LAS VEGAS, Oct. 30, 2014 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today reported financial results for the
quarter ended September 30,
2014. Diluted loss per share for the third quarter of 2014
was $0.04 compared to diluted loss per share of $0.05 in the prior year third quarter.
"Our consolidated net revenues increased by 1% and EBITDA
increased by 2% during the quarter. In Las Vegas, the market
continues to improve as our top line revenues grew 3%. While
we expected to have some negative impact to margins during the
quarter as a result of the disruptions related to our investments
in Delano at Mandalay Bay and the Strip frontage at Monte Carlo, we were also negatively affected
by lower year over year table games hold and an increase in certain
expenses. Looking forward, we remain highly focused on
increasing revenues and expanding margins while driving operating
leverage in an improving market," said Jim
Murren, Chairman and Chief Executive Officer of MGM Resorts
International, "MGM China reported a 12% increase in EBITDA to
$214 million and margin expansion of
330 basis points despite a difficult market. The construction
of MGM Cotai is progressing well and is on time, and on budget, for
a fall 2016 opening."
Key results for the third quarter of 2014 include the
following:
- Consolidated net revenue was $2.5
billion, a 1% increase over the prior year quarter;
- Net revenue at the Company's wholly owned domestic resorts
increased 2% compared to the prior year quarter;
- Rooms revenue at wholly owned domestic resorts increased 5%
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 $570 million, a 2% increase compared to the prior
year quarter;
- The Company's wholly owned domestic resorts earned Adjusted
Property EBITDA of $328 million, a 6%
decrease compared to the prior year quarter, primarily due to a
decrease in table games hold percentage at its Las Vegas Strip
resorts which negatively affected Adjusted Property EBITDA by
approximately $18 million;
- MGM China's Adjusted EBITDA was $214
million, a 12% increase compared to the prior year quarter,
including $12 million of branding fee
expense in the current quarter compared to $8 million in the prior year quarter; and
- CityCenter earned Adjusted EBITDA related to resort operations
of $64 million, a 2% increase over
the prior year quarter.
Certain Items Affecting Third 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
September 30,
|
2014
|
2013
|
Preopening and
start-up expenses
|
$ (0.01)
|
$ —
|
Property
transactions, net
|
(0.01)
|
(0.03)
|
Property transactions, net in the prior year quarter included a
non-cash impairment charge of $20
million related to land holdings in Jean and Sloan,
Nevada.
Wholly Owned Domestic Resorts
Casino revenue related to wholly owned domestic resorts
decreased 4% compared to the prior year quarter due primarily to a
decrease in table games hold percentage. Table games hold
percentage in the third quarter of 2014 was 19.8% compared to 21.5%
in the prior year quarter. Slots revenue decreased slightly at the
Company's wholly owned domestic resorts compared to the prior year
quarter but increased 1% at the Company's Las Vegas Strip
resorts.
Rooms revenue increased 5% 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
September 30,
|
2014
|
2013
|
Occupancy
%
|
95%
|
93%
|
Average Daily Rate
(ADR)
|
$ 131
|
$ 127
|
Revenue per Available
Room (REVPAR)
|
$ 124
|
$ 117
|
Food and beverage revenue increased 9% as a result of increased
convention and banquet business and the opening of several new
outlets. Adjusted Property EBITDA margin decreased to 20.8% from
22.6% in the prior year quarter and was negatively affected by a
decrease in table games hold percentage, an increase in certain
expenses and disruption from the Company's investments in Delano at
Mandalay Bay and the new Strip frontage at Monte Carlo.
MGM China
Key third quarter results for MGM China include the
following:
- MGM China earned net revenue of $794
million, a 2% decrease compared to the prior year
quarter;
- VIP table games revenue decreased 19% due primarily to a
decrease in VIP table games turnover of 19% compared to the prior
year quarter, as well as a decrease in hold percentage to 2.7% in
the current year quarter compared to 2.8% in the prior year
quarter;
- Main floor table games revenue increased 34% compared to the
prior year quarter. Main floor table games volume increased
15% and hold percentage was 28.0% in the current year quarter
compared to 24.0% in the prior year quarter;
- MGM China's Adjusted EBITDA was $214
million, a 12% increase compared to the prior year quarter,
including $12 million of branding fee
expense in the current quarter compared to $8 million in the prior year quarter;
- MGM China's Adjusted EBITDA margin increased by 330 basis
points compared to the prior year quarter to 26.9%; and
- Operating income was $140 million
compared to $114 million in the prior
year quarter.
MGM China paid a $137 million
dividend in September 2014, of which
$70 million was distributed to MGM
Resorts and $67 million was
distributed to noncontrolling interests.
Income (Loss) from Unconsolidated
Affiliates
The following table summarizes information related to the
Company's share of income from unconsolidated
affiliates:
Three months ended
September 30,
|
2014
|
2013
|
|
(In
thousands)
|
CityCenter
|
$ (6,719)
|
$ (2,881)
|
Borgata
|
22,397
|
15,034
|
Other
|
7,325
|
6,809
|
|
$ 23,003
|
$ 18,962
|
In September 2014, the Company was
relicensed in the state of New Jersey. As a result, the
Company resumed accounting for its 50% interest in Borgata under
the equity method and has adjusted its prior period financial
statements retroactively as required by generally accepted
accounting principles.
