LAS VEGAS, Aug. 7, 2012 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today reported its second quarter 2012
results. Net loss per share attributable to the Company was
$0.30 compared to diluted net income
per share of $6.22 in the prior year
second quarter. The prior year quarter included a gain of
$6.30 per share recognized on the
consolidation of MGM China Holdings, Limited ("MGM China").
Comparability of the current and prior quarter consolidated results
was also affected by certain impairment charges and tax provision
items discussed below. Key results for the second quarter of 2012
include the following:
- Net revenue for the Company's wholly owned domestic resorts was
$1.5 billion in both the current and
prior year second quarters. Casino revenue decreased 1% at the
Company's wholly owned domestic resorts, while rooms revenue
increased 3% with a 5% 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 $345
million, a 4% increase compared to the prior year quarter,
which was impacted by the temporary closure of Gold Strike Tunica
in May 2011;
- MGM China reported record Adjusted Property EBITDA of
$187 million, which included
$12 million of branding fee expense;
excluding these fees, Adjusted Property EBITDA increased 14% over
MGM Macau's prior year quarter; and
- CityCenter reported record Adjusted Property EBITDA for resort
operations, increasing 11% from the prior year quarter to
$71 million.
"Our wholly owned domestic resorts Adjusted Property EBITDA grew
4% year over year and we achieved record quarters for both MGM
China and CityCenter," said Jim
Murren, MGM Resorts International Chairman and CEO. "We
continue to focus on maximizing profitability by managing costs,
improving our customer relationships via M life and social media
outlets such as myVEGAS, as well as exploring growth opportunities
in key strategic regions across the U.S. and internationally."
Certain Items Affecting Second
Quarter Results
The following table lists items that affect the comparability of
the current and prior year quarterly results (approximate diluted
per share impact on net income (loss) attributable to MGM Resorts
International, net of tax; negative amounts represent charges to
income):
Three
months ended June
30,
|
2012
|
2011
|
Property
transactions, net:
|
|
|
Investment in Grand Victoria
impairment
|
$
(0.11)
|
$
—
|
Other property transactions,
net
|
(0.01)
|
—
|
Gain on
MGM China transaction
|
—
|
6.30
|
Income
(loss) from unconsolidated affiliates:
|
|
|
CityCenter residential
non-cash impairment charge
|
—
|
(0.03)
|
Income tax
provision:
|
|
|
Macau shareholder dividend
tax
|
0.07
|
—
|
Deferred tax valuation
allowance
|
(0.13)
|
—
|
Current quarter results were affected by certain tax provision
items discussed below and a non-cash impairment charge of
$85 million related to the Company's
joint venture investment in Grand Victoria. The prior year quarter
included a $3.5 billion gain
recognized on consolidation of MGM China in June 2011 and a $26
million non-cash impairment charge related to the Company's
share of a residential impairment charge at CityCenter.
The current quarter income tax provision was affected by a
valuation allowance for a portion of U.S. deferred tax assets and
by a net tax benefit resulting from entering into an
annual fee arrangement with the Macau government with respect to the
complementary tax on dividend distributions of MGM Macau covering
the years 2007 through 2011, including the dividend distributed in
the first quarter of this year. All taxes previously accrued
on MGM Macau dividends distributed in prior quarters were reversed
and the cumulative agreed upon annual fee was recorded during the
quarter.
Wholly Owned Domestic
Resorts
Casino revenue related to wholly owned domestic resorts
decreased 1% compared to the prior year quarter. The overall table
games hold percentage in the second quarter of 2012 was 17.7%
compared to 18.2% for the prior year second quarter. Slots revenue
was flat compared to the prior year quarter.
Rooms revenue increased 3% with Las Vegas Strip REVPAR up
5%. The following table shows key hotel statistics for the
Company's Las Vegas Strip resorts:
Three
months ended June
30,
|
2012
|
2011
|
Occupancy
%
|
94%
|
94%
|
Average
Daily Rate (ADR)
|
$
131
|
$
126
|
Revenue
per Available Room (REVPAR)
|
$
124
|
$
118
|
Operating income for the Company's wholly owned domestic resorts
for the second quarter of 2012 was $214
million, an increase of 10% compared to the prior year
quarter, partially due to lower depreciation and amortization
expense. Adjusted Property EBITDA for wholly owned domestic
resorts increased 4% to $345 million
for the second quarter of 2012. Operating income and Adjusted
Property EBITDA were negatively affected by approximately
$12 million in the prior year quarter
as a result of the temporary closure of Gold Strike Tunica in
May 2011.
MGM China
The following are the key second quarter results for MGM
China:
- MGM China earned net revenue of $709
million, a 6% increase over the prior year quarter driven by
increases in volume for main floor table games and slots of 7% and
39%, respectively. VIP table games turnover decreased 6% from the
prior year quarter, while hold percentage was 3.3% in the current
year quarter compared to 3.1% in the prior year quarter; and
- MGM China's operating income was $90
million and Adjusted Property EBITDA was $187 million, which included $12 million of branding fee expense. Excluding
branding fees, Adjusted Property EBITDA increased 14% over MGM
Macau's prior year second 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 the Company's income (loss) from
unconsolidated affiliates:
Three months ended June
30,
|
2012
|
|
2011
|
|
(In
thousands)
|
CityCenter
|
$
642
|
|
$
(32,483)
|
MGM Macau
|
—
|
|
53,539
|
Other
|
5,344
|
|
10,971
|
|
$
5,986
|
|
$
32,027
|
Results for CityCenter Holdings, LLC for the second quarter of
2012 include the following (see schedules accompanying this release
for further detail on CityCenter's second quarter results):
- Net revenue from resort operations increased 3% to $282 million;
- Adjusted Property EBITDA from resort operations was
$71 million compared to $64 million in the prior year quarter;
- Aria's table games hold percentage for the second quarter of
2012 was 24.0% compared to 29.2% for the prior year quarter.
