LAS VEGAS, Oct. 31, 2012 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today reported its third quarter 2012
results. Net loss per share attributable to the Company was
$0.37 compared to a loss of
$0.25 in the prior year third
quarter. Comparability of the current and prior year quarterly
consolidated results was affected by certain items discussed
further below. Key results for the third quarter of 2012 include
the following:
- Consolidated net revenue increased 1% to $2.3 billion, driven by a 7% increase in MGM
China's net revenue;
- Consolidated casino revenue increased 4%, representing a 7%
increase at MGM China and a 2% increase at the Company's wholly
owned domestic resorts;
- Rooms revenue decreased 3%, primarily due to a 2% decrease in
REVPAR(1) at the Company's Las Vegas Strip resorts;
- The Company's wholly owned domestic resorts earned Adjusted
Property EBITDA(2) of $325
million, a 7% decrease compared to the prior year
quarter;
- MGM China reported record third quarter Adjusted EBITDA of
$152 million which included
$5 million of branding fee expense.
Excluding branding fees, Adjusted EBITDA increased 5% compared to
the prior year quarter; and
- CityCenter reported Adjusted EBITDA from resort operations of
$59 million, an 18% increase from the
prior year quarter.
"Our third quarter operating results are reflective of a
challenging consumer environment, but we had some bright spots with
strong results from MGM Grand Las Vegas and The Mirage and record
third quarters from MGM China and CityCenter," said Jim Murren, Chairman and CEO of MGM Resorts
International. "We have achieved a great milestone with MGM China
by accepting the formal land concession agreement and look forward
to continuing to make progress towards a second resort and casino
in Macau. Meanwhile, early fourth
quarter trends are improving at our domestic resorts and forward
convention booking pace is showing growth in 2013 and is further
accelerating into 2014."
Certain Items Affecting Third
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 September 30,
|
2012
|
2011
|
Property
transactions, net:
|
|
|
Circus Circus Reno
impairment charge
|
$
—
|
$
(0.11)
|
Other property transactions,
net
|
(0.01)
|
—
|
Income
(loss) from unconsolidated affiliates:
|
|
|
CityCenter residential
impairment charge
|
(0.02)
|
—
|
CityCenter Harmon demolition
cost
|
(0.02)
|
—
|
Income tax
provision:
|
|
|
Deferred tax valuation
allowance
|
(0.09)
|
—
|
Current quarter results were affected by a valuation allowance
for a portion of U.S. deferred tax assets and the Company's share
of CityCenter's non-cash residential impairment charge related to
Mandarin Oriental and estimated costs accrued for the demolition of
the Harmon. The prior year quarter included an impairment charge of
$80 million related to Circus Circus
Reno.
Wholly Owned Domestic
Resorts
Net revenues related to wholly owned domestic resorts decreased
2% to $1.5 billion. Casino revenue
increased 2% compared to the prior year quarter. The overall table
games hold percentage in the third quarter of 2012 was 20.4%
compared to 19.5% for the prior year third quarter. Table games
hold at the Bellagio was significantly below normal but was offset
by other Las Vegas Strip resorts. Slots revenue increased 1%
compared to the prior year quarter.
Rooms revenue decreased 3% with Las Vegas Strip REVPAR down
2%. The following table shows key hotel statistics for the
Company's Las Vegas Strip resorts:
Three
months ended September
30,
|
2012
|
2011
|
Occupancy
%
|
92%
|
95%
|
Average
Daily Rate (ADR)
|
$
124
|
$
124
|
Revenue
per Available Room
(REVPAR)
|
$
114
|
$
117
|
Operating income for the Company's wholly owned domestic resorts
for the third quarter of 2012 was $195
million compared to $130
million in the prior year quarter. The prior year
quarter included an $80 million
impairment charge related to Circus Circus Reno. Adjusted
Property EBITDA for wholly owned domestic resorts decreased 7% to
$325 million for the third quarter of
2012. Corporate expense increased by approximately
$19 million during the current
quarter, largely as a result of approximately $17 million of costs associated with the ongoing
referendum in Maryland and
development efforts in Massachusetts and Toronto.
MGM China
Key third quarter results for MGM China include the
following:
- MGM China earned net revenue of $665
million, a 7% increase over the prior year quarter driven by
increases in volume for main floor table games and slots of 10% and
37%, respectively. VIP table games turnover decreased 5% from the
prior year quarter, while hold percentage was 3.0% in the current
year quarter compared to 2.9% in the prior year quarter; and
- MGM China's operating income was $61
million and Adjusted EBITDA was $152
million. Branding fee expense was $5 million in the current year quarter, as the
annual branding fee cap was reached in August, compared to
$11 million in the prior year
quarter. Adding back the branding fees in both periods, Adjusted
EBITDA increased 5%.
As previously announced, MGM China, through its wholly owned
subsidiary MGM Grand Paradise S.A. ("MGM Grand Paradise"), formally
accepted a land concession contract with the Macau government in October 2012 and received approval to develop a
five-star luxury resort and casino in Cotai, Macau. The
contract will not become effective until the Macau government publishes it in the Official
Gazette of Macau (the "Publication
Date"). The initial term of the contract is 25 years from the
Publication Date and MGM Grand Paradise is required to complete the
development of the land within 60 months of the Publication
Date. The total land premium payable to the Macau government is approximately $161 million. In addition to the land
premium payment, MGM Grand Paradise is required to pay an annual
rent to the Macau government.
