LAS VEGAS, April 26, 2018 /PRNewswire/ --MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter ended March 31,
2018. On January 1, 2018, the Company adopted the new revenue
recognition accounting standard. As such, certain previously
reported 2017 numbers have been retrospectively adjusted under the
new standard.
"We are off to a successful start to the year, as we exceeded
our expectations in the first quarter and continued to execute on
our long-term strategies," said Jim
Murren, Chairman & CEO of MGM Resorts. "MGM China's
well-received opening of MGM Cotai and our soon to be opened MGM
Springfield will mark the completion of our near term development
cycle and should accelerate further de-levering and free cash flow
generation. We continually assess our portfolio with the goal of
improving the returns on our invested capital as evidenced by the
recently announced divestitures of Grand Victoria and Mandarin
Oriental. Our confidence in our business model and balance sheet
strength allowed us to increase our annual dividend by 9 percent
and repurchase 10 million shares in the first quarter."
First Quarter 2018 Financial Highlights:
- Diluted earnings per share for the first quarter of
$0.38, including a non-cash income
tax benefit of $0.13 due to a
measurement period adjustment for U.S. Tax Reform and $0.04 due to reversal of Macau shareholder dividend tax accruals,
compared to diluted earnings per share of $0.36 in the prior year quarter;
- Net revenues decreased 1% over the prior year quarter at the
Company's domestic resorts to $2.1
billion;
- REVPAR(1) decreased 4.3% compared to the prior year quarter at
the Company's Las Vegas Strip resorts;
- Operating income of $451 million
at the Company's domestic resorts, a 5% decrease over the prior
year quarter;
- Net income attributable to MGM Resorts of $223 million, including a non-cash income tax
benefit of $94 million, compared to
$206 million in the prior year
quarter;
- Adjusted Property EBITDA(2) decreased 5% over the prior year
quarter to $616 million at the
Company's domestic resorts;
- Operating margin of 21.5% in the current quarter at the
Company's domestic resorts, a 96 basis point decrease compared to
the prior year quarter;
- Adjusted Property EBITDA margin of 29.4% in the current quarter
at the Company's domestic resorts, a 113 basis point decrease
compared to the prior year quarter;
- MGM China operating income of $55
million compared to $75
million in the prior year quarter and Adjusted Property
EBITDA of $152 million, a 5% increase
compared to the prior year quarter; and
- CityCenter operating income from resort operations of
$40 million and Adjusted EBITDA from
resort operations of $93 million, a
16% decrease in Adjusted EBITDA from resort operations compared to
the prior year quarter.
Certain Items Affecting First 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
March 31,
|
|
2018
|
|
2017
|
|
Preopening and
start-up expenses
|
|
$
|
(0.07)
|
|
$
|
(0.02)
|
|
Property
transactions, net
|
|
|
(0.01)
|
|
|
—
|
|
Domestic Resorts
Casino revenue for the first quarter of 2018 increased 2%
compared to the prior year quarter, due primarily to a 6% increase
in table games win and a 2% increase in slots win, primarily driven
by an increase in slots volume at MGM National Harbor.
The following table shows key gaming statistics for the
Company's Las Vegas Strip resorts:
Three Months Ended
March 31,
|
|
2018
|
|
|
2017
|
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$
|
1,040
|
|
|
$
|
993
|
|
Table Games Win
%
|
|
|
25.9
|
%
|
|
|
25.2
|
%
|
Slots
Handle
|
|
$
|
2,985
|
|
|
$
|
3,003
|
|
Slots Hold
%
|
|
|
8.8
|
%
|
|
|
8.9
|
%
|
The following table shows key gaming statistics for the
Company's other domestic resorts:
Three Months Ended
March 31,
|
|
2018
|
|
|
2017
|
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$
|
923
|
|
|
$
|
947
|
|
Table Games Win
%
|
|
|
19.6
|
%
|
|
|
18.7
|
%
|
Slots
Handle
|
|
$
|
4,913
|
|
|
$
|
4,691
|
|
Slots Hold
%
|
|
|
9.1
|
%
|
|
|
9.2
|
%
|
Domestic resorts rooms revenue decreased 5% compared to the
prior year quarter due primarily to a 4.3% decrease in REVPAR at
the Company's Las Vegas Strip resorts.