The estimated effect of the decrease in hold percentage compared to
the prior year quarter for net revenue and Adjusted Property EBITDA
was $16 million and $13 million, respectively; and
- Aria's occupancy percentage was 93% and its ADR was
$201, resulting in REVPAR of
$187, a 3% increase compared to the
prior year second quarter.
Financial Position
The Company's cash balance at June 30,
2012 was $1.7 billion, which
included approximately $658 million
of cash and cash equivalents related to MGM China. At
June 30, 2012, the Company had
approximately $13.4 billion of
indebtedness, including $1.3 billion
of borrowings outstanding under its senior credit facility and
$553 million related to the MGM China
credit facility.
At June 30, 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. The interest rate on extending loans
was 5% at June 30, 2012.
Interest on non-extending revolving loans remains at 7%.
"We remain focused on improving our free cash flow and
deleveraging our balance sheet. One way we expect to be able
to do this is by lowering our cost of capital. We envision an
environment in the near future where we will have the opportunity
to refinance some of our long-term capital at progressively lower
rates," said Dan D'Arrigo, MGM Resorts International Executive Vice
President, CFO and Treasurer. "A good example of this is our
recently launched five year $1.5
billion refinancing in Macau. The reception from our
lenders has been very strong and we expect to finalize this
transaction at attractive rates in the near future."
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
99179146. A replay of the call will be available through
Tuesday, August 14, 2012. The replay
may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The
replay access code is 99179146. 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, property
transactions, net and the gain on the MGM China transaction.
"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 and our ability to refinance indebtedness
including the finalization of the new credit facility in
Macau at attractive rates. 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, financings,
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
|
|
Six
Months Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
$
1,299,196
|
|
$
797,495
|
|
$
2,634,230
|
|
$
1,387,715
|
|
Rooms
|
418,766
|
|
396,791
|
|
812,386
|
|
765,128
|
|
Food
and beverage
|
391,891
|
|
371,960
|
|
764,844
|
|
708,784
|
|
Entertainment
|
120,909
|
|
130,094
|
|
241,309
|
|
249,687
|
|
Retail
|
52,086
|
|
54,292
|
|
98,710
|
|
100,442
|
|
Other
|
132,900
|
|
128,826
|
|
246,023
|
|
243,049
|
|
Reimbursed costs
|
90,938
|
|
89,482
|
|
181,477
|
|
175,770
|
|
|
2,506,686
|
|
1,968,940
|
|
4,978,979
|
|
3,630,575
|
|
Less:
Promotional allowances
|
(182,921)
|
|
(162,955)
|
|
(367,624)
|
|
(311,739)
|
|
|
2,323,765
|
|
1,805,985
|
|
4,611,355
|
|
3,318,836
|
Expenses:
|
|
|
|
|
|
|
|
|
Casino
|
826,211
|
|
485,965
|
|
1,693,685
|
|
836,730
|
|
Rooms
|
129,897
|
|
123,886
|
|
256,052
|
|
240,872
|
|
Food
and beverage
|
222,567
|
|
215,899
|
|
434,206
|
|
414,147
|
|
Entertainment
|
88,559
|
|
94,505
|
|
177,347
|
|
182,716
|
|
Retail
|
29,241
|
|
32,479
|
|
56,824
|
|
61,638
|
|
Other
|
88,835
|
|
88,392
|
|
175,057
|
|
166,689
|
|
Reimbursed costs
|
90,938
|
|
89,482
|
|
181,477
|
|
175,770
|
|
General
and administrative
|
309,478
|
|
301,582
|
|
612,767
|
|
571,144
|
|
Corporate expense
|
42,540
|
|
40,016
|
|
84,800
|
|
76,501
|
|
Preopening and start-up expenses
|
-
|
|
(316)
|
|
-
|
|
(316)
|
|
Property transactions, net
|
90,467