Results for CityCenter Holdings, LLC for the third quarter of
2014 include the following (see schedules accompanying this release
for further detail on CityCenter's third quarter results):
- Net revenue from resort operations increased by 5% to
$280 million compared to $268 million in the prior year quarter;
- Adjusted EBITDA from resort operations was $64 million, an increase of 2% compared to the
prior year quarter;
- Aria's table games hold percentage was 21.7% compared to 22.5%
in the prior year quarter;
- Aria's occupancy percentage was 94% and its ADR was
$206, resulting in REVPAR of
$194, a 10% increase compared to the
prior year quarter;
- Vdara reported REVPAR of $153, an
increase of 12% compared to the prior year quarter; and
- Crystals reported Adjusted EBITDA of $11
million, an increase of 8% from the prior year quarter.
Financial Position
"Since our last earnings release, we have made significant
progress in achieving certain financial goals. We were
unanimously approved for a casino license in the state of
New Jersey, and as a result
received $83 million in cash from our
previous trust arrangement," said Dan D'Arrigo, Executive Vice
President, CFO and Treasurer of MGM Resorts International. "MGM
Resorts along with AEG secured a $200
million bank facility to fund the development and
construction of our new 20,000 seat arena which is underway on the
Las Vegas Strip between New York-New
York and Monte Carlo."
The Company's cash balance at September
30, 2014 was $1.3 billion,
which included $540 million at MGM
China. At September 30, 2014
the Company had $2.8 billion of
borrowings outstanding under its $4.0
billion senior secured credit facility and $552 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
6307991. A replay of the call will be available through
Friday, November 7, 2014. The
replay may be accessed by dialing 1-877-344-7529 or
1-412-317-0088. The replay access code is 10054034. 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 the timing and costs of our development
projects, including MGM Cotai, and the Company's ability to
increase its revenues, margins and the operating leverage of its
resort portfolio. 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
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
1,420,538
|
|
$
|
1,460,300
|
|
$
|
4,479,135
|
|
$
|
4,304,877
|
|
Rooms
|
|
433,005
|
|
|
413,060
|
|
|
1,348,542
|
|
|
1,252,020
|
|
Food and
beverage
|
|
396,470
|
|
|
366,988
|
|
|
1,192,585
|
|
|
1,121,117
|
|
Entertainment
|
|
146,315
|
|
|
145,799
|
|
|
418,827
|
|
|
380,654
|
|
Retail
|
|
50,720
|
|
|
52,151
|
|
|
146,147
|
|
|
149,606
|
|
Other
|
|
132,126
|
|
|
123,180
|
|
|
391,621
|
|
|
374,920
|
|
Reimbursed
costs
|
|
98,317
|
|
|
92,038
|
|
|
289,037
|
|
|
275,015
|
|
|
|
2,677,491
|
|
|
2,653,516
|
|
|
8,265,894
|
|
|
7,858,209
|
|
Less: Promotional
allowances
|
|
(192,484)
|
|
|
(190,479)
|
|
|
(569,456)
|
|
|
(561,759)
|
|
|
|
2,485,007
|
|
|
2,463,037
|
|
|
7,696,438
|
|
|
7,296,450
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
884,177
|
|
|
913,137
|
|
|
2,791,828
|
|
|
2,705,190
|
|
Rooms
|
|
143,993
|
|
|
132,386
|
|
|
420,644
|
|
|
394,096
|
|
Food and
beverage
|
|
234,307
|
|
|
214,683
|
|
|
695,489
|
|
|
645,119
|
|
Entertainment
|
|
109,757
|
|
|
107,939
|
|
|
313,455
|
|
|
281,604
|
|
Retail
|
|
26,183
|
|
|
28,053
|
|
|
75,714
|
|
|
81,884
|
|
Other
|
|
96,324
|
|
|
91,841
|
|
|
275,978
|
|
|
270,633
|
|
Reimbursed
costs
|
|
98,317
|
|
|
92,038
|
|
|
289,037
|
|
|
275,015
|
|
General and
administrative
|
|
347,487
|
|
|
342,847
|
|
|
