- Record Adjusted Property EBITDAR in 4Q and full year 2022 for
Las Vegas Strip Resorts and Regional Operations
- Share buybacks of $2.8 billion in
2022 and $352 million in 4Q22
- New $2 billion share repurchase
program authorized by the Board of Directors
- Closed on the sale of the operations of The Mirage for
$1.1 billion in cash
- Awarded new 10-year gaming concession in Macau
LAS
VEGAS, Feb. 8, 2023 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter and year ended
December 31, 2022.
"We achieved our fifth consecutive quarter of record-breaking
Las Vegas Strip Resorts Adjusted Property EBITDAR in the fourth
quarter," said Bill Hornbuckle,
Chief Executive Officer and President of MGM Resorts. "What we
accomplished in 2022 is nothing short of remarkable, and is a
testament to our strategic plan, scale, brand strength, talented
team, loyalty program, and the diverse geographies and channels in
which we operate. We believe that there is strong momentum in our
business and our 2023 outlook remains bright, driven by a robust
events calendar domestically, MGM China's rapid year-to-date return
to profitability and BetMGM's ongoing improvement in 2023."
"We achieved exceptional results in the fourth quarter and
remain optimistic in our outlook for this year. We are also focused
on free cash flow and believe our company presents a compelling
yield, especially when taking into account the value in our share
price for excess cash, our ownership value of MGM China and
BetMGM," said Jonathan Halkyard,
Chief Financial Officer and Treasurer of MGM Resorts. "Our share
buyback program continues to return capital to shareholders as we
have already repurchased 4 million shares for $164 million year-to-date, adding to the 76
million shares we repurchased in 2022 and totaling approximately
$4.7 billion since 2021. Beyond this,
our Board of Directors authorized an additional $2 billion for share buybacks."
Fourth Quarter 2022 Financial
Highlights:
Consolidated Results
- Consolidated net revenues of $3.6
billion, an increase of 18% compared to the prior year
quarter. The current quarter benefited from the inclusion of the
operating results of The Cosmopolitan of Las Vegas ("The Cosmopolitan"), which was
acquired in May 2022, partially
offset by the disposition of The Mirage in December 2022. Additionally, results improved
over the prior year quarter due to an increase in business volume
and travel activity primarily at the Las Vegas Strip Resorts and
Regional Operations;
- Operating loss was $2 million
compared to operating income of $369
million in the prior year quarter due primarily to a
$1.2 billion increase in noncash
amortization expense relating to the MGM Grand Paradise gaming
subconcession and an increase of $338
million of rent expense recorded within general &
administrative expense related to the VICI and The Cosmopolitan
leases, which commenced in April 2022
and May 2022, respectively, partially
offset by a $1.1 billion gain on the
disposition of The Mirage in the current quarter;
- Net income attributable to MGM Resorts of $284 million, which was impacted by the items
affecting operating loss discussed above, compared to $131 million in the prior year quarter;
- Diluted earnings per share of $0.69 in the current quarter compared to
$0.23 in the prior year
quarter;
- Adjusted diluted earnings per share ("Adjusted
EPS")(1) was a loss of $1.53 in the current quarter compared to Adjusted
EPS of $0.12 in the prior year
quarter; and
- Consolidated Adjusted EBITDAR(2) of $957 million in the current quarter.
Las Vegas Strip Resorts
- Net revenues of $2.3 billion in
the current quarter compared to $1.8
billion in the prior year quarter, an increase of 27%. The
current quarter benefited from the inclusion of The Cosmopolitan
and an increase in business volume and travel activity compared to
the prior year quarter, partially offset by the disposition of The
Mirage;
- Same-store net revenues (adjusted for acquisitions and
dispositions) of $1.8 billion in the
current quarter compared to $1.7
billion in the prior year quarter, an increase of 11%;
- Adjusted Property EBITDAR(2) of $877 million in the current quarter compared to
$699 million in the prior year
quarter, an increase of 26%;
- Same-Store Adjusted Property EBITDAR(2) of
$691 million in the current quarter
compared to $651 million in the prior
year quarter, an increase of 6%; and
- Adjusted Property EBITDAR margin(2) of 38.2% in the
current quarter compared to 38.7% in the prior year quarter, a
decrease of 50 basis points due primarily to an increase in
contribution from lower-margin non-gaming outlets and venues.
