LAS VEGAS, Nov. 3, 2010 /PRNewswire-FirstCall/ -- MGM
Resorts International (NYSE: MGM) today announced its financial
results for the third quarter of 2010. The Company recorded a third
quarter diluted loss per share (EPS) of $0.72 compared to a loss of $1.70 per share in the prior year third quarter.
The current year results include pre-tax impairment charges
totaling $357 million, or
$0.51 per diluted share, net of tax,
including pre-tax impairment charges of $182
million related to the Company's investment in CityCenter,
$46 million related to CityCenter's
residential real estate inventory, and $128
million 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 pre-tax impairment charges of $956
million related to the Company's investment in CityCenter
and $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
|
|
|
|
|
Key operating results for the quarter included the
following:
- Net revenue, excluding reimbursed costs, decreased 3% to
$1.5 billion;
- Las Vegas Strip REVPAR(1) decreased 2% compared to the prior
year quarter. Both Bellagio and Mandalay Bay recorded increases in
REVPAR for the third quarter;
- Adjusted Property EBITDA(2) attributable to wholly-owned
operations was $314 million, down
13%;
- Net revenue at the Company's regional resorts increased 3%
compared to the prior year third quarter with Adjusted Property
EBITDA increasing 12%;
- MGM Macau reported its best quarter ever and earned operating
income of $61 million in the third
quarter of 2010 which included depreciation expense of $22 million; and
- Aria reported Adjusted Property EBITDA of $41 million during the third quarter of
2010.
Other key events:
- In October 2010, the Company
issued 40.9 million shares of its common stock for net proceeds to
the Company of approximately $512
million and issued $500
million of 10% senior notes due 2016 for net proceeds to the
Company of approximately $486
million;
- The Company used a portion of the net proceeds from the equity
offering and all of the proceeds of the debt offering to effectuate
the extension of its senior credit facility to February 2014. Revolving commitments and
term loans were reduced by $1.2
billion, leaving $3.6 billion
of total commitments ;
- The Company received 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 (subject to diligence,
definitive agreements and approvals) for its 50% economic interest
in the Borgata Hotel Casino & Spa ("Borgata") equal to slightly
in excess of $250 million, based on
an enterprise value for Borgata of $1.35
billion for the entire asset; and
- The Company expects to close the sale of its long-term land
leases and associated real property parcels underlying Borgata in
November 2010, with net proceeds to
the Company's New Jersey trust
account of approximately $71
million.
"We continue to see the Las
Vegas market stabilizing, Aria's operating performance is
ramping up, and MGM Macau reported a record quarter," said
Jim Murren, MGM Resorts
International Chairman and CEO. "We have made significant progress
on our financial position this year and have deployed several
programs to better position our portfolio of resorts to benefit
from a broader economic recovery going forward."
Detailed Discussion of Third Quarter Operating
Results
Net revenue for the third quarter of 2010 was $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 was $1.47 billion, a decrease of 3% from 2009.
Third quarter casino revenue decreased 9% compared to the prior
year quarter, with slots revenue down 3% for the quarter. The
Company's table games volume, excluding baccarat, decreased 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 it was slightly above the high
end of the range in the 2009 quarter.
Rooms revenue decreased 3% from the prior year. The Company
achieved 93% occupancy compared to 95% in the prior year quarter
with consistent ADR, which led to a 2% decrease in Las Vegas Strip
REVPAR.
"Our luxury properties are leading the way, driven by improving
convention mix. Both Bellagio and Mandalay Bay recorded
REVPAR increases in the third quarter," said Mr. Murren.
Operating loss for the third quarter of 2010 was $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 real estate impairment charge.
Adjusted Property EBITDA attributable to wholly-owned operations
was $314 million in the 2010 quarter,
down 13% compared to the prior year.
Impairment Charges
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 a
revision 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 recorded a pre-tax impairment
charge of approximately $182 million
in the third quarter. This impairment charge reflects a fair value
of $1.3 billion for the Company's 50%
equity interest in CityCenter.
