LAS VEGAS, Aug. 5, 2014 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today reported financial results for the
quarter ended June 30, 2014.
Diluted earnings per share for the second quarter of 2014 was
$0.21 compared to diluted loss per
share of $0.19 in the prior year
second quarter.
"I am pleased to report another solid quarter of growth at MGM
Resorts," said Jim Murren, Chairman
and CEO. "Our domestic business was very strong with 12%
EBITDA growth in Las Vegas driven
by strong performance in both our room and casino segments.
CityCenter resort operations continue to improve while in
Macau we grew cash flow and
margins due to a higher contribution of revenues from our main
floor business. These results clearly reflect the success of
our investments and strategies in our existing properties, while we
are building MGM Cotai and beginning construction on MGM National
Harbor."
Key results for the second quarter of 2014 include the
following:
- Consolidated net revenue was $2.6
billion, a 4% increase over the prior year second
quarter;
- Casino revenue at the Company's wholly owned domestic resorts
increased 6% compared to the prior year quarter;
- Rooms revenue at wholly owned domestic resorts increased 6%
with a 6% increase in REVPAR(1) at the Company's Las
Vegas Strip resorts compared to the prior year quarter;
- Adjusted Property EBITDA(2) was $643 million, an 8% increase compared to the
prior year quarter;
- The Company's wholly owned domestic resorts earned Adjusted
Property EBITDA of $414 million, a
10% increase compared to the prior year quarter;
- MGM China's Adjusted EBITDA was $210
million, a 3% increase compared to the prior year quarter,
including $14 million of branding fee
expense in the current quarter; and
- CityCenter earned Adjusted EBITDA related to resort operations
of $81 million, a 20% increase over
the prior year quarter.
Certain Items Affecting Second 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
June
30,
|
2014
|
2013
|
Preopening and
start-up expenses
|
$ (0.01)
|
$ —
|
Property
transactions, net:
|
|
|
Investment in Grand Victoria
impairment
|
(0.04)
|
(0.05)
|
Corporate buildings
impairment
|
—
|
(0.06)
|
Other property transactions,
net
|
(0.01)
|
(0.01)
|
IRS audit
settlement
|
0.06
|
—
|
The current year second quarter and prior year second quarter
results were affected by non-cash impairment charges of
$29 million and $37 million, respectively, related to the
Company's joint venture investment in Grand Victoria. In addition,
the Company recorded an impairment charge of $45 million in the prior year second quarter
related to corporate buildings located on the land underlying the
Company's planned Las Vegas arena
project, which were removed from service in 2014.
The current year second quarter income tax provision was
affected by a $31 million benefit
resulting from the settlement of the Company's 2005-2009 IRS audits
during the quarter. In addition to the items in the table
above, the current year second quarter income tax provision was
favorably impacted by a net benefit recorded for foreign tax
credits generated by MGM China, while the prior year second quarter
income tax provision was unfavorably impacted by a valuation
allowance provided on U.S. deferred tax assets.
Wholly Owned Domestic Resorts
Casino revenue related to wholly owned domestic resorts
increased 6% compared to the prior year quarter due to an increase
in both table games volume and hold percentage. Table games hold
percentage in the second quarter of 2014 was 21.3% compared to
18.1% in the prior year quarter. Slots revenue decreased 1%
compared to the prior year quarter.
Rooms revenue increased 6% with Las Vegas Strip REVPAR up
6%. The following table shows key hotel statistics for the
Company's Las Vegas Strip resorts:
Three months ended
June 30,
|
2014
|
2013
|
Occupancy
%
|
96%
|
95%
|
Average Daily Rate
(ADR)
|
$ 141
|
$ 134
|
Revenue per Available
Room (REVPAR)
|
$ 135
|
$ 127
|
Food and beverage revenue increased 5% 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 23% for the second quarter of 2014 compared to
the prior year quarter due to a 7% increase in net revenues and
improved operating margins.
MGM China
On August 5, 2014, MGM China's
Board of Directors announced a dividend of $136 million, which will be paid to shareholders
of record as of August 25, 2014 and
distributed on or about September 1,
2014. MGM Resorts International will receive $69 million, representing its 51% share of the
dividend.
Key second quarter results for MGM China include the
following:
- MGM China earned net revenue of $828
million, a 1% decrease compared to the prior year
quarter;
- Main floor table games revenue increased 41% compared to the
prior year quarter;
- VIP table games revenue decreased 18% due to a decrease in VIP
table games turnover of 10% compared to the prior year quarter and
lower hold percentage of 2.7% in the current year quarter compared
to 2.9% in the prior year quarter;
- MGM China's Adjusted EBITDA was $210
million, a 3% increase compared to the prior year quarter,
including $14 million of branding fee
expense in the current quarter;
- MGM China's Adjusted EBITDA margin increased by 90 basis points
compared to the prior year quarter; and
- Operating income was $134 million
compared to $126 million in the prior
year quarter.