In October 2012, MGM China and MGM
Grand Paradise, as co-borrowers, entered into an amended and
restated credit facility agreement which consists of $550 million of term loans and a $1.45 billion revolving credit facility due
October 2017. The interest rate
on the facility will fluctuate based on HIBOR plus a margin, set at
2.5% for the first six months and ranging between 1.75% and 2.5%
thereafter based on MGM China's leverage ratio. The credit facility
will be used for general corporate purposes and for the development
of the proposed Cotai development.
Income (Loss) from Unconsolidated
Affiliates
The following table summarizes the Company's income (loss) from
unconsolidated affiliates:
Three
months ended September 30,
|
2012
|
2011
|
|
(In
thousands)
|
CityCenter
|
$
(42,814)
|
$
(7,723)
|
Other
|
4,871
|
8,262
|
|
$
(37,943)
|
$
539
|
The Company's share of CityCenter's operating losses in the
current year quarter includes $18
million related to a residential impairment charge and
$16 million related to the accrual of
estimated costs for the future demolition of the Harmon.
Results for CityCenter Holdings, LLC for the third quarter of
2012 include the following (see schedules accompanying this release
for further detail on CityCenter's third quarter results):
- Net revenue from resort operations increased 3% to $263 million;
- Adjusted EBITDA from resort operations was $59 million, an increase of 18% compared to
$50 million in the prior year
quarter;
- Aria's table games hold percentage for the third quarter of
2012 was 29.3% compared to 25.5% for the prior year quarter.
The estimated effect of the increase in hold percentage compared to
the prior year quarter for Adjusted EBITDA was $8 million;
- Aria's occupancy percentage was 88% and its ADR was
$192, resulting in REVPAR of
$170, a 2% decrease compared to the
prior year third quarter; and
- CityCenter recorded approximately $36
million for a residential impairment charge related to the
Mandarin Oriental and $32 million for
accrued costs related to the future demolition of the Harmon within
"Property transactions, net."
Financial Position
The Company's cash balance at September
30, 2012 was $2.4 billion,
which included approximately $936
million of cash and cash equivalents related to MGM
China. At September 30, 2012,
the Company had approximately $13.9
billion of indebtedness (with a carrying value of
$13.8 billion) including $1.3 billion of borrowings outstanding under its
senior credit facility and $539
million related to the MGM China credit facility. In
September, the Company issued $1.0
billion of 6.75% senior notes due 2020, for net proceeds to
the Company of approximately $986
million.
At September 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 September
30, 2012. Interest on non-extending revolving loans
remains at 7%.
"We have opportunistically accessed the capital markets enabling
us to extend maturities at lower borrowing rates. Our most recent
senior notes issuance was done at the lowest interest rate we have
achieved since 2006. We remain focused on executing
additional transactions to further reduce our interest expense and
improve free cash flow," said Dan D'Arrigo, Executive Vice
President, CFO and Treasurer of MGM Resorts International.
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 1-706-758-3659
for international callers. The conference call access code is
30530814. A replay of the call will be available through
Wednesday, November 7, 2012. The
replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406.
The replay access code is 30530814. 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 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, preopening 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 and is in the process of developing a gaming
resort in Cotai, 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 execute additional
transactions to further reduce our interest expense and improve
free cash flow. 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
|
|
Nine
Months Ended
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
$
1,294,318
|
|
$
1,241,959
|
|
$
3,928,548
|
|
$
2,629,674
|
|
Rooms
|
|
|
393,055
|
|
405,173
|
|
1,205,441
|
|
1,170,301
|
|
Food
and beverage
|
361,252
|
|
369,484
|
|
1,126,096
|
|
1,078,268
|
|
Entertainment
|
|
123,168
|
|
132,350
|
|
364,477
|
|
382,037
|
|
Retail
|
|
|
51,211
|
|
55,509
|
|
149,921
|
|
155,951
|
|
Other
|
|
|
127,567
|
|
128,204
|
|
373,590
|
|
371,253
|
|
Reimbursed costs
|
87,682
|
|
87,144
|
|
269,159
|
|
262,914
|
|
|
|
|
|
2,438,253
|
|
2,419,823
|
|
7,417,232
|
|
6,050,398
|
|
Less:
Promotional allowances
|
(183,275)
|
|
(186,236)
|
|
(550,899)
|
|
(497,975)
|
|
|
|
|
|
2,254,978
|
|
2,233,587
|
|
6,866,333
|
|
5,552,423
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
826,072
|
|
795,652
|
|
2,519,757
|
|
1,632,382
|
|
Rooms
|
|
|
128,546
|
|
125,864
|
|
384,598
|
|
366,736
|
|
Food
and beverage
|
209,686
|
|
214,412
|
|
643,892
|
|
628,559
|
|
Entertainment
|
|
92,888
|
|
96,889
|
|
270,235
|
|
279,605
|
|
Retail
|
|
|
29,064
|
|
32,641
|
|
85,888
|
|
94,279
|
|
Other
|
|
|
88,616
|
|
90,021
|
|
263,673
|
|
256,710
|
|
Reimbursed costs
|
87,682
|
|
87,144
|
|
269,159
|
|
262,914
|
|
General
and administrative
|
319,106
|
|
304,049
|
|
931,873
|
|
875,193
|
|
Corporate expense
|
62,992
|
|
43,523
|
|
147,792
|
|
120,024
|
|
Preopening and start-up
expenses
|
765
