LAS VEGAS, May 4, 2015 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today reported financial results for the
quarter ended March 31, 2015.
"I am pleased to report that net income attributable to MGM
Resorts increased by 65% and earnings per share increased by
$0.13 year over year. MGM Resorts
achieved Las Vegas Strip REVPAR growth of 1% over a very robust
prior year quarter comparison of 14%. Our regional properties
achieved strong EBITDA growth of 10% year over year, while MGM
China maintained market share. With the anticipated difficult
comparison of the first quarter behind us, we continue to see
strong forward trends for the rest of the year in Las Vegas," said Jim
Murren, Chairman & CEO of MGM Resorts International. "We
are actively improving our balance sheet with the recent
announcement of a special dividend and regular dividend policy from
CityCenter, the conversion of approximately $1.45 billion in convertible notes into equity
and the agreement to amend and extend MGM China's credit
facility."
Key results for the first quarter of 2015 include the
following:
- Net revenue at the Company's wholly owned domestic resorts was
$1.6 billion, an increase of half a
percent compared to the prior year quarter;
- Slots revenue at wholly owned domestic resorts increased 5%
compared to the prior year quarter;
- Rooms revenue at wholly owned domestic resorts increased 2%
with a 1% increase in REVPAR(1) at the Company's Las
Vegas Strip resorts compared to the prior year quarter;
- The Company's wholly owned domestic resorts earned Adjusted
Property EBITDA(2) of $390
million, a 3% decrease compared to the prior year quarter,
partially due to a decrease in table games hold percentage;
- MGM China's net revenue was $630
million and Adjusted EBITDA was $148
million, a decrease of 33% and 38% compared to the prior
year quarter, respectively; and
- CityCenter earned Adjusted EBITDA related to resort operations
of $82 million, a 14% decrease
compared to the prior year quarter, due primarily to a decrease in
table games revenues.
First Quarter Consolidated Results
Diluted earnings per share for the first quarter of 2015 was
$0.33 compared to diluted earnings
per share of $0.20 in the prior year
first 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
March 31,
|
|
|
|
|
|
|
2015
|
|
2014
|
Preopening and
start-up expenses
|
|
|
|
|
|
$
|
(0.02)
|
$
|
(0.01)
|
Income from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
|
Harmon-related property
transactions, net
|
|
|
|
|
|
|
0.09
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned Domestic Resorts
Casino revenue related to wholly owned domestic resorts
increased 1% compared to the prior year quarter due primarily to a
5% increase in slots revenue as a result of a 9% increase in slots
volume at the Company's regional resorts. Table games hold
percentage in the first quarter of 2015 was 20.1% compared to 20.8%
in the prior year quarter, which negatively affected Adjusted
Property EBITDA by approximately $8
million.
Rooms revenue increased 2% compared to the prior year quarter
with Las Vegas Strip REVPAR up 1%. The following table shows key
hotel statistics for the Company's Las Vegas Strip resorts:
|
|
|
|
Three months ended
March 31,
|
|
|
|
|
|
|
2015
|
|
2014
|
Occupancy
%
|
|
|
|
|
|
|
90%
|
|
92%
|
Average Daily Rate
(ADR)
|
|
|
|
|
|
$
|
152
|
$
|
147
|
Revenue per Available
Room (REVPAR)
|
|
|
|
|
|
$
|
136
|
$
|
135
|
|
|
|
|
|
|
|
|
|
|
Food and beverage revenue increased 1% as a result of increased
convention and banquet business and the opening of several new
outlets. Entertainment revenue decreased 6% due primarily to a
decrease in in-house shows and timing of certain arena events.
Operating income for the Company's wholly owned domestic resorts
decreased 3% compared to the prior year quarter.
MGM China
Key first quarter results for MGM China include the
following:
- MGM China earned net revenue of $630
million, a 33% decrease compared to the prior year
quarter;
- Main floor table games revenue decreased 13% compared to the
prior year quarter;
- VIP table games revenue decreased 45% due to a decrease in VIP
table games turnover of 51% compared to the prior year quarter,
while hold percentage increased to 3.3% in the current year quarter
compared to 3.0% in the prior year quarter;
- MGM China's Adjusted EBITDA was $148
million, a decrease of 38% compared to the prior year
quarter, including $11 million of
license fee expense in the current year quarter compared to
$16 million in the prior year
quarter; and
- Operating income was $72 million
compared to $165 million in the prior
year quarter.
