LAS VEGAS, Aug. 4, 2016 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter ended June 30, 2016.
Key highlights include:
- Diluted earnings per share for the second quarter of 2016 was
$0.83, including $0.57 related to a gain on CityCenter's sale of
The Shops at Crystals ("Crystals"), compared to diluted earnings
per share of $0.17 in the prior year
quarter;
- Operating income was $769 million
and included a $406 million gain
related to the sale of Crystals;
- Adjusted Property EBITDA surpassed $500
million for the first time since 2008 at the Company's
domestic resorts;
- Achieved highest domestic resorts Adjusted Property EBITDA
margins since 2007 of 30.4%;
- Increased Profit Growth Plan target by 33% to $400 million;
- Profit Growth Plan contributed approximately $64 million of Adjusted Property EBITDA growth to
domestic resorts and approximately $9
million of Adjusted EBITDA growth to the Company from its
50% share of CityCenter's results;
- Announced and closed the acquisition of Boyd Gaming
Corporation's ("Boyd Gaming") interest in the Borgata Hotel Casino
& Spa ("Borgata") and the subsequent sale of the real property
to MGM Growth Properties LLC ("MGP"); and
- Announced plans to partner with Sydell Group in rebranding
Monte Carlo Resort to Park MGM and NoMad Hotel.
"I am incredibly proud of the concerted effort of our talented
executive teams and employees that produced our most profitable
quarter in eight years at our domestic resorts," said Jim Murren, Chairman & CEO of MGM Resorts.
"Our Profit Growth Plan drove our domestic resorts Adjusted
Property EBITDA to grow an impressive 12% and Adjusted Property
EBITDA margins to improve by over 350 basis points, despite a
record-breaking May last year. With a solid foundation of
operational excellence and the continued strength in the
Las Vegas market, in which we are
the clear leader, we believe that MGM Resorts is well-positioned to
further improve our financial strength to deliver sustainable value
to our shareholders."
Key operating results for the second quarter of 2016
include:
- Net revenues at the Company's domestic resorts decreased 1%
compared to the prior year quarter, but increased 1% excluding
Circus Circus Reno, Railroad Pass, and the Company's properties in
Jean Nevada, which were sold
during 2015;
- Rooms revenue at the Company's domestic resorts increased 2%,
with a 3% increase in REVPAR(1) at the Company's Las
Vegas Strip resorts, compared to the prior year quarter;
- Operating income at the Company's domestic resorts increased
16% to $390 million compared to the
prior year quarter;
- The Company's domestic resorts earned Adjusted Property
EBITDA(2) of $515 million,
a 12% increase compared to the prior year quarter;
- Domestic resorts Adjusted Property EBITDA margin was 30.4%, a
354 basis point increase compared to the prior year quarter;
- MGM China's net revenues were $452
million, operating income was $51
million and Adjusted EBITDA was $119
million, a decrease of 19% , 11% and 10%, respectively,
compared to the prior year quarter;
- CityCenter's net revenues related to resorts operations were
$287 million compared to $295 million in the prior year quarter;
- CityCenter Adjusted EBITDA related to resort operations was
$78 million, a 6% increase compared
to the prior year quarter;
- CityCenter made distributions of $1.08
billion, of which MGM Resorts received its 50% share, or
$540 million; and
- On August 4, 2016, MGM China's
Board of Directors announced an interim dividend of $58 million, which will be paid to shareholders
of record as of August 22, 2016 and
distributed on or about August 30,
2016. MGM Resorts will receive $30
million, representing its 51% share of the dividend.
Certain Items Affecting Second Quarter
Results
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
June 30,
|
|
2016
|
|
|
2015
|
|
Preopening and
start-up expenses
|
|
$
|
(0.03)
|
|
|
$
|
(0.02)
|
|
Income from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
Gain on the sale of
Crystals
|
|
|
0.57
|
|
|
|
—
|
|
Domestic Resorts
Casino revenue for the three months ended June 30, 2016
increased less than 1% compared to the same period in the prior
year due to an increase in table games revenue excluding Circus
Circus Reno, Railroad Pass, and the Company's properties in
Jean Nevada, which were sold in
2015. Table games hold percentage in the second quarter of 2016 was
24.2% compared to 21.4% in the prior year quarter, while table
games volume decreased 9% compared to the prior year quarter. Slots
revenue decreased 1%, excluding the operations of resorts sold
during 2015, compared to the prior year quarter. During the second
quarter of 2015, the Company's revenues and operations were
positively affected by the Mayweather vs. Pacquiao fight held on
May 2, 2015 at the MGM Grand Garden
Arena.
Rooms revenue increased 2%, with an increase in Las Vegas Strip
REVPAR of 3%. The following table shows key hotel statistics for
the Company's Las Vegas Strip resorts:
Three months ended
June 30,
|
|
2016
|
|
|
2015
|
|
Occupancy
%
|
|
|
95
|
%
|
|
|
96
|
%
|
Average Daily Rate
(ADR)
|
|
$
|
156
|
|
|
$
|
150
|
|
Revenue per Available
Room (REVPAR)
|
|
$
|
148
|
|
|
$
|
144
|
|
Operating income for the Company's domestic resorts increased
16% for the second quarter of 2016 compared to the prior year
quarter. Domestic resorts Adjusted Property EBITDA was $515 million in the second quarter of 2016, a 12%
increase compared to the prior year quarter, and was positively
affected by approximately $64 million
of incremental Adjusted Property EBITDA as a result of the
Company's Profit Growth Plan initiatives.
Corporate Expense
Corporate expense was $82 million,
an increase of $22 million compared
to the prior year quarter. The current year quarter included
$5 million of costs incurred to
implement initiatives related to the Profit Growth Plan and
$16 million of costs incurred in
connection with the MGP transactions.
MGM China
On August 4, 2016, MGM China's
Board of Directors announced an interim dividend of $58 million, which will be paid to shareholders
of record as of August 22, 2016 and
distributed on or about August 30,
2016. MGM Resorts will receive $30
million, representing its 51% share of the dividend.
