LAS VEGAS, Feb. 14, 2011 /PRNewswire-FirstCall/ -- MGM
Resorts International (NYSE: MGM) today announced a fourth quarter
net loss of $139 million, or
$0.29 per share, compared to a net
loss of $434 million, or $0.98 per share in the prior year quarter.
The current quarter results include a $32 million, or $0.07 per share, reduction in the Company’s
income tax benefit as a result of providing reserves for certain
state-level deferred tax assets. The prior year results
include impairment charges totaling $548
million, or $0.73 per share,
related to the Company’s undeveloped land holdings in Atlantic City.
Key results for the fourth quarter 2010 included the
following:
- Net revenue was $1.5
billion;
- Adjusted Property EBITDA (1) attributable to wholly-owned
operations was $267 million;
- MGM Macau reported a record quarter with operating income of
$119 million, including depreciation
expense of $23 million;
- CityCenter reported Adjusted Property EBITDA related to its
resort operations of $36 million;
and
- The Company received approximately $192
million from MGM Macau, which represents a full repayment of
the Company’s interest and non-interest bearing notes to the joint
venture.
“2010 has been a transformational year for MGM Resorts
International from a balance sheet and liquidity perspective.
We have built the foundation needed to benefit from an economic
recovery and are highly focused on initiatives such as M life, our
new customer loyalty program, to improve our business,” said
Jim Murren, MGM Resorts
International Chairman and CEO. “We are encouraged in early 2011 by
the level of business activity we are seeing. Our forward
booking pace is currently ahead of last year led by a stronger
convention mix which we believe will position our Company to have a
better year than last.”
The Company significantly improved its financial position by
extending the maturity of its $3.5
billion credit facility to 2014 and raising an additional
$3 billion of debt and equity capital
during 2010. In addition, MGM Macau, which is 50% owned by
the Company, entered into a new $950
million senior secured credit facility in August 2010 and CityCenter Holdings LLC, which is
also 50% owned by the Company, recently extended the maturity of
$500 million of its credit facility
and raised $1.5 billion of senior
secured first lien and second lien notes.
“We made significant improvements to our balance sheet during
the year, raising capital and extending our debt maturities at MGM
Resorts, MGM Macau and CityCenter, providing us with a strong
liquidity profile,” said Dan D’Arrigo, MGM Resorts International
Executive Vice President and CFO. “We remain focused on continuing
to strengthen our balance sheet, growing cash flows and positioning
our resort portfolio for future growth.”
Discussion of Fourth Quarter Operating Results
The following table lists items which affect the comparability
of the current and prior year quarterly results (approximate EPS
impact shown, net of tax, per share; negative amounts represent
charges to income):
Three months ended December
31,
|
2010
|
2009
|
|
Preopening and start-up
expenses
|
$
—
|
$ (0.04)
|
|
Atlantic City undeveloped
land impairment charge
|
—
|
(0.73)
|
|
Income (loss) from
unconsolidated affiliates:
|
|
|
|
CityCenter residential inventory impairment charge
|
(0.02)
|
—
|
|
CityCenter forfeited residential deposits income
|
0.01
|
—
|
|
Loss on retirement of
long-term debt
|
(0.01)
|
—
|
|
Tax adjustments
|
(0.07)
|
—
|
|
|
|
|
Fourth quarter net revenue for 2010 was $1.5 billion. Excluding reimbursed costs revenue
(approximately $87 million in 2010
and $57 million in 2009) mainly
related to the Company’s management of CityCenter, net revenue
decreased 1% from the fourth quarter of 2009.
Fourth quarter casino revenue decreased 3% compared to the prior
year, with slots revenue increasing 2% and table games revenue down
11%. The Company’s table games volume decreased 13%.
The overall table games hold percentage was slightly lower in
2010 than the prior year quarter and was near the low end of the
Company’s normal range.
Rooms revenue decreased 5% from the prior year, excluding the
impact of resort fees. Las Vegas Strip occupancy decreased from 86%
to 84%, and ADR was $110, consistent
with the prior year quarter; REVPAR (2) decreased 2%. If
resort fees were included, rooms revenue and REVPAR would have been
up 1% and 2%, respectively.
Operating income for the fourth quarter of 2010 was $107 million compared to a $487 million operating loss in the fourth quarter
of 2009. The 2009 quarter included a $548 million impairment charge related to the
Company’s Atlantic City land and
$25 million related to the Company’s
share of CityCenter’s preopening costs. Adjusted Property EBITDA
attributable to wholly-owned operations was $267 million in the 2010 quarter, down 5%
compared to $281 million in the 2009
quarter.
Income from Unconsolidated Affiliates
The Company had income from unconsolidated affiliates of
$27 million in the fourth quarter of
2010 compared to $25 million in the
prior year period. The current year includes an increase of
$49 million in the Company’s share of
operating income from MGM Macau, offset by a $37 million increase in the Company’s share of
operating losses from CityCenter. The prior year fourth quarter
included $8 million for the Company’s
share of operating income from Borgata.
MGM Macau reported operating income of $119 million in the fourth quarter of 2010, which
included depreciation expense of $23
million, compared to operating income of $22 million in the 2009 fourth quarter, which
included depreciation expense of $24
million.
