LAS VEGAS, Oct. 12 /PRNewswire-FirstCall/ -- MGM Resorts
International (NYSE: MGM) today announced certain recent
developments and its preliminary expectations of financial results
for the third quarter of 2010. The operating results in this
release reflect preliminary expectations of financial results for
the third quarter of 2010, have not been reviewed by the Company's
auditors, and are subject to change. The Company expects to report
its full results for the quarter, and conduct a conference call to
discuss its earnings, during the week of November 1, 2010.
Recent Developments
- The Company expects to receive approximately $125 million from MGM Macau during October 2010, which represents a partial
repayment of principal and accrued interest on the Company's
interest and non-interest bearing notes to that entity.
- The Company recently received an offer for its 50% economic
interest in the Borgata Hotel Casino & Spa ("Borgata") based on
an enterprise value of $1.35 billion
for the entire asset. The Company's Board of Directors has
authorized submission of this offer to Boyd Gaming Corporation,
which owns the other 50% interest, in accordance with the right of
first refusal provisions included in the joint venture agreement.
Based on Borgata's September debt balances, the offer equates to
slightly in excess of $250 million
for the Company's 50% interest. This is less than the carrying
value of the Company's investment in Borgata; therefore, the
Company will record a pre-tax impairment charge of approximately
$128 million in the third quarter of
2010. The consummation of any such transaction as a result of the
offer is subject to negotiation of final documents, due diligence,
and regulatory approval.
- The Company expects its previously announced sale of short-term
land leases and associated real property parcels underlying Borgata
to close in the fourth quarter of 2010, with net proceeds to the
Company's New Jersey trust account
of approximately $71 million.
- The Company's New Jersey trust
account received a distribution of approximately $105 million from Borgata during the third
quarter. The balance in the trust account was approximately
$114 million at September 30, 2010. All amounts in the
trust account, including the proceeds from the sale of the
Company's Borgata interest and the underlying land parcels, will be
distributed to the Company upon consummation of the sale of the
Company's Borgata interest.
- As of September 30, 2010, the
Company recognized an increase of $232
million in its total net obligation under its CityCenter
completion guarantee, and a corresponding increase in its
investment in CityCenter. The increase primarily reflects revisions
to prior estimates based on the Company's assessment of the most
current information derived from the CityCenter close-out and
litigation processes. This accrual does not reflect certain
potential recoveries that CityCenter is pursuing as part of the
litigation process. The Company reviewed its investment in
CityCenter due to such increase and expects to record a pre-tax
impairment charge of approximately $182
million in the third quarter.
Preliminary Earnings Results
The Company expects a third quarter diluted loss per share (EPS)
of approximately $0.72 compared to a
loss of $1.70 per share in the prior
year third quarter. The current year results include expected
pre-tax impairment charges totaling $357
million, or $0.51 per diluted
share, net of tax, including the impairment charge related to the
Company's investment in CityCenter, a pre-tax charge of
$46 million related to impairment of
CityCenter's residential real estate inventory, and the impairment
charge related to the Company's Borgata investment. The prior year
results include pre-tax impairment charges totaling $1.17 billion, or $1.72 loss per diluted share, net of tax,
including a pre-tax impairment charge of $956 million related to the Company's investment
in CityCenter and a pre-tax impairment charge of $203 million related to impairment of
CityCenter's residential real estate under development.
The following table lists these and other items which affect the
comparability of the current and prior year quarterly results
(approximate EPS impact shown, net of tax, per diluted share;
negative amounts represent charges to income):
Three months ended September
30,
|
2010
|
2009
|
|
Preopening and start-up
expenses
|
$ —
|
$ (0.01)
|
|
Property transactions
net:
|
|
|
|
Investment in
CityCenter impairment charge
|
(0.27)
|
(1.40)
|
|
Investment in
Borgata impairment charge
|
(0.17)
|
—
|
|
Other property
transactions, net
|
(0.01)
|
(0.02)
|
|
Income (loss) from
unconsolidated affiliates:
|
|
|
|
CityCenter
residential inventory impairment charge
|
(0.07)
|
(0.30)
|
|
CityCenter
forfeited residential deposits income
|
0.02
|
—
|
|
Borgata insurance
proceeds
|
—
|
0.02
|
|
|
|
|
Preliminary Operating Results
Net revenue for the third quarter of 2010 is expected to be
approximately $1.56 billion.
