LAS VEGAS, Feb. 17, 2015 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today reported financial results for the
quarter and year ended December 31,
2014.
"MGM Resorts International reported its best fourth quarter
EBITDA since the peak in 2007 and its best full year in six years
at its wholly owned domestic resorts. For the full year,
CityCenter resort operations and MGM China each achieved record
performances," said Jim Murren,
Chairman & CEO of MGM Resorts International. "When I reflect on
this year, I am extremely proud of the accomplishments of the MGM
Resorts International team and believe that 2015 will be another
great year. In fact, we are already off to a good start with strong
January results in the U.S."
Key results for the fourth quarter of 2014 include the
following:
- Net revenue at the Company's wholly owned domestic resorts
increased 5% compared to the prior year quarter;
- Rooms revenue at wholly owned domestic resorts increased 6%
compared to the prior year quarter;
- The Company's wholly owned domestic resorts earned Adjusted
Property EBITDA(1) of $373 million, a 5% increase compared to the prior
year quarter;
- MGM China's net revenue was $719
million and Adjusted EBITDA was $185
million, each a 22% decrease compared to the prior year
quarter; and
- CityCenter earned Adjusted EBITDA related to resort operations
of $78 million, a 16% decrease
compared to the prior year quarter, due primarily to a decrease in
table games hold percentage at Aria.
Fourth Quarter Consolidated
Results
Diluted loss per share for the fourth quarter of
2014 was $0.70 compared to diluted loss per share of
$0.12 in the prior year fourth
quarter. The current year fourth quarter income tax provision
was unfavorably impacted by a non-cash charge due to an increase in
valuation allowance recorded against the Company's foreign tax
credit deferred tax asset. The Company's income tax provision per
diluted share was $0.67 for the
quarter. Absent the impact of the valuation allowance, a
small tax benefit would have been recorded in the quarter.
The following table lists certain other 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
December
31,
|
2014
|
2013
|
Preopening and
start-up expenses
|
$ (0.02)
|
$ —
|
Income (loss) from
unconsolidated affiliates:
|
|
|
Harmon-related property
transactions,
net
|
(0.02)
|
—
|
Non-operating items
from unconsolidated affiliates:
|
|
|
CityCenter loss on
retirement of long-term debt
|
—
|
(0.09)
|
Silver Legacy gain on
retirement of long-term debt
|
—
|
0.02
|
Wholly Owned Domestic Resorts
Casino revenue related
to wholly owned domestic resorts increased 5% compared to the prior
year quarter due to increases in both table games volume and hold
percentage. Table games hold percentage in the fourth quarter of
2014 was 21.8% compared to 20.2% in the prior year quarter. Slots
revenue increased 5% compared to the prior year quarter, due to
slightly higher win along with a reduction in the Company's accrual
for slot points based on a change in estimated point
redemption.
Rooms revenue increased 6% with Las Vegas Strip
REVPAR(2) up 7%. The following table shows key
hotel statistics for the Company's Las Vegas Strip resorts:
Three months ended
December 31,
|
2014
|
2013
|
Occupancy
%
|
88%
|
85%
|
Average Daily
Rate (ADR)
|
$ 138
|
$ 133
|
Revenue per
Available Room (REVPAR)
|
$ 121
|
$ 114
|
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 10% for the fourth quarter of 2014 compared to
the prior year quarter.
MGM China
On February 17,
2015, as part of its regular dividend policy, MGM China's
Board of Directors announced it will recommend a final dividend for
2014 of $120 million to MGM China
shareholders subject to approval at the MGM China 2015 annual
shareholders meeting. If approved, MGM Resorts International will
receive $61 million, its 51% share of
this dividend. In addition, MGM China's Board of Directors
announced a special dividend of $400
million, which will be paid to shareholders of record as of
March 10, 2015 and distributed on or
about March 19, 2015. MGM
Resorts International will receive $204
million, its 51% share of the special dividend.
Key fourth quarter results for MGM China include the
following:
- MGM China earned net revenue of $719
million, a 22% decrease compared to the prior year
quarter;
- Main floor table games revenue increased 19% compared to the
prior year quarter. Main floor table games volume decreased 4% and
hold percentage was 27.2% in the current year quarter compared to
22.2% in the prior year quarter;
- VIP table games revenue decreased 39% due to lower VIP table
games turnover of 32% compared to the prior year quarter, as well
as hold percentage of 2.6% in the current year quarter compared to
2.8% in the prior year quarter;
- MGM China's Adjusted EBITDA was $185
million, a 22% decrease compared to the prior year
quarter;
- MGM China's Adjusted EBITDA margin increased by 10 basis points
compared to the prior year quarter to 25.8% as a result of an
increase in main floor table games mix; and
- Operating income was $109 million
compared to $162 million in the prior
year quarter.
Income (Loss) from Unconsolidated Affiliates
The
following table summarizes information related to the Company's
share of income from unconsolidated affiliates:
Three months ended
December 31,
|
2014
|
|
2013
|
|
(In
thousands)
|
CityCenter
|
$ (18,114)
|
|
$ 12,037
|
Borgata
|
11,304
|
|
(196)
|
Other
|
4,683
|
|
4,069
|
|
$ (2,127)
|
|
$ 15,910
|
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 ("CityCenter") for the
fourth quarter of 2014 include the following (see schedules
accompanying this release for further detail on CityCenter's fourth
quarter results):
- Net revenue from resort operations decreased by 4% to
$289 million compared to $301 million in the prior year quarter, due to
lower table games hold and volume at Aria;
- Adjusted EBITDA from resort operations was $78 million, a decrease of 16% compared to the
prior year quarter;
- Adjusted EBITDA at Aria decreased by 22% year over year driven
primarily by a decrease in table games volume and hold;
- Aria's table games hold percentage was 21.5% compared to 26.0%
in the prior year quarter;
- Aria's occupancy percentage was 91.1% and its ADR was
$217, resulting in REVPAR of
$198, a 9% increase compared to the
prior year quarter;
- Vdara reported record fourth quarter EBITDA led by a 13%
increase in REVPAR; and
- Crystals reported Adjusted EBITDA of $11
million, an increase of 2% from the prior year quarter.
