LAS VEGAS, Aug. 2, 2018 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter ended June 30,
2018. On January 1, 2018, the Company adopted the new revenue
recognition accounting standard (ASC 606). As such, certain
previously reported 2017 numbers have been retrospectively adjusted
under the new standard to assist with comparability to the prior
period.
"Our second quarter came in better than we expected and we made
significant progress to capitalize on future growth opportunities
in sports betting and Japan," said
Jim Murren, Chairman and CEO of MGM
Resorts International. "Earlier this week, we announced major
alliances with GVC, Boyd Gaming and the NBA to cement our
leadership position in the developing sports betting market in the
U.S. Further, the recent passage of Japan's Integrated Resort Implementation Act
is another historic milestone, and we believe we are well
positioned in that market."
Said Mr. Murren, "We believe our continued focus on maximizing
our margins, the near-term completion of our development pipeline,
and our ability to accretively sell assets to MGM Growth
Properties, will further accelerate our free cash flow
generation. We are confident that we will continue to execute
on our long-term strategies and deliver value to our shareholders,
as evidenced by the nearly $600
million in share repurchases we made during the
quarter."
Second Quarter 2018 Financial Highlights:
- Diluted earnings per share for the second quarter of
$0.21, compared to diluted earnings
per share of $0.36 in the prior year
quarter;
- Net revenues increased 3% over the prior year quarter at the
Company's domestic resorts to $2.2
billion. Excluding Park MGM, net revenues increased 4%
compared to the prior year quarter;
- REVPAR(1) increased 2.8% compared to the prior year
quarter at the Company's Las Vegas Strip resorts;
- Operating income of $449 million
at the Company's domestic resorts, compared to $520 million in the prior year quarter, which
benefited from $41 million related to
the NV Energy exit fee modification and $36
million related to the Borgata property tax settlement;
- Net income attributable to MGM Resorts of $124 million, compared to $210 million in the prior year quarter;
- Domestic resorts Adjusted Property EBITDA(2) of
$626 million, a 5% decrease compared
to $657 million in the prior year
quarter, which benefited from the $36
million Borgata property tax settlement. Excluding Park MGM,
Adjusted Property EBITDA decreased 2% compared to the prior year
quarter;
- Operating margin of 20.7% in the current quarter at the
Company's domestic resorts, a 394 basis point decrease compared to
the prior year quarter;
- Adjusted Property EBITDA margin of 28.9% in the current quarter
at the Company's domestic resorts, a 227 basis point decrease
compared to the prior year quarter, and a 183 basis point decrease
compared to the prior year quarter excluding Park MGM;
- MGM China operating income of $46
million in both the current and the prior year quarters and
Adjusted Property EBITDA of $120
million, up slightly compared to the prior year quarter,
primarily as a result of the ramp-up phase of operations at MGM
Cotai and lower win percentages for both main floor and VIP table
games compared to the prior year quarter;
- CityCenter operating income from resort operations of
$76 million and Adjusted EBITDA from
resort operations of $131 million, a
25% increase in Adjusted EBITDA from resort operations compared to
the prior year quarter;
- Distributed $65 million via the
Company's quarterly dividend of $0.12
per share; and
- Repurchased $595 million of the
Company's common shares in the second quarter.
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,
|
|
2018
|
|
|
2017
|
|
Borgata property tax
settlement
|
|
$
|
—
|
|
|
$
|
0.04
|
|
NV Energy exit
expense
|
|
|
—
|
|
|
|
0.05
|
|
Preopening and
start-up expenses
|
|
|
(0.03)
|
|
|
|
(0.02)
|
|
Property
transactions, net
|
|
|
(0.02)
|
|
|
|
(0.01)
|
|
Domestic Resorts
Casino revenue for the second quarter of 2018 increased 8%
compared to the prior year quarter, due primarily to a 14% increase
in table games win primarily driven by the Company's Las Vegas
Strip resorts and a 5% increase in slots win, primarily driven by
an increase in slots volume at the Company's other domestic
resorts.
The following table shows key gaming statistics for the
Company's Las Vegas Strip resorts:
Three Months Ended
June 30,
|
|
2018
|
|
|
2017
|
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$
|
911
|
|
|
$
|
872
|
|
Table Games Win
%
|
|
|
25.2
|
%
|
|
|
20.9
|
%
|
Slots
Handle
|
|
$
|
3,098
|
|
|
$
|
3,053
|
|
Slots Hold
%
|
|
|
9.1
|
%
|
|
|
9.0
|
%
|
The following table shows key gaming statistics for the
Company's other domestic resorts:
Three Months Ended
June 30,
|
|
2018
|
|
|
2017
|
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$
|
969
|
|
|
$
|
954
|
|
Table Games Win
%
|
|
|
18.9
|
%
|
|
|
18.8
|
%
|
Slots
Handle
|
|
$
|
5,274
|
|
|
$
|
4,890
|
|
Slots Hold
%
|
|
|
9.0
|
%
|
|
|
9.1
|
%
|
Domestic resorts rooms revenue increased 1% compared to the
prior year quarter due primarily to a 2.8% increase 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
June 30,
|
|
2018
|
|
|
2017
|
|
Occupancy
%
|
|
93
|
%
|
|
94
|
%
|
Average Daily Rate
(ADR)
|
$
|
161
|
|
$
|
156
|
|
Revenue per Available
Room (REVPAR)
|
$
|
150
|
|
$
|
146
|
|
Operating income at the Company's domestic resorts was
$449 million for the second quarter
of 2018 and was negatively impacted by disruption related to the
repositioning and rebranding at Park MGM. Operating income in the
prior year quarter was $520 million,
which benefited from $36 million
related to Borgata's share of a property tax settlement from
Atlantic City, as well as
$41 million related to a modification
of the 2016 NV Energy exit fee. Domestic Resorts Adjusted Property
EBITDA decreased 5% to $626 million
in the second quarter of 2018. Excluding Park MGM, Adjusted
Property EBITDA decreased 2% compared to the prior year
quarter.
