- Las Vegas Strip Resorts and Regional Operations Adjusted
Property EBITDAR increased 47% and 48%, respectively, compared to
the first quarter of 2019 and maintained margin growth over 2019 in
both the Las Vegas and Regional
markets
- Announced offer to acquire global online gaming company
LeoVegas for a total tender value of approximately $607 million
- Repurchased $2.8 billion of
shares of common stock since January
2021
- Closed transaction with MGP to VICI and continue to pursue a
commercial gaming license in New
York and development of an Integrated Resort in Osaka, Japan
LAS
VEGAS, May 2, 2022 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter ended March 31,
2022.
![MGM Resorts International (PRNewsfoto/MGM Resorts International) MGM Resorts International (PRNewsfoto/MGM Resorts International)](https://mma.prnewswire.com/media/537819/MGM_Resorts_International_Logo.jpg)
"We delivered a strong first quarter in our domestic operations
driven by weekend demand and a better mix of business. Our midweek
business is improving with each quarter and our group base is
growing after a tough January. The results demonstrate the robust
demand for our gaming entertainment offerings with the backdrop of
increased sports and entertainment programming in the Las Vegas market," said Bill Hornbuckle, Chief Executive Officer and
President of MGM Resorts International. "We reached another
milestone in the completion of our asset light strategy with the
closing of the VICI transaction, allowing us to simplify our
corporate structure and bolster our liquidity while deploying
capital into growth projects with the highest shareholder return.
We announced this morning the tender offer for 100% of the shares
of LeoVegas which will allow us to expand into international online
gaming with a world class management team, strong IT platform and
growth prospects. We remain focused on achieving our vision to be
the world's premier gaming entertainment company."
"Our strong liquidity position, coupled with our confidence in
the long-term recovery of our core business, has allowed us to
continue to focus on maximizing long-term shareholder value. To
that end, we continued to repurchase our stock in the first
quarter, reaching over $1.0 billion
during the first quarter of 2022 and we repaid $1.0 billion of notes in March," said
Jonathan Halkyard, Chief Financial
Officer and Treasurer of MGM Resorts International. "We are
disciplined in our approach to capital deployment and are focused
on maintaining a strong balance sheet with adequate liquidity,
while at the same time pursuing growth opportunities with the
greatest return to shareholders."
First Quarter 2022 Financial
Highlights:
Consolidated Results
- Consolidated net revenues of $2.9
billion compared to $1.6
billion in the prior year quarter, an increase of 73%. The
current quarter benefited from the inclusion of the operating
results of Aria and Vdara (collectively "Aria") due to its
consolidation in September 2021 and
was negatively affected by a decrease in business volume and travel
due to the spread of the omicron variant in the early part of the
quarter; however, results improved over the prior year quarter
which was negatively affected by midweek property and hotel
closures, lower business volume and travel activity, and
operational restrictions due to the COVID-19 pandemic primarily at
the Las Vegas Strip Resorts;
- Net loss attributable to MGM Resorts of $18 million compared to net loss attributable to
MGM Resorts of $332 million in the
prior year quarter, and net income attributable to MGM Resorts of
$31 million in the first quarter of
2019;
- Diluted loss per share of $0.06
in the current quarter compared to diluted loss per share of
$0.69 in the prior year
quarter;
- Adjusted diluted earnings per share ("Adjusted
EPS")(1) of $0.01 in the
current quarter compared to an Adjusted EPS loss per share of
$0.68 in the prior year quarter;
and
- Consolidated Adjusted EBITDAR(2) of $670 million and Consolidated Adjusted EBITDAR
margin(2) of 23.5% in the current quarter.