Results for CityCenter for the fourth quarter of 2010 include
the following (see schedules accompanying this release for further
detail on CityCenter Holdings, LLC’s fourth quarter and full year
2010 results):
- Net revenue was $257 million,
including $26 million related to
residential operations, of which $8
million was related to forfeited residential deposits;
- Aria’s net revenue was $198
million and Adjusted Property EBITDA was $30 million. Aria’s hold percentage was
near the high end of its expected range;
- Aria’s occupancy percentage was 80% and its average daily rate
was $190, resulting in REVPAR of
$152, a 7% improvement compared to
the third quarter;
- Crystals generated $6 million in
Adjusted Property EBITDA and was approximately 80% occupied at
December 31, 2010; and
- A $27 million impairment charge
was incurred related to Veer residential inventory.
CityCenter completed the following financing transactions in
January 2011:
- Issued $900 million of 7.625%
senior secured first lien notes due 2016;
- Issued $600 million of 10.75%
senior secured second lien PIK toggle notes due 2017 which give
CityCenter the choice of paying interest in cash or in additional
debt. The interest rate on these notes increases by 0.75% if
CityCenter elects to pay interest in the form of additional
debt;
- Amended and restated CityCenter’s previous credit facility
which extended the maturity of $500
million of the credit facility to January 2015. Amounts in excess of
$500 million were repaid using the
proceeds of the first and second lien notes. The remaining
$500 million credit facility is in
the form of a term loan and is secured on a pari passu basis with
the first lien notes and by a first priority lien on substantially
all of CityCenter’s assets and those of its subsidiaries;
- Received total equity contributions of $73 million from the members; and
- Established a $159 million
interest escrow account for the benefit of the lenders under the
restated credit facility and the holders of the first lien
notes.
Full Year 2010 Results
(Results are presented on a same store basis excluding
TI)
Net revenue for 2010 was $6.0
billion. Net revenue excluding reimbursed costs revenue
(which was approximately $359 million
in 2010 and $99 million in 2009), was
$5.7 billion, a decrease of 3% from
2009. Operating loss increased from $1.0 billion in 2009 to $1.2 billion in 2010. Adjusted Property EBITDA
from wholly-owned operations was $1.2
billion for 2010 compared to $1.3
billion in 2009.
Loss per share for 2010 was $3.19
compared to a loss of $3.41 per share
in 2009. The following table lists significant items that affect
the comparability of the current year and prior year annual results
(EPS impact shown, net of tax, per share; negative amounts
represent charges to income):
Year ended December
31,
|
2010
|
2009
|
|
Monte Carlo business
interruption (recorded as a reduction of
|
|
|
|
general and
administrative expenses)
|
—
|
0.03
|
|
Preopening and start-up
expenses
|
(0.01)
|
(0.09)
|
|
Property transactions
net:
|
|
|
|
Atlantic City Renaissance Pointe land holdings
impairment
|
|
(0.85)
|
|
Investment in Borgata impairment
|
(0.18)
|
—
|
|
Gain
on Sale of TI
|
—
|
0.31
|
|
Investment in CityCenter impairment
|
(1.88)
|
(1.63)
|
|
Other
property transactions
|
(0.01)
|
(0.02)
|
|
Income (loss) from
unconsolidated affiliates:
|
|
|
|
CityCenter joint venture residential impairment
charge
|
(0.24)
|
(0.35)
|
|
CityCenter forfeited residential deposits income
|
0.08
|
—
|
|
Borgata joint venture insurance proceeds
|
—
|
0.02
|
|
North
Las Vegas Strip joint venture impairment charge
|
—
|
(0.02)
|
|
Other, net:
|
|
|
|
Convertible note impairment charge
|
—
|
(0.30)
|
|
Gain
(loss) on retirement of long-term debt
|
0.19
|
(0.11)
|
|
Tax
adjustments
|
(0.07)
|
—
|
|
|
|
|
Financial Position
At December 31, 2010, the Company
had approximately $12.3 billion of
indebtedness (with a carrying value of $12.0
billion), including $2.3
billion of borrowings outstanding under its senior credit
facility, with available borrowing capacity under the senior credit
facility of approximately $1.2
billion.
During 2010, the Company completed the following capital market
transactions:
- In March, issued $845 million of
9% senior secured notes due 2020 for net proceeds of $826 million;
- In April, issued $1.15 billion of
4.25% convertible senior notes due 2015 for net proceeds of
$1.12 billion;
- In October, issued 40.9 million shares of common stock for net
proceeds of approximately $512
million and in November received an additional $77 million of net proceeds from the exercise of
the underwriter’s overallotment option for an additional 6.1
million shares;
- In October, issued $500 million
of 10% senior notes due 2016, issued at a discount to yield 10.25%,
for net proceeds of approximately $486
million; and
- The Company used a portion of the net proceeds from the October
equity offering and all of the proceeds of the October debt
offering to retire $1.2 billion in
commitments under its senior credit facility that were scheduled to
mature in October 2011 and effect the
extension of approximately $3.5
billion of its senior credit facility to February 2014.
The Company received approximately $192
million from MGM Macau during the fourth quarter of 2010,
which represents a full repayment of its interest and non-interest
bearing notes to the joint venture.
The Company’s New Jersey trust
account received proceeds of approximately $74 million in the fourth quarter, including
$71 million related to the sale of
long-term land leases and associated real property parcels
underlying Borgata. The balance in the trust account was
approximately $188 million at
December 31, 2010.