Mr Murren continued, "Our Las Vegas Strip resorts benefited in
the prior year third quarter from a stronger citywide convention
base, two major boxing events and a higher than normal table games
hold. The difficult comparison in citywide convention attendees has
resulted in a more negative than anticipated hotel mix shift
creating short-term competitive rate pressure in the current year
third quarter. In addition, the transition of Park MGM continues to
create short-term headwinds but is on track to complete its
transformation by the end of this year."
As a result of these factors, the Company expects third quarter
net revenues at its Las Vegas Strip resorts to be lower by
approximately 8% to 10%, with REVPAR down 5% to 7%. The Company
also expects Las Vegas Strip Adjusted Property EBITDA margins to be
approximately 28%, or around 29% excluding Park MGM.
The Company expects its full year 2018 net revenues and REVPAR
at its Las Vegas Strip resorts to decrease by a low single digit
percentage, and an Adjusted Property EBITDA margin of approximately
29%, or around 30% excluding Park MGM.
Corporate Expense
Corporate expense, including share-based compensation for
corporate employees was $103 million
in the second quarter of 2018, an increase of $24 million compared to the prior year quarter,
due primarily to an increase in corporate brand campaign expenses
of $9 million and the inclusion of
MGM China corporate expenses of $5
million. Certain expenses incurred by MGM China are now
classified as part of the Company's corporate expense in 2018.
Prior to 2018, such expenses had been classified within general and
administrative expense.
MGM China
Key second quarter results for MGM China include:
- Net revenues of $561 million, a
32% increase compared to the prior year quarter. The current
quarter benefited from the opening of MGM Cotai on February 13, 2018, which contributed $185 million of net revenues;
- Main floor table games win increased 42% compared to the prior
year quarter due to the opening of MGM Cotai;
- VIP table games win decreased 7% compared to the prior year
quarter due primarily to a decrease in the VIP win percentage to
2.3% in the current quarter partially offset by a 19% increase in
turnover predominantly at MGM Macau;
- Operating income was $46 million
in both the current and the prior year quarters;
- Adjusted Property EBITDA increased 1% to $120 million compared to $119 million in the prior year quarter. The
current quarter included $10 million
of license fee expense compared to $8
million in the prior year quarter; and
- Operating margin was 8.3% in the current year quarter, and
Adjusted Property EBITDA margin was 21.4% in the current quarter
compared to 28.0% in the prior year quarter, due primarily to the
ramp-up phase of operations at MGM Cotai and lower win percentages
for both main floor and VIP table games compared to the prior year
quarter.
The following table shows key gaming statistics for MGM
China:
Three Months Ended
June 30,
|
|
2018
|
|
|
2017
|
|
|
|
(Dollars in
millions)
|
|
VIP Table Games
Turnover
|
|
$
|
10,296
|
|
|
$
|
8,648
|
|
VIP Table Games Win
%
|
|
|
2.3
|
%
|
|
|
2.9
|
%
|
Main Floor Table
Games Drop
|
|
$
|
1,931
|
|
|
$
|
1,224
|
|
Main Floor Table
Games Win %
|
|
|
17.4
|
%
|
|
|
19.3
|
%
|
MGM China paid the previously announced $47 million final 2017 dividend in June 2018, of which $26
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,
|
|
2018
|
|
|
2017
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
46,070
|
|
|
$
|
37,702
|
|
Other
|
|
|
1,870
|
|
|
|
2,937
|
|
|
|
$
|
47,940
|
|
|
$
|
40,639
|
|
Key second quarter results for CityCenter Holdings, LLC
("CityCenter") include the following (see schedules accompanying
this release for further detail on CityCenter's second quarter
results):
- Net revenues were $344 million, a
13% increase compared to the prior year quarter, due primarily to
increase in casino and non-casino revenues;
- Aria's table games win increased 20%, due to an 11% increase in
table games drop and an increase in table games hold percentage to
29.1% in the current quarter compared to 26.8% in the prior year
quarter;
- Aria's slots win increased 12%, due primarily to a 10% increase
in volume compared to the prior year quarter;
- REVPAR at Aria increased 5% compared to the prior year quarter
to $238;
- REVPAR at Vdara increased 5% compared to the prior year quarter
to $193;
- Operating income from resort operations was $76 million compared to operating income of
$60 million in the prior year
quarter; and
- Adjusted EBITDA from resort operations was $131 million, a 25% increase compared to the
prior year quarter.
In May 2018, CityCenter paid a
$400 million dividend, of which MGM
Resorts received its 50% share, or $200
million.
MGM Growth Properties
During the second quarter of 2018, the Company made rent
payments to MGM Growth Properties Operating Partnership LP (the
"MGP Operating Partnership") in the amount of $193 million and received distributions of
$82 million from the MGP Operating
Partnership. On June 15, 2018, the
Board of Directors of MGP Growth Properties LLC ("MGP") approved a
quarterly dividend of $0.43 per Class
A share (based on a $1.72 dividend on
an annualized basis) totaling $30
million and representing a 2.4% increase over the prior
annual dividend rate, which was paid on July
16, 2018 to holders of record on June
29, 2018. The Company concurrently received an $84 million distribution attributable to its
ownership of MGP Operating Partnership units.
On July 6, 2018, MGP completed the
previously announced acquisition of the Hard Rock Rocksino
Northfield Park for approximately $1.06 billion. MGP
funded the acquisition with cash on hand and borrowings under the
MGP Operating Partnership senior secured credit facility.
MGM Resorts Dividend and Share
Repurchases
On August 2, 2018, the Company's
Board of Directors approved a quarterly dividend of $0.12 per share totaling approximately
$65 million. The dividend will be
payable on September 14, 2018 to
holders of record on September 10,
2018.
In May 2018, MGM Resorts completed
its $1.0 billion share
repurchase program and announced a new $2
billion share repurchase program. During the quarter MGM
Resorts repurchased approximately 19 million shares of its common
stock at an average price of $31.30
per share for an aggregate amount of $595
million. Approximately $1.7
billion remains under the new $2
billion share repurchase program. All shares repurchased
under the Company's program have been retired.