Excluding reimbursed costs revenue mainly related to the Company's
management of CityCenter (approximately $89
million in the 2010 third quarter and $16 million in the 2009 third quarter), net
revenue is expected to be approximately $1.47 billion, a decrease of 3% from 2009.
Reimbursed costs revenue represents reimbursement of costs,
primarily payroll-related, incurred by the Company in connection
with the provision of management services.
Las Vegas Strip REVPAR(1) was $97
for the third quarter of 2010, a decrease of 2% from the third
quarter of 2009, with occupancy of 93% and an average daily rate of
$105. Bellagio and Mandalay Bay
both recorded REVPAR increases in the third quarter.
Third quarter total casino revenue was approximately 9% lower
than the prior year, with slots revenue down approximately 3% for
the quarter. The Company's table games volume, excluding
baccarat, was down 7% in the quarter, while baccarat volume was
down 6% compared to the prior year quarter. The overall table
games hold percentage was lower in 2010 than the prior year
quarter; in the current year third quarter the hold percentage was
above the midpoint of the Company's normal 18% to 22%, while in the
2009 quarter it was above the high end of the range.
Operating loss for the third quarter of 2010 is expected to be
approximately $206 million which
includes the CityCenter investment impairment, the Borgata
impairment and the Company's share of the CityCenter residential
impairment charge discussed further below. Prior year operating
loss was $963 million and included an
impairment charge related to the Company's investment in CityCenter
and the Company's share of a CityCenter residential impairment
charge.
Adjusted Property EBITDA(2) attributable to wholly-owned
operations is expected to be approximately $314 million in the 2010 quarter, down 13%
compared to the prior year.
Income from Unconsolidated Affiliates
The Company expects a loss from unconsolidated affiliates of
$7 million in the third quarter of
2010 compared to a loss of $133
million in the prior year third quarter.
MGM Macau is expected to earn operating income of $61 million in the third quarter of 2010 –
including depreciation expense of $22
million – compared to operating income of $50 million in the 2009 third quarter – which
included depreciation expense of $23
million.
Expected results for CityCenter for the third quarter of 2010
include the following (see schedules accompanying this release for
further detail on CityCenter Holdings, LLC's third quarter and
year-to-date 2010 results):
- CityCenter expects net revenues of $413
million in the third quarter, including $166 million related to residential operations,
of which $28 million related to
forfeited residential deposits;
- Aria expects net revenue of $219
million and Adjusted EBITDA of $41
million. Aria's results were positively affected by a
high table games hold percentage, which increased Adjusted EBITDA
by approximately $26 million;
- Aria's occupancy percentage was 82% and its average daily rate
was $175, resulting in REVPAR of
$142; and
- CityCenter's recorded an approximately $93 million impairment charge related to its
residential inventory due to an increase in estimated final costs
of the residential components, and expects to record a $279 million impairment charge related to its
Harmon Hotel & Spa component; the Harmon impairment did not
affect the Company's loss from unconsolidated affiliates because
the Company's 50% share of the impairment charge had been
previously recognized by the Company in connection with prior
impairments of its investment balance.
The Company recorded its share of CityCenter's results,
including adjustments for recognition of basis differences as
follows ((expense)/income):
Three months ended September
30,
|
2010
|
2009
|
|
|
(In
thousands)
|
|
Preopening and start-up
expenses
|
$
—
|
$ (10,671)
|
|
Income (loss) from
unconsolidated affiliates
|
(46,420)
|
(204,333)
|
|
Non-operating items from
unconsolidated affiliates
|
(21,199)
|
(758)
|
|
|
|
|
Financial Position
At September 30, 2010, the Company
had approximately $12.9 billion of
indebtedness (with a carrying value of $12.6
billion), including $3.4
billion of borrowings outstanding under its senior credit
facility, with available borrowing capacity under the senior credit
facility of approximately $1.3
billion.
