LAS VEGAS, May 3, 2012 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today reported its first quarter 2012
results. The current year quarter included the results of MGM China
Holdings, Limited ("MGM China") on a consolidated basis. Key
results for the first quarter of 2012 include the following:
- Consolidated net revenue increased 51% to $2.3 billion; excluding MGM China, net revenue
increased 5% compared to the prior year quarter;
- Consolidated operating income was $193
million compared to $170
million in the first quarter of 2011;
- Net loss per share attributable to MGM Resorts was $0.44 compared to a loss of $0.18 per share in the prior year first quarter –
affected by certain items as discussed further below;
- Rooms revenue for the Company's wholly owned domestic resorts
increased 3% compared to the prior year quarter with a 4% increase
in REVPAR(1) at the Company's Las Vegas Strip resorts;
- The Company's wholly owned domestic resorts earned Adjusted
Property EBITDA(2) of $321 million, a
7% increase compared to the prior year quarter and was affected by
a lower than normal table games hold percentage in both
periods;
- MGM China reported Adjusted Property EBITDA of $165 million, which included $12 million of branding fee expense; excluding
branding fees, Adjusted Property EBITDA increased 21% over the
prior year quarter; and
- CityCenter's Adjusted Property EBITDA for resort operations was
$32 million and was negatively
affected by a significantly lower than normal current quarter table
games hold percentage.
"We continue to see growth across our domestic business
fundamentals with revenues, casino volumes, REVPAR and Adjusted
EBITDA all increasing year over year, while MGM China continues to
report strong results," said Jim
Murren, MGM Resorts International Chairman and CEO.
"Our forward booking pace remains strong, M life is further
enhancing its capabilities, we continue to focus on online and
social media initiatives, and are finalizing our build out for MGM
Macau and our future Cotai plans."
Certain Items Affecting First
Quarter Results
In addition to the consolidation of MGM China, the following
table lists items which affect the comparability of the current and
prior year quarterly results (approximate impact on loss per share
attributable to MGM Resorts, net of tax; negative amounts represent
charges to income):
Three
months ended March 31,
|
2012
|
2011
|
Non-operating items from unconsolidated
affiliates:
|
|
|
CityCenter loss on
retirement of long-term debt
|
$
(0.01)
|
$
(0.02)
|
Loss on
retirement of long-term debt
|
(0.08)
|
—
|
Income tax
provision:
|
|
|
MGM China shareholder
dividend tax
|
(0.05)
|
—
|
Valuation
allowance
|
(0.21)
|
—
|
The Company recorded a provision for income taxes of
$27 million in the current year
quarter compared to a benefit of $55
million in the prior year quarter. The current quarter
provision was affected by a valuation allowance for a portion of
U.S. deferred tax assets and a tax provision of $44 million related to a tax on the MGM China
dividend. The MGM China dividend tax will be due if an
anticipated annual fee arrangement with the Macanese government,
similar to those in place with other operators in the market, is
not in place prior to June 30,
2013.
The Company recognized a loss on retirement of debt of
$59 million in the current year first
quarter related to the amendment and restatement of the Company's
senior credit facility and the repayment of non-extending term
loans as discussed further below.
Wholly Owned Domestic
Resorts
Casino revenue related to wholly owned domestic resorts
increased 9% compared to the prior year quarter. Total table games
volume increased 5% compared to the prior year period. The overall
table games hold percentage in the first quarter of 2012 was 18.7%
compared to 17.7% for the first quarter of 2011, in each case below
the low end of the Company's normal range of 19% to 23%. Slots
revenue increased 7% compared to the prior year quarter.
Rooms revenue increased 3% with Las Vegas Strip REVPAR up
4%. The following table shows key hotel statistics for the
Company's Las Vegas Strip resorts:
Three
months ended March 31,
|
2012
|
2011
|
Occupancy
%
|
90%
|
87%
|
Average
Daily Rate (ADR)
|
$
131
|
$
130
|
Revenue
per Available Room (REVPAR)
|
$
117
|
$
112
|
Operating income for the Company's wholly owned domestic resorts
for the first quarter of 2012 was $195
million, a 20% increase compared to the first quarter of
2011. Adjusted Property EBITDA for wholly owned domestic
resorts increased 7% to $321 million
for the first quarter of 2012.