Income from Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of income from unconsolidated affiliates:
Three months ended
June 30,
|
2014
|
2013
|
|
(In
thousands)
|
CityCenter
|
$ (1,055)
|
$ 861
|
Other
|
6,923
|
5,821
|
|
$ 5,868
|
$ 6,682
|
Results for CityCenter Holdings, LLC for the second quarter of
2014 include the following (see schedules accompanying this release
for further detail on CityCenter's second quarter results):
- Net revenue from resort operations increased by 9% to
$304 million compared to $280 million in the prior year quarter;
- Adjusted EBITDA from resort operations was $81 million, an increase of 20% compared to the
prior year quarter;
- Aria's table games hold percentage was 23.4% compared to 20.8%
in the prior year quarter;
- Aria's occupancy percentage was 94% and its ADR was
$217, resulting in REVPAR of
$205, a 6% increase compared to the
prior year quarter;
- Vdara reported record REVPAR of $166, an increase of 10% compared to the prior
year quarter;
- Crystals reported Adjusted EBITDA of $11
million, an increase of 12% from the prior year quarter;
and
- Property transactions, net was $16
million compared to $10
million in the prior year quarter.
Financial Position
"Over the next year we expect free cash flow growth, dividends
from MGM China and the anticipated conversion of $1.45 billion of outstanding convertible notes to
dramatically improve our balance sheet," said Dan D'Arrigo,
Executive Vice President, CFO and Treasurer. "In July, we
capitalized on CityCenter's improved credit profile with under 5x
leverage to reduce the annual interest rate on its senior credit
facility by 75 basis points. We believe CityCenter is
positioned to generate significant free cash flow going
forward."
The Company's cash balance at June 30,
2014 was $1.4 billion, which
included $658 million at MGM
China. At June 30, 2014 the
Company had $2.8 billion of
borrowings outstanding under its $4.0
billion senior secured credit facility and $554 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 1-888-317-6003 for domestic callers and 1-412-317-6061
for international callers. The conference call access code is
1985444. A replay of the call will be available through
Wednesday, August 13, 2014. The
replay may be accessed by dialing 1-877-344-7529 or
1-412-317-0088. The replay access code is 10049632. 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, anticipated free
cash flow growth, the receipt of dividends from MGM China and the
conversion of the outstanding convertible notes. 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
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
1,475,165
|
|
$
|
1,443,157
|
|
$
|
3,058,597
|
|
$
|
2,844,577
|
|
Rooms
|
|
463,151
|
|
|
437,710
|
|
|
915,537
|
|
|
838,960
|
|
Food and
beverage
|
|
412,723
|
|
|
394,247
|
|
|
796,115
|
|
|
754,129
|
|
Entertainment
|
|
138,735
|
|
|
121,001
|
|
|
272,512
|
|
|
234,855
|
|
Retail
|
|
50,811
|
|
|
52,748
|
|
|
95,427
|
|
|
97,455
|
|
Other
|
|
134,068
|
|
|
127,914
|
|
|
259,495
|
|
|
251,740
|
|
Reimbursed
costs
|
|
95,745
|
|
|
92,741
|
|
|
190,720
|
|
|
182,977
|
|
|
|
2,770,398
|
|
|
2,669,518
|
|
|
5,588,403
|
|
|
5,204,693
|
|
Less: Promotional
allowances
|
|
(189,365)
|
|
|
(188,253)
|
|
|
(376,972)
|
|
|
(371,280)
|
|
|
|
2,581,033
|
|
|
2,481,265
|
|
|
5,211,431
|
|
|
4,833,413
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
916,817
|
|
|
916,807
|
|
|
1,907,651
|
|
|
1,792,053
|
|
Rooms
|
|
142,413
|
|
|
134,001
|
|
|
276,651
|
|
|
261,710
|
|
Food and
beverage
|
|
241,124
|
|
|
225,696
|
|
|
461,182
|
|
|
430,436
|
|
Entertainment
|
|
104,761
|
|
|
89,940
|
|
|
203,698
|
|