(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.
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 to
report the third 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 the preliminary stage of our
financial statement preparation for the third quarter of 2010 and
the possibility of revisions to these results in connection with
our, and our auditor's, final review and approval of such financial
statements. 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 RESORTS INTERNATIONAL AND
SUBSIDIARIES
SUPPLEMENTAL DATA - NET
REVENUES
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months Ended
|
|
|
September 30,
2010
|
|
September 30,
2009
|
|
September 30,
2010
|
|
September 30,
2009
|
|
Bellagio
|
$
269,370
|
|
$
262,436
|
|
$
766,973
|
|
$
795,017
|
|
MGM Grand Las
Vegas
|
231,626
|
|
266,349
|
|
708,061
|
|
737,108
|
|
Mandalay Bay
|
186,129
|
|
185,539
|
|
545,959
|
|
553,711
|
|
The Mirage
|
152,306
|
|
182,376
|
|
423,992
|
|
483,352
|
|
Luxor
|
81,514
|
|
88,609
|
|
238,900
|
|
263,038
|
|
Treasure Island
(1)
|
-
|
|
-
|
|
-
|
|
66,329
|
|
New York-New York
|
64,393
|
|
60,721
|
|
185,987
|
|
191,609
|
|
Excalibur
|
65,631
|
|
71,451
|
|
190,565
|
|
203,944
|
|
Monte Carlo
|
57,315
|
|
52,120
|
|
167,623
|
|
153,223
|
|
Circus Circus Las
Vegas
|
52,038
|
|
54,962
|
|
141,721
|
|
155,768
|
|
MGM Grand Detroit
|
132,366
|
|
124,753
|
|
404,893
|
|
389,365
|
|
Beau Rivage
|
85,792
|
|
85,970
|
|
252,915
|
|
251,610
|
|
Gold Strike
Tunica
|
40,389
|
|
39,493
|
|
114,879
|
|
118,057
|
|
Management
operations
|
101,690
|
|
25,374
|
|
307,820
|
|
69,197
|
|
Other operations
|
38,480
|
|
33,070
|
|
103,838
|
|
94,845
|
|
|
$
1,559,039
|
|
$
1,533,223
|
|
$
4,554,126
|
|
$
4,526,173
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS INTERNATIONAL AND
SUBSIDIARIES
SUPPLEMENTAL DATA - ADJUSTED
PROPERTY EBITDA
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months Ended
|
|
|
September 30,
2010
|
|
September 30,
2009
|
|
September 30,
2010
|
|
September 30,
2009
|
|
Bellagio
|
$
75,858
|
|
$
61,876
|
|
$
195,137
|
|
$
206,336
|
|
MGM Grand Las
Vegas
|
40,011
|
|
70,727
|
|
130,604
|
|
168,040
|
|
Mandalay Bay
|
30,435
|
|
36,222
|
|
96,177
|
|
128,059
|
|
The Mirage
|
31,980
|
|
54,513
|
|
80,624
|
|
116,611
|
|
Luxor
|
14,114
|
|
18,989
|
|
44,455
|
|
59,797
|
|
Treasure Island
(1)
|
-
|
|
-
|
|
-
|
|
12,729
|
|
New York-New York
|
21,943
|
|
17,990
|
|
59,561
|
|
61,587
|
|
Excalibur
|
15,881
|
|
19,176
|
|
49,158
|
|
57,140
|
|
Monte Carlo
|
7,930
|
|
3,930
|
|
24,038
|
|
32,172
|
|
Circus Circus Las
Vegas
|
6,126
|
|
7,753
|
|
13,350
|
|
24,861
|
|
MGM Grand Detroit
|
40,466
|
|
32,729
|
|
118,436
|
|
106,898
|
|
Beau Rivage
|
17,637
|
|
18,046
|
|
51,040
|
|
52,905
|
|
Gold Strike
Tunica
|
11,704
|
|
11,534
|
|
31,590
|
|
36,965
|
|
Management
operations
|
(1,554)
|
|
4,347
|
|
(9,120)
|
|
13,258
|
|
Other operations
|
1,893
|
|
1,704
|
|
2,032
|
|
3,412
|
|
Wholly-owned
operations
|
314,424
|
|
359,536
|
|
887,082
|
|
1,080,770
|
|
CityCenter (50%)
|
(46,420)
|
|
(204,334)
|
|
(220,593)
|
|
(207,204)
|
|
Macau (50%)
|
29,372
|
|
23,557
|
|
71,165
|
|
14,866
|
|
Other unconsolidated
resorts
|
9,924
|
|
48,070
|
|
35,484
|
|
79,755
|
|
|
$
307,300
|
|
$
226,829
|
|
$
773,138
|
|
$
968,187
|
|
|
|
|
|
|
|
|
|
|
(1) Treasure Island was
sold in March 2009.
