LAS VEGAS, Oct. 30, 2018 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter ended September 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 third quarter operating performance exceeded our
expectations despite the tough year on year comparison, resulting
from robust casino business and an exceptionally strong event
calendar last year." said Jim
Murren, Chairman and CEO of MGM Resorts International.
"During the quarter, we successfully opened MGM Springfield, which
has been well received by our customers. Earlier this month, we
also officially opened the NoMad Hotel at Park MGM, which will help
expand our customer reach. We remain highly focused on our
strategic priorities, including maximizing the performance of our
portfolio of premier properties, driving growth in free cash flow
and delivering on our capital allocation strategy."
Said Mr. Murren, "Stabilizing market conditions are positioning
MGM Resorts for improvement in the fourth quarter. Looking further
out, our growth will be driven by the continued ramp of our newly
opened properties along with our disciplined approach to improve
our margins throughout our resort portfolio. We also are executing
on additional targeted growth opportunities in key areas including
sports betting and Japan's
upcoming Integrated Resort market. Our focus on balance sheet
strength will help ensure prudent capital allocation and the
continued return of capital to shareholders. Overall, we remain
confident that we will deliver on our 2020 goals."
Third Quarter 2018 Financial Highlights:
- Diluted earnings per share of $0.26 in both the current and prior year
quarters;
- Consolidated net revenues increased 7% compared to the prior
year quarter to $3.0 billion;
- Net revenues decreased 2% compared to the prior year quarter at
the Company's domestic resorts to $2.2
billion and decreased 3% on a same-store basis, excluding
contributions from the opening of MGM Springfield on August 24, 2018;
- REVPAR(1) decreased 3.9% compared to the prior year
quarter at the Company's Las Vegas Strip resorts;
- Operating income of $435 million
at the Company's domestic resorts, compared to $545 million in the prior year quarter. The
current quarter was impacted by $31
million of preopening expenses at MGM Springfield, continued
disruption at Park MGM and a decrease in casino and non-casino
revenues at the Company's Las Vegas Strip resorts;
- Net income attributable to MGM Resorts of $143 million, compared to $148 million in the prior year quarter;
- Domestic resorts Adjusted Property EBITDA(2) of
$627 million, a 12% decrease compared
to $712 million in the prior year
quarter and a 13% decrease on a same-store basis;
- Same-store operating margin of 21.2% in the current quarter at
the Company's domestic resorts, a 283 basis point decrease compared
to the prior year quarter;
- Same-store Adjusted Property EBITDA margin of 28.3% in the
current quarter at the Company's domestic resorts, a 313 basis
point decrease compared to the prior year quarter;
- MGM China operating income of $52
million compared to $38
million in the prior year quarter and Adjusted Property
EBITDA of $130 million, a 7% increase
compared to the prior year quarter as a result of the opening of
MGM Cotai;
- CityCenter operating income from resort operations of
$28 million and Adjusted EBITDA from
resort operations of $85 million, a
20% decrease in Adjusted EBITDA from resort operations compared to
the prior year quarter;
- Distributed $64 million to
shareholders via the Company's quarterly dividend of $0.12 per share; and
- Repurchased $176 million of the
Company's common stock in the third quarter.
Certain Items Affecting Third 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
September 30,
|
|
2018
|
|
|
2017
|
|
Preopening and
start-up expenses
|
|
$
|
(0.07)
|
|
|
$
|
(0.03)
|
|
Gain on the sale of
Grand Victoria
|
|
|
0.07
|
|
|
|
—
|
|
Property
transactions, net
|
|
|
—
|
|
|
|
(0.01)
|
|
Income from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
Gain on the sale of
Mandarin Oriental Las Vegas
|
|
|
0.02
|
|
|
|
—
|
|
Non-operating
expense:
|
|
|
|
|
|
|
|
|
Loss on retirement of
long-term debt
|
|
|
—
|
|
|
|
(0.04)
|
|
Domestic Resorts
Casino revenue for the third quarter of 2018 increased 1%
compared to the prior year quarter, due primarily to the opening of
MGM Springfield. Casino revenues decreased 3% on a same-store basis
compared to the prior year quarter. Table games win decreased
15% at the Company's Las Vegas Strip resorts.
The following table shows key gaming statistics for the
Company's Las Vegas Strip resorts:
Three Months Ended
September 30,
|
|
2018
|
|
|
2017
|
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$
|
897
|
|
|
$
|
1,003
|
|
Table Games Win
%
|
|
|
25.4
|
%
|
|
|
26.8
|
%
|
Slots
Handle
|
|
$
|
3,143
|
|
|
$
|
3,211
|
|
Slots Hold
%
|
|
|
9.3
|
%
|
|
|
9.0
|
%
|
The following table shows key gaming statistics for the
Company's other domestic resorts:
Three Months Ended
September 30,
|
|
2018
|
|
|
2017
|
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$
|
1,054
|
|
|
$
|
1,013
|
|
Table Games Win
%
|
|
|
19.4
|
%
|
|
|
18.6
|
%
|
Slots
Handle
|
|
$
|
5,755
|
|
|
$
|
5,207
|
|
Slots Hold
%
|
|
|
9.0
|
%
|
|
|
9.1
|
%
|
Domestic resorts rooms revenue and same-store domestic resorts
rooms revenue decreased 5% compared to the prior year quarter due
primarily to a 3.9% 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
September 30,
|
|
2018
|
|
2017
|
Occupancy
%
|
|
93%
|
|
95%
|
Average Daily Rate
(ADR)
|
|
$157
|
|
$160
|
Revenue per Available
Room (REVPAR)
|
|
$146
|
|
$152
|
Operating income at the Company's domestic resorts was
$435 million for the third quarter of
2018 and was impacted by $31 million
in preopening expenses at MGM Springfield, disruption related to
the repositioning and rebranding at Park MGM and a decrease in
casino and non-casino revenues at the Company's Las Vegas Strip
resorts, as discussed above. Operating income in the prior year
quarter was $545 million. Domestic
Resorts Adjusted Property EBITDA decreased 12% to $627 million in the third quarter of 2018 and
decreased 13% on a same-store basis.
Mr. Murren concluded, "We expect to deliver positive results in
the fourth quarter at our Las Vegas Strip resorts with net revenues
up slightly and Las Vegas Strip REVPAR up one to two percent. We
also expect Las Vegas Strip Adjusted Property EBITDA margins to be
flat to up slightly. These projected results are in line with our
previously stated full year guidance. Heading into 2019, the
completion of Park MGM and NoMad, the expanded MGM Grand convention
space, and a better backdrop in group business position us well in
Las Vegas. We will also benefit
from a full year of operations at MGM Springfield."