MGM China paid a $400 million
dividend in March 2015, of which
$204 million was distributed to MGM
Resorts and $196 million was
distributed to noncontrolling interests.
Income from Unconsolidated Affiliates
In April 2015, CityCenter
Holdings, LLC ("CityCenter") announced a $400 million special dividend and the adoption of
an annual distribution policy, pursuant to which it will make
annual distributions of up to 35% of excess cash flow subject to
approval by the CityCenter board of directors. The special
dividend was paid on April 30,
2015. MGM Resorts received $200
million, its 50% share of the special dividend.
The following table summarizes information related to the
Company's share of income from unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
(In
thousands)
|
CityCenter
|
|
|
|
|
|
$
|
101,601
|
|
$
|
14,046
|
Borgata
|
|
|
|
|
|
|
11,983
|
|
|
3,839
|
Other
|
|
|
|
|
|
|
3,797
|
|
|
4,730
|
|
|
|
|
|
|
$
|
117,381
|
|
$
|
22,615
|
|
|
|
|
|
|
|
|
|
|
|
CityCenter's results included a $160
million gain related to proceeds received pursuant to a
global settlement agreement with Perini Building Company, Inc.
("Perini") and the remaining Perini subcontractors entered into in
December 2014, which resolved all
outstanding project lien claims and CityCenter's counterclaims
relating to the Harmon Hotel and Spa ("Harmon"), combined with
certain Harmon-related insurance settlement proceeds. Excluding the
impact from this gain, the Company's income from unconsolidated
affiliates related to CityCenter was $22
million for the first quarter of 2015, compared to
$14 million in the prior year
quarter.
Results for CityCenter for the first quarter of 2015 include the
following (see schedules accompanying this release for further
detail on CityCenter's first quarter results):
- Net revenue from resort operations decreased by 4% to
$300 million compared to $313 million in the prior year quarter;
- Adjusted EBITDA from resort operations was $82 million, a decrease of 14% compared to the
prior year quarter;
- Aria's table games hold percentage was 24.3% compared to 26.8%
in the prior year quarter, negatively affecting Adjusted EBITDA by
approximately $6 million;
- Slots revenue at Aria increased 6% compared to the prior year
quarter;
- Aria's REVPAR was a record $219,
a 4% increase compared to the prior year quarter;
- Vdara reported record first quarter Adjusted EBITDA led by
record REVPAR of $174; and
- Crystals reported record Adjusted EBITDA of $12 million, an increase of 6% from the prior
year quarter.
CityCenter reported operating income of $182 million, including the gain from the Harmon
settlement, for the first quarter of 2015 compared to operating
income of $5 million in the prior
year quarter.
Financial Position
"Pro forma for the conversion of the convertible notes in April,
MGM Resorts consolidated net debt decreased to $10.9 billion, lowering our consolidated leverage
ratio to approximately 5 times," said Dan D'Arrigo, Executive Vice
President, CFO and Treasurer of MGM Resorts International. "With
the conversion of the convertible notes into equity, distributions
from MGM China and CityCenter and continued free cash flow growth,
we are confident that we will be able to continue to improve our
balance sheet as we execute on our future growth projects."
The Company's cash balance at March 31,
2015 was $2.2 billion, which
included $469 million at MGM
China. At March 31, 2015, the
Company had $2.7 billion of
borrowings outstanding under its $3.9
billion senior secured credit facility and $953 million outstanding under the $2.0 billion MGM China credit facility. On
April 15, 2015, 99.97% of the
Company's $1.45 billion 4.25%
convertible senior notes were converted into shares of the
Company's common stock.
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
1535291. A replay of the call will be available through
Tuesday, May 12, 2015. The
replay may be accessed by dialing 1-877-344-7529 or
1-412-317-0088. The replay access code is 10064559. 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 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 business trends in the Las Vegas market, the Company's ability to
generate free cash flow growth and execute on future growth
projects, dividends the Company will receive from MGM China or
CityCenter and future amendments and extensions to MGM China's
credit facility. These forward-looking statements involve a number
of risks and uncertainties. Among the important factors that could
cause actual results to differ materially from those indicated in
such forward-looking statements include effects of economic
conditions and market conditions in the markets in which the
Company operates and competition with other destination travel
locations throughout the United
States and the world, the design, timing and costs of
expansion projects, risks relating to international operations,
permits, licenses, financings, approvals and other contingencies in
connection with growth in new or existing jurisdictions and
additional risks and uncertainties described in the Company's Form
10-K, Form 10-Q and Form 8-K reports (including all amendments to
those reports). In providing forward-looking statements, the
Company is not undertaking any duty or obligation to update these
statements publicly as a result of new information, future events
or otherwise, except as required by law. If the Company updates one
or more forward-looking statements, no inference should be drawn
that it will make additional updates with respect to those other
forward-looking statements.