|
|
900
|
|
91,384
|
|
991
|
|
Gain on
MGM China transaction
|
-
|
|
(3,496,005)
|
|
-
|
|
(3,496,005)
|
|
Depreciation and amortization
|
235,643
|
|
177,467
|
|
472,452
|
|
329,864
|
|
|
2,154,376
|
|
(1,845,748)
|
|
4,236,051
|
|
(439,259)
|
|
|
|
|
|
|
|
|
|
Income
(loss) from unconsolidated affiliates
|
5,986
|
|
32,027
|
|
(7,323)
|
|
95,370
|
|
|
|
|
|
|
|
|
|
Operating income
|
175,375
|
|
3,683,760
|
|
367,981
|
|
3,853,465
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
|
|
|
Interest expense
|
(276,323)
|
|
(270,224)
|
|
(560,665)
|
|
(540,138)
|
|
Non-operating items from unconsolidated
affiliates
|
(20,836)
|
|
(28,002)
|
|
(47,702)
|
|
(68,292)
|
|
Other,
net
|
46
|
|
(13,017)
|
|
(57,530)
|
|
(16,972)
|
|
|
(297,113)
|
|
(311,243)
|
|
(665,897)
|
|
(625,402)
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
(121,738)
|
|
3,372,517
|
|
(297,916)
|
|
3,228,063
|
|
Benefit
for income taxes
|
51,304
|
|
78,174
|
|
24,175
|
|
132,757
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
(70,434)
|
|
3,450,691
|
|
(273,741)
|
|
3,360,820
|
|
Less:
net income attributable to noncontrolling interests
|
(75,018)
|
|
(8,706)
|
|
(88,964)
|
|
(8,706)
|
Net
income (loss) attributable to MGM Resorts
International
|
$
(145,452)
|
|
$
3,441,985
|
|
$
(362,705)
|
|
$
3,352,114
|
|
|
|
|
|
|
|
|
|
Per
share of common stock:
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to MGM Resorts
International
|
$
(0.30)
|
|
$
7.04
|
|
$
(0.74)
|
|
$
6.86
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
488,931
|
|
488,609
|
|
488,896
|
|
488,574
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to MGM Resorts
International
|
$
(0.30)
|
|
$
6.22
|
|
$
(0.74)
|
|
$
6.09
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
488,931
|
|
554,890
|
|
488,896
|
|
553,690
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(In
thousands, except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
Cash
and cash equivalents
|
$
1,731,921
|
|
$
1,865,913
|
|
Accounts receivable, net
|
478,588
|
|
491,730
|
|
Inventories
|
113,316
|
|
112,735
|
|
Deferred income taxes, net
|
122,134
|
|
91,060
|
|
Prepaid
expenses and other
|
231,458
|
|
251,282
|
|
Total current assets
|
2,677,417
|
|
2,812,720
|
|
|
|
|
|
|
Property and equipment, net
|
14,783,177
|
|
14,866,644
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
Investments in and advances to unconsolidated
affiliates
|
1,498,864
|
|
1,635,572
|
|
Goodwill
|
|
2,900,237
|
|
2,896,609
|
|
Other
intangible assets, net
|
4,889,311
|
|
5,048,117
|
|
Other
long-term assets, net
|
514,002
|
|
506,614
|
|
Total other assets
|
9,802,414
|
|
10,086,912
|
|
|
|
$
27,263,008
|
|
$
27,766,276
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable
|
$
171,878
|
|
$
170,994
|
|
Income
taxes payable
|
336
|
|
7,611
|
|
Current
portion of long-term debt
|
141,674
|
|
-
|
|
Accrued
interest on long-term debt
|
251,373
|
|
203,422
|
|
Other
accrued liabilities
|
1,364,123
|
|
1,362,737
|
|
Total current liabilities
|
1,929,384
|
|
1,744,764
|
|
|
|
|
|
|
Deferred income taxes
|
2,513,840
|
|
2,502,096
|
Long-term debt
|
|
13,225,319
|
|
13,470,167
|
Other
long-term obligations
|
182,258
|
|
167,027
|
Stockholders' equity:
|
|
|
|
|
Common
stock, $.01 par value: authorized 1,000,000,000
shares,
|
|
|
|
|
issued and
outstanding 488,940,301 and 488,834,773 shares
|
4,889
|
|
4,888
|
|
Capital
in excess of par value
|
4,091,166
|
|
4,094,323
|
|
Retained earnings
|
1,618,684
|
|
1,981,389
|
|
Accumulated other comprehensive
income
|
11,046
|
|
5,978
|
|
Total MGM Resorts International stockholders' equity