Corporate Expense
Corporate expense, including share-based compensation for
corporate employees was $98 million
in the third quarter of 2018, an increase of $10 million compared to the prior year quarter,
due primarily to an increase in transaction costs related to the
Empire City acquisition, the formation of the MGM GVC Interactive
LLC joint venture, and MGM Growth Properties LLC's ("MGP") Hard
Rock Rocksino Northfield Park acquisition.
MGM China
Key third quarter results for MGM China include:
- Net revenues of $606 million, a
37% increase compared to the prior year quarter. The current
quarter benefited from the opening of MGM Cotai in February 2018, which contributed $172 million of net revenues;
- Main floor table games win increased 43% compared to the prior
year quarter due primarily to the opening of MGM Cotai;
- VIP table games win increased 11% compared to the prior year
quarter due primarily to an 8% increase in VIP table games win at
MGM Macau;
- Operating income was $52 million
in the current quarter compared to $38
million in the prior year quarter;
- Adjusted Property EBITDA increased 7% to $130 million compared to $121 million in the prior year quarter. The
current quarter included $11 million
of license fee expense compared to $8
million in the prior year quarter; and
- Operating margin was 8.6% in the current year quarter, and
Adjusted Property EBITDA margin was 21.5% in the current quarter
compared to 27.4% in the prior year quarter, due primarily to the
ramp-up of operations at MGM Cotai.
The following table shows key gaming statistics for MGM
China:
Three Months Ended
September 30,
|
|
2018
|
|
|
2017
|
|
|
|
(Dollars in
millions)
|
|
VIP Table Games
Turnover
|
|
$
|
9,419
|
|
|
$
|
8,243
|
|
VIP Table Games Win
%
|
|
|
3.2
|
%
|
|
|
3.3
|
%
|
Main Floor Table
Games Drop
|
|
$
|
1,882
|
|
|
$
|
1,291
|
|
Main Floor Table
Games Win %
|
|
|
18.1
|
%
|
|
|
18.4
|
%
|
MGM China paid an interim dividend of $31
million in September 2018, of
which $17 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
September 30,
|
|
2018
|
|
|
2017
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
33,232
|
|
|
$
|
34,673
|
|
Other
|
|
|
2,263
|
|
|
|
3,117
|
|
|
|
$
|
35,495
|
|
|
$
|
37,790
|
|
On August 30, 2018, CityCenter
Holdings, LLC ("CityCenter") closed the sale of the Mandarin
Oriental Las Vegas and adjacent retail parcels for $214
million in cash. CityCenter recorded a loss on sale of $133 million, the majority of which was
recognized during the first quarter. MGM Resorts recorded a
$12 million gain during the current
quarter, related to the reversal of basis differences in excess of
its share of the loss recorded by CityCenter. CityCenter used the
proceeds from the sale, together with cash from operations, to pay
a $225 million dividend in
September 2018, of which MGM Resorts
received its 50% share, or $112.5
million.
Key third quarter results for CityCenter include the following
(see schedules accompanying this release for further detail on
CityCenter's third quarter results):
- Net revenues were $294 million, a
6% decrease compared to the prior year quarter, due to a decrease
in casino and rooms revenues;
- Aria's table games win decreased 20%, due to a 10% decrease in
table games drop and a decrease in table games hold percentage to
20.9% in the current quarter compared to 23.5% in the prior year
quarter;
- Aria's slots win increased slightly compared to the prior year
quarter due primarily to a 5% increase in volume offset by a
decrease in the slots hold percentage;
- REVPAR at Aria decreased 2% compared to the prior year quarter
to $228;
- REVPAR at Vdara decreased 5% compared to the prior year quarter
to $184;
- Operating income from resort operations was $28 million compared to operating income of
$53 million in the prior year
quarter; and
- Adjusted EBITDA from resort operations was $85 million, a 20% decrease compared to the prior
year quarter.
MGM Growth Properties
During the third quarter of 2018, the Company made rent payments
to MGM Growth Properties Operating Partnership LP ("MGP Operating
Partnership") in the amount of $193
million and received distributions of $84 million from the MGP Operating Partnership.
On September 17, 2018, the Board of
Directors of MGP approved a quarterly dividend of $0.4375 per Class A share (based on a
$1.75 dividend on an annualized
basis) totaling $31 million, which
represents an increase of $0.07 per share year to date,
for a total increase of 4.2% year to date, which was paid on
October 15, 2018 to holders of record
on September 28, 2018. The Company
concurrently received an $85 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 $1.1 billion.
In the current quarter, the Company recorded within Management
and other operations $66 million in
net revenues and $22 million in
Adjusted Property EBITDA related to MGP's Northfield casino.
On September 18, 2018, the Company
entered into an agreement with MGP to acquire all of the operating
assets of Hard Rock Rocksino Northfield Park from MGP for
approximately $275 million, subject
to purchase price adjustments for certain working capital changes.
The real estate assets will be leased to the Company pursuant to an
amendment to the existing master lease between subsidiaries of the
Company and MGP, increasing the annual rent payment to MGP by
$60 million, prorated for the
remainder of the lease year. Consistent with the master lease
terms, 90 percent of this rent will be fixed and contractually grow
at 2 percent per year until 2022. The transaction is expected to
close in the first half of 2019, subject to regulatory approvals
and other customary closing conditions.
MGM Resorts Dividend and Share
Repurchases
On October 30, 2018, the Company's
Board of Directors approved a quarterly dividend of $0.12 per share totaling approximately
$63 million. The dividend will be
payable on December 14, 2018 to
holders of record on December 10,
2018.
In May 2018, MGM Resorts completed
its $1.0 billion share
repurchase program and announced a new $2.0
billion share repurchase program. During the current
quarter, MGM Resorts repurchased approximately 6 million shares of
its common stock at an average price of $28.87 per share for an aggregate amount of
$176 million. Approximately
$1.5 billion remains available under
the $2.0 billion share repurchase
program. All shares repurchased under the Company's program have
been retired.
Financial Position
The Company's cash balance at September 30, 2018 was
$1.3 billion, which included
$663 million at MGM China and
$50 million at the MGP Operating
Partnership. At September 30, 2018, the Company had
$14.8 billion of principal amount of
indebtedness outstanding, including $228
million outstanding under its $1.5
billion senior secured credit facility, $2.8 billion outstanding under the $3.6 billion MGP Operating Partnership senior
secured credit facility and $2.5
billion outstanding under the $2.9
billion MGM China credit facility.
"We are generating strong free cash flow, and as we reach the
end of our development cycle, we remain poised to achieve our
consolidated net leverage target of 3 to 4 times by 2020 while
returning capital to shareholders." said Dan D'Arrigo, Executive
Vice President and Chief Financial Officer of MGM Resorts.