The following table shows key hotel statistics for the Company's
Las Vegas Strip resorts:
Three Months Ended
March 31,
|
|
2018
|
|
|
2017
|
|
Occupancy
%
|
|
|
89
|
%
|
|
|
91
|
%
|
Average Daily Rate
(ADR)
|
|
$
|
168
|
|
|
$
|
172
|
|
Revenue per Available
Room (REVPAR)
|
|
$
|
150
|
|
|
$
|
157
|
|
Operating income at the Company's domestic resorts was
$451 million for the first quarter of
2018 compared to $476 million in the
first quarter of 2017, and was negatively impacted by a decrease in
rooms revenue and food and beverage revenue due primarily to a
decrease in occupied room nights and lower convention base at the
Company's Las Vegas Strip resorts. Domestic Resorts Adjusted
Property EBITDA decreased 5% to $616
million in the first quarter of 2018.
Mr. Murren continued, "For the remainder of the year, we expect
continued disruption at Monte
Carlo and additional time to recover at Mandalay Bay.
Additionally in the second quarter, the cancellation of a major
prize fight in May moderates our expectations, particularly at our
luxury properties. That said, we expect our Las Vegas Strip net
revenues to be up slightly and our Las Vegas Strip REVPAR to
increase 1 to 3 percent. We also expect similar Las Vegas Strip
Adjusted Property EBITDA margin compression in the second quarter
as experienced in the first quarter."
Mr. Murren concluded, "Looking out into the second half of the
year, citywide convention attendance is expected to be up, with the
third quarter facing a difficult comparison year over year, offset
by growth in the fourth quarter. This may impact Las Vegas room rates due to the mix shift. We
continue to expect our Las Vegas Strip net revenues to grow
slightly and our Las Vegas Strip REVPAR to be up 1 to 3 percent for
the year."
Corporate Expense
Corporate expense including share-based compensation for
corporate employees was $100 million
in the first quarter of 2018, an increase of $26 million compared to the prior year quarter,
due primarily to an increase in corporate brand campaign expenses
of $12 million and inclusion of MGM
China corporate expenses of $6
million.
MGM China
Key first quarter results for MGM China include:
- Net revenues of $596 million, a
25% increase compared to the prior year quarter. The current
quarter benefited from the opening of MGM Cotai on February 13, 2018, which contributed $85 million of net revenues;
- Main floor table games win increased 20% compared to the prior
year quarter due to the opening of MGM Cotai;
- VIP table games win increased 26% compared to the prior year
quarter due primarily to a 24% increase in turnover at MGM
Macau;
- Operating income was $55 million
compared to $75 million in the prior
year quarter;
- Adjusted Property EBITDA increased 5% to $152 million compared to $145 million in the prior year quarter, due
primarily to the opening of MGM Cotai. The current quarter included
$10 million of license fee expense
compared to $9 million in the prior
year quarter; and
- Operating margin was 9.2% in the current year quarter, and
Adjusted Property EBITDA margin was 25.5% in the current quarter
compared to 30.5% in the prior year quarter.
The following table shows key gaming statistics for MGM
China:
Three Months Ended
March 31,
|
|
2018
|
|
|
2017
|
|
|
|
(Dollars in
millions)
|
|
VIP Table Games
Turnover
|
|
$
|
9,903
|
|
|
$
|
7,803
|
|
VIP Table Games Win
%
|
|
|
3.4
|
%
|
|
|
3.4
|
%
|
Main Floor Table
Games Drop
|
|
$
|
1,719
|
|
|
$
|
1,244
|
|
Main Floor Table
Games Win %
|
|
|
19.2
|
%
|
|
|
22.2
|
%
|
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of income from unconsolidated affiliates:
Three Months Ended
March 31,
|
|
2018
|
|
|
2017
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
27,992
|
|
|
$
|
37,382
|
|
Other
|
|
|
3,774
|
|
|
|
2,384
|
|
|
|
$
|
31,766
|
|
|
$
|
39,766
|
|
During the quarter, a subsidiary of CityCenter Holdings, LLC
("CityCenter") entered into an agreement for the sale of the
Mandarin Oriental Las Vegas and adjacent retail parcels for
approximately $214 million, subject
to satisfactory completion of due diligence and customary closing
conditions. As a result of this transaction, CityCenter recorded an
impairment charge of approximately $127
million in loss from discontinued operations. MGM Resorts
recorded a reversal of certain basis differences of $64 million, which entirely offset its 50% share
of the impairment charge.