Financial Position
The Company's cash balance at June 30, 2018 was
$1.3 billion, which included
$448 million at MGM China and
$290 million at the MGP Operating
Partnership. At June 30, 2018, the Company had $13.6 billion of principal amount of indebtedness
outstanding, including $231 million
outstanding under its $1.5 billion
senior secured credit facility, $2.1
billion outstanding under the $3.6
billion MGP Operating Partnership senior secured credit
facility and $2.1 billion outstanding
under the $3.0 billion MGM China
credit facility.
In June 2018, the Company issued
$1 billion in aggregate principal
amount of 5.750% senior notes due 2025 for net proceeds of
$986 million.
"We are gratified by the continued support of the investment
community which allowed us to upsize our most recent offering to
$1 billion," said Dan D'Arrigo,
Executive Vice President and Chief Financial Officer of MGM
Resorts. "We remain committed to achieving our consolidated net
leverage target of 3 to 4 times through continued growth of our
cash flows."
Conference Call Details
MGM Resorts will host a conference call at 8:30 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
2828989. A replay of the call will be available through
Thursday, August 9, 2018. The
replay may be accessed by dialing 1-877-344-7529 or
1-412-317-0088. The replay access code is 10121912. 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, NV energy exit
expense, 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 Company's
ability to generate future cash flow growth, return value to
shareholders and further de-lever, expectations in relation to
changes in applicable laws and regulations, and the Company's
ability to execute its strategic plan (including the execution of
the Company's development projects) 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
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
1,332,214
|
|
$
|
1,172,758
|
|
$
|
2,726,530
|
|
$
|
2,444,232
|
|
Rooms
|
|
563,871
|
|
|
541,755
|
|
|
1,103,351
|
|
|
1,100,567
|
|
Food and
beverage
|
|
494,808
|
|
|
485,098
|
|
|
950,219
|
|
|
954,434
|
|
Entertainment,
retail and other
|
|
363,242
|
|
|
353,230
|
|
|
692,992
|
|
|
670,959
|
|
Reimbursed
costs
|
|
104,560
|
|
|
99,292
|
|
|
207,840
|
|
|
199,507
|
|
|
|
2,858,695
|
|
|
2,652,133
|
|
|
5,680,932
|
|
|
5,369,699
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
741,531
|
|
|
627,361
|
|
|
1,504,180
|
|
|
1,294,296
|
|
Rooms
|
|
202,968
|
|
|
187,116
|
|
|
392,026
|
|
|
375,785
|
|
Food and
beverage
|
|
376,985
|
|
|
363,011
|
|
|
730,374
|
|
|
716,173
|
|
Entertainment,
retail and other
|
|
243,370
|
|
|
243,836
|
|
|
470,204
|
|
|
467,225
|
|
Reimbursed
costs
|
|
104,560
|
|
|
99,292
|
|
|
207,840
|
|
|
199,507
|
|
General and
administrative
|
|
438,453
|
|
|
354,349
|
|
|
856,343
|
|
|
743,137
|
|
Corporate
expense
|
|
103,438
|
|
|
79,448
|
|
|
202,947
|
|
|
152,580
|
|
Preopening and
start-up expenses
|
|
19,077
|
|
|
21,093
|
|
|
85,994
|
|
|
36,159
|
|
Property
transactions, net
|
|
16,970
|
|
|
13,243
|
|
|
22,868
|
|
|
14,939
|
|
NV Energy exit
expense
|
|
-
|
|
|
(40,629)
|
|
|
-
|
|
|
(40,629)
|
|
Depreciation and
amortization
|
|
296,208
|
|
|
244,754
|
|
|
565,030
|
|
|
494,523
|
|
|
|
2,543,560
|
|
|
2,192,874
|
|
|
5,037,806
|
|
|
4,453,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
47,940
|
|
|
40,639
|
|
|
79,706
|
|
|
80,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
363,075
|
|
|
499,898
|
|
|
722,832
|
|
|
996,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(181,493)
|
|
|
(174,058)
|
|
|
(349,402)
|
|
|
(348,117)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(11,068)
|
|
|
(10,556)
|
|
|
(20,078)
|
|
|
(17,477)
|
|
Other,
net
|
|
(6,381)
|
|
|
(751)
|
|
|
(8,297)
|
|
|
(1,568)
|
|
|
|
(198,942)
|
|
|
(185,365)
|
|
|
(377,777)
|
|
|
(367,162)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
164,133
|
|
|
314,533
|
|
|
345,055
|
|
|
629,247
|
|
Benefit
(provision) for income taxes
|
|
(23,710)
|
|
|
(73,660)
|
|
|
61,669
|
|
|
(135,800)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
140,423
|
|
|
240,873
|
|