Conference Call Details
MGM Resorts International will hold a conference call to discuss
its fourth quarter and full year results at 11:00 a.m. Eastern Time today. The call will be
accessible via the Internet through www.mgmresorts.com under the
Investors section or by calling 1-877-274-9221 for Domestic callers
and 1-706-634-6528 for International callers. The conference
call access code is 38464126. A replay of the call will be
available through Sunday, February 20,
2011. The replay may be accessed by dialing
1-800-642-1687 or 1-706-645-9291. The replay access code is
38464126. The call will also be archived at www.mgmresorts.com.
(1) “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 the Company’s 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.
(2) REVPAR is hotel Revenue per Available Room.
MGM Resorts International (NYSE: MGM) is one of the world's
leading global hospitality companies, operating a peerless
portfolio of destination resort brands, including Bellagio, MGM
Grand, Mandalay Bay and The Mirage. The Company has
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. One of those
investments is CityCenter, an unprecedented urban resort
destination on the Las Vegas Strip featuring its centerpiece ARIA
Resort & Casino. Leveraging MGM Resorts’ unmatched
amenities, the M life loyalty program delivers one-of-a-kind
experiences, insider privileges and personalized rewards for guests
at the Company’s renowned properties nationwide. Through its
hospitality management subsidiary, the Company holds a growing
number of development and management agreements for casino and
non-casino resort projects around the world. MGM Resorts
International supports responsible gaming and has implemented the
American Gaming Association's Code of Conduct for Responsible
Gaming at its gaming properties. The Company has been honored with
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 Resorts International, visit the
Company's Web site at www.mgmresorts.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 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
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Casino
|
$
608,795
|
|
$
627,957
|
|
$
2,442,927
|
|
$
2,618,060
|
|
|
Rooms
|
309,741
|
|
324,631
|
|
1,300,287
|
|
1,370,135
|
|
|
Food and beverage
|
319,621
|
|
321,785
|
|
1,339,174
|
|
1,362,325
|
|
|
Entertainment
|
121,795
|
|
123,801
|
|
486,319
|
|
493,799
|
|
|
Retail
|
47,322
|
|
50,475
|
|
194,891
|
|
207,260
|
|
|
Other
|
126,479
|
|
116,556
|
|
529,693
|
|
493,324
|
|
|
Reimbursed costs
|
87,235
|
|
56,899
|
|
359,470
|
|
99,379
|
|
|
|
1,620,988
|
|
1,622,104
|
|
6,652,761
|
|
6,644,282
|
|
|
Less: Promotional
allowances
|
(154,547)
|
|
(169,688)
|
|
(633,528)
|
|
(665,693)
|
|
|
|
1,466,441
|
|
1,452,416
|
|
6,019,233
|
|
5,978,589
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Casino
|
346,645
|
|
366,876
|
|
1,385,763
|
|
1,459,944
|
|
|
Rooms
|
102,607
|
|
101,922
|
|
423,073
|
|
427,169
|
|
|
Food and beverage
|
189,320
|
|
184,881
|
|
774,443
|
|
775,018
|
|
|
Entertainment
|
87,997
|
|
90,240
|
|
360,383
|
|
358,026
|
|
|
Retail
|
29,922
|
|
35,091
|
|
120,593
|
|
134,851
|
|
|
Other
|
83,519
|
|
66,837
|
|
333,817
|
|
284,919
|
|
|
Reimbursed costs
|
87,235
|
|
56,899
|
|
359,470
|
|
99,379
|
|
|
General and
administrative
|
277,889
|
|
274,570
|
|
1,128,803
|
|
1,100,193
|
|
|
Corporate expense
|
36,698
|
|
44,469
|
|
124,241
|
|
143,764
|
|
|
Preopening and start-up
expenses
|
186
|
|
25,474
|
|
4,247
|
|
53,013
|
|
|
Property transactions,
net
|
(2,178)
|
|
549,358
|
|
1,451,474
|
|
1,328,689
|
|
|
Depreciation and
amortization
|
146,666
|
|
167,396
|
|
633,423
|
|
689,273
|
|
|
|
1,386,506
|
|
1,964,013
|
|
7,099,730
|
|
6,854,238
