LAS VEGAS, Aug. 4, 2021 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter ended June 30,
2021.
"We delivered a strong second quarter, driven by robust demand
and productivity efforts across our domestic portfolio. Our Las
Vegas Strip and Regional Operations Adjusted Property EBITDAR
margins reached all-time records and our Regional Operations also
delivered an all-time quarterly record in Adjusted Property
EBITDAR. Our U.S. sports betting and iGaming venture, BetMGM,
continues to outperform as the number two operator nationwide,"
said Bill Hornbuckle, Chief
Executive Officer and President of MGM Resorts International. "We
also recently announced several strategic transactions that
furthered our goal of becoming a more streamlined, focused
organization with stronger liquidity. We continued to advance that
goal today with our announced agreement with VICI and MGM Growth
Properties to monetize our MGP Operating Partnership units for
$4.4 billion in cash. I'm grateful
for the tremendous work that our MGM Resorts teams continue to put
into positioning this Company for future growth and success."
"Our robust liquidity position provides us with significant
flexibility as our business continues to improve and stabilize. As
such, we have returned capital to shareholders through share
repurchases during the second quarter and expect to remain
programmatic in our approach through the rest of the year," said
Jonathan Halkyard, Chief Financial
Officer and Treasurer of MGM Resorts. "As we navigate future uses
of our capital, we will remain disciplined in maintaining a strong
balance sheet, pursuing targeted growth opportunities and returning
cash to shareholders."
Second Quarter 2021 Financial
Highlights:
Consolidated Results
- Consolidated net revenues of $2.3
billion, an increase of 683% compared to the prior year
quarter. While the current quarter benefited from the easing of
operational and capacity restrictions and an increase in travel,
the prior year quarter was negatively affected by temporary
closures at our properties due to the COVID-19 pandemic;
- Consolidated operating income was $264
million compared to consolidated operating loss of
$1.0 billion in the prior year
quarter;
- Net income attributable to MGM Resorts of $105 million compared to net loss attributable to
MGM Resorts of $857 million in the
prior year quarter;
- Diluted earnings per share of $0.14 in the current quarter compared to diluted
loss per share of $1.67 in the prior
year quarter;
- Adjusted diluted earnings per share ("Adjusted
EPS")(1) was a loss per share of $0.13 in the current quarter compared to an
Adjusted EPS loss per share of $1.52
in the prior year quarter; and
- Consolidated Adjusted EBITDAR(2) of $617 million in the current quarter.
Financial Position &
Liquidity
- Cash and cash equivalents balance as of June 30, 2021 was
$5.6 billion, which included
$298 million at the MGP Operating
Partnership and $331 million at MGM
China;
- Total liquidity at June 30, 2021 was $9.9 billion, which included $1.6 billion at the MGP Operating Partnership and
$1.8 billion at MGM China, which was
comprised of cash and cash equivalents and capacity under the
revolving credit facilities at the Company, MGP Operating
Partnership and MGM China; and
- At June 30, 2021, principal
amount of indebtedness was $12.7
billion, including $4.2
billion at the MGP Operating Partnership and $3.0 billion at MGM China.
Las Vegas Strip Resorts
- Net revenues of $1.0 billion, an
increase of 566% compared to the prior year quarter and a decrease
of 31% compared to the second quarter of 2019. While the current
quarter benefited from the easing of operational and capacity
restrictions and an increase in travel, the prior year quarter was
negatively affected by temporary property closures;
- Table Games Hold Adjusted Las Vegas Strip Resorts Net
Revenues(3) of $1 billion,
an increase of 613% compared to the prior year quarter and a
decrease of 32% compared to the second quarter of 2019;
- Adjusted Property EBITDAR(2) of $397 million compared to a loss of $104 million in the prior year quarter, and a
decrease of 5% compared to the second quarter of 2019;
- Adjusted Property EBITDAR margin(2) of 39.5% in the
current quarter, an increase of 1,097 basis points compared to the
second quarter of 2019 due primarily to realized benefits of the
Company's cost savings initiatives; and
- Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted
Property EBITDAR(2) of $403
million compared to a loss of $112
million in the prior year quarter, and a decrease of 6%
compared to the second quarter of 2019.
Regional Operations
- Net revenues of $856 million, an
increase of 859% compared to the prior year quarter and a decrease
of 6% compared to the second quarter of 2019. While the current
quarter benefited from the easing of operational and capacity
restrictions and an increase in travel, the prior year quarter was
negatively affected by temporary property closures;
- Adjusted Property EBITDAR of $318
million compared to a loss of $112
million in the prior year quarter, and an increase of 22%
compared to the second quarter of 2019; and
- Adjusted Property EBITDAR margin of 37% in the current quarter,
an increase of 855 basis points compared to the second quarter of
2019 due primarily to realized benefits of the Company's costs
savings initiatives.
MGM China
- Net revenues of $311 million, an increase of 836%
compared to the prior year quarter and a decrease of 56% compared
to the second quarter of 2019. The prior year quarter was more
significantly impacted by travel and entry restrictions in
Macau as well as other operational
restrictions related to the pandemic than in the current
quarter;
- VIP Table Games Hold Adjusted MGM China Net
Revenues(3) of $317
million, an increase of 895% compared to the prior year
quarter and a decrease of 57% compared to the second quarter of
2019;
- Adjusted Property EBITDAR of $9
million compared to a loss of $116
million in the prior year quarter, and a decrease of 95%
compared to the second quarter of 2019; and
- VIP Table Games Hold Adjusted MGM China Adjusted Property
EBITDAR(2) of $13 million
compared to a loss of $118 million in
the prior year quarter, and a decrease of 93% compared to the
second quarter of 2019.
