion of the
senior credit facility, including a permanent reduction of
$818 million as required under the
Company’s amended and restated senior credit facility.
Subsequent to March 31, 2010, the
Company received a tax refund of approximately $380 million, the proceeds of which were used to
reduce outstanding borrowings under the revolving portion of the
senior credit facility.
In addition, in April 2010, the
Company issued $1.15 billion of 4.25%
convertible senior notes due 2015 for net proceeds to the Company
of $1.12 billion. After
application of such proceeds, the Company had approximately
$1.48 billion of availability under
the revolving portion of the senior credit facility, of which
approximately $1.12 billion was
restricted for use to retire future debt maturities or permanently
reduce commitments under the senior credit facility, and
approximately $900 million of excess
cash in bank. In connection with the convertible notes offering,
the Company entered into capped call transactions at a cost of
$81 million to reduce the potential
dilution of the Company’s stock upon conversion of the notes.
“Our secured and convertible notes transactions were executed at
pricing advantageous to the Company and reaffirms the confidence
our financial partners have in the long term prospects of MGM
MIRAGE,” said Dan D’Arrigo, MGM MIRAGE Executive Vice President and
Chief Financial Officer. “These transactions further enhance our
balance sheet profile and provide our Company with approximately
$2.4 billion of available liquidity –
we believe we have adequate liquidity to address upcoming debt
maturities.”
MGM MIRAGE will hold a conference call to discuss its first
quarter results at 11:00 a.m. ET
today. The call can be accessed live at www.companyboardroom.com or
www.mgmmirage.com, or by calling 1-877-274-9221 (domestic) or
1-706-634-6528 (international) and using conference call ID
70713628. Until Thursday May 13,
2010, a complete replay of the conference call can be
accessed by dialing 1-800-642-1687 or 1-706-645-9291, access code
70713628. A complete replay of the call will also be made available
at www.mgmmirage.com.
(1 )REVPAR is hotel Revenue per Available Room.
(2) “Adjusted EBITDA” is earnings before interest and other
non-operating income (expense), taxes, depreciation and
amortization, preopening and start-up expenses, and property
transactions, net. “Adjusted Property EBITDA” is Adjusted
EBITDA before corporate expense and stock compensation expense.
Adjusted EBITDA information is presented solely as a
supplemental disclosure to reported GAAP measures because
management believes these measures are 1) widely used measures of
operating performance in the gaming industry, and 2) a principal
basis for valuation of gaming companies.
Management believes that while items excluded from Adjusted
EBITDA and Adjusted Property EBITDA may be recurring in nature and
should not be disregarded in evaluation of the Company’s earnings
performance, it is useful to exclude such items when analyzing
current results and trends compared to other periods because these
items can vary significantly depending on specific underlying
transactions or events that may not be comparable between the
periods being presented. Also, management believes excluded items
may not relate specifically to current operating trends or be
indicative of future results. For example, pre-opening and start-up
expenses will be significantly different in periods when the
Company is developing and constructing a major expansion project
and will depend on where the current period lies within the
development cycle, as well as the size and scope of the project(s).
Property transactions, net includes normal recurring disposals,
gains and losses on sales of assets related to specific assets
within our resorts, but also includes gains or losses on sales of
an entire operating resort or a group of resorts and impairment
charges on entire asset groups or investments in unconsolidated
affiliates, which may not be comparable period over period.
In addition, capital allocation, tax planning, financing and
stock compensation awards are all managed at the corporate level.
Therefore, management uses Adjusted Property EBITDA as the primary
measure of the Company’s operating resorts’ performance.
Adjusted EBITDA or Adjusted Property 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 net
income as an indicator of the Company’s performance; 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
Adjusted EBITDA. Also, other companies in the gaming and
hospitality industries that report Adjusted EBITDA information may
calculate Adjusted EBITDA in a different manner than the
Company. Reconciliations of Adjusted EBITDA to net income
(loss) and of operating income to Adjusted Property EBITDA are
included in the financial schedules accompanying this release.