The Company recently received an offer for its 50% economic
interest in Borgata based on an enterprise value of $1.35 billion for the entire asset. The Company
submitted 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. Subsequently,
Boyd announced that it does not intend to exercise its right to
first refusal in connection with such offer; therefore, the Company
intends to pursue negotiations with the original bidder. 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 recorded a
pre-tax impairment charge of approximately $128 million in the third quarter of 2010. The
consummation of any transaction as a result of the offer is subject
to negotiation of final documents, due diligence, and regulatory
approval.
Loss from Unconsolidated Affiliates
The Company had 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. The current
year includes $46 million related to
the Company's share of residential inventory impairment at
CityCenter and the prior year included $203
million related to an impairment of CityCenter's real estate
under development.
MGM Macau earned operating income of $61
million in the third quarter of 2010 which included
depreciation expense of $22 million,
compared to operating income of $50
million in the 2009 third quarter which included
depreciation expense of $23
million.
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's net revenue was $413
million in the third quarter, including $166 million related to residential operations,
of which $28 million related to
forfeited residential deposits;
- Aria's net revenue was $219
million and Adjusted Property EBITDA was $41 million. Aria's results were positively
affected by a high table games hold percentage, which increased
Adjusted Property 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 recorded a $93 million
impairment charge related to its residential inventory due to an
increase in estimated final costs of the residential components and
also recorded a $279 million
impairment charge related to its Harmon Hotel & Spa component
due to CityCenter's conclusion that it is unlikely the Harmon will
be completed using the building as it now stands. 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.
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.
In October 2010 the Company issued
40.9 million shares of its common stock for total net proceeds to
the Company of approximately $512
million. In connection with the Company's issuance,
Tracinda sold approximately 27.8 million shares of the Company's
common stock. The Company will not receive any proceeds from
the sale of such common stock by Tracinda. The underwriter has the
ability to purchase an additional 6.1 million shares from the
Company and 4.2 million shares from Tracinda up to 30 days after
the original offering to cover overallotments.
Also in October 2010, the Company
issued $500 million of 10% senior
notes due 2016, issued at a discount to yield 10.25%, for net
proceeds to the Company of $486
million. The notes are unsecured and otherwise rank
equally in right of payment with the Company's existing and future
senior indebtedness.
The Company used the net proceeds from the issuance of the
senior notes and a portion of the net proceeds from the common
stock offering to effectuate the extension of its senior credit
facility. Revolving commitments and term loans were reduced by
$1.2 billion, leaving $3.6 billion of total commitments that will
mature in February 2014.
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.
"Our recent capital raising transactions extend our maturity
profile and significantly enhance our liquidity," said Dan
D'Arrigo, MGM Resorts International Executive Vice President and
CFO. "Subsequent to quarter end, we have reduced our debt from
$12.9 billion to $12.3 billion.
We have current availability under our senior credit facility
to cover debt maturities into 2013."
Conference Call Details
MGM Resorts International will hold a conference call to discuss
its third quarter results at 11:00 a.m.
Eastern Time today. The call will be accessible via the
Internet through www.mgmresorts.com or by calling 1-877-274-9221
for Domestic callers and 1-706-634-6528 for International callers.