Recent Developments
In August 2021, the Company
entered into an agreement with VICI Properties, Inc. ("VICI") and
MGP whereby VICI will acquire MGP. Pursuant to the agreement,
MGP Class A shareholders will receive 1.366x shares of newly issued
VICI stock in exchange for each Class A share of MGP. The
fixed exchange ratio represents an agreed upon price of
$43 per share of MGP Class A share to
the five-day volume weighted average price of VICI stock as of the
close of business on July 30, 2021. A
majority of the Company's Operating Partnership units will be
redeemed for $43 per unit, for cash
consideration of approximately $4.4
billion, and the Company will retain an approximate
$370 million ownership interest in
the VICI operating partnership. As part of the transaction, the
Company will enter into an amended and restated master lease with
VICI. The new master lease will have an initial term of 25
years, with three ten-year renewals, and initial annual rent of
$860 million, escalating at a rate of
2.0% per annum for the first 10 years and thereafter at the greater
of 2.0% per annum or the consumer price index, subject to a 3.0%
cap. The other terms are largely consistent with the existing
master lease. The transaction is expected to close in the
first half of 2022, subject to regulatory approvals and approval by
VICI stockholders.
In June 2021, the Company entered
into an agreement pursuant to which the Company will purchase the
50% ownership interest in CityCenter held by Infinity World
Development Corp for cash consideration of $2.125 billion. The transaction is expected to
close in the third quarter of 2021, subject to certain closing
conditions. Upon close of the transaction, the Company will own
100% of CityCenter and, accordingly, will consolidate CityCenter in
its financial statements. The Company also entered into an
agreement pursuant to which a fund managed by Blackstone Group Inc.
will acquire the real estate assets of Aria and Vdara from the
Company for cash consideration of $3.89
billion and lease it back to a subsidiary of the Company
pursuant to a lease agreement. The Aria and Vdara lease will have
an initial term of 30 years and initial annual base cash rent of
$215 million. The transaction is
expected to close in the third quarter of 2021, subject to certain
closing conditions, which include the requisite closing of the
equity interest purchase of CityCenter, discussed above.
In May 2021, the Company entered
into an agreement with MGP whereby MGP will acquire the real estate
assets of MGM Springfield from the Company for $400 million of cash consideration. MGM
Springfield will be added to the master lease between the Company
and MGP. Following the closing of the transaction, the annual rent
payment to MGP will increase by $30
million. The transaction is expected to close in the fourth
quarter of 2021, upon receipt of interim regulatory approvals from
the Massachusetts Gaming Commission and the satisfaction of other
customary closing conditions.
Adjusted Diluted Earnings Per Share
The following table reconciles diluted earnings (loss) per share
("EPS") to Adjusted EPS (approximate EPS impact shown, per share;
positive adjustments represent charges to income):
Three Months Ended
June 30,
|
|
2021
|
|
|
|
|
2020
|
|
Diluted earnings
(loss) per share
|
|
$
|
0.14
|
|
|
|
|
$
|
(1.67)
|
|
Property
transactions, net
|
|
|
(0.06)
|
|
|
|
|
|
0.05
|
|
October 1 litigation
settlement
|
|
|
—
|
|
|
|
|
|
0.10
|
|
Restructuring
|
|
|
—
|
|
|
|
|
|
0.04
|
|
Non-operating
items:
|
|
|
|
|
|
|
|
|
|
|
Gain related to equity
instrument
|
|
|
(0.17)
|
|
|
|
|
|
—
|
|
Change in fair value
of MGP swaps
|
|
|
0.01
|
|
|
|
|
|
—
|
|
Unconsolidated
affiliate items:
|
|
|
|
|
|
|
|
|
|
|
Gain related to sale
of Harmon land
|
|
|
(0.10)
|
|
|
|
|
|
—
|
|
Income tax impact on
net income adjustments (1)
|
|
|
0.05
|
|
|
|
|
|
(0.04)
|
|
Adjusted diluted loss
per share
|
|
$
|
(0.13)
|
|
|
|
|
$
|
(1.52)
|
|
(1)
|
The income tax impact
includes current and deferred income tax expense based upon the
nature of the adjustment and the jurisdiction in which it
occurs.
|
Las Vegas Strip Resorts
Casino revenue was $353 million
for the second quarter of 2021 compared to $63 million in the prior year quarter, an
increase of 461%, due primarily to the impact of COVID-19 in the
prior year period.
The following table shows key gaming statistics for Las Vegas
Strip Resorts:
Three Months Ended
June 30,
|
|
2021
|
|
2020
|
|
|
(Dollars in
millions)
|
Table Games
Drop
|
|
$
|
777
|
|
$
|
149
|
Table Games
Win
|
|
$
|
173
|
|
$
|
48
|
Table Games Win
%
|
|
22.3%
|
|
32.5%
|
Slots
Handle
|
|
$
|
3,641
|
|
$
|
524
|
Slots Win
|
|
$
|
351
|
|
$
|
49
|
Slots Win
%
|
|
9.6%
|
|
9.3%
|
Rooms revenue was $299 million for
the second quarter of 2021 compared to $26
million in the prior year quarter, an increase of 1,044% due
primarily to an increase in REVPAR(4) as a result of
increased occupancy at our properties due to the easing of capacity
restrictions and increased travel in the current quarter.