Conference Call Details
MGM Resorts will host a conference call at 5:00 p.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
2681205. A replay of the call will be available through
Tuesday, November 6, 2018. The
replay may be accessed by dialing 1-877-344-7529 or
1-412-317-0088. The replay access code is 10124888. 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.
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, 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.
"Same-store Adjusted Property EBITDA" is Adjusted Property EBITDA
related to operating resorts which were consolidated by the Company
for both the entire current and prior year periods presented.
"Adjusted Property EBITDA margin" is Adjusted Property EBITDA
divided by net revenues. "Same-store Adjusted Property EBITDA
margin" is Same-store Adjusted Property EBITDA divided by
same-store 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
presents Adjusted Property EBITDA on a "same-store" basis as
supplemental information because management believes that providing
performance measures on a "same-store" basis is useful for
evaluating the period-to-period performance of the Company's
domestic casino resorts.
Management believes that while items excluded from Adjusted
EBITDA, Adjusted Property EBITDA, Same-store Adjusted Property
EBITDA, Adjusted Property EBITDA margin, and Same-store 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 and Same-store Adjusted Property EBITDA as the
primary measure of the Company's operating resorts'
performance.
Adjusted EBITDA, Adjusted Property EBITDA, Same-store Adjusted
Property EBITDA, Adjusted Property EBITDA margin, and Same-store
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, Same-store Adjusted Property EBITDA, Adjusted
Property EBITDA margin, or Same-store Adjusted Property EBITDA
margin. Also, other companies in the gaming and hospitality
industries that report Adjusted EBITDA, Adjusted Property EBITDA,
Same-store Adjusted Property EBITDA, Adjusted Property EBITDA
margin, or Same-store Adjusted Property EBITDA margin information
may calculate Adjusted EBITDA, Adjusted Property EBITDA, Same-store
Adjusted Property EBITDA, Adjusted Property EBITDA margin, or
Same-store Adjusted Property EBITDA margin in a different
manner.
Reconciliations of GAAP net income (loss) to Adjusted EBITDA and
GAAP operating income (loss) to Adjusted Property EBITDA and
Same-store Adjusted Property EBITDA are included in the financial
schedules in this release.
The Company does not provide reconciliations of Adjusted EBITDA,
Adjusted Property EBITDA, Same-store Adjusted Property EBITDA,
Adjusted Property EBITDA margin, or Same-store 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, Same-store Adjusted Property
EBITDA, Adjusted Property EBITDA margin, and Same-store 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 Springfield in Massachusetts, MGM COTAI in Macau, and the first Bellagio-branded hotel in
Shanghai. The 81,000 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, the Company's ability to execute
its strategic plan and capital allocations strategy, and deliver on
its 2020 goals. These forward-looking statements involve a number
of risks and uncertainties. Among the important factors that could
cause actual results to differ materially from those indicated in
such forward-looking statements include effects of economic
conditions and market conditions in the markets in which the
Company operates and competition with other destination travel
locations throughout the United
States and the world, the design, timing and costs of
expansion projects, risks relating to international operations,
permits, licenses, financings, approvals and other contingencies in
connection with growth in new or existing jurisdictions and
additional risks and uncertainties described in the Company's Form
10-K, Form 10-Q and Form 8-K reports (including all amendments to
those reports). In providing forward-looking statements, the
Company is not undertaking any duty or obligation to update these
statements publicly as a result of new information, future events
or otherwise, except as required by law. If the Company updates one
or more forward-looking statements, no inference should be drawn
that it will make additional updates with respect to those other
forward-looking statements.
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
1,465,380
|
|
$
|
1,283,049
|
|
$
|
4,191,910
|
|
$
|
3,727,281
|
|
Rooms
|
|
566,319
|
|
|
572,994
|
|
|
1,669,670
|
|
|
1,673,561
|
|
Food and
beverage
|
|
520,773
|
|
|
503,623
|
|
|
1,470,992
|
|
|
1,458,057
|
|
Entertainment,
retail and other
|
|
370,150
|
|
|
368,128
|
|
|
1,063,142
|
|
|
1,039,087
|
|
Reimbursed
costs
|
|
106,680
|
|
|
