LAS VEGAS, Feb. 9, 2022 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter and year ended
December 31, 2021.
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"Our record fourth quarter results are a testament to our
talented team across the globe, our sharpened focus on operational
efficiency and the proven resiliency of demand for the service and
experiences that we provide at MGM Resorts," said Bill Hornbuckle, Chief Executive Officer and
President of MGM Resorts International. "The strategic milestones
we achieved in 2021 position us for further success in 2022, and we
remain excited about our long-term opportunities including: leading
the U.S. sports betting and iGaming market through BetMGM, pursuing
disciplined geographic expansion such as the Japan integrated resort, and reinvesting in
our core business to drive sustainable growth. As part of these
efforts, we are proud to have recently launched our new loyalty
program, MGM Rewards, which offers an enhanced and further
streamlined experience to millions of our members worldwide."
"In 2021, we further bolstered our liquidity position while
returning $1.75 billion to
shareholders via share repurchases and making strategic investments
that align with our vision to be the world's premier gaming
entertainment company," said Jonathan
Halkyard, Chief Financial Officer and Treasurer of MGM
Resorts International. "We remain committed to maximizing long-term
shareholder value and our capital allocation strategy continues to
be anchored in three key priorities: maintaining a strong balance
sheet, programmatically returning cash to shareholders, and
investing in targeted growth opportunities."
Fourth Quarter 2021 Financial
Highlights:
Consolidated Results
- Consolidated net revenues of $3.1
billion which included a full quarter of operating results
from Aria and Vdara (collectively, "Aria"), an increase of 105%
compared to the prior year quarter. While the current quarter
benefited from the removal of mandated operational and capacity
restrictions as well as an increase in travel, the prior year
quarter was negatively affected by temporary closures at certain
properties and operational restrictions due to the COVID-19
pandemic;
- Net income attributable to MGM Resorts of $131 million compared to net loss attributable to
MGM Resorts of $448 million in the
prior year quarter;
- Diluted earnings per share of $0.23 in the current quarter compared to diluted
loss per share of $0.92 in the prior
year quarter;
- Adjusted diluted earnings per share ("Adjusted
EPS")(1) of $0.12 in the
current quarter compared to an Adjusted EPS loss per share of
$0.90 in the prior year quarter;
and
- Consolidated Adjusted EBITDAR(2) of $821 million in the current quarter.
Las Vegas Strip Resorts
- Net revenues of $1.8 billion, an
increase of 277% compared to the prior year quarter, an increase of
26% compared to the fourth quarter of 2019, and an increase of 5%
compared to the fourth quarter of 2019 when excluding Aria in 2021
and excluding Circus Circus Las Vegas in 2019(5). While
the current quarter benefited from the removal of mandated
operational and capacity restrictions as well as an increase in
travel, the prior year quarter was negatively affected by temporary
hotel tower closures at certain properties and operational
restrictions;
- Table Games Hold Adjusted Las Vegas Strip Resorts Net
Revenues(3) of $1.8
billion, an increase of 272% compared to the prior year
quarter, an increase of 24% compared to the fourth quarter of 2019,
and an increase of 4% compared to the fourth quarter of 2019 when
excluding Aria in 2021 and excluding Circus Circus Las Vegas in
2019;
- Adjusted Property EBITDAR(2) of $699 million, an increase of 1,196% compared to
the prior year quarter, an increase of 84% compared to the fourth
quarter of 2019, and an increase of 43% compared to the fourth
quarter of 2019 when excluding Aria in 2021 and excluding Circus
Circus Las Vegas in 2019;
- Adjusted Property EBITDAR margin(2) of 38.7% in the
current quarter, an increase of 2,744 basis points compared to the
prior year quarter, an increase of 1,209 basis points compared to
the fourth quarter of 2019, and an increase of 986 basis points
compared to the fourth quarter of 2019 when excluding Aria in 2021
and excluding Circus Circus Las Vegas in 2019, due primarily to an
increase in net revenues and realized benefits of the Company's
cost savings initiatives; and
- Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted
Property EBITDAR(2) of $690
million, an increase of 1,112% compared to the prior year
quarter, an increase of 76% compared to the fourth quarter of 2019,
and an increase of 36% compared to the fourth quarter of 2019 when
excluding Aria in 2021 and excluding Circus Circus Las Vegas in
2019.