Key first quarter results for CityCenter include the following
(see schedules accompanying this release for further detail on
CityCenter's first quarter results):
- Net revenues were $304 million, a
3% decrease compared to the prior year quarter, due primarily to a
decrease in casino revenues as discussed below;
- Aria's table games win decreased 6%, despite a 16% increase in
table games drop, due to a lower table games hold percentage of
20.8% in the current quarter compared to 25.6% in the prior year
quarter;
- Aria's slots win decreased 5%, despite a 7% increase in volume,
due a lower slot hold percentage of 7.1% in the current quarter
compared to 8.0% in the prior year quarter;
- Operating income from resort operations was $40 million compared to operating income of
$58 million in the prior year
quarter;
- Adjusted EBITDA from resort operations was $93 million, a 16% decrease compared to the prior
year quarter;
- REVPAR at Aria was $245 in both
the current and prior year quarters; and
- REVPAR at Vdara was $200 in both
the current and prior year quarters.
MGM Growth Properties
During the first quarter of 2018, the Company made rent payments
to MGM Growth Properties Operating Partnership LP (the "MGP
Operating Partnership") in the amount of $189 million and received distributions of
$82 million from the MGP Operating
Partnership. On March 15, 2018, the
Board of Directors of MGP Growth Properties LLC ("MGP") approved a
quarterly dividend of $0.42 per Class
A share (based on a $1.68 dividend on
an annualized basis) totaling $30
million, which was paid on April 13,
2018 to holders of record on March
30, 2018. The Company concurrently received an $82 million distribution attributable to its
ownership of MGP Operating Partnership units.
MGM Resorts Dividend and Share
Repurchases
On April 25, 2018, the Company's
Board of Directors approved a quarterly dividend of $0.12 per share totaling $67 million. The dividend will be payable on
June 15, 2018 to holders of record on
June 8, 2018.
During the quarter, MGM Resorts repurchased 10 million shares of
its common stock at $36.24 per share
for a total aggregate amount of $362.4
million pursuant to the terms of the Company's $1.0
billion stock repurchase program, of which $310.1
million remained following the transaction. All shares
repurchased under the Company's program have been retired.
Financial Position
The Company's cash balance at March 31, 2018 was
$1.5 billion, which included
$726 million at MGM China and
$280 million at the MGP Operating
Partnership. At March 31, 2018, the Company had $13.4 billion of principal amount of indebtedness
outstanding, including $889 million
outstanding under its $1.5 billion
senior secured credit facility, $2.1
billion outstanding under the $2.7
billion MGP Operating Partnership senior credit facility and
$2.2 billion outstanding under the
$2.8 billion MGM China credit
facility.
"The Company remains very focused on executing on our
well-defined capital allocation strategy," said Dan D'Arrigo,
Executive Vice President and Chief Financial Officer of MGM
Resorts. "We are pleased to now be in the position to be able to
prioritize our cash flows for excess capital returns to
shareholders, while maintaining a strong credit profile and
investing in our business."
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
http://investors.mgmresorts.com/investors/events-and-presentations/ or
by calling 1-888-317-6003 for domestic callers and 1-412-317-6061
for international callers. The conference call access code is
2239909. A replay of the call will be available through
Thursday, May 3, 2018. The
replay may be accessed by dialing 1-877-344-7529 or
1-412-317-0088. The replay access code is 10118765. The call
will be archived at http://investors.mgmresorts.com. In addition,
MGM Resorts will post supplemental slides today on its website at
http://investors.mgmresorts.com for reference during the earnings
call.
- REVPAR is hotel revenue per available room.
- "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,
which are not allocated to each property. "Adjusted Property EBITDA
margin" is Adjusted Property EBITDA divided by net revenues.
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, Adjusted Property EBITDA, and Adjusted Property EBITDA
margin 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.
Adjusted EBITDA, Adjusted Property EBITDA, and Adjusted Property
EBITDA margin should not be construed as alternatives to operating
income or net income, as indicators of our performance; or as
alternatives to cash flows from operating activities, as measures
of liquidity; or as any other measure determined in accordance with
generally accepted accounting principles. We have significant uses
of cash flows, including capital expenditures, interest payments,
taxes and debt principal repayments, which are not reflected in
Adjusted EBITDA, Adjusted Property EBITDA, or Adjusted Property
EBITDA margin. Also, other companies in the gaming and hospitality
industries that report Adjusted EBITDA, Adjusted Property EBITDA,
or Adjusted Property EBITDA margin information may calculate
Adjusted EBITDA or Adjusted Property EBITDA in a different
manner.