|
173,665
|
|
Retail
|
|
26,055
|
|
|
27,865
|
|
|
49,531
|
|
|
53,831
|
|
Other
|
|
92,077
|
|
|
92,819
|
|
|
179,654
|
|
|
178,792
|
|
Reimbursed
costs
|
|
95,745
|
|
|
92,741
|
|
|
190,720
|
|
|
182,977
|
|
General and
administrative
|
|
327,484
|
|
|
314,324
|
|
|
646,730
|
|
|
618,225
|
|
Corporate
expense
|
|
54,439
|
|
|
52,364
|
|
|
107,790
|
|
|
98,988
|
|
Preopening and
start-up expenses
|
|
9,759
|
|
|
3,506
|
|
|
15,395
|
|
|
5,652
|
|
Property
transactions, net
|
|
33,170
|
|
|
88,131
|
|
|
33,728
|
|
|
96,622
|
|
Depreciation and
amortization
|
|
203,070
|
|
|
218,151
|
|
|
410,725
|
|
|
430,069
|
|
|
|
2,246,914
|
|
|
2,256,345
|
|
|
4,483,455
|
|
|
4,323,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
5,868
|
|
|
6,682
|
|
|
24,644
|
|
|
23,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
339,987
|
|
|
231,602
|
|
|
752,620
|
|
|
533,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(203,936)
|
|
|
(214,500)
|
|
|
(413,323)
|
|
|
(439,947)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(14,578)
|
|
|
(38,864)
|
|
|
(28,301)
|
|
|
(60,943)
|
|
Other,
net
|
|
(309)
|
|
|
(4,951)
|
|
|
(1,743)
|
|
|
(6,233)
|
|
|
|
(218,823)
|
|
|
(258,315)
|
|
|
(443,367)
|
|
|
(507,123)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
121,164
|
|
|
(26,713)
|
|
|
309,253
|
|
|
26,296
|
|
Benefit
(provision) for income taxes
|
|
52,540
|
|
|
(3,865)
|
|
|
56,059
|
|
|
(34,296)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
173,704
|
|
|
(30,578)
|
|
|
365,312
|
|
|
(8,000)
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(68,160)
|
|
|
(62,380)
|
|
|
(151,608)
|
|
|
(78,412)
|
Net income
(loss) attributable to MGM Resorts
International
|
$
|
105,544
|
|
$
|
(92,958)
|
|
$
|
213,704
|
|
$
|
(86,412)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share of
common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
0.22
|
|
$
|
(0.19)
|
|
$
|
0.44
|
|
$
|
(0.18)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
490,786
|
|
|
489,484
|
|
|
490,692
|
|
|
489,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
0.21
|
|
$
|
(0.19)
|
|
$
|
0.42
|
|
$
|
(0.18)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
513,371
|
|
|
489,484
|
|
|
513,287
|
|
|
489,388
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,365,137
|
|
$
|
1,803,669
|
|
Accounts
receivable, net
|
|
473,922
|
|
|
488,217
|
|
Inventories
|
|
102,524
|
|
|
107,907
|
|
Deferred income
taxes, net
|
|
-
|
|
|
80,989
|
|
Prepaid expenses
and other
|
|
224,732
|
|
|
238,657
|
|
|
Total current
assets
|
|
2,166,315
|
|
|
2,719,439
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
14,113,722
|
|
|
14,055,212
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
1,420,924
|
|
|
1,374,836
|
|
Goodwill
|
|
|
2,898,861
|
|
|
2,897,442
|
|
Other intangible
assets, net
|
|
4,396,436
|
|
|
4,511,861
|
|
Other long-term
assets, net
|
|
576,045
|
|
|
551,395
|
|
|
Total other
assets
|
|
9,292,266
|
|
|
9,335,534
|
|
|
|
$
|
25,572,303
|
|
$
|
26,110,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
253,475
|
|
$
|
241,192
|
|
Income taxes
payable
|
|
32,817
|
|
|
14,813
|
|
Current portion of
long-term debt
|
|
317,194
|
|
|
-
|
|
Deferred income
taxes, net
|
|
1,522
|
|
|
-
|
|
Accrued interest
on long-term debt
|
|
191,141
|
|
|
188,522
|
|
Other accrued
liabilities
|
|
1,764,167
|
|
|
1,770,801
|
|
|
Total current
liabilities
|
|
2,560,316
|
|
|
2,215,328
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
2,356,998
|
|
|
2,430,414
|
Long-term
debt
|
|
12,606,520
|
|
|
13,447,230
|
Other long-term
obligations
|
|
106,941
|
|
|
141,590
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued and outstanding 490,712,807 and 490,360,628