Regional Operations
- Net revenues of $900 million, an
increase of 51% compared to the prior year quarter and flat
compared to the fourth quarter of 2019. While the current quarter
benefited from the removal of mandated operational and capacity
restrictions as well as an increase in travel, the prior year
quarter was negatively affected by temporary property closures at
certain properties and operational restrictions;
- Adjusted Property EBITDAR of $309
million, an increase of 95% compared to the prior year
quarter, and an increase of 36% compared to the fourth quarter of
2019; and
- Adjusted Property EBITDAR margin of 34.4% in the current
quarter, an increase of 774 basis points compared to the prior year
quarter, and an increase of 902 basis points compared to the fourth
quarter of 2019 due primarily to realized benefits of the Company's
cost savings initiatives.
MGM China
- Net revenues of $315 million, an
increase of 3% compared to the prior year quarter and a decrease of
57% compared to the fourth quarter of 2019. The current and prior
year quarters were negatively affected by travel and entry
restrictions in Macau due to the
COVID-19 pandemic;
- VIP Table Games Hold Adjusted MGM China Net
Revenues(3) of $313
million, an increase of 3% compared to the prior year
quarter and a decrease of 55% compared to the fourth quarter of
2019;
- Adjusted Property EBITDAR of $5
million, a decrease of 88% compared to the prior year
quarter due primarily to a $23
million bonus reversal in the prior year quarter and a
$13 million increase in bad debt
expense, and a decrease of 97% compared to the fourth quarter of
2019; and
- VIP Table Games Hold Adjusted MGM China Adjusted Property
EBITDAR(2) of $2 million,
a decrease of 96% compared to the prior year, and a decrease of 99%
compared to the fourth quarter of 2019.
Recent Developments
On December 13, 2021, the Company
entered into an agreement to sell 100% of the equity interests of
The Mirage to an affiliate of Seminole Hard Rock Entertainment,
Inc. ("Hard Rock") for cash consideration of $1.075 billion, subject to certain purchase
price adjustments. The transaction is expected to close during the
second half of 2022, subject to certain closing conditions,
including, but not limited to, the consummation or termination of
the VICI Transaction and receipt of regulatory approvals. Upon
closing, the master lease between the Company and VICI (or MGP, in
the event that the VICI Transaction is terminated) will be amended
and restated to reflect a $90 million
reduction in annual cash rent.
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
December 31,
|
2021
|
|
2020
|
Diluted earnings
(loss) per share
|
$
0.23
|
|
$
(0.92)
|
Property
transactions, net
|
(0.15)
|
|
0.02
|
Restructuring
|
—
|
|
0.01
|
Non-operating
items:
|
|
|
|
Loss related to equity
investment
|
0.02
|
|
—
|
Change in fair value
of unhedged MGP swaps
|
(0.01)
|
|
(0.01)
|
Income tax impact on
net income adjustments (1)
|
0.03
|
|
—
|
Adjusted diluted
earnings/(loss) per share
|
$
0.12
|
|
$
(0.90)
|
|
|
(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.
|
Full Year 2021 Financial
Highlights:
Consolidated Results
- Consolidated net revenues of $9.7
billion, an increase of 88% compared to the prior year. The
current year includes operating results from Aria subsequent to
consolidation on September 27,
2021;
- Net income attributable to MGM Resorts of $1.3 billion in 2021, which included a
$1.6 billion net gain related to the
consolidation of CityCenter, compared to net loss attributable to
MGM Resorts of $1.0 billion in 2020,
which included a $1.5 billion net
gain related to the MGM Grand Las Vegas and Mandalay Bay real
estate transaction;
- Diluted earnings per share of $2.41 in 2021, compared to diluted loss per share
of $2.02 in 2020;
- Adjusted EPS loss of $0.67
in 2021, compared to Adjusted EPS loss of $3.94 in 2020; and
- Consolidated Adjusted EBITDAR of $2.4
billion in 2021.