The following table shows key hotel statistics for Las Vegas
Strip Resorts:
Three Months Ended
June 30,
|
|
2021
|
|
2020
|
Occupancy
%(1)
|
|
77%
|
|
43%
|
Average Daily Rate
(ADR)
|
|
$
|
149
|
|
$
|
154
|
Revenue per Available
Room (REVPAR)(1)
|
|
$
|
115
|
|
$
|
66
|
(1)
|
Rooms that were out
of service during the three months ended June 30, 2020 due to the
COVID-19 pandemic were excluded from the available room count when
calculating hotel occupancy and REVPAR.
|
Regional Operations
Casino revenue was $708 million
compared to $77 million in the prior
year quarter, an increase of 817% due primarily to the impact of
COVID-19 in the prior year period.
The following table shows key gaming statistics for Regional
Operations:
Three Months Ended
June 30,
|
|
2021
|
|
2020
|
|
|
(Dollars in
millions)
|
Table Games
Drop
|
|
$
|
972
|
|
$
|
58
|
Table Games
Win
|
|
$
|
203
|
|
$
|
13
|
Table Games Win
%
|
|
20.9%
|
|
21.9%
|
Slots
Handle
|
|
$
|
6,514
|
|
$
|
485
|
Slots Win
|
|
$
|
622
|
|
$
|
48
|
Slots Win
%
|
|
9.6%
|
|
10.0%
|
MGM China
Key second quarter results for MGM China include:
- Net revenues of $311 million, an increase of 836%
compared to the prior year quarter and a decrease of 56% compared
to the second quarter of 2019;
- Main floor table games win of $252
million compared to $12
million, an increase of 2,093% compared to the prior year
quarter;
- VIP table games win of $71
million compared to $12
million, an increase of 505% compared to the prior year
quarter; and
- Adjusted Property EBITDAR of $9
million compared to a loss of $116
million in the prior year quarter. License fee expense was
$5 million in the current quarter and
$1 million in the prior year
quarter.
The following table shows key gaming statistics for MGM
China:
Three Months Ended
June 30,
|
|
2021
|
|
2020
|
|
|
(Dollars in
millions)
|
VIP Table Games
Turnover
|
|
$
|
2,590
|
|
$
|
450
|
VIP Table Games
Win
|
|
$
|
71
|
|
$
|
12
|
VIP Table Games Win
%
|
|
2.7%
|
|
2.6%
|
Main Floor Table
Games Drop
|
|
$
|
1,258
|
|
$
|
66
|
Main floor Table
Games Win
|
|
$
|
252
|
|
$
|
12
|
Main Floor Table
Games Win %
|
|
20.1%
|
|
17.5%
|
Corporate Expense
Corporate expense, including share-based compensation for
corporate employees, decreased to $97
million in the second quarter of 2021, from $143 million in the prior year quarter. The
current quarter included $6 million
in transaction costs, while the prior year quarter included
$49 million in October 1 litigation settlement expense,
$5 million in restructuring costs,
and $9 million in corporate
initiative costs.
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of operating income (loss) from unconsolidated
affiliates:
Three Months Ended
June 30,
|
|
2021
|
|
|
2020
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
90,212
|
|
|
$
|
(39,113)
|
|
MGP BREIT
Venture
|
|
|
38,954
|
|
|
|
38,861
|
|
BetMGM
|
|
|
(45,979)
|
|
|
|
(5,241)
|
|
Other
|
|
|
151
|
|
|
|
(2,860)
|
|
|
|
$
|
83,338
|
|
|
$
|
(8,353)
|
|
On June 8, 2021, CityCenter
Holdings, LLC ("CityCenter") closed the sale of its Harmon land for
$80 million on which it recorded a
$30 million gain. MGM Resorts
recorded a $50 million gain, which
included $15 million representing its
50% share of the gain recorded by CityCenter and $35 million representing the reversal of certain
basis differences.
For the three months ended June 30, 2021, CityCenter's net
income was $79 million and Adjusted
EBITDA(5) was $120
million compared to net loss of $112 million and
Adjusted EBITDA loss of $37 million
in the prior year quarter. While the current quarter benefited from
the easing of operational and capacity restrictions and an increase
in travel, the prior year quarter was negatively affected by
temporary property closures.
MGM Growth Properties
During the second quarter of 2021, the Company made rent
payments to MGM Growth Properties Operating Partnership LP ("MGP
Operating Partnership") in the amount of $211 million and received distributions of
$55 million from the MGP Operating
Partnership. In June 2021, the Board
of Directors of MGM Growth Properties LLC ("MGP") approved a
quarterly dividend of $0.5150 per
Class A share which represents a dividend of $2.06 per share on an annualized basis totaling
$81 million, which was paid on
July 15, 2021 to holders of record on
June 30, 2021. The Company
concurrently received a $57 million
distribution attributable to its ownership of MGP Operating
Partnership units.
MGM Resorts Dividend and Share
Repurchases
On August 4, 2021, the Company's
Board of Directors approved a quarterly dividend of $0.0025 per share. The dividend will be payable
on September 15, 2021 to holders of
record on September 10, 2021.
During the second quarter of 2021, the Company repurchased
approximately 5.6 million shares of its common stock at an average
price of $39.48 per share for an
aggregate amount of $220 million,
pursuant to the February 2020
$3.0 billion stock repurchase plan.
The remaining availability under the February 2020 $3.0
billion stock repurchase program was $2.7 billion as of June
30, 2021. All shares repurchased under the Company's program
have been retired.
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 the results followed by a question and answer
session. In addition, supplemental slides will be posted prior to
the start of the call on MGM's Investor Relations website
at http://investors.mgmresorts.com.
The call will be accessible via the Internet through
https://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
9674546.
A replay of the call will be available through August 11, 2021. The replay may be accessed by
dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is
10157792. The call will be archived at
https://investors.mgmresorts.com.
1.