shares
|
|
4,907
|
|
|
4,904
|
|
Capital in excess
of par value
|
|
4,166,365
|
|
|
4,156,680
|
|
Retained
earnings
|
|
270,796
|
|
|
57,092
|
|
Accumulated other
comprehensive income
|
|
15,235
|
|
|
12,503
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
4,457,303
|
|
|
4,231,179
|
|
Noncontrolling
interests
|
|
3,484,225
|
|
|
3,644,444
|
|
|
Total
stockholders' equity
|
|
7,941,528
|
|
|
7,875,623
|
|
|
|
$
|
25,572,303
|
|
$
|
26,110,185
|
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,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Bellagio
|
$
|
332,213
|
|
$
|
303,111
|
|
$
|
652,069
|
|
$
|
603,831
|
MGM Grand Las
Vegas
|
|
271,675
|
|
|
255,426
|
|
|
533,339
|
|
|
514,316
|
Mandalay
Bay
|
|
233,506
|
|
|
205,306
|
|
|
452,890
|
|
|
380,819
|
The
Mirage
|
|
146,670
|
|
|
142,383
|
|
|
294,918
|
|
|
286,936
|
Luxor
|
|
91,067
|
|
|
83,383
|
|
|
174,760
|
|
|
161,172
|
New York-New
York
|
|
71,865
|
|
|
69,070
|
|
|
144,833
|
|
|
138,338
|
Excalibur
|
|
72,125
|
|
|
69,967
|
|
|
139,698
|
|
|
131,776
|
Monte
Carlo
|
|
72,332
|
|
|
68,891
|
|
|
140,943
|
|
|
135,391
|
Circus Circus Las
Vegas
|
|
53,942
|
|
|
51,270
|
|
|
102,667
|
|
|
97,183
|
MGM Grand
Detroit
|
|
136,350
|
|
|
132,593
|
|
|
269,498
|
|
|
273,461
|
Beau
Rivage
|
|
87,588
|
|
|
85,959
|
|
|
170,014
|
|
|
166,869
|
Gold Strike
Tunica
|
|
39,500
|
|
|
36,400
|
|
|
76,419
|
|
|
73,442
|
Other resort
operations
|
|
30,437
|
|
|
32,237
|
|
|
57,456
|
|
|
61,650
|
Wholly
owned domestic resorts
|
|
1,639,270
|
|
|
1,535,996
|
|
|
3,209,504
|
|
|
3,025,184
|
MGM
China
|
|
827,928
|
|
|
835,149
|
|
|
1,769,376
|
|
|
1,582,706
|
Management and
other operations
|
|
113,835
|
|
|
110,120
|
|
|
232,551
|
|
|
225,523
|
|
$
|
2,581,033
|
|
$
|
2,481,265
|
|
$
|
5,211,431
|
|
$
|
4,833,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Bellagio
|
$
|
115,619
|
|
$
|
99,522
|
|
$
|
220,768
|
|
$
|
189,101
|
MGM Grand Las
Vegas
|
|
54,371
|
|
|
49,635
|
|
|
116,604
|
|
|
111,640
|
Mandalay
Bay
|
|
53,003
|
|
|
49,358
|
|
|
109,003
|
|
|
88,772
|
The
Mirage
|
|
28,910
|
|
|
24,528
|
|
|
64,329
|
|
|
54,689
|
Luxor
|
|
21,322
|
|
|
18,288
|
|
|
39,300
|
|
|
33,862
|
New York-New
York
|
|
24,478
|
|
|
23,672
|
|
|
50,105
|
|
|
47,072
|
Excalibur
|
|
20,706
|
|
|
19,771
|
|
|
39,596
|
|
|
34,880
|
Monte
Carlo
|
|
19,999
|
|
|
19,883
|
|
|
39,894
|
|
|
37,369
|
Circus Circus Las
Vegas
|
|
7,213
|
|
|
5,296
|
|
|
12,522
|
|
|
9,853
|
MGM Grand
Detroit
|
|
39,653
|
|
|
38,662
|
|
|
73,019
|
|
|
78,315
|
Beau
Rivage
|
|
18,489
|
|
|
16,466
|
|
|
33,130
|
|
|
30,339
|
Gold Strike
Tunica
|
|
10,185
|
|
|
8,518
|
|
|
19,752
|
|
|
18,505
|
Other resort
operations
|
|
450
|
|
|
2,004
|
|
|
(778)
|
|
|
2,243
|
Wholly
owned domestic resorts
|
|
414,398
|
|
|
375,603
|
|
|
817,244
|
|
|
736,640
|
MGM
China
|
|
210,488
|
|
|
204,815
|
|
|
451,213
|
|
|
385,270
|
CityCenter
(50%)(1)
|
|
(1,055)
|
|
|
861
|
|
|
12,991
|
|
|
12,556
|
Other
unconsolidated resorts(1)
|
|
6,923
|
|
|
5,821
|
|
|
11,653
|
|
|
10,470
|
Management and
other operations
|
|
12,102
|
|
|
9,060
|
|
|
31,954
|
|
|
24,821
|
|
$
|
642,856
|
|
$
|
596,160
|
|
$
|
1,325,055
|
|
$
|
1,169,757
|
|
(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
June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
94,027
|
|
$
|
-
|
|
$
|
594
|
|
$
|
20,998
|
|
$
|
115,619
|
MGM Grand Las
Vegas
|
|
34,429
|
|
|
-
|
|
|
207
|
|
|
19,735
|
|
|
54,371
|
Mandalay
Bay
|
|
33,524
|
|
|
331
|
|
|
241
|
|
|
18,907
|
|
|
53,003
|
The
Mirage
|
|
14,362
|
|
|
22
|
|
|
1,801
|
|
|
12,725
|
|
|
28,910
|
Luxor
|
|
11,734
|
|
|
(3)
|
|
|
1
|
|
|