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.
The Company does not provide reconciliations of Adjusted EBITDA,
Adjusted Property EBITDA, or Adjusted Property EBITDA margin to net
income on a forward-looking basis because the Company is unable to
forecast the amount or significance of certain items required to
develop meaningful comparable GAAP financial measures without
unreasonable efforts. These items include gains or losses on sale
or consolidation transactions, accelerated depreciation, impairment
charges, gains or losses on retirement of debt and variations in
effective tax rate, which are difficult to predict and estimate and
are primarily dependent on future events, but which are excluded
from the Company's calculations of Adjusted EBITDA, Adjusted
Property EBITDA, and Adjusted Property EBITDA margin.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global
entertainment company with national and international locations
featuring best-in-class hotels and casinos, state-of-the-art
meetings and conference spaces, incredible live and theatrical
entertainment experiences, and an extensive array of restaurant,
nightlife and retail offerings. MGM Resorts creates immersive,
iconic experiences through its suite of Las Vegas-inspired
brands. The MGM Resorts portfolio encompasses 28 unique hotel
offerings including some of the most recognizable resort brands in
the industry. Expanding throughout the U.S. and around the world,
the company in 2018 opened MGM COTAI in Macau and the first Bellagio branded hotel
in Shanghai. It also is developing MGM Springfield in
Massachusetts. The 78,000 global
employees of MGM Resorts are proud of their company for being
recognized as one of FORTUNE® Magazine's World's Most Admired
Companies®. For more information visit us
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
expectations regarding future results and the Company's financial
outlook (including REVPAR and other guidance), the payment of any
future cash dividends on the Company's common stock, the Company's
ability to generate future cash flow growth, further de-lever and
maximize shareholder value and the Company's ability to execute its
strategic plan (including the execution of the Company's
development projects and the closing of the recently announced
divestiture transactions) and capital allocations strategy. 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,
|
|
|
2018
|
|
2017
|
Revenues:
|
|
|
|
|
|
|
Casino
|
$
|
1,394,316
|
|
$
|
1,271,474
|
|
Rooms
|
|
539,480
|
|
|
558,812
|
|
Food and
beverage
|
|
455,411
|
|
|
469,336
|
|
Entertainment,
retail and other
|
|
329,750
|
|
|
317,729
|
|
Reimbursed
costs
|
|
103,280
|
|
|
100,215
|
|
|
|
2,822,237
|
|
|
2,717,566
|
Expenses:
|
|
|
|
|
|
|
Casino
|
|
762,649
|
|
|
666,935
|
|
Rooms
|
|
189,058
|
|
|
188,669
|
|
Food and
beverage
|
|
353,389
|
|
|
353,162
|
|
Entertainment,
retail and other
|
|
226,834
|
|
|
223,389
|
|
Reimbursed
costs
|
|
103,280
|
|
|
100,215
|
|
General and
administrative
|
|
417,890
|
|
|
388,788
|
|
Corporate
expense
|
|
99,509
|
|
|
73,132
|
|
Preopening and
start-up expenses
|
|
66,917
|
|
|
15,066
|
|
Property
transactions, net
|
|
5,898
|
|
|
1,696
|
|
Depreciation and
amortization
|
|
268,822
|
|
|
249,769
|
|
|
|
2,494,246
|
|
|
2,260,821
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
31,766
|
|
|
39,766
|
|
|
|
|
|
|
|
Operating
income
|
|
359,757
|
|
|
496,511
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(167,909)
|
|
|
(174,059)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(9,010)
|
|
|
(6,921)
|
|
Other,
net
|
|
(1,916)
|
|
|
(817)
|
|
|
|
(178,835)
|
|
|
(181,797)
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
180,922
|
|
|
314,714
|
|
Benefit
(provision) for income taxes
|
|
85,379
|
|
|
(62,140)
|
|
|
|
|
|
|
|
Net
income
|
|
266,301
|
|
|
252,574
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(42,857)
|
|
|
(46,162)
|
Net income
attributable to MGM Resorts International
|
$
|
223,444
|
|
$
|
206,412
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
Basic
|
$
|
0.39