MGM China
The following are the key first quarter results for MGM
China:
- MGM China earned net revenue of $702
million, an 18% increase over the prior year quarter.
The increase was driven by year-over-year increases in volume
measures for VIP table games, main floor table games, and slots of
6%, 13% and 27%, respectively. VIP table games hold percentage was
3.2% in the current year quarter and 2.9% in the prior year
quarter; and
- MGM China's operating income was $68
million and Adjusted Property EBITDA was $165 million, which included $12 million of branding fee expense. Excluding
branding fees, Adjusted Property EBITDA increased 21% over MGM
Macau's prior year first quarter results.
MGM China completed its initial public offering of shares on The
Stock Exchange of Hong Kong Limited on June
3, 2011 and the Company acquired an additional 1% interest
in MGM China, which owns the MGM Macau resort and casino. This
acquisition increased the Company's ownership interest to 51% and,
as a result, the Company began consolidating MGM China as of
June 3, 2011. Prior to June 3, 2011, the results of MGM Macau were
accounted for under the equity method of accounting.
Income (Loss) from Unconsolidated
Affiliates
The following table summarizes information related to the
Company's share of operating income (loss) from unconsolidated
affiliates:
Three
months ended March 31,
|
2012
|
|
2011
|
(In
thousands)
|
|
|
|
CityCenter
|
$
(18,573)
|
|
$
(5,823)
|
MGM
Macau
|
—
|
|
61,680
|
Other
|
5,264
|
|
7,486
|
|
$
(13,309)
|
|
63,343
|
Results for CityCenter Holdings, LLC for the first quarter of
2012 include the following (see schedules accompanying this release
for further detail on CityCenter's first quarter results):
- Net revenue from resort operations decreased to $234 million compared to $263 million in the prior year quarter;
- Adjusted Property EBITDA from resort operations was
$32 million compared to $64 million in the prior year quarter;
- Aria's table games hold percentage was significantly below the
low end of its normal range in the current year quarter and above
the high end in the prior year quarter. Table games hold
percentage for the first quarter of 2012 was 16.0% compared to
27.4% for the prior year quarter. The effect of the change in
hold percentage compared to the prior year quarter to net revenue
and Adjusted Property EBITDA was approximately $33 million and $26
million, respectively; and
- Aria's occupancy percentage was 86% and its ADR was
$205, resulting in REVPAR of
$177, a 3% increase compared to the
prior year first quarter.
Financial Position
The Company's cash balance at March 31,
2012 was $1.6 billion, which
included approximately $575 million
of cash and cash equivalents related to MGM China. MGM China
paid a $400 million dividend in
March 2012, of which approximately
$204 million remained within the
consolidated Company and approximately $196
million was distributed to noncontrolling interests.
At March 31, 2012, the Company had
approximately $13.4 billion of
indebtedness, including $1.3 billion
of borrowings outstanding under its senior credit facility and
$552 million related to the MGM China
credit facility.
During the first quarter of 2012 the Company completed the
following financing transactions:
- In January, issued $850 million
of 8.625% senior notes due 2019, for net proceeds to the Company of
approximately $836 million;
- In February, amended and restated its senior credit facility
such that loans and revolving commitments aggregating approximately
$1.8 billion were extended to
February 2015; and
- In March, the Company issued $1.0
billion of 7.75% senior notes due 2022, for net proceeds to
the Company of approximately $986
million. A portion of the proceeds from the issuance were
used to repay the remaining non-extending term loans under the
senior credit facility.
At March 31, 2012, the Company's
senior credit facility consisted of approximately $820 million in term loans and a $1.3 billion revolver (approximately $360 million of which has not been extended and
matures in February 2014) and had
approximately $855 million of
available borrowing capacity. Interest on the extending loans is
subject to a LIBOR floor of 1% and a pricing grid based upon
collateral coverage levels. The interest rate on extending loans
was 6% at March 31, 2012 and has
subsequently reduced to 5%. Interest on non-extending revolving
loans remains at 7%.