Las Vegas Strip Resorts
- Net revenues of $1.7 billion in
the current quarter compared to $545 million in the prior year
quarter, an increase of 205%. The current quarter benefited from
the inclusion of Aria and was negatively affected by a decrease in
business volume and travel due to the spread of the omicron variant
in the early part of the quarter; however, the prior year quarter
was negatively affected by midweek property and hotel closures at
certain properties, lower business volume and travel activity, and
operational restrictions due to the COVID-19 pandemic;
- Same-store net revenues (adjusted for
acquisitions/dispositions, as further described in our discussion
of non-GAAP measures in footnote 2 below) of $1.4 billion in the current quarter, a decrease
of 1% compared to the first quarter of 2019;
- Table Games Hold Adjusted Las Vegas Strip Resorts Net
Revenues(3) of $1.7
billion compared to $544
million in the prior year quarter, an increase of 204%;
- Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store
Net Revenues(3) of $1.3
billion compared to $1.4
billion in the first quarter of 2019, a decrease of 2%;
- Adjusted Property EBITDAR(2) of $594 million in the current quarter compared to
$108 million in the prior year quarter, an increase of
449%;
- Same-Store Adjusted Property EBITDAR(2) of
$472 million in the current quarter
compared to $391 million in the first
quarter of 2019, an increase of 21%;
- Adjusted Property EBITDAR margin(2) of 35.7% in the
current quarter compared to 19.8% in the prior year quarter, an
increase of 1,586 basis points;
- Same-Store Adjusted Property EBITDAR margin(2) of
35.0% in the current quarter compared to 28.6% in the first quarter
of 2019, an increase of 638 basis points;
- Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted
Property EBITDAR(2) of $587
million in the current quarter compared to $107 million
in the prior year quarter, an increase of 448%; and
- Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store
Adjusted Property EBITDAR(2) of $464 million compared to $396 million in the first quarter of 2019, an
increase of 17%.
Regional Operations
- Net revenues of $891 million in
the current quarter compared to $711 million in the prior year
quarter, an increase of 25%, and an increase of 11% compared to
$804 million in the first quarter of 2019. The prior year
quarter was negatively affected by midweek hotel closures at
certain properties and operational restrictions;
- Adjusted Property EBITDAR of $313 million in the current
quarter compared to $242 million in the prior year quarter, an
increase of 29%, and an increase of 48% compared to
$212 million in the first quarter of 2019; and
- Adjusted Property EBITDAR margin of 35.2% in the current
quarter compared to 34.0% in the prior year quarter, an increase of
115 basis points, and an increase of 882 basis points compared to
26.3% in the first quarter of 2019 due primarily to an increase in
revenues and realized benefits of the Company's costs savings
initiatives.
MGM China
- Net revenues of $268 million in
the current quarter compared to $296 million in the prior year
quarter, a decrease of 9%, and a decrease of 63% compared to
$734 million in the first quarter of 2019. The current and
prior year quarter were significantly impacted by travel and entry
restrictions in Macau; and
- Adjusted Property EBITDAR loss of $26
million in the current quarter compared to Adjusted Property
EBITDAR of $5 million in the prior year quarter, and
$193 million in the first quarter of
2019. The current quarter included a charge of $18 million related to litigation reserves.
Adjusted Diluted Earnings Per Share
The following table reconciles diluted loss per share ("EPS") to
Adjusted EPS (approximate EPS impact shown, per share; positive
adjustments represent charges to income):
Three Months Ended March 31,
|
2022
|
|
2021
|
Diluted loss per
share
|
$
(0.06)
|
|
$
(0.69)
|
Property transactions,
net
|
0.12
|
|
0.05
|
Non-operating
items:
|
|
|
|
Gain related to equity investment
|
(0.03)
|
|
—
|
Foreign currency loss on MGM China senior notes
|
0.02
|
|
0.01
|
Change in fair value of unhedged MGP swaps
|
(0.03)
|
|
(0.04)
|
Unconsolidated
affiliate items:
|
|
|
|
Change in fair value of unhedged CityCenter swaps
|
—
|
|
(0.01)
|
Income tax impact on
net income adjustments(1)
|
(0.01)
|
|
—
|
Adjusted diluted
earnings (loss) per share
|
$
0.01
|
|
$
(0.68)
|
|
|
(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 March 31,
|
2022
|
|
2021
|
%
Change
|
|
(Dollars in millions)
|
|
Casino
Revenue
|
$
475
|
|
$
232
|
105%
|
Table Games
Drop
|
$
1,203
|
|
$
529
|
127%
|
Table Games
Win
|
$
296
|
|
$
127
|
132%
|
Table Games Win
%
|
24.6%
|
|
24.1%
|
|
Slots Handle
|
$
4,607
|
|
$
2,301
|
100%
|
Slots Win
|
$
427
|
|
$
212
|
101%
|
Slots Win %