Regional Operations
- Net revenues of $991 million in
the current quarter compared to $900
million in the prior year quarter, an increase of 10% due to
an increase in business volume;
- Adjusted Property EBITDAR of $320
million in the current quarter compared to $309 million in the prior year quarter, an
increase of 3%; and
- Adjusted Property EBITDAR margin of 32.2% in the current
quarter compared to 34.4% in the prior year quarter, a decrease of
215 basis points compared to the prior year quarter due to an
increase in contribution from lower-margin non-gaming outlets and
venues and an increase in general and administrative expenses as
the prior year quarter included a benefit of $16 million for insurance recoveries related to
Hurricane Zeta.
MGM China
- Net revenues of $175 million in
the current quarter compared to $315
million in the prior year quarter, a decrease of 44%. The
current quarter was negatively affected by a three-day COVID-19
related property closure at MGM Cotai and was more significantly
impacted by travel and entry restrictions in Macau compared to the prior year quarter;
and
- Adjusted Property EBITDAR loss of $55
million compared to Adjusted Property EBITDAR of
$5 million in the prior year
quarter.
Adjusted EPS
The following table reconciles diluted earnings per share
("EPS") to Adjusted EPS (approximate EPS impact shown, per share;
positive adjustments represent charges to income):
Three Months Ended December 31,
|
2022
|
|
2021
|
Diluted earnings per
share
|
$
0.69
|
|
$
0.23
|
Property transactions,
net
|
(2.74)
|
|
(0.15)
|
Non-operating
items:
|
|
|
|
Investments and
other
|
(0.10)
|
|
0.02
|
Foreign currency gain
on MGM China senior notes
|
(0.02)
|
|
—
|
Change in fair value
of unhedged MGP swaps
|
—
|
|
(0.01)
|
Income tax impact on
net income adjustments (1)
|
0.64
|
|
0.03
|
Adjusted EPS
|
$
(1.53)
|
|
$
0.12
|
|
|
(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 2022 Financial
Highlights:
Consolidated Results
- Consolidated net revenues of $13.1 billion in the current year compared
to $9.7 billion in the prior
year, an increase of 36%. The current year includes the operating
results of The Cosmopolitan upon its acquisition in May 2022, a full year of Aria and Vdara
(collectively "Aria") due to its acquisition in September 2021, and the results of The Mirage
until its disposition in December
2022;
- Operating income was $1.4 billion compared to $2.3 billion in the prior year, due to a
$2.5 billion increase in noncash
amortization expense of the MGM Grand Paradise gaming subconcession
and an increase of $1.1 billion
of rent expense related to triple-net operating leases and ground
leases due primarily to The Cosmopolitan lease, the Aria lease, and
VICI lease, partially offset by the $2.3
billion gain on REIT transactions, net and the $1.1 billion gain on the disposition of The
Mirage in the current year, and also due to the prior year results
including the $1.6 billion gain
on consolidation of CityCenter, net;
- Net income attributable to MGM Resorts of $1.5 billion in 2022, which was impacted by the
items affecting operating income discussed above, compared to
$1.3 billion in the prior year;
- Diluted earnings per share of $3.49 in 2022 compared to $2.41 in 2021;
- Adjusted EPS loss of $2.74
in 2022, compared to Adjusted EPS loss of $0.67 in 2021; and
- Consolidated Adjusted EBITDAR of $3.5
billion in 2022.
Las Vegas Strip Resorts
- Net revenues of $8.4 billion in
the current year compared to $4.7
billion in the prior year, an increase of 77%;
- Same-store net revenues (adjusted for acquisitions and
dispositions) of $5.6 billion in the
current year compared to $4.0 billion
in the prior year, an increase of 42%;
- Adjusted Property EBITDAR of $3.1
billion in the current year compared to $1.7 billion in the prior year, an increase
of 81%;
- Same-Store Adjusted Property EBITDAR of $2.1 billion in the current year compared to
$1.5 billion in the prior year, an
increase of 42%; and
- Adjusted Property EBITDAR margin of 37.4% in the current
year compared to 36.7% in the prior year, an increase of 72 basis
points.
