LAS VEGAS, Oct. 29, 2015 /PRNewswire/ --MGM Resorts
International (NYSE: MGM) today reported financial results for the
quarter ended September 30, 2015.
"Our strong third quarter results exemplify the power of our
portfolio of assets and brands as we continue to drive growth in
our Las Vegas and regional
resorts. Our Profit Growth Plan is beginning to see initial
success with the initiatives launched to date, and we expect these
efforts to further enhance our already improving profits and
margins, as we roll out many more opportunities in the coming
months," said Jim Murren, Chairman
& CEO of MGM Resorts International. "We are continuing to make
positive strides with respect to our development pipeline and look
forward to an exciting 2016 as we anticipate welcoming the new Las
Vegas Arena and The Park next spring and both MGM National Harbor
and MGM Cotai in late 2016. Our strategic investments are
allowing us to solidify our leadership in the marketplace and
further position the Company for growth."
Key results for the third quarter of 2015 include the
following:
- Net revenue at the Company's wholly owned domestic resorts was
$1.6 billion, an increase of 4%
compared to the prior year quarter;
- Rooms revenue at wholly owned domestic resorts increased 8%
with an 8% 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 $411
million, a 25% increase compared to the prior year
quarter;
- Adjusted Property EBITDA margin for wholly owned domestic
resorts increased 435 basis points to 25.1% in the current year
quarter;
- MGM China's net revenue was $529
million and Adjusted EBITDA was $128
million, decreases of 33% and 40%, respectively, compared to
the prior year quarter; and
- CityCenter's Adjusted EBITDA related to resort operations was
$76 million, a 20% increase compared
to the prior year quarter.
Third Quarter Consolidated Results
Diluted earnings per share for the third quarter of 2015 was
$0.12 compared to a diluted loss per
share of $0.04 in the prior year
quarter.
The following table lists certain 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,
|
2015
|
2014
|
Preopening and
start-up expenses
|
$ (0.02)
|
$ (0.01)
|
Property
transactions, net
|
(0.01)
|
(0.01)
|
Corporate expense increased $12
million compared to the prior year quarter, and reflected
costs incurred to implement initiatives related to the Profit
Growth Plan and costs associated with the Company's strategic
review totaling $18 million.
Wholly Owned Domestic Resorts
Casino revenue related to wholly owned domestic resorts
increased 4% compared to the prior year quarter due primarily to a
2% increase in slots volume. Table games volume decreased 1% and
table games hold percentage in the third quarter of 2015 was 20.3%
compared to 19.8% in the prior year quarter.
Rooms revenue increased 8% compared to the prior year quarter
with Las Vegas Strip REVPAR up 8%. The following table shows key
hotel statistics for the Company's Las Vegas Strip resorts:
Three months ended
September 30,
|
2015
|
2014
|
Occupancy
%
|
96%
|
95%
|
Average Daily Rate
(ADR)
|
$ 141
|
$ 131
|
Revenue per Available
Room (REVPAR)
|
$ 135
|
$ 124
|
Higher convention room mix in the current quarter compared to
the prior year quarter resulted in increased catering business
which led to a 1% increase in food and beverage revenue.
Entertainment revenue decreased 4% due to a decline in the revenue
generated from in-house shows compared to the prior year quarter.
Operating income for the Company's wholly owned domestic resorts
increased 42% to $290 million
compared to $204 million in the prior
year quarter. Operating income in the prior year quarter was
negatively affected by largely nonrecurring employee benefit
expenses as well as the cost and near-term revenue impacts
associated with the launch of the Delano and the new Las Vegas
Strip-facing food and beverage venues at Monte Carlo.
MGM China
Key third quarter results for MGM China include the
following:
- MGM China earned net revenue of $529
million, a 33% decrease compared to the prior year
quarter;
- Main floor table games revenue decreased 30% compared to the
prior year quarter;
- VIP table games revenue decreased 39% due to a decrease in VIP
table games turnover of 55% compared to the prior year quarter,
while hold percentage increased to 3.7% in the current year quarter
compared to 2.7% in the prior year quarter;
- MGM China's Adjusted EBITDA was $128
million, a decrease of 40% compared to the prior year
quarter, including $9 million of
license fee expense in the current year quarter compared to
$12 million in the prior year
quarter;
- Adjusted EBITDA margin declined 268 basis points to 24.2% in
the current year quarter; and
- Operating income was $63 million
compared to $140 million in the prior
year quarter.
MGM China paid a $76 million
interim dividend in August 2015, of
which $39 million was distributed to
MGM Resorts and $37 million was
distributed to noncontrolling interests.