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(In thousands,
except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2015
|
|
2014
|
Revenues:
|
|
|
|
|
|
|
Casino
|
$
|
1,278,502
|
|
$
|
1,583,432
|
|
Rooms
|
|
459,425
|
|
|
452,386
|
|
Food and
beverage
|
|
384,101
|
|
|
383,392
|
|
Entertainment
|
|
125,968
|
|
|
133,777
|
|
Retail
|
|
45,037
|
|
|
44,616
|
|
Other
|
|
126,550
|
|
|
125,427
|
|
Reimbursed
costs
|
|
101,060
|
|
|
94,975
|
|
|
|
2,520,643
|
|
|
2,818,005
|
|
Less: Promotional
allowances
|
|
(188,399)
|
|
|
(187,607)
|
|
|
|
2,332,244
|
|
|
2,630,398
|
Expenses:
|
|
|
|
|
|
|
Casino
|
|
782,808
|
|
|
990,834
|
|
Rooms
|
|
141,313
|
|
|
134,238
|
|
Food and
beverage
|
|
221,521
|
|
|
220,058
|
|
Entertainment
|
|
96,999
|
|
|
98,937
|
|
Retail
|
|
24,096
|
|
|
23,476
|
|
Other
|
|
84,323
|
|
|
87,577
|
|
Reimbursed
costs
|
|
101,060
|
|
|
94,975
|
|
General and
administrative
|
|
328,173
|
|
|
319,246
|
|
Corporate
expense
|
|
50,356
|
|
|
53,351
|
|
Preopening and
start-up expenses
|
|
15,871
|
|
|
5,636
|
|
Property
transactions, net
|
|
1,589
|
|
|
558
|
|
Depreciation and
amortization
|
|
206,412
|
|
|
207,655
|
|
|
|
2,054,521
|
|
|
2,236,541
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
117,381
|
|
|
22,615
|
|
|
|
|
|
|
|
Operating
income
|
|
395,104
|
|
|
416,472
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(216,262)
|
|
|
(209,387)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(19,011)
|
|
|
(22,215)
|
|
Other,
net
|
|
(3,490)
|
|
|
(1,434)
|
|
|
|
(238,763)
|
|
|
(233,036)
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
156,341
|
|
|
183,436
|
|
Benefit for income
taxes
|
|
56,305
|
|
|
2,664
|
|
|
|
|
|
|
|
Net
income
|
|
212,646
|
|
|
186,100
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(42,796)
|
|
|
(83,448)
|
Net income
attributable to MGM Resorts International
|
$
|
169,850
|
|
$
|
102,652
|
|
|
|
|
|
|
|
Per share of
common stock:
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
$
|
0.35
|
|
$
|
0.21
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
491,422
|
|
|
490,542
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
$
|
0.33
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
575,312
|
|
|
513,144
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
2,195,535
|
|
$
|
1,713,715
|
|
Cash deposits -
original maturities longer than 90 days
|
|
-
|
|
|
570,000
|
|
Accounts
receivable, net
|
|
461,751
|
|
|
473,345
|
|
Inventories
|
|
103,286
|
|
|
104,011
|
|
Income tax
receivable
|
|
7,725
|
|
|
14,675
|
|
Prepaid expenses
and other
|
|
188,310
|
|
|
151,414
|
|
|
Total current
assets
|
|
2,956,607
|
|
|
3,027,160
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
14,561,951
|
|
|
14,441,542
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
1,661,444
|
|
|
1,559,034
|
|
Goodwill
|
|
|
2,898,127
|
|
|
2,897,110
|
|
Other intangible
assets, net
|
|
4,309,206
|
|
|
4,364,856
|
|
Other long-term
assets, net
|
|
411,112
|
|
|
412,809
|
|
|
Total other
assets
|
|
9,279,889
|
|
|
9,233,809
|
|
|
|
$
|
26,798,447