|
406,724
|
|
|
493,447
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(16,646)
|
|
|
(31,009)
|
|
|
(59,503)
|
|
|
(77,171)
|
Net income
attributable to MGM Resorts International
|
$
|
123,777
|
|
$
|
209,864
|
|
$
|
347,221
|
|
$
|
416,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.21
|
|
$
|
0.36
|
|
$
|
0.60
|
|
$
|
0.72
|
|
Diluted
|
$
|
0.21
|
|
$
|
0.36
|
|
$
|
0.60
|
|
$
|
0.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
548,433
|
|
|
574,931
|
|
|
556,586
|
|
|
574,668
|
|
Diluted
|
|
554,339
|
|
|
582,056
|
|
|
563,108
|
|
|
581,112
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,272,872
|
|
$
|
1,499,995
|
|
Accounts
receivable, net
|
|
497,350
|
|
|
542,273
|
|
Inventories
|
|
109,130
|
|
|
102,292
|
|
Income tax
receivable
|
|
23,124
|
|
|
42,551
|
|
Prepaid expenses
and other
|
|
180,640
|
|
|
189,244
|
|
|
Total current
assets
|
|
2,083,116
|
|
|
2,376,355
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
19,863,078
|
|
|
19,635,459
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
882,940
|
|
|
1,033,297
|
|
Goodwill
|
|
1,801,034
|
|
|
1,806,531
|
|
Other intangible
assets, net
|
|
3,776,770
|
|
|
3,877,960
|
|
Other long-term
assets, net
|
|
570,222
|
|
|
430,440
|
|
|
Total other
assets
|
|
7,030,966
|
|
|
7,148,228
|
|
|
|
$
|
28,977,160
|
|
$
|
29,160,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
268,140
|
|
$
|
255,028
|
|
Construction
payable
|
|
418,945
|
|
|
474,807
|
|
Current portion of
long-term debt
|
|
-
|
|
|
158,042
|
|
Accrued interest
on long-term debt
|
|
140,184
|
|
|
135,785
|
|
Other accrued
liabilities
|
|
2,237,524
|
|
|
2,114,635
|
|
|
Total current
liabilities
|
|
3,064,793
|
|
|
3,138,297
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
1,226,397
|
|
|
1,295,375
|
Long-term debt,
net
|
|
13,513,341
|
|
|
12,751,052
|
Other long-term
obligations
|
|
245,720
|
|
|
284,416
|
Redeemable
noncontrolling interest
|
|
86,968
|
|
|
79,778
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01 par value:
authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued and outstanding
537,866,780 and 566,275,789 shares
|
|
5,379
|
|
|
5,663
|
|
Capital in excess
of par value
|
|
4,413,814
|
|
|
5,357,709
|
|
Retained
earnings
|
|
2,431,186
|
|
|
2,217,299
|
|
Accumulated other
comprehensive loss
|
|
(3,237)
|
|
|
(3,610)
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
6,847,142
|
|
|
7,577,061
|
|
Noncontrolling
interests
|
|
3,992,799
|
|
|
4,034,063
|
|
|
Total
stockholders' equity
|
|
10,839,941
|
|
|
11,611,124
|
|
|
|
$
|
28,977,160
|
|
$
|
29,160,042
|
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,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Bellagio
|
$
|
346,377
|
|
$
|
318,451
|
|
$
|
707,165
|
|
$
|
665,869
|
MGM Grand Las
Vegas
|
|
311,090
|
|
|
304,842
|
|
|
604,896
|
|
|
577,828
|
Mandalay
Bay
|
|
251,890
|
|
|
252,576
|
|
|
496,455
|
|
|
513,471
|
The
Mirage
|
|
157,881
|
|
|
150,531
|
|
|
303,540
|
|
|
326,517
|
Luxor
|
|
103,708
|
|
|
102,592
|
|
|
200,459
|
|
|
205,367
|
New York-New
York
|
|
92,947
|
|
|
89,584
|
|
|
189,061
|
|
|
180,651
|
Excalibur
|
|
84,233
|
|
|
83,791
|
|
|
163,655
|
|
|
163,695
|
Park
MGM
|
|
43,345
|
|
|
65,885
|
|
|
99,602
|
|
|
139,297
|
Circus Circus Las
Vegas
|
|
63,043
|
|
|
62,578
|
|
|
121,785
|
|
|
121,823
|
MGM Grand
Detroit
|
|
153,211
|
|
|
142,753
|
|
|
300,746
|
|
|
286,735
|
Beau
Rivage
|
|
102,793
|
|
|
97,125
|
|
|
199,488
|
|
|
188,773
|
Gold Strike
Tunica
|
|
42,273
|
|
|
42,643
|
|
|
83,920
|
|
|
86,080
|
Borgata
|
|
207,859
|
|
|
213,791
|
|
|
400,300
|
|
|
419,386
|
MGM National
Harbor
|
|
202,353
|
|
|
178,246
|
|
|
390,603
|
|
|
351,861
|
Domestic
resorts
|
|
2,163,003
|
|
|
2,105,388
|
|
|
4,261,675
|
|
|
4,227,353
|
MGM
Macau
|
|
376,610
|
|
|
423,911
|
|
|
887,480
|
|
|
899,327
|
MGM
Cotai
|
|
184,740
|
|
|
-
|
|
|
269,731
|
|
|
-
|
MGM
China
|
|
561,350
|
|
|
423,911
|
|
|
1,157,211
|
|
|
899,327
|
Management and
other operations
|
|
134,342
|
|
|
122,834
|
|
|
262,046
|
|
|
243,019
|
|
$
|
2,858,695
|
|
$
|
2,652,133
|
|
$
|
5,680,932
|
|
$
|
5,369,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Bellagio