Income from Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of income from unconsolidated affiliates:
Three months ended
September 30,
|
2015
|
2014
|
|
(In
thousands)
|
Borgata
|
$ 31,784
|
|
$ 22,397
|
CityCenter
|
16,459
|
|
(6,719)
|
Other
|
9,107
|
|
7,325
|
|
$ 57,350
|
|
$ 23,003
|
The Company's income from unconsolidated affiliates related to
Borgata for the third quarter of 2015 increased 42% compared to the
prior year quarter due to record operating results at the property
driven by increases in casino revenue.
Results for CityCenter for the third quarter of 2015 include the
following (see schedules accompanying this release for further
detail on CityCenter's third quarter results):
- Net revenue from resort operations increased by 4% to
$293 million compared to $280 million in the prior year quarter;
- Adjusted EBITDA from resort operations was $76 million, an increase of 20% compared to the
prior year quarter;
- Aria's table games hold percentage was 22.6% compared to 21.7%
in the prior year quarter;
- Slots revenue at Aria increased 5% compared to the prior year
quarter;
- Aria's REVPAR was $207, a 7%
increase compared to the prior year quarter;
- Vdara reported Adjusted EBITDA of $7
million, a 30% increase compared to the prior year quarter,
led by a 7% increase in REVPAR; and
- Crystals reported Adjusted EBITDA of $11
million, an increase of 2% from the prior year quarter.
CityCenter's operating income of $12
million in the current year quarter represents a
$49 million increase from the prior
year quarter, benefiting from an increase in casino revenue and
rooms revenue, an $8 million decrease
in general and administrative expense related to legal and
professional fees and a decrease in depreciation expense of
$27 million as a result of certain
furniture and equipment becoming fully depreciated in December 2014. In addition, property
transactions, net declined by $4
million compared to the prior year quarter.
Financial Position
"We continue to remain focused on deleveraging our balance sheet
through a combination of reducing debt and increasing cash flows,"
said Dan D'Arrigo, Executive Vice President, CFO and Treasurer of
MGM Resorts International. "We believe that our improving
profitability, future dividends from MGM China as well as
CityCenter and our other unconsolidated affiliates, along with
upcoming development projects, will further allow us to enhance our
financial position and provide long-term value to our
shareholders."
The Company's cash and cash equivalents at September 30, 2015 was $1.8 billion, which included $808 million at MGM China. At September 30, 2015, the Company had $2.7 billion of borrowings outstanding under its
$3.9 billion senior secured credit
facility and $1.6 billion outstanding
under the $3.0 billion MGM China
credit facility. In July 2015, the
Company repaid its $875 million
6.625% senior notes at maturity with cash on hand.
Conference Call Details
MGM Resorts International will host a conference call at
8:00 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
7547909. A replay of the call will be available through
Friday, November 6, 2015. The