CityCenter reported an operating loss of $58 million for the fourth quarter of 2014
compared to operating income of $26
million in the prior year quarter. The lower fourth
quarter result was due to decreased operating results at Aria as
discussed above and a property transaction charge of $39 million. The property transaction
charge primarily relates to a settlement with an insurer
participating in CityCenter's Owner Controlled Insurance Program in
conjunction with the global settlement discussed below. In
addition, the prior year quarter included $26 million of income related to property
transactions, net, primarily related to a $33 million gain associated with the settlement
of insurance claims for errors and omissions with respect to the
original construction of CityCenter.
As previously announced, in December
2014, the Company and CityCenter entered into a settlement
agreement with Perini Building Company, Inc. ("Perini"), general
contractor for CityCenter, the remaining Perini subcontractors and
relevant insurers to resolve all outstanding project lien claims
and CityCenter's counterclaims relating to the Harmon Hotel and
Spa. The settlement was subject to execution of a global settlement
agreement among the parties described above, which was subsequently
executed, and CityCenter's procurement of replacement general
liability insurance covering construction of the CityCenter
development (which was obtained in January
2015). The proceeds pursuant to such global settlement
agreement, combined with certain prior Harmon-related insurance
settlement proceeds, will result in a gain of approximately
$160 million to be recorded by
CityCenter during the first quarter of 2015.
Full Year 2014 Results
Consolidated net revenue for
2014 was $10.1 billion, a 3% increase
over 2013, and Adjusted Property EBITDA increased 5% compared to
the prior year to $2.5 billion. Net
revenue from wholly owned domestic resorts was $6.3 billion, a 5% increase compared to the prior
year. Adjusted Property EBITDA from wholly owned domestic
resorts increased 5% to $1.5 billion
for 2014.
MGM China net revenue was $3.3
billion for 2014, a 1% decrease from 2013, and Adjusted
EBITDA was a record $850 million
compared to $814 million in the prior
year. CityCenter reported net revenue from resort operations of a
record $1.2 billion, a 3% increase
compared to the prior year, and Adjusted EBITDA related to resort
operations of $317 million compared
to $316 million in the prior
year.
Diluted loss per share attributable to the Company for 2014 was
$0.31 compared to diluted loss per
share of $0.35 in 2013. The following
table lists items that affect the comparability of the current year
and prior year annual results (approximate EPS impact shown, net of
tax, per share; negative amounts represent charges to income):
Year ended
December
31,
|
2014
|
2013
|
Preopening and
start-up expenses
|
$ (0.05)
|
$ (0.02)
|
Property
transactions, net
|
(0.05)
|
(0.17)
|
Income (loss) from
unconsolidated affiliates:
|
|
|
Harmon-related
property transactions, net
|
(0.02)
|
—
|
Non-operating items
from unconsolidated affiliates:
|
|
|
CityCenter loss on
retirement of long-term debt
|
—
|
(0.09)
|
Silver Legacy gain on
retirement of long-term debt
|
—
|
0.02
|
The tax provision in 2014 increased $263
million compared to 2013 primarily as a result of an
increase in valuation allowance recorded against the Company's
foreign tax credit deferred tax asset in 2014 and realization of
deferred tax assets in 2013 that were previously offset by
valuation allowance, partially offset by tax expense recognized in
2013 as a result of re-measuring net deferred tax liabilities in
Macau.
Financial Position
"As a result of a successful year
and our continued focus on our balance sheet, we improved leverage
and raised significant capital in 2014," said Dan D'Arrigo,
Executive Vice President, CFO and Treasurer of MGM Resorts
International. "We believe that our improved cash flows, the
announced dividends from MGM China, $1.25
billion in capital raised in the fourth quarter, along with
revolver availability provides us with adequate liquidity to fund
our 2015 maturities and growth initiatives."
The Company's cash balance at December
31, 2014 was $2.3 billion,
which included $546 million at MGM