"The positive trends we experienced throughout 2011 continued
into the first quarter. However, our financial results were
negatively impacted by our table games hold percentage. Had
we held at the midpoint of our normal range at our wholly owned
resorts and at Aria our total Adjusted Property EBITDA would
have increased by approximately $32
million," said Dan D'Arrigo, MGM Resorts International
Executive Vice President, CFO and Treasurer. "In addition, we
continue to take steps to improve our financial profile.
During the first quarter we issued $1.85
billion in long term senior notes and successfully completed
an amendment and extension of our senior credit facility, both at
progressively lower rates."
Conference Call Details
MGM Resorts International will host a conference call at
11:00 a.m. Eastern Time today which
will include a brief discussion of these results followed by a
question and answer period. The call will be accessible via the
Internet through www.mgmresorts.com under the investors section or
by calling 1-877-355-2280 for domestic callers and 1-706-634-6528
for international callers. The conference call access code is
71146564. A replay of the call will be available through
Thursday, May 10, 2012. The replay
may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The
replay access code is 71146564. 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
related to the MGM Resorts stock option plan, which is not
allocated to each property. MGM China recognizes stock compensation
expense related to its stock compensation plan which is included in
the calculation of Adjusted Property EBITDA for MGM China.
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.
Reconciliations of GAAP net income (loss) to Adjusted EBITDA and
GAAP operating income (Loss) to Adjusted Property EBITDA are
included in the financial schedules in this release.
About MGM Resorts International
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. In addition to its 51%
interest in MGM China Holdings, Limited, which owns the MGM Macau
resort and casino, 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 three
other properties in Nevada and
Illinois. 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 website at
www.mgmresorts.com.
Statements in this release that are not historical facts are
forward-looking statements involving risks and/or uncertainties,
including those described in the company's public filings with the
Securities and Exchange Commission. We have based
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. 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, the design, timing and costs of expansion projects,
risks relating to international operations, permits, licenses,
approvals and other contingencies in connection with growth in new
or existing jurisdictions and additional risks and uncertainties
described in our Form 10-K, Form 10-Q and Form 8-K reports
(including all amendments to those reports). 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