|
|
-
|
|
765
|
|
(316)
|
|
Property transactions, net
|
5,803
|
|
81,837
|
|
97,187
|
|
82,828
|
|
Gain on
MGM China transaction
|
-
|
|
-
|
|
-
|
|
(3,496,005)
|
|
Depreciation and amortization
|
228,414
|
|
249,520
|
|
700,866
|
|
579,384
|
|
|
|
|
|
2,079,634
|
|
2,121,552
|
|
6,315,685
|
|
1,682,293
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from unconsolidated affiliates
|
(37,943)
|
|
539
|
|
(45,266)
|
|
95,909
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
137,401
|
|
112,574
|
|
505,382
|
|
3,966,039
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts
capitalized
|
(275,771)
|
|
(272,542)
|
|
(836,436)
|
|
(812,680)
|
|
Non-operating items from unconsolidated
affiliates
|
(20,901)
|
|
(24,692)
|
|
(68,603)
|
|
(92,984)
|
|
Other,
net
|
|
2,012
|
|
(1,595)
|
|
(55,518)
|
|
(18,567)
|
|
|
|
|
|
(294,660)
|
|
(298,829)
|
|
(960,557)
|
|
(924,231)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
(157,259)
|
|
(186,255)
|
|
(455,175)
|
|
3,041,808
|
|
Benefit
for income taxes
|
2,585
|
|
79,680
|
|
26,760
|
|
212,437
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
|
(154,674)
|
|
(106,575)
|
|
(428,415)
|
|
3,254,245
|
|
Less:
net income attributable to noncontrolling interests
|
(26,485)
|
|
(17,211)
|
|
(115,449)
|
|
(25,917)
|
Net
income (loss) attributable to MGM Resorts
International
|
$
(181,159)
|
|
$
(123,786)
|
|
$
(543,864)
|
|
$
3,228,328
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
share of common stock:
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to MGM Resorts
International
|
$
(0.37)
|
|
$
(0.25)
|
|
$
(1.11)
|
|
$
6.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
488,945
|
|
488,636
|
|
488,913
|
|
488,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to MGM Resorts
International
|
$
(0.37)
|
|
$
(0.25)
|
|
$
(1.11)
|
|
$
5.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
488,945
|
|
488,636
|
|
488,913
|
|
558,544
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(In
thousands, except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
2,443,159
|
|
$
1,865,913
|
|
Accounts receivable, net
|
|
412,390
|
|
491,730
|
|
Inventories
|
|
|
|
107,772
|
|
112,735
|
|
Deferred income taxes, net
|
|
140,831
|
|
91,060
|
|
Prepaid
expenses and other
|
|
243,665
|
|
251,282
|
|
Total
current assets
|
|
3,347,817
|
|
2,812,720
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
14,765,349
|
|
14,866,644
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
|
Investments in and advances to unconsolidated
affiliates
|
1,488,662
|
|
1,635,572
|
|
Goodwill
|
|
|
|
|
2,901,273
|
|
2,896,609
|
|
Other
intangible assets, net
|
|
4,813,183
|
|
5,048,117
|
|
Other
long-term assets, net
|
|
515,077
|
|
506,614
|
|
Total other assets
|
|
9,718,195
|
|
10,086,912
|
|
|
|
|
|
|
$
27,831,361
|
|
$
27,766,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
201,150
|
|
$
170,994
|
|
Income
taxes payable
|
|
|
358
|
|
7,611
|
|
Accrued
interest on long-term debt
|
|
249,676
|
|
203,422
|
|
Other
accrued liabilities
|
|
|
1,574,670
|
|
1,362,737
|
|
Total current liabilities
|
|
2,025,854
|
|
1,744,764
|
|
|
|
|
|
|
|
|
|
Deferred income taxes
|
|
|
|
2,527,828
|
|
2,502,096
|
Long-term debt
|
|
|
|
|
13,825,451
|
|
13,470,167
|
Other
long-term obligations
|
|
|
186,725
|
|
167,027
|
Stockholders' equity:
|
|
|
|
|
|
|
|
Common
stock, $.01 par value: authorized 1,000,000,000
shares,
|
|
|
|
|
issued and outstanding 488,955,913
and 488,834,773 shares
|
4,890
|
|
4,888
|
|
Capital
in excess of par value
|
|
4,098,322
|
|
4,094,323
|
|
Retained earnings
|
|
|
1,437,525
|
|
1,981,389
|
|
Accumulated other comprehensive
income
|
12,533
|
|
5,978
|
|
Total
MGM Resorts International stockholders' equity
|
5,553,270
|
|
6,086,578
|
|
Noncontrolling interests
|
|
|
3,712,233
|
|
3,795,644
|
|
Total
stockholders' equity
|
9,265,503
|
|
9,882,222
|
|
|
|
|
|
|
$
27,831,361
|
|
$
27,766,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA - NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Bellagio
|
|
|
|
|
|
$
259,501
|
|
$
275,884
|
|
$
840,233
|
|
$
805,892
|
|
MGM
Grand Las Vegas
|
|
|
239,713
|
|
243,037
|
|
702,589
|
|
707,618
|
|
Mandalay Bay
|
|
|
|
183,466
|
|
199,166
|
|
555,857
|
|
587,525
|
|
The
Mirage
|
|
|
|
|
162,920
|
|
140,989
|
|
457,388
|
|
433,912
|
|
Luxor
|
|
|
|
|
|
81,343
|
|
88,203
|
|
247,986
|
|
252,420
|
|
New
York-New York
|
|
|
67,166
|
|
68,449
|
|
206,807
|
|
202,147
|
|
Excalibur
|
|
|
|
|
|
66,809
|
|
67,831
|
|
197,808
|
|
196,341
|
|
Monte
Carlo
|
|
|
|
|
64,425
|
|
65,321
|
|
195,788
|
|
193,602
|
|
Circus
Circus Las Vegas
|
|
|
56,807
|
|
56,559
|
|
158,606
|
|
149,694
|
|
MGM
Grand Detroit
|
|
|
139,284
|
|
139,049
|
|
431,676
|
|
425,189
|
|
Beau
Rivage
|
|
|
|
|
91,704
|
|
89,713
|
|
265,254
|
|
261,448
|
|
Gold
Strike Tunica
|
|
|
39,789
|
|
40,415
|
|
115,797
|
|
108,485
|
|
Other
resort operations
|
|
|
33,228
|
|
34,759
|
|
95,192
|
|
96,840
|
|
Wholly owned domestic resorts
|
|
1,486,155
|
|
1,509,375
|
|
4,470,981
|
|
4,421,113
|
|
MGM
China(1)
|
|
|
|
665,074
|
|
623,050
|
|
2,076,460
|
|
816,034
|
|
Management and other operations
|
|
103,749
|
|
101,162
|
|
318,892
|
|
315,276
|
|
|
|
|
|
|
|
$
2,254,978
|
|
$
2,233,587
|
|
$
6,866,333
|
|
$
5,552,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For
the nine months ended September 30, 2011, represents 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 September 30, 2011.