Key second quarter results for MGM China include:
- Net revenues of $452 million, a
19% decrease compared to the prior year quarter;
- Main floor table games revenue decreased 3% compared to the
prior year quarter;
- VIP table games revenue decreased 33% due to a decrease in
turnover of 28% compared to the prior year quarter, and hold
percentage decreased to 3.1% in the current year quarter, compared
to 3.2% in the prior year quarter;
- Operating income of $51 million,
compared to operating income of $58
million in the prior year quarter;
- Adjusted EBITDA of $119 million,
a 10% decrease compared to the prior year quarter, including
$8 million of license fee expense in
the current year quarter and $10
million in the prior year quarter; and
- Operating margin increased by 104 basis points compared to the
prior year quarter to 11.4%, and Adjusted EBITDA margin increased
by 263 basis points compared to the prior year quarter to 26.4% as
a result of an increase in main floor table games mix and
continuous efforts to reduce costs.
MGM China paid the previously announced $46 million final 2015 dividend in June 2016, of which $23
million was received by MGM Resorts.
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of income from unconsolidated affiliates:
Three months ended
June 30,
|
|
2016
|
|
|
2015
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
416,144
|
|
|
$
|
21,515
|
|
Borgata
|
|
|
27,376
|
|
|
|
15,767
|
|
Other
|
|
|
4,789
|
|
|
|
5,618
|
|
|
|
$
|
448,309
|
|
|
$
|
42,900
|
|
On April 14, 2016, CityCenter
Holdings, LLC ("CityCenter") closed the sale of Crystals for
approximately $1.1 billion. As a result, CityCenter reported a
$411 million gain within discontinued
operations for the second quarter of 2016. Further, MGM Resorts
recorded a $406 million gain, which
included $205 million representing
its 50% share of the gain recorded by CityCenter and $201 million representing the reversal of certain
basis differences.
CityCenter's results for the second quarter of 2016 included
$20 million of accelerated
depreciation associated with the April
2016 closure of the Zarkana theatre.
Results for CityCenter for the second quarter of 2016 include
the following (see schedules accompanying this release for further
detail on CityCenter's second quarter results):
- Net revenues from resort operations were $287 million, a 3% decrease compared to the prior
year quarter;
- Operating loss was $0.4 million,
which included $20 million of
accelerated depreciation as discussed above compared to operating
income of $16 million in the prior
year;
- Adjusted EBITDA from resort operations of $78 million, an increase of 6% compared to the
prior year quarter; this was positively affected by approximately
$18 million of incremental Adjusted
EBITDA attributable to Profit Growth Plan initiatives;
- Adjusted EBITDA at Aria of $68
million increased by 7% compared to the prior year
quarter;
- Aria's table games volume decreased 22% and table games hold
percentage was 19.5%, compared to 21.5% in the prior year
quarter;
- REVPAR at Aria of $228, a 3%
increase compared to the prior year quarter; and
- REVPAR at Vdara of $190, a 6%
increase compared to the prior year quarter, and a 2% increase in
Adjusted EBITDA compared to the prior year quarter.
The Company's income from unconsolidated affiliates related to
Borgata for the second quarter of 2016 increased 74%, compared to
the prior year quarter, due to higher casino revenue as well as
lower property tax expense due to the application of credits from a
prior tax court judgment to Borgata's second quarter property tax
payment.
In May 2016, the Company entered
into a definitive agreement to acquire Boyd Gaming's interest in
Borgata. Further, the Company and MGP, a subsidiary of the Company,
entered into a definitive agreement whereby, following the
completion of the acquisition of Boyd Gaming's interest, MGP
acquired Borgata's real property from the Company and leased back
the real property to a subsidiary of the Company (together, the
"Transactions"). In connection with MGP's acquisition of Borgata's
real property, the Company's ownership in MGM Growth Properties
Operating Partnership LP (the "Operating Partnership") increased to
76.3%.
The Transactions closed on August 1,
2016, at which time the Borgata became a consolidated
subsidiary of the Company. The Company expects to record an
approximately $400 million gain as a
result of its consolidation of Borgata. Cash proceeds paid
to Boyd Gaming for its interest were $589 million, after customary working capital
adjustments and consideration of Borgata's outstanding debt of
approximately $575 million, which was
repaid using a combination of excess cash and a $295 million draw on MGP's credit facility.
MGM Growth Properties
During the second quarter of 2016, the Company made rent
payments to MGP in the amount of $101
million. On June 16, 2016,
MGP's Board of Directors declared a pro-rated quarterly dividend of
$0.2632 per Class A common share
totaling $15 million, which was paid
on July 15, 2016 to holders of record
on June 30, 2016. The Company
concurrently received a $42 million
distribution attributable to its ownership of Operating Partnership
units.
Financial Position
The Company's cash balance at June 30,
2016 was $2.5 billion, which
included $447 million at MGM China
and $338 million at MGP. At
June 30, 2016, the Company had
$250 million outstanding under its
$1.5 billion senior secured credit
facility, $2.1 billion outstanding
under the $2.74 billion MGP senior
credit facility, $1.7 billion
outstanding under the $3 billion MGM
China credit facility, and $350
million outstanding under the $525
million MGM National Harbor credit facility.
"Our strong operating results and the strategic initiatives we
have successfully completed this year including the initial public
offering of MGM Growth Properties, the acquisition and subsequent
sale of the real property of Borgata, and the sale of Crystals and
its related CityCenter distribution, have significantly
strengthened our financial position," said Dan D'Arrigo, Executive
Vice President and CFO of MGM Resorts International. "We remain
focused on maximizing our free cash flow, which we believe will
allow us to achieve our goal of becoming investment grade."
Conference Call Details
MGM Resorts 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 1565234.