102,381
|
|
|
314,520
|
|
|
301,888
|
|
|
|
3,029,302
|
|
|
2,830,175
|
|
|
8,710,234
|
|
|
8,199,874
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
819,334
|
|
|
674,959
|
|
|
2,323,514
|
|
|
1,969,255
|
|
Rooms
|
|
206,406
|
|
|
192,663
|
|
|
598,432
|
|
|
568,448
|
|
Food and
beverage
|
|
391,091
|
|
|
373,956
|
|
|
1,121,465
|
|
|
1,090,129
|
|
Entertainment,
retail and other
|
|
263,915
|
|
|
254,113
|
|
|
734,119
|
|
|
721,338
|
|
Reimbursed
costs
|
|
106,680
|
|
|
102,381
|
|
|
314,520
|
|
|
301,888
|
|
General and
administrative
|
|
463,417
|
|
|
402,023
|
|
|
1,319,760
|
|
|
1,145,160
|
|
Corporate
expense
|
|
98,089
|
|
|
88,506
|
|
|
301,036
|
|
|
241,086
|
|
Preopening and
start-up expenses
|
|
46,890
|
|
|
29,349
|
|
|
132,884
|
|
|
65,508
|
|
Property
transactions, net
|
|
(42,400)
|
|
|
7,711
|
|
|
(19,532)
|
|
|
22,650
|
|
NV Energy exit
expense
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(40,629)
|
|
Depreciation and
amortization
|
|
300,472
|
|
|
249,600
|
|
|
865,502
|
|
|
744,123
|
|
|
|
2,653,894
|
|
|
2,375,261
|
|
|
7,691,700
|
|
|
6,828,956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
35,495
|
|
|
37,790
|
|
|
115,201
|
|
|
118,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
410,903
|
|
|
492,704
|
|
|
1,133,735
|
|
|
1,489,113
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(205,573)
|
|
|
(163,287)
|
|
|
(554,975)
|
|
|
(511,404)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(11,583)
|
|
|
(8,825)
|
|
|
(31,661)
|
|
|
(26,302)
|
|
Other,
net
|
|
(3,291)
|
|
|
(30,138)
|
|
|
(11,588)
|
|
|
(31,706)
|
|
|
|
(220,447)
|
|
|
(202,250)
|
|
|
(598,224)
|
|
|
(569,412)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
190,456
|
|
|
290,454
|
|
|
535,511
|
|
|
919,701
|
|
Benefit
(provision) for income taxes
|
|
(19,046)
|
|
|
(114,710)
|
|
|
42,623
|
|
|
(250,510)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
171,410
|
|
|
175,744
|
|
|
578,134
|
|
|
669,191
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(28,532)
|
|
|
(27,381)
|
|
|
(88,035)
|
|
|
(104,552)
|
Net income
attributable to MGM Resorts International
|
$
|
142,878
|
|
$
|
148,363
|
|
$
|
490,099
|
|
$
|
564,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.26
|
|
$
|
0.26
|
|
$
|
0.87
|
|
$
|
0.98
|
|
Diluted
|
$
|
0.26
|
|
$
|
0.26
|
|
$
|
0.86
|
|
$
|
0.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
535,130
|
|
|
573,527
|
|
|
549,418
|
|
|
574,262
|
|
Diluted
|
|
540,396
|
|
|
580,676
|
|
|
555,521
|
|
|
580,941
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,302,677
|
|
$
|
1,499,995
|
|
Accounts
receivable, net
|
|
546,646
|
|
|
542,273
|
|
Inventories
|
|
104,438
|
|
|
102,292
|
|
Income tax
receivable
|
|
19,552
|
|
|
42,551
|
|
Prepaid expenses
and other
|
|
234,711
|
|
|
189,244
|
|
|
Total current
assets
|
|
2,208,024
|
|
|
2,376,355
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
20,733,381
|
|
|
19,635,459
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
666,210
|
|
|
1,033,297
|
|
Goodwill
|
|
|
1,822,009
|
|
|
1,806,531
|
|
Other intangible
assets, net
|
|
3,991,963
|
|
|
3,877,960
|
|
Other long-term
assets, net
|
|
551,928
|
|
|
430,440
|
|
|
Total other
assets
|
|
7,032,110
|
|
|
7,148,228
|
|
|
|
$
|
29,973,515
|
|
$
|
29,160,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
301,008
|
|
$
|
255,028
|
|
Construction
payable
|
|
372,744
|
|
|
474,807
|
|
Current portion of
long-term debt
|
|
-
|
|
|
158,042
|
|
Accrued interest
on long-term debt
|
|
142,774
|
|
|
135,785
|
|
Other accrued
liabilities
|
|
2,161,064
|
|
|
2,114,635
|
|
|
Total current
liabilities
|
|
2,977,590
|
|
|
3,138,297
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
1,241,036
|
|
|
1,295,375
|
Long-term debt,
net
|
|
14,663,972
|
|
|
12,751,052
|
Other long-term
obligations
|
|
251,399
|
|
|
284,416
|
Redeemable
noncontrolling interest
|
|
93,339
|
|
|
79,778
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued and outstanding 531,937,096 and 566,275,789
shares
|
|
5,319
|
|
|
5,663
|
|
Capital in excess
of par value
|
|
4,251,702
|
|
|
5,357,709
|
|
Retained
earnings
|
|
2,510,103
|
|
|
2,217,299
|
|
Accumulated other
comprehensive income (loss)
|
|
6,234
|
|
|
(3,610)
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
6,773,358
|
|
|
7,577,061
|
|
Noncontrolling
interests
|
|
3,972,821
|
|
|
4,034,063
|
|
|
Total
stockholders' equity
|
|
10,746,179
|
|
|
11,611,124
|
|
|
|
$
|
29,973,515
|
|
$
|
29,160,042
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Bellagio
|
$
|
322,058
|
|
$
|
380,374
|
|
$
|
1,029,223
|
|
$
|
1,046,243
|
MGM Grand Las
Vegas
|
|
340,053
|
|
|
311,193
|
|
|
944,949
|
|
|
889,021
|
Mandalay
Bay
|
|
246,303
|
|
|
277,205
|
|
|
742,758
|
|
|
790,676
|
The
Mirage
|
|
147,433
