LAS VEGAS, April 29, 2014 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today reported financial results for the
quarter ended March 31, 2014.
Diluted earnings per share for the first quarter of 2014 was
$0.21, an improvement compared to
diluted earnings per share of $0.01
in the prior year first quarter.
"We are off to a strong start in 2014, with double digit
Adjusted EBITDA growth at our wholly owned domestic resorts and
record results at MGM China and CityCenter," said Jim Murren, Chairman and CEO. "In the
U.S., we are executing on our strategy to drive customer loyalty by
increasing incremental convention business to our properties
mid-week, hosting the best events on the weekends, and continually
bringing new and exciting capital initiatives to our properties.
Our development projects are well underway as MGM Cotai, our second
Macau property, is on schedule to
open in early 2016 and we are preparing to break ground on MGM
National Harbor, in Maryland this
summer, where we expect to open in 2016."
Key results for the first quarter of 2014 include the
following:
- Consolidated net revenue was $2.6
billion, a 12% increase over the prior year first
quarter;
- Consolidated casino revenue increased 13% compared to the prior
year quarter;
- Rooms revenue at wholly owned domestic resorts increased 13%
with a 14% increase in REVPAR(1) at the Company's Las
Vegas Strip resorts compared to the prior year quarter;
- Adjusted Property EBITDA(2) was $682 million compared to $574 million, a 19% increase compared to the
prior year quarter;
- The Company's wholly owned domestic resorts earned Adjusted
Property EBITDA of $403 million, a
12% increase compared to the prior year quarter;
- MGM China's Adjusted EBITDA was a record $241 million, a 33% increase compared to the
prior year quarter, including $16
million of branding fee expense in the current quarter
versus $13 million in the prior year
quarter;
- CityCenter earned record Adjusted EBITDA related to resort
operations of $95 million; and
- Consolidated operating income was $413
million compared to $302
million in the prior year quarter.
Certain Items Affecting First Quarter Results
The following table lists items that affect the comparability of
the current and prior year quarterly results (approximate EPS
impact shown, net of tax, per share; negative amounts represent
charges to income):
Three months
ended March 31,
|
2014
|
2013
|
Preopening and
start-up expenses
|
$ (0.01)
|
$ —
|
Property
transactions, net
|
—
|
(0.01)
|
Tax adjustments,
net
|
—
|
(0.01)
|
Wholly Owned Domestic Resorts
Casino revenue related to wholly owned domestic resorts
decreased 2% compared to the prior year quarter, due to a decrease
in table games hold percentage and a small decrease in slots
revenue. Table games hold percentage in the first quarter of 2014
was 20.8% compared to 21.9% for the prior year quarter. Slots
revenue increased 1% compared to the prior year quarter at the
Company's Las Vegas Strip resorts, but decreased 5% at the
Company's other wholly owned domestic resorts.
Rooms revenue increased 13% with Las Vegas Strip REVPAR up
14%. The following table shows key hotel statistics for the
Company's Las Vegas Strip resorts:
Three months ended
March 31,
|
2014
|
2013
|
Occupancy
%
|
92%
|
90%
|
Average Daily Rate
(ADR)
|
$ 147
|
$ 132
|
Revenue per Available
Room (REVPAR)
|
$ 135
|
$ 118
|
Food and beverage revenue increased 6% as a result of increased
convention and banquet business and the opening of several new
outlets. Operating income for the Company's wholly owned domestic
resorts increased 20% for the first quarter of 2014 compared to the
prior year quarter due primarily to the increase in rooms revenues
and improved rooms margins.
MGM China
Key first quarter results for MGM China include the
following:
- MGM China earned net revenue of $941
million, a 26% increase compared to the prior year
quarter;
- VIP table games turnover increased 12% from the prior year
quarter and hold percentage was 3.0% in the current year quarter
compared to 2.8% in the prior year quarter;
- Main floor table games revenue increased 45% compared to the
prior year quarter;
- MGM China's Adjusted EBITDA was a record $241 million, a 33% increase compared to the
prior year quarter, including $16
million of branding fee expense in the current quarter
versus $13 million in the prior year
quarter; and
- Operating income was $165 million
compared to $99 million in the prior
year quarter.