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA - ADJUSTED PROPERTY
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Bellagio
|
|
|
|
|
|
$
54,133
|
|
$
74,251
|
|
$
207,929
|
|
$
205,522
|
|
MGM
Grand Las Vegas
|
|
|
48,378
|
|
42,221
|
|
114,735
|
|
114,646
|
|
Mandalay Bay
|
|
|
|
34,392
|
|
41,372
|
|
120,605
|
|
129,417
|
|
The
Mirage
|
|
|
|
|
39,507
|
|
25,406
|
|
91,993
|
|
82,145
|
|
Luxor
|
|
|
|
|
|
15,717
|
|
21,065
|
|
51,426
|
|
60,020
|
|
New
York-New York
|
|
|
20,954
|
|
22,738
|
|
68,929
|
|
66,089
|
|
Excalibur
|
|
|
|
|
|
15,394
|
|
17,463
|
|
48,698
|
|
51,974
|
|
Monte
Carlo
|
|
|
|
|
13,150
|
|
14,466
|
|
44,554
|
|
43,870
|
|
Circus
Circus Las Vegas
|
|
|
8,322
|
|
8,898
|
|
21,611
|
|
20,524
|
|
MGM
Grand Detroit
|
|
|
39,264
|
|
39,897
|
|
124,840
|
|
125,593
|
|
Beau
Rivage
|
|
|
|
|
22,722
|
|
25,501
|
|
59,173
|
|
57,925
|
|
Gold
Strike Tunica
|
|
|
11,041
|
|
13,464
|
|
33,662
|
|
21,219
|
|
Other
resort operations
|
|
|
1,790
|
|
852
|
|
2,739
|
|
(2)
|
|
Wholly owned domestic resorts
|
|
324,764
|
|
347,594
|
|
990,894
|
|
978,942
|
|
MGM
China(1)
|
|
|
|
152,491
|
|
139,326
|
|
503,572
|
|
185,748
|
|
MGM
Macau (50%)(2)
|
|
|
-
|
|
-
|
|
-
|
|
115,219
|
|
CityCenter (50%)(3)
|
|
|
(42,814)
|
|
(7,723)
|
|
(60,745)
|
|
(46,029)
|
|
Other
unconsolidated resorts(3)
|
|
4,871
|
|
8,262
|
|
15,479
|
|
26,719
|
|
Management and other operations
|
|
(409)
|
|
4,637
|
|
14,394
|
|
6,159
|
|
|
|
|
|
|
|
$
438,903
|
|
$
492,096
|
|
$
1,463,594
|
|
$
1,266,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For
the nine months ended September 30, 2011, represents the Adjusted
EBITDA of MGM China Holdings Limited ("MGM China") from June 3,
2011 (the first day of the Company's majority ownership of MGM
China) through September 30, 2011.