China. At December 31, 2014,
the Company had $2.7 billion of
borrowings outstanding under its $3.9
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 1-888-317-6003 for domestic callers
and 1-412-317-6061 for international callers. The conference call
access code is 8870181. A replay of the call will be available
through Wednesday, February 25,
2015. The replay may be accessed by dialing 1-877-344-7529 or
1-412-317-0088. The replay access code is 10059516. The call
will be archived at www.mgmresorts.com.
1 "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.
2 REVPAR is hotel revenue per available
room.
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 is in the process of developing MGM National Harbor in
Maryland and MGM Springfield in
Massachusetts. The Company also owns 51 percent of MGM China
Holdings Limited, which owns the MGM Macau resort and casino and is
developing a gaming resort in Cotai, and 50 percent of CityCenter
in Las Vegas, which features ARIA
Resort & 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 future expected financial results, the
Company's ability to fund its 2015 debt maturities and growth
initiatives, the expected gains to CityCenter as a result of the
settlement agreements, and amounts the Company expects to receive
as a result of the MGM China dividends. 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
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
$
|
1,399,640
|
|
$
|
1,570,905
|
|
$
|
5,878,775
|
|
$
|
5,875,782
|
|
|
Rooms
|
|
|
|
419,470
|
|
|
394,283
|
|
|
1,768,012
|
|
|
1,646,303
|
|
|
Food and
beverage
|
|
366,352
|
|
|
348,465
|
|
|
1,558,937
|
|
|
1,469,582
|
|
|
Entertainment
|
|
|
141,289
|
|
|
142,257
|
|
|
560,116
|
|
|
522,911
|
|
|
Retail
|
|
|
|
45,204
|
|
|
44,996
|
|
|
191,351
|
|
|
194,602
|
|
|
Other
|
|
|
|
116,018
|
|
|
115,429
|
|
|
507,639
|
|
|
490,349
|
|
|
Reimbursed
costs
|
|
94,397
|
|
|
89,649
|
|
|
383,434
|
|
|
364,664
|
|
|
|
|
|
|
|
2,582,370
|
|
|
2,705,984
|
|
|
10,848,264
|
|
|
10,564,193
|
|
|
Less: Promotional
allowances
|
|
(196,824)
|
|
|
(192,771)
|
|
|
(766,280)
|
|
|
(754,530)
|
|
|
|
|
|
|
|
2,385,546
|
|
|
2,513,213
|
|
|
10,081,984
|
|
|
9,809,663
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
|
852,053
|
|
|
979,620
|
|
|
3,643,881
|
|
|
3,684,810
|
|
|
Rooms
|
|
|
|
128,349
|
|
|
122,509
|
|
|
548,993
|
|
|
516,605
|
|
|
Food and
beverage
|
|
213,427
|
|
|
199,312
|
|
|
908,916
|
|
|
844,431
|
|
|
Entertainment
|
|
|
108,660
|
|
|
104,648
|
|
|
422,115
|
|
|
386,252
|
|
|
Retail
|
|
|
|
23,741
|
|
|
25,365
|
|
|
99,455
|
|
|
107,249
|
|
|
Other
|
|
|
|
85,926
|
|
|
84,072
|
|
|
361,904
|
|
|
354,705
|
|
|
Reimbursed
costs
|
|
94,397
|
|
|
89,649
|
|
|
383,434
|
|
|
364,664
|
|
|
General and
administrative
|
|
324,532
|
|
|
317,378
|
|
|
1,318,749
|
|
|
1,278,450
|
|
|
Corporate
expense
|
|
69,458
|
|
|
63,567
|
|
|
238,811
|
|
|
216,745
|
|
|
Preopening and
start-up expenses
|
|
13,629
|
|
|
3,383
|
|
|
39,257
|
|
|
13,314
|
|
|
Property
transactions, net
|
|
480
|
|
|
2,012
|
|
|
41,002
|
|
|
124,761
|
|
|
Depreciation and
amortization
|
|
202,654
|
|
|
207,474
|
|
|
815,765
|
|
|
849,225
|
|
|
|
|
|
|
|
2,117,306
|
|
|
2,198,989
|
|
|
8,822,282
|
|
|
8,741,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
unconsolidated affiliates
|
|
(2,127)
|
|
|
15,910
|
|
|
63,836
|
|
|
68,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
266,113
|
|
|
330,134
|
|
|
1,323,538
|
|
|
1,137,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(200,903)
|
|
|
(208,461)
|
|
|
(817,061)
|
|
|
(857,347)
|
|
|
Non-operating
items from unconsolidated affiliates
|
|
(18,773)
|
|
|
(93,230)
|
|
|
(87,794)
|
|
|
(208,682)
|
|
|
Other,
net
|
|
|
(5,800)
|
|
|
(2,153)
|
|
|
(7,797)
|
|
|
(9,062)
|
|
|
|
|
|
|
|
(225,476)
|
|
|
(303,844)
|
|
|
(912,652)
|
|
|
(1,075,091)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
40,637
|
|
|
26,290
|
|
|
410,886
|
|
|
62,190
|
|
|
Provision for
income taxes
|
|
(328,109)
|
|
|
(3,883)
|
|
|
(283,708)
|
|
|
(20,816)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
(287,472)
|
|
|
22,407
|
|
|
127,178
|
|
|
41,374
|
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(54,791)
|
|
|
(79,212)
|
|
|
(277,051)
|
|
|
(213,108)
|
|
Net loss
attributable to MGM Resorts International