Las Vegas Strip Resorts
- Net revenues of $4.7 billion, an
increase of 111% compared to the prior year, a decrease of 19%
compared to 2019, and a decrease of 22% compared to 2019 when
excluding Aria in 2021 and excluding Circus Circus Las Vegas in
2019; and
- Adjusted Property EBITDAR of $1.7
billion, an increase of 649% compared to the prior year, an
increase of 6% compared to 2019, and a decrease of 1% compared to
2019 when excluding Aria in 2021 and excluding Circus Circus Las
Vegas in 2019.
Regional Operations
- Net revenues of $3.4 billion, an
increase of 72% compared to the prior year and a decrease of 4%
compared to 2019; and
- Adjusted Property EBITDAR of $1.2
billion, an increase of 254% compared to the prior year and
an increase of 26% compared to 2019.
MGM China
- Net revenues of $1.2 billion, an
increase of 84% compared to the prior year and a decrease of 58%
compared to 2019; and
- MGM China Adjusted Property EBITDAR of $25 million in 2021 compared to a loss of
$194 million in 2020 and a decrease
of 97% compared to 2019.
Adjusted Diluted Earnings Per Share
The following table reconciles EPS to Adjusted EPS (approximate
EPS impact shown, per share; positive adjustments represent charges
to income):
Twelve Months
Ended December 31,
|
2021
|
|
2020
|
Diluted earnings
(loss) per share
|
$
2.41
|
|
$
(2.02)
|
Property
transactions, net
|
(0.15)
|
|
0.19
|
Preopening and
start-up expenses
|
0.01
|
|
—
|
Gain on REIT
transaction, net
|
—
|
|
(3.17)
|
October 1
settlement
|
—
|
|
0.10
|
CEO transition
expense
|
—
|
|
0.09
|
Restructuring
|
—
|
|
0.05
|
Gain on consolidation
of CityCenter, net
|
(3.21)
|
|
—
|
Non-operating
items:
|
|
|
|
Loss on retirement of
long-term debt
|
—
|
|
0.24
|
Foreign currency
(gain) loss on MGM China senior notes
|
0.02
|
|
(0.01)
|
Gain related to equity
investment
|
(0.06)
|
|
—
|
Change in fair value
of unhedged MGP swaps
|
(0.04)
|
|
—
|
Unconsolidated
affiliate items:
|
|
|
|
Change in fair value
of CityCenter swaps
|
(0.02)
|
|
0.02
|
Gain related to sale
of Harmon land
|
(0.10)
|
|
—
|
Income tax impact on
net income adjustments (1)
|
0.47
|
|
0.57
|
Adjusted diluted loss
per share
|
$
(0.67)
|
|
$
(3.94)
|
|
|
(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
The following table shows key gaming statistics for Las Vegas
Strip Resorts:
Three Months Ended
December 31,
|
2021
|
|
2020
|
|
(Dollars in
millions)
|
Casino
Revenue
|
$
541
|
|
$
201
|
Table Games
Drop
|
$
1,374
|
|
$
512
|
Table Games
Win
|
$
333
|
|
$
119
|
Table Games Win
%
|
24.3 %
|
|
23.2 %
|
Slots
Handle
|
$
5,286
|
|
$
1,979
|
Slots Win
|
$
485
|
|
$
187
|
Slots Win
%
|
9.2 %
|
|
9.5 %
|
The following table shows key hotel statistics for Las Vegas
Strip Resorts:
Three Months Ended
December 31,
|
2021
|
|
2020
|
Rooms Revenue (In
millions)
|
$
557
|
|
$
136
|
Occupancy(1)
|
86 %
|
|
38 %
|
Average daily rate
(ADR)
|
$
201
|
|
$
138
|
Revenue per available
room (REVPAR)(1)
|
$
173
|
|
$
52
|
|
|
(1)
|
Rooms that were out
of service, including full and midweek closures, during the three
months ended December 31, 2020 due to the COVID-19 pandemic
were excluded from the available room count when calculating hotel
occupancy and REVPAR.