|
$
|
126,604
|
|
$
|
111,221
|
|
$
|
267,001
|
|
$
|
240,562
|
MGM Grand Las
Vegas
|
|
92,118
|
|
|
94,342
|
|
|
182,199
|
|
|
168,084
|
Mandalay
Bay
|
|
66,983
|
|
|
68,332
|
|
|
135,766
|
|
|
146,504
|
The
Mirage
|
|
39,768
|
|
|
38,814
|
|
|
72,617
|
|
|
100,992
|
Luxor
|
|
33,556
|
|
|
32,932
|
|
|
62,545
|
|
|
65,747
|
New York-New
York
|
|
33,425
|
|
|
33,166
|
|
|
70,336
|
|
|
67,076
|
Excalibur
|
|
28,578
|
|
|
28,685
|
|
|
55,628
|
|
|
57,477
|
Park
MGM
|
|
(830)
|
|
|
16,762
|
|
|
8,373
|
|
|
39,197
|
Circus Circus Las
Vegas
|
|
15,703
|
|
|
16,236
|
|
|
30,594
|
|
|
32,183
|
MGM Grand
Detroit
|
|
52,135
|
|
|
45,183
|
|
|
98,526
|
|
|
89,003
|
Beau
Rivage
|
|
24,393
|
|
|
21,210
|
|
|
47,468
|
|
|
41,496
|
Gold Strike
Tunica
|
|
12,400
|
|
|
13,070
|
|
|
24,809
|
|
|
27,548
|
Borgata
|
|
50,917
|
|
|
100,087
|
|
|
94,149
|
|
|
159,504
|
MGM National
Harbor
|
|
49,970
|
|
|
36,859
|
|
|
92,076
|
|
|
68,723
|
Domestic
resorts
|
|
625,720
|
|
|
656,899
|
|
|
1,242,087
|
|
|
1,304,096
|
MGM Macau
(1)
|
|
99,813
|
|
|
118,906
|
|
|
245,648
|
|
|
264,103
|
MGM
Cotai
|
|
20,062
|
|
|
-
|
|
|
25,978
|
|
|
-
|
MGM
China
|
|
119,875
|
|
|
118,906
|
|
|
271,626
|
|
|
264,103
|
Unconsolidated
resorts (2)
|
|
47,940
|
|
|
40,639
|
|
|
79,706
|
|
|
80,405
|
Management and
other operations
|
|
12,491
|
|
|
8,693
|
|
|
20,336
|
|
|
19,411
|
|
$
|
806,026
|
|
$
|
825,137
|
|
$
|
1,613,755
|
|
$
|
1,668,015
|
|
(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
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
104,336
|
|
$
|
-
|
|
$
|
-
|
|
$
|
104
|
|
$
|
22,164
|
|
$
|
126,604
|
MGM Grand Las
Vegas
|
|
75,477
|
|
|
-
|
|
|
-
|
|
|
267
|
|
|
16,374
|
|
|
92,118
|
Mandalay
Bay
|
|
43,811
|
|
|
-
|
|
|
-
|
|
|
53
|
|
|
23,119
|
|
|
66,983
|
The
Mirage
|
|
30,072
|
|
|
-
|
|
|
-
|
|
|
512
|
|
|
9,184
|
|
|
39,768
|
Luxor
|
|
23,302
|
|
|
-
|
|
|
-
|
|
|
179
|
|
|
10,075
|
|
|
33,556
|
New York-New
York
|
|
27,211
|
|
|
-
|
|
|
-
|
|
|
65
|
|
|
6,149
|
|
|
33,425
|
Excalibur
|
|
23,728
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4,850
|
|
|
28,578
|
Park
MGM
|
|
(30,517)
|
|
|
-
|
|
|
1,937
|
|
|
15,410
|
|
|
12,340
|
|
|
(830)
|
Circus Circus Las
Vegas
|
|
11,284
|
|
|
-
|
|
|
-
|
|
|
16
|
|
|
4,403
|
|
|
15,703
|
MGM Grand
Detroit
|
|
46,668
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,467
|
|
|
52,135
|
Beau
Rivage
|
|
17,785
|
|
|
-
|
|
|
-
|
|
|
26
|
|
|
6,582
|
|
|
24,393
|
Gold Strike
Tunica
|
|
10,260
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,140
|
|
|
12,400
|
Borgata
|
|
35,974
|
|
|
-
|
|
|
-
|
|
|
451
|
|
|
14,492
|
|
|
50,917
|
MGM National
Harbor
|
|
29,316
|
|
|
-
|
|
|
45
|
|
|
48
|
|
|
20,561
|
|
|
49,970
|
Domestic
resorts
|
|
448,707
|
|
|
-
|
|
|
1,982
|
|
|
17,131
|
|
|
157,900
|
|
|
625,720
|
MGM
Macau
|
|
82,226
|
|
|
-
|
|
|
-
|
|
|
(167)
|
|
|
17,754
|
|
|
99,813
|
MGM
Cotai
|
|
(35,810)
|
|
|
-
|
|
|
3,799
|
|
|
6
|
|
|
52,067
|
|
|
20,062
|
MGM
China
|
|
46,416
|
|
|
-
|
|
|
3,799
|
|
|
(161)
|
|
|
69,821
|
|
|
119,875
|
Unconsolidated
resorts (1)
|
|
47,940
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
47,940
|
Management and
other operations
|
|
10,644
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,847
|
|
|
12,491
|
|
|
553,707
|
|
|
-
|
|
|
5,781
|
|
|
16,970
|
|
|
229,568
|
|
|
806,026
|
Stock
compensation
|
|
(17,286)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(17,286)
|
Corporate
|
|
(173,346)
|
|
|
-
|
|
|
13,296
|
|
|
-
|
|
|
66,640
|
|
|
(93,410)
|
|
$
|
363,075
|
|
$
|
-
|
|
$
|
19,077
|
|
$
|
16,970
|
|
$
|
296,208
|
|
$
|
695,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
96,154
|
|
$
|
(6,970)
|
|
$
|
-
|
|
$
|
38
|
|
$
|
21,999
|
|
$
|
111,221
|
MGM Grand Las
Vegas
|
|
82,724
|
|
|
(7,424)
|
|
|
-
|
|
|
611
|
|
|
18,431
|
|
|
94,342
|
Mandalay
Bay
|
|
52,315
|
|
|
(8,524)
|
|
|
-
|
|
|
(10)
|
|
|
24,551
|
|
|
68,332
|
The
Mirage
|
|
32,935
|
|
|
(4,043)
|
|
|
-
|
|
|
117
|
|
|
9,805
|
|
|
38,814
|
Luxor
|
|
25,840
|
|
|
(3,394)
|
|
|
-
|
|
|
1,165
|
|
|
9,321
|
|
|
32,932
|
New York-New
York
|
|
28,787
|
|
|
(2,025)
|