MGM China paid a $499 million
dividend in March 2014, of which
$254 million was distributed to MGM
Resorts and $245 million was
distributed to noncontrolling interests.
Income from Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of income from unconsolidated affiliates:
Three months
ended March 31,
|
2014
|
2013
|
|
(In
thousands)
|
CityCenter
|
$ 14,046
|
|
$ 11,695
|
Other
|
4,730
|
|
4,649
|
|
$18,776
|
|
$ 16,344
|
Results for CityCenter Holdings, LLC for the first quarter of
2014 include the following (see schedules accompanying this release
for further detail on CityCenter's first quarter results):
- Net revenue from resort operations increased by 2% to
$313 million compared to $308 million in the prior year quarter;
- Adjusted EBITDA from resort operations was $95 million, an increase of 2% compared to the
prior year quarter;
- Aria's table games hold percentage was 26.8% compared to 28.3%
in the prior year quarter;
- Aria's occupancy percentage was 92% and its ADR was
$229, resulting in record REVPAR of
$211, a 14% increase compared to the
prior year quarter;
- Vdara reported record REVPAR of $165, an increase of 21% compared to the prior
year quarter; and
- Crystals reported Adjusted EBITDA of $11
million, an increase of 30% from the prior year
quarter.
CityCenter's operating income increased to $5 million for the first quarter of 2014
primarily due to increased revenues and strong margins related to
its hotel operations.
Financial Position
"Our continued focus on driving revenue growth and maximizing
margins is reflected in our strong flow through at our Las Vegas resorts," said Dan D'Arrigo,
Executive Vice President, CFO and Treasurer. "These factors
along with continued strength at MGM China and CityCenter
contributed to significant year over year growth in net income and
earnings per share."
The Company's cash balance at March 31,
2014 was $1.1 billion, which
included $556 million at MGM
China. At March 31, 2014 the
Company had $2.8 billion of
borrowings outstanding under its $4.0
billion senior secured credit facility and $553 million outstanding under the $2.0 billion MGM China credit facility.
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
20455736. A replay of the call will be available through
Tuesday, May 6, 2014. The
replay may be accessed by dialing 1-855-859-2056 or
1-404-537-3406. The replay access code is 20455736. The call
will 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 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 portfolio of
destination resort brands including Bellagio, MGM Grand, Mandalay
Bay and The Mirage. The Company also owns 51% of MGM China Holdings
Limited, which owns the MGM Macau resort and casino and is in the
process of developing a gaming resort in Cotai, and 50% of
CityCenter in Las Vegas, which
features ARIA resort and casino. 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, within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve risks and/or
uncertainties, including those described in the Company's public
filings with the Securities and Exchange Commission. The
Company has 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 our development projects. 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 the Company operates
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 the Company's 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. If the Company updates one or
more forward-looking statements, no inference should be drawn that
it will make additional updates with respect to those other
forward-looking statements.