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
2012
|
|
2011
|
Revenues:
|
|
|
|
|
|
|
Casino
|
|
$
1,335,034
|
|
$
590,220
|
|
Rooms
|
|
393,620
|
|
368,337
|
|
Food
and beverage
|
|
372,953
|
|
336,824
|
|
Entertainment
|
|
120,400
|
|
119,593
|
|
Retail
|
|
46,624
|
|
46,150
|
|
Other
|
|
113,123
|
|
114,223
|
|
Reimbursed costs
|
|
90,539
|
|
86,288
|
|
|
|
|
2,472,293
|
|
1,661,635
|
|
Less:
Promotional allowances
|
|
(184,703)
|
|
(148,784)
|
|
|
|
|
2,287,590
|
|
1,512,851
|
Expenses:
|
|
|
|
|
|
Casino
|
|
867,474
|
|
350,765
|
|
Rooms
|
|
126,155
|
|
116,986
|
|
Food
and beverage
|
|
211,639
|
|
198,248
|
|
Entertainment
|
|
88,788
|
|
88,211
|
|
Retail
|
|
27,583
|
|
29,159
|
|
Other
|
|
86,222
|
|
78,297
|
|
Reimbursed costs
|
|
90,539
|
|
86,288
|
|
General
and administrative
|
|
303,289
|
|
269,562
|
|
Corporate expense
|
|
42,260
|
|
36,485
|
|
Property transactions, net
|
|
917
|
|
91
|
|
Depreciation and amortization
|
|
236,809
|
|
152,397
|
|
|
|
|
2,081,675
|
|
1,406,489
|
|
|
|
|
|
|
|
Income
(loss) from unconsolidated affiliates
|
|
(13,309)
|
|
63,343
|
|
|
|
|
|
|
|
Operating income
|
|
192,606
|
|
169,705
|
|
|
|
|
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
Interest expense
|
|
(284,342)
|
|
(269,914)
|
|
Non-operating items from unconsolidated
affiliates
|
|
(26,866)
|
|
(40,290)
|
|
Other,
net
|
|
(57,576)
|
|
(3,955)
|
|
|
|
|
(368,784)
|
|
(314,159)
|
|
|
|
|
|
|
|
Loss
before income taxes
|
|
(176,178)
|
|
(144,454)
|
|
Benefit
(provision) for income taxes
|
|
(27,129)
|
|
54,583
|
|
|
|
|
|
|
|
Net
loss
|
|
(203,307)
|
|
(89,871)
|
|
Less:
net income attributable to noncontrolling interests
|
|
(13,946)
|
|
-
|
Net
loss attributable to MGM Resorts International
|
|
$
(217,253)
|
|
$
(89,871)
|
|
|
|
|
|
|
|
Per
share of common stock:
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
Net
loss attributable to MGM Resorts International
|
|
$
(0.44)
|
|
$
(0.18)
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
488,861
|
|
488,539
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
Net
loss attributable to MGM Resorts International
|
|
$
(0.44)
|
|
$
(0.18)
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
488,861
|
|
488,539
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(In
thousands, except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
ASSETS
|
|
Current
assets:
|
|
|
|
|
Cash
and cash equivalents
|
$
1,634,892
|
|
$
1,865,913
|
|
Accounts receivable, net
|
477,484
|
|
491,730
|
|
Inventories
|
110,674
|
|
112,735
|
|
Deferred income taxes
|
99,935
|
|
91,060
|
|
Prepaid
expenses and other
|
270,692
|
|
251,282
|
|
|
Total
current assets
|
2,593,677
|
|
2,812,720
|
|
|
|
|
|
|
Property and equipment, net
|
14,786,820
|
|
14,866,644
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
Investments in and advances to unconsolidated
affiliates
|
1,589,915
|
|
1,635,572
|
|
Goodwill
|
2,897,049
|
|
2,896,609
|
|
Other
intangible assets, net
|
4,965,587
|
|
5,048,117
|
|
Other
long-term assets, net
|
557,980
|
|
506,614
|
|
|
Total
other assets
|