|
|
$
|
26,702,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
187,325
|
|
$
|
164,252
|
|
Construction
payable
|
|
125,720
|
|
|
170,439
|
|
Current portion of
long-term debt
|
|
-
|
|
|
1,245,320
|
|
Deferred income
taxes, net
|
|
70,552
|
|
|
62,142
|
|
Accrued interest
on long-term debt
|
|
184,205
|
|
|
191,155
|
|
Other accrued
liabilities
|
|
1,327,959
|
|
|
1,574,617
|
|
|
Total current
liabilities
|
|
1,895,761
|
|
|
3,407,925
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
2,547,150
|
|
|
2,621,860
|
Long-term
debt
|
|
14,551,810
|
|
|
12,913,882
|
Other long-term
obligations
|
|
150,691
|
|
|
130,570
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued and outstanding 491,335,813 and 491,292,117
shares
|
|
4,913
|
|
|
4,913
|
|
Capital in excess
of par value
|
|
4,192,684
|
|
|
4,180,922
|
|
Retained earnings
(accumulated deficit)
|
|
61,941
|
|
|
(107,909)
|
|
Accumulated other
comprehensive income
|
|
13,580
|
|
|
12,991
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
4,273,118
|
|
|
4,090,917
|
|
Noncontrolling
interests
|
|
3,379,917
|
|
|
3,537,357
|
|
|
Total
stockholders' equity
|
|
7,653,035
|
|
|
7,628,274
|
|
|
|
$
|
26,798,447
|
|
$
|
26,702,511
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2015
|
|
2014
|
|
Bellagio
|
$
|
301,936
|
|
$
|
319,856
|
|
MGM Grand Las
Vegas
|
|
264,826
|
|
|
261,664
|
|
Mandalay
Bay
|
|
226,935
|
|
|
219,384
|
|
The
Mirage
|
|
142,505
|
|
|
148,248
|
|
Luxor
|
|
86,955
|
|
|
83,693
|
|
New York-New
York
|
|
75,884
|
|
|
72,968
|
|
Excalibur
|
|
67,261
|
|
|
67,573
|
|
Monte
Carlo
|
|
71,867
|
|
|
68,611
|
|
Circus Circus Las
Vegas
|
|
51,384
|
|
|
48,725
|
|
MGM Grand
Detroit
|
|
133,315
|
|
|
133,148
|
|
Beau
Rivage
|
|
86,940
|
|
|
82,426
|
|
Gold Strike
Tunica
|
|
39,835
|
|
|
36,919
|
|
Other resort
operations
|
|
28,252
|
|
|
27,019
|
|
Wholly
owned domestic resorts
|
|
1,577,895
|
|
|
1,570,234
|
|
MGM
China
|
|
630,087
|
|
|
941,448
|
|
Management and
other operations
|
|
124,262
|
|
|
118,716
|
|
|
$
|
2,332,244
|
|
$
|
2,630,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2015
|
|
2014
|
|
Bellagio
|
$
|
89,167
|
|
$
|
105,149
|
|
MGM Grand Las
Vegas
|
|
65,206
|
|
|
62,233
|
|
Mandalay
Bay
|
|
53,988
|
|
|
56,000
|
|
The
Mirage
|
|
30,520
|
|
|
35,419
|
|
Luxor
|
|
17,299
|
|
|
17,978
|
|
New York-New
York
|
|
24,593
|
|
|
25,627
|
|
Excalibur
|
|
16,542
|
|
|
18,890
|
|
Monte
Carlo
|
|
20,056
|
|
|
19,895
|
|
Circus Circus Las
Vegas
|
|
7,833
|
|
|
5,309
|
|
MGM Grand
Detroit
|
|
33,612
|
|
|
33,366
|
|
Beau
Rivage
|
|
18,390
|
|
|
14,641
|
|
Gold Strike
Tunica
|
|
11,550
|
|
|
9,567
|
|
Other resort
operations
|
|
1,123
|
|
|
(1,228)
|
|
Wholly
owned domestic resorts
|
|
389,879
|
|
|
402,846
|
|
MGM
China
|
|
148,456
|
|
|
240,725
|
|
Unconsolidated
resorts(1)
|
|
117,381
|
|
|
22,615
|
|
Management and
other operations
|
|
16,317
|
|
|
19,852
|
|
|
$
|
672,033
|
|
$
|
686,038
|
|
|
|
|
|
|
|
|
(1) Represents the
Company's share of operating income (loss), adjusted for the effect
of certain basis differences.