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2014
|
|
2013
|
Revenues:
|
|
|
|
|
|
|
Casino
|
$
|
1,583,432
|
|
$
|
1,401,420
|
|
Rooms
|
|
452,386
|
|
|
401,250
|
|
Food and
beverage
|
|
383,392
|
|
|
359,882
|
|
Entertainment
|
|
133,777
|
|
|
113,854
|
|
Retail
|
|
44,616
|
|
|
44,707
|
|
Other
|
|
125,427
|
|
|
123,826
|
|
Reimbursed
costs
|
|
94,975
|
|
|
90,236
|
|
|
|
|
2,818,005
|
|
|
2,535,175
|
|
Less: Promotional
allowances
|
|
(187,607)
|
|
|
(183,027)
|
|
|
|
|
2,630,398
|
|
|
2,352,148
|
Expenses:
|
|
|
|
|
|
|
Casino
|
|
990,834
|
|
|
875,246
|
|
Rooms
|
|
134,238
|
|
|
127,709
|
|
Food and
beverage
|
|
220,058
|
|
|
204,740
|
|
Entertainment
|
|
98,937
|
|
|
83,725
|
|
Retail
|
|
23,476
|
|
|
25,966
|
|
Other
|
|
87,577
|
|
|
85,973
|
|
Reimbursed
costs
|
|
94,975
|
|
|
90,236
|
|
General and
administrative
|
|
319,246
|
|
|
303,901
|
|
Corporate
expense
|
|
53,351
|
|
|
46,624
|
|
Preopening and
start-up expenses
|
|
5,636
|
|
|
2,146
|
|
Property
transactions, net
|
|
558
|
|
|
8,491
|
|
Depreciation and
amortization
|
|
207,655
|
|
|
211,918
|
|
|
|
|
2,236,541
|
|
|
2,066,675
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
18,776
|
|
|
16,344
|
|
|
|
|
|
|
|
|
Operating
income
|
|
412,633
|
|
|
301,817
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(209,387)
|
|
|
(225,447)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(13,723)
|
|
|
(22,079)
|
|
Other,
net
|
|
(1,434)
|
|
|
(1,282)
|
|
|
|
|
(224,544)
|
|
|
(248,808)
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
188,089
|
|
|
53,009
|
|
Benefit
(provision) for income taxes
|
|
3,519
|
|
|
(30,431)
|
|
|
|
|
|
|
|
|
Net
income
|
|
191,608
|
|
|
22,578
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(83,448)
|
|
|
(16,032)
|
Net income
attributable to MGM Resorts International
|
$
|
108,160
|
|
$
|
6,546
|
|
|
|
|
|
|
|
|
Per share of
common stock:
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
$
|
0.22
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
490,542
|
|
|
489,291
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
$
|
0.21
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
513,144
|
|
|
492,305
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,114,736
|
|
$
|
1,803,669
|
|
Accounts
receivable, net
|
|
492,535
|
|
|
488,217
|
|
Inventories
|
|
101,553
|
|
|
107,907
|
|
Deferred income
taxes, net
|
|
-
|
|
|
80,989
|
|
Prepaid expenses
and other
|
|
261,806
|
|
|
238,657
|
|
|
Total current
assets
|
|
1,970,630
|
|
|
2,719,439
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
14,034,075
|
|
|
14,055,212
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
1,416,664
|
|
|
1,374,836
|
|
Goodwill
|
|
|
2,896,542
|
|
|
2,897,442
|
|
Other intangible
assets, net
|
|
4,451,496
|
|
|
4,511,861
|
|
Other long-term
assets, net
|
|
581,302
|
|
|
551,395
|
|
|
Total other
assets
|
|
9,346,004
|
|
|
9,335,534
|
|
|
|
$
|
25,350,709