MGM MIRAGE (NYSE: MGM), one of the world's leading and most
respected companies with significant holdings in gaming,
hospitality and entertainment, owns and operates 15 properties
located in Nevada, Mississippi and Michigan, and has 50% investments in four
other properties in Nevada,
Illinois and Macau. The
Company's 50% economic interest in Borgata Hotel Casino Spa in
Atlantic City, which is held in
trust, is currently offered for sale. CityCenter, an
unprecedented urban resort destination on the Las Vegas Strip
featuring its centerpiece ARIA Resort & Casino, is a joint
venture between MGM MIRAGE and Infinity World Development Corp, a
subsidiary of Dubai World. Other major holdings include
Bellagio, MGM Grand, Mandalay Bay, The Mirage, Monte Carlo, New
York-New York, Luxor, Excalibur, and Circus Circus.
MGM MIRAGE Hospitality has entered into management agreements
for casino and non-casino resorts throughout the world. 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, its
community philanthropy programs and the Company’s commitment to
sustainable development and operations. For more information
about MGM MIRAGE, please visit the Company's Web site at
http://www.mgmmirage.com.
Statements in this release which are not historical facts are
“forward looking” statements and “safe harbor statements” within
the meaning of Section 21E of the U.S. the Securities Exchange Act
of 1934, as amended, and other related laws 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. We have based those forward-looking statements
on management’s current expectations and assumptions and not on
historical facts. Examples of these statements include, but are not
limited to, statements regarding the Company’s expectations with
regard to convention business in 2010 and 2011, and reporting the
first quarter 2010 results described in this release. These
forward-looking statements involve a number of risks and
uncertainties. Among the important factors that could cause actual
results to differ materially from those indicated in such
forward-looking statements include effects of economic conditions
and market conditions in the markets in which we operate and
competition with other destination travel locations throughout
the United States and the world.
In providing forward-looking statements, the Company is not
undertaking any duty or obligation to update these statements
publicly as a result of new information, future events or
otherwise, except as required by law.
MGM MIRAGE AND
SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(In thousands,
except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2010
|
|
2009
|
|
Revenues:
|
|
|
|
|
|
Casino
|
$
610,757
|
|
$
664,727
|
|
|
Rooms
|
313,903
|
|
355,044
|
|
|
Food and beverage
|
316,156
|
|
338,397
|
|
|
Entertainment
|
116,682
|
|
118,057
|
|
|
Retail
|
43,889
|
|
47,949
|
|
|
Other
|
120,779
|
|
123,690
|
|
|
Reimbursed costs
|
93,323
|
|
13,683
|
|
|
|
1,615,489
|
|
1,661,547
|
|
|
Less: Promotional
allowances
|
(158,097)
|
|
(162,752)
|
|
|
|
1,457,392
|
|
1,498,795
|
|
Expenses:
|
|
|
|
|
|
Casino
|
345,945
|
|
375,517
|
|
|
Rooms
|
100,746
|
|
110,827
|
|
|