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND
ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
$
|
66,337
|
|
$
|
-
|
|
$
|
197
|
|
$
|
22,633
|
|
$
|
89,167
|
|
MGM Grand Las
Vegas
|
|
46,726
|
|
|
-
|
|
|
(10)
|
|
|
18,490
|
|
|
65,206
|
|
Mandalay
Bay
|
|
35,321
|
|
|
-
|
|
|
259
|
|
|
18,408
|
|
|
53,988
|
|
The
Mirage
|
|
17,874
|
|
|
54
|
|
|
(1)
|
|
|
12,593
|
|
|
30,520
|
|
Luxor
|
|
7,762
|
|
|
(1)
|
|
|
50
|
|
|
9,488
|
|
|
17,299
|
|
New York-New
York
|
|
19,672
|
|
|
(307)
|
|
|
264
|
|
|
4,964
|
|
|
24,593
|
|
Excalibur
|
|
12,909
|
|
|
-
|
|
|
(19)
|
|
|
3,652
|
|
|
16,542
|
|
Monte
Carlo
|
|
14,314
|
|
|
-
|
|
|
517
|
|
|
5,225
|
|
|
20,056
|
|
Circus Circus Las
Vegas
|
|
3,802
|
|
|
231
|
|
|
-
|
|
|
3,800
|
|
|
7,833
|
|
MGM Grand
Detroit
|
|
27,739
|
|
|
-
|
|
|
-
|
|
|
5,873
|
|
|
33,612
|
|
Beau
Rivage
|
|
11,859
|
|
|
-
|
|
|
-
|
|
|
6,531
|
|
|
18,390
|
|
Gold Strike
Tunica
|
|
8,622
|
|
|
-
|
|
|
-
|
|
|
2,928
|
|
|
11,550
|
|
Other resort
operations
|
|
893
|
|
|
-
|
|
|
-
|
|
|
230
|
|
|
1,123
|
|
Wholly
owned domestic resorts
|
|
273,830
|
|
|
(23)
|
|
|
1,257
|
|
|
114,815
|
|
|
389,879
|
|
MGM
China
|
|
72,366
|
|
|
3,071
|
|
|
332
|
|
|
72,687
|
|
|
148,456
|
|
Unconsolidated
resorts
|
|
116,708
|
|
|
673
|
|
|
-
|
|
|
-
|
|
|
117,381
|
|
Management and
other operations
|
|
14,114
|
|
|
267
|
|
|
-
|
|
|
1,936
|
|
|
16,317
|
|
|
|
477,018
|
|
|
3,988
|
|
|
1,589
|
|
|
189,438
|
|
|
672,033
|
|
Stock
compensation
|
|
(7,579)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(7,579)
|
|
Corporate
|
|
(74,335)
|
|
|
11,883
|
|
|
-
|
|
|
16,974
|
|
|
(45,478)
|
|
|
$
|
395,104
|
|
$
|
15,871
|
|
$
|
1,589
|
|
$
|
206,412
|
|
$
|
618,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2014
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
$
|
81,851
|
|
$
|
-
|
|
$
|
(21)
|
|
$
|
23,319
|
|
$
|
105,149
|
|
MGM Grand Las
Vegas
|
|
40,932
|
|
|
197
|
|
|
(8)
|
|
|
21,112
|
|
|
62,233
|
|
Mandalay
Bay
|
|
34,411
|
|
|
802
|
|
|
(2)
|
|
|
20,789
|
|
|
56,000
|
|
The
Mirage
|
|
22,592
|
|
|
-
|
|
|
147
|
|
|
12,680
|
|
|
35,419
|
|
Luxor
|
|
8,807
|
|
|
3
|
|
|
(1)
|
|
|
9,169
|
|
|
17,978
|
|
New York-New
York
|
|
20,887
|
|
|
55
|
|
|
244
|
|
|
4,441
|
|
|
25,627
|
|
Excalibur
|
|
15,455
|
|
|
-
|
|
|
(1)
|
|
|
3,436
|
|
|
18,890
|
|
Monte
Carlo
|
|
14,014
|
|
|
915
|
|
|
3
|
|
|
4,963
|
|
|
19,895
|
|
Circus Circus Las
Vegas
|
|
1,537
|
|
|
-
|
|
|
(11)
|
|
|
3,783
|
|
|
5,309
|
|
MGM Grand
Detroit
|
|
27,654
|
|
|
-
|
|
|
-
|
|
|
5,712
|
|
|
33,366
|
|
Beau
Rivage
|
|
8,166
|
|
|
-
|
|
|
-
|
|
|
6,475
|
|
|
14,641
|
|
Gold Strike
Tunica
|
|
6,365
|
|
|
-
|
|
|
-
|
|
|
3,202
|
|
|
9,567
|
|
Other resort
operations
|
|
(1,769)
|
|
|
-
|
|
|
-
|
|
|
541
|
|
|
(1,228)
|
|
Wholly
owned domestic resorts
|
|
280,902
|
|
|
1,972
|
|
|
350
|
|
|
119,622
|
|
|
402,846
|