|
|
$
|
26,110,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
220,523
|
|
$
|
241,192
|
|
Income taxes
payable
|
|
20,549
|
|
|
14,813
|
|
Deferred income
taxes, net
|
|
46,642
|
|
|
-
|
|
Accrued interest
on long-term debt
|
|
188,281
|
|
|
188,522
|
|
Other accrued
liabilities
|
|
1,683,569
|
|
|
1,770,801
|
|
|
Total current
liabilities
|
|
2,159,564
|
|
|
2,215,328
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
2,305,322
|
|
|
2,430,414
|
Long-term
debt
|
|
|
12,930,728
|
|
|
13,447,230
|
Other long-term
obligations
|
|
132,249
|
|
|
141,590
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued and outstanding 490,609,242 and 490,360,628
shares
|
|
4,906
|
|
|
4,904
|
|
Capital in excess
of par value
|
|
4,160,895
|
|
|
4,156,680
|
|
Retained
earnings
|
|
165,252
|
|
|
57,092
|
|
Accumulated other
comprehensive income
|
|
12,236
|
|
|
12,503
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
4,343,289
|
|
|
4,231,179
|
|
Noncontrolling
interests
|
|
3,479,557
|
|
|
3,644,444
|
|
|
Total
stockholders' equity
|
|
7,822,846
|
|
|
7,875,623
|
|
|
|
$
|
25,350,709
|
|
$
|
26,110,185
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
2014
|
|
2013
|
Bellagio
|
|
|
|
|
$
|
319,856
|
|
$
|
300,720
|
MGM Grand Las
Vegas
|
|
|
261,664
|
|
|
258,890
|
Mandalay
Bay
|
|
|
|
219,384
|
|
|
175,513
|
The
Mirage
|
|
|
|
|
148,248
|
|
|
144,553
|
Luxor
|
|
|
|
|
|
83,693
|
|
|
77,789
|
New York-New
York
|
|
|
72,968
|
|
|
69,268
|
Excalibur
|
|
|
|
|
|
67,573
|
|
|
61,809
|
Monte
Carlo
|
|
|
|
|
68,611
|
|
|
66,500
|
Circus Circus Las
Vegas
|
|
|
48,725
|
|
|
45,913
|
MGM Grand
Detroit
|
|
|
133,148
|
|
|
140,868
|
Beau
Rivage
|
|
|
|
|
82,426
|
|
|
80,910
|
Gold Strike
Tunica
|
|
|
36,919
|
|
|
37,042
|
Other resort
operations
|
|
|
27,019
|
|
|
29,413
|
Wholly
owned domestic resorts
|
|
1,570,234
|
|
|
1,489,188
|
MGM
China
|
|
|
|
|
941,448
|
|
|
747,557
|
Management and
other operations
|
|
118,716
|
|
|
115,403
|
|
|
|
|
|
$
|
2,630,398
|
|
$
|
2,352,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
2014
|
|
2013
|
Bellagio
|
|
|
|
|
$
|
105,149
|
|
$
|
89,579
|
MGM Grand Las
Vegas
|
|
|
62,233
|
|
|
62,005
|
Mandalay
Bay
|
|
|
|
56,000
|
|
|
39,414
|
The
Mirage
|
|
|
|
|
35,419
|
|
|
30,161
|
Luxor
|
|
|
|
|
|
17,978
|
|
|
15,574
|
New York-New
York
|
|
|
25,627
|
|
|
23,400
|
Excalibur
|
|
|
|
|
|
18,890
|
|
|
15,109
|
Monte
Carlo
|
|
|
|
|
19,895
|
|
|
17,486
|
Circus Circus Las
Vegas
|
|
|
5,309
|
|
|
4,557
|
MGM Grand
Detroit
|
|
|
33,366
|
|
|
39,653
|
Beau
Rivage
|
|
|
|
|
14,641
|
|
|
13,873
|
Gold Strike
Tunica
|
|
|
9,567
|
|
|
9,987
|
Other resort
operations
|
|
|
(1,228)
|
|
|
239
|
Wholly
owned domestic resorts
|
|
402,846
|
|
|
361,037
|
MGM
China
|
|
|
|
|
240,725
|
|
|
180,455
|
CityCenter
(50%)(1)
|
|
|
14,046
|
|
|
11,695
|
Other
unconsolidated resorts(1)
|
|
4,730
|
|
|
4,649
|
Management and
other operations
|
|
19,852