A replay of the call will be available through Thursday, August 11, 2016. The replay may be
accessed by dialing 1-877-344-7529 or 1-412-317-0088. The
replay access code is 10089496. The call will be archived at
www.mgmresorts.com. In addition, MGM Resorts will post supplemental
slides today on its website at www.mgmresorts.investorroom.com for
reference during its August 4, 2016
earnings call.
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, goodwill impairment charges 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. MGM Resorts
controls and holds a 73 percent economic interest in the operating
partnership of MGM Growth Properties LLC (NYSE: MGP), a premier
triple-net lease real estate investment trust engaged in the
acquisition, ownership and leasing of large-scale destination
entertainment and leisure resorts. The Company also owns 51 percent
of MGM China Holdings Limited (HK: 2282), 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. MGM Resorts is named among FORTUNE® Magazine's
2016 list of World's Most Admired Companies®. 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, the expected results of the Profit Growth Plan, the
realization of any benefits from the MGP transactions and the
Company's ability to execute its strategic plan and improve its
financial flexibility. These forward-looking statements involve a
number of risks and uncertainties. Among the important factors that
could cause actual results to differ materially from those
indicated in such forward-looking statements include effects of
economic conditions and market conditions in the markets in which
the Company operates and competition with other destination travel
locations throughout the United
States and the world, the design, timing and costs of
expansion projects, risks relating to international operations,
permits, licenses, financings, approvals and other contingencies in
connection with growth in new or existing jurisdictions and
additional risks and uncertainties described in the Company's Form
10-K, Form 10-Q and Form 8-K reports (including all amendments to
those reports). In providing forward-looking statements, the
Company is not undertaking any duty or obligation to update these
statements publicly as a result of new information, future events
or otherwise, except as required by law. If the Company updates one
or more forward-looking statements, no inference should be drawn
that it will make additional updates with respect to those other
forward-looking statements.
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
1,127,404
|
|
$
|
1,235,976
|
|
$
|
2,261,760
|
|
$
|
2,514,478
|
|
Rooms
|
|
498,904
|
|
|
490,498
|
|
|
988,390
|
|
|
949,923
|
|
Food and
beverage
|
|
412,766
|
|
|
423,183
|
|
|
789,871
|
|
|
807,284
|
|
Entertainment
|
|
121,853
|
|
|
134,972
|
|
|
240,179
|
|
|
260,940
|
|
Retail
|
|
52,432
|
|
|
55,482
|
|
|
97,905
|
|
|
100,519
|
|
Other
|
|
134,120
|
|
|
137,819
|
|
|
251,645
|
|
|
264,369
|
|
Reimbursed
costs
|
|
100,795
|
|
|
103,548
|
|
|
201,844
|
|
|
204,608
|
|
|
|
2,448,274
|
|
|
2,581,478
|
|
|
4,831,594
|
|
|
5,102,121
|
|
Less: Promotional
allowances
|
|
(178,772)
|
|
|
(196,343)
|
|
|
(352,406)
|
|
|
(384,742)
|
|
|
|
2,269,502
|
|
|
2,385,135
|
|
|
4,479,188
|
|
|
4,717,379
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
620,305
|
|
|
738,427
|
|
|
1,260,874
|
|
|
1,521,235
|
|
Rooms
|
|
142,252
|
|
|
142,065
|
|
|
286,994
|
|
|
283,378
|
|
Food and
beverage
|
|
239,452
|
|
|
243,127
|
|
|
460,748
|
|
|
464,648
|
|
Entertainment
|
|
98,827
|
|
|
104,397
|
|
|
191,115
|
|
|
201,396
|
|
Retail
|
|
24,085
|
|
|
28,398
|
|
|
46,086
|
|
|
52,494
|
|
Other
|
|
87,253
|
|
|
95,835
|
|
|
167,021
|
|
|
180,158
|
|
Reimbursed
costs
|
|
100,795
|
|
|
103,548
|
|
|
201,844
|
|
|
204,608
|
|
General and
administrative
|
|
321,407
|
|
|
333,708
|
|
|
629,950
|
|
|
661,881
|
|
Corporate
expense
|
|
81,803
|
|
|
59,602
|
|
|
153,051
|
|
|
109,958
|
|
Preopening and
start-up expenses
|
|
24,824
|
|
|
17,889
|
|
|
46,784
|
|
|
33,760
|
|
Property
transactions, net
|
|
854
|
|
|
3,953
|
|
|
5,985
|
|
|
5,542
|
|
Depreciation and
amortization
|
|
206,899
|
|
|
208,565
|
|
|
406,738
|
|
|
414,977
|
|
|
|
1,948,756
|
|
|
2,079,514
|
|
|
3,857,190
|
|
|
4,134,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
448,309
|
|
|
42,900
|
|
|
463,011
|
|
|
160,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
769,055
|
|
|
348,521
|
|
|
1,085,009
|
|
|
743,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(180,352)
|
|
|
(203,245)
|
|
|
(365,021)
|
|
|
(419,507)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(15,885)
|
|
|
(17,766)
|
|
|
(34,097)
|
|
|
(36,777)
|
|
Other,
net
|
|
(49,840)
|
|
|
(4,815)
|
|
|
(50,405)
|
|
|
(8,305)
|
|
|
|
(246,077)
|
|
|
(225,826)
|
|
|
(449,523)
|
|
|
(464,589)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
522,978
|
|
|
122,695
|
|
|
635,486
|
|
|
279,036
|
|
Benefit
(provision) for income taxes
|
|
(8,480)
|
|
|
3,772
|
|
|
(29,790)
|
|
|
60,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
514,498
|
|
|
126,467
|
|
|
605,696
|
|
|
339,113
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(40,145)
|
|
|
(29,008)
|
|
|
(64,544)
|
|
|
(71,804)
|
Net income