994,217
|
|
|
961,072
|
|
Corporate
expense
|
|
61,563
|
|
|
54,190
|
|
|
169,353
|
|
|
153,178
|
|
Preopening and
start-up expenses
|
|
10,233
|
|
|
4,279
|
|
|
25,628
|
|
|
9,931
|
|
Property
transactions, net
|
|
6,794
|
|
|
26,127
|
|
|
40,522
|
|
|
122,749
|
|
Depreciation and
amortization
|
|
202,386
|
|
|
211,682
|
|
|
613,111
|
|
|
641,751
|
|
|
|
2,221,521
|
|
|
2,219,202
|
|
|
6,704,976
|
|
|
6,542,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
23,003
|
|
|
18,962
|
|
|
65,963
|
|
|
52,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
286,489
|
|
|
262,797
|
|
|
1,057,425
|
|
|
807,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(202,835)
|
|
|
(208,939)
|
|
|
(616,158)
|
|
|
(648,886)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(22,810)
|
|
|
(34,439)
|
|
|
(69,021)
|
|
|
(115,452)
|
|
Other,
net
|
|
(254)
|
|
|
(676)
|
|
|
(1,997)
|
|
|
(6,909)
|
|
|
|
(225,899)
|
|
|
(244,054)
|
|
|
(687,176)
|
|
|
(771,247)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
60,590
|
|
|
18,743
|
|
|
370,249
|
|
|
35,900
|
|
Benefit
(provision) for income taxes
|
|
(10,208)
|
|
|
14,428
|
|
|
44,401
|
|
|
(16,933)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
50,382
|
|
|
33,171
|
|
|
414,650
|
|
|
18,967
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(70,652)
|
|
|
(55,484)
|
|
|
(222,260)
|
|
|
(133,896)
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
(20,270)
|
|
$
|
(22,313)
|
|
$
|
192,390
|
|
$
|
(114,929)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share of
common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
(0.04)
|
|
$
|
(0.05)
|
|
$
|
0.39
|
|
$
|
(0.23)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
490,914
|
|
|
489,672
|
|
|
490,746
|
|
|
489,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
(0.04)
|
|
$
|
(0.05)
|
|
$
|
0.39
|
|
$
|
(0.23)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
490,914
|
|
|
489,672
|
|
|
497,228
|
|
|
489,484
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,313,427
|
|
$
|
1,803,669
|
|
Accounts
receivable, net
|
|
433,853
|
|
|
488,217
|
|
Inventories
|
|
99,274
|
|
|
107,907
|
|
Deferred income
taxes, net
|
|
-
|
|
|
80,989
|
|
Prepaid expenses
and other
|
|
144,503
|
|
|
238,657
|
|
|
Total current
assets
|
|
1,991,057
|
|
|
2,719,439
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
14,253,703
|
|
|
14,055,212
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
1,555,353
|
|
|
1,469,261
|
|
Goodwill
|
|
|
2,893,467
|
|
|
2,897,442
|
|
Other intangible
assets, net
|
|
4,331,768
|
|
|
4,511,861
|
|
Other long-term
assets, net
|
|
423,138
|
|
|
431,395
|
|
|
Total other
assets
|
|
9,203,726
|
|
|
9,309,959
|
|
|
|
$
|
25,448,486
|
|
$
|
26,084,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
266,696
|
|
$
|
241,192
|
|
Income taxes
payable
|
|
2,390
|
|
|
14,813
|
|
Current portion of
long-term debt
|
|
1,191,542
|
|
|
-
|
|
Deferred income
taxes, net
|
|
18,815
|
|
|
-
|
|
Accrued interest
on long-term debt
|
|
180,792
|
|
|
188,522
|
|
Other accrued
liabilities
|
|
1,709,079
|
|
|
1,770,801
|
|
|
Total current
liabilities
|
|
3,369,314
|
|
|
2,215,328
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
2,339,171
|
|
|
2,419,967
|
Long-term
debt
|
|
11,723,655
|
|
|
13,447,230
|
Other long-term
obligations
|
|
117,710
|
|
|
141,590
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
issued and outstanding 490,889,936 and 490,360,628
shares
|
|
4,909
|
|
|
4,904
|
|
Capital in excess
of par value
|
|
4,173,205
|
|
|
4,156,680
|
|
Retained
earnings
|
|
234,354
|
|
|
41,964
|
|