Food and beverage
|
182,612
|
|
194,327
|
|
|
Entertainment
|
90,996
|
|
87,742
|
|
|
Retail
|
27,999
|
|
31,621
|
|
|
Other
|
78,027
|
|
70,123
|
|
|
Reimbursed costs
|
93,323
|
|
13,683
|
|
|
General and
administrative
|
276,054
|
|
261,240
|
|
|
Corporate expense
|
24,878
|
|
24,361
|
|
|
Preopening and start-up
expenses
|
3,494
|
|
8,071
|
|
|
Property transactions,
net
|
689
|
|
(195,125)
|
|
|
Depreciation and
amortization
|
163,134
|
|
176,858
|
|
|
|
1,387,897
|
|
1,159,245
|
|
Income (loss) from unconsolidated
affiliates
|
(80,918)
|
|
15,549
|
|
Operating income (loss)
|
(11,423)
|
|
355,099
|
|
Non-operating income
(expense):
|
|
|
|
|
|
Interest income
|
766
|
|
4,382
|
|
|
Interest expense, net
|
(264,175)
|
|
(171,636)
|
|
|
Non-operating items from
unconsolidated affiliates
|
(23,350)
|
|
(11,131)
|
|
|
Other, net
|
141,089
|
|
(1,338)
|
|
|
|
(145,670)
|
|
(179,723)
|
|
Income (loss) before income
taxes
|
(157,093)
|
|
175,376
|
|
|
Benefit (provision) for income
taxes
|
60,352
|
|
(70,177)
|
|
Net income (loss)
|
$
(96,741)
|
|
$
105,199
|
|
Per share of common
stock:
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
Net income (loss) per
share
|
$
(0.22)
|
|
$
0.38
|
|
|
Weighted average shares
outstanding
|
441,240
|
|
276,556
|
|
|
Diluted:
|
|
|
|
|
|
Net income (loss) per
share
|
$
(0.22)
|
|
$
0.38
|
|
|
Weighted average shares
outstanding
|
441,240
|
|
276,770
|
|
|
|
|
|
|
MGM MIRAGE AND
SUBSIDIARIES
|
|
SUPPLEMENTAL DATA
- NET REVENUES
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2010
|
|
2009
|
|
Bellagio
|
$
249,047
|
|
$
264,420
|
|
MGM Grand Las Vegas
|
224,244
|
|
226,665
|
|
Mandalay Bay
|
167,193
|
|
174,546
|
|
The Mirage
|
135,492
|
|
147,353
|
|
Luxor
|
76,251
|
|
85,258
|
|
Treasure Island (1)
|
-
|
|
66,329
|
|
New York-New York
|
59,922
|
|
64,376
|
|
Excalibur
|
59,105
|
|
61,628
|
|
Monte Carlo
|
52,378
|
|
50,604
|
|
Circus Circus Las Vegas
|
41,959
|
|
46,815
|
|
MGM Grand Detroit
|
139,924
|
|
136,515
|
|
Beau Rivage
|
81,996
|
|
83,206
|
|
Gold Strike Tunica
|
36,997
|
|
40,639
|
|
Management operations
|
103,843
|
|
21,904
|
|
Other operations
|
29,041
|
|
28,537
|
|
|
$
1,457,392
|
|
$
1,498,795
|
|
|
|
|
|
|
|
|
|
|
|
MGM MIRAGE AND
SUBSIDIARIES
|
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2010
|
|
2009
|
|
Bellagio
|
$
61,966
|
|
$
68,250
|
|
MGM Grand Las Vegas
|
38,486
|
|
45,363
|
|
Mandalay Bay
|
25,400
|
|
42,652
|
|
The Mirage
|
25,425
|
|
29,865
|
|
Luxor
|
12,763
|
|
19,354
|
|
Treasure Island (1)
|
-
|
|
12,729
|
|
New York-New York
|
18,067
|
|
20,442
|
|
Excalibur
|
14,867
|
|
16,736
|
|
Monte Carlo
|
6,449
|
|
21,807
|
|
Circus Circus Las Vegas
|
1,693
|
|
6,281
|
|
MGM Grand Detroit
|
40,505
|
|
40,552
|
|
Beau Rivage
|
16,703
|
|
17,569
|
|
Gold Strike Tunica
|
10,061
|
|
13,845
|
|
Management operations
|
(3,862)
|
|
4,864
|
|
Other operations
|
(1,088)
|
|
(1,517)
|
|
Wholly-owned
operations
|
267,435
|
|
358,792
|
|
CityCenter (50%)
|
(118,611)
|
|
(865)
|
|
Macau (50%)
|
23,099
|
|
(3,585)
|
|
Other unconsolidated
resorts
|
14,757
|
|
20,168
|
|
|
$
186,680
|
|
$
374,510
|
|
|
|
|
|
|
(1) Treasure Island was sold in
March 2009.