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
unconsolidated affiliates
|
27,275
|
|
24,942
|
|
(78,434)
|
|
(88,227)
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
107,210
|
|
(486,655)
|
|
(1,158,931)
|
|
(963,876)
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense):
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
(273,097)
|
|
(220,609)
|
|
(1,113,580)
|
|
(775,431)
|
|
|
Non-operating items from
unconsolidated affiliates
|
(26,622)
|
|
(9,069)
|
|
(108,731)
|
|
(47,127)
|
|
|
Other, net
|
7,475
|
|
(3,001)
|
|
165,217
|
|
(226,159)
|
|
|
|
(292,244)
|
|
(232,679)
|
|
(1,057,094)
|
|
(1,048,717)
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
(185,034)
|
|
(719,334)
|
|
(2,216,025)
|
|
(2,012,593)
|
|
|
Benefit for income
taxes
|
45,845
|
|
285,416
|
|
778,628
|
|
720,911
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
(139,189)
|
|
$
(433,918)
|
|
$
(1,437,397)
|
|
$
(1,291,682)
|
|
|
|
|
|
|
|
|
|
|
|
Per share of common
stock:
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
Net loss per
share
|
$
(0.29)
|
|
$
(0.98)
|
|
$
(3.19)
|
|
$
(3.41)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding
|
477,630
|
|
441,238
|
|
450,449
|
|
378,513
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
Net loss per
share
|
$
(0.29)
|
|
$
(0.98)
|
|
$
(3.19)
|
|
$
(3.41)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding
|
477,630
|
|
441,238
|
|
450,449
|
|
378,513
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(In
thousands, except share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
ASSETS
|
|
Current assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
498,964
|
|
$
2,056,207
|
|
|
Accounts receivable,
net
|
321,894
|
|
368,474
|
|
|
Inventories
|
96,392
|
|
101,809
|
|
|
Income tax
receivable
|
175,982
|
|
384,555
|
|
|
Deferred income
taxes
|
45,313
|
|
38,487
|
|
|
Prepaid expenses and
other
|
252,321
|
|
103,969
|
|
|
|
Total current
assets
|
1,390,866
|
|
3,053,501
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
14,554,350
|
|
15,069,952
|
|
|
|
|
|
|
|
|
Other assets:
|
|
|
|
|
|
Investments in and advances to
unconsolidated affiliates
|
1,923,155
|
|
3,611,799
|
|
|
Goodwill
|
86,353
|
|
86,353
|
|
|
Other intangible assets,
net
|
342,804
|
|
344,253
|
|
|
Other long-term assets,
net
|
598,738
|
|
352,352
|
|
|
|
Total other
assets
|
2,951,050
|
|
4,394,757
|
|
|
|
|
$
18,896,266
|
|
$
22,518,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable
|
$
167,084
|
|
$
173,719
|
|
|
Current portion of long-term
debt
|
-
|
|
1,079,824
|
|
|
Accrued interest on long-term
debt
|
211,914
|
|
206,357
|
|
|
Other accrued
liabilities
|
867,223
|
|
923,701
|
|
|
|
Total current
liabilities
|
1,246,221
|
|
2,383,601
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
2,404,554
|
|
3,031,303
|
|
Long-term debt
|
12,047,698
|
|
12,976,037
|
|
Other long-term
obligations
|
199,248
|
|
256,837
|
|
Stockholders'
equity:
|
|
|
|
|
|
Common stock, $.01 par value:
authorized 600,000,000 shares,
|
|
|
|
|
|
issued 488,513,351 and
441,222,251 shares and outstanding
|
|
|
|
|
|
488,513,351 and 441,222,251
shares
|
4,885
|
|
4,412
|
|
|
Capital in excess of par
value
|
4,060,826
|
|
3,497,425
|
|
|
Retained earnings (accumulated
deficit)
|
(1,066,865)
|
|
370,532
|
|
|
Accumulated other comprehensive
loss
|
(301)
|
|
(1,937)
|
|
|
|
Total stockholders'
equity
|
2,998,545
|
|
3,870,432
|
|
|
|
|
$
18,896,266
|
|
$
22,518,210
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
|
SUPPLEMENTAL
DATA - NET REVENUES
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
Bellagio
|
$
268,814
|
|
$
269,712
|
|
$
1,035,787
|
|
$
1,064,729
|
|
|
MGM Grand Las
Vegas
|
218,171
|
|
239,153
|
|
926,232
|
|
976,261
|
|
|
Mandalay Bay
|
173,313
|
|
171,418
|
|
718,778
|
|