10,010,531
|
|
10,086,912
|
|
|
|
$
27,391,028
|
|
$
27,766,276
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable
|
$
163,626
|
|
$
170,994
|
|
Income
taxes payable
|
62,179
|
|
7,611
|
|
Accrued
interest on long-term debt
|
253,075
|
|
203,422
|
|
Other
accrued liabilities
|
1,413,507
|
|
1,362,737
|
|
|
Total
current liabilities
|
1,892,387
|
|
1,744,764
|
|
|
|
|
|
|
Deferred income taxes
|
2,471,425
|
|
2,502,096
|
Long-term debt
|
13,359,953
|
|
13,470,167
|
Other
long-term obligations
|
176,028
|
|
167,027
|
Stockholders' equity:
|
|
|
|
|
Common
stock, $.01 par value: authorized 1,000,000,000
shares,
|
|
|
|
|
issued
and outstanding 488,917,278 and 488,834,773
shares
|
4,889
|
|
4,888
|
|
Capital
in excess of par value
|
4,102,545
|
|
4,094,323
|
|
Retained earnings
|
1,764,136
|
|
1,981,389
|
|
Accumulated other comprehensive
income
|
6,837
|
|
5,978
|
|
|
Total
MGM Resorts International stockholders' equity
|
5,878,407
|
|
6,086,578
|
|
Noncontrolling interests
|
3,612,828
|
|
3,795,644
|
|
|
Total
stockholders' equity
|
9,491,235
|
|
9,882,222
|
|
|
|
$
27,391,028
|
|
$
27,766,276
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA - NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2012
|
|
2011
|
|
Bellagio
|
$
284,347
|
|
$
251,950
|
|
MGM
Grand Las Vegas
|
232,480
|
|
225,130
|
|
Mandalay Bay
|
179,926
|
|
179,334
|
|
The
Mirage
|
148,229
|
|
148,498
|
|
Luxor
|
81,926
|
|
79,775
|
|
New
York-New York
|
70,624
|
|
64,977
|
|
Excalibur
|
62,724
|
|
61,032
|
|
Monte
Carlo
|
64,907
|
|
62,586
|
|
Circus
Circus Las Vegas
|
47,684
|
|
42,694
|
|
MGM
Grand Detroit
|
150,587
|
|
143,911
|
|
Beau
Rivage
|
86,651
|
|
81,120
|
|
Gold
Strike Tunica
|
40,100
|
|
37,098
|
|
Other
resort operations
|
29,413
|
|
28,325
|
|
Wholly owned domestic resorts
|
1,479,598
|
|
1,406,430
|
|
MGM
China
|
702,090
|
|
-
|
|
Management and other operations
|
105,902
|
|
106,421
|
|
|
$
2,287,590
|
|
$
1,512,851
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA - ADJUSTED PROPERTY
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2012
|
|
2011
|
|
Bellagio
|
$
70,444
|
|
$
53,901
|
|
MGM
Grand Las Vegas
|
37,325
|
|
36,868
|
|
Mandalay Bay
|
38,814
|
|
36,444
|
|
The
Mirage
|
27,419
|
|
32,399
|
|
Luxor
|
18,364
|
|
20,114
|
|
New
York-New York
|
24,313
|
|
21,128
|
|
Excalibur
|
14,179
|
|
16,142
|
|
Monte
Carlo
|
14,996
|
|
13,760
|
|
Circus
Circus Las Vegas
|
5,141
|
|
4,573
|
|
MGM
Grand Detroit
|
42,239
|
|
43,533
|
|
Beau
Rivage
|
17,050
|
|
13,136
|
|
Gold
Strike Tunica
|
11,580
|
|
9,448
|
|
Other
resort operations
|
(892)
|
|
(1,484)
|
|
Wholly owned domestic resorts
|
320,972
|
|
299,962
|
|
MGM
China
|
164,521
|
|
-
|
|
MGM
Macau (50%)(1)
|
-
|
|
61,680
|
|
CityCenter (50%)(1)
|
(18,573)
|
|
(5,823)
|
|
Other
unconsolidated resorts(1)
|
5,264
|
|
7,486
|
|
Management and other operations
|
4,699
|
|
609
|
|
|
$
476,883
|
|
$
363,914
|
|
|
|
|
|
|
|
|
(1)
Represents the Company's share of operating income (loss), 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 March 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