|
|
|
|
|
|
MGM MIRAGE AND
SUBSIDIARIES
|
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
Three Months Ended
March 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
$
37,564
|
|
$
-
|
|
$
(112)
|
|
$
24,514
|
|
$
61,966
|
|
MGM Grand Las Vegas
|
18,383
|
|
-
|
|
-
|
|
20,103
|
|
38,486
|
|
Mandalay Bay
|
1,867
|
|
-
|
|
-
|
|
23,533
|
|
25,400
|
|
The Mirage
|
9,819
|
|
-
|
|
-
|
|
15,606
|
|
25,425
|
|
Luxor
|
1,437
|
|
-
|
|
-
|
|
11,326
|
|
12,763
|
|
New York-New York
|
11,013
|
|
-
|
|
14
|
|
7,040
|
|
18,067
|
|
Excalibur
|
8,238
|
|
-
|
|
784
|
|
5,845
|
|
14,867
|
|
Monte Carlo
|
456
|
|
-
|
|
-
|
|
5,993
|
|
6,449
|
|
Circus Circus Las Vegas
|
(3,646)
|
|
-
|
|
-
|
|
5,339
|
|
1,693
|
|
MGM Grand Detroit
|
30,355
|
|
-
|
|
-
|
|
10,150
|
|
40,505
|
|
Beau Rivage
|
4,414
|
|
-
|
|
3
|
|
12,286
|
|
16,703
|
|
Gold Strike Tunica
|
6,429
|
|
-
|
|
-
|
|
3,632
|
|
10,061
|
|
Management operations
|
(7,193)
|
|
-
|
|
-
|
|
3,331
|
|
(3,862)
|
|
Other operations
|
(2,529)
|
|
-
|
|
-
|
|
1,441
|
|
(1,088)
|
|
Wholly-owned
operations
|
116,607
|
|
-
|
|
689
|
|
150,139
|
|
267,435
|
|
CityCenter (50%)
|
(122,105)
|
|
3,494
|
|
-
|
|
-
|
|
(118,611)
|
|
Macau (50%)
|
23,099
|
|
-
|
|
-
|
|
-
|
|
23,099
|
|
Other unconsolidated
resorts
|
14,757
|
|
-
|
|
-
|
|
-
|
|
14,757
|
|
|
32,358
|
|
3,494
|
|
689
|
|
150,139
|
|
186,680
|
|
Stock compensation
|
(9,555)
|
|
-
|
|
-
|
|
-
|
|
(9,555)
|
|
Corporate
|
(34,226)
|
|
-
|
|
-
|
|
12,995
|
|
(21,231)
|
|
|
$
(11,423)
|
|
$
3,494
|
|
$
689
|
|
$
163,134
|
|
$
155,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
$
39,138
|
|
$
-
|
|
$
1,154
|
|
$
27,958
|
|
$
68,250
|
|
MGM Grand Las Vegas
|
20,159
|
|
-
|
|
85
|
|
25,119
|
|
45,363
|
|
Mandalay Bay
|
18,646
|
|
190
|
|
15
|
|
23,801
|
|
42,652
|
|
The Mirage
|
13,054
|
|
-
|
|
239
|
|
16,572
|
|
29,865
|
|
Luxor
|
8,477
|
|
-
|
|
277
|
|
10,600
|
|
19,354
|
|
Treasure Island (1)
|
12,730
|
|
-
|
|
(1)
|
|
-
|
|
12,729
|
|
New York-New York
|
13,318
|
|
-
|
|
-
|
|
7,124
|
|
20,442
|
|
Excalibur
|
10,748
|
|
-
|
|
(3)
|
|
5,991
|
|
16,736
|
|
Monte Carlo
|
23,302
|
|
-
|
|
(7,189)
|
|
5,694
|
|
21,807
|
|
Circus Circus Las Vegas
|
411
|
|
-
|
|
(4)
|
|
5,874
|
|
6,281
|
|
MGM Grand Detroit
|
29,841
|
|
-
|
|
-
|
|
10,711
|
|
40,552
|
|
Beau Rivage
|
5,426
|
|
-
|
|
-
|
|
12,143
|
|
17,569
|
|
Gold Strike Tunica
|
9,200
|