Accumulated other
comprehensive income
|
|
8,388
|
|
|
12,503
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
4,420,856
|
|
|
4,216,051
|
|
Noncontrolling
interests
|
|
3,477,780
|
|
|
3,644,444
|
|
|
Total
stockholders' equity
|
|
7,898,636
|
|
|
7,860,495
|
|
|
|
$
|
25,448,486
|
|
$
|
26,084,610
|
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,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Bellagio
|
$
|
302,024
|
|
$
|
274,812
|
|
$
|
954,093
|
|
$
|
878,643
|
|
MGM Grand Las
Vegas
|
|
273,272
|
|
|
274,265
|
|
|
806,611
|
|
|
788,581
|
|
Mandalay
Bay
|
|
216,956
|
|
|
214,289
|
|
|
669,846
|
|
|
595,108
|
|
The
Mirage
|
|
136,199
|
|
|
146,290
|
|
|
431,117
|
|
|
433,226
|
|
Luxor
|
|
92,395
|
|
|
85,903
|
|
|
267,155
|
|
|
247,075
|
|
New York-New
York
|
|
70,658
|
|
|
66,485
|
|
|
215,491
|
|
|
204,823
|
|
Excalibur
|
|
67,238
|
|
|
67,807
|
|
|
206,936
|
|
|
199,583
|
|
Monte
Carlo
|
|
69,198
|
|
|
64,971
|
|
|
210,141
|
|
|
200,362
|
|
Circus Circus Las
Vegas
|
|
57,741
|
|
|
55,044
|
|
|
160,408
|
|
|
152,227
|
|
MGM Grand
Detroit
|
|
127,703
|
|
|
133,764
|
|
|
397,201
|
|
|
407,225
|
|
Beau
Rivage
|
|
89,049
|
|
|
91,968
|
|
|
259,063
|
|
|
258,837
|
|
Gold Strike
Tunica
|
|
43,196
|
|
|
39,525
|
|
|
119,615
|
|
|
112,967
|
|
Other resort
operations
|
|
32,507
|
|
|
32,990
|
|
|
89,963
|
|
|
94,640
|
|
Wholly
owned domestic resorts
|
|
1,578,136
|
|
|
1,548,113
|
|
|
4,787,640
|
|
|
4,573,297
|
|
MGM
China
|
|
794,265
|
|
|
808,471
|
|
|
2,563,641
|
|
|
2,391,177
|
|
Management and
other operations
|
|
112,606
|
|
|
106,453
|
|
|
345,157
|
|
|
331,976
|
|
|
$
|
2,485,007
|
|
$
|
2,463,037
|
|
$
|
7,696,438
|
|
$
|
7,296,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Bellagio
|
$
|
88,420
|
|
$
|
70,111
|
|
$
|
309,188
|
|
$
|
259,212
|
|
MGM Grand Las
Vegas
|
|
53,847
|
|
|
66,098
|
|
|
170,451
|
|
|
177,738
|
|
Mandalay
Bay
|
|
29,796
|
|
|
42,036
|
|
|
138,799
|
|
|
130,808
|
|
The
Mirage
|
|
17,844
|
|
|
29,775
|
|
|
82,173
|
|
|
84,464
|
|
Luxor
|
|
17,563
|
|
|
15,285
|
|
|
56,863
|
|
|
49,147
|
|
New York-New
York
|
|
20,521
|
|
|
20,709
|
|
|
70,626
|
|
|
67,781
|
|
Excalibur
|
|
13,690
|
|
|
15,336
|
|
|
53,286
|
|
|
50,216
|
|
Monte
Carlo
|
|
14,150
|
|
|
15,245
|
|
|
54,044
|
|
|
52,614
|
|
Circus Circus Las
Vegas
|
|
6,093
|
|
|
5,848
|
|
|
18,615
|
|
|
15,701
|
|
MGM Grand
Detroit
|
|
34,583
|
|
|
36,855
|
|
|
107,602
|
|
|
115,170
|
|
Beau
Rivage
|
|
20,053
|
|
|
21,258
|
|
|
53,183
|
|
|
51,597
|
|
Gold Strike
Tunica
|
|
10,514
|
|
|
9,502
|
|
|
30,266
|
|
|
28,007
|
|
Other resort
operations
|
|
904
|
|
|
2,002
|
|
|
126
|
|
|
4,245
|
|
Wholly
owned domestic resorts
|
|
327,978
|
|
|
350,060
|
|
|
1,145,222
|
|
|
1,086,700
|
|
MGM
China
|
|
213,796
|
|
|
190,772
|
|
|
665,009
|
|
|
576,042
|
|
Unconsolidated
resorts(1)
|
|
23,003
|
|
|
18,962
|
|
|
65,963
|
|
|
52,919
|
|
Management and
other operations
|
|
5,184
|
|
|
1,644
|
|
|
37,138
|
|
|
26,465
|
|
|
$
|
569,961
|
|
$
|
561,438
|
|
$
|
1,913,332
|
|
$
|
1,742,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
September 30, 2014
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
$
|
65,589
|
|
$
|
-
|
|
$
|
284
|
|
$
|
22,547
|
|
$
|
88,420
|
|
MGM Grand Las
Vegas
|
|
33,236
|
|
|
-
|
|
|
44
|
|
|
20,567
|
|
|
53,847
|
|
Mandalay
Bay
|
|
10,478
|
|
|
-
|
|
|
1,606
|
|
|
17,712
|
|
|
29,796
|
|
The
Mirage
|
|
4,896
|
|
|
416
|
|
|
288
|
|
|
12,244
|
|
|
17,844
|
|
Luxor
|
|
8,018
|
|
|
2
|
|
|
50
|
|
|
9,493
|
|
|
17,563
|
|
New York-New
York
|
|
15,854
|
|
|
-
|
|
|
84
|
|
|
4,583
|
|
|
20,521
|
|