|
Regional Operations
The following table shows key gaming statistics for Regional
Operations:
Three Months Ended
December 31,
|
2021
|
|
2020
|
|
(Dollars in
millions)
|
Casino
Revenue
|
$
697
|
|
$
491
|
Table Games
Drop
|
$
1,119
|
|
$
781
|
Table Games
Win
|
$
198
|
|
$
156
|
Table Games Win
%
|
17.7 %
|
|
20.0 %
|
Slots
Handle
|
$
6,768
|
|
$
4,511
|
Slots Win
|
$
652
|
|
$
436
|
Slots Win
%
|
9.6 %
|
|
9.7 %
|
MGM China
The following table shows key gaming statistics for MGM
China:
Three Months Ended
December 31,
|
2021
|
|
2020
|
|
(Dollars in
millions)
|
Casino
Revenue
|
$
273
|
|
$
267
|
VIP Table Games
Turnover
|
$
1,736
|
|
$
2,212
|
VIP Table Games
Win
|
$
51
|
|
$
75
|
VIP Table Games Win
%
|
2.9%
|
|
3.4%
|
Main Floor Table
Games Drop
|
$
1,165
|
|
$
1,051
|
Main floor Table
Games Win
|
$
262
|
|
$
243
|
Main Floor Table
Games Win %
|
22.5%
|
|
23.1%
|
License fee expense was $6 million
in the current quarter and $5 million
in the prior year quarter.
Corporate Expense
Corporate expense, including share-based compensation for
corporate employees, increased to $136
million in the fourth quarter of 2021 from $103 million in the prior year quarter, due
primarily to an increase in payroll expense as the prior year
quarter reflected the impact of temporary closures due to the
COVID-19 pandemic. The current quarter also included $8 million in transaction costs.
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of operating income (loss) from unconsolidated
affiliates:
Three Months Ended
December 31,
|
2021
|
|
2020
|
|
(In
thousands)
|
CityCenter
|
$
—
|
|
$
(5,264)
|
MGP BREIT
Venture
|
38,941
|
|
38,968
|
BetMGM
|
(56,907)
|
|
(36,687)
|
Other
|
9,919
|
|
(2,109)
|
|
$
(8,047)
|
|
$
(5,092)
|
MGM Growth Properties
During the fourth quarter of 2021, the Company made rent
payments to MGM Growth Properties Operating Partnership LP ("MGP
Operating Partnership") in the amount of $216 million and received distributions of
$58 million from the MGP Operating
Partnership. On January 14, 2022, MGM
Growth Properties LLC ("MGP") paid a dividend of $82 million and the Company concurrently received
a $58 million distribution.
MGM Resorts Dividend and Share
Repurchases
On February 9, 2021, the Company's
Board of Directors approved a quarterly dividend of $0.0025 per share. The dividend will be payable
on March 15, 2021 to holders of
record on March 10, 2021.
During the fourth quarter of 2021, the Company repurchased
approximately 17 million shares of its common stock at an average
price of $42.42 per share for an
aggregate amount of $727 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 $1.3 billion as of December 31, 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
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
1390920.
A replay of the call will be available through February 16, 2022. The replay may be accessed by
dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is
6347172. The call will be archived at
http://investors.mgmresorts.com.