Regional Operations
- Net revenues of $3.8 billion in
the current year compared to $3.4
billion in the prior year, an increase of 12%;
- Adjusted Property EBITDAR of $1.3
billion in the current year compared to $1.2 billion in the prior year, an increase
of 6%; and
- Adjusted Property EBITDAR margin of 33.9% in the current year
compared to 35.9% in the prior year, a decrease of 197 basis points
due primarily to an increase in contribution from lower-margin
non-gaming outlets and venues.
MGM China
- Net revenues of $674 million in
the current year compared to $1.2
billion in the prior year, a decrease of 44%; and
- MGM China Adjusted Property EBITDAR loss of $203 million in the current year compared to
Adjusted Property EBITDAR of $25
million in the prior year.
Adjusted EPS
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,
|
2022
|
|
2021
|
Diluted earnings per
share
|
$
3.49
|
|
$
2.41
|
Property transactions,
net
|
(2.53)
|
|
(0.15)
|
Preopening and start-up
expenses
|
—
|
|
0.01
|
Gain on REIT
transactions, net
|
(5.52)
|
|
—
|
Gain on consolidation
of CityCenter, net
|
—
|
|
(3.21)
|
Non-operating
items:
|
|
|
|
Foreign currency loss
on MGM China senior notes
|
—
|
|
0.02
|
Investments and
other
|
(0.03)
|
|
(0.06)
|
Change in fair value
of foreign currency contracts
|
0.09
|
|
—
|
Change in fair value
of unhedged MGP swaps
|
(0.03)
|
|
(0.04)
|
Unconsolidated
affiliate items:
|
|
|
|
Change in fair value
of CityCenter swaps
|
—
|
|
(0.02)
|
Gain related to sale
of Harmon land
|
—
|
|
(0.10)
|
Income tax impact on
net income adjustments (1)
|
1.79
|
|
0.47
|
Adjusted EPS
|
$
(2.74)
|
|
$
(0.67)
|
|
|
(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.
|
The current year also included a non-cash income tax benefit of
$296 million to record the deferred
tax impact of the extension of the exemption from the Macau 12% complementary tax and a non-cash
income tax benefit of $37 million to
record the impact of the VICI transaction on state deferred tax
liabilities, partially offset by a non-cash income tax charge of
$90 million resulting from an
increase in the valuation allowance on Macau deferred tax assets and a non-cash
income tax charge of $59 million to
record the deferred tax impact of income tax regulations governing
combined reporting in New Jersey
that were issued during the year.
Las Vegas Strip Resorts
The following table shows key gaming statistics for Las Vegas
Strip Resorts:
Three Months Ended December 31,
|
2022
|
|
2021
|
%
Change
|
|
(Dollars in millions)
|
|
Casino
revenue
|
$
554
|
|
$
541
|
2 %
|
Table games
drop
|
$
1,569
|
|
$
1,374
|
14 %
|
Table games
win
|
$
375
|
|
$
333
|
13 %
|
Table games win
%
|
23.9 %
|
|
24.3 %
|
|
Slots handle
|
$
6,668
|
|
$
5,286
|
26 %
|
Slots win
|
$
625
|
|
$
485
|
29 %
|
Slots win %
|
9.4 %
|
|
9.2 %
|
|
The following table shows key hotel statistics for Las Vegas
Strip Resorts:
Three Months Ended December 31,
|
2022
|
|
2021
|
%
Change
|
Rooms revenue (In
millions)
|
$
813
|
|
$
557
|
46 %
|
Occupancy
|
91 %
|
|
86 %
|
|
Average daily rate
(ADR)
|
$
260
|
|
$
201
|
30 %
|
Revenue per available
room (REVPAR)(3)
|
$
238
|
|
$
173
|
38 %
|
Regional Operations
The following table shows key gaming statistics for Regional
Operations:
Three Months Ended December 31,
|
2022
|
|
2021
|
%
Change
|
|
(Dollars in millions)
|
|
Casino
revenue
|
$
742
|
|
$
697
|
6 %
|
Table games
drop
|
$
1,206
|
|
$
1,119
|
8 %
|
Table games
win
|
$
273
|
|
$
198
|
38 %
|
Table games win
%
|
22.6 %
|
|
17.7 %
|
|
Slots handle
|
$
7,036
|
|
$
6,768
|
4 %
|
Slots win
|
$
676
|
|
$
652
|
4 %
|
Slots win %
|
9.6 %
|
|
9.6 %
|
|
MGM China
The following table shows key gaming statistics for MGM
China:
Three Months Ended December 31,
|
2022
|
|
2021
|
%
Change
|
|
(Dollars in millions)
|
|
Casino
revenue
|
$
145
|
|
$
273
|
(47) %
|
VIP table games
turnover
|
$
980
|
|
$
1,736
|
(44) %
|
VIP table games
win
|
$
19
|
|
$
51
|
(62) %
|
VIP table games win
%
|
2.0 %
|
|
2.9 %
|
|
Main floor table games
drop
|
$
638
|
|
$
1,165
|
(45) %
|
Main floor table games
win
|
$
152
|
|
$
262
|
(42) %
|
Main floor table games