Excalibur
|
|
9,828
|
|
|
-
|
|
|
28
|
|
|
3,834
|
|
|
13,690
|
|
Monte
Carlo
|
|
8,646
|
|
|
107
|
|
|
19
|
|
|
5,378
|
|
|
14,150
|
|
Circus Circus Las
Vegas
|
|
2,133
|
|
|
42
|
|
|
69
|
|
|
3,849
|
|
|
6,093
|
|
MGM Grand
Detroit
|
|
26,164
|
|
|
-
|
|
|
2,411
|
|
|
6,008
|
|
|
34,583
|
|
Beau
Rivage
|
|
13,049
|
|
|
-
|
|
|
392
|
|
|
6,612
|
|
|
20,053
|
|
Gold Strike
Tunica
|
|
7,462
|
|
|
-
|
|
|
-
|
|
|
3,052
|
|
|
10,514
|
|
Other resort
operations
|
|
(1,107)
|
|
|
-
|
|
|
1,468
|
|
|
543
|
|
|
904
|
|
Wholly
owned domestic resorts
|
|
204,246
|
|
|
567
|
|
|
6,743
|
|
|
116,422
|
|
|
327,978
|
|
MGM
China
|
|
140,257
|
|
|
1,467
|
|
|
52
|
|
|
72,020
|
|
|
213,796
|
|
Unconsolidated
resorts
|
|
22,986
|
|
|
17
|
|
|
-
|
|
|
-
|
|
|
23,003
|
|
Management and
other operations
|
|
3,138
|
|
|
-
|
|
|
-
|
|
|
2,046
|
|
|
5,184
|
|
|
|
370,627
|
|
|
2,051
|
|
|
6,795
|
|
|
190,488
|
|
|
569,961
|
|
Stock
compensation
|
|
(7,275)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(7,275)
|
|
Corporate
|
|
(76,863)
|
|
|
8,182
|
|
|
(1)
|
|
|
11,898
|
|
|
(56,784)
|
|
|
$
|
286,489
|
|
$
|
10,233
|
|
$
|
6,794
|
|
$
|
202,386
|
|
$
|
505,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2013
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
$
|
47,576
|
|
$
|
-
|
|
$
|
(69)
|
|
$
|
22,604
|
|
$
|
70,111
|
|
MGM Grand Las
Vegas
|
|
43,059
|
|
|
-
|
|
|
422
|
|
|
22,617
|
|
|
66,098
|
|
Mandalay
Bay
|
|
19,209
|
|
|
1,076
|
|
|
17
|
|
|
21,734
|
|
|
42,036
|
|
The
Mirage
|
|
17,198
|
|
|
-
|
|
|
30
|
|
|
12,547
|
|
|
29,775
|
|
Luxor
|
|
5,708
|
|
|
646
|
|
|
(373)
|
|
|
9,304
|
|
|
15,285
|
|
New York-New
York
|
|
13,631
|
|
|
-
|
|
|
1,886
|
|
|
5,192
|
|
|
20,709
|
|
Excalibur
|
|
11,732
|
|
|
-
|
|
|
22
|
|
|
3,582
|
|
|
15,336
|
|
Monte
Carlo
|
|
10,025
|
|
|
82
|
|
|
554
|
|
|
4,584
|
|
|
15,245
|
|
Circus Circus Las
Vegas
|
|
863
|
|
|
-
|
|
|
1,037
|
|
|
3,948
|
|
|
5,848
|
|
MGM Grand
Detroit
|
|
31,265
|
|
|
-
|
|
|
-
|
|
|
5,590
|
|
|
36,855
|
|
Beau
Rivage
|
|
14,004
|
|
|
-
|
|
|
(14)
|
|
|
7,268
|
|
|
21,258
|
|
Gold Strike
Tunica
|
|
6,038
|
|
|
-
|
|
|
-
|
|
|
3,464
|
|
|
9,502
|
|
Other resort
operations
|
|
(21,107)
|
|
|
-
|
|
|
22,553
|
|
|
556
|
|
|
2,002
|
|
Wholly
owned domestic resorts
|
|
199,201
|
|
|
1,804
|
|
|
26,065
|
|
|
122,990
|
|
|
350,060
|
|
MGM
China
|
|
114,071
|
|
|
2,286
|
|
|
20
|
|
|
74,395
|
|
|
190,772
|
|
Unconsolidated
resorts
|
|
18,962
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
18,962
|
|
Management and
other operations
|
|
(1,511)
|
|
|
189
|
|
|
4
|
|
|
2,962
|
|
|
1,644
|
|
|
|
330,723
|
|
|
4,279
|
|
|
26,089
|
|
|
200,347
|
|
|
561,438
|
|
Stock
compensation
|
|
(5,968)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(5,968)
|
|
Corporate
|
|
(61,958)
|
|
|
-
|
|
|
38
|
|
|
11,335
|
|
|
(50,585)
|
|
|
$
|
262,797
|
|
$
|
4,279
|
|
$
|
26,127
|
|
$
|
211,682
|
|
$
|
504,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2014
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
$
|
241,467
|
|
$
|
-
|
|
$
|
857
|
|
$
|
66,864
|
|
$
|
309,188
|
|
MGM Grand Las
Vegas
|
|
108,597
|
|
|
197
|
|
|
243
|
|
|
61,414
|
|
|
170,451
|
|
Mandalay
Bay
|
|
78,413
|
|
|
1,133
|
|
|
1,845
|
|
|
57,408
|
|
|
138,799
|
|
The
Mirage
|
|
41,850
|
|
|
438
|
|
|
2,236
|
|
|
37,649
|
|
|
82,173
|
|
Luxor
|
|
28,559
|
|
|
2
|
|
|
50
|
|
|
28,252
|
|
|
56,863
|
|
New York-New
York
|
|
56,496
|
|
|
102
|
|
|
426
|
|
|
13,602
|
|
|
70,626
|
|
Excalibur
|
|
41,888
|
|
|
-
|
|
|
359
|
|
|
11,039
|
|
|
53,286
|
|
Monte
Carlo
|
|
36,751
|
|
|
1,486
|
|
|
176
|
|