|
9.3%
|
|
9.2%
|
|
The following table shows key hotel statistics for Las Vegas
Strip Resorts:
Three Months Ended March 31,
|
2022
|
|
2021
|
%
Change
|
Room Revenue (In
millions)
|
$
485
|
|
$
144
|
236%
|
Occupancy(1)
|
78%
|
|
46%
|
|
Average daily rate
(ADR)
|
$
197
|
|
$
129
|
53%
|
Revenue per available
room (REVPAR)(1)(4)
|
$
154
|
|
$
60
|
157%
|
|
|
(1)
|
Rooms that were out of
service, including midweek closures, during the three months ended
March 31, 2021 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 March 31,
|
2022
|
|
2021
|
%
Change
|
|
(Dollars in millions)
|
|
Casino
Revenue
|
$
704
|
|
$
597
|
18%
|
Table Games
Drop
|
$
1,021
|
|
$
819
|
25%
|
Table Games
Win
|
$
216
|
|
$
173
|
25%
|
Table Games Win
%
|
21.2%
|
|
21.2%
|
|
Slots Handle
|
$
6,662
|
|
$
5,384
|
24%
|
Slots Win
|
$
638
|
|
$
526
|
21%
|
Slots Win %
|
9.6%
|
|
9.8%
|
|
MGM China
The following table shows key gaming statistics for MGM
China:
Three Months Ended March 31,
|
2022
|
|
2021
|
%
Change
|
|
(Dollars in millions)
|
|
Casino
Revenue
|
$
231
|
|
$
262
|
(12)%
|
VIP Table Games
Turnover
|
$
963
|
|
$
2,373
|
(59)%
|
VIP Table Games
Win
|
$
23
|
|
$
78
|
(71)%
|
VIP Table Games Win
%
|
2.4%
|
|
3.3%
|
|
Main Floor Table Games
Drop
|
$
1,096
|
|
$
1,044
|
6%
|
Main Floor Table Games
Win
|
$
239
|
|
$
230
|
5%
|
Main Floor Table Games
Win %
|
21.8%
|
|
22.0%
|
|
License fee expense was $5 million
in each of the current quarter and prior year quarter.
Corporate Expense
Corporate expense, including share-based compensation for
corporate employees, increased to $111
million in the first quarter of 2022, from $78 million in the prior year quarter, partially
due to an increase in payroll expense as the prior year quarter
reflected the impact of temporary closures due to the pandemic. The
current quarter also included $9
million in transaction costs.
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of operating loss from unconsolidated
affiliates:
Three Months Ended March 31,
|
2022
|
|
2021
|
|
(In thousands)
|
CityCenter
|
$
—
|
|
$
(2,831)
|
MGP BREIT
Venture
|
38,936
|
|
38,962
|
BetMGM
|
(91,993)
|
|
(59,236)
|
Other
|
6,219
|
|
(2,474)
|
|
$
(46,838)
|
|
$
(25,579)
|
MGM Growth Properties
During the first quarter of 2022, the Company made rent payments
to MGM Growth Properties Operating Partnership LP ("MGP Operating
Partnership") in the amount of $218
million and received distributions of $58 million from the MGP Operating Partnership.
On April 14, 2022, MGM Growth
Properties LLC ("MGP") paid a dividend of $83 million and the Company concurrently received
a $59 million distribution.
MGM Resorts Dividend and Share
Repurchases
On May 2, 2022, the Company's
Board of Directors approved a quarterly dividend of $0.0025 per share. The dividend will be payable
on June 15, 2022 to holders of record
on June 10, 2022.
On March 2, 2022 the Company
announced that its Board of Directors had authorized a new
$2.0 billion stock repurchase
program, which is in addition to the Company's existing
February 2020 $3.0 billion stock repurchase plan. During the
first quarter of 2022, the Company repurchased approximately 23
million shares of its common stock at an average price of
$42.92 per share for an aggregate
amount of $1.0 billion, pursuant to
the February 2020 $3.0 billion stock repurchase plan. The aggregate
remaining availability under the March
2022 $2.0 billion stock
repurchase program and February 2020
$3.0 billion stock repurchase program
was $2.2 billion as of March 31, 2022. 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
9652143.
A replay of the call will be available through May 9, 2022. The replay may be accessed by
dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is
6483627.
1."Adjusted EPS" is diluted earnings or loss per share adjusted
to exclude preopening and start-up expenses, property transactions,
net, loss related to equity investment, foreign currency loss
related to MGM China's U.S. dollar-denominated debt, mark-to-market
adjustments related to MGP's unhedged interest rate swaps, 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, 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, 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, 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, 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, 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 MGP that eliminates
in consolidation.
"Same-Store Adjusted Property EBITDAR" is Adjusted Property
EBITDAR further adjusted to exclude the Adjusted Property EBITDAR
of acquired operating segments from the date of acquisition through
the end of the reporting period and to exclude the Adjusted
Property EBITDAR of disposed operating segments from the beginning
of the reporting period through the date of disposition.