win %
|
23.8 %
|
|
22.5 %
|
|
License fee expense was $3 million
in the current quarter and $6 million
in the prior year quarter.
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,
|
2022
|
|
2021
|
|
(In thousands)
|
VICI BREIT
Venture
|
$
—
|
|
$
38,941
|
BetMGM
|
(47,660)
|
|
(56,907)
|
Other
|
7,335
|
|
9,919
|
|
$
(40,325)
|
|
$
(8,047)
|
MGM Resorts Share Repurchases
During the fourth quarter of 2022, the Company repurchased
approximately 11 million shares of its common stock at an average
price of $32.96 per share for an
aggregate amount of $352 million,
pursuant to the March 2022 repurchase
plan. The remaining availability under the March 2022 repurchase plan was $475 million as of December 31, 2022. All shares repurchased under
the Company's program have been retired.
On February 8, 2023, the Company
announced that its Board of Directors had authorized a new
$2.0 billion share repurchase plan.
Furthermore, the Company announced that our Board of Directors had
determined to suspend our ongoing regular dividends in order to
focus on our preferred method of returning value to shareholders
through our share repurchase plan. To the extent the Company
determines to reinstate the dividend in the future, the amount,
declaration and payment of any future dividends will be subject to
the discretion of the Board of Directors who will evaluate the
Company's dividend policy from time to time based on factors it
deems relevant, and contractual limitations.
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
4136853.
A replay of the call will be available through February 15, 2023. The replay may be accessed by
dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is
7300752. 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 transactions, net, gain on consolidation of
CityCenter, net, foreign currency gain/loss related to MGM China's
U.S. dollar-denominated debt, net gain/loss related to equity
investments for which the Company has elected the fair value option
of ASC 825 and equity investments accounted for under ASC 321 for
which there is a readily determinable fair value and net gain/loss
related to the Company's debt securities, change in the fair value
of foreign currency contracts, 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, rent expense related to
triple-net operating leases 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, property transactions, net, gain on REIT transactions,
net, rent expense related to triple-net operating leases and ground
leases, income from unconsolidated affiliates related to
investments in real estate ventures, and also excludes gain on
consolidation of CityCenter, net, gain related to CityCenter's sale
of Harmon land recorded within income from unconsolidated
affiliates, 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 eliminated 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 The Cosmopolitan for periods subsequent to its acquisition on
May 17, 2022, Aria for periods
subsequent to its acquisition on September
27, 2021, and The Mirage for the periods prior to its
disposition on December 19, 2022 in
Same-Store Adjusted Property EBITDAR for the periods indicated, as
applicable.
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 for the full period presented to assist users of the
financial statements in reviewing 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 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 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 is Same-Store Adjusted
Property EBITDAR adjusted to exclude the hold adjustments 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 related to
triple-net operating leases and ground leases. Management believes
excluding rent expense related to 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 related to triple-net operating leases
and ground leases, and is 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.
"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 herein. 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 described herein 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.