9,590
|
|
|
21,322
|
New York-New
York
|
|
19,755
|
|
|
47
|
|
|
98
|
|
|
4,578
|
|
|
24,478
|
Excalibur
|
|
16,605
|
|
|
-
|
|
|
332
|
|
|
3,769
|
|
|
20,706
|
Monte
Carlo
|
|
14,091
|
|
|
464
|
|
|
154
|
|
|
5,290
|
|
|
19,999
|
Circus Circus Las
Vegas
|
|
3,308
|
|
|
36
|
|
|
3
|
|
|
3,866
|
|
|
7,213
|
MGM Grand
Detroit
|
|
33,804
|
|
|
-
|
|
|
78
|
|
|
5,771
|
|
|
39,653
|
Beau
Rivage
|
|
11,476
|
|
|
-
|
|
|
559
|
|
|
6,454
|
|
|
18,489
|
Gold Strike
Tunica
|
|
6,651
|
|
|
-
|
|
|
265
|
|
|
3,269
|
|
|
10,185
|
Other resort
operations
|
|
(86)
|
|
|
-
|
|
|
(8)
|
|
|
544
|
|
|
450
|
Wholly
owned domestic resorts
|
|
293,680
|
|
|
897
|
|
|
4,325
|
|
|
115,496
|
|
|
414,398
|
MGM
China
|
|
134,112
|
|
|
2,917
|
|
|
48
|
|
|
73,411
|
|
|
210,488
|
CityCenter
(50%)
|
|
(1,055)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,055)
|
Other
unconsolidated resorts
|
|
6,822
|
|
|
101
|
|
|
-
|
|
|
-
|
|
|
6,923
|
Management and
other operations
|
|
10,054
|
|
|
-
|
|
|
1
|
|
|
2,047
|
|
|
12,102
|
|
|
443,613
|
|
|
3,915
|
|
|
4,374
|
|
|
190,954
|
|
|
642,856
|
Stock
compensation
|
|
(6,393)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6,393)
|
Corporate
|
|
(97,233)
|
|
|
5,844
|
|
|
28,796
|
|
|
12,116
|
|
|
(50,477)
|
|
$
|
339,987
|
|
$
|
9,759
|
|
$
|
33,170
|
|
$
|
203,070
|
|
$
|
585,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2013
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
71,386
|
|
$
|
-
|
|
$
|
337
|
|
$
|
27,799
|
|
$
|
99,522
|
MGM Grand Las
Vegas
|
|
29,400
|
|
|
-
|
|
|
104
|
|
|
20,131
|
|
|
49,635
|
Mandalay
Bay
|
|
23,414
|
|
|
1,078
|
|
|
1,854
|
|
|
23,012
|
|
|
49,358
|
The
Mirage
|
|
11,714
|
|
|
-
|
|
|
141
|
|
|
12,673
|
|
|
24,528
|
Luxor
|
|
9,097
|
|
|
112
|
|
|
(252)
|
|
|
9,331
|
|
|
18,288
|
New York-New
York
|
|
17,958
|
|
|
-
|
|
|
499
|
|
|
5,215
|
|
|
23,672
|
Excalibur
|
|
16,382
|
|
|
-
|
|
|
13
|
|
|
3,376
|
|
|
19,771
|
Monte
Carlo
|
|
12,183
|
|
|
58
|
|
|
2,964
|
|
|
4,678
|
|
|
19,883
|
Circus Circus Las
Vegas
|
|
801
|
|
|
-
|
|
|
10
|
|
|
4,485
|
|
|
5,296
|
MGM Grand
Detroit
|
|
32,709
|
|
|
-
|
|
|
-
|
|
|
5,953
|
|
|
38,662
|
Beau
Rivage
|
|
8,732
|
|
|
-
|
|
|
7
|
|
|
7,727
|
|
|
16,466
|
Gold Strike
Tunica
|
|
3,966
|
|
|
-
|
|
|
1,187
|
|
|
3,365
|
|
|
8,518
|
Other resort
operations
|
|
1,441
|
|
|
-
|
|
|
-
|
|
|
563
|
|
|
2,004
|
Wholly
owned domestic resorts
|
|
239,183
|
|
|
1,248
|
|
|
6,864
|
|
|
128,308
|
|
|
375,603
|
MGM
China
|
|
126,134
|
|
|
2,258
|
|
|
150
|
|
|
76,273
|
|
|
204,815
|
CityCenter
(50%)
|
|
861
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
861
|
Other
unconsolidated resorts
|
|
5,821
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,821
|
Management and
other operations
|
|
6,111
|
|
|
-
|
|
|
(4)
|
|
|
2,953
|
|
|
9,060
|
|
|
378,110
|
|
|
3,506
|
|
|
7,010
|
|
|
207,534
|
|
|
596,160
|
Stock
compensation
|
|
(6,246)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6,246)
|
Corporate
|
|
(140,262)
|
|
|
-
|
|
|
81,121
|
|
|
10,617
|
|
|
(48,524)
|
|
$
|
231,602
|
|
$
|
3,506
|
|
$
|
88,131
|
|
$
|
218,151
|
|
$
|
541,390
|
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, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
|
$
|
175,878
|
|
$
|
-
|
|
$
|
573
|
|
$
|
44,317
|
|
$
|
220,768
|
MGM Grand Las
Vegas
|
|
|
75,361
|
|
|
197
|
|
|
199
|
|
|
40,847
|
|
|
116,604
|
Mandalay
Bay
|
|
|
67,935
|
|
|
1,133
|
|
|
239
|
|
|
39,696
|
|
|
109,003
|
The
Mirage
|
|
|
36,954
|
|
|
22
|
|
|
1,948
|
|
|
25,405
|
|
|
64,329
|
Luxor
|
|
|
20,541
|
|
|
-
|
|
|
-
|
|
|
18,759
|
|
|
39,300
|
New York-New
York
|
|
|
40,642
|
|
|
102
|
|
|
342
|
|
|
9,019
|
|
|
50,105
|
Excalibur