|
$
|
(342,263)
|
|
$
|
(56,805)
|
|
$
|
(149,873)
|
|
$
|
(171,734)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share of
common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to MGM Resorts International
|
$
|
(0.70)
|
|
$
|
(0.12)
|
|
$
|
(0.31)
|
|
$
|
(0.35)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
491,308
|
|
|
490,185
|
|
|
490,875
|
|
|
489,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to MGM Resorts International
|
$
|
(0.70)
|
|
$
|
(0.12)
|
|
$
|
(0.31)
|
|
$
|
(0.35)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
491,308
|
|
|
490,185
|
|
|
490,875
|
|
|
489,661
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
2,283,715
|
|
$
|
1,803,669
|
|
Accounts
receivable, net
|
|
|
473,345
|
|
|
488,217
|
|
Inventories
|
|
|
|
|
104,011
|
|
|
107,907
|
|
Income tax
receivable
|
|
|
|
14,675
|
|
|
-
|
|
Deferred income
taxes, net
|
|
|
-
|
|
|
80,989
|
|
Prepaid expenses
and other
|
|
|
151,414
|
|
|
238,657
|
|
|
Total current
assets
|
|
|
3,027,160
|
|
|
2,719,439
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
|
14,441,542
|
|
|
14,055,212
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
1,559,034
|
|
|
1,469,261
|
|
Goodwill
|
|
|
|
|
|
2,897,110
|
|
|
2,897,442
|
|
Other intangible
assets, net
|
|
|
4,364,856
|
|
|
4,511,861
|
|
Other long-term
assets, net
|
|
|
412,809
|
|
|
431,395
|
|
|
Total other
assets
|
|
|
9,233,809
|
|
|
9,309,959
|
|
|
|
|
|
|
$
|
26,702,511
|
|
$
|
26,084,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
$
|
164,252
|
|
$
|
144,990
|
|
Construction
payable
|
|
|
|
170,439
|
|
|
96,202
|
|
Income taxes
payable
|
|
|
|
-
|
|
|
14,813
|
|
Current portion of
long-term debt
|
|
|
1,245,320
|
|
|
-
|
|
Deferred income
taxes, net
|
|
|
62,142
|
|
|
-
|
|
Accrued interest
on long-term debt
|
|
|
191,155
|
|
|
188,522
|
|
Other accrued
liabilities
|
|
|
|
1,574,617
|
|
|
1,770,801
|
|
|
Total current
liabilities
|
|
|
3,407,925
|
|
|
2,215,328
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
|
|
2,621,860
|
|
|
2,419,967
|
Long-term
debt
|
|
|
|
12,913,882
|
|
|
13,447,230
|
Other long-term
obligations
|
|
|
|
130,570
|
|
|
141,590
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued and outstanding 491,292,117 and 490,360,628
shares
|
|
4,913
|
|
|
4,904
|
|
Capital in excess
of par value
|
|
|
4,180,922
|
|
|
4,156,680
|
|
Retained earnings
(accumulated deficit)
|
|
(107,909)
|
|
|
41,964
|
|
Accumulated other
comprehensive income
|
|
12,991
|
|
|
12,503
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
4,090,917
|
|
|
4,216,051
|
|
Noncontrolling
interests
|
|
|
|
3,537,357
|
|
|
3,644,444
|
|
|
Total
stockholders' equity
|
|
7,628,274
|
|
|
7,860,495
|
|
|
|
|
|
|
$
|
26,702,511
|
|
$
|
26,084,610
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Bellagio
|
|
|
|
|
$
|
294,110
|
|
$
|
298,759
|
|
$
|
1,248,203
|
|
$
|
1,177,402
|
|
MGM Grand Las
Vegas
|
|
|
292,031
|
|
|
249,765
|
|
|
1,098,642
|
|
|
1,038,346
|
|
Mandalay
Bay
|
|
|
|
204,280
|
|
|
197,174
|
|
|
874,126
|
|
|
792,282
|
|
The
Mirage
|
|
|
|
|
141,582
|
|
|
143,347
|
|
|
572,699
|
|
|
576,573
|
|
Luxor
|
|
|
|
|
|
86,886
|
|
|
78,503
|
|
|
354,041
|
|
|
325,578
|
|
New York-New
York
|
|
|
71,507
|
|
|
66,749
|
|
|
286,998
|
|
|
271,572
|
|
Excalibur
|
|
|
|
|
|
62,550
|
|
|
60,879
|
|
|
269,486
|
|
|
260,462
|
|
Monte
Carlo
|
|
|
|
|
67,704
|
|
|
62,539
|
|
|
277,845
|
|
|
262,901
|
|
Circus Circus Las
Vegas
|
|
|
49,254
|
|
|
45,658
|
|
|
209,662
|
|
|
197,885
|
|
MGM Grand
Detroit
|
|
|
133,235
|
|
|
130,769
|
|
|
530,436
|
|
|
537,994
|
|
Beau
Rivage
|
|
|
|
|
85,115
|
|
|
81,977
|
|
|
344,178
|
|
|
340,814
|
|
Gold Strike
Tunica
|
|
|
38,118
|
|
|
36,219
|
|
|
157,733
|
|
|
149,186
|
|
Other resort
operations
|
|
|
28,072
|
|
|
27,009
|
|
|
118,035
|
|
|
121,649
|
|
Wholly
owned domestic resorts
|
|
1,554,444
|
|
|
1,479,347
|
|
|
6,342,084
|
|
|
6,052,644
|
|
MGM
China
|
|
|
|
|
718,688
|
|
|
925,751
|
|
|
3,282,329
|
|
|
3,316,928
|
|
Management and
other operations
|
|
112,414
|
|
|
108,115
|
|
|
457,571
|
|
|
440,091
|
|
|
|
|
|
|
$
|
2,385,546
|
|
$
|
2,513,213
|
|
$
|
10,081,984
|
|
$
|
9,809,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Bellagio
|
|
|
|
|
$
|
84,514
|
|
$
|
99,547
|
|
$
|
393,702
|
|
$
|
358,759
|
|
MGM Grand Las