725,129
|
|
|
The Mirage
|
134,192
|
|
140,780
|
|
557,531
|
|
624,132
|
|
|
Luxor
|
76,876
|
|
81,684
|
|
315,701
|
|
344,722
|
|
|
Treasure Island
(1)
|
-
|
|
-
|
|
-
|
|
66,329
|
|
|
New York-New York
|
59,523
|
|
58,446
|
|
245,510
|
|
250,055
|
|
|
Excalibur
|
59,082
|
|
61,132
|
|
249,606
|
|
265,076
|
|
|
Monte Carlo
|
56,708
|
|
53,154
|
|
224,293
|
|
206,377
|
|
|
Circus Circus Las
Vegas
|
41,764
|
|
44,617
|
|
183,452
|
|
200,385
|
|
|
MGM Grand Detroit
|
132,977
|
|
124,751
|
|
537,870
|
|
514,116
|
|
|
Beau Rivage
|
75,806
|
|
78,003
|
|
328,721
|
|
329,613
|
|
|
Gold Strike
Tunica
|
36,199
|
|
35,051
|
|
151,078
|
|
153,108
|
|
|
Management
operations
|
98,597
|
|
66,301
|
|
406,417
|
|
135,498
|
|
|
Other operations
|
34,419
|
|
28,214
|
|
138,257
|
|
123,059
|
|
|
|
$
1,466,441
|
|
$
1,452,416
|
|
$
6,019,233
|
|
$
5,978,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
|
SUPPLEMENTAL
DATA - ADJUSTED PROPERTY EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
Bellagio
|
$
75,491
|
|
$
68,336
|
|
$
270,628
|
|
$
274,672
|
|
|
MGM Grand Las
Vegas
|
32,489
|
|
46,329
|
|
163,093
|
|
214,369
|
|
|
Mandalay Bay
|
28,208
|
|
31,805
|
|
124,385
|
|
159,864
|
|
|
The Mirage
|
21,482
|
|
24,507
|
|
102,106
|
|
141,118
|
|
|
Luxor
|
16,741
|
|
16,370
|
|
61,196
|
|
76,167
|
|
|
Treasure Island
(1)
|
-
|
|
-
|
|
-
|
|
12,729
|
|
|
New York-New York
|
16,693
|
|
16,968
|
|
76,254
|
|
78,555
|
|
|
Excalibur
|
14,078
|
|
14,990
|
|
63,236
|
|
72,130
|
|
|
Monte Carlo
|
9,517
|
|
4,422
|
|
33,555
|
|
36,594
|
|
|
Circus Circus Las
Vegas
|
2,255
|
|
2,261
|
|
15,605
|
|
27,122
|
|
|
MGM Grand Detroit
|
36,737
|
|
31,112
|
|
155,173
|
|
138,010
|
|
|
Beau Rivage
|
10,247
|
|
12,517
|
|
61,287
|
|
65,422
|
|
|
Gold Strike
Tunica
|
8,263
|
|
8,086
|
|
39,853
|
|
45,051
|
|
|
Management
operations
|
(4,548)
|
|
5,064
|
|
(13,668)
|
|
18,322
|
|
|
Other operations
|
(907)
|
|
(1,653)
|
|
1,125
|
|
1,759
|
|
|
Wholly-owned
operations
|
266,746
|
|
281,114
|
|
1,153,828
|
|
1,361,884
|
|
|
CityCenter (50%)
(2)
|
(38,416)
|
|
(1,430)
|
|
(250,482)
|
|
(208,634)
|
|
|
Macau (50%) (2)
|
58,410
|
|
9,749
|
|
129,575
|
|
24,615
|
|
|
Other unconsolidated resorts
(2)
|
7,280
|
|
17,192
|
|
42,764
|
|
96,947
|
|
|
|
$
294,020
|
|
$
306,625
|
|
$
1,075,685
|
|
$
1,274,812
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Treasure Island was
sold in March 2009.
|
|
|
(2) Represents the
Company's share of operating income (loss) before preopening
expense, adjusted for the effect of certain basis
differences.
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
|
RECONCILIATION OF OPERATING
INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
Three Months
Ended December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
$
51,484
|
|
$
-
|
|
$
108
|
|
$
23,899
|
|
$
75,491
|
|
|
MGM Grand Las
Vegas
|
12,225
|
|
-
|
|
172
|
|
20,092
|
|
32,489
|
|
|
Mandalay Bay
|
6,101
|
|
-
|
|
52
|
|
22,055
|
|
28,208
|
|
|
The Mirage
|
6,654
|
|
-
|
|
(518)
|
|
15,346
|
|
21,482
|
|
|
Luxor
|
6,585
|
|
-
|
|
256
|
|
9,900
|
|
16,741
|
|
|
New York-New York
|
10,108
|
|
-
|
|
22
|
|
6,563
|
|
16,693
|
|
|
Excalibur
|
8,431
|
|
-
|
|
19
|
|
5,628
|
|
14,078
|
|
|
Monte Carlo
|
3,092
|
|
185
|
|
158
|
|
6,082
|
|
9,517
|
|
|
Circus Circus Las
Vegas
|
(2,837)
|
|
-
|
|
1
|
|
5,091
|
|
2,255
|
|
|
MGM Grand Detroit
|
26,649
|
|
-
|
|
157
|
|
9,931
|
|
36,737
|
|
|
Beau Rivage
|
7,796
|
|
-
|
|
(2)
|
|
2,453
|
|
10,247
|
|
|
Gold Strike
Tunica
|
4,779
|
|
-
|
|
11
|
|
3,473
|
|
8,263
|
|
|
Management
operations
|
(7,976)
|
|
-
|
|
-
|
|
3,428
|
|
(4,548)
|
|
|
Other operations
|
(2,500)
|
|
1
|
|
16
|
|
1,576
|
|
(907)
|
|
|
Wholly-owned
operations
|
130,591
|
|
186
|
|
452
|
|
135,517
|
|
266,746
|
|
|
CityCenter (50%)