|
|
-
|
|
|
54
|
|
|
6,350
|
|
|
33,166
|
Excalibur
|
|
26,553
|
|
|
(2,658)
|
|
|
-
|
|
|
203
|
|
|
4,587
|
|
|
28,685
|
Park
MGM
|
|
(2,104)
|
|
|
(2,461)
|
|
|
439
|
|
|
9,959
|
|
|
10,929
|
|
|
16,762
|
Circus Circus Las
Vegas
|
|
14,261
|
|
|
(3,130)
|
|
|
450
|
|
|
496
|
|
|
4,159
|
|
|
16,236
|
MGM Grand
Detroit
|
|
39,489
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,694
|
|
|
45,183
|
Beau
Rivage
|
|
15,253
|
|
|
-
|
|
|
-
|
|
|
5
|
|
|
5,952
|
|
|
21,210
|
Gold Strike
Tunica
|
|
10,792
|
|
|
-
|
|
|
-
|
|
|
6
|
|
|
2,272
|
|
|
13,070
|
Borgata
|
|
78,761
|
|
|
-
|
|
|
1,242
|
|
|
416
|
|
|
19,668
|
|
|
100,087
|
MGM National
Harbor
|
|
17,870
|
|
|
-
|
|
|
153
|
|
|
-
|
|
|
18,836
|
|
|
36,859
|
Domestic
resorts
|
|
519,630
|
|
|
(40,629)
|
|
|
2,284
|
|
|
13,060
|
|
|
162,554
|
|
|
656,899
|
MGM
China
|
|
45,625
|
|
|
-
|
|
|
13,334
|
|
|
183
|
|
|
59,764
|
|
|
118,906
|
Unconsolidated
resorts (1)
|
|
40,639
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
40,639
|
Management and
other operations
|
|
6,903
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,790
|
|
|
8,693
|
|
|
612,797
|
|
|
(40,629)
|
|
|
15,618
|
|
|
13,243
|
|
|
224,108
|
|
|
825,137
|
Stock
compensation
|
|
(14,632)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(14,632)
|
Corporate
|
|
(98,267)
|
|
|
-
|
|
|
5,475
|
|
|
-
|
|
|
20,646
|
|
|
(72,146)
|
|
$
|
499,898
|
|
$
|
(40,629)
|
|
$
|
21,093
|
|
$
|
13,243
|
|
$
|
244,754
|
|
$
|
738,359
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
222,220
|
|
$
|
-
|
|
$
|
-
|
|
$
|
674
|
|
$
|
44,107
|
|
$
|
267,001
|
MGM Grand Las
Vegas
|
|
148,808
|
|
|
-
|
|
|
-
|
|
|
615
|
|
|
32,776
|
|
|
182,199
|
Mandalay
Bay
|
|
90,469
|
|
|
-
|
|
|
-
|
|
|
(49)
|
|
|
45,346
|
|
|
135,766
|
The
Mirage
|
|
52,686
|
|
|
-
|
|
|
-
|
|
|
1,620
|
|
|
18,311
|
|
|
72,617
|
Luxor
|
|
42,406
|
|
|
-
|
|
|
-
|
|
|
234
|
|
|
19,905
|
|
|
62,545
|
New York-New
York
|
|
57,890
|
|
|
-
|
|
|
-
|
|
|
152
|
|
|
12,294
|
|
|
70,336
|
Excalibur
|
|
45,806
|
|
|
-
|
|
|
-
|
|
|
(35)
|
|
|
9,857
|
|
|
55,628
|
Park
MGM
|
|
(39,873)
|
|
|
-
|
|
|
5,358
|
|
|
17,864
|
|
|
25,024
|
|
|
8,373
|
Circus Circus Las
Vegas
|
|
21,533
|
|
|
-
|
|
|
-
|
|
|
215
|
|
|
8,846
|
|
|
30,594
|
MGM Grand
Detroit
|
|
87,532
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
10,994
|
|
|
98,526
|
Beau
Rivage
|
|
34,319
|
|
|
-
|
|
|
-
|
|
|
26
|
|
|
13,123
|
|
|
47,468
|
Gold Strike
Tunica
|
|
20,438
|
|
|
-
|
|
|
-
|
|
|
46
|
|
|
4,325
|
|
|
24,809
|
Borgata
|
|
64,412
|
|
|
-
|
|
|
-
|
|
|
860
|
|
|
28,877
|
|
|
94,149
|
MGM National
Harbor
|
|
50,989
|
|
|
-
|
|
|
111
|
|
|
53
|
|
|
40,923
|
|
|
92,076
|
Domestic
resorts
|
|
899,635
|
|
|
-
|
|
|
5,469
|
|
|
22,275
|
|
|
314,708
|
|
|
1,242,087
|
MGM
Macau
|
|
209,998
|
|
|
-
|
|
|
-
|
|
|
584
|
|
|
35,066
|
|
|
245,648
|
MGM
Cotai
|
|
(108,553)
|
|
|
-
|
|
|
55,186
|
|
|
6
|
|
|
79,339
|
|
|
25,978
|
MGM
China
|
|
101,445
|
|
|
-
|
|
|
55,186
|
|
|
590
|
|
|
114,405
|
|
|
271,626
|
Unconsolidated
resorts (1)
|
|
76,385
|
|
|
-
|
|
|
3,321
|
|
|
-
|
|
|
-
|
|
|
79,706
|
Management and
other operations
|
|
16,624
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,712
|
|
|
20,336
|
|
|
1,094,089
|
|
|
-
|
|
|
63,976
|
|
|
22,865
|
|
|
432,825
|
|
|
1,613,755
|
Stock
compensation
|
|
(32,903)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(32,903)
|
Corporate
|
|
(338,354)
|
|
|
-
|
|
|
22,018
|
|
|
3
|
|
|
132,205
|
|
|
(184,128)
|
|
$
|
722,832
|
|
$
|
-
|
|
$
|
85,994
|
|
$
|
22,868
|
|
$
|
565,030
|
|
$
|
1,396,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
203,264
|
|
$
|
(6,970)
|
|
$
|
-
|
|
$
|
123
|
|
$
|
44,145
|
|
$
|
240,562
|
MGM Grand Las
Vegas
|
|
138,638
|
|
|
(7,424)
|
|
|
7
|
|
|
844
|
|
|
36,019
|
|
|
168,084
|
Mandalay
Bay
|
|
105,860
|
|
|
(8,524)
|
|
|
-
|
|
|
(10)
|
|
|
49,178
|
|
|
146,504
|
The
Mirage
|
|
85,778
|
|
|
(4,043)
|
|
|
-
|
|
|
117
|
|
|
19,140
|
|
|
100,992
|
Luxor
|
|
48,934
|
|
|
(3,394)
|
|
|
-
|
|
|
1,164
|
|
|
19,043
|
|
|
65,747
|
New York-New
York
|
|
53,385
|
|
|
(2,025)
|
|
|
(8)
|
|
|
183
|
|
|
15,541
|
|
|
67,076
|
Excalibur