Vegas
|
|
|
84,403
|
|
|
58,394
|
|
|
254,854
|
|
|
236,132
|
|
Mandalay
Bay
|
|
|
|
36,827
|
|
|
36,346
|
|
|
175,626
|
|
|
167,154
|
|
The
Mirage
|
|
|
|
|
27,981
|
|
|
32,960
|
|
|
110,154
|
|
|
117,424
|
|
Luxor
|
|
|
|
|
|
13,221
|
|
|
12,414
|
|
|
70,084
|
|
|
61,561
|
|
New York-New
York
|
|
|
24,479
|
|
|
21,400
|
|
|
95,105
|
|
|
89,181
|
|
Excalibur
|
|
|
|
|
|
14,933
|
|
|
13,286
|
|
|
68,219
|
|
|
63,502
|
|
Monte
Carlo
|
|
|
|
|
17,736
|
|
|
16,327
|
|
|
71,780
|
|
|
68,941
|
|
Circus Circus Las
Vegas
|
|
|
5,000
|
|
|
908
|
|
|
23,615
|
|
|
16,609
|
|
MGM Grand
Detroit
|
|
|
37,196
|
|
|
40,519
|
|
|
144,798
|
|
|
155,689
|
|
Beau
Rivage
|
|
|
|
|
17,078
|
|
|
15,340
|
|
|
70,261
|
|
|
66,937
|
|
Gold Strike
Tunica
|
|
|
10,066
|
|
|
9,480
|
|
|
40,332
|
|
|
37,487
|
|
Other resort
operations
|
|
|
(349)
|
|
|
(935)
|
|
|
(223)
|
|
|
3,310
|
|
Wholly
owned domestic resorts
|
|
373,085
|
|
|
355,986
|
|
|
1,518,307
|
|
|
1,442,686
|
|
MGM
China
|
|
|
|
|
185,462
|
|
|
238,067
|
|
|
850,471
|
|
|
814,109
|
|
Unconsolidated
resorts(1)
|
|
|
(2,127)
|
|
|
15,910
|
|
|
63,836
|
|
|
68,829
|
|
Management and
other operations
|
|
(1,154)
|
|
|
(688)
|
|
|
35,984
|
|
|
25,777
|
|
|
|
|
|
|
$
|
555,266
|
|
$
|
609,275
|
|
$
|
2,468,598
|
|
$
|
2,351,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
|
|
|
|
|
$
|
62,677
|
|
$
|
-
|
|
$
|
43
|
|
$
|
21,794
|
|
$
|
84,514
|
|
MGM Grand Las
Vegas
|
|
|
|
65,700
|
|
|
-
|
|
|
(910)
|
|
|
19,613
|
|
|
84,403
|
|
Mandalay
Bay
|
|
|
|
|
17,036
|
|
|
-
|
|
|
462
|
|
|
19,329
|
|
|
36,827
|
|
The
Mirage
|
|
|
|
|
|
15,488
|
|
|
14
|
|
|
228
|
|
|
12,251
|
|
|
27,981
|
|
Luxor
|
|
|
|
|
|
|
3,242
|
|
|
-
|
|
|
382
|
|
|
9,597
|
|
|
13,221
|
|
New York-New
York
|
|
|
|
18,864
|
|
|
630
|
|
|
1
|
|
|
4,984
|
|
|
24,479
|
|
Excalibur
|
|
|
|
|
|
|
11,027
|
|
|
-
|
|
|
141
|
|
|
3,765
|
|
|
14,933
|
|
Monte
Carlo
|
|
|
|
|
|
12,186
|
|
|
21
|
|
|
114
|
|
|
5,415
|
|
|
17,736
|
|
Circus Circus Las
Vegas
|
|
|
|
1,157
|
|
|
7
|
|
|
-
|
|
|
3,836
|
|
|
5,000
|
|
MGM Grand
Detroit
|
|
|
|
31,133
|
|
|
-
|
|
|
239
|
|
|
5,824
|
|
|
37,196
|
|
Beau
Rivage
|
|
|
|
|
|
10,461
|
|
|
-
|
|
|
49
|
|
|
6,568
|
|
|
17,078
|
|
Gold Strike
Tunica
|
|
|
|
6,982
|
|
|
-
|
|
|
127
|
|
|
2,957
|
|
|
10,066
|
|
Other resort
operations
|
|
|
|
644
|
|
|
-
|
|
|
(1,124)
|
|
|
131
|
|
|
(349)
|
|
Wholly
owned domestic resorts
|
|
256,597
|
|
|
672
|
|
|
(248)
|
|
|
116,064
|
|
|
373,085
|
|
MGM
China
|
|
|
|
|
|
109,019
|
|
|
2,299
|
|
|
1,497
|
|
|
72,647
|
|
|
185,462
|
|
Unconsolidated
resorts
|
|
|
|
(2,907)
|
|
|
780
|
|
|
-
|
|
|
-
|
|
|
(2,127)
|
|
Management and
other operations
|
|
(4,001)
|
|
|
359
|
|
|
414
|
|
|
2,074
|
|
|
(1,154)
|
|
|
|
|
|
|
|
|
358,708
|
|
|
4,110
|
|
|
1,663
|
|
|
190,785
|
|
|
555,266
|
|
Stock
compensation
|
|
|
|
(8,005)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(8,005)
|
|
Corporate
|
|
|
|
|
|
|
(84,590)
|
|
|
9,519
|
|
|
(1,183)
|
|
|
11,869
|
|
|
(64,385)
|
|
|
|
|
|
|
|
$
|
266,113
|
|
$
|
13,629
|
|
$
|
480
|
|
$
|
202,654
|
|
$
|
482,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
|
|
|
|
|
$
|
75,967
|
|
$
|
-
|
|
$
|
198
|
|
$
|
23,382
|
|
$
|
99,547
|
|
MGM Grand Las
Vegas
|
|
|
|
36,171
|
|
|
-
|
|
|
1,028
|
|
|
21,195
|
|
|
58,394
|
|
Mandalay
Bay
|
|
|
|
|
14,651
|
|
|
353
|
|
|
370
|
|
|
20,972
|
|
|
36,346
|
|
The
Mirage
|
|
|
|
|
|
20,628
|
|
|
-
|
|
|
397
|
|
|
11,935
|
|
|
32,960
|
|
Luxor
|
|
|
|
|
|
|
3,150
|
|
|
44
|
|
|
(377)
|
|
|
9,597
|
|
|
12,414
|
|
New York-New
York
|
|
|
|
15,680
|
|
|
-
|
|
|
1,117
|
|
|
4,603
|
|
|
21,400
|
|
Excalibur
|
|
|
|
|
|
|
9,908
|
|
|
-
|
|
|
34
|
|
|
3,344
|
|
|
13,286
|
|
Monte
Carlo
|
|
|
|
|
|
10,531
|
|
|
651
|
|
|
267
|
|
|
4,878
|
|
|
16,327
|
|
Circus Circus Las
Vegas
|
|
|
|
(2,871)
|
|
|
-
|
|
|
31
|
|
|
3,748
|
|
|
908
|
|
MGM Grand
Detroit
|
|
|
|
37,171
|
|
|
-
|
|
|
(2,402)
|
|
|
5,750
|
|
|
40,519
|
|
Beau
Rivage
|
|
|
|
|
|
8,852
|
|
|
-
|
|
|
45
|
|
|
6,443
|
|
|
15,340
|
|
Gold Strike
Tunica
|
|
|
|
5,943
|
|
|
-
|
|
|
156
|
|
|
3,381
|
|
|
9,480
|
|
Other resort
operations
|
|
|
|
(1,957)
|
|
|
-
|
|
|
466
|
|
|
556
|
|
|
(935)
|
|
Wholly
owned domestic resorts
|
|
233,824
|
|
|
1,048
|
|
|
1,330
|
|
|
119,784
|
|
|
355,986
|
|
MGM
China
|
|
|
|
|
|
161,699
|
|