attributable to MGM Resorts International
|
$
|
474,353
|
|
$
|
97,459
|
|
$
|
541,152
|
|
$
|
267,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share of
common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
$
|
0.84
|
|
$
|
0.18
|
|
$
|
0.96
|
|
$
|
0.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
565,459
|
|
|
551,358
|
|
|
565,257
|
|
|
521,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
$
|
0.83
|
|
$
|
0.17
|
|
$
|
0.95
|
|
$
|
0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
570,762
|
|
|
570,114
|
|
|
570,108
|
|
|
572,699
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
2,503,255
|
|
$
|
1,670,312
|
|
Accounts
receivable, net
|
|
443,903
|
|
|
480,559
|
|
Inventories
|
|
97,800
|
|
|
104,200
|
|
Income tax
receivable
|
|
11,194
|
|
|
15,993
|
|
Prepaid expenses
and other
|
|
137,635
|
|
|
137,685
|
|
|
Total current
assets
|
|
3,193,787
|
|
|
2,408,749
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
16,102,856
|
|
|
15,371,795
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
1,364,163
|
|
|
1,491,497
|
|
Goodwill
|
|
1,429,279
|
|
|
1,430,767
|
|
Other intangible
assets, net
|
|
4,072,317
|
|
|
4,164,781
|
|
Other long-term
assets, net
|
|
386,653
|
|
|
347,589
|
|
|
Total other
assets
|
|
7,252,412
|
|
|
7,434,634
|
|
|
|
$
|
26,549,055
|
|
$
|
25,215,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
161,420
|
|
$
|
182,031
|
|
Construction
payable
|
|
333,796
|
|
|
250,120
|
|
Current portion of
long-term debt
|
|
-
|
|
|
328,442
|
|
Accrued interest
on long-term debt
|
|
160,445
|
|
|
165,914
|
|
Other accrued
liabilities
|
|
1,262,118
|
|
|
1,311,444
|
|
|
Total current
liabilities
|
|
1,917,779
|
|
|
2,237,951
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
2,591,317
|
|
|
2,680,576
|
Long-term
debt
|
|
12,364,920
|
|
|
12,368,311
|
Other long-term
obligations
|
|
141,906
|
|
|
157,663
|
Redeemable
noncontrolling interest
|
|
6,250
|
|
|
6,250
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares, issued and
outstanding 565,612,013 and 564,838,893
shares
|
|
5,656
|
|
|
5,648
|
|
Capital in excess
of par value
|
|
5,530,592
|
|
|
5,655,886
|
|
Accumulated
deficit
|
|
(14,477)
|
|
|
(555,629)
|
|
Accumulated other
comprehensive income
|
|
10,809
|
|
|
14,022
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
5,532,580
|
|
|
5,119,927
|
|
Noncontrolling
interests
|
|
3,994,303
|
|
|
2,644,500
|
|
|
Total
stockholders' equity
|
|
9,526,883
|
|
|
7,764,427
|
|
|
|
$
|
26,549,055
|
|
$
|
25,215,178
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Bellagio
|
$
|
332,812
|
|
$
|
318,925
|
|
$
|
662,551
|
|
$
|
620,861
|
MGM Grand Las
Vegas
|
|
300,232
|
|
|
303,780
|
|
|
568,686
|
|
|
568,606
|
Mandalay
Bay
|
|
237,980
|
|
|
242,002
|
|
|
468,161
|
|
|
468,937
|
The
Mirage
|
|
153,041
|
|
|
157,000
|
|
|
297,636
|
|
|
299,505
|
Luxor
|
|
95,144
|
|
|
95,762
|
|
|
188,016
|
|
|
182,717
|
New York-New
York
|
|
83,056
|
|
|
78,199
|
|
|
164,427
|
|
|
154,083
|
Excalibur
|
|
78,453
|
|
|
75,404
|
|
|
152,741
|
|
|
142,665
|
Monte
Carlo
|
|
71,208
|
|
|
75,145
|
|
|
140,928
|
|
|
147,012
|
Circus Circus Las
Vegas
|
|
61,235
|
|
|
63,470
|
|
|
118,192
|
|
|
114,854
|
MGM Grand
Detroit
|
|
140,462
|
|
|
141,029
|
|
|
281,327
|
|
|
274,344
|
Beau
Rivage
|
|
99,388
|
|
|
94,455
|
|
|
188,825
|
|
|
181,395
|
Gold Strike
Tunica
|
|
41,480
|
|
|
39,886
|
|
|
82,224
|
|
|
79,721
|
Other resort
operations (1)
|
|
-
|
|
|
20,423
|
|
|
-
|
|
|
48,675
|
Domestic
resorts
|
|
1,694,491
|
|
|
1,705,480
|
|
|
3,313,714
|
|
|
3,283,375
|
MGM
China
|
|
451,951
|
|
|
556,859
|
|
|
920,980
|
|
|
1,186,946
|
Management and
other operations
|
|
123,060
|
|
|
122,796
|
|
|
244,494
|
|
|
247,058
|
|
$
|
2,269,502
|
|
$
|
2,385,135
|
|
$
|
4,479,188
|
|
$
|
4,717,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Bellagio
|
$
|
117,538
|
|
$
|
103,803
|
|
$
|
234,189
|
|
$
|
192,970
|
MGM Grand Las
Vegas
|
|
97,489
|
|
|
72,650
|
|
|
178,383
|
|
|
137,856
|
Mandalay
Bay
|
|
63,203
|
|
|
60,796
|
|
|
121,325
|
|
|
114,784
|
The
Mirage
|
|
35,848
|
|
|
38,099
|
|
|
74,178
|
|
|
68,619
|
Luxor
|
|
26,054
|
|
|
23,328
|
|
|
51,445
|
|
|
40,627
|
New York-New
York
|
|
30,478
|
|
|
27,616
|
|
|
61,381
|
|
|
52,209
|
Excalibur
|
|
24,954
|
|
|
21,783
|
|
|
48,831
|
|
|
38,325
|
Monte
Carlo
|
|
21,820
|
|
|
22,310
|
|
|
43,120
|
|
|
42,366
|
Circus Circus Las
Vegas
|
|
13,172
|
|
|
11,358
|
|
|
26,465
|
|
|
19,191
|
MGM Grand
Detroit
|
|
43,790
|
|
|
42,739
|
|
|
83,832
|
|
|
76,351
|
Beau
Rivage
|
|
28,036
|
|
|
21,715
|
|
|
50,835
|
|
|
40,105
|
Gold Strike
Tunica
|
|
12,701
|
|
|
11,034
|
|
|
26,030
|
|
|
22,584
|
Other resort
operations (1)
|
|
-
|
|
|
832
|
|
|
-
|
|
|
1,955
|
Domestic
resorts
|
|
515,083
|
|
|
458,063
|
|
|
1,000,014
|
|
|
847,942
|
MGM
China
|
|
119,196
|
|
|
132,217
|
|
|
233,319
|
|
|
280,673
|
Unconsolidated
resorts (2)
|
|
448,309
|
|
|
42,900
|
|
|
463,011
|
|
|
160,281
|
Management and
other operations
|
|
4,372
|
|
|
7,895
|
|
|
8,487
|
|
|
24,212
|
|
$
|
1,086,960
|
|
$
|
641,075
|
|
$
|
1,704,831
|
|
$
|
1,313,108
|
|
(1) Sold in
2015
|
(2) Represents the
Company's share of operating income (loss), adjusted for the effect
of certain basis differences.