"Adjusted EPS" is diluted earnings or loss per share adjusted to
exclude preopening and start-up expenses, property transactions,
net, gain on REIT transactions, net, October
1 litigation settlement, restructuring costs (which
represents costs related to severance, accelerated stock
compensation expense, and consulting fees directly related to the
operating model component of the MGM 2020 plan), gain related to
equity instrument, foreign currency gain or loss related to MGM
China's U.S. dollar-denominated debt, mark-to-market adjustments
related to MGP's unhedged interest rate swaps, gain related to
CityCenter's sale of Harmon land recorded within income from
unconsolidated affiliates, and mark-to-market adjustments related
to CityCenter's unhedged interest rate swaps recorded within
non-operating items from unconsolidated affiliates.
Adjusted EPS is a non-GAAP measure and is presented solely as a
supplemental disclosure to reported GAAP measures because
management believes this measure is useful in providing
period-to-period comparisons of the results of the Company's
continuing operations to assist investors in reviewing the
Company's operating performance over time. Management believes that
while certain items excluded from Adjusted EPS may be recurring in
nature and should not be disregarded in evaluating the Company's
earnings performance, it is useful to exclude such items when
comparing current performance to prior periods because these items
can vary significantly depending on specific underlying
transactions or events. Also, management believes certain excluded
items, such as restructuring costs and items further discussed in
footnote 2 below, may not relate specifically to current operating
trends or be indicative of future results. Adjusted EPS should not
be construed as an alternative to GAAP earnings per share as an
indicator of the Company's performance. In addition, Adjusted EPS
may not be defined in the same manner by all companies and, as a
result, may not be comparable to similarly titled non-GAAP
financial measures of other companies. A reconciliation of Adjusted
EPS to diluted earnings per share can be found under "Adjusted
Diluted Earnings Per Share" included in this release.
2.
"Adjusted EBITDAR" is earnings before interest and other
non-operating income (expense), taxes, depreciation and
amortization, preopening and start-up expenses, gain on REIT
transactions, net, CEO transition expense, October 1 litigation settlement, restructuring
costs (which represents costs related to severance, accelerated
stock compensation expense, and consulting fees directly related to
the operating model component of the MGM 2020 plan), gain related
to CityCenter's sale of Harmon land recorded within income from
unconsolidated affiliates, rent expense associated with triple net
operating and ground leases, income from unconsolidated affiliates
related to investments in real estate ventures, and property
transactions, net.
"Adjusted Property EBITDAR" is the Company's reportable segment
GAAP measure, which management utilizes as the primary profit
measure for its reportable segments and underlying operating
segments. Adjusted Property EBITDAR is a measure defined as
earnings before interest and other non-operating income (expense),
taxes, depreciation and amortization, preopening and start-up
expenses, gain on REIT transactions, net, restructuring costs
(which represents costs related to severance, accelerated stock
compensation expense, and consulting fees directly related to the
operating model component of the MGM 2020 plan), rent expense
associated with triple net operating and ground leases, income from
unconsolidated affiliates related to investments in real estate
ventures, property transactions, net, and also excludes corporate
expense and stock compensation expense, which are not allocated to
each operating segment, and rent expense related to the master
lease with MGM Growth Properties that eliminates in consolidation.
The Company manages capital allocation, tax planning, stock
compensation, and financing decisions at the corporate level.
"Adjusted Property EBITDAR margin" is Adjusted Property EBITDAR
divided by related segment net revenues.
"Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted
Property EBITDAR" and "VIP Table Games Hold Adjusted MGM China
Adjusted Property EBITDAR" are supplemental non-GAAP financial
measures, that, in addition to the reasons described above for the
presentation of Adjusted Property EBITDAR, are presented to adjust
for the impact of certain variances in table games and VIP table
games' win percentages compared to the mid-point of the expected
ranges. Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted
Property EBITDAR is calculated by applying a win percentage of
30.0% for Baccarat and 21.0% for non-Baccarat games to the
respective table games drops for the quarter, which represents the
mid-point of the expected ranges of 25.0% to 35.0% for Baccarat and
19.0% to 23.0% for non-Baccarat at the Las Vegas Strip Resorts
properties. VIP Table Games Hold Adjusted MGM China Adjusted
Property EBITDAR is based on applying a VIP Rolling Chip win
percentage of 2.95% to the VIP Rolling Chip volume, which
represents the mid-point of the expected normal range of 2.6% to
3.3% for MGM China. Table Games Hold Adjusted Las Vegas Strip
Resorts Adjusted Property EBITDAR and VIP Table Games Hold Adjusted
MGM China Adjusted Property EBITDAR are also adjusted for the
gaming taxes, VIP commissions, bad debt expense, discounts and
other incentives that would have been incurred or avoided when
applying the win percentages noted above to the respective gaming
volumes.
Adjusted EBITDAR information is a valuation metric, should not
be used as an operating metric, and is presented solely as a
supplemental disclosure to reported GAAP measures because
management believes this measure is widely used by analysts,
lenders, financial institutions, and investors as a principal basis
for the valuation of gaming companies. Management believes that
while items excluded from Adjusted EBITDAR 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. Also, management believes
excluded items may not relate specifically to current 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, management excludes rent expense associated
with triple net operating leases and ground leases. Management
believes excluding rent expense associated with triple net
operating leases and ground leases provides useful information to
analysts, lenders, financial institutions, and investors when
valuing the Company, as well as comparing the Company's results to
other gaming companies, without regard to differences in capital
structure and leasing arrangements since the operations of other
gaming companies may or may not include triple net operating leases
or ground leases. However, as discussed herein, Adjusted EBITDAR
should not be viewed as a measure of overall operating performance,
considered in isolation, or as an alternative to net income,
because this measure is not presented on a GAAP basis and excludes
certain expenses, including the rent expense associated with the
Company's triple net operating and ground leases, and are provided
for the limited purposes discussed herein.