|
MGM
China
|
|
164,589
|
|
|
2,408
|
|
|
(104)
|
|
|
73,832
|
|
|
240,725
|
|
Unconsolidated
resorts
|
|
22,596
|
|
|
19
|
|
|
-
|
|
|
-
|
|
|
22,615
|
|
Management and
other operations
|
|
16,961
|
|
|
-
|
|
|
-
|
|
|
2,891
|
|
|
19,852
|
|
|
|
485,048
|
|
|
4,399
|
|
|
246
|
|
|
196,345
|
|
|
686,038
|
|
Stock
compensation
|
|
(6,699)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6,699)
|
|
Corporate
|
|
(61,877)
|
|
|
1,237
|
|
|
312
|
|
|
11,310
|
|
|
(49,018)
|
|
|
$
|
416,472
|
|
$
|
5,636
|
|
$
|
558
|
|
$
|
207,655
|
|
$
|
630,321
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME ATTRIBUTABLE TO MGM RESORTS
INTERNATIONAL
|
(In
thousands)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
March
31,
|
|
2015
|
|
2014
|
Adjusted
EBITDA
|
$
|
618,976
|
|
$
|
630,321
|
Preopening
and start-up expenses
|
|
(15,871)
|
|
|
(5,636)
|
Property
transactions, net
|
|
(1,589)
|
|
|
(558)
|
Depreciation and amortization
|
|
(206,412)
|
|
|
(207,655)
|
Operating
income
|
|
395,104
|
|
|
416,472
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
(216,262)
|
|
|
(209,387)
|
Other,
net
|
|
(22,501)
|
|
|
(23,649)
|
|
|
(238,763)
|
|
|
(233,036)
|
|
|
|
|
|
|
Income before
income taxes
|
|
156,341
|
|
|
183,436
|
Benefit for
income taxes
|
|
56,305
|
|
|
2,664
|
Net
income
|
|
212,646
|
|
|
186,100
|
Less: Net
income attributable to noncontrolling interests
|
|
(42,796)
|
|
|
(83,448)
|
Net income
attributable to MGM Resorts International
|
$
|
169,850
|
|
$
|
102,652
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS - LAS VEGAS STRIP
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
March
31,
|
|
2015
|
|
2014
|
|
Bellagio
|
|
|
|
|
|
|
Occupancy %
|
|
88.2%
|
|
|
92.3%
|
|
Average daily rate (ADR)
|
|
$268
|
|
|
$262
|
|
Revenue per available room (REVPAR)
|
|
$236
|
|
|
$242
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
Occupancy %
|
|
91.9%
|
|
|
95.2%
|
|
ADR
|
|
$171
|
|
|
$160
|
|
REVPAR
|
|
$157
|
|
|
$152
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
Occupancy %
|
|
90.2%
|
|
|
92.3%
|
|
ADR
|
|
$210
|
|
|
$202
|
|
REVPAR
|
|
$189
|
|
|
$186
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
Occupancy %
|
|
90.0%
|
|
|
94.6%
|
|
ADR
|
|
$173
|
|
|
$170
|
|
REVPAR
|
|
$155
|
|
|
$161
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
Occupancy %
|
|
92.2%
|
|
|
93.3%
|
|
ADR
|
|
$105
|
|
|
$102
|
|
REVPAR
|
|
$97
|
|
|
$95
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
Occupancy %
|
|
97.6%
|
|
|
97.9%
|
|
ADR
|
|
$134
|
|
|
$126
|
|
REVPAR
|
|
$131
|
|
|
$124
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
Occupancy %
|
|
89.9%
|
|
|
91.2%
|
|
ADR
|
|
$85
|
|
|
$82
|
|
REVPAR
|
|
$77
|
|
|
$75
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
Occupancy %
|
|
95.1%
|
|
|
96.0%
|
|
ADR
|
|
$122
|
|
|
$116
|
|
REVPAR
|
|
$116
|
|
|
$111