|
15,631
|
|
|
54,044
|
|
Circus Circus Las
Vegas
|
|
6,978
|
|
|
78
|
|
|
61
|
|
|
11,498
|
|
|
18,615
|
|
MGM Grand
Detroit
|
|
87,622
|
|
|
-
|
|
|
2,489
|
|
|
17,491
|
|
|
107,602
|
|
Beau
Rivage
|
|
32,691
|
|
|
-
|
|
|
951
|
|
|
19,541
|
|
|
53,183
|
|
Gold Strike
Tunica
|
|
20,478
|
|
|
-
|
|
|
265
|
|
|
9,523
|
|
|
30,266
|
|
Other resort
operations
|
|
(2,962)
|
|
|
-
|
|
|
1,460
|
|
|
1,628
|
|
|
126
|
|
Wholly
owned domestic resorts
|
|
778,828
|
|
|
3,436
|
|
|
11,418
|
|
|
351,540
|
|
|
1,145,222
|
|
MGM
China
|
|
438,958
|
|
|
6,792
|
|
|
(4)
|
|
|
219,263
|
|
|
665,009
|
|
Unconsolidated
resorts
|
|
65,826
|
|
|
137
|
|
|
-
|
|
|
-
|
|
|
65,963
|
|
Management and
other operations
|
|
30,153
|
|
|
-
|
|
|
1
|
|
|
6,984
|
|
|
37,138
|
|
|
|
1,313,765
|
|
|
10,365
|
|
|
11,415
|
|
|
577,787
|
|
|
1,913,332
|
|
Stock
compensation
|
|
(20,367)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(20,367)
|
|
Corporate
|
|
(235,973)
|
|
|
15,263
|
|
|
29,107
|
|
|
35,324
|
|
|
(156,279)
|
|
|
$
|
1,057,425
|
|
$
|
25,628
|
|
$
|
40,522
|
|
$
|
613,111
|
|
$
|
1,736,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2013
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
$
|
185,354
|
|
$
|
-
|
|
$
|
272
|
|
$
|
73,586
|
|
$
|
259,212
|
|
MGM Grand Las
Vegas
|
|
113,431
|
|
|
-
|
|
|
1,192
|
|
|
63,115
|
|
|
177,738
|
|
Mandalay
Bay
|
|
63,445
|
|
|
1,550
|
|
|
2,453
|
|
|
63,360
|
|
|
130,808
|
|
The
Mirage
|
|
42,462
|
|
|
-
|
|
|
4,325
|
|
|
37,677
|
|
|
84,464
|
|
Luxor
|
|
18,580
|
|
|
758
|
|
|
2,554
|
|
|
27,255
|
|
|
49,147
|
|
New York-New
York
|
|
49,326
|
|
|
-
|
|
|
2,416
|
|
|
16,039
|
|
|
67,781
|
|
Excalibur
|
|
39,276
|
|
|
-
|
|
|
35
|
|
|
10,905
|
|
|
50,216
|
|
Monte
Carlo
|
|
35,066
|
|
|
140
|
|
|
3,506
|
|
|
13,902
|
|
|
52,614
|
|
Circus Circus Las
Vegas
|
|
1,275
|
|
|
-
|
|
|
1,047
|
|
|
13,379
|
|
|
15,701
|
|
MGM Grand
Detroit
|
|
98,345
|
|
|
-
|
|
|
-
|
|
|
16,825
|
|
|
115,170
|
|
Beau
Rivage
|
|
29,163
|
|
|
-
|
|
|
(305)
|
|
|
22,739
|
|
|
51,597
|
|
Gold Strike
Tunica
|
|
16,824
|
|
|
-
|
|
|
1,174
|
|
|
10,009
|
|
|
28,007
|
|
Other resort
operations
|
|
(19,994)
|
|
|
-
|
|
|
22,552
|
|
|
1,687
|
|
|
4,245
|
|
Wholly
owned domestic resorts
|
|
672,553
|
|
|
2,448
|
|
|
41,221
|
|
|
370,478
|
|
|
1,086,700
|
|
MGM
China
|
|
339,322
|
|
|
6,918
|
|
|
365
|
|
|
229,437
|
|
|
576,042
|
|
Unconsolidated
resorts
|
|
52,543
|
|
|
376
|
|
|
-
|
|
|
-
|
|
|
52,919
|
|
Management and
other operations
|
|
17,383
|
|
|
189
|
|
|
4
|
|
|
8,889
|
|
|
26,465
|
|
|
|
1,081,801
|
|
|
9,931
|
|
|
41,590
|
|
|
608,804
|
|
|
1,742,126
|
|
Stock
compensation
|
|
(19,157)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(19,157)
|
|
Corporate
|
|
(255,497)
|
|
|
-
|
|
|
81,159
|
|
|
32,947
|
|
|
(141,391)
|
|
|
$
|
807,147
|
|
$
|
9,931
|
|
$
|
122,749
|
|
$
|
641,751
|
|
$
|
1,581,578
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME (LOSS) ATTRIBUTABLE TO MGM
RESORTS INTERNATIONAL
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Adjusted
EBITDA
|
$
|
505,902
|
|
$
|
504,885
|
|
$
|
1,736,686
|
|
$
|
1,581,578
|
Preopening
and start-up expenses
|
|
(10,233)
|
|
|
(4,279)
|
|
|
(25,628)
|
|
|
(9,931)
|
Property
transactions, net
|
|
(6,794)
|
|
|
(26,127)
|
|
|
(40,522)
|
|
|
(122,749)
|
Depreciation and amortization
|
|
(202,386)
|
|
|
(211,682)
|
|
|
(613,111)
|
|
|
(641,751)
|
Operating
income
|
|
286,489
|
|
|
262,797
|
|
|
1,057,425
|
|
|
807,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
(202,835)
|
|
|
(208,939)
|
|
|
(616,158)
|
|
|
(648,886)
|
Other,
net