|
|
$
|
0.36
|
|
Diluted
|
$
|
0.38
|
|
$
|
0.36
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
564,832
|
|
|
574,403
|
|
Diluted
|
|
571,970
|
|
|
580,165
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,525,402
|
|
$
|
1,499,995
|
|
Accounts
receivable, net
|
|
505,591
|
|
|
542,273
|
|
Inventories
|
|
107,309
|
|
|
102,292
|
|
Income tax
receivable
|
|
41,653
|
|
|
42,551
|
|
Prepaid expenses
and other
|
|
212,758
|
|
|
189,244
|
|
|
Total current
assets
|
|
2,392,713
|
|
|
2,376,355
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
19,711,829
|
|
|
19,635,459
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
1,050,795
|
|
|
1,033,297
|
|
Goodwill
|
|
|
1,800,586
|
|
|
1,806,531
|
|
Other intangible
assets, net
|
|
3,819,369
|
|
|
3,877,960
|
|
Other long-term
assets, net
|
|
522,978
|
|
|
430,440
|
|
|
Total other
assets
|
|
7,193,728
|
|
|
7,148,228
|
|
|
|
$
|
29,298,270
|
|
$
|
29,160,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
253,391
|
|
$
|
255,028
|
|
Construction
payable
|
|
434,939
|
|
|
474,807
|
|
Current portion of
long-term debt
|
|
539,608
|
|
|
158,042
|
|
Accrued interest
on long-term debt
|
|
125,524
|
|
|
135,785
|
|
Other accrued
liabilities
|
|
2,233,426
|
|
|
2,114,635
|
|
|
Total current
liabilities
|
|
3,586,888
|
|
|
3,138,297
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
1,206,591
|
|
|
1,295,375
|
Long-term debt,
net
|
|
12,742,861
|
|
|
12,751,052
|
Other long-term
obligations
|
|
282,879
|
|
|
284,416
|
Redeemable
noncontrolling interest
|
|
78,680
|
|
|
79,778
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
issued and outstanding
556,768,821 and 566,275,789 shares
|
|
5,568
|
|
|
5,663
|
|
Capital in excess
of par value
|
|
4,999,958
|
|
|
5,357,709
|
|
Retained
earnings
|
|
2,372,744
|
|
|
2,217,299
|
|
Accumulated other
comprehensive loss
|
|
(7,480)
|
|
|
(3,610)
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
7,370,790
|
|
|
7,577,061
|
|
Noncontrolling
interests
|
|
4,029,581
|
|
|
4,034,063
|
|
|
Total
stockholders' equity
|
|
11,400,371
|
|
|
11,611,124
|
|
|
|
$
|
29,298,270
|
|
$
|
29,160,042
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
March
31,
|
|
2018
|
|
2017
|
Bellagio
|
$
|
360,788
|
|
$
|
347,418
|
MGM Grand Las
Vegas
|
|
293,806
|
|
|
272,986
|
Mandalay
Bay
|
|
244,565
|
|
|
260,895
|
The
Mirage
|
|
145,659
|
|
|
175,986
|
Luxor
|
|
96,751
|
|
|
102,775
|
New York-New
York
|
|
96,114
|
|
|
91,067
|
Excalibur
|
|
79,422
|
|
|
79,904
|
Monte
Carlo
|
|
56,257
|
|
|
73,412
|
Circus Circus Las
Vegas
|
|
58,742
|
|
|
59,245
|
MGM Grand
Detroit
|
|
147,535
|
|
|
143,982
|
Beau
Rivage
|
|
96,695
|
|
|
91,648
|
Gold Strike
Tunica
|
|
41,647
|
|
|
43,437
|
Borgata
|
|
192,441
|
|
|
205,595
|
MGM National
Harbor
|
|
188,250
|
|
|
173,615
|
Domestic
resorts
|
|
2,098,672
|
|
|
2,121,965
|
MGM
Macau
|
|
510,870
|
|
|
475,416
|
MGM
Cotai
|
|
84,991
|
|
|
-
|
MGM
China
|
|
595,861
|
|
|
475,416
|
Management and
other operations
|
|
127,704
|
|
|
120,185
|
|
$
|
2,822,237
|
|
$
|
2,717,566
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
March
31,
|
|
2018
|
|
2017
|
Bellagio
|
$
|
140,397
|
|
$
|
129,341
|
MGM Grand Las
Vegas
|
|
90,081
|
|
|
73,742
|
Mandalay
Bay
|
|
68,783
|
|
|
78,172
|
The
Mirage
|
|
32,849
|
|
|
62,178
|
Luxor
|
|
28,989
|
|
|
32,815
|
New York-New
York
|
|
36,911
|
|
|
33,910
|
Excalibur
|
|
27,050
|
|
|
28,792
|
Monte
Carlo
|
|
9,203
|
|
|
22,435
|
Circus Circus Las
Vegas
|
|
14,891
|
|
|
15,947
|
MGM Grand
Detroit
|
|
46,391
|
|
|
43,820
|
Beau
Rivage
|
|
23,075
|
|
|
20,286
|
Gold Strike
Tunica
|
|
12,409
|
|
|
14,478
|
Borgata
|
|
43,232
|
|
|
59,417
|
MGM National
Harbor
|
|
42,106
|
|
|
31,864
|
Domestic
resorts
|
|
616,367
|
|
|
647,197
|
MGM Macau
(1)
|
|
145,835
|
|
|
145,197
|
MGM
Cotai
|
|
5,916
|
|
|
-
|
MGM
China
|
|
151,751
|
|
|
145,197
|
Unconsolidated
resorts (2)
|
|
31,766
|
|
|
39,766
|
Management and
other operations
|
|
7,845
|
|
|
10,718
|
|
$
|
807,729
|
|
$
|
842,878
|
|
(1) In 2017, MGM
Macau included certain expenses classified as corporate expense in
2018.