|
5,725,785
|
|
6,086,578
|
|
Noncontrolling interests
|
3,686,422
|
|
3,795,644
|
|
Total stockholders' equity
|
9,412,207
|
|
9,882,222
|
|
|
|
$
27,263,008
|
|
$
27,766,276
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA - NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Bellagio
|
$
296,385
|
|
$
278,058
|
|
$
580,732
|
|
$
530,008
|
|
MGM
Grand Las Vegas
|
230,396
|
|
239,451
|
|
462,876
|
|
464,581
|
|
Mandalay Bay
|
192,465
|
|
209,025
|
|
372,391
|
|
388,359
|
|
The
Mirage
|
146,239
|
|
144,425
|
|
294,468
|
|
292,923
|
|
Luxor
|
84,717
|
|
84,442
|
|
166,643
|
|
164,217
|
|
New
York-New York
|
69,017
|
|
68,721
|
|
139,641
|
|
133,698
|
|
Excalibur
|
68,275
|
|
67,478
|
|
130,999
|
|
128,510
|
|
Monte
Carlo
|
66,456
|
|
65,695
|
|
131,363
|
|
128,281
|
|
Circus
Circus Las Vegas
|
54,115
|
|
50,441
|
|
101,799
|
|
93,135
|
|
MGM
Grand Detroit
|
141,805
|
|
142,229
|
|
292,392
|
|
286,140
|
|
Beau
Rivage
|
86,899
|
|
90,615
|
|
173,550
|
|
171,735
|
|
Gold
Strike Tunica
|
35,908
|
|
30,972
|
|
76,008
|
|
68,070
|
|
Other
resort operations
|
32,551
|
|
33,756
|
|
61,964
|
|
62,081
|
|
Wholly owned domestic resorts
|
1,505,228
|
|
1,505,308
|
|
2,984,826
|
|
2,911,738
|
|
MGM
China(1)
|
709,296
|
|
192,984
|
|
1,411,386
|
|
192,984
|
|
Management and other operations
|
109,241
|
|
107,693
|
|
215,143
|
|
214,114
|
|
|
$
2,323,765
|
|
$
1,805,985
|
|
$
4,611,355
|
|
$
3,318,836
|
|
|
|
|
|
|
|
|
|
|
(1)
2011 amounts represent the net revenues of MGM China Holdings
Limited ("MGM China") from June 3, 2011 (the first day of the
Company's majority ownership of MGM China) through June 30,
2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA - ADJUSTED PROPERTY
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Bellagio
|
$
83,352
|
|
$
77,370
|
|
$
153,796
|
|
$
131,271
|
|
MGM
Grand Las Vegas
|
29,032
|
|
35,557
|
|
66,357
|
|
72,425
|
|
Mandalay Bay
|
47,399
|
|
51,601
|
|
86,213
|
|
88,045
|
|
The
Mirage
|
25,067
|
|
24,340
|
|
52,486
|
|
56,739
|
|
Luxor
|
17,345
|
|
18,841
|
|
35,709
|
|
38,955
|
|
New
York-New York
|
23,662
|
|
22,223
|
|
47,975
|
|
43,351
|
|
Excalibur
|
19,125
|
|
18,369
|
|
33,304
|
|
34,511
|
|
Monte
Carlo
|
16,408
|
|
15,644
|
|
31,404
|
|
29,404
|
|
Circus
Circus Las Vegas
|
8,148
|
|
7,053
|
|
13,289
|
|
11,626
|
|
MGM
Grand Detroit
|
43,337
|
|
42,163
|
|
85,576
|
|
85,696
|
|
Beau
Rivage
|
19,401
|
|
19,288
|
|
36,451
|
|
32,424
|
|
Gold
Strike Tunica
|
11,041
|
|
(1,693)
|
|
22,621
|
|
7,755
|
|
Other
resort operations
|
1,841
|
|
630
|
|
949
|
|
(854)
|
|
Wholly owned domestic resorts
|
345,158
|
|
331,386
|
|
666,130
|
|
631,348
|
|
MGM
China(1)
|
186,560
|
|
46,422
|
|
351,081
|
|
46,422
|
|
MGM
Macau (50%)(2)
|
-
|
|
53,539
|
|
-
|
|
115,219
|
|
CityCenter (50%)(3)
|
642
|
|
(32,483)
|
|
(17,931)
|
|
(38,306)
|
|
Other
unconsolidated resorts(3)
|
5,344
|
|
10,971
|
|
10,608
|
|
18,457
|
|
Management and other operations
|
10,104
|
|
913
|
|
14,803
|
|
1,522
|
|
|
$
547,808
|
|
$
410,748
|
|
$
1,024,691
|
|
$
774,662
|
|
|
|
|
|
|
|
|
|
|
(1)
2011 amounts represent the Adjusted EBITDA of MGM China from June
3, 2011 (the first day of the Company's majority ownership of MGM
China) through June 30, 2011.
|
|
|
|
(2)
Represents the Company's share of operating income (loss), adjusted
for the effect of certain basis differences for the approximately
two and five months ended June 2, 2011.
|
|
|
|
(3)
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 June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
$
58,322
|
|
$
-
|
|
$
354
|
|
$
24,676
|
|
$
83,352
|
|
|
MGM
Grand Las Vegas