Preopening and start-up
expenses
|
|
Property transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted EBITDA
|
|
|
Bellagio
|
|
$
47,098
|
|
$
-
|
|
$
-
|
|
$
23,346
|
|
$
70,444
|
|
|
MGM
Grand Las Vegas
|
|
18,349
|
|
-
|
|
327
|
|
18,649
|
|
37,325
|
|
|
Mandalay Bay
|
|
18,603
|
|
-
|
|
-
|
|
20,211
|
|
38,814
|
|
|
The
Mirage
|
|
14,502
|
|
-
|
|
13
|
|
12,904
|
|
27,419
|
|
|
Luxor
|
|
9,209
|
|
-
|
|
-
|
|
9,155
|
|
18,364
|
|
|
New
York-New York
|
|
18,697
|
|
-
|
|
-
|
|
5,616
|
|
24,313
|
|
|
Excalibur
|
|
9,622
|
|
-
|
|
-
|
|
4,557
|
|
14,179
|
|
|
Monte
Carlo
|
|
9,973
|
|
-
|
|
5
|
|
5,018
|
|
14,996
|
|
|
Circus
Circus Las Vegas
|
|
502
|
|
-
|
|
-
|
|
4,639
|
|
5,141
|
|
|
MGM
Grand Detroit
|
|
32,338
|
|
-
|
|
-
|
|
9,901
|
|
42,239
|
|
|
Beau
Rivage
|
|
9,396
|
|
-
|
|
-
|
|
7,654
|
|
17,050
|
|
|
Gold
Strike Tunica
|
|
8,220
|
|
-
|
|
-
|
|
3,360
|
|
11,580
|
|
|
Other
resort operations
|
|
(1,402)
|
|
-
|
|
(20)
|
|
530
|
|
(892)
|
|
|
Wholly owned domestic resorts
|
|
195,107
|
|
-
|
|
325
|
|
125,540
|
|
320,972
|
|
|
MGM
China
|
|
68,127
|
|
-
|
|
-
|
|
96,394
|
|
164,521
|
|
|
CityCenter (50%)
|
|
(18,573)
|
|
-
|
|
-
|
|
-
|
|
(18,573)
|
|
|
Other
unconsolidated resorts
|
|
5,264
|
|
-
|
|
-
|
|
-
|
|
5,264
|
|
|
Management and other operations
|
|
411
|
|
-
|
|
-
|
|
4,288
|
|
4,699
|
|
|
|
|
250,336
|
|
-
|
|
325
|
|
226,222
|
|
476,883
|
|
|
Stock
compensation
|
|
(9,332)
|
|
-
|
|
-
|
|
-
|
|
(9,332)
|
|
|
Corporate
|
|
(48,398)
|
|
-
|
|
592
|
|
10,587
|
|
(37,219)
|
|
|
|
|
$
192,606
|
|
$
-
|
|
$
917
|
|
$
236,809
|
|
$
430,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended March 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
Preopening and start-up
expenses
|
|
Property transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
|
$
28,814
|
|
$
-
|
|
$
-
|
|
$
25,087
|
|
$
53,901
|
|
|
MGM
Grand Las Vegas
|
|
17,568
|
|
-
|
|
-
|
|
19,300
|
|
36,868
|
|
|
Mandalay Bay
|
|
14,242
|
|
-
|
|
-
|
|
22,202
|
|
36,444
|
|
|
The
Mirage
|
|
18,020
|
|
-
|
|
28
|
|
14,351
|
|
32,399
|
|
|
Luxor
|
|
10,475
|
|
-
|
|
-
|
|
9,639
|
|
20,114
|
|
|
New
York-New York
|
|
15,283
|
|
-
|
|
(85)
|
|
5,930
|
|
21,128
|
|
|
Excalibur
|
|
10,948
|
|
-
|
|
-
|
|
5,194
|
|
16,142
|
|
|
Monte
Carlo
|
|
7,965
|
|
-
|
|
-
|
|
5,795
|
|
13,760
|
|
|
Circus
Circus Las Vegas
|
|
(144)
|
|
-
|
|
-
|
|
4,717
|
|
4,573
|
|
|
MGM
Grand Detroit
|
|
33,690
|
|
-
|
|
103
|
|
9,740
|
|
43,533
|
|
|
Beau
Rivage
|
|
1,933
|
|
-
|
|
39
|
|
11,164
|
|
13,136
|
|
|
Gold
Strike Tunica
|
|
6,008
|
|
-
|
|
-
|
|
3,440
|
|
9,448
|
|
|
Other
resort operations
|
|
(2,732)
|
|
-
|
|
(7)
|
|
1,255
|
|
(1,484)
|
|
|
Wholly owned domestic resorts
|
|
162,070
|
|
-
|
|
78
|
|
137,814
|
|
299,962
|
|
|
MGM
Macau (50%)
|
|
61,680
|
|
-
|
|
-
|
|
-
|
|
61,680
|
|
|
CityCenter (50%)
|
|
(5,823)
|
|
-
|
|
-
|
|
-
|
|
(5,823)
|
|
|
Other
unconsolidated resorts
|
|
7,486
|
|
-
|
|
-
|
|
-
|
|
7,486
|
|
|
Management and other operations
|
|