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
Occupancy %
|
|
76.8%
|
|
|
74.8%
|
|
ADR
|
|
$69
|
|
|
$63
|
|
REVPAR
|
|
$53
|
|
|
$47
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Aria
|
$
|
238,855
|
|
$
|
253,689
|
|
Vdara
|
|
27,842
|
|
|
26,250
|
|
Crystals
|
|
17,357
|
|
|
16,752
|
|
Mandarin
Oriental
|
|
16,011
|
|
|
16,441
|
|
Resort
operations
|
|
300,065
|
|
|
313,132
|
|
Residential
operations
|
|
18,174
|
|
|
23,285
|
|
|
$
|
318,239
|
|
$
|
336,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME (LOSS)
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
85,140
|
|
$
|
95,058
|
Preopening
and start-up expenses
|
|
-
|
|
|
-
|
Property
transactions, net
|
|
159,689
|
|
|
(2,575)
|
Depreciation and amortization
|
|
(63,223)
|
|
|
(87,520)
|
Operating
income
|
|
181,606
|
|
|
4,963
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
Interest
expense - other
|
|
(18,178)
|
|
|
(22,852)
|
Other,
net
|
|
173
|
|
|
(2,313)
|
|
|
|
(18,005)
|
|
|
(25,165)
|
Net income
(loss)
|
$
|
163,601
|
|
$
|
(20,202)
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2015
|
|
2014
|
|
Aria
|
|
|
|
|
|
|
Occupancy %
|
|
89.8%
|
|
|
92.0%
|
|
ADR
|
|
$244
|
|
|
$229
|
|
REVPAR
|
|
$219
|
|
|
$211
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
Occupancy %
|
|
91.1%
|
|
|
89.5%
|
|
ADR
|
|
$190
|
|
|
$185
|
|
REVPAR
|
|
$174
|
|
|
$165
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
$
|
14,767
|
|
$
|
-
|
|
$
|
287
|
|
$
|
45,706
|
|
$
|
60,760
|
|
|
Vdara
|
|
(195)
|
|
|
-
|
|
|
-
|
|
|
7,835
|
|
|
7,640
|
|
|
Crystals
|
|
4,849
|
|
|
-
|
|
|
4
|
|
|
6,822
|
|
|
11,675
|
|
|
Mandarin
Oriental
|
|
(1,407)
|
|
|
-
|
|
|
-
|
|
|
3,040
|
|
|
1,633
|
|
|
Resort
operations
|
|
18,014
|
|
|
-
|
|
|
291
|
|
|
63,403
|
|
|
81,708
|
|
|
Residential
operations
|
|
4,149
|
|
|
-
|
|
|
-
|
|
|
35
|
|
|
4,184
|
|
|
Development and
administration
|
|
159,443
|
|
|
-
|
|
|
(159,980)
|
|
|
(215)
|
|
|
(752)
|
|
|
|
$
|
181,606
|
|
$
|
-
|
|
$
|
(159,689)
|
|
$
|
63,223
|
|
$
|
85,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2014
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
$
|
7,556
|
|
$
|
-
|
|
$
|
1,307
|
|
$
|
65,629
|
|
$
|
74,492
|
|
|
Vdara
|
|
(2,951)
|
|
|
-
|
|
|
-
|
|
|
10,225
|
|
|
7,274
|
|
|
Crystals
|
|
4,233
|
|
|
-
|
|
|
79
|
|
|
6,742
|
|
|
11,054
|
|
|
Mandarin
Oriental
|
|
(2,710)
|
|
|
-
|
|
|
-
|
|
|
4,719
|
|
|
2,009
|
|
|
Resort
operations
|
|
6,128
|
|
|
-
|
|
|
1,386
|
|
|
87,315
|
|
|
94,829
|
|
|
Residential
operations
|
|
2,607
|
|
|
-
|
|
|
1,114
|
|
|
205
|
|
|
3,926
|
|
|
Development and
administration
|
|
(3,772)
|
|
|
-
|
|
|
75
|
|
|
-
|
|
|
(3,697)
|
|
|
|
$
|
4,963
|
|
$
|
-
|
|
$
|
2,575
|
|
$
|
87,520
|
|
$
|
95,058
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-first-quarter-financial-results-300076486.html
SOURCE MGM Resorts International