replay may be accessed by dialing 1-877-344-7529 or
1-412-317-0088. The replay access code is 10075413. 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 and Adjusted Property 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, the
Company's ability to generate future cash flow growth and to
execute on future development and other projects, such as the
Profit Growth Plan, and the expected results of the Profit Growth
Plan. 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,
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
$
|
1,181,593
|
|
$
|
1,420,538
|
|
$
|
3,696,071
|
|
$
|
4,479,135
|
|
Rooms
|
|
|
|
466,032
|
|
|
433,005
|
|
|
1,415,955
|
|
|
1,348,542
|
|
Food and
beverage
|
|
397,332
|
|
|
396,470
|
|
|
1,204,616
|
|
|
1,192,585
|
|
Entertainment
|
|
|
141,085
|
|
|
146,315
|
|
|
402,025
|
|
|
418,827
|
|
Retail
|
|
|
|
53,272
|
|
|
50,720
|
|
|
153,791
|
|
|
146,147
|
|
Other
|
|
|
|
126,585
|
|
|
132,126
|
|
|
390,954
|
|
|
391,621
|
|
Reimbursed
costs
|
|
98,292
|
|
|
98,317
|
|
|
302,900
|
|
|
289,037
|
|
|
|
|
|
|
2,464,191
|
|
|
2,677,491
|
|
|
7,566,312
|
|
|
8,265,894
|
|
Less: Promotional
allowances
|
|
(183,375)
|
|
|
(192,484)
|
|
|
(568,117)
|
|
|
(569,456)
|
|
|
|
|
|
|
2,280,816
|
|
|
2,485,007
|
|
|
6,998,195
|
|
|
7,696,438
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
|
699,569
|
|
|
884,177
|
|
|
2,220,804
|
|
|
2,791,828
|
|
Rooms
|
|
|
|
140,806
|
|
|
143,993
|
|
|
424,184
|
|
|
420,644
|
|
Food and
beverage
|
|
236,988
|
|
|
234,307
|
|
|
701,636
|
|
|
695,489
|
|
Entertainment
|
|
|
107,478
|
|
|
109,757
|
|
|
308,874
|
|
|
313,455
|
|
Retail
|
|
|
|
26,767
|
|
|
26,183
|
|
|
79,261
|
|
|
75,714
|
|
Other
|
|
|
|
88,000
|
|
|
96,324
|
|
|
268,158
|
|
|
275,978
|
|
Reimbursed
costs
|
|
98,292
|
|
|
98,317
|
|
|
302,900
|
|
|
289,037
|
|
General and
administrative
|
|
340,495
|
|
|
347,487
|
|
|
1,002,376
|
|
|
994,217
|
|
Corporate
expense
|
|
74,019
|
|
|
61,563
|
|
|
183,977
|
|
|
169,353
|
|
Preopening and
start-up expenses
|
|
16,510
|
|
|
10,233
|
|
|
50,270
|
|
|
25,628
|
|
Property
transactions, net
|
|
7,123
|
|
|
6,794
|
|
|
12,665
|
|
|
40,522
|
|
Depreciation and
amortization
|
|
204,742
|
|
|
202,386
|
|
|
619,719
|
|
|
613,111
|
|
|
|
|
|
|
2,040,789
|
|
|
2,221,521
|
|
|
6,174,824
|
|
|
6,704,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
57,350
|
|
|
23,003
|
|
|
217,631
|
|
|
65,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
297,377
|
|
|
286,489
|
|
|
1,041,002
|
|
|
1,057,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(191,781)
|
|
|
(202,835)
|
|
|
(611,288)
|
|
|
(616,158)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(22,968)
|
|
|
(22,810)
|
|
|
(59,745)
|
|
|
(69,021)
|
|
Other,
net
|
|
|
(4,386)
|
|
|
(254)
|
|
|
(12,691)
|
|
|
(1,997)
|
|
|
|
|
|
|
(219,135)
|
|
|
(225,899)
|
|
|
(683,724)
|
|
|
(687,176)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
78,242
|
|
|
60,590
|
|
|
357,278
|
|
|
370,249
|
|
Benefit
(provision) for income taxes
|
|
16,493
|
|
|
(10,208)
|
|
|
76,570
|
|
|
44,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
94,735
|
|
|
50,382
|
|
|
433,848
|
|
|
414,650
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(28,310)