(2,993)
|
|
-
|
|
-
|
|
3,602
|
|
609
|
|
|
|
|
222,420
|
|
-
|
|
78
|
|
141,416
|
|
363,914
|
|
|
Stock
compensation
|
|
(9,210)
|
|
-
|
|
-
|
|
-
|
|
(9,210)
|
|
|
Corporate
|
|
(43,505)
|
|
-
|
|
13
|
|
10,981
|
|
(32,511)
|
|
|
|
|
$
169,705
|
|
$
-
|
|
$
91
|
|
$
152,397
|
|
$
322,193
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF ADJUSTED EBITDA TO NET
LOSS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Adjusted EBITDA
|
|
|
$
430,332
|
|
$
322,193
|
|
Property transactions, net
|
|
(917)
|
|
(91)
|
|
Depreciation and amortization
|
|
(236,809)
|
|
(152,397)
|
|
Operating income
|
|
|
192,606
|
|
169,705
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
Interest expense
|
|
|
(284,342)
|
|
(269,914)
|
|
Other, net
|
|
|
|
|
(84,442)
|
|
(44,245)
|
|
|
|
|
|
|
|
(368,784)
|
|
(314,159)
|
|
|
|
|
|
|
|
|
|
|
|
Loss
before income taxes
|
|
(176,178)
|
|
(144,454)
|
|
Benefit (provision) for income taxes
|
|
(27,129)
|
|
54,583
|
|
Net
loss
|
|
|
|
|
(203,307)
|
|
(89,871)
|
|
Less: net income attributable to noncontrolling
interests
|
|
(13,946)
|
|
-
|
|
Net
loss attributable to MGM Resorts International
|
|
$
(217,253)
|
|
$
(89,871)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS
STRIP
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
93.0%
|
|
90.8%
|
|
|
Average daily rate
(ADR)
|
|
$
231
|
|
$
225
|
|
|
Revenue per available room
(REVPAR)
|
|
$
215
|
|
$
205
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
Grand Las Vegas
|
|
|
|
|
|
|
Occupancy %
|
|
|
93.5%
|
|
90.6%
|
|
|
ADR
|
|
|
|
|
$
140
|
|
$
136
|
|
|
REVPAR
|
|
|
|
|
$
131
|
|
$
123
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay Bay
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
90.0%
|
|
89.4%
|
|
|
ADR
|
|
|
|
|
$
185
|
|
$
175
|
|
|
REVPAR
|
|
|
|
|
$
167
|
|
$
157
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
92.7%
|
|
93.1%
|
|
|
ADR
|
|
|
|
|
$
155
|
|
$
149
|
|
|
REVPAR
|
|
|
|
|
$
143
|
|
$
138
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
90.8%
|
|
87.1%
|
|
|
ADR
|
|
|
|
|
$
89
|
|
$
93
|
|
|
REVPAR
|
|
|
|
|
$
81
|
|
$
81
|
|
|
|
|
|
|
|
|
|
|
|
|
New
York-New York
|
|
|
|
|
|
|
Occupancy %
|
|
|
94.9%
|
|
92.0%
|
|
|
ADR
|
|
|
|
|
$
110
|
|
$
109
|
|
|
REVPAR
|
|
|
|
|
$
104
|
|
$
100
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
87.5%
|
|
84.5%
|
|
|
ADR
|
|
|
|
|
$
72
|
|
$
74
|
|
|
REVPAR
|
|
|
|
|
$
63
|
|
$
63
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
93.7%
|
|
91.9%
|
|
|
ADR
|
|
|
|
|
$
102
|
|
$
98
|
|
|
REVPAR
|
|
|
|
|
$
95
|
|
$
90
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus
Circus Las Vegas
|
|
|
|
|
|
|
Occupancy %
|
|
|
76.0%
|
|
62.7%
|
|
|
ADR
|
|
|
|
|
$
54
|
|
$
58
|
|
|
REVPAR
|
|
|
|
|
$
41
|
|
$
36
|
|
|
|
CITYCENTER HOLDINGS, LLC
|
SUPPLEMENTAL DATA - NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
|
|
|
|
|
$
187,832
|
|
$
225,460
|
|
|
|
|
Vdara
|
|
|
|
|
|
21,449
|
|
15,406
|
|
|
|
|
Crystals
|
|
|
|
|
|
12,327
|
|
11,713
|
|
|
|
|
Mandarin Oriental
|
|
|
12,701
|
|
10,321
|
|
|
|
|