Adjusted EBITDAR, Table Games Hold Adjusted Las Vegas Strip
Resorts Adjusted Property EBITDAR and VIP Table Games Hold Adjusted
MGM China Adjusted Property EBITDAR should not be construed as
alternatives to operating income or net income, as indicators of
the Company's 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. The Company has significant uses of cash flows,
including capital expenditures, interest payments, taxes, real
estate triple net lease and ground lease payments, and debt
principal repayments, which are not reflected in Adjusted EBITDAR,
Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property
EBITDAR, or VIP Table Games Hold Adjusted MGM China Adjusted
Property EBITDAR. Also, other companies in the gaming and
hospitality industries that report Adjusted EBITDAR, Table Games
Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR, or
VIP Table Games Hold Adjusted MGM China Adjusted Property EBITDAR
information may calculate Adjusted EBITDAR, Table Games Hold
Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR, or VIP
Table Games Hold Adjusted MGM China Adjusted Property EBITDAR in a
different manner and such differences may be material.
A reconciliation of GAAP net income (loss) to Adjusted EBITDAR
is included in the financial schedules in this release.
3.
"Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues"
and "VIP Table Games Hold Adjusted MGM China Net Revenues" are
additional supplemental non-GAAP financial measures that are
presented to adjust Las Vegas Strip Resorts net revenues and MGM
China net revenues for the impact of certain variances in table
games and VIP table games' win percentages compared to the
mid-point of the expected ranges, as described in footnote 2 above.
Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and
VIP Table Games Hold Adjusted MGM China Net Revenues are also
adjusted for the VIP commissions, discounts and other incentives
that would have been incurred or avoided when applying the win
percentages noted in footnote 2 above to the respective gaming
volumes. Management believes Table Games Hold Adjusted Las Vegas
Strip Resorts Net Revenues and VIP Table Games Hold Adjusted MGM
China Net Revenues present consistent measures in providing
period-to-period comparisons and are useful measures in assisting
investors evaluating the Company's operating performance. Table
Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and VIP
Table Games Hold Adjusted MGM China Net Revenues should not be
construed as alternatives to GAAP net revenues, as indicators of
the Company's performance, or as any other measure determined in
accordance with generally accepted accounting principles.
Reconciliations of GAAP net revenues to Table Games Hold Adjusted
Las Vegas Strip Resorts Net Revenues and VIP Table Games Hold
Adjusted MGM China Net Revenues are included in the financial
schedules in this release.
4.
REVPAR is hotel revenue per available room.
5.
CityCenter non-GAAP Measure
"Adjusted EBITDA" is earnings before interest and other
non-operating income (expense), taxes, depreciation and
amortization, preopening and start-up expenses, restructuring costs
(which represents costs related to severance, accelerated stock
compensation expense, and consulting fees directly related to the
operating model component of the MGM 2020 plan) and property
transactions, net. Management utilizes Adjusted EBITDA as the
primary profit measure for CityCenter. Adjusted EBITDA is a
non-GAAP measure and is presented solely as a supplemental
disclosure to reported GAAP measures. Management believes that
while certain items excluded from Adjusted EBITDA may be recurring
in nature and should not be disregarded in evaluating CityCenter's
earnings performance, it is useful to exclude such items when
comparing current performance to prior periods because these items
can vary significantly depending on specific underlying
transactions or events. Also, management believes certain excluded
items, such as restructuring costs and items further discussed
above, may not relate specifically to current operating trends or
be indicative of future results. Adjusted EBITDA should not be
construed as alternatives to operating income or net income, as
indicators of CityCenter's performance; or as alternatives to cash
flows from operating activities, as a measure of liquidity; or as
any other measure determined in accordance with generally accepted
accounting principles. A reconciliation of GAAP net income (loss)
to Adjusted EBITDA is included in the financial schedules in this
release.
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 31 unique hotel and gaming destinations
globally, including some of the most recognizable resort brands in
the industry. The Company's 50/50 venture, BetMGM, LLC, offers U.S.
sports betting and online gaming through market-leading brands,
including BetMGM and partypoker. The Company is currently pursuing
targeted expansion in Asia through
the integrated resort opportunity in Japan. Through its "Focused on What
Matters: Embracing Humanity and Protecting the Planet"
philosophy, MGM Resorts commits to creating a more
sustainable future, while striving to make a bigger difference in
the lives of its employees, guests, and in the communities where it
operates. The 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, please visit us
at www.mgmresorts.com. Please also connect with us
@MGMResortsIntl on Twitter as well as
Facebook and Instagram.