3. REVPAR is hotel revenue per available room.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500®
global gaming and 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 32 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
sports betting and online gaming in North
America through market-leading brands, including BetMGM and
partypoker, and the Company's subsidiary, LeoVegas AB, offers
sports betting and online gaming through market-leading brands in
several jurisdictions throughout Europe. 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 any benefits expected to be received from
the Company's recent transactions, future results of the Company
(including the Company's ability to maintain a strong balance
sheet), and its unconsolidated affiliates, including BetMGM,
expectations regarding the Company's free cash flow and free cash
flow yield, 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
|
|
|
|
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
|
|
Twelve Months
Ended
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
$
|
1,548,762
|
|
$
|
1,527,818
|
|
$
|
5,734,173
|
|
$
|
5,362,912
|
|
Rooms
|
|
|
|
897,943
|
|
|
636,130
|
|
|
3,057,145
|
|
|
1,690,037
|
|
Food and
beverage
|
|
710,646
|
|
|
515,049
|
|
|
2,604,238
|
|
|
1,391,605
|
|
Entertainment,
retail and other
|
|
421,691
|
|
|
369,577
|
|
|
1,686,236
|
|
|
1,009,503
|
|
Reimbursed
costs
|
|
13,174
|
|
|
8,318
|
|
|
45,693
|
|
|
226,083
|
|
|
|
|
|
|
3,592,216
|
|
|
3,056,892
|
|
|
13,127,485
|
|
|
9,680,140
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
|
796,444
|
|
|
742,320
|
|
|
2,746,576
|
|
|
2,551,169
|
|
Rooms
|
|
|
|
252,602
|
|
|
198,578
|
|
|
937,272
|
|
|
600,942
|
|
Food and
beverage
|
|
527,876
|
|
|
383,431
|
|
|
1,905,625
|
|
|
1,034,780
|
|
Entertainment,
retail and other
|
|
262,707
|
|
|
232,342
|
|
|
1,017,817
|
|
|
617,635
|
|
Reimbursed
costs
|
|
13,174
|
|
|
8,318
|
|
|
45,693
|
|
|
226,083
|
|
General and
administrative
|
|
1,208,541
|
|
|
747,348
|
|
|
4,226,617
|
|
|
2,507,239
|
|
Corporate
expense
|
|
131,003
|
|
|
135,756
|
|
|
479,118
|
|
|
422,777
|
|
Preopening and
start-up expenses
|
|
504
|
|
|
3,452
|
|
|
1,876
|
|
|
5,094
|
|
Property
transactions, net
|
|
(1,060,701)
|
|
|
(68,578)
|
|
|
(1,036,997)
|
|
|
(67,736)
|
|
Gain on REIT
transactions, net
|
|
-
|
|
|
-
|
|
|
(2,277,747)
|
|
|
-
|
|
Gain on
consolidation of CityCenter, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,562,329)
|
|
Depreciation and
amortization
|
|
1,421,637
|
|
|
297,031
|
|
|
3,482,050
|
|
|
1,150,610
|
|
|
|
|
|
|
3,553,787
|
|
|
2,679,998
|
|
|
11,527,900
|
|
|
7,486,264
|
Income (loss) from
unconsolidated affiliates
|
|
(40,325)
|
|
|
(8,047)
|
|
|
(160,213)
|
|
|
84,823
|
Operating income
(loss)
|
|
(1,896)
|
|
|
368,847
|
|
|
1,439,372
|
|
|
2,278,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(137,132)
|
|
|
(201,477)
|
|
|
(594,954)
|
|
|
(799,593)
|
|
Non-operating items
from unconsolidated affiliates
|
|
(1,209)
|
|
|
(15,770)
|
|
|
(23,457)
|
|
|
(83,243)
|
|
Other,
net
|
|
|
106,160
|
|
|
(4,361)
|
|
|
82,838
|
|
|
65,941
|
|
|
|
|
|
|
(32,181)
|
|
|
(221,608)
|
|
|
(535,573)
|
|
|
(816,895)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
(34,077)
|
|
|
147,239
|
|
|
903,799
|
|
|
1,461,804
|
|
Provision for income
taxes
|
|
(285,937)
|
|
|