|
|
|
32,060
|
|
|
-
|
|
|
331
|
|
|
7,205
|
|
|
39,596
|
Monte
Carlo
|
|
|
28,105
|
|
|
1,379
|
|
|
157
|
|
|
10,253
|
|
|
39,894
|
Circus Circus Las
Vegas
|
|
|
4,845
|
|
|
36
|
|
|
(8)
|
|
|
7,649
|
|
|
12,522
|
MGM Grand
Detroit
|
|
|
61,458
|
|
|
-
|
|
|
78
|
|
|
11,483
|
|
|
73,019
|
Beau
Rivage
|
|
|
19,642
|
|
|
-
|
|
|
559
|
|
|
12,929
|
|
|
33,130
|
Gold Strike
Tunica
|
|
|
13,016
|
|
|
-
|
|
|
265
|
|
|
6,471
|
|
|
19,752
|
Other resort
operations
|
|
|
(1,855)
|
|
|
-
|
|
|
(8)
|
|
|
1,085
|
|
|
(778)
|
Wholly
owned domestic resorts
|
|
|
574,582
|
|
|
2,869
|
|
|
4,675
|
|
|
235,118
|
|
|
817,244
|
MGM
China
|
|
|
298,701
|
|
|
5,325
|
|
|
(56)
|
|
|
147,243
|
|
|
451,213
|
CityCenter
(50%)
|
|
|
12,991
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
12,991
|
Other
unconsolidated resorts
|
|
|
11,533
|
|
|
120
|
|
|
-
|
|
|
-
|
|
|
11,653
|
Management and
other operations
|
|
|
27,015
|
|
|
-
|
|
|
1
|
|
|
4,938
|
|
|
31,954
|
|
|
|
924,822
|
|
|
8,314
|
|
|
4,620
|
|
|
387,299
|
|
|
1,325,055
|
Stock
compensation
|
|
|
(13,092)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(13,092)
|
Corporate
|
|
|
(159,110)
|
|
|
7,081
|
|
|
29,108
|
|
|
23,426
|
|
|
(99,495)
|
|
|
$
|
752,620
|
|
$
|
15,395
|
|
$
|
33,728
|
|
$
|
410,725
|
|
$
|
1,212,468
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2013
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
|
$
|
137,778
|
|
$
|
-
|
|
$
|
341
|
|
$
|
50,982
|
|
$
|
189,101
|
MGM Grand Las
Vegas
|
|
|
70,372
|
|
|
-
|
|
|
770
|
|
|
40,498
|
|
|
111,640
|
Mandalay
Bay
|
|
|
44,236
|
|
|
474
|
|
|
2,436
|
|
|
41,626
|
|
|
88,772
|
The
Mirage
|
|
|
25,264
|
|
|
-
|
|
|
4,295
|
|
|
25,130
|
|
|
54,689
|
Luxor
|
|
|
12,872
|
|
|
112
|
|
|
2,927
|
|
|
17,951
|
|
|
33,862
|
New York-New
York
|
|
|
35,695
|
|
|
-
|
|
|
530
|
|
|
10,847
|
|
|
47,072
|
Excalibur
|
|
|
27,544
|
|
|
-
|
|
|
13
|
|
|
7,323
|
|
|
34,880
|
Monte
Carlo
|
|
|
25,041
|
|
|
58
|
|
|
2,952
|
|
|
9,318
|
|
|
37,369
|
Circus Circus Las
Vegas
|
|
|
412
|
|
|
-
|
|
|
10
|
|
|
9,431
|
|
|
9,853
|
MGM Grand
Detroit
|
|
|
67,080
|
|
|
-
|
|
|
-
|
|
|
11,235
|
|
|
78,315
|
Beau
Rivage
|
|
|
15,159
|
|
|
-
|
|
|
(291)
|
|
|
15,471
|
|
|
30,339
|
Gold Strike
Tunica
|
|
|
10,786
|
|
|
-
|
|
|
1,174
|
|
|
6,545
|
|
|
18,505
|
Other resort
operations
|
|
|
1,113
|
|
|
-
|
|
|
(1)
|
|
|
1,131
|
|
|
2,243
|
Wholly
owned domestic resorts
|
|
|
473,352
|
|
|
644
|
|
|
15,156
|
|
|
247,488
|
|
|
736,640
|
MGM
China
|
|
|
225,251
|
|
|
4,632
|
|
|
345
|
|
|
155,042
|
|
|
385,270
|
CityCenter
(50%)
|
|
|
12,180
|
|
|
376
|
|
|
-
|
|
|
-
|
|
|
12,556
|
Other
unconsolidated resorts
|
|
|
10,470
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
10,470
|
Management and
other operations
|
|
|
18,894
|
|
|
-
|
|
|
-
|
|
|
5,927
|
|
|
24,821
|
|
|
|
740,147
|
|
|
5,652
|
|
|
15,501
|
|
|
408,457
|
|
|
1,169,757
|
Stock
compensation
|
|
|
(13,189)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(13,189)
|
Corporate
|
|
|
(193,539)
|
|
|
-
|
|
|
81,121
|
|
|
21,612
|
|
|
(90,806)
|
|
|
$
|
533,419
|
|
$
|
5,652
|
|
$
|
96,622
|
|
$
|
430,069
|
|
$
|
1,065,762
|
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,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Adjusted
EBITDA
|
$
|
585,986
|
|
$
|
541,390
|
|
$
|
1,212,468
|
|
$
|
1,065,762
|
Preopening
and start-up expenses
|
|
(9,759)
|
|
|
(3,506)
|
|
|
(15,395)
|
|
|
(5,652)
|
Property
transactions, net
|
|
(33,170)
|
|
|
(88,131)
|
|
|
(33,728)
|
|
|
(96,622)
|
Depreciation and amortization
|
|
(203,070)
|
|
|
(218,151)
|
|
|
(410,725)
|
|
|
(430,069)
|
Operating
income
|
|
339,987
|
|
|
231,602
|
|
|
752,620
|
|