|
|
(2)
Represents the Company's share of operating income (loss), adjusted
for the effect of certain basis differences for the approximately
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 September 30, 2012
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
30,454
|
|
$
-
|
|
$
52
|
|
$
23,627
|
|
$
54,133
|
MGM
Grand Las Vegas
|
24,375
|
|
-
|
|
3,497
|
|
20,506
|
|
48,378
|
Mandalay Bay
|
15,251
|
|
-
|
|
392
|
|
18,749
|
|
34,392
|
The
Mirage
|
25,949
|
|
-
|
|
541
|
|
13,017
|
|
39,507
|
Luxor
|
6,076
|
|
-
|
|
765
|
|
8,876
|
|
15,717
|
New
York-New York
|
15,619
|
|
-
|
|
148
|
|
5,187
|
|
20,954
|
Excalibur
|
11,016
|
|
-
|
|
-
|
|
4,378
|
|
15,394
|
Monte
Carlo
|
8,332
|
|
-
|
|
9
|
|
4,809
|
|
13,150
|
Circus
Circus Las Vegas
|
3,541
|
|
-
|
|
-
|
|
4,781
|
|
8,322
|
MGM
Grand Detroit
|
30,206
|
|
641
|
|
37
|
|
8,380
|
|
39,264
|
Beau
Rivage
|
15,129
|
|
-
|
|
(78)
|
|
7,671
|
|
22,722
|
Gold
Strike Tunica
|
7,825
|
|
-
|
|
1
|
|
3,215
|
|
11,041
|
Other
resort operations
|
1,176
|
|
-
|
|
(8)
|
|
622
|
|
1,790
|
Wholly owned domestic resorts
|
194,949
|
|
641
|
|
5,356
|
|
123,818
|
|
324,764
|
MGM
China
|
60,527
|
|
-
|
|
426
|
|
91,538
|
|
152,491
|
CityCenter (50%)
|
(42,938)
|
|
124
|
|
-
|
|
-
|
|
(42,814)
|
Other
unconsolidated resorts
|
4,871
|
|
-
|
|
-
|
|
-
|
|
4,871
|
Management and other operations
|
(3,574)
|
|
-
|
|
-
|
|
3,165
|
|
(409)
|
|
213,835
|
|
765
|
|
5,782
|
|
218,521
|
|
438,903
|
Stock
compensation
|
(7,897)
|
|
-
|
|
-
|
|
-
|
|
(7,897)
|
Corporate
|
(68,537)
|
|
-
|
|
21
|
|
9,893
|
|
(58,623)
|
|
$
137,401
|
|
$
765
|
|
$
5,803
|
|
$
228,414
|
|
$
372,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
50,943
|
|
$
-
|
|
$
503
|
|
$
22,805
|
|
$
74,251
|
MGM
Grand Las Vegas
|
22,945
|
|
-
|
|
1
|
|
19,275
|
|
42,221
|
Mandalay Bay
|
19,313
|
|
-
|
|
53
|
|
22,006
|
|
41,372
|
The
Mirage
|
6,708
|
|
-
|
|
1,291
|
|
17,407
|
|
25,406
|
Luxor
|
11,775
|
|
-
|
|
2
|
|
9,288
|
|
21,065
|
New
York-New York
|
17,043
|
|
-
|
|
-
|
|
5,695
|
|
22,738
|
Excalibur
|
12,477
|
|
-
|
|
13
|
|
4,973
|
|
17,463
|
Monte
Carlo
|
9,209
|
|
-
|
|
5
|
|
5,252
|
|
14,466
|
Circus
Circus Las Vegas
|
4,192
|
|
-
|
|
2
|
|
4,704
|
|
8,898
|
MGM
Grand Detroit
|
29,991
|
|
-
|
|
-
|
|
9,906
|
|
39,897
|
Beau
Rivage
|
15,614
|
|
-
|
|
(7)
|
|
9,894
|
|
25,501
|
Gold
Strike Tunica
|
10,083
|
|
-
|
|
-
|
|
3,381
|
|
13,464
|
Other
resort operations
|
(79,990)
|
|
-
|
|
79,658
|
|
1,184
|
|
852
|
Wholly owned domestic resorts
|
130,303
|
|
-
|
|
81,521
|
|
135,770
|
|
347,594
|
MGM
China
|
40,788
|
|
-
|
|
294
|
|
98,244
|
|
139,326
|
CityCenter (50%)
|
(7,723)
|
|
-
|
|
-
|
|
-
|
|
(7,723)
|
Other
unconsolidated resorts
|
8,262
|
|
-
|
|
-
|
|
-
|
|
8,262
|
Management and other operations
|
1,000
|
|
-
|
|
6
|
|
3,631
|
|
4,637
|
|
|
|
|
|
|
172,630
|
|
-
|
|
81,821
|
|
237,645
|
|
492,096
|
Stock
compensation
|
(8,707)
|
|
-
|
|
-
|
|
-
|
|
(8,707)
|
Corporate
|
(51,349)
|
|
-
|
|
16
|
|
11,875
|
|
(39,458)
|
|
|
|
|
|
|
|
$
112,574
|
|
$
-
|
|
$
81,837
|
|
$
249,520
|
|
$
443,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF OPERATING INCOME (LOSS) TO
ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
Months Ended September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted EBITDA
|
Bellagio
|
$
135,874
|
|
$
-
|
|
$
406
|
|
$
71,649
|
|
$
207,929
|
MGM
Grand Las Vegas
|
50,796
|
|
-
|
|
4,627
|
|
59,312
|
|
114,735
|
Mandalay Bay
|
60,817
|
|
-
|
|
937
|
|
58,851
|
|
120,605
|
The
Mirage
|
52,691
|
|
-
|
|
611
|
|
38,691
|
|
91,993
|
Luxor
|
23,691
|
|
-
|
|
950
|
|
26,785
|
|
51,426
|
New
York-New York
|
52,318
|
|
-
|
|
391
|
|
16,220
|
|
68,929
|
Excalibur
|
35,407
|
|
-
|
|
3
|
|
13,288
|
|
48,698
|
Monte
Carlo
|
|
|
|
|
29,235
|
|
-
|
|
567
|
|
14,752
|
|
44,554
|