|
|
|
|
|
|
|
|
|
|
MGM RESORTS INTERNATIONAL AND
SUBSIDIARIES
RECONCILIATION OF OPERATING
INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
(In thousands)
(Unaudited)
|
|
|
|
Three Months Ended September 30,
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
$
52,040
|
|
$
-
|
|
$
(18)
|
|
$
23,836
|
|
$ 75,858
|
|
MGM Grand Las
Vegas
|
20,855
|
|
-
|
|
(45)
|
|
19,201
|
|
40,011
|
|
Mandalay Bay
|
5,023
|
|
-
|
|
2,181
|
|
23,231
|
|
30,435
|
|
The Mirage
|
16,104
|
|
-
|
|
450
|
|
15,426
|
|
31,980
|
|
Luxor
|
3,666
|
|
-
|
|
11
|
|
10,437
|
|
14,114
|
|
New York-New York
|
14,307
|
|
-
|
|
763
|
|
6,873
|
|
21,943
|
|
Excalibur
|
10,300
|
|
-
|
|
-
|
|
5,581
|
|
15,881
|
|
Monte Carlo
|
(1,954)
|
|
-
|
|
3,765
|
|
6,119
|
|
7,930
|
|
Circus Circus Las
Vegas
|
1,024
|
|
-
|
|
4
|
|
5,098
|
|
6,126
|
|
MGM Grand Detroit
|
30,724
|
|
-
|
|
(484)
|
|
10,226
|
|
40,466
|
|
Beau Rivage
|
4,950
|
|
-
|
|
348
|
|
12,339
|
|
17,637
|
|
Gold Strike
Tunica
|
7,532
|
|
-
|
|
549
|
|
3,623
|
|
11,704
|
|
Management
operations
|
(4,986)
|
|
-
|
|
-
|
|
3,432
|
|
(1,554)
|
|
Other operations
|
(53)
|
|
30
|
|
(1)
|
|
1,917
|
|
1,893
|
|
Wholly-owned
operations
|
159,532
|
|
30
|
|
7,523
|
|
147,339
|
|
314,424
|
|
CityCenter (50%)
|
(46,420)
|
|
-
|
|
-
|
|
-
|
|
(46,420)
|
|
Macau (50%)
|
29,372
|
|
-
|
|
-
|
|
-
|
|
29,372
|
|
Other unconsolidated
resorts
|
9,924
|
|
-
|
|
-
|
|
-
|
|
9,924
|
|
|
152,408
|
|
30
|
|
7,523
|
|
147,339
|
|
307,300
|
|
Stock
compensation
|
(8,599)
|
|
-
|
|
-
|
|
-
|
|
(8,599)
|
|
Corporate
|
(349,710)
|
|
-
|
|
310,631
|
|
11,518
|
|
(27,561)
|
|
|
$
(205,901)
|
|
$
30
|
|
$
318,154
|
|
$
158,857
|
|
$ 271,140
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
$
29,495
|
|
$
-
|
|
$
1,206
|
|
$
31,175
|
|
$ 61,876
|
|
MGM Grand Las
Vegas
|
50,634
|
|
-
|
|
5
|
|
20,088
|
|
70,727
|
|
Mandalay Bay
|
13,822
|
|
145
|
|
(73)
|
|
22,328
|
|
36,222
|
|
The Mirage
|
37,368
|
|
-
|
|
17
|
|
17,128
|
|
54,513
|
|
Luxor
|
10,542
|
|
(759)
|
|
(12)
|
|
9,218
|
|
18,989
|
|
New York-New York
|
6,775
|
|
-
|
|
1,394
|
|
9,821
|
|
17,990
|
|
Excalibur
|
13,413
|
|
-
|
|
(14)
|
|
5,777
|
|
19,176
|
|
Monte Carlo
|
(5,685)
|
|
-