|
533,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
(203,936)
|
|
|
(214,500)
|
|
|
(413,323)
|
|
|
(439,947)
|
Other,
net
|
|
(14,887)
|
|
|
(43,815)
|
|
|
(30,044)
|
|
|
(67,176)
|
|
|
|
(218,823)
|
|
|
(258,315)
|
|
|
(443,367)
|
|
|
(507,123)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
121,164
|
|
|
(26,713)
|
|
|
309,253
|
|
|
26,296
|
Benefit
(provision) for income taxes
|
|
52,540
|
|
|
(3,865)
|
|
|
56,059
|
|
|
(34,296)
|
Net income
(loss)
|
|
173,704
|
|
|
(30,578)
|
|
|
365,312
|
|
|
(8,000)
|
Less: Net
income attributable to noncontrolling interests
|
|
(68,160)
|
|
|
(62,380)
|
|
|
(151,608)
|
|
|
(78,412)
|
Net income (loss)
attributable to MGM Resorts
International
|
$
|
105,544
|
|
$
|
(92,958)
|
|
$
|
213,704
|
|
$
|
(86,412)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
95.8%
|
|
|
95.9%
|
|
|
94.0%
|
|
|
94.3%
|
|
Average daily rate (ADR)
|
|
$259
|
|
|
$247
|
|
|
$261
|
|
|
$244
|
|
Revenue per available room (REVPAR)
|
|
$248
|
|
|
$237
|
|
|
$245
|
|
|
$230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
98.1%
|
|
|
96.4%
|
|
|
96.7%
|
|
|
94.7%
|
|
ADR
|
|
$150
|
|
|
$143
|
|
|
$155
|
|
|
$144
|
|
REVPAR
|
|
$147
|
|
|
$138
|
|
|
$150
|
|
|
$137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.9%
|
|
|
94.2%
|
|
|
93.6%
|
|
|
91.5%
|
|
ADR
|
|
$200
|
|
|
$192
|
|
|
$201
|
|
|
$187
|
|
REVPAR
|
|
$190
|
|
|
$181
|
|
|
$188
|
|
|
$171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
96.9%
|
|
|
96.3%
|
|
|
95.8%
|
|
|
95.7%
|
|
ADR
|
|
$162
|
|
|
$152
|
|
|
$166
|
|
|
$151
|
|
REVPAR
|
|
$157
|
|
|
$147
|
|
|
$159
|
|
|
$144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
97.2%
|
|
|
95.2%
|
|
|
95.3%
|
|
|
92.9%
|
|
ADR
|
|
$97
|
|
|
$90
|
|
|
$99
|
|
|
$88
|
|
REVPAR
|
|
$94
|
|
|
$86
|
|
|
$94
|
|
|
$82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
99.2%
|
|
|
98.3%
|
|
|
98.6%
|
|
|
97.8%
|
|
ADR
|
|
$123
|
|
|
$115
|
|
|
$125
|
|
|
$113
|
|
REVPAR
|
|
$122
|
|
|
$113
|
|
|
$123
|
|
|
$111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
98.0%
|
|
|
95.5%
|
|
|
94.6%
|
|
|
90.6%
|
|
ADR
|
|
$80
|
|
|
$74
|
|
|
$81
|
|
|
$73
|
|
REVPAR
|
|
$79
|
|
|
$71
|
|
|
$77
|
|
|
$66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
99.3%
|
|
|
98.0%
|
|
|
97.7%
|
|
|
96.9%
|
|
ADR
|
|
$114
|
|
|
$107
|
|
|
$115
|
|
|
$105
|
|
REVPAR
|
|
$113
|
|
|
$105
|
|
|
$112
|
|
|
$102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
84.4%
|
|
|
85.5%
|
|
|
79.6%
|
|
|
79.5%
|
|
ADR
|
|
$60
|
|
|
$55
|
|
|
$61
|
|
|
$55
|
|
REVPAR
|
|
$50
|
|
|
$47
|
|
|
$49
|
|
|
$43
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
$
|
245,144
|
|
$
|
226,102
|
|
$
|
498,833
|
|
$
|
484,612
|
|
|
|
|
|
Vdara
|
|
26,867
|
|
|
24,355
|
|
|
53,117
|
|
|
46,414
|
|
|
|
|
|
Crystals
|
|
16,649
|
|
|
15,494
|
|
|
33,401
|
|
|
29,451
|
|
|
|
|
|
Mandarin
Oriental
|
|
15,411
|
|
|
13,774
|
|
|
31,852
|
|
|
27,494
|
|
|
|
|
|
Resort
operations
|
|
304,071
|
|
|
279,725
|
|
|
617,203
|
|
|
587,971
|
|
|
|
|
|
Residential
operations
|
|
15,804
|
|
|
53,449
|
|
|
39,089
|
|
|
60,345
|
|
|
|
|
|
|
$
|
319,875
|
|
$
|
333,174
|
|
$
|
656,292
|
|
$
|
648,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
77,709
|
|
$
|
72,666
|
|
$
|
172,767
|
|
$
|
159,653
|
|
|
|
|
Preopening
and start-up expenses
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(752)
|
|
|
|
|
Property
transactions, net
|
|
(16,121)
|
|
|
(10,113)
|
|
|
(18,696)
|
|
|
(10,113)
|
|
|
|
|
Depreciation and amortization
|
|
(86,423)
|
|
|
(86,327)
|
|
|
(173,943)
|
|
|
(172,730)
|
|
|
|
|
Operating
loss
|
|
(24,835)
|
|
|
(23,774)
|
|
|
(19,872)
|
|
|