Circus
Circus Las Vegas
|
|
|
7,079
|
|
-
|
|
77
|
|
14,455
|
|
21,611
|
MGM
Grand Detroit
|
|
|
94,975
|
|
641
|
|
921
|
|
28,303
|
|
124,840
|
Beau
Rivage
|
|
|
|
|
36,252
|
|
-
|
|
(70)
|
|
22,991
|
|
59,173
|
Gold
Strike Tunica
|
|
|
23,758
|
|
-
|
|
3
|
|
9,901
|
|
33,662
|
Other
resort operations
|
|
|
958
|
|
-
|
|
(22)
|
|
1,803
|
|
2,739
|
Wholly owned domestic resorts
|
603,851
|
|
641
|
|
9,401
|
|
377,001
|
|
990,894
|
MGM
China
|
|
|
|
|
218,869
|
|
-
|
|
1,890
|
|
282,813
|
|
503,572
|
CityCenter (50%)
|
|
|
(60,869)
|
|
124
|
|
-
|
|
-
|
|
(60,745)
|
Other
unconsolidated resorts
|
|
15,479
|
|
-
|
|
-
|
|
-
|
|
15,479
|
Management and other operations
|
3,692
|
|
-
|
|
-
|
|
10,702
|
|
14,394
|
|
|
|
|
|
|
781,022
|
|
765
|
|
11,291
|
|
670,516
|
|
1,463,594
|
Stock
compensation
|
|
|
(25,998)
|
|
-
|
|
-
|
|
-
|
|
(25,998)
|
Corporate
|
|
|
|
|
(249,642)
|
|
-
|
|
85,896
|
|
30,350
|
|
(133,396)
|
|
|
|
|
|
|
$
505,382
|
|
$
765
|
|
$
97,187
|
|
$
700,866
|
|
$
1,304,200
|
|
|
Nine
Months Ended September 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
|
|
|
|
|
|
$
132,489
|
|
$
-
|
|
$
820
|
|
$
72,213
|
|
$
205,522
|
MGM
Grand Las Vegas
|
|
|
56,837
|
|
-
|
|
1
|
|
57,808
|
|
114,646
|
Mandalay Bay
|
|
|
|
63,365
|
|
-
|
|
69
|
|
65,983
|
|
129,417
|
The
Mirage
|
|
|
|
|
35,123
|
|
-
|
|
1,330
|
|
45,692
|
|
82,145
|
Luxor
|
|
|
|
|
|
31,599
|
|
-
|
|
8
|
|
28,413
|
|
60,020
|
New
York-New York
|
|
|
48,325
|
|
-
|
|
(85)
|
|
17,849
|
|
66,089
|
Excalibur
|
|
|
|
|
|
36,530
|
|
-
|
|
223
|
|
15,221
|
|
51,974
|
Monte
Carlo
|
|
|
|
|
26,690
|
|
-
|
|
33
|
|
17,147
|
|
43,870
|
Circus
Circus Las Vegas
|
|
|
6,343
|
|
-
|
|
(6)
|
|
14,187
|
|
20,524
|
MGM
Grand Detroit
|
|
|
95,820
|
|
-
|
|
372
|
|
29,401
|
|
125,593
|
Beau
Rivage
|
|
|
|
|
25,764
|
|
-
|
|
51
|
|
32,110
|
|
57,925
|
Gold
Strike Tunica
|
|
|
11,028
|
|
-
|
|
-
|
|
10,191
|
|
21,219
|
Other
resort operations
|
|
|
(83,323)
|
|
-
|
|
79,675
|
|
3,646
|
|
(2)
|
Wholly owned domestic resorts
|
486,590
|
|
-
|
|
82,491
|
|
409,861
|
|
978,942
|
MGM
China
|
|
|
|
|
60,236
|
|
-
|
|
307
|
|
125,205
|
|
185,748
|
MGM
Macau (50%)
|
|
|
115,219
|
|
-
|
|
-
|
|
-
|
|
115,219
|
CityCenter (50%)
|
|
|
(46,029)
|
|
-
|
|
-
|
|
-
|
|
(46,029)
|
Other
unconsolidated resorts
|
|
26,719
|
|
-
|
|
-
|
|
-
|
|
26,719
|
Management and other operations
|
(4,289)
|
|
(316)
|
|
1
|
|
10,763
|
|
6,159
|
|
|
|
|
|
|
|
638,446
|
|
(316)
|
|
82,799
|
|
545,829
|
|
1,266,758
|
Stock
compensation
|
|
|
(26,912)
|
|
-
|
|
-
|
|
-
|
|
(26,912)
|
Corporate
|
|
|
|
3,354,505
|
|
-
|
|
(3,495,976)
|
|
33,555
|
|
(107,916)
|
|
|
|
|
|
|
|
$
3,966,039
|
|
$
(316)
|
|
$
(3,413,177)
|
|
$
579,384
|
|
$
1,131,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME
(LOSS)
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Adjusted EBITDA
|
|
|
$
372,383
|
|
$
443,931
|
|
$
1,304,200
|
|
$
1,131,930
|
Preopening and start-up expenses
|
|
(765)
|
|
-
|
|
(765)
|
|
316
|
Property transactions, net
|
|
(5,803)
|
|
(81,837)
|
|
(97,187)
|
|
(82,828)
|
Gain on MGM China transaction
|
|
-
|
|
-
|
|
-
|
|
3,496,005
|
Depreciation and amortization
|
|
(228,414)
|
|
(249,520)
|
|
(700,866)
|
|
(579,384)
|
Operating income
|
|
|
137,401
|
|
112,574
|
|
505,382
|
|
3,966,039
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized
|
|
|
(275,771)
|
|
(272,542)
|
|
(836,436)
|
|
(812,680)
|
Other, net
|
|
|
|
(18,889)
|
|
(26,287)
|
|
(124,121)
|
|
(111,551)
|
|
|
|
|
|
(294,660)
|
|
(298,829)
|
|
(960,557)
|
|
(924,231)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
|
(157,259)
|
|
(186,255)
|
|
(455,175)
|
|
3,041,808
|
Benefit for income taxes
|
|
2,585
|
|
79,680
|
|
26,760
|
|
212,437
|
Net
income (loss)
|
|
|
(154,674)
|
|
(106,575)
|
|
(428,415)
|
|
3,254,245
|