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
95,085
|
|
$
|
-
|
|
$
|
60
|
|
$
|
22,393
|
|
$
|
117,538
|
MGM Grand Las
Vegas
|
|
79,293
|
|
|
-
|
|
|
(263)
|
|
|
18,459
|
|
|
97,489
|
Mandalay
Bay
|
|
40,629
|
|
|
15
|
|
|
284
|
|
|
22,275
|
|
|
63,203
|
The
Mirage
|
|
26,132
|
|
|
-
|
|
|
(413)
|
|
|
10,129
|
|
|
35,848
|
Luxor
|
|
15,161
|
|
|
1,444
|
|
|
86
|
|
|
9,363
|
|
|
26,054
|
New York-New
York
|
|
25,006
|
|
|
372
|
|
|
97
|
|
|
5,003
|
|
|
30,478
|
Excalibur
|
|
20,741
|
|
|
-
|
|
|
203
|
|
|
4,010
|
|
|
24,954
|
Monte
Carlo
|
|
9,494
|
|
|
145
|
|
|
61
|
|
|
12,120
|
|
|
21,820
|
Circus Circus Las
Vegas
|
|
9,199
|
|
|
-
|
|
|
(4)
|
|
|
3,977
|
|
|
13,172
|
MGM Grand
Detroit
|
|
37,815
|
|
|
-
|
|
|
-
|
|
|
5,975
|
|
|
43,790
|
Beau
Rivage
|
|
21,460
|
|
|
-
|
|
|
(72)
|
|
|
6,648
|
|
|
28,036
|
Gold Strike
Tunica
|
|
10,273
|
|
|
-
|
|
|
(4)
|
|
|
2,432
|
|
|
12,701
|
Other resort
operations (1)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Domestic
resorts
|
|
390,288
|
|
|
1,976
|
|
|
35
|
|
|
122,784
|
|
|
515,083
|
MGM
China
|
|
51,453
|
|
|
6,540
|
|
|
1,281
|
|
|
59,922
|
|
|
119,196
|
Unconsolidated
resorts
|
|
447,504
|
|
|
805
|
|
|
-
|
|
|
-
|
|
|
448,309
|
Management and
other operations
|
|
2,521
|
|
|
-
|
|
|
-
|
|
|
1,851
|
|
|
4,372
|
|
|
891,766
|
|
|
9,321
|
|
|
1,316
|
|
|
184,557
|
|
|
1,086,960
|
Stock
compensation
|
|
(10,440)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(10,440)
|
Corporate
|
|
(112,271)
|
|
|
15,503
|
|
|
(462)
|
|
|
22,342
|
|
|
(74,888)
|
|
$
|
769,055
|
|
$
|
24,824
|
|
$
|
854
|
|
$
|
206,899
|
|
$
|
1,001,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
81,114
|
|
$
|
-
|
|
$
|
(13)
|
|
$
|
22,702
|
|
$
|
103,803
|
MGM Grand Las
Vegas
|
|
53,890
|
|
|
-
|
|
|
92
|
|
|
18,668
|
|
|
72,650
|
Mandalay
Bay
|
|
39,563
|
|
|
-
|
|
|
897
|
|
|
20,336
|
|
|
60,796
|
The
Mirage
|
|
25,706
|
|
|
(4)
|
|
|
1,301
|
|
|
11,096
|
|
|
38,099
|
Luxor
|
|
13,741
|
|
|
-
|
|
|
2
|
|
|
9,585
|
|
|
23,328
|
New York-New
York
|
|
22,237
|
|
|
232
|
|
|
-
|
|
|
5,147
|
|
|
27,616
|
Excalibur
|
|
17,999
|
|
|
-
|
|
|
101
|
|
|
3,683
|
|
|
21,783
|
Monte
Carlo
|
|
15,630
|
|
|
1
|
|
|
12
|
|
|
6,667
|
|
|
22,310
|
Circus Circus Las
Vegas
|
|
7,276
|
|
|
50
|
|
|
-
|
|
|
4,032
|
|
|
11,358
|
MGM Grand
Detroit
|
|
36,806
|
|
|
-
|
|
|
-
|
|
|
5,933
|
|
|
42,739
|
Beau
Rivage
|
|
15,197
|
|
|
-
|
|
|
-
|
|
|
6,518
|
|
|
21,715
|
Gold Strike
Tunica
|
|
8,041
|
|
|
-
|
|
|
9
|
|
|
2,984
|
|
|
11,034
|
Other resort
operations
|
|
611
|
|
|
-
|
|
|
-
|
|
|
221
|
|
|
832
|
Domestic
resorts
|
|
337,811
|
|
|
279
|
|
|
2,401
|
|
|
117,572
|
|
|
458,063
|
MGM
China
|
|
57,606
|
|
|
3,770
|
|
|
497
|
|
|
70,344
|
|
|
132,217
|
Unconsolidated
resorts
|
|
42,130
|
|
|
770
|
|
|
-
|
|
|
-
|
|
|
42,900
|
Management and
other operations
|
|
4,749
|
|
|
277
|
|
|
956
|
|
|
1,913
|
|
|
7,895
|
|
|
442,296
|
|
|
5,096
|
|
|
3,854
|
|
|
189,829
|
|
|
641,075
|
Stock
compensation
|
|
(7,315)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(7,315)
|
Corporate
|
|
(86,460)
|
|
|
12,793
|
|
|
99
|
|
|
18,736
|
|
|
(54,832)
|
|
$
|
348,521
|
|
$
|
17,889
|
|
$
|
3,953
|
|
$
|
208,565
|
|
$
|
578,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Sold in
2015
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
189,253
|
|
$
|
-
|
|
$
|
61
|
|
$
|
44,875
|
|
$
|
234,189
|
MGM Grand Las
Vegas
|
|
141,555
|
|
|
-
|
|
|
500
|
|
|
36,328
|
|
|
178,383
|
Mandalay
Bay
|
|
75,484
|
|
|
29
|
|
|
1,158
|
|
|
44,654
|
|
|
121,325
|
The