|
|
|
(70,652)
|
|
|
(100,114)
|
|
|
(222,260)
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
66,425
|
|
$
|
(20,270)
|
|
$
|
333,734
|
|
$
|
192,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share of
common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
0.12
|
|
$
|
(0.04)
|
|
$
|
0.62
|
|
$
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
563,287
|
|
|
490,914
|
|
|
535,619
|
|
|
490,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
0.12
|
|
$
|
(0.04)
|
|
$
|
0.61
|
|
$
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
569,320
|
|
|
490,914
|
|
|
547,750
|
|
|
497,228
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,807,795
|
|
$
|
1,713,715
|
|
Cash deposits -
original maturities longer than 90 days
|
|
-
|
|
|
570,000
|
|
Accounts
receivable, net
|
|
470,842
|
|
|
473,345
|
|
Inventories
|
|
100,533
|
|
|
104,011
|
|
Income tax
receivable
|
|
16,054
|
|
|
14,675
|
|
Prepaid expenses
and other
|
|
187,050
|
|
|
151,414
|
|
|
Total current
assets
|
|
|
2,582,274
|
|
|
3,027,160
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
15,014,642
|
|
|
14,441,542
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
1,536,531
|
|
|
1,559,034
|
|
Goodwill
|
|
2,898,996
|
|
|
2,897,110
|
|
Other intangible
assets, net
|
|
4,212,660
|
|
|
4,364,856
|
|
Other long-term
assets, net
|
|
435,163
|
|
|
412,809
|
|
|
Total other
assets
|
|
9,083,350
|
|
|
9,233,809
|
|
|
|
|
|
|
$
|
26,680,266
|
|
$
|
26,702,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
168,651
|
|
$
|
164,252
|
|
Construction
payable
|
|
188,246
|
|
|
170,439
|
|
Current portion of
long-term debt
|
|
-
|
|
|
1,245,320
|
|
Deferred income
taxes, net
|
|
89,834
|
|
|
62,142
|
|
Accrued interest
on long-term debt
|
|
143,361
|
|
|
191,155
|
|
Other accrued
liabilities
|
|
1,362,763
|
|
|
1,574,617
|
|
|
Total current
liabilities
|
|
1,952,855
|
|
|
3,407,925
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
2,496,294
|
|
|
2,621,860
|
Long-term
debt
|
|
12,821,037
|
|
|
12,913,882
|
Other long-term
obligations
|
|
165,358
|
|
|
130,570
|
Redeemable
noncontrolling interest
|
|
5,000
|
|
|
-
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued and
outstanding 563,212,549 and 491,292,117 shares
|
|
5,632
|
|
|
4,913
|
|
Capital in excess
of par value
|
|
5,655,340
|
|
|
4,180,922
|
|
Retained earnings
(accumulated deficit)
|
|
225,825
|
|
|
(107,909)
|
|
Accumulated other
comprehensive income
|
|
14,447
|
|
|
12,991
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
5,901,244
|
|
|
4,090,917
|
|
Noncontrolling
interests
|
|
3,338,478
|
|
|
3,537,357
|
|
|
Total
stockholders' equity
|
|
9,239,722
|
|
|
7,628,274
|
|
|
|
|
|
|
$
|
26,680,266
|
|
$
|
26,702,511
|
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,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Bellagio
|
|
|
|
|
$
|
303,494
|
|
$
|
302,024
|
|
$
|
924,355
|
|
$
|
954,093
|
|
MGM Grand Las
Vegas
|
|
|
286,777
|
|
|
273,272
|
|
|
855,383
|
|
|
806,611
|
|
Mandalay
Bay
|
|
|
|
232,172
|
|
|
216,956
|
|
|
701,109
|
|
|
669,846
|
|
The
Mirage
|
|
|
|
|
141,007
|
|
|
136,199
|
|
|
440,512
|
|
|
431,117
|
|
Luxor
|
|
|
|
|