|
|
51,088
|
|
|
(2,658)
|
|
|
-
|
|
|
258
|
|
|
8,789
|
|
|
57,477
|
Park
MGM
|
|
6,694
|
|
|
(2,461)
|
|
|
1,049
|
|
|
9,990
|
|
|
23,925
|
|
|
39,197
|
Circus Circus Las
Vegas
|
|
25,968
|
|
|
(3,130)
|
|
|
450
|
|
|
735
|
|
|
8,160
|
|
|
32,183
|
MGM Grand
Detroit
|
|
77,530
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
11,473
|
|
|
89,003
|
Beau
Rivage
|
|
29,502
|
|
|
-
|
|
|
-
|
|
|
5
|
|
|
11,989
|
|
|
41,496
|
Gold Strike
Tunica
|
|
22,957
|
|
|
-
|
|
|
-
|
|
|
(22)
|
|
|
4,613
|
|
|
27,548
|
Borgata
|
|
118,139
|
|
|
-
|
|
|
1,277
|
|
|
1,220
|
|
|
38,868
|
|
|
159,504
|
MGM National
Harbor
|
|
28,202
|
|
|
-
|
|
|
227
|
|
|
-
|
|
|
40,294
|
|
|
68,723
|
Domestic
resorts
|
|
995,939
|
|
|
(40,629)
|
|
|
3,002
|
|
|
14,607
|
|
|
331,177
|
|
|
1,304,096
|
MGM
China
|
|
121,030
|
|
|
-
|
|
|
23,158
|
|
|
332
|
|
|
119,583
|
|
|
264,103
|
Unconsolidated
resorts (1)
|
|
80,405
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
80,405
|
Management and
other operations
|
|
15,819
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,592
|
|
|
19,411
|
|
|
1,213,193
|
|
|
(40,629)
|
|
|
26,160
|
|
|
14,939
|
|
|
454,352
|
|
|
1,668,015
|
Stock
compensation
|
|
(30,210)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(30,210)
|
Corporate
|
|
(186,574)
|
|
|
-
|
|
|
9,999
|
|
|
-
|
|
|
40,171
|
|
|
(136,404)
|
|
$
|
996,409
|
|
$
|
(40,629)
|
|
$
|
36,159
|
|
$
|
14,939
|
|
$
|
494,523
|
|
$
|
1,501,401
|
|
(1) Represents the
Company's share of operating income (loss), adjusted for the effect
of certain basis differences.
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO ADJUSTED
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net income
attributable to MGM Resorts International
|
$
|
123,777
|
|
$
|
209,864
|
|
$
|
347,221
|
|
$
|
416,276
|
Plus: Net income
attributable to noncontrolling interests
|
|
16,646
|
|
|
31,009
|
|
|
59,503
|
|
|
77,171
|
Net
income
|
|
140,423
|
|
|
240,873
|
|
|
406,724
|
|
|
493,447
|
(Benefit) provision
for income taxes
|
|
23,710
|
|
|
73,660
|
|
|
(61,669)
|
|
|
135,800
|
Income before
income taxes
|
|
164,133
|
|
|
314,533
|
|
|
345,055
|
|
|
629,247
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
181,493
|
|
|
174,058
|
|
|
349,402
|
|
|
348,117
|
Other,
net
|
|
17,449
|
|
|
11,307
|
|
|
28,375
|
|
|
19,045
|
|
|
198,942
|
|
|
185,365
|
|
|
377,777
|
|
|
367,162
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
363,075
|
|
|
499,898
|
|
|
722,832
|
|
|
996,409
|
NV Energy exit
expense
|
|
-
|
|
|
(40,629)
|
|
|
-
|
|
|
(40,629)
|
Preopening and
start-up expenses
|
|
19,077
|
|
|
21,093
|
|
|
85,994
|
|
|
36,159
|
Property
transactions, net
|
|
16,970
|
|
|
13,243
|
|
|
22,868
|
|
|
14,939
|
Depreciation and
amortization
|
|
296,208
|
|
|
244,754
|
|
|
565,030
|
|
|
494,523
|
Adjusted
EBITDA
|
$
|
695,330
|
|
$
|
738,359
|
|
$
|
1,396,724
|
|
$
|
1,501,401
|
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,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Bellagio
|
|
|
|
|
|
|
|
|
Occupancy
%
|
95.6%
|
|
94.3%
|
|
94.5%
|
|
93.7%
|
|
Average daily rate
(ADR)
|
$280
|
|
$274
|
|
$283
|
|
$281
|
|
Revenue per
available room (REVPAR)
|
$268
|
|
$258
|
|
$268
|
|
$263
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
Occupancy
%
|
95.3%
|
|
93.9%
|
|
93.3%
|
|
92.6%
|
|
ADR
|
$179
|
|
$181
|
|
$183
|
|
$188
|
|
REVPAR
|
$170
|
|
$170
|
|
$171
|
|
$174
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
Occupancy
%
|
93.4%
|
|
93.9%
|
|
89.3%
|
|
92.5%
|
|
ADR
|
$211
|
|
$203
|
|
$215
|
|
$216
|
|
REVPAR
|
$197
|
|
$190
|
|
$191
|
|
$200
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
Occupancy
%
|
96.0%
|
|
96.7%
|
|
93.2%
|
|
94.3%
|
|
ADR
|
$178
|
|
$167
|
|
$179
|
|
$177
|
|
REVPAR
|
$170
|
|
$162
|
|
$167
|
|
$167
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
Occupancy
%
|
96.1%
|
|
96.1%
|
|
94.9%
|
|
94.7%
|
|
ADR
|
$116
|
|
$111
|
|
$118
|
|
$118
|
|
REVPAR
|
$111
|
|
$107
|
|
$112
|
|
$112
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
Occupancy
%
|
97.1%
|
|
97.1%
|
|
96.7%
|
|
96.2%
|
|
ADR
|
$139
|
|
$139
|
|
$146
|
|
$146
|
|
REVPAR
|