|
|
(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
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
117,884
|
|
$
|
-
|
|
$
|
570
|
|
$
|
21,943
|
|
$
|
140,397
|
MGM Grand Las
Vegas
|
|
73,331
|
|
|
-
|
|
|
348
|
|
|
16,402
|
|
|
90,081
|
Mandalay
Bay
|
|
46,658
|
|
|
-
|
|
|
(102)
|
|
|
22,227
|
|
|
68,783
|
The
Mirage
|
|
22,614
|
|
|
-
|
|
|
1,108
|
|
|
9,127
|
|
|
32,849
|
Luxor
|
|
19,104
|
|
|
-
|
|
|
55
|
|
|
9,830
|
|
|
28,989
|
New York-New
York
|
|
30,679
|
|
|
-
|
|
|
87
|
|
|
6,145
|
|
|
36,911
|
Excalibur
|
|
22,078
|
|
|
-
|
|
|
(35)
|
|
|
5,007
|
|
|
27,050
|
Monte
Carlo
|
|
(9,356)
|
|
|
3,421
|
|
|
2,454
|
|
|
12,684
|
|
|
9,203
|
Circus Circus Las
Vegas
|
|
10,249
|
|
|
-
|
|
|
199
|
|
|
4,443
|
|
|
14,891
|
MGM Grand
Detroit
|
|
40,864
|
|
|
-
|
|
|
-
|
|
|
5,527
|
|
|
46,391
|
Beau
Rivage
|
|
16,534
|
|
|
-
|
|
|
-
|
|
|
6,541
|
|
|
23,075
|
Gold Strike
Tunica
|
|
10,178
|
|
|
-
|
|
|
46
|
|
|
2,185
|
|
|
12,409
|
Borgata
|
|
28,438
|
|
|
-
|
|
|
409
|
|
|
14,385
|
|
|
43,232
|
MGM National
Harbor
|
|
21,673
|
|
|
66
|
|
|
5
|
|
|
20,362
|
|
|
42,106
|
Domestic
resorts
|
|
450,928
|
|
|
3,487
|
|
|
5,144
|
|
|
156,808
|
|
|
616,367
|
MGM
Macau
|
|
127,772
|
|
|
-
|
|
|
751
|
|
|
17,312
|
|
|
145,835
|
MGM
Cotai
|
|
(72,743)
|
|
|
51,387
|
|
|
-
|
|
|
27,272
|
|
|
5,916
|
MGM
China
|
|
55,029
|
|
|
51,387
|
|
|
751
|
|
|
44,584
|
|
|
151,751
|
Unconsolidated
resorts (1)
|
|
28,445
|
|
|
3,321
|
|
|
-
|
|
|
-
|
|
|
31,766
|
Management and
other operations
|
|
5,980
|
|
|
-
|
|
|
-
|
|
|
1,865
|
|
|
7,845
|
|
|
540,382
|
|
|
58,195
|
|
|
5,895
|
|
|
203,257
|
|
|
807,729
|
Stock
compensation
|
|
(15,617)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(15,617)
|
Corporate
|
|
(165,008)
|
|
|
8,722
|
|
|
3
|
|
|
65,565
|
|
|
(90,718)
|
|
$
|
359,757
|
|
$
|
66,917
|
|
$
|
5,898
|
|
$
|
268,822
|
|
$
|
701,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
107,110
|
|
$
|
-
|
|
$
|
85
|
|
$
|
22,146
|
|
$
|
129,341
|
MGM Grand Las
Vegas
|
|
55,914
|
|
|
7
|
|
|
233
|
|
|
17,588
|
|
|
73,742
|
Mandalay
Bay
|
|
53,545
|
|
|
-
|
|
|
-
|
|
|
24,627
|
|
|
78,172
|
The
Mirage
|
|
52,843
|
|
|
-
|
|
|
-
|
|
|
9,335
|
|
|
62,178
|
Luxor
|
|
23,094
|
|
|
-
|
|
|
(1)
|
|
|
9,722
|
|
|
32,815
|
New York-New
York
|
|
24,598
|
|
|
(8)
|
|
|
129
|
|
|
9,191
|
|
|
33,910
|
Excalibur
|
|
24,535
|
|
|
-
|
|
|
55
|
|
|
4,202
|
|
|
28,792
|
Monte
Carlo
|
|
8,798
|
|
|
610
|
|
|
31
|
|
|
12,996
|
|
|
22,435
|
Circus Circus Las
Vegas
|
|
11,707
|
|
|
-
|
|
|
239
|
|
|
4,001
|
|
|
15,947
|
MGM Grand
Detroit
|
|
38,041
|
|
|
-
|
|
|
-
|
|
|
5,779
|
|
|
43,820
|
Beau
Rivage
|
|
14,249
|
|
|
-
|
|
|
-
|
|
|
6,037
|
|
|
20,286
|
Gold Strike
Tunica
|
|
12,165
|
|
|
-
|
|
|
(28)
|
|
|
2,341
|
|
|
14,478
|
Borgata
|