|
-
|
|
-
|
|
4,645
|
|
13,845
|
|
Management operations
|
2,271
|
|
-
|
|
-
|
|
2,593
|
|
4,864
|
|
Other operations
|
(3,065)
|
|
-
|
|
-
|
|
1,548
|
|
(1,517)
|
|
Wholly-owned
operations
|
203,656
|
|
190
|
|
(5,427)
|
|
160,373
|
|
358,792
|
|
CityCenter (50%)
|
(8,104)
|
|
7,239
|
|
-
|
|
-
|
|
(865)
|
|
Macau (50%)
|
(3,585)
|
|
-
|
|
-
|
|
-
|
|
(3,585)
|
|
Other unconsolidated
resorts
|
19,526
|
|
642
|
|
-
|
|
-
|
|
20,168
|
|
|
211,493
|
|
8,071
|
|
(5,427)
|
|
160,373
|
|
374,510
|
|
Stock compensation
|
(8,734)
|
|
-
|
|
-
|
|
-
|
|
(8,734)
|
|
Corporate
|
152,340
|
|
-
|
|
(189,698)
|
|
16,485
|
|
(20,873)
|
|
|
$
355,099
|
|
$
8,071
|
|
$
(195,125)
|
|
$
176,858
|
|
$
344,903
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Treasure Island was sold in
March 2009.
|
|
|
|
|
|
|
|
|
|
|
|
MGM MIRAGE AND
SUBSIDIARIES
|
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME (LOSS)
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
Adjusted EBITDA
|
$
155,894
|
|
$
344,903
|
|
Preopening and start-up
expenses
|
(3,494)
|
|
(8,071)
|
|
Property transactions,
net
|
(689)
|
|
195,125
|
|
Depreciation and
amortization
|
(163,134)
|
|
(176,858)
|
|
Operating income (loss)
|
(11,423)
|
|
355,099
|
|
|
|
|
|
|
Non-operating income
(expense):
|
|
|
|
|
Interest expense,
net
|
(264,175)
|
|
(171,636)
|
|
Other
|
118,505
|
|
(8,087)
|
|
|
(145,670)
|
|
(179,723)
|
|
|
|
|
|
|
Income (loss) before income
taxes
|
(157,093)
|
|
175,376
|
|
Benefit (provision) for
income taxes
|
60,352
|
|
(70,177)
|
|
Net income (loss)
|
$
(96,741)
|
|
$
105,199
|
|
|
|
|
|
MGM MIRAGE AND
SUBSIDIARIES
|
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS - LAS VEGAS STRIP
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2010
|
|
2009
|
|
Bellagio
|
|
|
|
|
Occupancy
%
|
90.9%
|
|
93.7%
|
|
Average daily rate
(ADR)
|
$199
|
|
$214
|
|
Revenue per available
room (REVPAR)
|
$181
|
|
$201
|
|
MGM Grand Las Vegas
|
|
|
|
|
Occupancy
%
|
91.5%
|
|
92.8%
|
|
ADR
|
$118
|
|
$116
|
|
REVPAR
|
$108
|
|
$108
|
|
Mandalay Bay
|
|
|
|
|
Occupancy
%
|
84.3%
|
|
83.0%
|
|
ADR
|
$155
|
|
$177
|
|
REVPAR
|
$131
|
|
$147
|
|
The Mirage
|
|
|
|
|
Occupancy
%
|
89.2%
|
|
91.8%
|
|
ADR
|
$125
|
|
$135
|
|
REVPAR
|
$112
|
|
$124
|
|
Luxor
|
|
|
|
|
Occupancy
%
|
85.1%
|
|
88.3%
|
|
ADR
|
$78
|
|
$85
|
|
REVPAR
|
$66
|
|
$75
|
|
New York-New York
|
|
|
|
|