|
8,072
|
|
-
|
|
803
|
|
20,157
|
|
29,032
|
|
|
Mandalay Bay
|
26,963
|
|
-
|
|
545
|
|
19,891
|
|
47,399
|
|
|
The
Mirage
|
12,240
|
|
-
|
|
57
|
|
12,770
|
|
25,067
|
|
|
Luxor
|
8,406
|
|
-
|
|
185
|
|
8,754
|
|
17,345
|
|
|
New
York-New York
|
18,002
|
|
-
|
|
243
|
|
5,417
|
|
23,662
|
|
|
Excalibur
|
14,769
|
|
-
|
|
3
|
|
4,353
|
|
19,125
|
|
|
Monte
Carlo
|
10,930
|
|
-
|
|
553
|
|
4,925
|
|
16,408
|
|
|
Circus
Circus Las Vegas
|
3,036
|
|
-
|
|
77
|
|
5,035
|
|
8,148
|
|
|
MGM
Grand Detroit
|
32,431
|
|
-
|
|
884
|
|
10,022
|
|
43,337
|
|
|
Beau
Rivage
|
11,727
|
|
-
|
|
8
|
|
7,666
|
|
19,401
|
|
|
Gold
Strike Tunica
|
7,713
|
|
-
|
|
2
|
|
3,326
|
|
11,041
|
|
|
Other
resort operations
|
1,184
|
|
-
|
|
6
|
|
651
|
|
1,841
|
|
|
Wholly owned domestic resorts
|
213,795
|
|
-
|
|
3,720
|
|
127,643
|
|
345,158
|
|
|
MGM
China
|
90,215
|
|
-
|
|
1,464
|
|
94,881
|
|
186,560
|
|
|
CityCenter (50%)
|
642
|
|
-
|
|
-
|
|
-
|
|
642
|
|
|
Other
unconsolidated resorts
|
5,344
|
|
-
|
|
-
|
|
-
|
|
5,344
|
|
|
Management and other operations
|
6,855
|
|
-
|
|
-
|
|
3,249
|
|
10,104
|
|
|
|
316,851
|
|
-
|
|
5,184
|
|
225,773
|
|
547,808
|
|
|
Stock
compensation
|
(8,769)
|
|
-
|
|
-
|
|
-
|
|
(8,769)
|
|
|
Corporate
|
(132,707)
|
|
-
|
|
85,283
|
|
9,870
|
|
(37,554)
|
|
|
|
$
175,375
|
|
$
-
|
|
$
90,467
|
|
$
235,643
|
|
$
501,485
|
|
|
|
Three
Months Ended June 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Gain on
MGM
China transaction
and Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Bellagio
|
$
52,732
|
|
$
-
|
|
$
317
|
|
$
24,321
|
|
$
77,370
|
|
|
MGM
Grand Las Vegas
|
16,324
|
|
-
|
|
-
|
|
19,233
|
|
35,557
|
|
|
Mandalay Bay
|
29,810
|
|
-
|
|
16
|
|
21,775
|
|
51,601
|
|
|
The
Mirage
|
10,395
|
|
-
|
|
11
|
|
13,934
|
|
24,340
|
|
|
Luxor
|
9,349
|
|
-
|
|
6
|
|
9,486
|
|
18,841
|
|
|
New
York-New York
|
15,999
|
|
-
|
|
-
|
|
6,224
|
|
22,223
|
|
|
Excalibur
|
13,105
|
|
-
|
|
210
|
|
5,054
|
|
18,369
|
|
|
Monte
Carlo
|
9,516
|
|
-
|
|
28
|
|
6,100
|
|
15,644
|
|
|
Circus
Circus Las Vegas
|
2,295
|
|
-
|
|
(8)
|
|
4,766
|
|
7,053
|
|
|
MGM
Grand Detroit
|
32,139
|
|
-
|
|
269
|
|
9,755
|
|
42,163
|
|
|
Beau
Rivage
|
8,217
|
|
-
|
|
19
|
|
11,052
|
|
19,288
|
|
|
Gold
Strike Tunica
|
(5,063)
|
|
-
|
|
-
|
|
3,370
|
|
(1,693)
|
|
|
Other
resort operations
|
(601)
|
|
-
|
|
24
|
|
1,207
|
|
630
|
|
|
Wholly owned domestic resorts
|
194,217
|
|
-
|
|
892
|
|
136,277
|
|
331,386
|
|
|
MGM
China
|
19,448
|
|
-
|
|
13
|
|
26,961
|
|
46,422
|
|
|
MGM
Macau (50%)
|
53,539
|
|
-
|
|
-
|
|
-
|
|
53,539
|
|
|
CityCenter (50%)
|
(32,483)
|
|
-
|
|
-
|
|
-
|
|
(32,483)
|
|
|
Other
unconsolidated resorts
|
10,971
|
|
-
|
|
-
|
|
-
|
|
10,971
|
|
|
Management and other operations
|
(2,296)
|
|
(316)
|
|
(5)
|
|
3,530
|
|
913
|
|
|
|
243,396
|
|
(316)
|
|
900
|
|
166,768
|
|
410,748
|
|
|
Stock
compensation
|
(8,995)
|
|
-
|
|
-
|
|
-
|
|
(8,995)
|
|
|
Corporate
|
3,449,359
|
|
-
|
|
(3,496,005)
|
|
10,699
|
|
(35,947)
|
|
|
|
$
3,683,760
|
|
$
(316)
|
|
$
(3,495,105)
|
|
$
177,467
|
|
$
365,806
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
RECONCILIATION OF OPERATING INCOME (LOSS) TO
ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
$
105,420
|
|
$
-
|
|
$
354
|
|
$
48,022
|
|
$
153,796
|
|
|
MGM
Grand Las Vegas
|
26,421
|
|
-
|
|
1,130
|
|
38,806
|
|
66,357
|
|
|
Mandalay Bay
|
45,566
|
|
-
|
|
545
|
|
40,102
|
|
86,213
|
|
|
The
Mirage
|
26,742
|
|
-
|
|
70
|
|
25,674
|
|
52,486
|
|
|
Luxor
|
17,615
|
|
-
|
|
185
|
|
17,909
|
|
35,709
|
|
|
New
York-New York
|
36,699
|
|
-
|
|
243
|
|
11,033
|
|
47,975