1. "Adjusted EPS" is diluted earnings or loss per share adjusted
to exclude property transactions, net, preopening and start-up
expenses, gain on REIT transaction, net, October 1 litigation settlement, CEO transition
expense, 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 on consolidation of CityCenter, net, gain related
to equity instrument, loss on retirement of long-term debt, foreign
currency gain/loss related to MGM China's U.S. dollar-denominated
debt, mark-to-market adjustments related to
MGP's unhedged interest rate swaps,
mark-to-market adjustments related to CityCenter's unhedged
interest rate swaps recorded within non-operating items from
unconsolidated affiliates, and gain related to
CityCenter's sale of Harmon land recorded within income
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, 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, property
transactions, net, gain on REIT transactions, net, gain on
consolidation of CityCenter, 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), rent expense associated with triple-net operating and ground
leases, gain related to CityCenter's sale of Harmon land recorded
within income from unconsolidated affiliates, and income from
unconsolidated affiliates related to investments in real estate
ventures.
"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 excludes gain on
consolidation of CityCenter, net, gain related to CityCenter's sale
of Harmon land recorded within income from unconsolidated
affiliates, and corporate expense (which includes CEO transition
expense and October 1 litigation
settlement) and stock compensation expense, which are not allocated
to each operating segment, and rent expense related to the master
lease with MGP that eliminates in consolidation.
"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. Results excluding the impact of Aria in 2021 and Circus
Circus Las Vegas in 2019 are presented herein solely for purposes
of facilitating comparisons of results of prior periods in which
Aria operating results were not consolidated by MGM Resorts to
those of the current periods in which Circus Circus Las Vegas is no
longer owned by MGM Resorts.
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 Company's ability to
maintain a strong balance sheet), 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 and the size and timing
of future investments, 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
SARAH ROGERS
Senior Vice President of Corporate Finance
(702) 730-3942 or srogers@mgmresorts.com
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
|
|
Twelve Months
Ended
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
$
|
1,527,818
|
|
$
|
963,827
|
|
$
|
5,362,912
|
|
$
|
2,871,720
|
|
Rooms
|
|
|
|
636,130
|
|
|
189,358
|
|
|
1,690,037
|
|
|
830,382
|
|
Food and
beverage
|
|
515,049
|
|
|
143,243
|
|
|
1,391,605
|
|
|
696,040
|
|
Entertainment,
retail and other
|
|
369,577
|
|
|
98,859
|
|
|
1,009,503
|
|
|
518,991
|
|
Reimbursed
costs
|
|
8,318
|
|
|
98,249
|
|
|
226,083
|
|
|
244,949
|
|
|
|
|
|
|