|
|
|
162,082
|
|
|
450,973
|
|
|
488,599
|
Luxor
|
|
103,822
|
|
|
110,838
|
|
|
304,281
|
|
|
316,205
|
New York-New
York
|
|
90,000
|
|
|
92,319
|
|
|
279,061
|
|
|
272,970
|
Excalibur
|
|
83,836
|
|
|
88,106
|
|
|
247,491
|
|
|
251,801
|
Park
MGM
|
|
50,649
|
|
|
57,824
|
|
|
150,251
|
|
|
197,121
|
Circus Circus Las
Vegas
|
|
70,202
|
|
|
75,352
|
|
|
191,987
|
|
|
197,175
|
MGM Grand
Detroit
|
|
148,472
|
|
|
140,191
|
|
|
449,218
|
|
|
426,926
|
Beau
Rivage
|
|
108,580
|
|
|
100,351
|
|
|
308,068
|
|
|
289,124
|
Gold Strike
Tunica
|
|
45,756
|
|
|
44,906
|
|
|
129,676
|
|
|
130,986
|
Borgata
|
|
235,186
|
|
|
245,930
|
|
|
635,486
|
|
|
665,316
|
MGM National
Harbor
|
|
196,568
|
|
|
180,310
|
|
|
587,171
|
|
|
532,171
|
MGM Springfield
(1)
|
|
42,549
|
|
|
-
|
|
|
42,549
|
|
|
-
|
Domestic
resorts
|
|
2,231,467
|
|
|
2,266,981
|
|
|
6,493,142
|
|
|
6,494,334
|
MGM
Macau
|
|
434,263
|
|
|
442,065
|
|
|
1,321,743
|
|
|
1,341,392
|
MGM
Cotai
|
|
171,751
|
|
|
-
|
|
|
441,482
|
|
|
-
|
MGM
China
|
|
606,014
|
|
|
442,065
|
|
|
1,763,225
|
|
|
1,341,392
|
Management and
other operations
|
|
191,821
|
|
|
121,129
|
|
|
453,867
|
|
|
364,148
|
|
$
|
3,029,302
|
|
$
|
2,830,175
|
|
$
|
8,710,234
|
|
$
|
8,199,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Bellagio
|
$
|
104,715
|
|
$
|
157,289
|
|
$
|
371,716
|
|
$
|
397,851
|
MGM Grand Las
Vegas
|
|
116,647
|
|
|
85,930
|
|
|
298,846
|
|
|
254,014
|
Mandalay
Bay
|
|
58,649
|
|
|
84,012
|
|
|
194,415
|
|
|
230,516
|
The
Mirage
|
|
27,098
|
|
|
45,988
|
|
|
99,715
|
|
|
146,980
|
Luxor
|
|
31,985
|
|
|
36,958
|
|
|
94,530
|
|
|
102,705
|
New York-New
York
|
|
32,128
|
|
|
35,734
|
|
|
102,464
|
|
|
102,810
|
Excalibur
|
|
28,478
|
|
|
33,095
|
|
|
84,106
|
|
|
90,572
|
Park
MGM
|
|
1,403
|
|
|
9,419
|
|
|
9,776
|
|
|
48,616
|
Circus Circus Las
Vegas
|
|
18,596
|
|
|
25,537
|
|
|
49,190
|
|
|
57,720
|
MGM Grand
Detroit
|
|
48,440
|
|
|
42,189
|
|
|
146,966
|
|
|
131,192
|
Beau
Rivage
|
|
29,438
|
|
|
27,530
|
|
|
76,906
|
|
|
69,026
|
Gold Strike
Tunica
|
|
14,668
|
|
|
13,540
|
|
|
39,477
|
|
|
41,088
|
Borgata
|
|
60,806
|
|
|
77,746
|
|
|
154,955
|
|
|
237,250
|
MGM National
Harbor
|
|
46,253
|
|
|
37,408
|
|
|
138,329
|
|
|
106,131
|
MGM Springfield
(1)
|
|
7,644
|
|
|
-
|
|
|
7,644
|
|
|
-
|
Domestic
resorts
|
|
626,948
|
|
|
712,375
|
|
|
1,869,035
|
|
|
2,016,471
|
MGM Macau
(2)
|
|
118,211
|
|
|
121,116
|
|
|
363,859
|
|
|
385,219
|
MGM
Cotai
|
|
11,835
|
|
|
-
|
|
|
37,813
|
|
|
-
|
MGM
China
|
|
130,046
|
|
|
121,116
|
|
|
401,672
|
|
|
385,219
|
Unconsolidated
resorts (3)
|
|
35,495
|
|
|
37,790
|
|
|
115,201
|
|
|
118,195
|
Management and
other operations
|
|
27,978
|
|
|
4,340
|
|
|
48,314
|
|
|
23,751
|
|
$
|
820,467
|
|
$
|
875,621
|
|
$
|
2,434,222
|
|
$
|
2,543,636
|
|
(1) For the three
and nine months ended September 30,2018, represents net revenues
and Adjusted Property EBITDA of MGM Springfield for the period
August 1-September 30 only.
|
(2) In 2017, MGM
Macau included certain expenses classified as corporate expense in
2018.
|
(3) Represents the
Company's share of operating income (loss), adjusted for the effect
of certain basis differences.
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
81,879
|
|
$
|
-
|
|
$
|
-
|
|
$
|
158
|
|
$
|
22,678
|
|
$
|
104,715
|
MGM Grand Las
Vegas
|
|
100,254
|
|
|
-
|
|
|
-
|
|
|
29
|
|
|
16,364
|
|
|
116,647
|
Mandalay
Bay
|
|
36,102
|
|
|
-
|
|
|
-
|
|
|
2
|
|
|
22,545
|
|
|
58,649
|
The
Mirage
|
|
18,182
|
|
|
-
|
|
|
-
|
|
|
54
|
|
|
8,862
|
|
|
27,098
|
Luxor
|
|
22,062
|
|
|
-
|
|
|
-
|
|
|
45
|
|
|
9,878
|
|
|
31,985
|
New York-New
York
|
|
25,908
|
|
|
-
|
|
|
-
|
|
|
28
|
|
|
6,192
|
|
|
32,128
|
Excalibur
|
|
23,393
|
|
|
-
|
|
|
-
|
|
|
93
|
|
|
4,992
|
|
|
28,478
|
Park
MGM
|
|
(13,994)
|
|
|
-
|
|
|
3,119
|
|
|
1,694
|
|
|
10,584
|
|
|
1,403
|
Circus Circus Las
Vegas
|
|
13,880
|
|
|
-
|
|
|
-
|
|
|
144
|
|
|
4,572
|
|
|
18,596
|
MGM Grand
Detroit
|
|
42,874
|
|
|
-
|
|
|
-
|
|
|
(92)
|
|
|
5,658
|
|
|
48,440
|
Beau
Rivage
|
|
22,651
|
|
|
-
|
|
|
51
|
|
|
-
|
|
|
6,736
|
|
|
29,438
|
Gold Strike
Tunica
|
|
12,357
|
|
|
-
|
|
|
41
|
|
|
-
|
|
|
2,270
|
|
|
14,668
|
Borgata
|
|
46,543
|
|
|
-
|
|
|
-
|
|
|
153
|
|
|
14,110
|
|
|
60,806
|
MGM National
Harbor
|
|
31,979
|
|
|
-
|
|
|
48
|
|
|
33
|
|
|
14,193
|
|
|
46,253
|
MGM Springfield
(1)
|
|
(29,467)
|
|
|
-
|
|
|
31,333
|
|
|
-
|
|
|
5,778
|
|
|
7,644
|
Domestic
resorts
|
|
434,603
|
|
|
-
|
|
|
34,592
|
|
|
2,341
|
|
|
155,412
|
|
|
626,948
|
MGM
Macau
|
|
100,188
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
18,020
|
|
|
118,211
|
MGM
Cotai
|
|
(47,850)
|
|
|
-
|
|
|
5,963
|
|
|
-
|
|
|
53,722
|
|
|
11,835
|
MGM
China
|
|
52,338
|
|
|
-
|
|
|
5,963
|
|
|
3
|
|
|
71,742
|
|
|