Less: net income attributable to noncontrolling
interests
|
|
(26,485)
|
|
(17,211)
|
|
(115,449)
|
|
(25,917)
|
Net
income (loss) attributable to MGM Resorts
International
|
$
(181,159)
|
|
$
(123,786)
|
|
$
(543,864)
|
|
$
3,228,328
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS
STRIP
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
92.7%
|
|
96.8%
|
|
94.2%
|
|
94.7%
|
|
Average daily rate
(ADR)
|
|
$232
|
|
$230
|
|
$234
|
|
$226
|
|
Revenue per available room
(REVPAR)
|
|
$215
|
|
$222
|
|
$220
|
|
$214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
Grand Las Vegas
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
94.1%
|
|
95.4%
|
|
94.6%
|
|
94.3%
|
|
ADR
|
|
|
|
|
$135
|
|
$129
|
|
$139
|
|
$130
|
|
REVPAR
|
|
|
|
|
$127
|
|
$123
|
|
$131
|
|
$123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay Bay
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
93.4%
|
|
95.7%
|
|
92.9%
|
|
93.5%
|
|
ADR
|
|
|
|
|
$168
|
|
$175
|
|
$178
|
|
$176
|
|
REVPAR
|
|
|
|
|
$157
|
|
$168
|
|
$166
|
|
$165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
96.4%
|
|
96.7%
|
|
95.9%
|
|
95.8%
|
|
ADR
|
|
|
|
|
$139
|
|
$140
|
|
$148
|
|
$145
|
|
REVPAR
|
|
|
|
|
$134
|
|
$136
|
|
$142
|
|
$138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
91.0%
|
|
94.6%
|
|
91.7%
|
|
91.8%
|
|
ADR
|
|
|
|
|
$86
|
|
$87
|
|
$88
|
|
$90
|
|
REVPAR
|
|
|
|
|
$78
|
|
$83
|
|
$81
|
|
$83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
York-New York
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
94.5%
|
|
95.3%
|
|
95.5%
|
|
94.5%
|
|
ADR
|
|
|
|
|
$108
|
|
$108
|
|
$110
|
|
$108
|
|
REVPAR
|
|
|
|
|
$102
|
|
$103
|
|
$105
|
|
$102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
91.2%
|
|
92.4%
|
|
90.9%
|
|
90.0%
|
|
ADR
|
|
|
|
|
$71
|
|
$70
|
|
$72
|
|
$72
|
|
REVPAR
|
|
|
|
|
$64
|
|
$65
|
|
$65
|
|
$65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
93.4%
|
|
97.2%
|
|
94.9%
|
|
94.8%
|
|
ADR
|
|
|
|
|
$102
|
|
$99
|
|
$103
|
|
$98
|
|
REVPAR
|
|
|
|
|
$96
|
|
$96
|
|
$98
|
|
$93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus
Circus Las Vegas
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
83.9%
|
|
88.1%
|
|
81.1%
|
|
76.2%
|
|
ADR
|
|
|
|
|
$52
|
|
$52
|
|
$54
|
|
$54
|
|
REVPAR
|
|
|
|
|
$44
|
|
$46
|
|
$44
|
|
$41
|
CITYCENTER HOLDINGS, LLC
|
SUPPLEMENTAL DATA - NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
|
|
|
|
|
$
217,306
|
|
$
214,347
|
|
$
638,772
|
|
$
672,810
|
|
Vdara
|
|
|
|
|
|
20,969
|
|
20,060
|
|
65,532
|
|
55,230
|
|
Crystals
|
|
|
|
|
|
13,534
|
|
11,345
|
|
38,994
|
|
34,229
|
|
Mandarin Oriental
|
|
|
11,222
|
|
9,064
|
|
35,945
|
|
30,309
|
|
Resort operations
|
|
|
263,031
|
|
254,816
|
|
779,243
|
|
792,578
|
|
Residential operations
|
|
|
3,399
|
|
5,186
|
|
16,249
|
|
20,328
|
|
|
|
|
|
|
|
$
266,430
|
|
$
260,002
|
|
$
795,492
|
|
$
812,906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER HOLDINGS, LLC
|
RECONCILIATION OF ADJUSTED EBITDA TO NET
LOSS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
$
52,762
|
|
$
46,090
|
|
$
146,552
|
|
$
157,978
|
Preopening and start-up expenses
|
|
(248)
|
|
-
|
|
(248)
|
|
-
|
Property transactions, net
|
|
|
(71,257)
|
|
(6)
|
|
(73,336)
|
|
(53,362)
|
Depreciation and amortization
|
|
(91,110)
|
|
(86,093)
|
|
(267,262)
|
|
(271,270)
|
Operating loss
|
|
|
|
|
(109,853)
|
|
(40,009)
|
|
(194,294)
|
|
(166,654)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
|
|
|
Interest expense - sponsor notes
|
|
(23,346)
|
|
(20,092)
|
|
(67,197)
|
|
(57,699)
|
Interest expense - other
|
|
|
(42,681)
|
|
(47,665)
|
|
(131,649)
|
|
(142,714)
|
Other, net
|
|
|
|
|
|
808
|
|
1,129
|
|
(5,832)
|
|
(20,566)
|
|
|
|
|
|
|
|
(65,219)
|
|
(66,628)
|
|
(204,678)
|
|
(220,979)
|
Net
loss
|
|
|
|
|
|