3,056,892
|
|
|
1,493,536
|
|
|
9,680,140
|
|
|
5,162,082
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
|
742,320
|
|
|
504,410
|
|
|
2,551,169
|
|
|
1,701,783
|
|
Rooms
|
|
|
|
198,578
|
|
|
97,935
|
|
|
600,942
|
|
|
419,156
|
|
Food and
beverage
|
|
383,431
|
|
|
140,239
|
|
|
1,034,780
|
|
|
674,118
|
|
Entertainment,
retail and other
|
|
232,342
|
|
|
69,827
|
|
|
617,635
|
|
|
412,705
|
|
Reimbursed
costs
|
|
8,318
|
|
|
98,249
|
|
|
226,083
|
|
|
244,949
|
|
General and
administrative
|
|
747,348
|
|
|
531,170
|
|
|
2,507,239
|
|
|
2,122,333
|
|
Corporate
expense
|
|
135,756
|
|
|
103,325
|
|
|
422,777
|
|
|
460,148
|
|
Preopening and
start-up expenses
|
|
3,452
|
|
|
33
|
|
|
5,094
|
|
|
84
|
|
Property
transactions, net
|
|
(68,578)
|
|
|
8,127
|
|
|
(67,736)
|
|
|
93,567
|
|
Gain on REIT
transactions, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,491,945)
|
|
Gain on
consolidation of CityCenter, net
|
|
-
|
|
|
-
|
|
|
(1,562,329)
|
|
|
-
|
|
Depreciation and
amortization
|
|
297,031
|
|
|
298,697
|
|
|
1,150,610
|
|
|
1,210,556
|
|
|
|
|
|
|
2,679,998
|
|
|
1,852,012
|
|
|
7,486,264
|
|
|
5,847,454
|
Income from
unconsolidated affiliates
|
|
(8,047)
|
|
|
(5,092)
|
|
|
84,823
|
|
|
42,938
|
Operating income
(loss)
|
|
368,847
|
|
|
(363,568)
|
|
|
2,278,699
|
|
|
(642,434)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(201,477)
|
|
|
(188,679)
|
|
|
(799,593)
|
|
|
(676,380)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(15,770)
|
|
|
(23,318)
|
|
|
(83,243)
|
|
|
(103,304)
|
|
Other,
net
|
|
|
(4,361)
|
|
|
12,693
|
|
|
65,941
|
|
|
(89,361)
|
|
|
|
|
|
|
(221,608)
|
|
|
(199,304)
|
|
|
(816,895)
|
|
|
(869,045)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
147,239
|
|
|
(562,872)
|
|
|
1,461,804
|
|
|
(1,511,479)
|
|
Benefit
(provision) for income taxes
|
|
(31,152)
|
|
|
106,904
|
|
|
(253,415)
|
|
|
191,572
|
Net income
(loss)
|
|
|
116,087
|
|
|
(455,968)
|
|
|
1,208,389
|
|
|
(1,319,907)
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
14,926
|
|
|
8,363
|
|
|
45,981
|
|
|
287,183
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
131,013
|
|
$
|
(447,605)
|
|
$
|
1,254,370
|
|
$
|
(1,032,724)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.23
|
|
$
|
(0.92)
|
|
$
|
2.44
|
|
$
|
(2.02)
|
|
Diluted
|
|
|
$
|
0.23
|
|
$
|
(0.92)
|
|
$
|
2.41
|
|
$
|
(2.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
465,360
|
|
|
494,225
|
|
|
481,930
|
|
|
494,152
|
|
Diluted
|
|
|
|
470,037
|
|
|
494,225
|
|
|
487,356
|
|
|
494,152
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
4,703,059
|
|
$
|
5,101,637
|
|
Restricted
cash
|
|
|
500,000
|
|
|
-
|
|
Accounts
receivable, net
|
|
|
583,915
|
|
|
316,502
|
|
Inventories
|
|
|
|
96,374
|
|
|
88,323
|
|
Income tax
receivable
|
|
|
273,862
|
|
|
243,415
|
|
Prepaid expenses
and other
|
|
258,972
|
|
|
200,782
|
|
|
Total current
assets
|
|
|
6,416,182
|
|
|
5,950,659
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
14,435,493
|
|
|
14,632,091
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
967,044