(31,152)
|
|
|
(697,068)
|
|
|
(253,415)
|
Net income
(loss)
|
|
|
(320,014)
|
|
|
116,087
|
|
|
206,731
|
|
|
1,208,389
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
604,016
|
|
|
14,926
|
|
|
1,266,362
|
|
|
45,981
|
Net income
attributable to MGM Resorts International
|
$
|
284,002
|
|
$
|
131,013
|
|
$
|
1,473,093
|
|
$
|
1,254,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.69
|
|
$
|
0.23
|
|
$
|
3.52
|
|
$
|
2.44
|
|
Diluted
|
|
|
$
|
0.69
|
|
$
|
0.23
|
|
$
|
3.49
|
|
$
|
2.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
384,018
|
|
|
465,360
|
|
|
409,201
|
|
|
481,930
|
|
Diluted
|
|
|
|
386,932
|
|
|
470,037
|
|
|
412,993
|
|
|
487,356
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
5,911,893
|
|
$
|
4,703,059
|
|
Restricted cash
(1)
|
|
|
-
|
|
|
500,000
|
|
Accounts receivable,
net
|
|
|
852,149
|
|
|
583,915
|
|
Inventories
|
|
|
|
126,065
|
|
|
96,374
|
|
Income tax
receivable
|
|
|
73,016
|
|
|
273,862
|
|
Prepaid expenses and
other
|
|
583,132
|
|
|
258,972
|
|
Assets held for
sale
|
|
|
608,437
|
|
|
-
|
|
|
Total current
assets
|
|
|
8,154,692
|
|
|
6,416,182
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
5,223,928
|
|
|
14,435,493
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
173,039
|
|
|
967,044
|
|
Goodwill
|
|
|
|
5,029,312
|
|
|
3,480,997
|
|
Other intangible
assets, net
|
|
|
1,551,252
|
|
|
3,616,385
|
|
Operating lease
right-of-use assets, net
|
|
24,530,929
|
|
|
11,492,805
|
|
Other long-term
assets, net
|
|
|
1,029,054
|
|
|
490,210
|
|
|
Total other
assets
|
|
|
32,313,586
|
|
|
20,047,441
|
|
|
|
|
|
|
$
|
45,692,206
|
|
$
|
40,899,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts and
construction payable
|
$
|
369,817
|
|
$
|
286,196
|
|
Current portion of
long-term debt
|
|
1,286,473
|
|
|
1,000,000
|
|
Accrued interest on
long-term debt
|
|
83,451
|
|
|
172,624
|
|
Other accrued
liabilities
|
|
|
2,236,323
|
|
|
1,983,444
|
|
Liabilities related
to assets held for sale
|
|
539,828
|
|
|
-
|
|
|
Total current
liabilities
|
|
|
4,515,892
|
|
|
3,442,264
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
|
2,969,443
|
|
|
2,439,364
|
Long-term debt,
net
|
|
|
|
7,432,817
|
|
|
11,770,797
|
Operating lease
liabilities
|
|
|
25,149,299
|
|
|
11,802,464
|
Other long-term
obligations
|
|
|
256,282
|
|
|
319,914
|
Redeemable
noncontrolling interests
|
|
158,350
|
|
|
147,547
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued
and outstanding 379,087,524 and 453,803,759
shares
|
|
3,791
|
|
|
4,538
|
|
Capital in excess of
par value
|
|
-
|
|
|
1,750,135
|
|
Retained
earnings
|
|
|
4,794,239
|
|
|
4,340,588
|
|
Accumulated other
comprehensive income (loss)
|
|
33,499
|
|
|
(24,616)
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
4,831,529
|
|
|
6,070,645
|
|
Noncontrolling
interests
|
|
|
378,594
|
|
|
4,906,121
|
|
|
Total stockholders'
equity
|
|
5,210,123
|
|
|
10,976,766
|
|
|
|
|
|
|
$
|
45,692,206
|
|
$
|
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
|
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
December
31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Las Vegas Strip
Resorts
|
|
$
|
2,297,282
|
|
$
|
1,806,686
|
|
$
|
8,398,372
|
|
$
|
4,737,185
|
Regional
Operations
|
|
|
991,452
|
|
|
899,607
|
|
|
3,815,885
|
|
|
3,392,363
|
MGM
China
|
|
|
174,720