|
95,358
|
|
|
92,395
|
|
|
278,075
|
|
|
267,155
|
|
New York-New
York
|
|
|
75,722
|
|
|
70,658
|
|
|
229,805
|
|
|
215,491
|
|
Excalibur
|
|
|
|
|
|
75,088
|
|
|
67,238
|
|
|
217,753
|
|
|
206,936
|
|
Monte
Carlo
|
|
|
|
|
73,274
|
|
|
69,198
|
|
|
220,286
|
|
|
210,141
|
|
Circus Circus Las
Vegas
|
|
|
62,643
|
|
|
57,741
|
|
|
177,497
|
|
|
160,408
|
|
MGM Grand
Detroit
|
|
|
128,789
|
|
|
127,703
|
|
|
403,133
|
|
|
397,201
|
|
Beau
Rivage
|
|
|
|
|
98,322
|
|
|
89,049
|
|
|
279,717
|
|
|
259,063
|
|
Gold Strike
Tunica
|
|
|
42,152
|
|
|
43,196
|
|
|
121,873
|
|
|
119,615
|
|
Other resort
operations
|
|
|
21,390
|
|
|
32,507
|
|
|
70,065
|
|
|
89,963
|
|
Wholly
owned domestic resorts
|
|
1,636,188
|
|
|
1,578,136
|
|
|
4,919,563
|
|
|
4,787,640
|
|
MGM
China
|
|
|
|
|
529,037
|
|
|
794,265
|
|
|
1,715,983
|
|
|
2,563,641
|
|
Management and
other operations
|
|
115,591
|
|
|
112,606
|
|
|
362,649
|
|
|
345,157
|
|
|
|
|
|
|
$
|
2,280,816
|
|
$
|
2,485,007
|
|
$
|
6,998,195
|
|
$
|
7,696,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Bellagio
|
|
|
|
|
$
|
95,827
|
|
$
|
88,420
|
|
$
|
288,797
|
|
$
|
309,188
|
|
MGM Grand Las
Vegas
|
|
|
62,182
|
|
|
53,847
|
|
|
200,038
|
|
|
170,451
|
|
Mandalay
Bay
|
|
|
|
49,961
|
|
|
29,796
|
|
|
164,745
|
|
|
138,799
|
|
The
Mirage
|
|
|
|
|
27,182
|
|
|
17,844
|
|
|
95,801
|
|
|
82,173
|
|
Luxor
|
|
|
|
|
|
21,695
|
|
|
17,563
|
|
|
62,322
|
|
|
56,863
|
|
New York-New
York
|
|
|
24,831
|
|
|
20,521
|
|
|
77,040
|
|
|
70,626
|
|
Excalibur
|
|
|
|
|
|
21,273
|
|
|
13,690
|
|
|
59,598
|
|
|
53,286
|
|
Monte
Carlo
|
|
|
|
|
21,372
|
|
|
14,150
|
|
|
63,738
|
|
|
54,044
|
|
Circus Circus Las
Vegas
|
|
|
12,377
|
|
|
6,093
|
|
|
31,568
|
|
|
18,615
|
|
MGM Grand
Detroit
|
|
|
33,372
|
|
|
34,583
|
|
|
109,723
|
|
|
107,602
|
|
Beau
Rivage
|
|
|
|
|
26,679
|
|
|
20,053
|
|
|
66,784
|
|
|
53,183
|
|
Gold Strike
Tunica
|
|
|
11,560
|
|
|
10,514
|
|
|
34,144
|
|
|
30,266
|
|
Other resort
operations
|
|
|
2,978
|
|
|
904
|
|
|
4,933
|
|
|
126
|
|
Wholly
owned domestic resorts
|
|
411,289
|
|
|
327,978
|
|
|
1,259,231
|
|
|
1,145,222
|
|
MGM
China
|
|
|
|
|
128,225
|
|
|
213,796
|
|
|
408,898
|
|
|
665,009
|
|
Unconsolidated
resorts(1)
|
|
|
57,350
|
|
|
23,003
|
|
|
217,631
|
|
|
65,963
|
|
Management and
other operations
|
|
5,591
|
|
|
5,184
|
|
|
29,803
|
|
|
37,138
|
|
|
|
|
|
|
$
|
602,455
|
|
$
|
569,961
|
|
$
|
1,915,563
|
|
$
|
1,913,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2015
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
|
|
|
|
|
$
|
72,646
|
|
$
|
-
|
|
$
|
153
|
|
$
|
23,028
|
|
$
|
95,827
|
|
MGM Grand Las
Vegas
|
|
|
|
43,889
|
|
|
-
|
|
|
17
|
|
|
18,276
|
|
|
62,182
|
|
Mandalay
Bay
|
|
|
|
|
29,180
|
|
|
-
|
|
|
1,506
|
|
|
19,275
|
|
|
49,961
|
|
The
Mirage
|
|
|
|
|
|
16,390
|
|
|
-
|
|
|
2
|
|
|
10,790
|
|
|
27,182
|
|
Luxor
|
|
|
|
|
|
|
12,490
|
|
|
(1)
|
|
|
36
|
|
|
9,170
|
|
|
21,695
|
|
New York-New
York
|
|
|
|
19,023
|
|
|
1
|
|
|
878
|
|
|
4,929
|
|
|
24,831
|
|
Excalibur
|
|
|
|
|
|
|
17,606
|
|
|
-
|
|
|
46
|
|
|
3,621
|
|
|
21,273
|
|
Monte
Carlo
|
|
|
|
|
|
11,345
|
|
|
1
|
|
|
1,070
|
|
|
8,956
|
|
|
21,372
|
|