Mirage
|
|
54,126
|
|
|
-
|
|
|
(413)
|
|
|
20,465
|
|
|
74,178
|
Luxor
|
|
31,046
|
|
|
1,444
|
|
|
373
|
|
|
18,582
|
|
|
51,445
|
New York-New
York
|
|
50,493
|
|
|
372
|
|
|
100
|
|
|
10,416
|
|
|
61,381
|
Excalibur
|
|
37,710
|
|
|
-
|
|
|
2,969
|
|
|
8,152
|
|
|
48,831
|
Monte
Carlo
|
|
26,271
|
|
|
145
|
|
|
152
|
|
|
16,552
|
|
|
43,120
|
Circus Circus Las
Vegas
|
|
18,288
|
|
|
-
|
|
|
130
|
|
|
8,047
|
|
|
26,465
|
MGM Grand
Detroit
|
|
71,846
|
|
|
-
|
|
|
-
|
|
|
11,986
|
|
|
83,832
|
Beau
Rivage
|
|
37,650
|
|
|
-
|
|
|
(62)
|
|
|
13,247
|
|
|
50,835
|
Gold Strike
Tunica
|
|
21,104
|
|
|
-
|
|
|
93
|
|
|
4,833
|
|
|
26,030
|
Other resort
operations (1)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Domestic
resorts
|
|
754,826
|
|
|
1,990
|
|
|
5,061
|
|
|
238,137
|
|
|
1,000,014
|
MGM
China
|
|
98,905
|
|
|
12,448
|
|
|
1,271
|
|
|
120,695
|
|
|
233,319
|
Unconsolidated
resorts
|
|
459,924
|
|
|
3,087
|
|
|
-
|
|
|
-
|
|
|
463,011
|
Management and
other operations
|
|
3,585
|
|
|
1,150
|
|
|
-
|
|
|
3,752
|
|
|
8,487
|
|
|
1,317,240
|
|
|
18,675
|
|
|
6,332
|
|
|
362,584
|
|
|
1,704,831
|
Stock
compensation
|
|
(20,309)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(20,309)
|
Corporate
|
|
(211,922)
|
|
|
28,109
|
|
|
(347)
|
|
|
44,154
|
|
|
(140,006)
|
|
$
|
1,085,009
|
|
$
|
46,784
|
|
$
|
5,985
|
|
$
|
406,738
|
|
$
|
1,544,516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
147,451
|
|
$
|
-
|
|
$
|
184
|
|
$
|
45,335
|
|
$
|
192,970
|
MGM Grand Las
Vegas
|
|
100,616
|
|
|
-
|
|
|
82
|
|
|
37,158
|
|
|
137,856
|
Mandalay
Bay
|
|
74,884
|
|
|
-
|
|
|
1,156
|
|
|
38,744
|
|
|
114,784
|
The
Mirage
|
|
43,580
|
|
|
50
|
|
|
1,300
|
|
|
23,689
|
|
|
68,619
|
Luxor
|
|
21,503
|
|
|
(1)
|
|
|
52
|
|
|
19,073
|
|
|
40,627
|
New York-New
York
|
|
41,909
|
|
|
(75)
|
|
|
264
|
|
|
10,111
|
|
|
52,209
|
Excalibur
|
|
30,908
|
|
|
-
|
|
|
82
|
|
|
7,335
|
|
|
38,325
|
Monte
Carlo
|
|
29,944
|
|
|
1
|
|
|
529
|
|
|
11,892
|
|
|
42,366
|
Circus Circus Las
Vegas
|
|
11,078
|
|
|
281
|
|
|
-
|
|
|
7,832
|
|
|
19,191
|
MGM Grand
Detroit
|
|
64,545
|
|
|
-
|
|
|
-
|
|
|
11,806
|
|
|
76,351
|
Beau
Rivage
|
|
27,056
|
|
|
-
|
|
|
-
|
|
|
13,049
|
|
|
40,105
|
Gold Strike
Tunica
|
|
16,663
|
|
|
-
|
|
|
9
|
|
|
5,912
|
|
|
22,584
|
Other resort
operations
|
|
1,504
|
|
|
-
|
|
|
-
|
|
|
451
|
|
|
1,955
|
Domestic
resorts
|
|
611,641
|
|
|
256
|
|
|
3,658
|
|
|
232,387
|
|
|
847,942
|
MGM
China
|
|
129,972
|
|
|
6,841
|
|
|
829
|
|
|
143,031
|
|
|
280,673
|
Unconsolidated
resorts
|
|
158,838
|
|
|
1,443
|
|
|
-
|
|
|
-
|
|
|
160,281
|
Management and
other operations
|
|
18,863
|
|
|
544
|
|
|
956
|
|
|
3,849
|
|
|
24,212
|
|
|
919,314
|
|
|
9,084
|
|
|
5,443
|
|
|
379,267
|
|
|
1,313,108
|
Stock
compensation
|
|
(14,894)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(14,894)
|
Corporate
|
|
(160,795)
|
|
|
24,676
|
|
|
99
|
|
|
35,710
|
|
|
(100,310)
|
|
$
|
743,625
|
|
$
|
33,760
|
|
$
|
5,542
|
|
$
|
414,977
|
|
$
|
1,197,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Sold in
2015
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME ATTRIBUTABLE TO MGM RESORTS
INTERNATIONAL
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Adjusted
EBITDA
|
$
|
1,001,632
|
|
$
|
578,928
|
|
$
|
1,544,516
|
|
$
|
1,197,904
|
Preopening
and start-up expenses
|
|
(24,824)
|
|
|
(17,889)
|
|
|
(46,784)
|
|
|
(33,760)
|
Property
transactions, net
|
|
(854)
|
|
|
(3,953)
|
|
|
(5,985)
|
|
|
(5,542)
|
Depreciation and amortization
|
|
(206,899)
|
|
|
(208,565)
|