|
|
|
Excalibur
|
24,391
|
|
-
|
|
3
|
|
8,910
|
|
33,304
|
|
|
Monte
Carlo
|
20,903
|
|
-
|
|
558
|
|
9,943
|
|
31,404
|
|
|
Circus
Circus Las Vegas
|
3,538
|
|
-
|
|
77
|
|
9,674
|
|
13,289
|
|
|
MGM
Grand Detroit
|
64,769
|
|
-
|
|
884
|
|
19,923
|
|
85,576
|
|
|
Beau
Rivage
|
21,123
|
|
-
|
|
8
|
|
15,320
|
|
36,451
|
|
|
Gold
Strike Tunica
|
15,933
|
|
-
|
|
2
|
|
6,686
|
|
22,621
|
|
|
Other
resort operations
|
(218)
|
|
-
|
|
(14)
|
|
1,181
|
|
949
|
|
|
Wholly owned domestic resorts
|
408,902
|
|
-
|
|
4,045
|
|
253,183
|
|
666,130
|
|
|
MGM
China
|
158,342
|
|
-
|
|
1,464
|
|
191,275
|
|
351,081
|
|
|
CityCenter (50%)
|
(17,931)
|
|
-
|
|
-
|
|
-
|
|
(17,931)
|
|
|
Other
unconsolidated resorts
|
10,608
|
|
-
|
|
-
|
|
-
|
|
10,608
|
|
|
Management and other operations
|
7,266
|
|
-
|
|
-
|
|
7,537
|
|
14,803
|
|
|
|
567,187
|
|
-
|
|
5,509
|
|
451,995
|
|
1,024,691
|
|
|
Stock
compensation
|
(18,101)
|
|
-
|
|
-
|
|
-
|
|
(18,101)
|
|
|
Corporate
|
(181,105)
|
|
-
|
|
85,875
|
|
20,457
|
|
(74,773)
|
|
|
|
$
367,981
|
|
$
-
|
|
$
91,384
|
|
$
472,452
|
|
$
931,817
|
|
|
|
Six
Months Ended June 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Gain on
MGM
China transaction
and Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Bellagio
|
$
81,546
|
|
$
-
|
|
$
317
|
|
$
49,408
|
|
$
131,271
|
|
|
MGM
Grand Las Vegas
|
33,892
|
|
-
|
|
-
|
|
38,533
|
|
72,425
|
|
|
Mandalay Bay
|
44,052
|
|
-
|
|
16
|
|
43,977
|
|
88,045
|
|
|
The
Mirage
|
28,415
|
|
-
|
|
39
|
|
28,285
|
|
56,739
|
|
|
Luxor
|
19,824
|
|
-
|
|
6
|
|
19,125
|
|
38,955
|
|
|
New
York-New York
|
31,282
|
|
-
|
|
(85)
|
|
12,154
|
|
43,351
|
|
|
Excalibur
|
24,053
|
|
-
|
|
210
|
|
10,248
|
|
34,511
|
|
|
Monte
Carlo
|
17,481
|
|
-
|
|
28
|
|
11,895
|
|
29,404
|
|
|
Circus
Circus Las Vegas
|
2,151
|
|
-
|
|
(8)
|
|
9,483
|
|
11,626
|
|
|
MGM
Grand Detroit
|
65,829
|
|
-
|
|
372
|
|
19,495
|
|
85,696
|
|
|
Beau
Rivage
|
10,150
|
|
-
|
|
58
|
|
22,216
|
|
32,424
|
|
|
Gold
Strike Tunica
|
945
|
|
-
|
|
-
|
|
6,810
|
|
7,755
|
|
|
Other
resort operations
|
(3,333)
|
|
-
|
|
17
|
|
2,462
|
|
(854)
|
|
|
Wholly owned domestic resorts
|
356,287
|
|
-
|
|
970
|
|
274,091
|
|
631,348
|
|
|
MGM
China
|
19,448
|
|
-
|
|
13
|
|
26,961
|
|
46,422
|
|
|
MGM
Macau (50%)
|
115,219
|
|
-
|
|
-
|
|
-
|
|
115,219
|
|
|
CityCenter (50%)
|
(38,306)
|
|
-
|
|
-
|
|
-
|
|
(38,306)
|
|
|
Other
unconsolidated resorts
|
18,457
|
|
-
|
|
-
|
|
-
|
|
18,457
|
|
|
Management and other operations
|
(5,289)
|
|
(316)
|
|
(5)
|
|
7,132
|
|
1,522
|
|
|
|
465,816
|
|
(316)
|
|
978
|
|
308,184
|
|
774,662
|
|
|
Stock
compensation
|
(18,205)
|
|
-
|
|
-
|
|
-
|
|
(18,205)
|
|
|
Corporate
|
3,405,854
|
|
-
|
|
(3,495,992)
|
|
21,680
|
|
(68,458)
|
|
|
|
$
3,853,465
|
|
$
(316)
|
|
$
(3,495,014)
|
|
$
329,864
|
|
$
687,999
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME
(LOSS)
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Adjusted EBITDA
|
$
501,485
|
|
$
365,806
|
|
$
931,817
|
|
$
687,999
|
|
Preopening and start-up expenses
|
-
|
|
316
|
|
-
|
|
316
|
|
Property transactions, net
|
(90,467)
|
|
(900)
|
|
(91,384)
|
|
(991)
|
|
Gain on MGM China transaction
|
-
|
|
3,496,005
|
|
-
|
|
3,496,005
|
|
Depreciation and amortization
|
(235,643)
|
|
(177,467)
|
|
(472,452)
|
|
(329,864)
|
|
Operating income
|
175,375
|
|
3,683,760
|
|
367,981
|
|
3,853,465
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
|
|
|
Interest expense
|
(276,323)
|
|
(270,224)
|
|
(560,665)
|
|
(540,138)
|
|
Other, net
|
(20,790)
|
|
(41,019)
|
|
(105,232)
|
|
(85,264)
|
|
|
|
(297,113)
|
|
(311,243)
|
|