|
39,378
|
|
|
35
|
|
|
804
|
|
|
19,200
|
|
|
59,417
|
MGM National
Harbor
|
|
10,332
|
|
|
74
|
|
|
-
|
|
|
21,458
|
|
|
31,864
|
Domestic
resorts
|
|
476,309
|
|
|
718
|
|
|
1,547
|
|
|
168,623
|
|
|
647,197
|
MGM
China
|
|
75,405
|
|
|
9,824
|
|
|
149
|
|
|
59,819
|
|
|
145,197
|
Unconsolidated
resorts (1)
|
|
39,766
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
39,766
|
Management and
other operations
|
|
8,916
|
|
|
-
|
|
|
-
|
|
|
1,802
|
|
|
10,718
|
|
|
600,396
|
|
|
10,542
|
|
|
1,696
|
|
|
230,244
|
|
|
842,878
|
Stock
compensation
|
|
(15,578)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(15,578)
|
Corporate
|
|
(88,307)
|
|
|
4,524
|
|
|
-
|
|
|
19,525
|
|
|
(64,258)
|
|
$
|
496,511
|
|
$
|
15,066
|
|
$
|
1,696
|
|
$
|
249,769
|
|
$
|
763,042
|
|
(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
NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO ADJUSTED
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
March
31,
|
|
2018
|
|
2017
|
Net income
attributable to MGM Resorts International
|
$
|
223,444
|
|
$
|
206,412
|
Plus: Net
income attributable to noncontrolling interests
|
|
42,857
|
|
|
46,162
|
Net
income
|
|
266,301
|
|
|
252,574
|
(Benefit)
provision for income taxes
|
|
(85,379)
|
|
|
62,140
|
Income before
income taxes
|
|
180,922
|
|
|
314,714
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
167,909
|
|
|
174,059
|
Other,
net
|
|
10,926
|
|
|
7,738
|
|
|
178,835
|
|
|
181,797
|
|
|
|
|
|
|
Operating
income
|
|
359,757
|
|
|
496,511
|
Preopening
and start-up expenses
|
|
66,917
|
|
|
15,066
|
Property
transactions, net
|
|
5,898
|
|
|
1,696
|
Depreciation and amortization
|
|
268,822
|
|
|
249,769
|
Adjusted
EBITDA
|
$
|
701,394
|
|
$
|
763,042
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS - LAS VEGAS STRIP
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
March
31,
|
|
2018
|
|
2017
|
Bellagio
|
|
|
|
|
|
Occupancy %
|
|
93.5%
|
|
|
93.0%
|
Average daily rate (ADR)
|
|
$286
|
|
|
$288
|
Revenue per available room (REVPAR)
|
|
$268
|
|
|
$268
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
Occupancy %
|
|
91.3%
|
|
|
91.2%
|
ADR
|
|
$188
|
|
|
$195
|
REVPAR
|
|
$172
|
|
|
$178
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
Occupancy %
|
|
85.1%
|
|
|
91.0%
|
ADR
|
|
$219
|
|
|
$230
|
REVPAR
|
|
$186
|
|
|
$209
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
Occupancy %
|
|
90.5%
|
|
|
91.9%
|
ADR
|
|
$181
|
|
|
$188
|
REVPAR
|
|
$164
|
|
|
$173
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
Occupancy %
|
|
93.7%
|
|
|
93.2%
|
ADR
|
|
$120
|
|
|
$125
|
REVPAR
|
|
$112
|
|
|
$117
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
Occupancy %
|
|
96.3%
|
|
|
95.4%
|
ADR
|
|
$154
|
|
|
$153
|
REVPAR
|
|
$149
|
|
|
$146