Accordingly, the Company has excluded the Adjusted Property EBITDAR
of Aria for periods subsequent to its acquisition on September 27, 2021 and the Adjusted Property
EBITDAR of Circus Circus Las Vegas for periods prior to its
disposition on December 19, 2019 in
Same-Store Adjusted Property EBITDAR for the periods included in
this release.
Same-Store Adjusted Property EBITDAR 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 meaningful period-to-period comparisons of the results of
the Company's operations for operating segments that were
consolidated by the Company for the full period presented to assist
investors in reviewing the Company's operating performance over
time. Same-Store Adjusted Property EBITDAR should not be viewed as
a measure of overall operating performance, considered in
isolation, or as an alternative to the Company's reportable segment
GAAP measure or net income, or to any other measure determined in
accordance with generally accepted accounting principles, because
this measure is not presented on a GAAP basis, and is provided for
the limited purposes discussed herein. In addition, Same-Store
Adjusted Property EBITDAR 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, and such
differences may be material. A reconciliation of the Company's
reportable segment Adjusted Property EBITDAR GAAP measure to
Same-Store Adjusted Property EBITDAR is included in the financial
schedules in this release.
"Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted
Property EBITDAR" and "Table Games Hold Adjusted Las Vegas Strip
Resorts Same-Store Adjusted Property EBITDAR" are supplemental
non-GAAP financial measures, that, in addition to the reasons
described above for the presentation of Adjusted Property EBITDAR
and Same-Store Adjusted Property EBITDAR, are presented to adjust
for the impact of certain variances in table games win percentages
compared to the mid-point of the expected ranges. Table Games Hold
Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR and
Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store
Adjusted Property EBITDAR are 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. Table Games Hold Adjusted Las Vegas Strip
Resorts Same-Store Adjusted Property EBITDAR excludes the Adjusted
Property EBITDAR of acquired operating segments from the date of
acquisition through the end of the reporting period and the
Adjusted Property EBITDAR of disposed operating segments from the
beginning of the reporting period through the date of disposition,
and also excludes the hold adjustment related to such acquired and
disposed operating segments for the respective periods. Table Games
Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR and
Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store
Adjusted Property EBITDAR are also adjusted for the gaming taxes,
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. Table Games Hold Adjusted
Las Vegas Strip Resorts Adjusted Property EBITDAR and Table Games
Hold Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property
EBITDAR should not be viewed as a measure of overall operating
performance, considered in isolation, or as an alternative to the
Company's reportable segment GAAP measure or net income, or to any
other measure determined in accordance with generally accepted
accounting principles, because this measure is not presented on a
GAAP basis, and is provided for the limited purposes discussed
herein. In addition, Table Games Hold Adjusted Las Vegas Strip
Resorts Adjusted Property EBITDAR and Table Games Hold Adjusted Las
Vegas Strip Resorts Same-Store Adjusted Property EBITDAR may not be
defined in the same manner by all companies and, as a result, may
not be comparable to similarly titled non-GAAP financials measures
of other companies, and such differences may be material. A
reconciliation of the Company's reportable segment Adjusted
Property EBITDAR GAAP measure to Table Games Hold Adjusted Las
Vegas Strip Resorts Same-Store Adjusted Property EBITDAR is
included in the financial schedules in this release.
Adjusted EBITDAR information is a non-GAAP measure that 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,
an indicator of the Company's performance, considered in isolation,
or construed as an alternative to operating income or net income,
or as an alternative to cash flows from operating activities, as a
measure of liquidity, or as an alternative to any other measure
determined in accordance with generally accepted accounting
principles, 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.
In addition, other companies in the gaming and hospitality
industries that report Adjusted EBITDAR may calculate Adjusted
EBITDAR in a different manner and such differences may be material.
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.