|
|
(406,738)
|
|
|
(414,977)
|
Operating
income
|
|
769,055
|
|
|
348,521
|
|
|
1,085,009
|
|
|
743,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
(180,352)
|
|
|
(203,245)
|
|
|
(365,021)
|
|
|
(419,507)
|
Other,
net
|
|
(65,725)
|
|
|
(22,581)
|
|
|
(84,502)
|
|
|
(45,082)
|
|
|
|
(246,077)
|
|
|
(225,826)
|
|
|
(449,523)
|
|
|
(464,589)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
522,978
|
|
|
122,695
|
|
|
635,486
|
|
|
279,036
|
Benefit
(provision) for income taxes
|
|
(8,480)
|
|
|
3,772
|
|
|
(29,790)
|
|
|
60,077
|
Net
income
|
|
514,498
|
|
|
126,467
|
|
|
605,696
|
|
|
339,113
|
Less: Net
income attributable to noncontrolling interests
|
|
(40,145)
|
|
|
(29,008)
|
|
|
(64,544)
|
|
|
(71,804)
|
Net income
attributable to MGM Resorts International
|
$
|
474,353
|
|
$
|
97,459
|
|
$
|
541,152
|
|
$
|
267,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS - LAS VEGAS STRIP
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.8%
|
|
|
96.9%
|
|
|
93.2%
|
|
|
92.6%
|
|
Average daily rate (ADR)
|
|
$275
|
|
|
$264
|
|
|
$278
|
|
|
$266
|
|
Revenue per available room (REVPAR)
|
|
$261
|
|
|
$256
|
|
|
$259
|
|
|
$246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
95.1%
|
|
|
97.4%
|
|
|
93.2%
|
|
|
94.7%
|
|
ADR
|
|
$179
|
|
|
$167
|
|
|
$180
|
|
|
$169
|
|
REVPAR
|
|
$170
|
|
|
$163
|
|
|
$168
|
|
|
$160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.1%
|
|
|
93.1%
|
|
|
92.3%
|
|
|
91.7%
|
|
ADR
|
|
$209
|
|
|
$208
|
|
|
$216
|
|
|
$209
|
|
REVPAR
|
|
$197
|
|
|
$193
|
|
|
$199
|
|
|
$191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
96.9%
|
|
|
96.5%
|
|
|
94.9%
|
|
|
93.3%
|
|
ADR
|
|
$171
|
|
|
$169
|
|
|
$176
|
|
|
$171
|
|
REVPAR
|
|
$166
|
|
|
$163
|
|
|
$167
|
|
|
$159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
97.6%
|
|
|
96.1%
|
|
|
95.9%
|
|
|
94.2%
|
|
ADR
|
|
$110
|
|
|
$107
|
|
|
$110
|
|
|
$106
|
|
REVPAR
|
|
$107
|
|
|
$103
|
|
|
$106
|
|
|
$100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
98.7%
|
|
|
99.5%
|
|
|
97.8%
|
|
|
98.6%
|
|
ADR
|
|
$134
|
|
|
$128
|
|
|
$139
|
|
|
$131
|
|
REVPAR
|
|
$132
|
|
|
$127
|
|
|
$136
|
|
|
$129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
96.9%
|
|
|
97.4%
|
|
|
94.3%
|
|
|
93.7%
|
|
ADR
|
|
$94
|
|
|
$87
|
|
|
$95
|
|
|
$86
|
|
REVPAR
|
|
$91
|
|
|
$85
|
|
|
$90
|
|
|
$81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
98.7%
|
|
|
98.6%
|
|
|
97.3%
|
|
|
96.9%
|
|
ADR
|
|
$122
|
|
|
$119
|
|
|
$124
|
|
|
$120
|
|
REVPAR
|
|
$120
|
|
|
$118
|
|
|
$121
|
|
|
$117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
84.8%
|
|
|
90.2%
|
|
|
81.8%
|
|
|
83.5%
|
|
ADR
|
|
$76
|
|
|
$69
|
|
|
$77
|
|
|
$69
|
|
REVPAR
|
|
$64
|
|
|
$62
|
|
|
$63
|
|
|
$57
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
$
|
240,800
|
|
$
|
250,933
|
|
$
|
495,525
|
|
$
|
491,083
|
|
|
|
|
|
Vdara
|
|
29,846
|
|
|
28,880
|
|
|
59,634
|
|
|
56,722
|
|
|
|
|
|
Mandarin
Oriental
|
|
16,191
|
|
|
15,598
|
|
|
33,219
|
|
|
31,609
|
|
|
|
|
|
Resort
operations
|
|
286,837
|
|
|
295,411
|
|
|
588,378
|
|
|
579,414
|
|
|
|
|
|
Residential and
other operations
|
|
2,149
|
|
|
10,217
|
|
|
2,149
|
|
|
28,391
|
|
|
|
|
|
|
$
|
288,986
|
|
$
|
305,628
|
|
$
|
590,527
|
|
$
|
607,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
77,107
|
|
$
|
74,440
|
|
$
|
168,122
|
|
$
|
148,492
|
|
|
|
|
Property
transactions, net
|
|
574
|
|
|
(661)
|
|
|
2,012
|
|
|
159,032
|
|
|
|
|
Depreciation and amortization
|
|
(78,100)
|
|
|
(57,707)
|
|
|
(197,696)
|
|
|
(115,645)
|
|
|
|
|