|
(38,416)
|
|
-
|
|
-
|
|
-
|
|
(38,416)
|
|
|
Macau (50%)
|
58,410
|
|
-
|
|
-
|
|
-
|
|
58,410
|
|
|
Other unconsolidated
resorts
|
7,280
|
|
-
|
|
-
|
|
-
|
|
7,280
|
|
|
|
157,865
|
|
186
|
|
452
|
|
135,517
|
|
294,020
|
|
|
Stock
compensation
|
(8,832)
|
|
-
|
|
-
|
|
-
|
|
(8,832)
|
|
|
Corporate
|
(41,823)
|
|
-
|
|
(2,630)
|
|
11,149
|
|
(33,304)
|
|
|
|
$
107,210
|
|
$
186
|
|
$
(2,178)
|
|
$
146,666
|
|
$
251,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended December 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
$
41,154
|
|
$
-
|
|
$
(34)
|
|
$
27,216
|
|
$
68,336
|
|
|
MGM Grand Las
Vegas
|
24,356
|
|
-
|
|
(51)
|
|
22,024
|
|
46,329
|
|
|
Mandalay Bay
|
8,887
|
|
51
|
|
(3)
|
|
22,870
|
|
31,805
|
|
|
The Mirage
|
8,598
|
|
-
|
|
-
|
|
15,909
|
|
24,507
|
|
|
Luxor
|
7,227
|
|
-
|
|
(78)
|
|
9,221
|
|
16,370
|
|
|
New York-New York
|
9,896
|
|
-
|
|
-
|
|
7,072
|
|
16,968
|
|
|
Excalibur
|
8,430
|
|
-
|
|
(4)
|
|
6,564
|
|
14,990
|
|
|
Monte Carlo
|
(2,082)
|
|
-
|
|
(3)
|
|
6,507
|
|
4,422
|
|
|
Circus Circus Las
Vegas
|
(3,398)
|
|
-
|
|
26
|
|
5,633
|
|
2,261
|
|
|
MGM Grand Detroit
|
19,525
|
|
-
|
|
1,430
|
|
10,157
|
|
31,112
|
|
|
Beau Rivage
|
95
|
|
-
|
|
-
|
|
12,422
|
|
12,517
|
|
|
Gold Strike
Tunica
|
4,374
|
|
-
|
|
(209)
|
|
3,921
|
|
8,086
|
|
|
Management
operations
|
2,586
|
|
-
|
|
-
|
|
2,478
|
|
5,064
|
|
|
Other operations
|
(3,041)
|
|
-
|
|
(63)
|
|
1,451
|
|
(1,653)
|
|
|
Wholly-owned
operations
|
126,607
|
|
51
|
|
1,011
|
|
153,445
|
|
281,114
|
|
|
CityCenter (50%)
|
(26,853)
|
|
25,423
|
|
-
|
|
-
|
|
(1,430)
|
|
|
Macau (50%)
|
9,749
|
|
-
|
|
-
|
|
-
|
|
9,749
|
|
|
Other unconsolidated
resorts
|
17,192
|
|
-
|
|
-
|
|
-
|
|
17,192
|
|
|
|
126,695
|
|
25,474
|
|
1,011
|
|
153,445
|
|
306,625
|
|
|
Stock
compensation
|
(9,495)
|
|
-
|
|
-
|
|
-
|
|
(9,495)
|
|
|
Corporate
|
(603,855)
|
|
-
|
|
548,347
|
|
13,951
|
|
(41,557)
|
|
|
|
$
(486,655)
|
|
$
25,474
|
|
$
549,358
|
|
$
167,396
|
|
$
255,573
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
|
RECONCILIATION OF OPERATING
INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
Twelve
Months Ended December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
$
174,355
|
|
$
-
|
|
$
(17)
|
|
$
96,290
|
|
$
270,628
|
|
|
MGM Grand Las
Vegas
|
84,359
|
|
-
|
|
127
|
|
78,607
|
|
163,093
|
|
|
Mandalay Bay
|
29,859
|
|
-
|
|
2,892
|
|
91,634
|
|
124,385
|
|
|
The Mirage
|
36,189
|
|
-
|
|
(207)
|
|
66,124
|
|
102,106
|
|
|
Luxor
|
18,822
|
|
-
|
|
257
|
|
42,117
|
|
61,196
|
|
|
New York-New York
|
41,845
|
|
-
|
|
6,880
|
|
27,529
|
|
76,254
|
|
|
Excalibur
|
39,534
|
|
-
|
|
803
|
|
22,899
|
|
63,236
|
|
|
Monte Carlo
|
5,020
|
|
185
|
|
3,923
|
|
24,427
|
|
33,555
|
|
|
Circus Circus Las
Vegas
|
(5,366)
|
|
-
|
|
230
|
|
20,741
|
|
15,605
|
|
|
MGM Grand Detroit
|
115,040
|
|
-
|
|
(327)
|
|
40,460
|
|
155,173
|
|
|
Beau Rivage
|
21,564
|
|
-
|
|
349
|
|
39,374
|
|
61,287
|
|
|
Gold Strike
Tunica
|
26,115
|
|
-
|
|
(540)
|
|
14,278
|
|
39,853
|
|
|
Management
operations
|
(27,429)
|
|
-
|
|
-
|
|
13,761
|
|
(13,668)
|
|
|
Other operations
|
(6,046)
|
|
568
|
|
20
|
|
6,583
|
|
1,125
|
|
|
Wholly-owned
operations
|
553,861
|
|
753
|
|
14,390
|
|
584,824
|
|
1,153,828
|
|
|
CityCenter (50%)
|
(253,976)
|
|
3,494
|
|
-
|
|
-
|
|
(250,482)
|
|
|
Macau (50%)
|
129,575
|
|
-
|
|
-
|
|
-
|
|
129,575
|
|
|
Other unconsolidated
resorts
|
42,764
|
|
-
|
|
-
|
|
-
|
|
42,764
|
|
|
|
472,224
|
|
4,247
|
|
14,390
|
|
584,824
|
|
1,075,685
|
|
|
Stock
compensation
|
(34,988)
|
|
-
|
|
-
|
|
-
|
|
(34,988)
|
|
|
Corporate
|
(1,596,167)
|
|
-
|
|
1,437,084
|
|
48,599
|
|
(110,484)
|
|
|
|
$
(1,158,931)
|
|
$
4,247
|
|
$
1,451,474
|
|
$
633,423
|
|
$
930,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