$
(175,072)
|
|
$
(106,637)
|
|
$
(398,972)
|
|
$
(387,633)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER HOLDINGS, LLC
|
|
RECONCILIATION OF OPERATING INCOME (LOSS) TO
ADJUSTED EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
Three
Months Ended September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property transactions, net
|
|
Depreciation and amortization
|
|
Adjusted EBITDA
|
|
|
|
Aria
|
|
|
|
|
|
$
(25,512)
|
|
$
248
|
|
$
3,577
|
|
$
68,879
|
|
$
47,192
|
|
|
|
Vdara
|
|
|
|
|
|
(6,055)
|
|
-
|
|
-
|
|
10,370
|
|
4,315
|
|
|
|
Crystals
|
|
|
|
|
|
1,522
|
|
-
|
|
-
|
|
6,310
|
|
7,832
|
|
|
|
Mandarin Oriental
|
|
|
(5,156)
|
|
-
|
|
-
|
|
4,529
|
|
(627)
|
|
|
|
Resort operations
|
|
|
(35,201)
|
|
248
|
|
3,577
|
|
90,088
|
|
58,712
|
|
|
|
Residential operations
|
|
|
(38,072)
|
|
-
|
|
35,690
|
|
977
|
|
(1,405)
|
|
|
|
Development and administration
|
|
(36,580)
|
|
-
|
|
31,990
|
|
45
|
|
(4,545)
|
|
|
|
|
|
|
|
|
|
$
(109,853)
|
|
$
248
|
|
$
71,257
|
|
$
91,110
|
|
$
52,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property transactions, net
|
|
Depreciation and amortization
|
|
Adjusted EBITDA
|
|
|
|
Aria
|
|
|
|
|
|
$
(23,147)
|
|
$
-
|
|
$
-
|
|
$
63,566
|
|
$
40,419
|
|
|
|
Vdara
|
|
|
|
|
|
(5,387)
|
|
-
|
|
-
|
|
10,173
|
|
4,786
|
|
|
|
Crystals
|
|
|
|
|
|
(648)
|
|
-
|
|
-
|
|
6,619
|
|
5,971
|
|
|
|
Mandarin Oriental
|
|
|
(5,782)
|
|
-
|
|
-
|
|
4,449
|
|
(1,333)
|
|
|
|
Resort operations
|
|
|
(34,964)
|
|
-
|
|
-
|
|
84,807
|
|
49,843
|
|
|
|
Residential operations
|
|
|
(976)
|
|
-
|
|
-
|
|
1,198
|
|
222
|
|
|
|
Development and administration
|
|
(4,069)
|
|
-
|
|
6
|
|
88
|
|
(3,975)
|
|
|
|
|
|
|
|
|
|
$
(40,009)
|
|
$
-
|
|
$
6
|
|
$
86,093
|
|
$
46,090
|
|
|
CITYCENTER HOLDINGS, LLC
|
RECONCILIATION OF OPERATING INCOME (LOSS) TO
ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
Nine
Months Ended September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
|
|
|
|
$
(84,697)
|
|
$
248
|
|
$
5,563
|
|
$
200,529
|
|
$
121,643
|
|
Vdara
|
|
|
|
|
|
(14,664)
|
|
-
|
|
-
|
|
31,056
|
|
16,392
|
|
Crystals
|
|
|
|
|
|
4,183
|
|
-
|
|
-
|
|
19,021
|
|
23,204
|
|
Mandarin Oriental
|
|
|
(12,946)
|
|
-
|
|
-
|
|
13,568
|
|
622
|
|
Resort operations
|
|
|
(108,124)
|
|
248
|
|
5,563
|
|
264,174
|
|
161,861
|
|
Residential operations
|
|
|
(39,836)
|
|
-
|
|
35,690
|
|
2,929
|
|
(1,217)
|
|
Development and administration
|
|
(46,334)
|
|
-
|
|
32,083
|
|
159
|
|
(14,092)
|
|
|
|
|
|
|
|
$
(194,294)
|
|
$
248
|
|
$
73,336
|
|
$
267,262
|
|
$
146,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
Months Ended September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
|
|
|
|
$
(57,000)
|
|
$
-
|
|
$
-
|
|
$
205,473
|
|
$
148,473
|
|
Vdara
|
|
|
|
|
|
(15,127)
|
|
-
|
|
-
|
|
28,547
|
|
13,420
|
|
Crystals
|
|
|
|
|
|
(3,037)
|
|
-
|
|
-
|
|
20,322
|
|
17,285
|
|
Mandarin Oriental
|
|
|
(14,968)
|
|
-
|
|
-
|
|
13,966
|
|
(1,002)
|
|
Resort operations
|
|
|
(90,132)
|
|
-
|
|
-
|
|
268,308
|
|
178,176
|
|
Residential operations
|
|
|
(63,044)
|
|
-
|
|
52,624
|
|
2,628
|
|
(7,792)
|
|
Development and administration
|
|
(13,478)
|
|
-
|
|
738
|
|
334
|
|
(12,406)
|
|
|
|
|
|
|
|
$
(166,654)
|
|
$
-
|
|
$
53,362
|
|
$
271,270
|
|
$
157,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER HOLDINGS, LLC
|
SUPPLEMENTAL DATA - HOTEL
STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
88.5%
|
|
86.6%
|
|
89.2%
|
|
87.4%
|
|
ADR
|
|
|
|
|
|
$192
|
|
$200
|
|
$199
|
|
$201
|
|
REVPAR
|
|
|
|
|
|
$170
|
|
$173
|
|
$178
|
|
$176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
83.2%
|
|
83.8%
|
|
84.4%
|
|
86.0%
|
|
ADR
|
|
|
|
|
|
$153
|
|
$157
|
|
$159
|
|
$158
|
|
REVPAR
|
|
|
|
|
|
$127
|
|
$131
|
|
$134
|
|
$136
|
SOURCE MGM Resorts International