|
|
|
314,717
|
|
|
673,593
|
|
|
1,210,761
|
Management and other
operations
|
|
|
128,762
|
|
|
35,882
|
|
|
239,635
|
|
|
339,831
|
|
|
$
|
3,592,216
|
|
$
|
3,056,892
|
|
$
|
13,127,485
|
|
$
|
9,680,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Las Vegas Strip
Resorts
|
|
$
|
877,052
|
|
$
|
698,739
|
|
$
|
3,142,308
|
|
$
|
1,738,211
|
Regional
Operations
|
|
|
319,517
|
|
|
309,250
|
|
|
1,294,630
|
|
|
1,217,814
|
MGM
China
|
|
|
(54,979)
|
|
|
5,015
|
|
|
(203,136)
|
|
|
25,367
|
Unconsolidated
affiliates (1)
|
|
|
(43,029)
|
|
|
(49,698)
|
|
|
(222,079)
|
|
|
(131,590)
|
Management and other
operations
|
|
|
(3,037)
|
|
|
2,087
|
|
|
(11,934)
|
|
|
15,766
|
Stock
compensation
|
|
|
(25,159)
|
|
|
(26,494)
|
|
|
(71,297)
|
|
|
(63,984)
|
Corporate
(2)
|
|
|
(113,058)
|
|
|
(117,491)
|
|
|
(431,238)
|
|
|
(380,501)
|
|
|
$
|
957,307
|
|
|
|
|
$
|
3,497,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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 Company's share of operating results of CityCenter
through September 26, 2021 during the twelve months ended December
31, 2021.
|
(2) Three months
ended December 31, 2022 includes amounts related to MGM China of $5
million, global development of $6 million, and transaction costs of
$2 million. Twelve months ended December 31, 2022 includes amounts related
to MGM China of $18 million, global development of $20 million, and
transaction costs of $42 million. Three months ended
December 31, 2021 includes amounts
related to MGM China of $4 million, global development of $10
million, and transaction costs of $8 million. Twelve months ended
December 31, 2021
includes amounts related to MGM China of $16 million, global
development of $23 million, and transaction costs of $34
million.
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF NET INCOME 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,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net income
attributable to MGM Resorts International
|
|
$
|
284,002
|
|
$
|
131,013
|
|
$
|
1,473,093
|
|
$
|
1,254,370
|
Plus: Net
loss attributable to noncontrolling interests
|
|
|
(604,016)
|
|
|
(14,926)
|
|
|
(1,266,362)
|
|
|
(45,981)
|
Net income
(loss)
|
|
|
(320,014)
|
|
|
116,087
|
|
|
206,731
|
|
|
1,208,389
|
Provision for
income taxes
|
|
|
285,937
|
|
|
31,152
|
|
|
697,068
|
|
|
253,415
|
Income (loss) before
income taxes
|
|
|
(34,077)
|
|
|
147,239
|
|
|
903,799
|
|
|
1,461,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
|
137,132
|
|
|
201,477
|
|
|
594,954
|
|
|
799,593
|
Other,
net
|
|
|
(104,951)
|
|
|
20,131
|
|
|
(59,381)
|
|
|
17,302
|
|
|
|
32,181
|
|
|
221,608
|
|
|
535,573
|
|
|
816,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
(1,896)
|
|
|
368,847
|
|
|
1,439,372
|
|
|
2,278,699
|
Preopening
and start-up expenses
|
|
|
504
|
|
|
3,452
|
|
|
1,876
|
|
|
5,094
|
Property
transactions, net
|
|
|
(1,060,701)
|
|
|
(68,578)
|
|
|
(1,036,997)
|
|
|
(67,736)
|
Depreciation
and amortization
|
|
|
1,421,637
|
|
|
297,031
|
|
|
3,482,050
|
|
|
1,150,610
|
Gain on REIT
transactions, net
|
|
|
-
|
|
|
-
|
|
|
(2,277,747)
|
|
|
-
|
Gain on
consolidation of CityCenter, net
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,562,329)
|
Triple net
operating lease and ground lease rent expense
|
|
|
600,467
|
|
|
262,307
|
|
|