|
2,191
|
|
|
25
|
|
|
74,152
|
|
|
238,067
|
|
Unconsolidated
resorts
|
|
|
|
15,779
|
|
|
131
|
|
|
-
|
|
|
-
|
|
|
15,910
|
|
Management and
other operations
|
|
(3,634)
|
|
|
-
|
|
|
-
|
|
|
2,946
|
|
|
(688)
|
|
|
|
|
|
|
|
|
407,668
|
|
|
3,370
|
|
|
1,355
|
|
|
196,882
|
|
|
609,275
|
|
Stock
compensation
|
|
|
|
(6,955)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6,955)
|
|
Corporate
|
|
|
|
|
|
|
(70,579)
|
|
|
13
|
|
|
657
|
|
|
10,592
|
|
|
(59,317)
|
|
|
|
|
|
|
|
$
|
330,134
|
|
$
|
3,383
|
|
$
|
2,012
|
|
$
|
207,474
|
|
$
|
543,003
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
|
|
|
|
|
$
|
304,144
|
|
$
|
-
|
|
$
|
900
|
|
$
|
88,658
|
|
$
|
393,702
|
|
MGM Grand Las
Vegas
|
|
|
|
174,297
|
|
|
197
|
|
|
(667)
|
|
|
81,027
|
|
|
254,854
|
|
Mandalay
Bay
|
|
|
|
|
95,449
|
|
|
1,133
|
|
|
2,307
|
|
|
76,737
|
|
|
175,626
|
|
The
Mirage
|
|
|
|
|
|
57,338
|
|
|
452
|
|
|
2,464
|
|
|
49,900
|
|
|
110,154
|
|
Luxor
|
|
|
|
|
|
|
31,801
|
|
|
2
|
|
|
432
|
|
|
37,849
|
|
|
70,084
|
|
New York-New
York
|
|
|
|
75,360
|
|
|
732
|
|
|
427
|
|
|
18,586
|
|
|
95,105
|
|
Excalibur
|
|
|
|
|
|
|
52,915
|
|
|
-
|
|
|
500
|
|
|
14,804
|
|
|
68,219
|
|
Monte
Carlo
|
|
|
|
|
|
48,937
|
|
|
1,507
|
|
|
290
|
|
|
21,046
|
|
|
71,780
|
|
Circus Circus Las
Vegas
|
|
|
|
8,135
|
|
|
85
|
|
|
61
|
|
|
15,334
|
|
|
23,615
|
|
MGM Grand
Detroit
|
|
|
|
118,755
|
|
|
-
|
|
|
2,728
|
|
|
23,315
|
|
|
144,798
|
|
Beau
Rivage
|
|
|
|
|
|
43,152
|
|
|
-
|
|
|
1,000
|
|
|
26,109
|
|
|
70,261
|
|
Gold Strike
Tunica
|
|
|
|
27,460
|
|
|
-
|
|
|
392
|
|
|
12,480
|
|
|
40,332
|
|
Other resort
operations
|
|
|
|
(2,318)
|
|
|
-
|
|
|
336
|
|
|
1,759
|
|
|
(223)
|
|
Wholly
owned domestic resorts
|
|
1,035,425
|
|
|
4,108
|
|
|
11,170
|
|
|
467,604
|
|
|
1,518,307
|
|
MGM
China
|
|
|
|
|
|
547,977
|
|
|
9,091
|
|
|
1,493
|
|
|
291,910
|
|
|
850,471
|
|
Unconsolidated
resorts
|
|
|
|
62,919
|
|
|
917
|
|
|
-
|
|
|
-
|
|
|
63,836
|
|
Management and
other operations
|
|
26,152
|
|
|
359
|
|
|
415
|
|
|
9,058
|
|
|
35,984
|
|
|
|
|
|
|
|
|
1,672,473
|
|
|
14,475
|
|
|
13,078
|
|
|
768,572
|
|
|
2,468,598
|
|
Stock
compensation
|
|
|
|
(28,372)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(28,372)
|
|
Corporate
|
|
|
|
|
|
|
(320,563)
|
|
|
24,782
|
|
|
27,924
|
|
|
47,193
|
|
|
(220,664)
|
|
|
|
|
|
|
|
$
|
1,323,538
|
|
$
|
39,257
|
|
$
|
41,002
|
|
$
|
815,765
|
|
$
|
2,219,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
|
|
|
|
|
$
|
261,321
|
|
$
|
-
|
|
$
|
470
|
|
$
|
96,968
|
|
$
|
358,759
|
|
MGM Grand Las
Vegas
|
|
|
|
149,602
|
|
|
-
|
|
|
2,220
|
|
|
84,310
|
|
|
236,132
|
|
Mandalay
Bay
|
|
|
|
|
78,096
|
|
|
1,903
|
|
|
2,823
|
|
|
84,332
|
|
|
167,154
|
|
The
Mirage
|
|
|
|
|
|
63,090
|
|
|
-
|
|
|
4,722
|
|
|
49,612
|
|
|
117,424
|
|
Luxor
|
|
|
|
|
|
|
21,730
|
|
|
802
|
|
|
2,177
|
|
|
36,852
|
|
|
61,561
|
|
New York-New
York
|
|
|
|
65,006
|
|
|
-
|
|
|
3,533
|
|
|
20,642
|
|
|
89,181
|
|
Excalibur
|
|
|
|
|
|
|
49,184
|
|
|
-
|
|
|
69
|
|
|
14,249
|
|
|
63,502
|
|
Monte
Carlo
|
|
|
|
|
|
45,597
|
|
|
791
|
|
|
3,773
|
|
|
18,780
|
|
|
68,941
|
|
Circus Circus Las
Vegas
|
|
|
|
(1,596)
|
|
|
-
|
|
|
1,078
|
|
|
17,127
|
|
|
16,609
|
|
MGM Grand
Detroit
|
|
|
|
135,516
|
|
|
-
|
|
|
(2,402)
|
|
|
22,575
|
|
|
155,689
|
|
Beau
Rivage
|
|
|
|
|
|
38,015
|
|
|
-
|
|
|
(260)
|
|
|
29,182
|
|
|
66,937
|
|
Gold Strike
Tunica
|
|
|
|
22,767
|
|
|
-
|
|
|
1,330
|
|
|
13,390
|
|
|
37,487
|
|
Other resort
operations
|
|
|
|
(21,951)
|
|
|
-
|
|
|
23,018
|
|
|
2,243
|
|
|
3,310
|
|
Wholly
owned domestic resorts
|
|
906,377
|
|
|
3,496
|
|
|
42,551
|
|
|
490,262
|
|
|
1,442,686
|
|
MGM
China
|
|
|
|
|
|
501,021
|
|
|
9,109
|
|
|
390
|
|
|
303,589
|
|
|
814,109
|
|
Unconsolidated
resorts
|
|
|
|
68,322
|
|
|
507
|
|
|
-
|
|
|
-
|
|
|
68,829
|
|
Management and
other operations
|
|
13,749
|
|
|
189
|
|
|
4
|
|
|
11,835
|
|
|
25,777
|
|
|
|
|
|
|
|
|
1,489,469
|
|
|
13,301
|
|
|
42,945
|
|
|
805,686
|
|
|
2,351,401
|
|
Stock
compensation
|
|
|
|
(26,112)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(26,112)
|
|
Corporate
|
|
|
|
|
|
|
(326,076)
|
|
|
13
|
|
|
81,816
|
|
|
43,539
|
|
|
(200,708)
|
|
|
|
|
|
|
|
$
|
1,137,281
|
|
$
|
13,314
|
|
$
|
124,761
|
|
$
|
849,225
|
|
$
|
2,124,581