130,046
|
Unconsolidated
resorts (2)
|
|
35,495
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
35,495
|
Management and
other operations
|
|
20,801
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
7,177
|
|
|
27,978
|
|
|
543,237
|
|
|
-
|
|
|
40,555
|
|
|
2,344
|
|
|
234,331
|
|
|
820,467
|
Stock
compensation
|
|
(16,618)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(16,618)
|
Corporate
|
|
(115,716)
|
|
|
-
|
|
|
6,335
|
|
|
(44,744)
|
|
|
66,141
|
|
|
(87,984)
|
|
$
|
410,903
|
|
$
|
-
|
|
$
|
46,890
|
|
$
|
(42,400)
|
|
$
|
300,472
|
|
$
|
715,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
131,671
|
|
$
|
-
|
|
$
|
-
|
|
$
|
722
|
|
$
|
24,896
|
|
$
|
157,289
|
MGM Grand Las
Vegas
|
|
68,200
|
|
|
-
|
|
|
(1)
|
|
|
393
|
|
|
17,338
|
|
|
85,930
|
Mandalay
Bay
|
|
62,370
|
|
|
-
|
|
|
-
|
|
|
271
|
|
|
21,371
|
|
|
84,012
|
The
Mirage
|
|
35,759
|
|
|
-
|
|
|
-
|
|
|
96
|
|
|
10,133
|
|
|
45,988
|
Luxor
|
|
27,277
|
|
|
-
|
|
|
-
|
|
|
308
|
|
|
9,373
|
|
|
36,958
|
New York-New
York
|
|
29,025
|
|
|
-
|
|
|
(154)
|
|
|
122
|
|
|
6,741
|
|
|
35,734
|
Excalibur
|
|
28,414
|
|
|
-
|
|
|
-
|
|
|
161
|
|
|
4,520
|
|
|
33,095
|
Park
MGM
|
|
(5,793)
|
|
|
-
|
|
|
1,855
|
|
|
4,013
|
|
|
9,344
|
|
|
9,419
|
Circus Circus Las
Vegas
|
|
21,270
|
|
|
-
|
|
|
2
|
|
|
30
|
|
|
4,235
|
|
|
25,537
|
MGM Grand
Detroit
|
|
36,581
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,608
|
|
|
42,189
|
Beau
Rivage
|
|
20,849
|
|
|
-
|
|
|
-
|
|
|
355
|
|
|
6,326
|
|
|
27,530
|
Gold Strike
Tunica
|
|
11,272
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,268
|
|
|
13,540
|
Borgata
|
|
60,182
|
|
|
-
|
|
|
153
|
|
|
91
|
|
|
17,320
|
|
|
77,746
|
MGM National
Harbor
|
|
17,770
|
|
|
-
|
|
|
24
|
|
|
-
|
|
|
19,614
|
|
|
37,408
|
Domestic
resorts
|
|
544,847
|
|
|
-
|
|
|
1,879
|
|
|
6,562
|
|
|
159,087
|
|
|
712,375
|
MGM
China
|
|
37,734
|
|
|
-
|
|
|
22,030
|
|
|
876
|
|
|
60,476
|
|
|
121,116
|
Unconsolidated
resorts (2)
|
|
37,790
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
37,790
|
Management and
other operations
|
|
1,927
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,413
|
|
|
4,340
|
|
|
622,298
|
|
|
-
|
|
|
23,909
|
|
|
7,438
|
|
|
221,976
|
|
|
875,621
|
Stock
compensation
|
|
(14,978)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(14,978)
|
Corporate
|
|
(114,616)
|
|
|
-
|
|
|
5,440
|
|
|
273
|
|
|
27,624
|
|
|
(81,279)
|
|
$
|
492,704
|
|
$
|
-
|
|
$
|
29,349
|
|
$
|
7,711
|
|
$
|
249,600
|
|
$
|
779,364
|
|
(1) For the three
months ended September 30, 2018, represents the operating results
of MGM Springfield for the period August 1-September 30
only.
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
304,099
|
|
$
|
-
|
|
$
|
-
|
|
$
|
832
|
|
$
|
66,785
|
|
$
|
371,716
|
MGM Grand Las
Vegas
|
|
249,062
|
|
|
-
|
|
|
-
|
|
|
644
|
|
|
49,140
|
|
|
298,846
|
Mandalay
Bay
|
|
126,571
|
|
|
-
|
|
|
-
|
|
|
(47)
|
|
|
67,891
|
|
|
194,415
|
The
Mirage
|
|
70,868
|
|
|
-
|
|
|
-
|
|
|
1,674
|
|
|
27,173
|
|
|
99,715
|
Luxor
|
|
64,468
|
|
|
-
|
|
|
-
|
|
|
279
|
|
|
29,783
|
|
|
94,530
|
New York-New
York
|
|
83,798
|
|
|
-
|
|
|
-
|
|
|
180
|
|
|
18,486
|
|
|
102,464
|
Excalibur
|
|
69,199
|
|
|
-
|
|
|
-
|
|
|
58
|
|
|
14,849
|
|
|
84,106
|
Park
MGM
|
|
(53,867)
|
|
|
-
|
|
|
8,477
|
|
|
19,558
|
|
|
35,608
|
|
|
9,776
|
Circus Circus Las
Vegas
|
|
35,413
|
|
|
-
|
|
|
-
|
|
|
359
|
|
|
13,418
|
|
|
49,190
|
MGM Grand
Detroit
|
|
130,406
|
|
|
-
|
|
|
-
|
|
|
(92)
|
|
|
16,652
|
|
|
146,966
|
Beau
Rivage
|
|
56,970
|
|
|
-
|
|
|
51
|
|
|
26
|
|
|
19,859
|
|
|
76,906
|
Gold Strike
Tunica
|
|
32,795
|
|
|
-
|
|
|
41
|
|
|
46
|
|
|
6,595
|
|
|
39,477
|
Borgata
|
|
110,955
|
|
|
-
|
|
|
-
|
|
|
1,013
|
|
|
42,987
|
|
|
154,955
|
MGM National
Harbor
|
|
82,968
|
|
|
-
|
|
|
159
|
|
|
86
|
|
|
55,116
|
|
|
138,329
|
MGM Springfield
(1)
|
|
(29,467)
|
|
|
-
|
|
|
31,333
|
|
|
-
|
|
|
5,778
|
|
|
7,644
|
Domestic
resorts
|
|
1,334,238
|
|
|
-
|
|
|
40,061
|
|
|
24,616
|
|
|
470,120
|
|
|
1,869,035
|
MGM
Macau
|
|
310,186
|
|
|
-
|
|
|
-
|
|
|
587
|
|
|
53,086
|
|
|
363,859
|
MGM
Cotai
|
|
(156,403)
|
|
|
-
|
|
|
61,149
|
|
|
6
|
|
|
133,061
|
|
|
37,813
|
MGM
China
|
|
153,783
|
|
|
-
|
|
|
61,149
|
|
|
593
|
|
|
186,147
|
|
|
401,672
|
Unconsolidated
resorts (2)
|
|
111,880
|
|
|
-
|
|
|
3,321
|
|
|
-
|
|
|
-
|
|
|
115,201
|
Management and
other operations
|
|
37,425
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
10,889
|
|
|
48,314
|
|
|
1,637,326
|
|
|
-
|
|
|
104,531
|
|
|
25,209
|
|
|
667,156
|
|
|
2,434,222
|
Stock
compensation
|
|
(49,521)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(49,521)
|
Corporate
|
|
(454,070)
|
|
|
-
|
|
|
28,353
|
|
|
(44,741)
|
|
|
198,346
|
|
|
(272,112)
|
|
$
|
1,133,735
|