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 the closing of its recently announced
transactions and any benefits expected to be received from such
transactions, future results, including the continued impact of
COVID-19 on its results of operations and the duration of such
impact, expectations regarding the benefits to be achieved from the
changes to the Company's operating model (including any projected
cost savings), expectations regarding the Company's liquidity
position, the Company's ability to execute on its strategic plans,
including the development of an integrated resort in Japan and positioning BetMGM as a leader in
sports betting and iGaming, and the Company's ability to return
capital to shareholders (including the timing and amount of any
share repurchases or dividends). 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 the continued impact of the COVID-19 pandemic on the
Company's business, the 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 CONTACTS:
Investment
Community
|
|
CATHERINE
PARK
|
|
Executive Director
of Investor Relations
|
|
(702) 693-8711 or
cpark@mgmresorts.com
|
|
|
|
News
Media
|
|
BRIAN
AHERN
|
|
Director of
Communications
|
|
media@mgmresorts.com
|
|
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,
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
1,336,124
|
|
$
|
163,649
|
|
$
|
2,434,757
|
|
$
|
1,217,675
|
|
Rooms
|
|
365,028
|
|
|
31,623
|
|
|
563,447
|
|
|
465,574
|
|
Food and
beverage
|
|
302,666
|
|
|
29,771
|
|
|
460,078
|
|
|
426,480
|
|
Entertainment,
retail and other
|
|
189,011
|
|
|
48,569
|
|
|
324,233
|
|
|
318,514
|
|
Reimbursed
costs
|
|
75,133
|
|
|
16,197
|
|
|
133,194
|
|
|
114,383
|
|
|
2,267,962
|
|
|
289,809
|
|
|
3,915,709
|
|
|
2,542,626
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
616,903
|
|
|
200,393
|
|
|
1,168,808
|
|
|
829,063
|
|
Rooms
|
|
137,287
|
|
|
41,251
|
|
|
241,500
|
|
|
213,860
|
|
Food and
beverage
|
|
214,159
|
|
|
60,306
|
|
|
349,386
|
|
|
399,942
|
|
Entertainment,
retail and other
|
|
102,170
|
|
|
56,223
|
|
|
180,551
|
|
|
255,286
|
|
Reimbursed
costs
|
|
75,133
|
|
|
16,197
|
|
|
133,194
|
|
|
114,383
|
|
General and
administrative
|
|
590,209
|
|
|
473,564
|
|
|
1,136,616
|
|
|
1,047,870
|
|
Corporate
expense
|
|
96,870
|
|
|
142,578
|
|
|
174,907
|
|
|
286,386
|
|
Preopening and
start-up expenses
|
|
90
|
|
|
(82)
|
|
|
95
|
|
|
40
|
|
Property
transactions, net
|
|
(28,906)
|
|
|
26,349
|
|
|
(2,835)
|
|
|
81,324
|
|
Gain on REIT
transactions, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,491,945)
|
|
Depreciation and
amortization
|
|
283,625
|
|
|
299,206
|
|
|
574,176
|
|
|
617,496
|
|
|
2,087,540
|
|
|
1,315,985
|
|
|
3,956,398
|
|
|
2,353,705
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
unconsolidated affiliates
|
|
83,338
|
|
|
(8,353)
|
|
|
57,759
|
|
|
27,395
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
263,760
|
|
|
(1,034,529)
|
|
|
17,070
|
|
|
216,316
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(202,772)
|
|
|
(156,756)
|
|
|
(398,067)
|
|
|
(313,893)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(23,216)
|
|
|
(23,761)
|
|
|
(44,052)
|
|
|
(56,382)
|
|
Other,
net
|
|
87,358
|
|
|
8,321
|
|
|
119,543
|
|
|
(115,943)
|
|
|
(138,630)
|
|
|
(172,196)
|
|
|
(322,576)
|
|
|
(486,218)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
125,130
|
|
|
(1,206,725)
|
|
|
(305,506)
|
|
|
(269,902)
|
|
Benefit
(provision) for income taxes
|
|
(34,826)
|
|
|
270,238
|
|
|
59,872
|
|
|
7,934
|
Net income
(loss)
|
|
90,304
|
|
|
(936,487)
|
|
|
(245,634)
|
|
|
(261,968)
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
14,449
|
|
|
79,230
|
|
|
18,558
|
|
|
211,580
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
104,753
|
|
$
|
(857,257)
|
|
$
|
(227,076)
|
|
$
|
(50,388)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.14
|
|
$
|
(1.67)
|
|
$
|
(0.56)
|
|
$
|
(0.02)
|
|
Diluted
|
$
|
0.14
|
|
$
|
(1.67)
|
|
$
|
(0.56)
|
|
$
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
489,459
|
|
|
493,456
|
|
|
491,785
|
|
|
494,434
|
|
Diluted
|
|
495,302
|
|
|
493,456
|
|
|
491,785
|
|
|
494,434
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
5,626,232
|
|
$
|
5,101,637
|
|
Accounts
receivable, net
|
|
430,841
|
|
|
316,502
|
|
Inventories
|
|
79,019
|
|
|
88,323
|
|
Income tax
receivable
|
|
226,193
|
|
|
243,415
|
|
Prepaid expenses
and other
|
|
212,258
|
|
|
200,782
|
|
Total current
assets
|
|
6,574,543
|
|
|
5,950,659
|
|
|
|
|
|
|
Property and
equipment, net
|
|
14,344,684
|
|
|
14,632,091
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
1,484,717
|
|
|
1,447,043
|
|
Goodwill
|
|
2,089,212
|
|
|
2,091,278
|
|
Other intangible
assets, net
|
|
3,545,815
|
|
|
3,643,748
|
|
Operating lease
right-of-use assets, net
|
|
8,208,972
|
|
|
8,286,694
|
|
Other long-term
assets, net
|
|
528,435
|
|
|
443,421
|
|
Total other
assets
|
|
15,857,151
|
|
|
15,912,184
|
|
|
|
|
|
|
$
|
36,776,378
|
|
$
|
36,494,934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
210,654
|
|
$
|
142,523
|
|
Construction
payable
|
|
21,740
|
|
|
30,149
|
|
Accrued interest
on long-term debt
|
|
161,568
|
|
|
138,832
|
|
Other accrued
liabilities
|
|
1,642,409
|
|
|
1,545,079
|
|
Total current
liabilities
|
|
2,036,371
|
|
|
1,856,583
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
2,170,945
|
|
|
2,153,016
|
Long-term debt,
net
|
|
12,574,939
|
|
|
12,376,684