Months Ended December 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
$
157,079
|
|
$
-
|
|
$
2,326
|
|
$
115,267
|
|
$
274,672
|
|
|
MGM Grand Las
Vegas
|
123,378
|
|
-
|
|
30
|
|
90,961
|
|
214,369
|
|
|
Mandalay Bay
|
65,841
|
|
948
|
|
(73)
|
|
93,148
|
|
159,864
|
|
|
The Mirage
|
74,756
|
|
-
|
|
313
|
|
66,049
|
|
141,118
|
|
|
Luxor
|
37,527
|
|
(759)
|
|
181
|
|
39,218
|
|
76,167
|
|
|
Treasure Island
(1)
|
12,730
|
|
-
|
|
(1)
|
|
-
|
|
12,729
|
|
|
New York-New York
|
45,445
|
|
-
|
|
1,631
|
|
31,479
|
|
78,555
|
|
|
Excalibur
|
47,973
|
|
-
|
|
(16)
|
|
24,173
|
|
72,130
|
|
|
Monte Carlo
|
16,439
|
|
-
|
|
(4,740)
|
|
24,895
|
|
36,594
|
|
|
Circus Circus Las
Vegas
|
4,015
|
|
-
|
|
(9)
|
|
23,116
|
|
27,122
|
|
|
MGM Grand Detroit
|
90,183
|
|
-
|
|
7,336
|
|
40,491
|
|
138,010
|
|
|
Beau Rivage
|
16,234
|
|
-
|
|
157
|
|
49,031
|
|
65,422
|
|
|
Gold Strike
Tunica
|
29,010
|
|
-
|
|
(209)
|
|
16,250
|
|
45,051
|
|
|
Management
operations
|
7,285
|
|
-
|
|
2,473
|
|
8,564
|
|
18,322
|
|
|
Other operations
|
(4,172)
|
|
-
|
|
(57)
|
|
5,988
|
|
1,759
|
|
|
Wholly-owned
operations
|
723,723
|
|
189
|
|
9,342
|
|
628,630
|
|
1,361,884
|
|
|
CityCenter (50%)
|
(260,643)
|
|
52,009
|
|
-
|
|
-
|
|
(208,634)
|
|
|
Macau (50%)
|
24,615
|
|
-
|
|
-
|
|
-
|
|
24,615
|
|
|
Other unconsolidated
resorts
|
96,132
|
|
815
|
|
-
|
|
-
|
|
96,947
|
|
|
|
583,827
|
|
53,013
|
|
9,342
|
|
628,630
|
|
1,274,812
|
|
|
Stock
compensation
|
(36,571)
|
|
-
|
|
-
|
|
-
|
|
(36,571)
|
|
|
Corporate
|
(1,511,132)
|
|
-
|
|
1,319,347
|
|
60,643
|
|
(131,142)
|
|
|
|
$
(963,876)
|
|
$
53,013
|
|
$
1,328,689
|
|
$
689,273
|
|
$
1,107,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
$
251,884
|
|
$
255,573
|
|
$
930,213
|
|
$
1,107,099
|
|
Preopening and
start-up expenses
|
(186)
|
|
(25,474)
|
|
(4,247)
|
|
(53,013)
|
|
Property
transactions, net
|
2,178
|
|
(549,358)
|
|
(1,451,474)
|
|
(1,328,689)
|
|
Depreciation and
amortization
|
(146,666)
|
|
(167,396)
|
|
(633,423)
|
|
(689,273)
|
|
Operating income
(loss)
|
107,210
|
|
(486,655)
|
|
(1,158,931)
|
|
(963,876)
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense):
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
(273,097)
|
|
(220,609)
|
|
(1,113,580)
|
|
(775,431)
|
|
Other
|
(19,147)
|
|
(12,070)
|
|
56,486
|
|
(273,286)
|
|
|
|
(292,244)
|
|
(232,679)
|
|
(1,057,094)
|
|
(1,048,717)
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
(185,034)
|
|
(719,334)
|
|
(2,216,025)
|
|
(2,012,593)
|
|
Benefit for income
taxes
|
45,845
|
|
285,416
|
|
778,628
|
|
720,911
|
|
Net loss
|
$
(139,189)
|
|
$
(433,918)
|
|
$
(1,437,397)
|
|
$
(1,291,682)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
|
SUPPLEMENTAL
DATA - HOTEL STATISTICS - LAS VEGAS STRIP
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
89.8%
|
|
91.9%
|
|
92.5%
|
|
94.2%
|
|
|
Average daily rate
(ADR)
|
$209
|
|
$205
|
|
$203
|
|
$203
|
|
|
Revenue per
available room (REVPAR)
|
$187
|
|
$188
|
|
$187
|
|
$192
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
87.0%
|
|
89.8%
|
|
92.3%
|
|
94.2%
|
|
|
ADR
|
$110
|
|
$112
|
|
$113
|
|
$113
|
|
|
REVPAR
|
$96
|
|
$100
|
|
$104
|
|
$106
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay Bay
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
83.7%
|
|
85.5%
|
|
88.0%
|
|
89.1%
|
|
|
ADR
|
$152
|
|
$152
|
|
$155
|
|
$159
|
|
|
REVPAR
|
$127
|
|
$130
|
|
$137
|
|
$141
|
|
|
|
|
|
|
|
|
|
|
|
|
The Mirage
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
90.0%
|
|
89.5%
|
|
92.4%
|
|
93.6%
|
|
|
ADR
|
$127
|
|
$124
|
|
$123
|
|
$126
|
|
|
REVPAR
|
$115
|
|
$111
|
|
$113
|
|
$118
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
82.2%
|
|
84.3%
|
|
87.8%
|
|
89.8%
|
|
|
ADR
|
$76
|
|
$77