(23,942)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense - sponsor notes
|
|
-
|
|
|
(25,935)
|
|
|
-
|
|
|
(50,883)
|
|
|
|
|
Interest
expense - other
|
|
(22,518)
|
|
|
(42,984)
|
|
|
(45,370)
|
|
|
(86,454)
|
|
|
|
|
Other,
net
|
|
(4,435)
|
|
|
(33,073)
|
|
|
(6,748)
|
|
|
(32,330)
|
|
|
|
|
|
|
|
(26,953)
|
|
|
(101,992)
|
|
|
(52,118)
|
|
|
(169,667)
|
|
|
|
|
Net
loss
|
$
|
(51,788)
|
|
$
|
(125,766)
|
|
$
|
(71,990)
|
|
$
|
(193,609)
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2014
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
$
|
(6,274)
|
|
$
|
-
|
|
$
|
3,016
|
|
$
|
64,472
|
|
$
|
61,214
|
|
Vdara
|
|
|
(3,283)
|
|
|
-
|
|
|
128
|
|
|
10,482
|
|
|
7,327
|
|
Crystals
|
|
|
4,430
|
|
|
-
|
|
|
126
|
|
|
6,646
|
|
|
11,202
|
|
Mandarin
Oriental
|
|
|
(3,578)
|
|
|
-
|
|
|
44
|
|
|
4,710
|
|
|
1,176
|
|
Resort
operations
|
|
|
(8,705)
|
|
|
-
|
|
|
3,314
|
|
|
86,310
|
|
|
80,919
|
|
Residential
operations
|
|
|
2,084
|
|
|
-
|
|
|
-
|
|
|
113
|
|
|
2,197
|
|
Development and
administration
|
|
|
(18,214)
|
|
|
-
|
|
|
12,807
|
|
|
-
|
|
|
(5,407)
|
|
|
|
$
|
(24,835)
|
|
$
|
-
|
|
$
|
16,121
|
|
$
|
86,423
|
|
$
|
77,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2013
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
$
|
(14,713)
|
|
$
|
-
|
|
$
|
278
|
|
$
|
64,018
|
|
$
|
49,583
|
|
Vdara
|
|
|
(3,894)
|
|
|
-
|
|
|
-
|
|
|
10,394
|
|
|
6,500
|
|
Crystals
|
|
|
3,156
|
|
|
-
|
|
|
-
|
|
|
6,876
|
|
|
10,032
|
|
Mandarin
Oriental
|
|
|
(3,601)
|
|
|
-
|
|
|
-
|
|
|
4,676
|
|
|
1,075
|
|
Resort
operations
|
|
|
(19,052)
|
|
|
-
|
|
|
278
|
|
|
85,964
|
|
|
67,190
|
|
Residential
operations
|
|
|
(410)
|
|
|
-
|
|
|
9,835
|
|
|
355
|
|
|
9,780
|
|
Development and
administration
|
|
|
(4,312)
|
|
|
-
|
|
|
-
|
|
|
8
|
|
|
(4,304)
|
|
|
|
$
|
(23,774)
|
|
$
|
-
|
|
$
|
10,113
|
|
$
|
86,327
|
|
$
|
72,666
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
$
|
1,282
|
|
$
|
-
|
|
$
|
4,323
|
|
$
|
130,101
|
|
$
|
135,706
|
|
Vdara
|
|
|
(6,234)
|
|
|
-
|
|
|
128
|
|
|
20,707
|
|
|
14,601
|
|
Crystals
|
|
|
8,663
|
|
|
-
|
|
|
205
|
|
|
13,388
|
|
|
22,256
|
|
Mandarin
Oriental
|
|
|
(6,288)
|
|
|
-
|
|
|
44
|
|
|
9,429
|
|
|
3,185
|
|
Resort
operations
|
|
|
(2,577)
|
|
|
-
|
|
|
4,700
|
|
|
173,625
|
|
|
175,748
|
|
Residential
operations
|
|
|
4,691
|
|
|
-
|
|
|
1,114
|
|
|
318
|
|
|
6,123
|
|
Development and
administration
|
|
|
(21,986)
|
|
|
-
|
|
|
12,882
|
|
|
-
|
|
|
(9,104)
|
|
|
|
$
|
(19,872)
|
|
$
|
-
|
|
$
|
18,696
|
|
$
|
173,943
|
|
$
|
172,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2013
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
$
|
(1,614)
|
|
$
|
694
|
|
$
|
278
|
|
$
|
127,788
|
|
$
|
127,146
|
|
Vdara
|
|
|
(9,190)
|
|
|
-
|
|
|
-
|
|
|
21,209
|
|
|
12,019
|
|
Crystals
|
|
|
5,159
|
|
|
58
|
|
|
-
|
|
|
13,320
|
|
|
18,537
|
|
Mandarin
Oriental
|
|
|
(7,346)
|
|
|
-
|
|
|
-
|
|
|
9,686
|
|
|
2,340
|
|
Resort
operations
|
|
|
(12,991)
|
|
|
752
|
|
|
278
|
|
|
172,003
|
|
|
160,042
|
|
Residential
operations
|
|
|
(1,454)
|
|
|
-
|
|
|
9,835
|
|
|
711
|
|
|
9,092
|
|
Development and
administration
|
|
|
(9,497)
|
|
|
-
|
|
|
-
|
|
|
16
|
|
|
(9,481)
|
|
|
|
$
|
(23,942)
|
|
$
|
752
|
|
$
|
10,113
|
|
$
|
172,730
|
|
$
|
159,653
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.4%
|
|
|
91.7%
|
|
|
93.2%
|
|
|
90.3%
|
ADR
|
|
$217
|
|
|
$212
|
|
|
$223
|
|
|
$210
|
REVPAR
|
|
$205
|
|
|
$194
|
|
|
$208
|
|
|
$190
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.9%
|
|
|
91.4%
|
|
|
92.2%
|
|
|
88.6%
|
ADR
|
|
$175
|
|
|
$165
|
|
|
$180
|
|
|
$162
|
REVPAR
|
|
$166
|
|
|
$150
|
|
|
$166
|
|
|
$144
|
SOURCE MGM Resorts International