|
Other long-term
obligations
|
|
375,615
|
|
|
472,084
|
Operating lease
liabilities
|
|
8,403,862
|
|
|
8,390,117
|
Redeemable
noncontrolling interest
|
|
110,524
|
|
|
66,542
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued and
outstanding 486,529,984 and 494,317,865 shares
|
|
4,865
|
|
|
4,943
|
|
Capital in excess
of par value
|
|
3,335,015
|
|
|
3,439,453
|
|
Retained
earnings
|
|
2,861,474
|
|
|
3,091,007
|
|
Accumulated other
comprehensive loss
|
|
(21,173)
|
|
|
(30,677)
|
|
Total MGM Resorts
International stockholders' equity
|
|
6,180,181
|
|
|
6,504,726
|
|
Noncontrolling
interests
|
|
4,923,941
|
|
|
4,675,182
|
|
Total stockholders'
equity
|
|
11,104,122
|
|
|
11,179,908
|
|
$
|
36,776,378
|
|
$
|
36,494,934
|
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,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Las Vegas Strip
Resorts
|
$
|
1,004,568
|
|
$
|
150,811
|
|
$
|
1,549,532
|
|
$
|
1,284,617
|
|
Regional
Operations
|
|
856,282
|
|
|
89,264
|
|
|
1,567,633
|
|
|
814,924
|
|
MGM
China
|
|
310,631
|
|
|
33,198
|
|
|
606,985
|
|
|
305,085
|
|
Management and
other operations
|
|
96,481
|
|
|
16,536
|
|
|
191,559
|
|
|
138,000
|
|
|
$
|
2,267,962
|
|
$
|
289,809
|
|
$
|
3,915,709
|
|
$
|
2,542,626
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDAR and ADJUSTED EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Las Vegas Strip
Resorts
|
$
|
396,805
|
|
$
|
(104,447)
|
|
$
|
504,924
|
|
$
|
163,152
|
|
Regional
Operations
|
|
318,348
|
|
|
(112,085)
|
|
|
560,330
|
|
|
39,635
|
|
MGM
China
|
|
8,581
|
|
|
(116,288)
|
|
|
13,356
|
|
|
(138,278)
|
|
Unconsolidated
affiliates (1)
|
|
(8,082)
|
|
|
(49,302)
|
|
|
(75,333)
|
|
|
(37,068)
|
|
Management and
other operations
|
|
1,880
|
|
|
(15,984)
|
|
|
15,466
|
|
|
(22,846)
|
|
Stock
compensation
|
|
(10,509)
|
|
|
(14,735)
|
|
|
(26,538)
|
|
|
(31,666)
|
|
Corporate
|
|
(90,266)
|
|
|
(79,321)
|
|
|
(157,563)
|
|
|
(169,999)
|
|
|
$
|
616,757
|
|
|
|
|
$
|
834,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the
Company's share of operating income (loss) excluding investments in
real estate ventures, adjusted for the effect of certain basis
differences and excluding impact of gain on sale of Harmon
land.
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO
ADJUSTED EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
104,753
|
|
$
|
(857,257)
|
|
$
|
(227,076)
|
|
$
|
(50,388)
|
|
Plus: Net
loss attributable to noncontrolling interests
|
|
(14,449)
|
|
|
(79,230)
|
|
|
(18,558)
|
|
|
(211,580)
|
|
Net income
(loss)
|
|
90,304
|
|
|
(936,487)
|
|
|
(245,634)
|
|
|
(261,968)
|
|
(Benefit)
provision for income taxes
|
|
34,826
|
|
|
(270,238)
|
|
|
(59,872)
|
|
|
(7,934)
|
|
Income (loss)
before income taxes
|
|
125,130
|
|
|
(1,206,725)
|
|
|
(305,506)
|
|
|
(269,902)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
202,772
|
|
|
156,756
|
|
|
398,067
|
|
|
313,893
|
|
Other,
net
|
|
(64,142)
|
|
|
15,440
|
|
|
(75,491)
|
|
|
172,325
|
|
|
|
138,630
|
|
|
172,196
|
|
|
322,576
|
|
|
486,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
263,760
|
|
|
(1,034,529)
|
|
|
17,070
|
|
|
216,316
|
|
Preopening
and start-up expenses
|
|
90
|
|
|
(82)
|
|
|
95
|
|
|
40
|
|
Property
transactions, net
|
|
(28,906)
|
|
|
26,349
|
|
|
(2,835)
|
|
|
81,324
|
|
Gain on
REIT transactions, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,491,945)
|
|
Depreciation and amortization
|
|
283,625
|
|
|
299,206
|
|
|
574,176
|
|
|
617,496
|
|
CEO
transition expense
|
|
-
|
|
|
-
|
|
|
-
|
|
|
44,401
|
|
October 1
litigation settlement
|
|
-
|
|
|
49,000
|
|
|
-
|
|
|
49,000
|
|
Restructuring
|
|
-
|
|
|
19,882
|
|
|
-
|
|
|
19,882
|
|
Triple net
operating lease and ground lease rent expense
|
|
189,609
|
|
|
189,567
|
|
|
379,229
|
|
|
331,485
|
|
Gain
related to sale of Harmon land - unconsolidated
affiliate
|
|
(49,755)
|
|
|
-
|
|
|
(49,755)
|
|
|
-
|
|
Income from
unconsolidated affiliates related to real estate
ventures
|
|
(41,666)
|
|
|
(41,555)
|
|
|
(83,338)
|
|
|
(65,069)
|
|
Adjusted
EBITDAR
|
$
|
616,757
|
|
|
|
|
$
|
834,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATIONS OF
LAS VEGAS STRIP RESORTS NET REVENUES AND LAS VEGAS STRIP RESORTS
ADJUSTED PROPERTY EBITDAR TO TABLE GAMES HOLD
ADJUSTED
|
LAS VEGAS
STRIP RESORTS NET REVENUES AND TABLE GAMES HOLD ADJUSTED LAS VEGAS
STRIP RESORTS ADJUSTED PROPERTY EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Las Vegas Strip
Resorts net revenues
|
$
|
1,004,568
|
|
$
|
150,811
|
|
$
|
1,549,532
|
|
$
|
1,284,617
|
Hold adjustment
(1)
|
|
6,985
|
|
|
(9,015)
|
|
|
5,914
|
|
|
(2,289)
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Net Revenues
|
$
|
1,011,553
|
|
$
|
141,796
|
|
$
|
1,555,446
|
|
$
|
1,282,328
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Strip
Resorts Adjusted Property EBITDAR
|
$
|
396,805
|
|
$
|
(104,447)
|
|
$
|
504,924
|
|
$
|
163,152
|
Hold adjustment
(2)
|
|
5,967
|
|
|
(7,722)
|
|
|
5,022
|
|
|
(2,024)
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Adjusted Property
EBITDAR
|
$
|
402,772
|
|
$
|
(112,169)
|
|
$
|
509,946
|
|
$
|
161,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the Las
Vegas Strip Resorts, hold adjustment represents the estimated
incremental table games win or loss had the Company's win
percentage equaled the mid-point of the expected normal range of
25.0% to 35.0% for Baccarat and 19.0% to 23.0% for non-Baccarat.