Circus Circus Las
Vegas
|
|
|
|
8,504
|
|
|
-
|
|
|
9
|
|
|
3,864
|
|
|
12,377
|
|
MGM Grand
Detroit
|
|
|
|
27,254
|
|
|
-
|
|
|
-
|
|
|
6,118
|
|
|
33,372
|
|
Beau
Rivage
|
|
|
|
|
|
20,161
|
|
|
-
|
|
|
7
|
|
|
6,511
|
|
|
26,679
|
|
Gold Strike
Tunica
|
|
|
|
8,617
|
|
|
-
|
|
|
5
|
|
|
2,938
|
|
|
11,560
|
|
Other resort
operations
|
|
|
|
2,963
|
|
|
-
|
|
|
-
|
|
|
15
|
|
|
2,978
|
|
Wholly
owned domestic resorts
|
|
290,068
|
|
|
1
|
|
|
3,729
|
|
|
117,491
|
|
|
411,289
|
|
MGM
China
|
|
|
|
|
|
62,833
|
|
|
3,491
|
|
|
139
|
|
|
61,762
|
|
|
128,225
|
|
Unconsolidated
resorts
|
|
|
|
56,380
|
|
|
970
|
|
|
-
|
|
|
-
|
|
|
57,350
|
|
Management and
other operations
|
|
3,238
|
|
|
298
|
|
|
123
|
|
|
1,932
|
|
|
5,591
|
|
|
|
|
|
|
|
|
412,519
|
|
|
4,760
|
|
|
3,991
|
|
|
181,185
|
|
|
602,455
|
|
Stock
compensation
|
|
|
|
(7,386)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(7,386)
|
|
Corporate
|
|
|
|
|
|
|
(107,756)
|
|
|
11,750
|
|
|
3,132
|
|
|
23,557
|
|
|
(69,317)
|
|
|
|
|
|
|
|
$
|
297,377
|
|
$
|
16,510
|
|
$
|
7,123
|
|
$
|
204,742
|
|
$
|
525,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
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, 2015
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
|
|
|
|
|
$
|
220,097
|
|
$
|
-
|
|
$
|
337
|
|
$
|
68,363
|
|
$
|
288,797
|
|
MGM Grand Las
Vegas
|
|
|
|
144,505
|
|
|
-
|
|
|
99
|
|
|
55,434
|
|
|
200,038
|
|
Mandalay
Bay
|
|
|
|
|
104,064
|
|
|
-
|
|
|
2,662
|
|
|
58,019
|
|
|
164,745
|
|
The
Mirage
|
|
|
|
|
|
59,970
|
|
|
50
|
|
|
1,302
|
|
|
34,479
|
|
|
95,801
|
|
Luxor
|
|
|
|
|
|
|
33,993
|
|
|
(2)
|
|
|
88
|
|
|
28,243
|
|
|
62,322
|
|
New York-New
York
|
|
|
|
60,932
|
|
|
(74)
|
|
|
1,142
|
|
|
15,040
|
|
|
77,040
|
|
Excalibur
|
|
|
|
|
|
|
48,514
|
|
|
-
|
|
|
128
|
|
|
10,956
|
|
|
59,598
|
|
Monte
Carlo
|
|
|
|
|
|
41,289
|
|
|
2
|
|
|
1,599
|
|
|
20,848
|
|
|
63,738
|
|
Circus Circus Las
Vegas
|
|
|
|
19,582
|
|
|
281
|
|
|
9
|
|
|
11,696
|
|
|
31,568
|
|
MGM Grand
Detroit
|
|
|
|
91,799
|
|
|
-
|
|
|
-
|
|
|
17,924
|
|
|
109,723
|
|
Beau
Rivage
|
|
|
|
|
|
47,217
|
|
|
-
|
|
|
7
|
|
|
19,560
|
|
|
66,784
|
|
Gold Strike
Tunica
|
|
|
|
25,280
|
|
|
-
|
|
|
14
|
|
|
8,850
|
|
|
34,144
|
|
Other resort
operations
|
|
|
|
4,467
|
|
|
-
|
|
|
-
|
|
|
466
|
|
|
4,933
|
|
Wholly
owned domestic resorts
|
|
901,709
|
|
|
257
|
|
|
7,387
|
|
|
349,878
|
|
|
1,259,231
|
|
MGM
China
|
|
|
|
|
|
192,805
|
|
|
10,332
|
|
|
968
|
|
|
204,793
|
|
|
408,898
|
|
Unconsolidated
resorts
|
|
|
|
215,218
|
|
|
2,413
|
|
|
-
|
|
|
-
|
|
|
217,631
|
|
Management and
other operations
|
|
22,104
|
|
|
842
|
|
|
1,079
|
|
|
5,778
|
|
|
29,803
|
|
|
|
|
|
|
|
|
1,331,836
|
|
|
13,844
|
|
|
9,434
|
|
|
560,449
|
|
|
1,915,563
|
|
Stock
compensation
|
|
|
|
(22,280)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(22,280)
|
|
Corporate
|
|
|
|
|
|
|
(268,554)
|
|
|
36,426
|
|
|
3,231
|
|
|
59,270
|
|
|
(169,627)
|
|
|
|
|
|
|
|
$
|
1,041,002
|
|
$
|
50,270
|
|
$
|
12,665
|
|
$
|
619,719
|
|
$
|
1,723,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
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,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Adjusted