Operating income
(loss)
|
|
(419)
|
|
|
16,072
|
|
|
(27,562)
|
|
|
191,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense - other
|
|
(14,209)
|
|
|
(18,082)
|
|
|
(31,401)
|
|
|
(36,116)
|
|
|
|
|
Other,
net
|
|
78
|
|
|
19
|
|
|
(3,756)
|
|
|
(14)
|
|
|
|
|
|
|
|
(14,131)
|
|
|
(18,063)
|
|
|
(35,157)
|
|
|
(36,130)
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
(14,550)
|
|
|
(1,991)
|
|
|
(62,719)
|
|
|
155,749
|
|
|
|
|
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations of discontinued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
component
|
|
411,592
|
|
|
6,145
|
|
|
400,035
|
|
|
12,006
|
|
|
|
|
Net
income
|
$
|
397,042
|
|
$
|
4,154
|
|
$
|
337,316
|
|
$
|
167,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
$
|
769
|
|
$
|
-
|
|
$
|
(581)
|
|
$
|
68,028
|
|
$
|
68,216
|
|
|
Vdara
|
|
1,197
|
|
|
-
|
|
|
7
|
|
|
6,972
|
|
|
8,176
|
|
|
Mandarin
Oriental
|
|
(1,748)
|
|
|
-
|
|
|
-
|
|
|
3,100
|
|
|
1,352
|
|
|
Resort
operations
|
|
218
|
|
|
-
|
|
|
(574)
|
|
|
78,100
|
|
|
77,744
|
|
|
Residential,
administration and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
operations
|
|
(637)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(637)
|
|
|
|
$
|
(419)
|
|
$
|
-
|
|
$
|
(574)
|
|
$
|
78,100
|
|
$
|
77,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
$
|
16,024
|
|
$
|
-
|
|
$
|
661
|
|
$
|
46,810
|
|
$
|
63,495
|
|
|
Vdara
|
|
211
|
|
|
-
|
|
|
-
|
|
|
7,827
|
|
|
8,038
|
|
|
Mandarin
Oriental
|
|
(1,550)
|
|
|
-
|
|
|
-
|
|
|
3,054
|
|
|
1,504
|
|
|
Resort
operations
|
|
14,685
|
|
|
-
|
|
|
661
|
|
|
57,691
|
|
|
73,037
|
|
|
Residential,
administration and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
operations
|
|
1,387
|
|
|
-
|
|
|
-
|
|
|
16
|
|
|
1,403
|
|
|
|
$
|
16,072
|
|
$
|
-
|
|
$
|
661
|
|
$
|
57,707
|
|
$
|
74,440
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
(27,559)
|
|
$
|
-
|
|
$
|
(472)
|
|
$
|
177,589
|
|
$
|
149,558
|
|
Vdara
|
|
3,460
|
|
|
-
|
|
|
(329)
|
|
|
13,908
|
|
|
17,039
|
|
Mandarin
Oriental
|
|
(2,984)
|
|
|
-
|
|
|
-
|
|
|
6,199
|
|
|
3,215
|
|
Resort
operations
|
|
(27,083)
|
|
|
-
|
|
|
(801)
|
|
|
197,696
|
|
|
169,812
|
|
Residential,
administration and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
operations
|
|
(479)
|
|
|
-
|
|
|
(1,211)
|
|
|
-
|
|
|
(1,690)
|
|
|
$
|
(27,562)
|
|
$
|
-
|
|
$
|
(2,012)
|
|
$
|
197,696
|
|
$
|
168,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
29,841
|
|
$
|
-
|
|
$
|
948
|
|
$
|
94,053
|
|
$
|
124,842
|
|
Vdara
|
|
16
|
|
|
-
|
|
|
-
|
|
|
15,662
|
|
|
15,678
|
|
Mandarin
Oriental
|
|
(2,957)
|
|
|
-
|
|
|
-
|
|
|
6,094
|
|
|
3,137
|
|
Resort
operations
|
|
26,900
|
|
|
-
|
|
|
948
|
|
|
115,809
|
|
|
143,657
|
|
Residential,
administration and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
operations
|
|
164,979
|
|
|
-
|
|
|
(159,980)
|
|
|
(164)
|
|
|
4,835
|
|
|
$
|
191,879
|
|
$
|
-
|
|
$
|
(159,032)
|
|
$
|
115,645
|
|
$
|
148,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
93.8%
|
|
|
94.8%
|
|
|
92.1%
|
|
|
92.3%
|
|
|
|
|
ADR
|
|
$243
|
|
|
$234
|
|
|
$249
|
|
|
$239
|
|
|
|
|
REVPAR
|
|
$228
|
|
|
$222
|
|
|
$229
|
|
|
$221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.5%
|
|
|
95.8%
|
|
|
92.7%
|
|
|
93.5%
|
|
|
|
|
ADR
|
|
$201
|
|
|
$187
|
|
|
$205
|
|
|
$189
|
|
|
|
|
REVPAR
|
|
$190
|
|
|
$179
|
|
|
$190
|
|
|
$176
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-strong-second-quarter-financial-and-operating-results-300309046.html
SOURCE MGM Resorts International