The conference call ID # is 19689828. A replay of the
call will be available through Wednesday,
November 10, 2010. The replay may be accessed by dialing
1-800-642-1687 or 1-706-645-9291. The replay access code is
19689828. The call will also be archived at www.mgmresorts.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.
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 future operating results and
liquidity to pay future indebtedness. 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 RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(In
thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Casino
|
$
633,983
|
|
$
699,806
|
|
$
1,834,132
|
|
$
1,990,103
|
|
|
Rooms
|
331,424
|
|
340,165
|
|
990,546
|
|
1,045,504
|
|
|
Food and beverage
|
343,180
|
|
344,284
|
|
1,019,553
|
|
1,040,540
|
|
|
Entertainment
|
123,907
|
|
128,568
|
|
364,524
|
|
369,998
|
|
|
Retail
|
52,618
|
|
54,525
|
|
147,569
|
|
156,785
|
|
|
Other
|
145,375
|
|
122,549
|
|
403,214
|
|
376,768
|
|
|
Reimbursed costs
|
88,551
|
|
15,524
|
|
272,235
|
|
42,480
|
|
|
|
1,719,038
|
|
1,705,421
|
|
5,031,773
|
|
5,022,178
|
|
|
Less: Promotional
allowances
|
(161,333)
|
|
(172,198)
|
|
(478,981)
|
|
(496,005)
|
|
|
|
1,557,705
|
|
1,533,223
|
|
4,552,792
|
|
4,526,173
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Casino
|
346,806
|
|
367,720
|
|
1,039,118
|
|
1,093,068
|
|
|
Rooms
|
111,711
|
|
108,273
|
|
320,466
|
|
325,247
|
|
|
Food and beverage
|
197,836
|
|
196,778
|
|
585,123
|
|
590,137
|
|
|
Entertainment
|
91,129
|
|
91,422
|
|
272,386
|
|
267,786
|
|
|
Retail
|
32,093
|
|
33,684
|
|
90,671
|
|
99,760
|
|
|
Other
|
88,144
|
|
75,737
|
|
250,298
|
|
218,082
|
|
|
Reimbursed costs
|
88,551
|
|
15,524
|
|
272,235
|
|
42,480
|
|
|
General and
administrative
|
292,456
|
|
290,766
|
|
850,914
|
|
825,623
|
|
|
Corporate expense
|
30,715
|
|
31,928
|
|
87,543
|
|
99,295
|
|
|
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
|
|
|
|
1,756,482
|
|
2,363,749
|
|
5,704,697
|
|
4,890,225
|
|
|
|
|
|
|
|
|
|
|
|
Loss from unconsolidated
affiliates
|
(7,124)
|
|
(132,893)
|
|
(114,236)
|
|
(113,169)
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
(205,901)
|
|
(963,419)
|
|
(1,266,141)
|
|
(477,221)
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense):
|
|
|
|
|
|
|
|
|
|
Interest income
|
1,142
|
|
857
|
|
2,784
|
|
11,535
|
|
|
Interest expense,
net
|
(285,139)
|
|
(181,899)
|
|
(840,483)
|
|
(554,822)
|
|
|
Non-operating items from
unconsolidated affiliates
|
(27,185)
|
|
(14,613)
|
|
(82,109)
|
|
(38,058)
|
|
|
Other, net
|
6,156
|
|
826
|
|
154,958
|
|
(234,693)
|
|
|
|
(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
|
192,936
|
|
407,860
|
|
732,783
|
|
435,495
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
(317,991)
|
|
$
(750,388)
|
|
$
(1,298,208)
|
|
$
(857,764)
|
|
|
|
|
|
|
|
|
|
|
|
Per share of common
stock:
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
Net loss per
share
|
$
(0.72)
|
|
$
(1.70)
|
|
$
(2.94)
|
|
$
(2.40)
|
|
|
|
|
|
|
Weighted average shares
outstanding
|
441,328
|
|
441,214
|
|
441,289
|
|
357,348
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
Net loss per
share
|
$
(0.72)
|
|
$
(1.70)
|
|
$
(2.94)
|
|
$
(2.40)
|
|
|
|
|
|
|
Weighted average shares
outstanding
|
441,328
|
|
441,214
|
|
441,289
|
|
357,348
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(In
thousands, except share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
552,757
|
|
$
2,056,207
|
|
|
Accounts receivable,
net
|
|
324,206
|
|
368,474
|
|
|
Inventories
|
|
93,479
|
|