|
$
|
-
|
|
$
|
132,884
|
|
$
|
(19,532)
|
|
$
|
865,502
|
|
$
|
2,112,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
334,935
|
|
$
|
(6,970)
|
|
$
|
-
|
|
$
|
845
|
|
$
|
69,041
|
|
$
|
397,851
|
MGM Grand Las
Vegas
|
|
206,838
|
|
|
(7,424)
|
|
|
6
|
|
|
1,237
|
|
|
53,357
|
|
|
254,014
|
Mandalay
Bay
|
|
168,230
|
|
|
(8,524)
|
|
|
-
|
|
|
261
|
|
|
70,549
|
|
|
230,516
|
The
Mirage
|
|
121,537
|
|
|
(4,043)
|
|
|
-
|
|
|
213
|
|
|
29,273
|
|
|
146,980
|
Luxor
|
|
76,211
|
|
|
(3,394)
|
|
|
-
|
|
|
1,472
|
|
|
28,416
|
|
|
102,705
|
New York-New
York
|
|
82,410
|
|
|
(2,025)
|
|
|
(162)
|
|
|
305
|
|
|
22,282
|
|
|
102,810
|
Excalibur
|
|
79,502
|
|
|
(2,658)
|
|
|
-
|
|
|
419
|
|
|
13,309
|
|
|
90,572
|
Park
MGM
|
|
901
|
|
|
(2,461)
|
|
|
2,904
|
|
|
14,003
|
|
|
33,269
|
|
|
48,616
|
Circus Circus Las
Vegas
|
|
47,238
|
|
|
(3,130)
|
|
|
452
|
|
|
765
|
|
|
12,395
|
|
|
57,720
|
MGM Grand
Detroit
|
|
114,111
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
17,081
|
|
|
131,192
|
Beau
Rivage
|
|
50,351
|
|
|
-
|
|
|
-
|
|
|
360
|
|
|
18,315
|
|
|
69,026
|
Gold Strike
Tunica
|
|
34,229
|
|
|
-
|
|
|
-
|
|
|
(22)
|
|
|
6,881
|
|
|
41,088
|
Borgata
|
|
178,321
|
|
|
-
|
|
|
1,430
|
|
|
1,311
|
|
|
56,188
|
|
|
237,250
|
MGM National
Harbor
|
|
45,972
|
|
|
-
|
|
|
251
|
|
|
-
|
|
|
59,908
|
|
|
106,131
|
Domestic
resorts
|
|
1,540,786
|
|
|
(40,629)
|
|
|
4,881
|
|
|
21,169
|
|
|
490,264
|
|
|
2,016,471
|
MGM
China
|
|
158,764
|
|
|
-
|
|
|
45,188
|
|
|
1,208
|
|
|
180,059
|
|
|
385,219
|
Unconsolidated
resorts (2)
|
|
118,195
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
118,195
|
Management and
other operations
|
|
17,746
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
6,005
|
|
|
23,751
|
|
|
1,835,491
|
|
|
(40,629)
|
|
|
50,069
|
|
|
22,377
|
|
|
676,328
|
|
|
2,543,636
|
Stock
compensation
|
|
(45,188)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(45,188)
|
Corporate
|
|
(301,190)
|
|
|
-
|
|
|
15,439
|
|
|
273
|
|
|
67,795
|
|
|
(217,683)
|
|
$
|
1,489,113
|
|
$
|
(40,629)
|
|
$
|
65,508
|
|
$
|
22,650
|
|
$
|
744,123
|
|
$
|
2,280,765
|
|
(1) For the nine
months ended September 30, 2018, represents the operating results
of MGM Springfield for the period August 1-September 30
only.
|
(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
NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO ADJUSTED
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net income
attributable to MGM Resorts International
|
$
|
142,878
|
|
$
|
148,363
|
|
$
|
490,099
|
|
$
|
564,639
|
Plus: Net
income attributable to noncontrolling interests
|
|
28,532
|
|
|
27,381
|
|
|
88,035
|
|
|
104,552
|
Net
income
|
|
171,410
|
|
|
175,744
|
|
|
578,134
|
|
|
669,191
|
(Benefit)
provision for income taxes
|
|
19,046
|
|
|
114,710
|
|
|
(42,623)
|
|
|
250,510
|
Income before
income taxes
|
|
190,456
|
|
|
290,454
|
|
|
535,511
|
|
|
919,701
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
205,573
|
|
|
163,287
|
|
|
554,975
|
|
|
511,404
|
Other,
net
|
|
14,874
|
|
|
38,963
|
|
|
43,249
|
|
|
58,008
|
|
|
220,447
|
|
|
202,250
|
|
|
598,224
|
|
|
569,412
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
410,903
|
|
|
492,704
|
|
|
1,133,735
|
|
|
1,489,113
|
NV Energy
exit expense
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(40,629)
|
Preopening
and start-up expenses
|
|
46,890
|
|
|
29,349
|
|
|
132,884
|
|
|
65,508
|
Property
transactions, net
|
|
(42,400)
|
|
|
7,711
|
|
|
(19,532)
|
|
|
22,650
|
Depreciation and amortization
|
|
300,472
|
|
|
249,600
|
|
|
865,502
|
|
|
744,123
|
Adjusted
EBITDA
|
$
|
715,865
|
|
$
|
779,364
|
|
$
|
2,112,589
|
|
$
|
2,280,765
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
DOMESTIC RESORTS ADJUSTED PROPERTY EBITDA TO DOMESTIC RESORTS
SAME-STORE ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Domestic resorts
Adjusted Property EBITDA
|
$
|
626,948
|
|
$
|
712,375
|
|
$
|
1,869,035
|
|
$
|
2,016,471
|
Adjusted
Property EBITDA related to MGM Springfield
|
|
(7,644)
|
|
|
-
|
|
|
(7,644)
|
|
|
-
|
Domestic resorts
same-store Adjusted Property EBITDA
|
$
|
619,304
|
|
$
|
712,375
|
|
$
|
1,861,391
|
|
$
|
2,016,471
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS - LAS VEGAS STRIP
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
96.4%
|
|
|
96.1%
|
|
|
95.2%
|
|
|
94.5%
|
Average daily rate (ADR)
|
|
$265
|
|
|
$271
|
|
|
$277
|
|
|
$277
|
Revenue per available room (REVPAR)
|
|
$256
|
|
|
$260
|
|
|
$264
|
|
|
$262
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
93.8%
|
|
|
95.6%
|
|
|
93.5%
|
|
|
93.6%
|
ADR
|
|
$181
|
|
|
$181
|
|
|
$183
|
|
|
$186
|
REVPAR
|
|
$170
|
|
|
$173
|
|
|
$171
|
|
|
$174
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
92.3%
|
|
|
94.2%
|