|
|
|
15,761
|
|
|
|
|
|
$
|
682,199
|
|
$
|
573,597
|
|
|
|
|
|
|
|
|
|
|
(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, 2014
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted EBITDA
|
Bellagio
|
$
|
81,851
|
|
$
|
-
|
|
$
|
(21)
|
|
$
|
23,319
|
|
$
|
105,149
|
MGM Grand Las
Vegas
|
|
40,932
|
|
|
197
|
|
|
(8)
|
|
|
21,112
|
|
|
62,233
|
Mandalay
Bay
|
|
34,411
|
|
|
802
|
|
|
(2)
|
|
|
20,789
|
|
|
56,000
|
The
Mirage
|
|
22,592
|
|
|
-
|
|
|
147
|
|
|
12,680
|
|
|
35,419
|
Luxor
|
|
8,807
|
|
|
3
|
|
|
(1)
|
|
|
9,169
|
|
|
17,978
|
New York-New
York
|
|
20,887
|
|
|
55
|
|
|
244
|
|
|
4,441
|
|
|
25,627
|
Excalibur
|
|
15,455
|
|
|
-
|
|
|
(1)
|
|
|
3,436
|
|
|
18,890
|
Monte
Carlo
|
|
14,014
|
|
|
915
|
|
|
3
|
|
|
4,963
|
|
|
19,895
|
Circus Circus Las
Vegas
|
|
1,537
|
|
|
-
|
|
|
(11)
|
|
|
3,783
|
|
|
5,309
|
MGM Grand
Detroit
|
|
27,654
|
|
|
-
|
|
|
-
|
|
|
5,712
|
|
|
33,366
|
Beau
Rivage
|
|
8,166
|
|
|
-
|
|
|
-
|
|
|
6,475
|
|
|
14,641
|
Gold Strike
Tunica
|
|
6,365
|
|
|
-
|
|
|
-
|
|
|
3,202
|
|
|
9,567
|
Other resort
operations
|
|
(1,769)
|
|
|
-
|
|
|
-
|
|
|
541
|
|
|
(1,228)
|
Wholly
owned domestic resorts
|
|
280,902
|
|
|
1,972
|
|
|
350
|
|
|
119,622
|
|
|
402,846
|
MGM
China
|
|
164,589
|
|
|
2,408
|
|
|
(104)
|
|
|
73,832
|
|
|
240,725
|
CityCenter
(50%)
|
|
14,046
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
14,046
|
Other
unconsolidated resorts
|
|
4,711
|
|
|
19
|
|
|
-
|
|
|
-
|
|
|
4,730
|
Management and
other operations
|
|
16,961
|
|
|
-
|
|
|
-
|
|
|
2,891
|
|
|
19,852
|
|
|
481,209
|
|
|
4,399
|
|
|
246
|
|
|
196,345
|
|
|
682,199
|
Stock
compensation
|
|
(6,699)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6,699)
|
Corporate
|
|
(61,877)
|
|
|
1,237
|
|
|
312
|
|
|
11,310
|
|
|
(49,018)
|
|
$
|
412,633
|
|
$
|
5,636
|
|
$
|
558
|
|
$
|
207,655
|
|
$
|
626,482
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2013
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted EBITDA
|
Bellagio
|
$
|
66,392
|
|
$
|
-
|
|
$
|
4
|
|
$
|
23,183
|
|
$
|
89,579
|
MGM Grand Las
Vegas
|
|
40,972
|
|
|
-
|
|
|
666
|
|
|
20,367
|
|
|
62,005
|
Mandalay
Bay
|
|
20,822
|
|
|
(604)
|
|
|
582
|
|
|
18,614
|
|
|
39,414
|
The
Mirage
|
|
13,550
|
|
|
-
|
|
|
4,154
|
|
|
12,457
|
|
|
30,161
|
Luxor
|
|
3,775
|
|
|
-
|
|
|
3,179
|
|
|
8,620
|
|
|
15,574
|
New York-New
York
|
|
17,737
|
|
|
-
|
|
|
31
|
|
|
5,632
|
|
|
23,400
|
Excalibur
|
|
11,162
|
|
|
-
|
|
|
-
|
|
|
3,947
|
|
|
15,109
|
Monte
Carlo
|
|
12,858
|
|
|
-
|
|
|
(12)
|
|
|
4,640
|
|
|
17,486
|
Circus Circus Las
Vegas
|
|
(389)
|
|
|
-
|
|
|
-
|
|
|
4,946
|
|
|
4,557
|
MGM Grand
Detroit
|
|
34,371
|
|
|
-
|
|
|
-
|
|
|
5,282
|
|
|
39,653
|
Beau
Rivage
|
|
6,427
|
|
|
-
|
|
|
(298)
|
|
|
7,744
|
|
|
13,873
|
Gold Strike
Tunica
|
|
6,820
|
|
|
-
|
|
|
(13)
|
|
|
3,180
|
|
|
9,987
|
Other resort
operations
|
|
(328)
|
|
|
-
|
|
|
(1)
|
|
|
568
|
|
|