(665,897)
|
|
(625,402)
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
(121,738)
|
|
3,372,517
|
|
(297,916)
|
|
3,228,063
|
|
Benefit for income taxes
|
51,304
|
|
78,174
|
|
24,175
|
|
132,757
|
|
Net
income (loss)
|
(70,434)
|
|
3,450,691
|
|
(273,741)
|
|
3,360,820
|
|
Less: net income attributable to noncontrolling
interests
|
(75,018)
|
|
(8,706)
|
|
(88,964)
|
|
(8,706)
|
|
Net
income (loss) attributable to MGM Resorts
International
|
$
(145,452)
|
|
$
3,441,985
|
|
$
(362,705)
|
|
$
3,352,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
|
|
|
SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS
STRIP
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
96.9%
|
|
96.6%
|
|
95.0%
|
|
93.7%
|
|
|
|
|
|
Average daily rate (ADR)
|
$237
|
|
$224
|
|
$234
|
|
$224
|
|
|
|
|
|
Revenue per available room (REVPAR)
|
$230
|
|
$216
|
|
$223
|
|
$210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
Grand Las Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
96.3%
|
|
96.8%
|
|
94.9%
|
|
93.7%
|
|
|
|
|
|
ADR
|
$141
|
|
$125
|
|
$141
|
|
$130
|
|
|
|
|
|
REVPAR
|
$136
|
|
$121
|
|
$134
|
|
$122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
95.4%
|
|
95.3%
|
|
92.7%
|
|
92.3%
|
|
|
|
|
|
ADR
|
$183
|
|
$178
|
|
$184
|
|
$177
|
|
|
|
|
|
REVPAR
|
$174
|
|
$170
|
|
$171
|
|
$163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
98.4%
|
|
97.5%
|
|
95.6%
|
|
95.3%
|
|
|
|
|
|
ADR
|
$151
|
|
$145
|
|
$153
|
|
$147
|
|
|
|
|
|
REVPAR
|
$149
|
|
$141
|
|
$146
|
|
$140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
93.3%
|
|
93.7%
|
|
92.0%
|
|
90.4%
|
|
|
|
|
|
ADR
|
$91
|
|
$91
|
|
$90
|
|
$92
|
|
|
|
|
|
REVPAR
|
$85
|
|
$85
|
|
$83
|
|
$83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
York-New York
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
97.1%
|
|
96.0%
|
|
96.0%
|
|
94.0%
|
|
|
|
|
|
ADR
|
$112
|
|
$107
|
|
$111
|
|
$108
|
|
|
|
|
|
REVPAR
|
$109
|
|
$103
|
|
$106
|
|
$102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
94.0%
|
|
92.9%
|
|
90.7%
|
|
88.7%
|
|
|
|
|
|
ADR
|
$72
|
|
$72
|
|
$72
|
|
$73
|
|
|
|
|
|
REVPAR
|
$68
|
|
$67
|
|
$65
|
|
$65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
97.5%
|
|
95.2%
|
|
95.6%
|
|
93.5%
|
|
|
|
|
|
ADR
|
$106
|
|
$98
|
|
$104
|
|
$98
|
|
|
|
|
|
REVPAR
|
$104
|
|
$94
|
|
$99
|
|
$92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus
Circus Las Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
83.2%
|
|
78.3%
|
|
79.6%
|
|
70.5%
|
|
|
|
|
|
ADR
|
$56
|
|
$54
|
|
$55
|
|
$56
|
|
|
|
|
|
REVPAR
|
$47
|
|
$42
|
|
$44
|
|
$39
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER HOLDINGS, LLC
|
|
SUPPLEMENTAL DATA - NET REVENUES
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
$
233,634
|
|
$
233,001
|
|
$
421,466
|
|
$
458,463
|
|
|
|
|
|
Vdara
|
23,114
|
|
19,764
|
|
44,563
|
|
35,170
|
|
|
|
|
|
Crystals
|
13,133
|
|
11,171
|
|
25,460
|
|
22,884
|
|
|
|
|
|
Mandarin Oriental
|
12,022
|
|
10,924
|
|
24,723
|
|
21,245
|
|
|
|
|
|
Resort operations
|
281,903
|
|
274,860
|
|
516,212
|
|
537,762
|
|
|
|
|
|
Residential operations
|
8,242
|
|
6,421
|
|
12,850
|
|
15,142
|
|
|
|
|
|
|
$
290,145
|
|
$
281,281
|
|
$
529,062
|
|
$
552,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER HOLDINGS, LLC
|
|
RECONCILIATION OF ADJUSTED EBITDA TO NET
LOSS
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
$
65,195
|
|
$
57,006
|
|
$
93,790
|
|
$
111,888
|
|
|
|
|
Property transactions,
net
|
(70)
|
|
(53,338)
|
|
(2,079)
|
|
(53,356)
|
|
|
|
|
Depreciation and amortization
|
(88,109)
|
|
(93,421)
|
|
(176,152)
|
|
(185,177)
|
|