|
|
$75
|
|
$79
|
|
|
REVPAR
|
$62
|
|
$65
|
|
$66
|
|
$71
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New York
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
89.5%
|
|
90.8%
|
|
91.5%
|
|
93.2%
|
|
|
ADR
|
$88
|
|
$97
|
|
$90
|
|
$96
|
|
|
REVPAR
|
$79
|
|
$88
|
|
$82
|
|
$90
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
81.6%
|
|
81.2%
|
|
87.6%
|
|
87.4%
|
|
|
ADR
|
$58
|
|
$61
|
|
$57
|
|
$61
|
|
|
REVPAR
|
$47
|
|
$50
|
|
$50
|
|
$54
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte Carlo
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
88.6%
|
|
83.5%
|
|
90.7%
|
|
90.0%
|
|
|
ADR
|
$78
|
|
$86
|
|
$77
|
|
$84
|
|
|
REVPAR
|
$69
|
|
$72
|
|
$70
|
|
$76
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
65.3%
|
|
76.3%
|
|
75.4%
|
|
83.2%
|
|
|
ADR
|
$44
|
|
$42
|
|
$42
|
|
$44
|
|
|
REVPAR
|
$29
|
|
$32
|
|
$32
|
|
$36
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
SUPPLEMENTAL
DATA - NET REVENUES
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three
Months
Ended
|
|
Twelve
Months
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2010
|
|
2010
|
|
|
|
|
|
|
|
Aria
|
$
198,446
|
|
$
734,361
|
|
|
Vdara
|
12,531
|
|
41,160
|
|
|
Crystals
|
11,075
|
|
34,027
|
|
|
Mandarin Oriental
|
8,688
|
|
30,216
|
|
|
Resort
operations
|
230,740
|
|
839,764
|
|
|
Residential
operations
|
25,876
|
|
490,293
|
|
|
|
$
256,616
|
|
$
1,330,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
RECONCILIATION OF ADJUSTED
EBITDA TO NET LOSS
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three
Months
Ended
|
|
Twelve
Months
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2010
|
|
2010
|
|
|
|
|
|
|
Adjusted EBITDA
|
$
16,277
|
|
$
68,696
|
|
Preopening and
start-up expenses
|
-
|
|
(6,202)
|
|
Property
transactions, net
|
(31,081)
|
|
(614,160)
|
|
Depreciation and
amortization
|
(89,175)
|
|
(319,179)
|
|
Operating loss
|
(103,979)
|
|
(870,845)
|
|
|
|
|
|
|
|
Non-operating income
(expense):
|
|
|
|
|
Interest expense -
sponsor notes, net
|
(24,182)
|
|
(92,054)
|
|
Interest expense -
other, net
|
(42,182)
|
|
(148,677)
|
|
Other
|
1,271
|
|
(3,614)
|
|
|
|
(65,093)
|
|
(244,345)
|
|
|
|
|
|
|
|
Net loss
|
$
(169,072)
|
|
$
(1,115,190)
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
RECONCILIATION OF OPERATING LOSS
TO ADJUSTED EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
Three Months
Ended December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
$
(38,183)
|
|
$
-
|
|
$
2,159
|
|
$
66,207
|
|
$
30,183
|
|
|
Vdara
|
(8,026)
|
|
-
|
|
-
|
|
8,975
|
|
949
|
|
|
Crystals
|
(1,919)
|
|
-
|
|
-
|
|
8,014
|
|
6,095
|
|
|
Mandarin Oriental
|
(6,393)
|
|
-
|
|
-
|
|
5,074
|
|
(1,319)
|
|
|
Resort
operations
|
(54,521)
|
|
-
|
|
2,159
|
|
88,270
|
|
35,908
|
|
|
Residential
operations
|
(28,198)
|
|
-
|
|
28,024
|
|
325
|
|
151
|
|
|
Development and
administration
|
(21,260)
|
|
-
|
|
898
|
|
580
|
|
(19,782)
|
|
|
|
$
(103,979)
|
|
$
-
|
|
$
31,081
|
|
$
89,175
|
|
$
16,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
Months Ended December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
$
(198,908)
|
|
$
-
|
|
$
2,159
|
|
$
239,268
|
|
$
42,519
|
|
|
Vdara
|
(39,201)
|
|
-
|
|
-
|
|
35,157
|
|
(4,044)
|
|
|
Crystals
|
(12,324)
|
|
-
|
|
-
|
|
24,027
|
|
11,703
|
|
|
Mandarin Oriental
|
(30,022)
|
|
-
|
|
-
|
|
17,139
|
|
(12,883)
|
|
|
Resort
operations
|
(280,455)
|
|
-
|
|
2,159
|
|
315,591
|
|
37,295
|
|
|
Residential
operations
|
(255,792)
|
|
-
|
|
331,881
|
|
1,239
|
|
77,328
|
|
|
Development and
administration
|
(334,598)
|
|
6,202
|
|
280,120
|
|
2,349
|
|
(45,927)
|
|
|
|
$
(870,845)
|
|
$
6,202
|
|
$
614,160
|
|
$
319,179
|
|
$
68,696
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE MGM Resorts International