239
|
Wholly
owned domestic resorts
|
|
234,169
|
|
|
(604)
|
|
|
8,292
|
|
|
119,180
|
|
|
361,037
|
MGM
China
|
|
99,117
|
|
|
2,374
|
|
|
195
|
|
|
78,769
|
|
|
180,455
|
CityCenter
(50%)
|
|
11,319
|
|
|
376
|
|
|
-
|
|
|
-
|
|
|
11,695
|
Other
unconsolidated resorts
|
|
4,649
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4,649
|
Management and
other operations
|
|
12,783
|
|
|
-
|
|
|
4
|
|
|
2,974
|
|
|
15,761
|
|
|
362,037
|
|
|
2,146
|
|
|
8,491
|
|
|
200,923
|
|
|
573,597
|
Stock
compensation
|
|
(6,943)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6,943)
|
Corporate
|
|
(53,277)
|
|
|
-
|
|
|
-
|
|
|
10,995
|
|
|
(42,282)
|
|
$
|
301,817
|
|
$
|
2,146
|
|
$
|
8,491
|
|
$
|
211,918
|
|
$
|
524,372
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2014
|
|
2013
|
Adjusted
EBITDA
|
$
|
626,482
|
|
$
|
524,372
|
Preopening
and start-up expenses
|
|
(5,636)
|
|
|
(2,146)
|
Property
transactions, net
|
|
(558)
|
|
|
(8,491)
|
Depreciation and amortization
|
|
(207,655)
|
|
|
(211,918)
|
Operating
income
|
|
412,633
|
|
|
301,817
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
(209,387)
|
|
|
(225,447)
|
Other,
net
|
|
(15,157)
|
|
|
(23,361)
|
|
|
|
(224,544)
|
|
|
(248,808)
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
188,089
|
|
|
53,009
|
Benefit
(provision) for income taxes
|
|
3,519
|
|
|
(30,431)
|
Net
income
|
|
191,608
|
|
|
22,578
|
Less: Net
income attributable to noncontrolling interests
|
|
(83,448)
|
|
|
(16,032)
|
Net income
attributable to MGM Resorts International
|
$
|
108,160
|
|
$
|
6,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS - LAS VEGAS STRIP
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2014
|
|
2013
|
|
Bellagio
|
|
|
|
|
|
|
Occupancy %
|
|
92.3%
|
|
|
92.7%
|
|
Average daily rate (ADR)
|
|
$262
|
|
|
$240
|
|
Revenue per available room (REVPAR)
|
|
$242
|
|
|
$222
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
Occupancy %
|
|
95.2%
|
|
|
93.0%
|
|
ADR
|
|
$160
|
|
|
$145
|
|
REVPAR
|
|
$152
|
|
|
$135
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
Occupancy %
|
|
92.3%
|
|
|
88.7%
|
|
ADR
|
|
$202
|
|
|
$182
|
|
REVPAR
|
|
$186
|
|
|
$161
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
Occupancy %
|
|
94.6%
|
|
|
95.1%
|
|
ADR
|
|
$170
|
|
|
$149
|
|
REVPAR
|
|
$161
|
|
|
$142
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
Occupancy %
|
|
93.3%
|
|
|
90.5%
|
|
ADR
|
|
$102
|
|
|
$86
|
|
REVPAR
|
|
$95
|
|
|
$78
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
Occupancy %
|
|
97.9%
|
|
|
97.3%
|
|
ADR
|
|
$126
|
|
|
$112
|
|
REVPAR
|
|
$124
|
|
|
$109
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
Occupancy %
|
|
91.2%
|
|
|
85.7%
|
|
ADR
|
|
$82
|
|
|
$72
|
|
REVPAR
|
|
$75
|
|
|
$61
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
Occupancy %
|
|
96.0%
|
|
|
95.7%
|
|
ADR
|
|
$116
|
|
|
$104
|
|
REVPAR
|
|
$111
|
|
|
$99