|
|
2,456
|
|
7,159
|
|
3,930
|
|
Circus Circus Las
Vegas
|
1,910
|
|
-
|
|
80
|
|
5,763
|
|
7,753
|
|
MGM Grand Detroit
|
17,889
|
|
-
|
|
5,906
|
|
8,934
|
|
32,729
|
|
Beau Rivage
|
5,819
|
|
-
|
|
-
|
|
12,227
|
|
18,046
|
|
Gold Strike
Tunica
|
7,774
|
|
-
|
|
-
|
|
3,760
|
|
11,534
|
|
Management
operations
|
847
|
|
-
|
|
2,473
|
|
1,027
|
|
4,347
|
|
Other operations
|
238
|
|
-
|
|
-
|
|
1,466
|
|
1,704
|
|
Wholly-owned
operations
|
190,841
|
|
(614)
|
|
13,438
|
|
155,871
|
|
359,536
|
|
CityCenter (50%)
|
(215,006)
|
|
10,672
|
|
-
|
|
-
|
|
(204,334)
|
|
Macau (50%)
|
23,557
|
|
-
|
|
-
|
|
-
|
|
23,557
|
|
Other unconsolidated
resorts
|
48,070
|
|
-
|
|
-
|
|
-
|
|
48,070
|
|
|
47,462
|
|
10,058
|
|
13,438
|
|
155,871
|
|
226,829
|
|
Stock
compensation
|
(9,319)
|
|
-
|
|
-
|
|
-
|
|
(9,319)
|
|
Corporate
|
(1,001,562)
|
|
-
|
|
957,770
|
|
14,780
|
|
(29,012)
|
|
|
$
(963,419)
|
|
$
10,058
|
|
$
971,208
|
|
$
170,651
|
|
$ 188,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS INTERNATIONAL AND
SUBSIDIARIES
RECONCILIATION OF OPERATING
INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
(In thousands)
(Unaudited)
|
|
|
|
Nine Months Ended September 30,
2010
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
$
122,871
|
|
$
-
|
|
$
(125)
|
|
$
72,391
|
|
$ 195,137
|
|
MGM Grand Las
Vegas
|
72,134
|
|
-
|
|
(45)
|
|
58,515
|
|
130,604
|
|
Mandalay Bay
|
23,758
|
|
-
|
|
2,840
|
|
69,579
|
|
96,177
|
|
The Mirage
|
29,535
|
|
-
|
|
311
|
|
50,778
|
|
80,624
|
|
Luxor
|
12,237
|
|
-
|
|
1
|
|
32,217
|
|
44,455
|
|
New York-New York
|
31,737
|
|
-
|
|
6,858
|
|
20,966
|
|
59,561
|
|
Excalibur
|
31,103
|
|
-
|
|
784
|
|
17,271
|
|
49,158
|
|
Monte Carlo
|
1,928
|
|
-
|
|
3,765
|
|
18,345
|
|
24,038
|
|
Circus Circus Las
Vegas
|
(2,529)
|
|
-
|
|
229
|
|
15,650
|
|
13,350
|
|
MGM Grand Detroit
|
88,391
|
|
-
|
|
(484)
|
|
30,529
|
|
118,436
|
|
Beau Rivage
|
13,768
|
|
-
|
|
351
|
|
36,921
|
|
51,040
|
|
Gold Strike
Tunica
|
21,336
|
|
-
|
|
(551)
|
|
10,805
|
|
31,590
|
|
Management
operations
|
(19,453)
|
|
-
|
|
-
|
|
10,333
|
|
(9,120)
|
|
Other operations
|
(3,546)
|
|
567
|
|
4
|
|
5,007
|
|
2,032
|
|
Wholly-owned
operations