1,950,566
|
|
|
833,158
|
Gain related
to sale of Harmon land - unconsolidated affiliate
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(49,755)
|
Income from
unconsolidated affiliates related to real estate
ventures
|
|
|
(2,704)
|
|
|
(41,651)
|
|
|
(61,866)
|
|
|
(166,658)
|
Adjusted
EBITDAR
|
|
$
|
957,307
|
|
|
|
|
$
|
3,497,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Las Vegas Strip
Resorts Net Revenues
|
|
$
|
2,297,282
|
|
$
|
1,806,686
|
|
$
|
8,398,372
|
|
$
|
4,737,185
|
Hold Adjustment
(1)
|
|
|
(2,984)
|
|
|
(9,854)
|
|
|
(6,122)
|
|
|
(27,482)
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Net Revenues
|
|
$
|
2,294,298
|
|
$
|
1,796,832
|
|
$
|
8,392,250
|
|
$
|
4,709,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Strip
Resorts Adjusted Property EBITDAR
|
|
$
|
877,052
|
|
$
|
698,739
|
|
$
|
3,142,308
|
|
$
|
1,738,211
|
Hold Adjustment
(2)
|
|
|
(2,638)
|
|
|
(8,520)
|
|
|
(5,105)
|
|
|
(23,574)
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Adjusted Property
EBITDAR
|
|
$
|
874,414
|
|
$
|
690,219
|
|
$
|
3,137,203
|
|
$
|
1,714,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the
estimated incremental table games win or loss had the 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) Includes
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
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Las Vegas Strip
Resorts Net Revenues
|
|
$
|
2,297,282
|
|
$
|
1,806,686
|
|
$
|
8,398,372
|
|
$
|
4,737,185
|
Acquisitions
(1)
|
|
|
(317,689)
|
|
|
-
|
|
|
(2,226,495)
|
|
|
(366,879)
|
Dispositions
(2)
|
|
|
(137,802)
|
|
|
(152,537)
|
|
|
(559,858)
|
|
|
(419,063)
|
Las Vegas Strip
Resorts Same-Store Net Revenues
|
|
|
1,841,791
|
|
|
1,654,149
|
|
|
5,612,019
|
|
|
3,951,243
|
Hold Adjustment
(3)
|
|
|
(7,592)
|
|
|
(8,861)
|
|
|
(45,183)
|
|
|
(27,631)
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Same-Store Net
Revenues
|
|
$
|
1,834,199
|
|
$
|
1,645,288
|
|
$
|
5,566,836
|
|
$
|
3,923,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Strip
Resorts Adjusted Property EBITDAR
|
|
$
|
877,052
|
|
$
|
698,739
|
|
$
|
3,142,308
|
|
$
|
1,738,211
|
Acquisitions
(1)
|
|
|
(144,267)
|
|
|
-
|
|
|
(908,841)
|
|
|
(159,930)
|
Dispositions
(2)
|
|
|
(41,537)
|
|
|
(48,131)
|
|
|
(159,267)
|
|
|
(122,127)
|
Las Vegas Strip
Resorts Same-Store Adjusted Property EBITDAR
|
|
|
691,248
|
|
|
650,608
|
|
|
2,074,200
|
|
|
1,456,154
|
Hold Adjustment
(4)
|
|
|
(6,580)
|
|
|
(7,666)
|
|
|
(38,551)
|
|
|
(23,688)
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property
EBITDAR
|
|
$
|
684,668
|
|
$
|
642,942
|
|
$
|
2,035,649
|
|
$
|
1,432,466
|
|
|
(1) Excludes the net
revenues and Adjusted Property EBITDAR of The Cosmopolitan for the
three months ended December 31, 2022 and The Cosmopolitan and Aria
for the twelve months ended December 31, 2022 and
2021.
|
(2) Excludes the net
revenues and Adjusted Property EBITDAR of The
Mirage.
|
(3) Represents the
estimated incremental table games win or loss had the 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 and excludes the hold
adjustment for the acquired and disposed resorts in footnote (1)
& (2) above.
|
(4) Includes
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 (3) above.
|
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SOURCE MGM Resorts International