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
Occupancy %
|
|
74.8%
|
|
|
73.4%
|
|
ADR
|
|
$63
|
|
|
$54
|
|
REVPAR
|
|
$47
|
|
|
$39
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
|
|
|
|
|
$
|
253,689
|
|
$
|
258,510
|
|
Vdara
|
|
|
|
|
|
|
26,250
|
|
|
22,059
|
|
Crystals
|
|
|
|
|
|
|
16,752
|
|
|
13,957
|
|
Mandarin
Oriental
|
|
|
|
16,441
|
|
|
13,720
|
|
Resort
operations
|
|
|
|
313,132
|
|
|
308,246
|
|
Residential
operations
|
|
|
|
23,285
|
|
|
6,896
|
|
|
|
|
|
|
|
$
|
336,417
|
|
$
|
315,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET LOSS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
$
|
95,058
|
|
$
|
86,987
|
Preopening
and start-up expenses
|
|
|
-
|
|
|
(752)
|
Property
transactions, net
|
|
|
|
(2,575)
|
|
|
-
|
Depreciation and amortization
|
|
|
(87,520)
|
|
|
(86,403)
|
Operating income
(loss)
|
|
|
|
4,963
|
|
|
(168)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
Interest
expense - sponsor notes
|
|
|
-
|
|
|
(24,948)
|
Interest
expense - other
|
|
|
|
(22,852)
|
|
|
(43,470)
|
Other,
net
|
|
|
|
|
|
|
(2,313)
|
|
|
743
|
|
|
|
|
|
|
|
|
(25,165)
|
|
|
(67,675)
|
Net
loss
|
|
|
|
|
|
$
|
(20,202)
|
|
$
|
(67,843)
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
|
92.0%
|
|
|
89.0%
|
|
ADR
|
|
|
|
|
|
|
$229
|
|
|
$209
|
|
REVPAR
|
|
|
|
|
|
|
$211
|
|
|
$186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
|
89.5%
|
|
|
85.7%
|
|
ADR
|
|
|
|
|
|
|
$185
|
|
|
$160
|
|
REVPAR
|
|
|
|
|
|
|
$165
|
|
|
$137
|
|
CITYCENTER
HOLDINGS, LLC
|
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2014
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
7,556
|
|
$
|
-
|
|
$
|
1,307
|
|
$
|
65,629
|
|
$
|
74,492
|
|
Vdara
|
|
(2,951)
|
|
|
-
|
|
|
-
|
|
|
10,225
|
|
|
7,274
|
|
Crystals
|
|
4,233
|
|
|
-
|
|
|
79
|
|
|
6,742
|
|
|
11,054
|
|
Mandarin
Oriental
|
|
(2,710)
|
|
|
-
|
|
|
-
|
|
|
4,719
|
|
|
2,009
|
|
Resort
operations
|
|
6,128
|
|
|
-
|
|
|
1,386
|
|
|
87,315
|
|
|
94,829
|
|
Residential
operations
|
|
2,607
|
|
|
-
|
|
|
1,114
|
|
|
205
|
|
|
3,926
|
|
Development and
administration
|
|
(3,772)
|
|
|
-
|
|
|
75
|
|
|
-
|
|
|
(3,697)
|
|
|
$
|
4,963
|
|
$
|
-
|
|
$
|
2,575
|
|
$
|
87,520
|
|
$
|
95,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2013
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
13,099
|
|
$
|
694
|
|
$
|
-
|
|
$
|
63,770
|
|
$
|
77,563
|
|
Vdara
|
|
(5,296)
|
|
|
-
|
|
|
-
|
|
|
10,815
|
|
|
5,519
|
|
Crystals
|
|
2,003
|
|
|
58
|
|
|
-
|
|
|
6,444
|
|
|
8,505
|
|
Mandarin
Oriental
|
|
(3,745)
|
|
|
-
|
|
|
-
|
|
|
5,010
|
|
|
1,265
|
|
Resort
operations
|
|
6,061
|
|
|
752
|
|
|
-
|
|
|
86,039
|
|
|
92,852
|
|
Residential
operations
|
|
(1,044)
|
|
|
-
|
|
|
-
|
|
|
356
|
|
|
(688)
|
|
Development and
administration
|
|
(5,185)
|
|
|
-
|
|
|
-
|
|
|
8
|
|
|
(5,177)
|
|
|
$
|
(168)
|
|
$
|
752
|
|
$
|
-
|
|
$
|
86,403
|
|
$
|
86,987
|
SOURCE MGM Resorts International