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
Occupancy %
|
|
90.6%
|
|
|
90.4%
|
ADR
|
|
$103
|
|
|
$109
|
REVPAR
|
|
$93
|
|
|
$98
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
Occupancy %
|
|
87.5%
|
|
|
95.5%
|
ADR
|
|
$132
|
|
|
$129
|
REVPAR
|
|
$116
|
|
|
$123
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
Occupancy %
|
|
78.7%
|
|
|
80.5%
|
ADR
|
|
$86
|
|
|
$90
|
REVPAR
|
|
$67
|
|
|
$72
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
March
31,
|
|
2018
|
|
2017
|
|
|
|
|
|
|
Aria
|
$
|
271,881
|
|
$
|
282,070
|
Vdara
|
|
32,469
|
|
|
32,605
|
|
$
|
304,350
|
|
$
|
314,675
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
NET INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
March
31,
|
|
2018
|
|
2017
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(106,067)
|
|
$
|
44,561
|
Plus: Loss
from discontinued operations
|
|
128,510
|
|
|
392
|
Net income from
continuing operations
|
|
22,443
|
|
|
44,953
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
17,225
|
|
|
12,760
|
Other,
net
|
|
(718)
|
|
|
(618)
|
|
|
16,507
|
|
|
12,142
|
|
|
|
|
|
|
Operating
income
|
|
38,950
|
|
|
57,095
|
Property
transactions, net
|
|
(1,046)
|
|
|
(410)
|
Depreciation and amortization
|
|
53,610
|
|
|
52,047
|
Adjusted
EBITDA
|
$
|
91,514
|
|
$
|
108,732
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
March
31,
|
|
2018
|
|
2017
|
Aria
|
|
|
|
|
|
Occupancy %
|
|
89.3%
|
|
|
91.4%
|
ADR
|
|
$274
|
|
|
$268
|
REVPAR
|
|
$245
|
|
|
$245
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
Occupancy %
|
|
91.6%
|
|
|
90.1%
|
ADR
|
|
$218
|
|
|
$221
|
REVPAR
|
|
$200
|
|
|
$200
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
Three Months Ended
March 31, 2018
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Aria
|
$
|
36,059
|
|
$
|
-
|
|
$
|
(1,046)
|
|
$
|
46,793
|
|
$
|
81,806
|
Vdara
|
|
3,974
|
|
|
-
|
|
|
-
|
|
|
6,817
|
|
|
10,791
|
Resort
operations
|
|
40,033
|
|
|
-
|
|
|
(1,046)
|
|
|
53,610
|
|
|
92,597
|
Other
|
|
(1,083)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,083)
|
|
$
|
38,950
|
|
$
|
-
|
|
$
|
(1,046)
|
|
$
|
53,610
|
|
$
|
91,514
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2017
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Aria
|
$
|
54,182
|
|
$
|
-
|
|
$
|
(411)
|
|
$
|
45,119
|
|
$
|
98,890
|
Vdara
|
|
3,952
|
|
|
-
|
|
|
1
|
|
|
6,928
|
|
|
10,881
|
Resort
operations
|
|
58,134
|
|
|
-
|
|
|
(410)
|
|
|
52,047
|
|
|
109,771
|
Other
|
|
(1,039)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,039)
|
|
$
|
57,095
|
|
$
|
-
|
|
$
|
(410)
|
|
$
|
52,047
|
|
$
|
108,732
|
View original
content:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-first-quarter-financial-and-operating-results-300637100.html
SOURCE MGM Resorts International