Occupancy
%
|
89.2%
|
|
91.8%
|
|
ADR
|
$96
|
|
$100
|
|
REVPAR
|
$86
|
|
$92
|
|
Excalibur
|
|
|
|
|
Occupancy
%
|
81.0%
|
|
78.9%
|
|
ADR
|
$59
|
|
$66
|
|
REVPAR
|
$48
|
|
$52
|
|
Monte Carlo
|
|
|
|
|
Occupancy
%
|
84.8%
|
|
87.8%
|
|
ADR
|
$81
|
|
$86
|
|
REVPAR
|
$68
|
|
$76
|
|
Circus Circus Las Vegas
|
|
|
|
|
Occupancy
%
|
67.7%
|
|
77.4%
|
|
ADR
|
$46
|
|
$47
|
|
REVPAR
|
$31
|
|
$36
|
|
|
|
|
|
MGM MIRAGE AND
SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(In thousands,
except share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
440,587
|
|
$
2,056,207
|
|
|
Accounts receivable,
net
|
563,101
|
|
368,474
|
|
|
Inventories
|
96,367
|
|
101,809
|
|
|
Income tax receivable
|
532,992
|
|
384,555
|
|
|
Deferred income taxes
|
29,124
|
|
38,487
|
|
|
Prepaid expenses and
other
|
118,579
|
|
103,969
|
|
|
|
Total current assets
|
1,780,750
|
|
3,053,501
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
14,955,546
|
|
15,069,952
|
|
|
|
|
|
|
|
|
Other assets:
|
|
|
|
|
|
Investments in and advances to
unconsolidated affiliates
|
3,492,021
|
|
3,611,799
|
|
|
Goodwill
|
86,353
|
|
86,353
|
|
|
Other intangible assets,
net
|
343,533
|
|
344,253
|
|
|
Deposits and other assets,
net
|
351,700
|
|
352,352
|
|
|
|
Total other assets
|
4,273,607
|
|
4,394,757
|
|
|
|
|
$
21,009,903
|
|
$
22,518,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
$
117,986
|
|
$
155,796
|
|
|
Construction payable
|
9,711
|
|
17,923
|
|
|
Current portion of long-term
debt
|
-
|
|
1,079,824
|
|
|
Accrued interest on long-term
debt
|
203,186
|
|
206,357
|
|
|
Other accrued
liabilities
|
834,947
|
|
923,701
|
|
|
|
Total current
liabilities
|
1,165,830
|
|
2,383,601
|
|
|
|
|
|
|
|
|
Deferred income taxes
|
3,115,419
|
|
3,031,303
|
|
Long-term debt
|
12,694,671
|
|
12,976,037
|
|
Other long-term
obligations
|
253,245
|
|
256,837
|
|
Stockholders' equity:
|
|
|
|
|
|
Common stock, $.01 par value:
authorized 600,000,000 shares, issued 441,260,482 and 441,222,251
shares and outstanding 441,260,482 and 441,222,251
shares
|
4,413
|
|
4,412
|
|
|
Capital in excess of par
value
|
3,504,541
|
|
3,497,425
|
|
|
Retained earnings
|
273,791
|
|
370,532
|
|
|
Accumulated other comprehensive
loss
|
(2,007)
|
|
(1,937)
|
|
|
|
Total stockholders'
equity
|
3,780,738
|
|
3,870,432
|
|
|
|
|
$
21,009,903
|
|
$
22,518,210
|
|
|
|
|
|
|
|
SOURCE MGM MIRAGE