|
423,270
|
|
567
|
|
13,938
|
|
449,307
|
|
887,082
|
|
CityCenter (50%)
|
(224,087)
|
|
3,494
|
|
-
|
|
-
|
|
(220,593)
|
|
Macau (50%)
|
71,165
|
|
-
|
|
-
|
|
-
|
|
71,165
|
|
Other unconsolidated
resorts
|
35,484
|
|
-
|
|
-
|
|
-
|
|
35,484
|
|
|
305,832
|
|
4,061
|
|
13,938
|
|
449,307
|
|
773,138
|
|
Stock
compensation
|
(26,156)
|
|
-
|
|
-
|
|
-
|
|
(26,156)
|
|
Corporate
|
(1,545,817)
|
|
-
|
|
1,431,187
|
|
37,450
|
|
(77,180)
|
|
|
$
(1,266,141)
|
|
$
4,061
|
|
$
1,445,125
|
|
$
486,757
|
|
$ 669,802
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
$
115,925
|
|
$
-
|
|
$
2,360
|
|
$
88,051
|
|
$ 206,336
|
|
MGM Grand Las
Vegas
|
99,022
|
|
-
|
|
81
|
|
68,937
|
|
168,040
|
|
Mandalay Bay
|
56,954
|
|
897
|
|
(70)
|
|
70,278
|
|
128,059
|
|
The Mirage
|
66,158
|
|
-
|
|
313
|
|
50,140
|
|
116,611
|
|
Luxor
|
30,300
|
|
(759)
|
|
259
|
|
29,997
|
|
59,797
|
|
Treasure Island
(1)
|
12,730
|
|
-
|
|
(1)
|
|
-
|
|
12,729
|
|
New York-New York
|
35,549
|
|
-
|
|
1,631
|
|
24,407
|
|
61,587
|
|
Excalibur
|
39,543
|
|
-
|
|
(12)
|
|
17,609
|
|
57,140
|
|
Monte Carlo
|
18,521
|
|
-
|
|
(4,737)
|
|
18,388
|
|
32,172
|
|
Circus Circus Las
Vegas
|
7,413
|
|
-
|
|
(35)
|
|
17,483
|
|
24,861
|
|
MGM Grand Detroit
|
70,658
|
|
-
|
|
5,906
|
|
30,334
|
|
106,898
|
|
Beau Rivage
|
16,139
|
|
-
|
|
157
|
|
36,609
|
|
52,905
|
|
Gold Strike
Tunica
|
24,636
|
|
-
|
|
-
|
|
12,329
|
|
36,965
|
|
Management
operations
|
4,699
|
|
-
|
|
2,473
|
|
6,086
|
|
13,258
|
|
Other operations
|
(1,131)
|
|
-
|
|
6
|
|
4,537
|
|
3,412
|
|
Wholly-owned
operations
|
597,116
|
|
138
|
|
8,331
|
|
475,185
|
|
1,080,770
|
|
CityCenter (50%)
|
(233,790)
|
|
26,586
|
|
-
|
|
-
|
|
(207,204)
|
|
Macau (50%)
|
14,866
|
|
-
|
|
-
|
|
-
|
|
14,866
|
|
Other unconsolidated
resorts
|
78,940
|
|
815
|
|
-
|
|
-
|
|
79,755
|
|
|
457,132
|
|
27,539
|
|
8,331
|
|
475,185
|
|
968,187
|
|
Stock
compensation
|
(27,076)
|
|
-
|
|
-
|
|
-
|
|
(27,076)
|
|
Corporate
|
(907,277)
|
|
-
|
|
771,000
|
|
46,692
|
|
(89,585)
|
|
|
$
(477,221)
|
|
$
27,539
|
|
$
779,331
|
|
$
521,877
|
|
$ 851,526
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Treasure Island was
sold in March 2009.