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 "Table Games Hold Adjusted Las Vegas Strip Resorts
Same-Store Net Revenues" are additional supplemental non-GAAP
financial measures that are presented to adjust Las Vegas Strip
Resorts net revenues for the impact of certain variances in 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 Same-Store Net Revenues excludes the net
revenues of acquired operating segments from the date of
acquisition through the end of the reporting period and the net
revenues of disposed operating segments from the beginning of the
reporting period through the date of disposition, and also excludes
the hold adjustment related to such acquired and disposed operating
segments for the respective periods. Table Games Hold Adjusted Las
Vegas Strip Resorts Net Revenues and Table Games Hold Adjusted Las
Vegas Strip Resorts Same-Store Net Revenues are also adjusted for
the 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 Table Games
Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues
present consistent measures in providing period-to-period
comparisons and are useful measures in assisting investors in
evaluating the Company's operating performance, and that Table
Games Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues
is useful in providing meaningful period-to-period comparisons of
the results of the Company's operations for operating segments that
were consolidated by the Company for the full period presented to
assist investors in reviewing the Company's operating performance
over time. Table Games Hold Adjusted Las Vegas Strip Resorts Net
Revenues and Table Games Hold Adjusted Las Vegas Strip Resorts
Same-Store Net Revenues should not be construed as alternatives to
GAAP net revenues or to any other measure determined in accordance
with generally accepted accounting principles and 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, and such differences may be material.
Reconciliations of GAAP net revenues to Table Games Hold Adjusted
Las Vegas Strip Resorts Net Revenues and Table Games Hold Adjusted
Las Vegas Strip Resorts Same-Store Net Revenues are included in the
financial schedules in this release.
4. REVPAR is hotel revenue per available room.
*
* *
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 announced transactions
and any benefits expected to be received from such transactions,
future results, including the continued impact of COVID-19 pandemic
on its results of operations and the duration of such impact,
expectations regarding the Company's liquidity position, the
Company's ability to execute on its strategic plans and growth
projects, including obtaining commercial gaming in New York, the development of an integrated
resort in Japan, the closing of
the LeoVegas transaction, 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
|
|
ANDREW
CHAPMAN
|
|
Director of Investor Relations
|
|
(702) 693-8711 or
achapman@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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
|
|
|
$
|
1,420,910
|
|
$
|
1,098,633
|
|
|
|
|
|
|
|
Rooms
|
|
|
|
|
|
|
557,073
|
|
|
198,419
|
|
|
|
|
|
|
|
Food and
beverage
|
|
|
|
|
492,854
|
|
|
157,412
|
|
|
|
|
|
|
|
Entertainment,
retail and other
|
|
|
|
|
371,566
|
|
|
135,222
|
|
|
|
|
|
|
|
Reimbursed
costs
|
|
|
|
|
11,906
|
|
|
58,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,854,309
|
|
|
1,647,747
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
|
|
|
|
674,365
|
|
|
551,905
|
|
|
|
|
|
|
|
Rooms
|
|
|
|
|
|
|
196,113
|
|
|
104,213
|
|
|
|
|
|
|
|
Food and
beverage
|
|
|
|
|
368,662
|
|
|
135,227
|
|
|
|
|
|
|
|
Entertainment,
retail and other
|
|
|
|
|
218,749
|
|
|
78,381
|
|
|
|
|
|
|
|
Reimbursed
costs
|
|
|
|
|
11,906
|
|
|
58,061