|
|
|
Operating loss
|
(22,984)
|
|
(89,753)
|
|
(84,441)
|
|
(126,645)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense - sponsor notes
|
(22,298)
|
|
(19,171)
|
|
(43,851)
|
|
(37,607)
|
|
|
|
|
Interest expense - other
|
(42,926)
|
|
(47,992)
|
|
(88,968)
|
|
(95,049)
|
|
|
|
|
Other, net
|
1,143
|
|
947
|
|
(6,640)
|
|
(21,695)
|
|
|
|
|
|
|
(64,081)
|
|
(66,216)
|
|
(139,459)
|
|
(154,351)
|
|
|
|
|
Net
loss
|
$
(87,065)
|
|
$
(155,969)
|
|
$
(223,900)
|
|
$
(280,996)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER HOLDINGS, LLC
|
|
RECONCILIATION OF OPERATING INCOME (LOSS) TO
ADJUSTED EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
$
(10,004)
|
|
$
-
|
|
$
(9)
|
|
$
65,935
|
|
$
55,922
|
|
|
|
Vdara
|
(3,667)
|
|
-
|
|
-
|
|
10,308
|
|
6,641
|
|
|
|
Crystals
|
1,961
|
|
-
|
|
-
|
|
6,305
|
|
8,266
|
|
|
|
Mandarin Oriental
|
(4,245)
|
|
-
|
|
-
|
|
4,524
|
|
279
|
|
|
|
Resort operations
|
(15,955)
|
|
-
|
|
(9)
|
|
87,072
|
|
71,108
|
|
|
|
Residential operations
|
(299)
|
|
-
|
|
-
|
|
984
|
|
685
|
|
|
|
Development and administration
|
(6,730)
|
|
-
|
|
79
|
|
53
|
|
(6,598)
|
|
|
|
|
$
(22,984)
|
|
$
-
|
|
$
70
|
|
$
88,109
|
|
$
65,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
$
(21,035)
|
|
$
-
|
|
$
-
|
|
$
74,080
|
|
$
53,045
|
|
|
|
Vdara
|
(2,495)
|
|
-
|
|
-
|
|
7,911
|
|
5,416
|
|
|
|
Crystals
|
(102)
|
|
-
|
|
-
|
|
5,785
|
|
5,683
|
|
|
|
Mandarin Oriental
|
(4,733)
|
|
-
|
|
-
|
|
4,549
|
|
(184)
|
|
|
|
Resort operations
|
(28,365)
|
|
-
|
|
-
|
|
92,325
|
|
63,960
|
|
|
|
Residential operations
|
(56,477)
|
|
-
|
|
52,624
|
|
949
|
|
(2,904)
|
|
|
|
Development and administration
|
(4,911)
|
|
-
|
|
714
|
|
147
|
|
(4,050)
|
|
|
|
|
$
(89,753)
|
|
$
-
|
|
$
53,338
|
|
$
93,421
|
|
$
57,006
|
|
|
|
|
|
|
|
|
CITYCENTER HOLDINGS, LLC
|
|
RECONCILIATION OF OPERATING INCOME (LOSS) TO
ADJUSTED EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
$
(59,185)
|
|
$
-
|
|
$
1,986
|
|
$
131,650
|
|
$
74,451
|
|
|
|
Vdara
|
(8,609)
|
|
-
|
|
-
|
|
20,686
|
|
12,077
|
|
|
|
Crystals
|
2,661
|
|
-
|
|
-
|
|
12,711
|
|
15,372
|
|
|
|
Mandarin Oriental
|
(7,790)
|
|
-
|
|
-
|
|
9,039
|
|
1,249
|
|
|
|
Resort operations
|
(72,923)
|
|
-
|
|
1,986
|
|
174,086
|
|
103,149
|
|
|
|
Residential operations
|
(1,764)
|
|
-
|
|
-
|
|
1,952
|
|
188
|
|
|
|
Development and administration
|
(9,754)
|
|
-
|
|
93
|
|
114
|
|
(9,547)
|
|
|
|
|
$
(84,441)
|
|
$
-
|
|
$
2,079
|
|
$
176,152
|
|
$
93,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
$
(33,853)
|
|
$
-
|
|
$
-
|
|
$
141,907
|
|
$
108,054
|
|
|
|
Vdara
|
(9,740)
|
|
-
|
|
-
|
|
18,374
|
|
8,634
|
|
|
|
Crystals
|
(2,389)
|
|
-
|
|
-
|
|
13,703
|
|
11,314
|
|
|
|
Mandarin Oriental
|
(9,186)
|
|
-
|
|
-
|
|
9,517
|
|
331
|
|
|
|
Resort operations
|
(55,168)
|
|
-
|
|
-
|
|
183,501
|
|
128,333
|
|
|
|
Residential operations
|
(62,068)
|
|
-
|
|
52,624
|
|
1,430
|
|
(8,014)
|
|
|
|
Development and administration
|
(9,409)
|
|
-
|
|
732
|
|
246
|
|
(8,431)
|
|
|
|
|
$
(126,645)
|
|
$
-
|
|
$
53,356
|
|
$
185,177
|
|
$
111,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER HOLDINGS, LLC
|
|
SUPPLEMENTAL DATA - HOTEL
STATISTICS
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
92.7%
|
|
89.7%
|
|
89.6%
|
|
87.7%
|
|
|
|
|
|
ADR
|
$201
|
|
$202
|
|
$203
|
|
$201
|
|
|
|
|
|
REVPAR
|
$187
|
|
$181
|
|
$182
|
|
$177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
89.0%
|
|
91.0%
|
|
85.0%
|
|
87.4%
|
|
|
|
|
|
ADR
|
$161
|
|
$159
|
|
$162
|
|
$159
|
|
|
|
|
|
REVPAR
|
$143
|
|
$144
|
|
$137
|
|
$139
|
|
|
|
|
SOURCE MGM Resorts International