101,809
|
|
|
Income tax
receivable
|
|
180,181
|
|
384,555
|
|
|
Deferred income
taxes
|
|
22,681
|
|
38,487
|
|
|
Prepaid expenses and
other
|
|
115,497
|
|
103,969
|
|
|
|
Total current
assets
|
|
1,288,801
|
|
3,053,501
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
14,697,192
|
|
15,069,952
|
|
|
|
|
|
|
|
|
|
Other assets:
|
|
|
|
|
|
|
Investments in and advances to
unconsolidated affiliates
|
|
2,115,760
|
|
3,611,799
|
|
|
Goodwill
|
|
86,353
|
|
86,353
|
|
|
Other intangible assets,
net
|
|
342,995
|
|
344,253
|
|
|
Other long-term assets,
net
|
|
605,271
|
|
352,352
|
|
|
|
Total other
assets
|
|
3,150,379
|
|
4,394,757
|
|
|
|
|
|
$
19,136,372
|
|
$
22,518,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
153,049
|
|
$
173,719
|
|
|
Current portion of long-term
debt
|
|
-
|
|
1,079,824
|
|
|
Accrued interest on long-term
debt
|
|
223,106
|
|
206,357
|
|
|
Other accrued
liabilities
|
|
942,802
|
|
923,701
|
|
|
|
Total current
liabilities
|
|
1,318,957
|
|
2,383,601
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
2,400,984
|
|
3,031,303
|
|
Long-term debt
|
|
12,623,851
|
|
12,976,037
|
|
Other long-term
obligations
|
|
252,209
|
|
256,837
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01 par value:
authorized 600,000,000 shares,
|
|
|
|
|
|
|
issued 441,339,770 and
441,222,251 shares and outstanding
|
|
|
|
|
|
|
441,339,770 and 441,222,251
shares
|
|
4,413
|
|
4,412
|
|
|
Capital in excess of par
value
|
|
3,465,253
|
|
3,497,425
|
|
|
Retained earnings (accumulated
deficit)
|
|
(927,676)
|
|
370,532
|
|
|
Accumulated other comprehensive
loss
|
|
(1,619)
|
|
(1,937)
|
|
|
|
Total stockholders'
equity
|
|
2,540,371
|
|
3,870,432
|
|
|
|
|
|
$
19,136,372
|
|
$
22,518,210
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
|
SUPPLEMENTAL
DATA - NET REVENUES
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
Bellagio
|
|
$
269,370
|
|
$
262,436
|
|
$
766,973
|
|
$
795,017
|
|
|
MGM Grand Las
Vegas
|
|
231,626
|
|
266,349
|
|
708,061
|
|
737,108
|
|
|
Mandalay Bay
|
|
185,635
|
|
185,539
|
|
545,465
|
|
553,711
|
|
|
The Mirage
|
|
151,653
|
|
182,376
|
|
423,339
|
|
483,352
|
|
|
Luxor
|
|
81,439
|
|
88,609
|
|
238,825
|
|
263,038
|
|
|
Treasure Island
(1)
|
|
-
|
|
-
|
|
-
|
|
66,329
|
|
|
New York-New York
|
|
64,393
|
|
60,721
|
|
185,987
|
|
191,609
|
|
|
Excalibur
|
|
65,590
|
|
71,451
|
|
190,524
|
|
203,944
|
|
|
Monte Carlo
|
|
57,277
|
|
52,120
|
|
167,585
|
|
153,223
|
|
|
Circus Circus Las
Vegas
|
|
52,005
|
|
54,962
|
|
141,688
|
|
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
|
|
|
|
|
$
1,557,705
|
|
$
1,533,223
|
|
$
4,552,792
|
|
$
4,526,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
|
SUPPLEMENTAL
DATA - ADJUSTED PROPERTY EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
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,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2010
|
|
2009
|
|
2010
|
|
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
|
|
192,936
|
|
407,860
|
|
732,783
|
|
435,495
|
|
Net loss
|
|
$
(317,991)
|
|
$
(750,388)
|
|
$(1,298,208)
|
|
$
(857,764)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
|
SUPPLEMENTAL
DATA - HOTEL STATISTICS - LAS VEGAS STRIP
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
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,
|
|
September
30,
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
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,
|
|
September
30,
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
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