Amounts include estimated discounts and other incentives related to
increases or decreases in table games
win.
|
(2) These amounts
include estimated incremental expenses (gaming taxes and bad debt
expense) that would have been incurred or avoided on the
incremental table games win or loss calculated in (1)
above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATIONS OF
MGM CHINA NET REVENUES AND MGM CHINA ADJUSTED PROPERTY EBITDAR TO
VIP TABLE GAMES HOLD ADJUSTED MGM CHINA NET REVENUES
|
AND VIP
TABLE GAMES HOLD ADJUSTED MGM CHINA ADJUSTED PROPERTY
EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
MGM China net
revenues
|
$
|
310,631
|
|
$
|
33,198
|
|
$
|
606,985
|
|
$
|
305,085
|
Hold adjustment
(3)
|
|
6,470
|
|
|
(1,341)
|
|
|
3,729
|
|
|
1,561
|
VIP Table Games
Hold Adjusted MGM China Net Revenues
|
$
|
317,101
|
|
$
|
31,857
|
|
$
|
610,714
|
|
$
|
306,646
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM China Adjusted
Property EBITDAR
|
$
|
8,581
|
|
$
|
(116,288)
|
|
$
|
13,356
|
|
$
|
(138,278)
|
Hold adjustment
(4)
|
|
4,188
|
|
|
(1,778)
|
|
|
4,480
|
|
|
3,498
|
VIP Table Games
Hold Adjusted MGM China Adjusted Property EBITDAR
|
$
|
12,769
|
|
$
|
(118,066)
|
|
$
|
17,836
|
|
$
|
(134,780)
|
|
(3) For MGM China,
hold adjustment represents the estimated incremental VIP table
games win or loss related to VIP Rolling Chip volume play had the
Company's win percentage equaled the mid-point of the expected
normal range of 2.6% to 3.3%. Amounts include estimated commissions
and other incentives related to increases or decreases in VIP table
games win.
|
(4) These amounts
include estimated incremental expenses (gaming taxes and bad debt
expense) that would have been incurred or avoided on the
incremental VIP table games win or loss calculated in (3)
above.
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES AND ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
$
|
259,482
|
|
$
|
3,185
|
|
$
|
393,569
|
|
$
|
268,316
|
|
Adjusted
EBITDA
|
$
|
119,948
|
|
$
|
(37,422)
|
|
$
|
153,193
|
|
$
|
41,130
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
77.9%
|
|
|
N/A
|
|
|
59.6%
|
|
|
86.0%
|
|
ADR
(1)
|
|
$218
|
|
|
N/A
|
|
|
$215
|
|
|
$285
|
|
REVPAR
(1)
|
|
$170
|
|
|
N/A
|
|
|
$128
|
|
|
$245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Rooms that
were out of service, including full and midweek closures, during
the three and six months ended June 30, 2020 due to the COVID-19
pandemic were excluded from the available room count when
calculating hotel occupancy and REVPAR.
|
|
|
|
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,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
78,901
|
|
$
|
(112,444)
|
|
$
|
43,505
|
|
$
|
(133,321)
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
19,264
|
|
|
18,534
|
|
|
38,356
|
|
|
39,891
|
|
Other,
net
|
|
(4,223)
|
|
|
(1,487)
|
|
|
(10,753)
|
|
|
22,193
|
|
|
|
15,041
|
|
|
17,047
|
|
|
27,603
|
|
|
62,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
93,942
|
|
|
(95,397)
|
|
|
71,108
|
|
|
(71,237)
|
|
Property
transactions, net
|
|
(30,213)
|
|
|
20
|
|
|
(30,057)
|
|
|
(2,478)
|
|
Depreciation and amortization
|
|
56,219
|
|
|
56,744
|
|
|
112,142
|
|
|
113,634
|
|
Restructuring
|
|
-
|
|
|
1,211
|
|
|
-
|
|
|
1,211
|
|
Adjusted
EBITDA
|
$
|
119,948
|
|
$
|
(37,422)
|
|
$
|
153,193
|
|
$
|
41,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE MGM Resorts International