|
|
|
|
|
|
|
|
General and
administrative
|
|
|
|
|
776,837
|
|
|
546,407
|
|
|
|
|
|
|
|
Corporate
expense
|
|
|
|
|
111,241
|
|
|
78,037
|
|
|
|
|
|
|
|
Preopening and
start-up expenses
|
|
|
|
|
434
|
|
|
5
|
|
|
|
|
|
|
|
Property
transactions, net
|
|
|
|
|
54,738
|
|
|
26,071
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
288,638
|
|
|
290,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,701,683
|
|
|
1,868,858
|
|
|
|
|
|
|
Loss from
unconsolidated affiliates
|
|
|
|
|
(46,838)
|
|
|
(25,579)
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
|
105,788
|
|
|
(246,690)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
|
|
|
(196,091)
|
|
|
(195,295)
|
|
|
|
|
|
|
|
Non-operating items
from unconsolidated affiliates
|
|
|
|
|
(15,133)
|
|
|
(20,836)
|
|
|
|
|
|
|
|
Other,
net
|
|
|
|
|
|
34,302
|
|
|
32,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(176,922)
|
|
|
(183,946)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
|
|
|
(71,134)
|
|
|
(430,636)
|
|
|
|
|
|
|
|
Benefit for income
taxes
|
|
|
|
|
36,341
|
|
|
94,698
|
|
|
|
|
|
|
Net
loss
|
|
|
|
|
|
|
(34,793)
|
|
|
(335,938)
|
|
|
|
|
|
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
|
|
|
16,777
|
|
|
4,109
|
|
|
|
|
|
|
Net loss
attributable to MGM Resorts International
|
|
|
|
$
|
(18,016)
|
|
$
|
(331,829)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
$
|
(0.06)
|
|
$
|
(0.69)
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
$
|
(0.06)
|
|
$
|
(0.69)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
442,916
|
|
|
494,864
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
442,916
|
|
|
494,864
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
$
|
|
|
|
2,719,115
|
|
$
|
4,703,059
|
|
Restricted cash
(1)
|
|
|
|
|
|
|
|
|
500,101
|
|
|
500,000
|
|
Accounts receivable,
net
|
|
|
|
|
|
|
|
|
593,466
|
|
|
583,915
|
|
Inventories
|
|
|
|
|
|
|
|
|
|
102,050
|
|
|
96,374
|
|
Income tax
receivable
|
|
|
|
|
|
|
|
|
234,659
|
|
|
273,862
|
|
Prepaid expenses and
other
|
|
|
|
|
|
|
|
365,554
|
|
|
258,972
|
|
|
Total current
assets
|
|
|
|
|
|
|
|
|
4,514,945
|
|
|
6,416,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
|
|
|
|
|
|
14,144,526
|
|
|
14,435,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
|
|
|
|
|
|
1,008,144
|
|
|
967,044
|
|
Goodwill
|
|
|
|
|
|
|
|
|
|
3,474,861
|
|
|
3,480,997
|
|
Other intangible
assets, net
|
|
|
|
|
|
|
|
3,555,466
|
|
|
3,616,385
|
|
Operating lease
right-of-use assets, net
|
|
|
|
|
|
|
|
11,438,442
|
|
|
11,492,805
|
|
Other long-term
assets, net
|
|
|
|
|
|
|
|
513,621
|
|
|
490,210
|
|
|
Total other
assets
|
|
|
|
|
|
|
|
|
19,990,534
|
|
|
20,047,441
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
38,650,005
|
|
$
|
40,899,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
|
|
$
|
|
|
|
281,225
|
|
$
|
263,097
|
|
Construction
payable
|
|
|
|
|
|
|
|
|
20,703
|
|
|
23,099
|
|
Current portion of
long-term debt
|
|
|
|
|
|
|
|
1,250,000
|
|
|
1,000,000
|
|
Accrued interest on
long-term debt
|
|
|
|
|
|
|
|
169,630
|
|
|
172,624
|
|
Other accrued
liabilities
|
|
|
|
|
|
|
|
|
1,878,043
|
|
|
1,983,444
|
|
|
Total current
liabilities
|
|
|
|
|
|
|
|
|
3,599,601
|
|
|
3,442,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
|
|
|
|
|
|
|
2,442,618
|
|
|
2,439,364
|
Long-term debt,
net
|
|
|
|
|
|
|
|
|
10,507,140
|
|
|
11,770,797
|
Other long-term
obligations
|
|
|
|
|
|
|
|
|
280,077
|
|
|
319,914
|
Operating lease
liabilities
|
|
|
|
|
|
|
|
|
11,810,047
|
|
|
11,802,464
|
Redeemable
noncontrolling interest
|
|
|
|
|
|
|
|
130,898
|
|
|
147,547
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
issued
and outstanding 430,562,057 and 453,803,759
shares
|
|
|
|
|
|
|
|
|
4,306
|
|
|
4,538
|
|
Capital in excess of