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET LOSS ATTRIBUTABLE TO MGM RESORTS
INTERNATIONAL
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Adjusted
EBITDA
|
|
|
$
|
482,876
|
|
$
|
543,003
|
|
$
|
2,219,562
|
|
$
|
2,124,581
|
Preopening
and start-up expenses
|
|
|
(13,629)
|
|
|
(3,383)
|
|
|
(39,257)
|
|
|
(13,314)
|
Property
transactions, net
|
|
|
(480)
|
|
|
(2,012)
|
|
|
(41,002)
|
|
|
(124,761)
|
Depreciation and amortization
|
|
|
(202,654)
|
|
|
(207,474)
|
|
|
(815,765)
|
|
|
(849,225)
|
Operating
income
|
|
|
|
266,113
|
|
|
330,134
|
|
|
1,323,538
|
|
|
1,137,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
|
(200,903)
|
|
|
(208,461)
|
|
|
(817,061)
|
|
|
(857,347)
|
Other,
net
|
|
|
|
|
|
(24,573)
|
|
|
(95,383)
|
|
|
(95,591)
|
|
|
(217,744)
|
|
|
|
|
|
|
|
(225,476)
|
|
|
(303,844)
|
|
|
(912,652)
|
|
|
(1,075,091)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
40,637
|
|
|
26,290
|
|
|
410,886
|
|
|
62,190
|
Provision
for income taxes
|
|
|
(328,109)
|
|
|
(3,883)
|
|
|
(283,708)
|
|
|
(20,816)
|
Net income
(loss)
|
|
|
|
(287,472)
|
|
|
22,407
|
|
|
127,178
|
|
|
41,374
|
Less: Net
income attributable to noncontrolling interests
|
|
|
(54,791)
|
|
|
(79,212)
|
|
|
(277,051)
|
|
|
(213,108)
|
Net loss
attributable to MGM Resorts International
|
|
$
|
(342,263)
|
|
$
|
(56,805)
|
|
$
|
(149,873)
|
|
$
|
(171,734)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS - LAS VEGAS STRIP
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
87.6%
|
|
|
87.5%
|
|
|
92.9%
|
|
|
92.3%
|
|
Average daily rate (ADR)
|
|
|
$258
|
|
|
$254
|
|
|
$254
|
|
|
$243
|
|
Revenue per available room (REVPAR)
|
|
|
$226
|
|
|
$223
|
|
|
$236
|
|
|
$225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
93.0%
|
|
|
89.3%
|
|
|
96.0%
|
|
|
93.5%
|
|
ADR
|
|
|
|
|
|
$149
|
|
|
$142
|
|
|
$150
|
|
|
$142
|
|
REVPAR
|
|
|
|
|
|
$138
|
|
|
$127
|
|
|
$144
|
|
|
$132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
86.8%
|
|
|
85.8%
|
|
|
92.0%
|
|
|
90.1%
|
|
ADR
|
|
|
|
|
|
$181
|
|
|
$176
|
|
|
$191
|
|
|
$182
|
|
REVPAR
|
|
|
|
|
|
$157
|
|
|
$151
|
|
|
$176
|
|
|
$164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
91.3%
|
|
|
91.1%
|
|
|
94.8%
|
|
|
94.7%
|
|
ADR
|
|
|
|
|
|
$157
|
|
|
$151
|
|
|
$159
|
|
|
$149
|
|
REVPAR
|
|
|
|
|
|
$143
|
|
|
$137
|
|
|
$151
|
|
|
$141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
87.2%
|
|
|
83.9%
|
|
|
93.1%
|
|
|
90.7%
|
|
ADR
|
|
|
|
|
|
$96
|
|
|
$90
|
|
|
$96
|
|
|
$88
|
|
REVPAR
|
|
|
|
|
|
$84
|
|
|
$76
|
|
|
$89
|
|
|
$80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
95.5%
|
|
|
93.6%
|
|
|
97.8%
|
|
|
96.5%
|
|
ADR
|
|
|
|
|
|
$119
|
|
|
$112
|
|
|
$120
|
|
|
$112
|
|
REVPAR
|
|
|
|
|
|
$113
|
|
|
$105
|
|
|
$118
|
|
|
$108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
84.7%
|
|
|
80.7%
|
|
|
92.0%
|
|
|
88.5%
|
|
ADR
|
|
|
|
|
|
$80
|
|
|
$73
|
|
|
$79
|
|
|
$73
|
|
REVPAR
|
|
|
|
|
|
$68
|
|
|
$59
|
|
|
$73
|
|
|
$65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
93.6%
|
|
|
90.3%
|
|
|
96.8%
|
|
|
94.8%
|
|
ADR
|
|
|
|
|
|
$108
|
|
|
$104
|
|
|
$110
|
|
|
$104
|
|
REVPAR
|
|
|
|
|
|
$101
|
|
|
$94
|
|
|
$107
|
|
|
$99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
77.1%
|
|
|
71.1%
|
|
|
80.4%
|
|
|
78.3%
|
|
ADR
|
|
|
|
|
|
$61
|
|
|
$55
|
|
|
$60
|
|
|
$55
|
|
REVPAR
|
|
|
|
|
|
$47
|
|
|
$39
|
|
|
$49
|
|
|
$43
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
|
|
|
|
|
$
|
232,622
|
|
$
|
249,620
|
|
$
|
955,563
|
|
$
|
951,727
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
25,195
|
|
|
22,165
|
|
|
103,856
|
|
|
90,444
|
|
|
|
|
|
Crystals
|
|
|
|
|
|
|
16,392
|
|
|
16,113
|
|
|
66,475
|
|
|
61,184
|
|
|
|
|
|
Mandarin
Oriental
|
|
|
|
14,585
|
|
|
13,530
|
|
|
60,515
|
|
|
53,714
|
|
|
|
|
|
Resort
operations
|
|
|
|
288,794
|
|
|
301,428
|
|
|
1,186,409
|
|
|
1,157,069
|
|
|
|
|
|
Residential
operations
|
|
|
|
6,906
|
|
|
12,365
|
|
|
62,985
|
|
|
99,370
|
|
|
|
|
|
|
|
|
|
|
|
$
|
295,700
|
|
$
|
313,793
|
|
$
|
1,249,394
|
|
$
|
1,256,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET LOSS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
$
|
68,008
|
|
$
|
86,599
|
|
$
|
298,365
|
|
$
|
307,513
|
|
|
|
|
Preopening
and start-up expenses
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(752)