|
|
(23,064)
|
|
|
(35,115)
|
|
|
(71,018)
|
|
|
(122,361)
|
|
|
|
(225,899)
|
|
|
(244,054)
|
|
|
(687,176)
|
|
|
(771,247)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
60,590
|
|
|
18,743
|
|
|
370,249
|
|
|
35,900
|
Benefit
(provision) for income taxes
|
|
(10,208)
|
|
|
14,428
|
|
|
44,401
|
|
|
(16,933)
|
Net
income
|
|
50,382
|
|
|
33,171
|
|
|
414,650
|
|
|
18,967
|
Less: Net
income attributable to noncontrolling interests
|
|
(70,652)
|
|
|
(55,484)
|
|
|
(222,260)
|
|
|
(133,896)
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
(20,270)
|
|
$
|
(22,313)
|
|
$
|
192,390
|
|
$
|
(114,929)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
95.7%
|
|
|
93.2%
|
|
|
94.6%
|
|
|
93.9%
|
|
Average daily rate (ADR)
|
|
$239
|
|
|
$232
|
|
|
$253
|
|
|
$240
|
|
Revenue per available room (REVPAR)
|
|
$229
|
|
|
$216
|
|
|
$240
|
|
|
$225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
97.7%
|
|
|
95.2%
|
|
|
97.0%
|
|
|
94.9%
|
|
ADR
|
|
$143
|
|
|
$135
|
|
|
$151
|
|
|
$141
|
|
REVPAR
|
|
$140
|
|
|
$129
|
|
|
$146
|
|
|
$134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.2%
|
|
|
91.5%
|
|
|
93.8%
|
|
|
91.5%
|
|
ADR
|
|
$181
|
|
|
$176
|
|
|
$194
|
|
|
$184
|
|
REVPAR
|
|
$170
|
|
|
$161
|
|
|
$182
|
|
|
$168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
96.4%
|
|
|
96.1%
|
|
|
96.0%
|
|
|
95.9%
|
|
ADR
|
|
$147
|
|
|
$144
|
|
|
$159
|
|
|
$148
|
|
REVPAR
|
|
$142
|
|
|
$138
|
|
|
$153
|
|
|
$142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.7%
|
|
|
92.9%
|
|
|
95.1%
|
|
|
92.9%
|
|
ADR
|
|
$89
|
|
|
$87
|
|
|
$96
|
|
|
$88
|
|
REVPAR
|
|
$84
|
|
|
$81
|
|
|
$91
|
|
|
$81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
98.6%
|
|
|
96.9%
|
|
|
98.6%
|
|
|
97.5%
|
|
ADR
|
|
$114
|
|
|
$108
|
|
|
$121
|
|
|
$112
|
|
REVPAR
|
|
$112
|
|
|
$105
|
|
|
$119
|
|
|
$109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.3%
|
|
|
92.2%
|
|
|
94.5%
|
|
|
91.2%
|
|
ADR
|
|
$75
|
|
|
$73
|
|
|
$79
|
|
|
$73
|
|
REVPAR
|
|
$71
|
|
|
$67
|
|
|
$75
|
|
|
$66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
98.4%
|
|
|
95.3%
|
|
|
97.9%
|
|
|
96.3%
|
|
ADR
|
|
$105
|
|
|
$103
|
|
|
$111
|
|
|
$104
|
|
REVPAR
|
|
$103
|
|
|
$98
|
|
|
$109
|
|
|
$100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
85.4%
|
|
|
83.3%
|
|
|
81.5%
|
|
|
80.8%
|
|
ADR
|
|
$58
|
|
|
$55
|
|
|
$60
|
|
|
$55
|
|
REVPAR
|
|
$50
|
|
|
$45
|
|
|
$49
|
|
|
$44
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
$
|
224,108
|
|
$
|
217,495
|
|
$
|
722,941
|
|
$
|
702,107
|
|
|
|
|
Vdara
|
|
25,544
|
|
|
21,865
|
|
|
78,661
|
|
|
68,279
|
|
|
|
|
Crystals
|
|
16,682
|
|
|
15,620
|
|
|
50,083
|
|
|
45,071
|
|
|
|
|
Mandarin
Oriental
|
|
14,078
|
|
|
12,690
|
|
|
45,930
|
|
|
40,184
|
|
|
|
|
Resort
operations
|
|
280,412
|
|
|
267,670
|
|
|
897,615
|
|
|
855,641
|
|
|
|
|
Residential
operations
|
|
16,990
|
|
|
26,660
|
|
|
56,079
|
|
|
87,005
|
|
|
|
|
|
$
|
297,402
|
|
$
|
294,330
|
|
$
|
953,694
|
|
$
|
942,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
57,590
|
|
$
|
61,261
|
|
$
|
230,357
|
|
$
|
220,914
|
|
|
|
Preopening
and start-up expenses
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(752)
|
|
|
|
Property
transactions, net
|
|
(3,897)
|
|
|
(4,413)
|
|
|
(22,593)
|
|
|
(14,526)
|
|
|
|
Depreciation and amortization
|
|
(89,885)
|
|
|
(86,638)
|
|
|
(263,828)
|
|
|
(259,368)
|
|
|
|
Operating
loss
|
|
(36,192)
|
|
|
(29,790)
|
|
|
(56,064)
|
|
|
(53,732)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense - sponsor notes
|
|
-
|
|
|
(27,128)
|
|
|
-
|
|
|
(78,011)
|
|
|