par value
|
|
|
|
|
|
|
|
761,559
|
|
|
1,750,135
|
|
Retained
earnings
|
|
|
|
|
|
|
|
|
4,321,482
|
|
|
4,340,588
|
|
Accumulated other
comprehensive loss
|
|
|
|
|
|
|
|
(22,007)
|
|
|
(24,616)
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
|
|
|
|
|
|
5,065,340
|
|
|
6,070,645
|
|
Noncontrolling
interests
|
|
|
|
|
|
|
|
|
4,814,284
|
|
|
4,906,121
|
|
|
Total stockholders'
equity
|
|
|
|
|
|
|
|
9,879,624
|
|
|
10,976,766
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
38,650,005
|
|
$
|
40,899,116
|
|
(1) Relates to the
acquisition of The Cosmopolitan of Las Vegas
|
MGM RESORTS INTERNATIONAL AND
SUBSIDIARIES
|
SUPPLEMENTAL DATA - NET
REVENUES
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
March 31,
|
March 31,
|
|
March 31,
|
|
|
|
|
|
|
2022
|
|
2021
|
|
2019
|
Las Vegas Strip Resorts (1)
|
|
|
|
|
$
|
1,662,892
|
|
$
|
544,964
|
|
$
|
1,428,188
|
Regional Operations
|
|
|
|
|
|
890,829
|
|
|
711,351
|
|
|
803,945
|
MGM China
|
|
|
|
|
|
268,375
|
|
|
296,354
|
|
|
734,204
|
Management and other operations
|
|
|
|
|
32,213
|
|
|
95,078
|
|
|
210,574
|
|
|
|
|
|
$
|
2,854,309
|
|
$
|
1,647,747
|
|
$
|
3,176,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA -
ADJUSTED PROPERTY EBITDAR and ADJUSTED EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
2019
|
Las Vegas Strip
Resorts (1)
|
|
|
|
|
$
|
593,634
|
|
$
|
108,119
|
|
$
|
403,651
|
Regional
Operations
|
|
|
|
|
|
|
313,279
|
|
|
241,982
|
|
|
211,797
|
MGM
China
|
|
|
|
|
|
|
(25,656)
|
|
|
4,775
|
|
|
192,811
|
Unconsolidated
affiliates (2)
|
|
|
|
|
|
(88,484)
|
|
|
(67,251)
|
|
|
40,482
|
Management and other
operations
|
|
|
|
|
(3,601)
|
|
|
13,586
|
|
|
30,656
|
Stock
compensation
|
|
|
|
|
|
|
(23,344)
|
|
|
(16,029)
|
|
|
(16,295)
|
Corporate
|
|
|
|
|
|
|
(95,424)
|
|
|
(67,297)
|
|
|
(115,374)
|
|
|
|
|
|
|
$
|
670,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The three months
ended March 31, 2022 includes the operating results of Aria, which
was consolidated 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. Includes the operating results of CityCenter during
the three months ended March 31, 2021 and 2019
|
MGM RESORTS INTERNATIONAL AND
SUBSIDIARIES
|
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO
MGM RESORTS INTERNATIONAL TO ADJUSTED EBITDAR
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
March 31,
|
|
March 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
2021
|
|
2019
|
|
|
|
|
|
|
Net income (loss) attributable to MGM Resorts
International
|
|
|
|
|
$
|
(18,016)
|
|
$
|
(331,829)
|
|
$
|
31,297
|
|
|
|
|
|
|
Plus: Net income (loss) attributable to
noncontrolling interests
|
|
|
|
|
|
(16,777)
|
|
|
(4,109)
|
|
|
34,860
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
|
|
|
|
|
|
(34,793)
|
|
|
(335,938)
|
|
|
66,157
|
|
|
|
|
|
|
(Benefit) provision for income
taxes
|
|
|
|
|
|
|
|
(36,341)
|
|
|
(94,698)
|
|
|
71,511
|
|
|
|
|
|
|
Income (loss) before income
taxes
|
|
|
|
|
|
|
|
(71,134)
|
|
|
(430,636)
|
|
|
137,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating (income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts
capitalized
|
|
|
|
|
|
|
196,091
|
|
|
195,295
|
|
|
216,120
|
|
|
|
|
|
|
Other, net
|
|
|
|
|
|
|
|
|
|
(19,169)
|
|
|
(11,349)
|
|
|
16,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
176,922
|
|
|
183,946
|
|
|
232,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
|
|
|
|
|
|
105,788
|
|
|
(246,690)
|
|
|
370,260
|
|
|
|
|
|
|
Preopening and start-up
expenses
|
|
|
|
|
|
|
|
434
|
|
|
5
|
|
|
3,287
|
|
|
|
|
|
|
Property transactions,
net
|
|
|
|
|
|
|
|
|
54,738
|
|
|
26,071
|
|
|
8,776
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
288,638
|
|
|
290,551
|
|
|
316,414
|
|
|
|
|
|
|
Restructuring
|