EBITDA
|
|
|
|
|
$
|
525,752
|
|
$
|
505,902
|
|
$
|
1,723,656
|
|
$
|
1,736,686
|
Preopening
and start-up expenses
|
|
|
(16,510)
|
|
|
(10,233)
|
|
|
(50,270)
|
|
|
(25,628)
|
Property
transactions, net
|
|
|
(7,123)
|
|
|
(6,794)
|
|
|
(12,665)
|
|
|
(40,522)
|
Depreciation and amortization
|
|
|
(204,742)
|
|
|
(202,386)
|
|
|
(619,719)
|
|
|
(613,111)
|
Operating
income
|
|
|
|
|
|
297,377
|
|
|
286,489
|
|
|
1,041,002
|
|
|
1,057,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
|
(191,781)
|
|
|
(202,835)
|
|
|
(611,288)
|
|
|
(616,158)
|
Other,
net
|
|
|
|
|
|
(27,354)
|
|
|
(23,064)
|
|
|
(72,436)
|
|
|
(71,018)
|
|
|
|
|
|
|
|
(219,135)
|
|
|
(225,899)
|
|
|
(683,724)
|
|
|
(687,176)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
78,242
|
|
|
60,590
|
|
|
357,278
|
|
|
370,249
|
Benefit
(provision) for income taxes
|
|
|
16,493
|
|
|
(10,208)
|
|
|
76,570
|
|
|
44,401
|
Net
income
|
|
|
|
|
|
94,735
|
|
|
50,382
|
|
|
433,848
|
|
|
414,650
|
Less: Net
income attributable to noncontrolling interests
|
|
|
(28,310)
|
|
|
(70,652)
|
|
|
(100,114)
|
|
|
(222,260)
|
Net income (loss)
attributable to MGM Resorts International
|
|
$
|
66,425
|
|
$
|
(20,270)
|
|
$
|
333,734
|
|
$
|
192,390
|
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,
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
96.6%
|
|
|
95.7%
|
|
|
93.9%
|
|
|
94.6%
|
Average daily rate (ADR)
|
|
|
$245
|
|
|
$239
|
|
|
$259
|
|
|
$253
|
Revenue per available room (REVPAR)
|
|
|
$237
|
|
|
$229
|
|
|
$243
|
|
|
$240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
98.0%
|
|
|
97.7%
|
|
|
95.8%
|
|
|
97.0%
|
ADR
|
|
|
$154
|
|
|
$143
|
|
|
$164
|
|
|
$151
|
REVPAR
|
|
|
$151
|
|
|
$140
|
|
|
$157
|
|
|
$146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
94.3%
|
|
|
94.2%
|
|
|
92.5%
|
|
|
93.8%
|
ADR
|
|
|
$192
|
|
|
$181
|
|
|
$203
|
|
|
$194
|
REVPAR
|
|
|
$181
|
|
|
$170
|
|
|
$188
|
|
|
$182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
97.0%
|
|
|
96.4%
|
|
|
94.5%
|
|
|
96.0%
|
ADR
|
|
|
$155
|
|
|
$147
|
|
|
$165
|
|
|
$159
|
REVPAR
|
|
|
$151
|
|
|
$142
|
|
|
$156
|
|
|
$153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
96.8%
|
|
|
94.7%
|
|
|
95.1%
|
|
|
95.1%
|
ADR
|
|
|
$99
|
|
|
$89
|
|
|
$104
|
|
|
$96
|
REVPAR
|
|
|
$96
|
|
|
$84
|
|
|
$99
|
|
|
$91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
98.7%
|
|
|
98.6%
|
|
|
98.6%
|
|
|
98.6%
|
ADR
|
|
|
$122
|
|
|
$114
|
|
|
$128
|
|
|
$121
|
REVPAR
|
|
|
$121
|
|
|
$112
|
|
|
$126
|
|
|
$119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
95.5%
|
|
|
94.3%
|
|
|
94.3%
|
|
|
94.5%
|
ADR
|
|
|
$88
|
|
|
$75
|
|
|
$87
|
|
|
$79
|
REVPAR
|
|
|
$84
|
|
|
$71
|
|
|
$82
|
|
|
$75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
98.2%
|
|
|
98.4%
|
|
|
97.3%
|
|
|
97.9%
|
ADR
|
|
|
$113
|
|
|
$105
|
|
|
$118
|
|
|
$111
|
REVPAR
|
|
|
$111
|
|
|
$103
|
|
|
$115
|
|
|
$109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
88.0%
|
|
|
85.4%
|
|
|
85.0%
|
|
|
81.5%
|
ADR
|
|
|
$71
|
|
|
$58
|
|
|
$69
|
|
|
$60
|
REVPAR
|
|
|
$62
|
|
|
$50
|
|
|
$59
|
|
|
$49
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
|
|
|