|
|
|
1,447,043
|
|
Goodwill
|
|
|
|
3,480,997
|
|
|
2,091,278
|
|
Other intangible
assets, net
|
|
3,616,385
|
|
|
3,643,748
|
|
Operating lease
right-of-use assets, net
|
|
11,492,805
|
|
|
8,286,694
|
|
Other long-term
assets, net
|
|
490,210
|
|
|
443,421
|
|
|
Total other
assets
|
|
|
20,047,441
|
|
|
15,912,184
|
|
|
|
|
|
|
$
|
40,899,116
|
|
$
|
36,494,934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
263,097
|
|
$
|
142,523
|
|
Construction
payable
|
|
|
23,099
|
|
|
30,149
|
|
Current portion of
long-term debt
|
|
1,000,000
|
|
|
-
|
|
Accrued interest
on long-term debt
|
|
172,624
|
|
|
138,832
|
|
Other accrued
liabilities
|
|
|
1,983,444
|
|
|
1,545,079
|
|
|
Total current
liabilities
|
|
|
3,442,264
|
|
|
1,856,583
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
|
2,439,364
|
|
|
2,153,016
|
Long-term debt,
net
|
|
|
11,770,797
|
|
|
12,376,684
|
Other long-term
obligations
|
|
|
319,914
|
|
|
472,084
|
Operating lease
liabilities
|
|
|
11,802,464
|
|
|
8,390,117
|
Redeemable
noncontrolling interest
|
|
147,547
|
|
|
66,542
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued and outstanding 453,803,759 and 494,317,865
shares
|
|
4,538
|
|
|
4,943
|
|
Capital in excess
of par value
|
|
1,750,135
|
|
|
3,439,453
|
|
Retained
earnings
|
|
|
4,340,588
|
|
|
3,091,007
|
|
Accumulated other
comprehensive loss
|
|
(24,616)
|
|
|
(30,677)
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
6,070,645
|
|
|
6,504,726
|
|
Noncontrolling
interests
|
|
|
4,906,121
|
|
|
4,675,182
|
|
|
Total
stockholders' equity
|
|
10,976,766
|
|
|
11,179,908
|
|
|
|
|
|
|
$
|
40,899,116
|
|
$
|
36,494,934
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Las Vegas Strip
Resorts (1)
|
$
|
1,806,686
|
|
$
|
479,750
|
|
$
|
4,737,185
|
|
$
|
2,245,785
|
Regional
Operations
|
|
899,607
|
|
|
595,421
|
|
|
3,392,363
|
|
|
1,967,171
|
MGM
China
|
|
314,717
|
|
|
304,751
|
|
|
1,210,761
|
|
|
656,703
|
Management and
other operations
|
|
35,882
|
|
|
113,614
|
|
|
339,831
|
|
|
292,423
|
|
$
|
3,056,892
|
|
$
|
1,493,536
|
|
$
|
9,680,140
|
|
$
|
5,162,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDAR and ADJUSTED EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Las Vegas Strip
Resorts (1)
|
$
|
698,739
|
|
$
|
53,911
|
|
$
|
1,738,211
|
|
$
|
232,188
|
Regional
Operations
|
|
309,250
|
|
|
158,621
|
|
|
1,217,814
|
|
|
343,990
|
MGM
China
|
|
5,015
|
|
|
40,892
|
|
|
25,367
|
|
|
(193,832)
|
Unconsolidated
affiliates (2)
|
|
(49,698)
|
|
|
(46,769)
|
|
|
(131,590)
|
|
|
(104,890)
|
Management and
other operations
|
|
2,087
|
|
|
(4,361)
|
|
|
15,766
|
|
|
(42,828)
|
Stock
compensation
|
|
(26,494)
|
|
|
(26,897)
|
|
|
(63,984)
|
|
|
(79,954)
|
Corporate
|
|
(117,491)
|
|
|
(78,047)
|
|
|
(380,501)
|
|
|
(303,171)
|
|
$
|
821,408
|
|
|
|
|
$
|
2,421,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes the
results of Aria (including Vdara) commencing September 27,
2021.
|
(2) 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.
Includes the results of CityCenter through September 26,
2021.