|
|
|
|
|
Property
transactions, net
|
|
|
|
(39,321)
|
|
|
25,791
|
|
|
(61,914)
|
|
|
11,265
|
|
|
|
|
Depreciation and amortization
|
|
|
(87,098)
|
|
|
(86,552)
|
|
|
(350,926)
|
|
|
(345,920)
|
|
|
|
|
Operating income (loss)
|
|
|
|
|
|
(58,411)
|
|
|
25,838
|
|
|
(114,475)
|
|
|
(27,894)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense - sponsor notes
|
|
|
-
|
|
|
(4,644)
|
|
|
-
|
|
|
(82,655)
|
|
|
|
|
Interest
expense - other
|
|
|
|
(17,993)
|
|
|
(26,928)
|
|
|
(82,260)
|
|
|
(156,397)
|
|
|
|
|
Other,
net
|
|
|
|
|
|
|
(1,071)
|
|
|
(142,777)
|
|
|
(11,831)
|
|
|
(176,202)
|
|
|
|
|
|
|
|
|
|
|
|
|
(19,064)
|
|
|
(174,349)
|
|
|
(94,091)
|
|
|
(415,254)
|
|
|
|
|
Net
loss
|
|
|
|
|
|
$
|
(77,475)
|
|
$
|
(148,511)
|
|
$
|
(208,566)
|
|
$
|
(443,148)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
|
|
|
|
|
$
|
(11,217)
|
|
$
|
-
|
|
$
|
4,255
|
|
$
|
66,538
|
|
$
|
59,576
|
|
|
Vdara
|
|
|
|
|
|
|
(3,558)
|
|
|
-
|
|
|
7
|
|
|
9,554
|
|
|
6,003
|
|
|
Crystals
|
|
|
|
|
|
|
3,999
|
|
|
-
|
|
|
(11)
|
|
|
6,568
|
|
|
10,556
|
|
|
Mandarin
Oriental
|
|
|
|
(2,642)
|
|
|
-
|
|
|
-
|
|
|
4,182
|
|
|
1,540
|
|
|
Resort
operations
|
|
|
|
(13,418)
|
|
|
-
|
|
|
4,251
|
|
|
86,842
|
|
|
77,675
|
|
|
Residential
operations
|
|
|
|
583
|
|
|
-
|
|
|
-
|
|
|
41
|
|
|
624
|
|
|
Development and
administration
|
|
|
(45,576)
|
|
|
-
|
|
|
35,070
|
|
|
215
|
|
|
(10,291)
|
|
|
|
|
|
|
|
|
$
|
(58,411)
|
|
$
|
-
|
|
$
|
39,321
|
|
$
|
87,098
|
|
$
|
68,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
|
|
|
|
|
$
|
11,811
|
|
$
|
-
|
|
$
|
222
|
|
$
|
64,653
|
|
$
|
76,686
|
|
|
Vdara
|
|
|
|
|
|
|
(11,908)
|
|
|
-
|
|
|
6,682
|
|
|
9,944
|
|
|
4,718
|
|
|
Crystals
|
|
|
|
|
|
|
3,305
|
|
|
-
|
|
|
-
|
|
|
7,019
|
|
|
10,324
|
|
|
Mandarin
Oriental
|
|
|
|
(3,472)
|
|
|
-
|
|
|
-
|
|
|
4,719
|
|
|
1,247
|
|
|
Resort
operations
|
|
|
|
(264)
|
|
|
-
|
|
|
6,904
|
|
|
86,335
|
|
|
92,975
|
|
|
Residential
operations
|
|
|
|
603
|
|
|
-
|
|
|
305
|
|
|
215
|
|
|
1,123
|
|
|
Development and
administration
|
|
|
25,499
|
|
|
-
|
|
|
(33,000)
|
|
|
2
|
|
|
(7,499)
|
|
|
|
|
|
|
|
|
$
|
25,838
|
|
$
|
-
|
|
$
|
(25,791)
|
|
$
|
86,552
|
|
$
|
86,599
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
|
|
|
|
|
$
|
(34,515)
|
|
$
|
-
|
|
|
12,858
|
|
$
|
264,447
|
|
$
|
242,790
|
|
|
Vdara
|
|
|
|
|
|
|
(15,103)
|
|
|
-
|
|
|
155
|
|
|
40,636
|
|
|
25,688
|
|
|
Crystals
|
|
|
|
|
|
|
16,384
|
|
|
-
|
|
|
202
|
|
|
26,867
|
|
|
43,453
|
|
|
Mandarin
Oriental
|
|
|
|
(13,349)
|
|
|
-
|
|
|
44
|
|
|
18,333
|
|
|
5,028
|
|
|
Resort
operations
|
|
|
|
(46,583)
|
|
|
-
|
|
|
13,259
|
|
|
350,283
|
|
|
316,959
|
|
|
Residential
operations
|
|
|
|
7,835
|
|
|
-
|
|
|
1,115
|
|
|
428
|
|
|
9,378
|
|
|
Development and
administration
|
|
|
(75,727)
|
|
|
-
|
|
|
47,540
|
|
|
215
|
|
|
(27,972)
|
|
|
|
|
|
|
|
|
$
|
(114,475)
|
|
$
|
-
|
|
$
|
61,914
|
|
$
|
350,926
|
|
$
|
298,365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
|
|
|
|
|
$
|
(5,611)
|
|
$
|
694
|
|
$
|
501
|
|
$
|
257,086
|
|
$
|
252,670
|
|
|
Vdara
|
|
|
|
|
|
|
(27,611)
|
|
|
-
|
|
|
6,731
|
|
|
41,530
|
|
|
20,650
|
|
|
Crystals
|
|
|
|
|
|
|
11,357
|
|
|
58
|
|
|
57
|
|
|
27,240
|
|
|
38,712
|
|
|
Mandarin
Oriental
|
|
|
|
(15,632)
|
|
|
-
|
|
|
-
|
|
|
19,103
|
|
|
3,471
|
|
|
Resort
operations
|
|
|
|
(37,497)
|
|
|
752
|
|
|
7,289
|
|
|
344,959
|
|
|
315,503
|
|
|
Residential
operations
|
|
|
|
(208)
|
|
|
-
|
|
|
14,446
|
|
|
933
|
|
|
15,171
|
|
|
Development and
administration
|
|
|
9,811
|
|
|
-
|
|
|
(33,000)
|
|
|
28
|
|
|
(23,161)
|
|
|
|
|
|
|
|
|
$
|
(27,894)
|
|
$
|
752
|
|
$
|
(11,265)
|
|
$
|
345,920
|
|
$
|
307,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
|
91.1%
|
|
|
85.2%
|
|
|
92.9%
|
|
|
88.8%
|
|
|
|
|
|
ADR
|
|
|
|
|
|
|
$217
|
|
|
$212
|
|
|
$217
|
|
|
$208
|
|
|
|
|
|
REVPAR
|
|
|
|
|
|
|
$198
|
|
|
$181
|
|
|
$202
|
|
|
$184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
|
87.8%
|
|
|
82.1%
|
|
|
92.0%
|
|
|
86.7%
|
|
|
|
|
|
ADR
|
|
|
|
|
|
|
$177
|
|
|
$168
|
|
|
$174
|
|
|
$162
|
|
|
|
|
|
REVPAR
|
|
|
|
|
|
|
$155
|
|
|
$138
|
|
|
$160
|
|
|
$140
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-fourth-quarter-and-full-year-financial-results-300036779.html
SOURCE MGM Resorts International