|
|
$
|
234,589
|
|
$
|
224,108
|
|
$
|
723,221
|
|
$
|
722,941
|
|
Vdara
|
|
|
|
|
|
|
26,769
|
|
|
25,544
|
|
|
83,491
|
|
|
78,661
|
|
Crystals
|
|
|
|
|
|
|
17,185
|
|
|
16,682
|
|
|
52,052
|
|
|
50,083
|
|
Mandarin
Oriental
|
|
|
|
14,126
|
|
|
14,078
|
|
|
45,735
|
|
|
45,930
|
|
Resort
operations
|
|
|
|
292,669
|
|
|
280,412
|
|
|
904,499
|
|
|
897,615
|
|
Residential
operations
|
|
|
|
1,598
|
|
|
16,990
|
|
|
29,989
|
|
|
56,079
|
|
|
|
|
|
|
|
$
|
294,267
|
|
$
|
297,402
|
|
$
|
934,488
|
|
$
|
953,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME (LOSS)
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
$
|
75,324
|
|
$
|
57,590
|
|
$
|
246,173
|
|
$
|
230,357
|
Property
transactions, net
|
|
|
|
15
|
|
|
(3,897)
|
|
|
159,007
|
|
|
(22,593)
|
Depreciation and amortization
|
|
|
(62,895)
|
|
|
(89,885)
|
|
|
(188,917)
|
|
|
(263,828)
|
Operating
income
|
|
|
|
|
12,444
|
|
|
(36,192)
|
|
|
216,263
|
|
|
(56,064)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense - other
|
|
|
|
(18,262)
|
|
|
(18,897)
|
|
|
(54,612)
|
|
|
(64,267)
|
Other,
net
|
|
|
|
|
|
|
(100)
|
|
|
(4,012)
|
|
|
186
|
|
|
(10,760)
|
|
|
|
|
|
|
|
|
(18,362)
|
|
|
(22,909)
|
|
|
(54,426)
|
|
|
(75,027)
|
Net income
(loss)
|
|
|
|
$
|
(5,918)
|
|
$
|
(59,101)
|
|
$
|
161,837
|
|
$
|
(131,091)
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
$
|
13,026
|
|
$
|
-
|
|
$
|
(29)
|
|
$
|
45,524
|
|
$
|
58,521
|
|
Vdara
|
|
|
(1,168)
|
|
|
-
|
|
|
-
|
|
|
7,753
|
|
|
6,585
|
|
Crystals
|
|
|
4,269
|
|
|
-
|
|
|
14
|
|
|
6,535
|
|
|
10,818
|
|
Mandarin
Oriental
|
|
|
(2,698)
|
|
|
-
|
|
|
-
|
|
|
3,075
|
|
|
377
|
|
Resort
operations
|
|
|
13,429
|
|
|
-
|
|
|
(15)
|
|
|
62,887
|
|
|
76,301
|
|
Residential
operations
|
|
|
(107)
|
|
|
-
|
|
|
-
|
|
|
8
|
|
|
(99)
|
|
Development and
administration
|
|
|
(878)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(878)
|
|
|
|
|
|
|
|
$
|
12,444
|
|
$
|
-
|
|
$
|
(15)
|
|
$
|
62,895
|
|
$
|
75,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
|
$
|
44,898
|
|
$
|
-
|
|
$
|
918
|
|
$
|
136,503
|
|
$
|
182,319
|
|
|
Vdara
|
|
|
(1,152)
|
|
|
-
|
|
|
-
|
|
|
23,415
|
|
|
22,263
|
|
|
Crystals
|
|
|
14,178
|
|
|
-
|
|
|
55
|
|
|
19,986
|
|
|
34,219
|
|
|
Mandarin
Oriental
|
|
|
(5,655)
|
|
|
-
|
|
|
-
|
|
|
9,169
|
|
|
3,514
|
|
|
Resort
operations
|
|
|
52,269
|
|
|
-
|
|
|
973
|
|
|
189,073
|
|
|
242,315
|
|
|
Residential
operations
|
|
|
6,749
|
|
|
-
|
|
|
-
|
|
|
59
|
|
|
6,808
|
|
|
Development and
administration
|
|
|
157,245
|
|
|
-
|
|
|
(159,980)
|
|
|
(215)
|
|
|
(2,950)
|
|
|
|
|
|
|
|
|
$
|
216,263
|
|
$
|
-
|
|
$
|
(159,007)
|
|
$
|
188,917
|
|
$
|
246,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.5%
|
|
|
94.1%
|
|
|
93.0%
|
|
|
93.5%
|
ADR
|
|
$219
|
|
|
$206
|
|
|
$232
|
|
|
$217
|
REVPAR
|
|
$207
|
|
|
$194
|
|
|
$216
|
|
|
$203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
92.8%
|
|
|
95.6%
|
|
|
93.3%
|
|
|
93.4%
|
ADR
|
|
$176
|
|
|
$160
|
|
|
$185
|
|
|
$173
|
REVPAR
|
|
$164
|
|
|
$153
|
|
|
$172
|
|
|
$161
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-third-quarter-financial-results-300168507.html
SOURCE MGM Resorts International