Resort operations
|
|
|
234,309
|
|
262,900
|
|
|
|
|
Residential operations
|
|
|
4,608
|
|
8,721
|
|
|
|
|
|
|
|
|
|
|
$
238,917
|
|
$
271,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER HOLDINGS, LLC
|
RECONCILIATION OF ADJUSTED EBITDA TO NET
LOSS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
$
28,595
|
|
$
54,882
|
|
|
|
Property transactions, net
|
|
|
(2,009)
|
|
(18)
|
|
|
|
Depreciation and amortization
|
|
(88,043)
|
|
(91,756)
|
|
|
|
Operating loss
|
|
|
|
|
(61,457)
|
|
(36,892)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
|
|
Interest expense - sponsor notes
|
(21,553)
|
|
(18,436)
|
|
|
|
Interest expense - other
|
|
|
(46,042)
|
|
(47,057)
|
|
|
|
Other, net
|
|
|
|
|
|
(7,783)
|
|
(22,642)
|
|
|
|
|
|
|
|
|
|
|
(75,378)
|
|
(88,135)
|
|
|
|
Net
loss
|
|
|
|
|
|
$
(136,835)
|
|
$
(125,027)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER HOLDINGS, LLC
|
SUPPLEMENTAL DATA - HOTEL
STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
86.4%
|
|
85.7%
|
|
|
|
|
ADR
|
|
|
|
|
|
$
205
|
|
$
201
|
|
|
|
|
REVPAR
|
|
|
|
|
|
$
177
|
|
$
172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
81.0%
|
|
83.2%
|
|
|
|
|
ADR
|
|
|
|
|
|
$
163
|
|
$
159
|
|
|
|
|
REVPAR
|
|
|
|
|
|
$
132
|
|
$
132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER HOLDINGS, LLC
|
RECONCILIATION OF OPERATING INCOME (LOSS) TO
ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
Three
Months Ended March 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
Preopening and start-up expenses
|
|
Property transactions, net
|
|
Depreciation and amortization
|
|
Adjusted EBITDA
|
|
|
Aria
|
|
|
|
|
|
$
(49,181)
|
|
$
-
|
|
$
1,995
|
|
$
65,715
|
|
$
18,529
|
|
|
Vdara
|
|
|
|
|
|
(4,942)
|
|
-
|
|
-
|
|
10,378
|
|
5,436
|
|
|
Crystals
|
|
|
|
|
|
700
|
|
-
|
|
-
|
|
6,406
|
|
7,106
|
|
|
Mandarin Oriental
|
|
|
(3,545)
|
|
-
|
|
-
|
|
4,515
|
|
970
|
|
|
Resort operations
|
|
|
(56,968)
|
|
-
|
|
1,995
|
|
87,014
|
|
32,041
|
|
|
Residential operations
|
|
|
(1,465)
|
|
-
|
|
-
|
|
968
|
|
(497)
|
|
|
Development and administration
|
|
(3,024)
|
|
-
|
|
14
|
|
61
|
|
(2,949)
|
|
|
|
|
|
|
|
|
$
(61,457)
|
|
$
-
|
|
$
2,009
|
|
$
88,043
|
|
$
28,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended March 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
Preopening and start-up expenses
|
|
Property transactions, net
|
|
Depreciation and amortization
|
|
Adjusted EBITDA
|
|
|
Aria
|
|
|
|
|
|
$
(12,818)
|
|
$
-
|
|
$
-
|
|
$
67,827
|
|
$
55,009
|
|
|
Vdara
|
|
|
|
|
|
(7,245)
|
|
-
|
|
-
|
|
10,463
|
|
3,218
|
|
|
Crystals
|
|
|
|
|
|
(2,287)
|
|
-
|
|
-
|
|
7,918
|
|
5,631
|
|
|
Mandarin Oriental
|
|
|
(4,453)
|
|
-
|
|
-
|
|
4,968
|
|
515
|
|
|
Resort operations
|
|
|
(26,803)
|
|
-
|
|
-
|
|
91,176
|
|
64,373
|
|
|
Residential operations
|
|
|
(5,591)
|
|
-
|
|
-
|
|
481
|
|
(5,110)
|
|
|
Development and administration
|
|
(4,498)
|
|
-
|
|
18
|
|
99
|
|
(4,381)
|
|
|
|
|
|
|
|
|
$
(36,892)
|
|
$
-
|
|
$
18
|
|
$
91,756
|
|
$
54,882
|
|
SOURCE MGM Resorts International