|
|
90.3%
|
|
|
93.1%
|
ADR
|
|
$200
|
|
|
$206
|
|
|
$210
|
|
|
$212
|
REVPAR
|
|
$185
|
|
|
$194
|
|
|
$189
|
|
|
$198
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
96.9%
|
|
|
97.7%
|
|
|
94.5%
|
|
|
95.4%
|
ADR
|
|
$159
|
|
|
$163
|
|
|
$172
|
|
|
$173
|
REVPAR
|
|
$154
|
|
|
$160
|
|
|
$163
|
|
|
$165
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
96.7%
|
|
|
96.3%
|
|
|
95.5%
|
|
|
95.2%
|
ADR
|
|
$114
|
|
|
$118
|
|
|
$116
|
|
|
$118
|
REVPAR
|
|
$110
|
|
|
$114
|
|
|
$111
|
|
|
$112
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
97.5%
|
|
|
97.3%
|
|
|
97.0%
|
|
|
96.6%
|
ADR
|
|
$139
|
|
|
$148
|
|
|
$144
|
|
|
$147
|
REVPAR
|
|
$135
|
|
|
$144
|
|
|
$139
|
|
|
$142
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.2%
|
|
|
96.2%
|
|
|
93.3%
|
|
|
94.1%
|
ADR
|
|
$98
|
|
|
$103
|
|
|
$99
|
|
|
$102
|
REVPAR
|
|
$92
|
|
|
$99
|
|
|
$93
|
|
|
$96
|
|
|
|
|
|
|
|
|
|
|
|
|
Park
MGM
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
84.5%
|
|
|
93.1%
|
|
|
84.3%
|
|
|
94.4%
|
ADR
|
|
$132
|
|
|
$124
|
|
|
$132
|
|
|
$122
|
REVPAR
|
|
$111
|
|
|
$115
|
|
|
$111
|
|
|
$116
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
85.0%
|
|
|
93.3%
|
|
|
83.0%
|
|
|
86.5%
|
ADR
|
|
$85
|
|
|
$89
|
|
|
$84
|
|
|
$86
|
REVPAR
|
|
$73
|
|
|
$83
|
|
|
$70
|
|
|
$75
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
$
|
262,777
|
|
$
|
278,876
|
|
$
|
846,456
|
|
$
|
834,570
|
Vdara
|
|
31,610
|
|
|
32,654
|
|
|
96,415
|
|
|
96,569
|
|
$
|
294,387
|
|
$
|
311,530
|
|
$
|
942,871
|
|
$
|
931,139
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
NET INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(1,227)
|
|
$
|
35,315
|
|
$
|
(52,899)
|
|
$
|
117,836
|
Plus: Loss
from discontinued operations
|
|
6,069
|
|
|
1,201
|
|
|
134,617
|
|
|
3,306
|
Net income from
continuing operations
|
|
4,842
|
|
|
36,516
|
|
|
81,718
|
|
|
121,142
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
21,214
|
|
|
16,381
|
|
|
58,361
|
|
|
44,207
|
Other,
net
|
|
49
|
|
|
(410)
|
|
|
(102)
|
|
|
3,295
|
|
|
21,263
|
|
|
15,971
|
|
|
58,259
|
|
|
47,502
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
26,105
|
|
|
52,487
|
|
|
139,977
|
|
|
168,644
|
NV Energy
exit expense
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(8,250)
|
Property
transactions, net
|
|
1,480
|
|
|
937
|
|
|
(449)
|
|
|
1,163
|
Depreciation and amortization
|
|
55,732
|
|
|
52,287
|
|
|
164,447
|
|
|
156,100
|
Adjusted
EBITDA
|
$
|
83,317
|
|
$
|
105,711
|
|
$
|
303,975
|
|
$
|
317,657
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Aria
|
$
|
26,522
|
|
$
|
-
|
|
$
|
1,306
|
|
$
|
48,766
|
|
$
|
76,594
|
Vdara
|
|
1,098
|
|
|
-
|
|
|
174
|
|
|
6,966
|
|
|
8,238
|
Resort
operations
|
|
27,620
|
|
|
-
|
|
|
1,480
|
|
|
55,732
|
|
|
84,832
|
Other
|
|
(1,515)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,515)
|
|
$
|
26,105
|
|
$
|
-
|
|
$
|
1,480
|
|
$
|
55,732
|
|
$
|
83,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Aria
|
$
|
49,712
|
|
$
|
-
|
|
$
|
780
|
|
$
|
45,428
|
|
$
|
95,920
|
Vdara
|
|
3,746
|
|
|
-
|
|
|
157
|
|
|
6,859
|
|
|
10,762
|
Resort
operations
|
|
53,458
|
|
|
-
|
|
|
937
|
|
|
52,287
|
|
|
106,682
|
Other
|
|
(971)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(971)
|
|
$
|
52,487
|
|
$
|
-
|
|
$
|
937
|
|
$
|
52,287
|
|
$
|
105,711
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Aria
|
$
|
135,883
|
|
$
|
-
|
|
$
|
(677)
|
|
$
|
143,755
|
|
$
|
278,961
|
Vdara
|
|
8,240
|
|
|
-
|
|
|
228
|
|
|
20,692
|
|
|
29,160
|
Resort
operations
|
|
144,123
|
|
|
-
|
|
|
(449)
|
|
|
164,447
|
|
|
308,121
|
Other
|
|
(4,146)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(4,146)
|
|
$
|
139,977
|
|
$
|
-
|
|
$
|
(449)
|
|
$
|
164,447
|
|
$
|
303,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Aria
|
$
|
160,907
|
|
$
|
(8,250)
|
|
$
|
1,005
|
|
$
|
135,468
|
|
$
|
289,130
|
Vdara
|
|
10,919
|
|
|
-
|
|
|
158
|
|
|
20,632
|
|
|
31,709
|
Resort
operations
|
|
171,826
|
|
|
(8,250)
|
|
|
1,163
|
|
|
156,100
|
|
|
320,839
|
Other
|
|
(3,182)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(3,182)
|
|
$
|
168,644
|
|
$
|
(8,250)
|
|
$
|
1,163
|
|
$
|
156,100
|
|
$
|
317,657
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
91.9%
|
|
|
93.1%
|
|
|
91.3%
|
|
|
92.9%
|
ADR
|
|
$248
|
|
|
$249
|
|
|
$259
|
|
|
$253
|
REVPAR
|
|
$228
|
|
|
$232
|
|
|
$237
|
|
|
$235
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
92.5%
|
|
|
91.9%
|
|
|
92.7%
|
|
|
90.9%
|
ADR
|
|
$199
|
|
|
$210
|
|
|
$207
|
|
|
$211
|
REVPAR
|
|
$184
|
|
|
$193
|
|
|
$192
|
|
|
$192
|
View original
content:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-third-quarter-financial-and-operating-results-300740786.html
SOURCE MGM Resorts International