|
Interest
expense - other
|
|
(18,897)
|
|
|
(43,015)
|
|
|
(64,267)
|
|
|
(129,469)
|
|
|
|
Other,
net
|
|
(4,012)
|
|
|
(1,095)
|
|
|
(10,760)
|
|
|
(33,425)
|
|
|
|
|
|
|
(22,909)
|
|
|
(71,238)
|
|
|
(75,027)
|
|
|
(240,905)
|
|
|
|
Net
loss
|
$
|
(59,101)
|
|
$
|
(101,028)
|
|
$
|
(131,091)
|
|
$
|
(294,637)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2014
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
(24,580)
|
|
$
|
-
|
|
$
|
4,280
|
|
$
|
67,808
|
|
$
|
47,508
|
|
Vdara
|
|
(5,311)
|
|
|
-
|
|
|
20
|
|
|
10,375
|
|
|
5,084
|
|
Crystals
|
|
3,722
|
|
|
-
|
|
|
8
|
|
|
6,911
|
|
|
10,641
|
|
Mandarin
Oriental
|
|
(4,419)
|
|
|
-
|
|
|
-
|
|
|
4,722
|
|
|
303
|
|
Resort
operations
|
|
(30,588)
|
|
|
-
|
|
|
4,308
|
|
|
89,816
|
|
|
63,536
|
|
Residential
operations
|
|
2,561
|
|
|
-
|
|
|
1
|
|
|
69
|
|
|
2,631
|
|
Development and
administration
|
|
(8,165)
|
|
|
-
|
|
|
(412)
|
|
|
-
|
|
|
(8,577)
|
|
|
$
|
(36,192)
|
|
$
|
-
|
|
$
|
3,897
|
|
$
|
89,885
|
|
$
|
57,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2013
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
(15,808)
|
|
$
|
-
|
|
$
|
1
|
|
$
|
64,645
|
|
$
|
48,838
|
|
Vdara
|
|
(6,513)
|
|
|
-
|
|
|
49
|
|
|
10,377
|
|
|
3,913
|
|
Crystals
|
|
2,893
|
|
|
-
|
|
|
57
|
|
|
6,901
|
|
|
9,851
|
|
Mandarin
Oriental
|
|
(4,814)
|
|
|
-
|
|
|
-
|
|
|
4,698
|
|
|
(116)
|
|
Resort
operations
|
|
(24,242)
|
|
|
-
|
|
|
107
|
|
|
86,621
|
|
|
62,486
|
|
Residential
operations
|
|
643
|
|
|
-
|
|
|
4,306
|
|
|
7
|
|
|
4,956
|
|
Development and
administration
|
|
(6,191)
|
|
|
-
|
|
|
-
|
|
|
10
|
|
|
(6,181)
|
|
|
$
|
(29,790)
|
|
$
|
-
|
|
$
|
4,413
|
|
$
|
86,638
|
|
$
|
61,261
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2014
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
(23,298)
|
|
$
|
-
|
|
$
|
8,603
|
|
$
|
197,909
|
|
$
|
183,214
|
|
Vdara
|
|
(11,545)
|
|
|
-
|
|
|
148
|
|
|
31,082
|
|
|
19,685
|
|
Crystals
|
|
12,385
|
|
|
-
|
|
|
213
|
|
|
20,299
|
|
|
32,897
|
|
Mandarin
Oriental
|
|
(10,707)
|
|
|
-
|
|
|
44
|
|
|
14,151
|
|
|
3,488
|
|
Resort
operations
|
|
(33,165)
|
|
|
-
|
|
|
9,008
|
|
|
263,441
|
|
|
239,284
|
|
Residential
operations
|
|
7,252
|
|
|
-
|
|
|
1,115
|
|
|
387
|
|
|
8,754
|
|
Development and
administration
|
|
(30,151)
|
|
|
-
|
|
|
12,470
|
|
|
-
|
|
|
(17,681)
|
|
|
$
|
(56,064)
|
|
$
|
-
|
|
$
|
22,593
|
|
$
|
263,828
|
|
$
|
230,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2013
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
(17,422)
|
|
$
|
694
|
|
$
|
279
|
|
$
|
192,433
|
|
$
|
175,984
|
|
Vdara
|
|
(15,703)
|
|
|
-
|
|
|
49
|
|
|
31,586
|
|
|
15,932
|
|
Crystals
|
|
8,052
|
|
|
58
|
|
|
57
|
|
|
20,221
|
|
|
28,388
|
|
Mandarin
Oriental
|
|
(12,160)
|
|
|
-
|
|
|
-
|
|
|
14,384
|
|
|
2,224
|
|
Resort
operations
|
|
(37,233)
|
|
|
752
|
|
|
385
|
|
|
258,624
|
|
|
222,528
|
|
Residential
operations
|
|
(811)
|
|
|
-
|
|
|
14,141
|
|
|
718
|
|
|
14,048
|
|
Development and
administration
|
|
(15,688)
|
|
|
-
|
|
|
-
|
|
|
26
|
|
|
(15,662)
|
|
|
$
|
(53,732)
|
|
$
|
752
|
|
$
|
14,526
|
|
$
|
259,368
|
|
$
|
220,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.1%
|
|
|
89.5%
|
|
|
93.5%
|
|
|
90.0%
|
|
|
|
|
ADR
|
|
$206
|
|
|
$197
|
|
|
$217
|
|
|
$206
|
|
|
|
|
REVPAR
|
|
$194
|
|
|
$177
|
|
|
$203
|
|
|
$185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
95.6%
|
|
|
87.7%
|
|
|
93.4%
|
|
|
88.3%
|
|
|
|
|
ADR
|
|
$160
|
|
|
$155
|
|
|
$173
|
|
|
$160
|
|
|
|
|
REVPAR
|
|
$153
|
|
|
$136
|
|
|
$161
|
|
|
$141
|
|
|
|
SOURCE MGM Resorts International