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS INTERNATIONAL AND
SUBSIDIARIES
RECONCILIATION OF ADJUSTED
EBITDA TO NET LOSS
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
2010
|
|
September 30,
2009
|
|
September 30,
2010
|
|
September 30,
2009
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
$
271,140
|
|
$
188,498
|
|
$
669,802
|
|
$
851,526
|
|
Preopening and start-up
expenses
|
(30)
|
|
(10,058)
|
|
(4,061)
|
|
(27,539)
|
|
Property transactions,
net
|
(318,154)
|
|
(971,208)
|
|
(1,445,125)
|
|
(779,331)
|
|
Depreciation and
amortization
|
(158,857)
|
|
(170,651)
|
|
(486,757)
|
|
(521,877)
|
|
Operating loss
|
(205,901)
|
|
(963,419)
|
|
(1,266,141)
|
|
(477,221)
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense):
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
(285,139)
|
|
(181,899)
|
|
(840,483)
|
|
(554,822)
|
|
Other
|
(19,887)
|
|
(12,930)
|
|
75,633
|
|
(261,216)
|
|
|
|
(305,026)
|
|
(194,829)
|
|
(764,850)
|
|
(816,038)
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
(510,927)
|
|
(1,158,248)
|
|
(2,030,991)
|
|
(1,293,259)
|
|
Benefit for income
taxes
|
193,711
|
|
407,860
|
|
733,558
|
|
435,495
|
|
Net loss
|
$
(317,216)
|
|
$
(750,388)
|
|
$
(1,297,433)
|
|
$
(857,764)
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS INTERNATIONAL AND
SUBSIDIARIES
SUPPLEMENTAL DATA - HOTEL
STATISTICS - LAS VEGAS STRIP
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
2010
|
|
September 30,
2009
|
|
September 30,
2010
|
|
September 30,
2009
|
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
94.8%
|
|
95.7%
|
|
93.5%
|
|
95.0%
|
|
|
Average daily rate
(ADR)
|
$200
|
|
$195
|
|
$203
|
|
$203
|
|
|
Revenue per available
room (REVPAR)
|
$190
|
|
$187
|
|
$190
|
|
$193
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
94.6%
|
|
97.1%
|
|
94.1%
|
|
95.7%
|
|
|
ADR
|
$108
|
|
$109
|
|
$114
|
|
$113
|
|
|
REVPAR
|
$102
|
|
$106
|
|
$107
|
|
$108
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay Bay
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
91.2%
|
|
93.6%
|
|
90.0%
|
|
90.3%
|
|
|
ADR
|
$155
|
|
$147
|
|
$157
|
|
$161
|
|
|
REVPAR
|
$142
|
|
$137
|
|
$141
|
|
$145
|
|
|
|
|
|
|
|
|
|
|
|
|
The Mirage
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
95.8%
|
|
97.1%
|
|
93.3%
|
|
95.0%
|
|
|
ADR
|
$117
|
|
$119
|
|
$122
|
|
$127
|
|
|
REVPAR
|
$112
|
|
$115
|
|
$114
|
|
$120
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
92.1%
|
|
94.4%
|
|
89.7%
|
|
91.7%
|
|
|
ADR
|
$73
|
|
$75
|
|
$76
|
|
$80
|
|
|
REVPAR
|
$67
|
|
$71
|
|
$68
|
|
$74
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New York
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
93.2%
|
|
96.7%
|
|
92.1%
|
|
94.0%
|
|
|
ADR
|
$87
|
|
$92
|
|
$91
|
|
$96
|
|
|
REVPAR
|
$81
|
|
$89
|
|
$84
|
|
$90
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
94.9%
|
|
95.0%
|
|
89.6%
|
|
89.6%
|
|
|
ADR
|
$54
|
|
$59
|
|
$57
|
|
$61
|
|
|
REVPAR
|
$51
|
|
$56
|
|
$51
|
|
$55
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte Carlo
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
95.5%