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO
ADJUSTED EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
131,013
|
|
$
|
(447,605)
|
|
$
|
1,254,370
|
|
$
|
(1,032,724)
|
Plus: Net
loss attributable to noncontrolling interests
|
|
(14,926)
|
|
|
(8,363)
|
|
|
(45,981)
|
|
|
(287,183)
|
Net income
(loss)
|
|
116,087
|
|
|
(455,968)
|
|
|
1,208,389
|
|
|
(1,319,907)
|
(Benefit)
provision for income taxes
|
|
31,152
|
|
|
(106,904)
|
|
|
253,415
|
|
|
(191,572)
|
Income (loss)
before income taxes
|
|
147,239
|
|
|
(562,872)
|
|
|
1,461,804
|
|
|
(1,511,479)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
201,477
|
|
|
188,679
|
|
|
799,593
|
|
|
676,380
|
Other,
net
|
|
20,131
|
|
|
10,625
|
|
|
17,302
|
|
|
192,665
|
|
|
221,608
|
|
|
199,304
|
|
|
816,895
|
|
|
869,045
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
368,847
|
|
|
(363,568)
|
|
|
2,278,699
|
|
|
(642,434)
|
Preopening
and start-up expenses
|
|
3,452
|
|
|
33
|
|
|
5,094
|
|
|
84
|
Property
transactions, net
|
|
(68,578)
|
|
|
8,127
|
|
|
(67,736)
|
|
|
93,567
|
Gain on
REIT transactions, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,491,945)
|
Gain on
consolidation of CityCenter, net
|
|
-
|
|
|
-
|
|
|
(1,562,329)
|
|
|
-
|
Depreciation and amortization
|
|
297,031
|
|
|
298,697
|
|
|
1,150,610
|
|
|
1,210,556
|
CEO
transition expense
|
|
-
|
|
|
-
|
|
|
-
|
|
|
44,401
|
October 1
litigation settlement
|
|
-
|
|
|
-
|
|
|
-
|
|
|
49,000
|
Restructuring
|
|
-
|
|
|
6,143
|
|
|
-
|
|
|
26,025
|
Triple net
operating lease and ground lease rent expense
|
|
262,307
|
|
|
189,596
|
|
|
833,158
|
|
|
710,683
|
Gain
related to sale of Harmon land - unconsolidated
affiliate
|
|
-
|
|
|
-
|
|
|
(49,755)
|
|
|
-
|
Income from
unconsolidated affiliates related to real estate
ventures
|
|
(41,651)
|
|
|
(41,678)
|
|
|
(166,658)
|
|
|
(148,434)
|
Adjusted
EBITDAR
|
$
|
821,408
|
|
|
|
|
$
|
2,421,083
|
|
|
|
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
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Las Vegas Strip
Resorts net revenues
|
$
|
1,806,686
|
|
$
|
479,750
|
|
$
|
4,737,185
|
|
$
|
2,245,785
|
Hold adjustment
(1)
|
|
(9,854)
|
|
|
3,582
|
|
|
(27,482)
|
|
|
8,733
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Net Revenues
|
$
|
1,796,832
|
|
$
|
483,332
|
|
$
|
4,709,703
|
|
$
|
2,254,518
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Strip
Resorts Adjusted Property EBITDAR
|
$
|
698,739
|
|
$
|
53,911
|
|
$
|
1,738,211
|
|
$
|
232,188
|
Hold adjustment
(2)
|
|
(8,520)
|
|
|
3,052
|
|
|
(23,574)
|
|
|
7,324
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Adjusted Property
EBITDAR
|
$
|
690,219
|
|
$
|
56,963
|
|
$
|
1,714,637
|
|
$
|
239,512
|
|
|
(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
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
MGM China net
revenues
|
$
|
314,717
|
|
$
|
304,751
|
|
$
|
1,210,761
|
|
$
|
656,703
|
Hold adjustment
(3)
|
|
(1,409)
|
|
|
(1,728)
|
|
|
(14,904)
|
|
|
6,967
|
VIP Table Games
Hold Adjusted MGM China Net Revenues
|
$
|
313,308
|
|
$
|
303,023
|
|
$
|
1,195,857
|
|
$
|
663,670
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM China Adjusted
Property EBITDAR
|
$
|
5,015
|
|
$
|
40,892
|
|
$
|
25,367
|
|
$
|
(193,832)
|
Hold adjustment
(4)
|
|
(3,128)
|
|
|
1,725
|
|
|
(8,097)
|
|
|
8,371
|
VIP Table Games
Hold Adjusted MGM China Adjusted Property EBITDAR
|
$
|
1,887
|
|
$
|
42,617
|
|
$
|
17,270
|
|
$
|
(185,461)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
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SOURCE MGM Resorts International