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
41,098
|
|
|
|
|
|
|
Triple net operating lease and ground lease
rent expense
|
|
|
|
|
|
262,452
|
|
|
189,620
|
|
|
7,893
|
|
|
|
|
|
|
Income from unconsolidated affiliates related
to real estate ventures
|
|
|
|
|
(41,646)
|
|
|
(41,672)
|
|
|
-
|
|
|
|
|
|
|
Adjusted EBITDAR
|
|
|
|
|
|
|
|
|
$
|
670,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
Las Vegas Strip Resorts net
revenues
|
$
|
1,662,892
|
|
$
|
544,964
|
|
|
|
|
|
|
Hold adjustment (1)
|
|
(7,832)
|
|
|
(1,071)
|
|
|
|
|
|
|
Table Games Hold Adjusted Las Vegas Strip Resorts Net
Revenues
|
$
|
1,655,060
|
|
$
|
543,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Strip Resorts Adjusted Property
EBITDAR
|
$
|
593,634
|
|
$
|
108,119
|
|
|
|
|
|
|
Hold adjustment (2)
|
|
(6,665)
|
|
|
(945)
|
|
|
|
|
|
|
Table Games Hold Adjusted Las Vegas Strip Resorts
Adjusted Property EBITDAR
|
$
|
586,969
|
|
$
|
107,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 LAS VEGAS STRIP RESORTS NET
REVENUES TO TABLE GAMES HOLD ADJUSTED LAS VEGAS STRIP RESORTS
SAME-STORE NET REVENUES AND
|
|
LAS VEGAS STRIP RESORTS ADJUSTED PROPERTY
EBITDAR TO LAS VEGAS STRIP RESORTS SAME-STORE ADJUSTED
PROPERTY EBITDAR
|
|
AND TABLE GAMES HOLD ADJUSTED LAS VEGAS STRIP
RESORTS SAME-STORE ADJUSTED PROPERTY EBITDAR
|
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
2019
|
|
|
|
|
|
|
Las Vegas Strip Resorts net
revenues
|
|
|
|
|
|
|
|
$
|
1,662,892
|
|
$
|
1,428,188
|
|
|
|
|
|
|
Acquisitions (1)
|
|
|
|
|
|
|
|
|
|
(311,293)
|
|
|
-
|
|
|
|
|
|
|
Dispositions (1)
|
|
|
|
|
|
|
|
|
|
-
|
|
|
(59,290)
|
|
|
|
|
|
|
Las Vegas Strip Resorts same-store net
revenues
|
|
|
|
|
|
|
|
|
1,351,599
|
|
|
1,368,898
|
|
|
|
|
|
|
Hold adjustment (2)
|
|
|
|
|
|
|
|
|
|
(9,608)
|
|
|
5,290
|
|
|
|
|
|
|
Table Games Hold Adjusted Las Vegas Strip Resorts
Same-Store Net Revenues
|
|
|
|
|
|
$
|
1,341,991
|
|
$
|
1,374,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Strip Resorts Adjusted Property
EBITDAR
|
|
|
|
|
|
|
$
|
593,634
|
|
$
|
403,651
|
|
|
|
|
|
|
Acquisitions (1)
|
|
|
|
|
|
|
|
|
|
(121,220)
|
|
|
-
|
|
|
|
|
|
|
Dispositions (1)
|
|
|
|
|
|
|
|
|
|
-
|
|
|
(12,538)
|
|
|
|
|
|
|
Las Vegas Strip Resorts Same-Store Adjusted Property
EBITDAR
|
|
|
|
|
|
|
|
472,414
|
|
|
391,113
|
|
|
|
|
|
|
Hold adjustment (3)
|
|
|
|
|
|
|
|
|
|
(8,169)
|
|
|
4,472
|
|
|
|
|
|
|
Table Games Hold Adjusted Las Vegas Strip Resorts
Same-Store Adjusted Property EBITDAR
|
|
|
|
|
$
|
464,245
|
|
$
|
395,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company has
excluded the net revenues and Adjusted Property EBITDAR of Aria
(including Vdara) for periods subsequent to its acquisition on
September 27, 2021
and the net revenues and Adjusted Property EBITDAR of Circus Circus
Las Vegas for periods prior to its disposition on December 19, 2019
in determining Table Games Hold
Adjusted Las Vegas Strip Resorts Same-Store Net Revenues, Las Vegas
Strip Resorts Same-Store Adjusted Property EBITDAR, and Table Games
Hold Adjusted Las Vegas Strip
Resorts Same-Store Adjusted Property EBITDAR.
|
(2) 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. The Company has excluded the hold
adjustment related to Aria (including Vdara) for periods subsequent
to its acquisition on September 27, 2021
and the hold adjustment related to Circus Circus Las Vegas for
periods prior to its disposition on December 19, 2019 in
determining Table Games Hold Adjusted Las Vegas Strip
Resorts Same-Store Net Revenues and Table Games Hold Adjusted Las
Vegas Strip Resorts Same-Store Adjusted Property
EBITDAR.
|
(3) 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 (2) above.
|
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SOURCE MGM Resorts International