$135
|
|
$135
|
|
$142
|
|
$141
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
Occupancy
%
|
95.1%
|
|
95.5%
|
|
92.9%
|
|
93.0%
|
|
ADR
|
$97
|
|
$96
|
|
$100
|
|
$102
|
|
REVPAR
|
$93
|
|
$91
|
|
$93
|
|
$95
|
|
|
|
|
|
|
|
|
|
|
Park
MGM
|
|
|
|
|
|
|
|
|
Occupancy
%
|
80.3%
|
|
94.4%
|
|
84.2%
|
|
95.0%
|
|
ADR
|
$131
|
|
$115
|
|
$132
|
|
$122
|
|
REVPAR
|
$105
|
|
$108
|
|
$111
|
|
$116
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
Occupancy
%
|
85.1%
|
|
85.7%
|
|
81.9%
|
|
83.1%
|
|
ADR
|
$81
|
|
$79
|
|
$83
|
|
$84
|
|
REVPAR
|
$69
|
|
$68
|
|
$68
|
|
$70
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
$
|
311,798
|
|
$
|
273,624
|
|
$
|
583,679
|
|
$
|
555,694
|
|
Vdara
|
|
32,336
|
|
|
31,310
|
|
|
64,805
|
|
|
63,915
|
|
|
$
|
344,134
|
|
$
|
304,934
|
|
$
|
648,484
|
|
$
|
619,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
NET INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
54,395
|
|
$
|
37,960
|
|
$
|
(51,672)
|
|
$
|
82,521
|
Plus: Loss from
discontinued operations
|
|
38
|
|
|
1,713
|
|
|
128,548
|
|
|
2,105
|
Net income from
continuing operations
|
|
54,433
|
|
|
39,673
|
|
|
76,876
|
|
|
84,626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
19,922
|
|
|
15,066
|
|
|
37,147
|
|
|
27,826
|
Other,
net
|
|
567
|
|
|
4,323
|
|
|
(151)
|
|
|
3,705
|
|
|
|
20,489
|
|
|
19,389
|
|
|
36,996
|
|
|
31,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
74,922
|
|
|
59,062
|
|
|
113,872
|
|
|
116,157
|
NV Energy exit
expense
|
|
-
|
|
|
(8,250)
|
|
|
-
|
|
|
(8,250)
|
Property
transactions, net
|
|
(883)
|
|
|
636
|
|
|
(1,929)
|
|
|
226
|
Depreciation and
amortization
|
|
55,105
|
|
|
51,766
|
|
|
108,715
|
|
|
103,813
|
Adjusted
EBITDA
|
$
|
129,144
|
|
$
|
103,214
|
|
$
|
220,658
|
|
$
|
211,946
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
73,302
|
|
$
|
-
|
|
$
|
(937)
|
|
$
|
48,196
|
|
$
|
120,561
|
|
Vdara
|
|
3,168
|
|
|
-
|
|
|
54
|
|
|
6,909
|
|
|
10,131
|
|
Resort
operations
|
|
76,470
|
|
|
-
|
|
|
(883)
|
|
|
55,105
|
|
|
130,692
|
|
Other
|
|
(1,548)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,548)
|
|
$
|
74,922
|
|
$
|
-
|
|
$
|
(883)
|
|
$
|
55,105
|
|
$
|
129,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
57,016
|
|
$
|
(8,250)
|
|
$
|
636
|
|
$
|
44,921
|
|
$
|
94,323
|
|
Vdara
|
|
3,220
|
|
|
-
|
|
|
-
|
|
|
6,845
|
|
|
10,065
|
|
Resort
operations
|
|
60,236
|
|
|
(8,250)
|
|
|
636
|
|
|
51,766
|
|
|
104,388
|
|
Other
|
|
(1,174)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,174)
|
|
$
|
59,062
|
|
$
|
(8,250)
|
|
$
|
636
|
|
$
|
51,766
|
|
$
|
103,214
|
|
CITYCENTER
HOLDINGS, LLC
|
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
109,361
|
|
$
|
-
|
|
$
|
(1,983)
|
|
$
|
94,989
|
|
$
|
202,367
|
|
Vdara
|
|
7,142
|
|
|
-
|
|
|
54
|
|
|
13,726
|
|
|
20,922
|
|
Resort
operations
|
|
116,503
|
|
|
-
|
|
|
(1,929)
|
|
|
108,715
|
|
|
223,289
|
|
Other
|
|
(2,631)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2,631)
|
|
|
$
|
113,872
|
|
$
|
-
|
|
$
|
(1,929)
|
|
$
|
108,715
|
|
$
|
220,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
111,196
|
|
$
|
(8,250)
|
|
$
|
225
|
|
$
|
90,040
|
|
$
|
193,211
|
|
Vdara
|
|
7,172
|
|
|
-
|
|
|
1
|
|
|
13,773
|
|
|
20,946
|
|
Resort
operations
|
|
118,368
|
|
|
(8,250)
|
|
|
226
|
|
|
103,813
|
|
|
214,157
|
|
Other
|
|
(2,211)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2,211)
|
|
|
$
|
116,157
|
|
$
|
(8,250)
|
|
$
|
226
|
|
$
|
103,813
|
|
$
|
211,946
|
|
CITYCENTER
HOLDINGS, LLC
|
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Aria
|
|
|
|
|
|
|
|
|
Occupancy %
|
92.7%
|
|
94.3%
|
|
91.0%
|
|
92.9%
|
|
ADR
|
$257
|
|
$241
|
|
$265
|
|
$254
|
|
REVPAR
|
$238
|
|
$228
|
|
$241
|
|
$236
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
Occupancy %
|
94.0%
|
|
90.6%
|
|
92.8%
|
|
90.3%
|
|
ADR
|
$205
|
|
$202
|
|
$212
|
|
$212
|
|
REVPAR
|
$193
|
|
$183
|
|
$196
|
|
$191
|
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content:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-second-quarter-financial-and-operating-results-300690915.html
SOURCE MGM Resorts International