|
|
95.6%
|
|
91.4%
|
|
92.3%
|
|
|
ADR
|
$74
|
|
$82
|
|
$78
|
|
$84
|
|
|
REVPAR
|
$71
|
|
$78
|
|
$71
|
|
$78
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
86.8%
|
|
88.8%
|
|
78.9%
|
|
85.6%
|
|
|
ADR
|
$42
|
|
$43
|
|
$43
|
|
$44
|
|
|
REVPAR
|
$37
|
|
$39
|
|
$34
|
|
$38
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER HOLDINGS,
LLC
SUPPLEMENTAL DATA - NET
REVENUES
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
September 30,
2010
|
|
September 30,
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
$
219,418
|
|
$
535,915
|
|
|
|
|
|
|
|
|
Vdara
|
10,859
|
|
28,629
|
|
|
|
|
|
|
|
|
Crystals
|
9,182
|
|
22,952
|
|
|
|
|
|
|
|
|
Mandarin Oriental
|
7,470
|
|
21,528
|
|
|
|
|
|
|
|
|
Resort operations
|
246,929
|
|
609,024
|
|
|
|
|
|
|
|
|
Residential
operations
|
165,965
|
|
464,417
|
|
|
|
|
|
|
|
|
|
$
412,894
|
|
$
1,073,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER HOLDINGS,
LLC
RECONCILIATION OF ADJUSTED
EBITDA TO NET LOSS
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
September 30,
2010
|
|
September 30,
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
$
52,357
|
|
$
52,419
|
|
|
|
|
|
|
|
Preopening and start-up
expenses
|
-
|
|
(6,202)
|
|
|
|
|
|
|
|
Property transactions,
net
|
(372,035)
|
|
(600,133)
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
(80,821)
|
|
(230,004)
|
|
|
|
|
|
|
|
Operating loss
|
(400,499)
|
|
(783,920)
|
|
|
|
|
|
|
|
Non-operating income
(expense):
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
(65,618)
|
|
(174,342)
|
|
|
|
|
|
|
|
Other
|
(189)
|
|
(4,910)
|
|
|
|
|
|
|
|
|
|
(65,807)
|
|
(179,252)
|
|
|
|
|
|
|
|
Net loss
|
$
(466,306)
|
|
$
(963,172)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER HOLDINGS,
LLC
RECONCILIATION OF OPERATING LOSS
TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
$
(19,594)
|
|
$
-
|
|
$
-
|
|
$
60,965
|
|
$ 41,371
|
|
|
Vdara
|
(9,646)
|
|
-
|
|
-
|
|
9,059
|
|
(587)
|
|
|
Crystals
|
(3,158)
|
|
-
|
|
-
|
|
5,599
|
|
2,441
|
|
|
Mandarin Oriental
|
(7,935)
|
|
-
|
|
-
|
|
4,311
|
|
(3,624)
|
|
|
Resort operations
|
(40,333)
|
|
-
|
|
-
|
|
79,934
|
|
39,601
|
|
|
Residential
operations
|
(67,056)
|
|
-
|
|
92,813
|
|
308
|
|
26,065
|
|
|
Development and
administration
|
(293,110)
|
|
-
|
|
279,222
|
|
579
|
|
(13,309)
|
|
|
|
$
(400,499)
|
|
$
-
|
|
$
372,035
|
|
$
80,821
|
|
$ 52,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
$
(160,725)
|
|
$
-
|
|
$
-
|
|
$
173,061
|
|
$ 12,336
|
|
|
Vdara
|
(31,175)
|
|
-
|
|
-
|
|
26,182
|
|
(4,993)
|
|
|
Crystals
|
(10,405)
|
|
-
|
|
-
|
|
16,013
|
|
5,608
|
|
|
Mandarin Oriental
|
(23,629)
|
|
-
|
|
-
|
|
12,065
|
|
(11,564)
|
|
|
Resort operations
|
(225,934)
|
|
-
|
|
-
|
|
227,321
|
|
1,387
|
|
|
Residential
operations
|
(244,648)
|
|
-
|
|
320,911
|
|
914
|
|
77,177
|
|
|
Development and
administration
|
(313,338)
|
|
6,202
|
|
279,222
|
|
1,769
|
|
(26,145)
|
|
|
|
$
(783,920)
|
|
$
6,202
|
|
$
600,133
|
|
$
230,004
|
|
$ 52,419
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE MGM Resorts International
Copyright . 12 PR Newswire