MGM MIRAGE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands) (Unaudited)
Three Months Ended Twelve
Months Ended
December 31, December 31, December 31, December 31,
2002 2001
2002 2001 Revenues:
Casino
$533,583 $487,677 $2,189,720
$2,163,808
Rooms
207,034 181,683
841,481 837,288
Food and beverage 190,224 167,708
757,602 725,335
Entertainment,
retail
and other 160,521
150,717 670,810
653,442
1,091,362 987,785
4,459,613 4,379,873
Less:
promotional
allowances 108,643
98,051 428,318
407,071
982,719 889,734 4,031,295
3,972,802
Expenses:
Casino
277,234 266,375 1,104,124
1,123,583
Rooms
60,092 51,927
229,568 233,434
Food and beverage 115,752
94,596 427,763
412,684
Entertainment,
retail
and other 108,734
100,114 433,585
439,205
Provision for
doubtful
accounts
7,616 12,499
28,352 71,244
General and
administrative 158,564
142,574 611,866
596,334
Corporate expense 11,671
8,117 43,856
37,724
Preopening and
start-up
expenses
9,115 2,035
21,467 5,106
Restructuring
costs (credit) (6,600)
3,825 (17,021)
23,721
Write-downs and
impairments 2,134
571 14,712
47,955
Depreciation and
amortization 101,656
98,692 398,623
390,726
845,968 781,325 3,296,895
3,381,716
Income from
unconsolidated
affiliate
7,268 6,547
32,361 36,816
Operating Income
144,019 114,956
766,761 627,902
Non-Operating
Income
(Expense):
Interest income 931
918 4,515
6,106
Interest expense, net (82,414)
(75,281) (295,626) (349,478)
Interest
expense from
unconsolidated
affiliate
-- (378)
(596) (2,370)
Other, net
(457) (1,660)
(8,740) (4,571)
(81,940) (76,401) (300,447)
(350,313)
Income Before
Income Taxes and
Extraordinary Item
62,079 38,555
466,314 277,589
Provision for income taxes
(23,035) (14,867) (173,551) (106,996)
Income Before
Extraordinary
Item 39,044
23,688 292,763
170,593
Extraordinary
Item:
Loss on Early
Extinguishment
of Debt, net --
-- (328)
(778)
Net Income
$39,044 $23,688
$292,435 $169,815
Per Share Of
Common Stock:
Basic:
Income Before
Extraordinary
Item
$0.25 $0.15
$1.85 $1.07
Extraordinary Item, net
-- --
-- --
Net Income
Per Share $0.25
$0.15 $1.85
$1.07
Weighted
Average Shares
Outstanding
(000's) 155,387
157,336 157,809
158,771
Diluted:
Income Before
Extraordinary
Item
$0.25 $0.15
$1.83 $1.06
Extraordinary Item, net
-- --
-- --
Net Income
Per Share $0.25
$0.15 $1.83
$1.06
Weighted
Average Shares
Outstanding
(000's) 157,229
158,994 159,940
160,822
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
2002 2001
2002 2001
Net Income
$39,044 $23,688
$292,435 $169,815
Preopening
and
start-up
expenses,
net 7,220
1,323 15,249
3,319
Restructuring
costs
(credit),
net (4,290)
2,486 (11,064)
15,418
Write-downs
and
impairments,
net 1,387
371 9,563
31,171
Management
agreement
termination
fee,
net
-- --
(7,419) --
Extraordinary
item,
net
-- --
328 778
Adjusted Earnings
$43,361 $27,868
$299,092 $220,501
Per Share Of
Common Stock:
Basic:
Net Income
$0.25 $0.15
$1.85 $1.07
Preopening
and start-up
expenses, net 0.05
0.01 0.10
0.02
Restructuring
costs
(credit), net (0.03)
0.02 (0.07)
0.10
Write-downs and
impairments, net 0.01
-- 0.06
0.20
Management
agreement
termination
fee, net
-- --
(0.04) --
Extraordinary
item, net
-- --
-- --
Adjusted Earnings $0.28
$0.18 $1.90
$1.39
Weighted
Average Shares
Outstanding
(000's) 155,387
157,336 157,809
158,771
Diluted:
Net Income
$0.25 $0.15
$1.83 $1.06
Preopening
and start-up
expenses, net 0.05
0.01 0.10
0.02
Restructuring
costs
(credit), net (0.03)
0.02 (0.07)
0.10
Write-downs and
impairments, net 0.01
-- 0.06
0.19
Management
agreement
termination
fee, net
-- --
(0.05) --
Extraordinary
item, net
-- --
-- --
Adjusted Earnings $0.28
$0.18 $1.87
$1.37
Weighted
Average Shares
Outstanding
(000's) 157,229
158,994 159,940
160,822
MGM MIRAGE AND SUBSIDIARIES SUPPLEMENTAL DATA -
PROPERTY OPERATING RESULTS (in thousands)
Three Months Ended Twelve
Months Ended
December 31, December 31, December 31, December 31,
2002 2001
2002 2001
NET REVENUES:
Bellagio $232,163
$202,183 $970,867
$936,279
MGM Grand
Las Vegas 190,840
156,545 734,086
714,859
The Mirage 137,749
124,280 571,305
602,566
Treasure Island 81,006
78,012 343,673
354,952
New York-New York 56,464
47,360 218,298
209,312
Primm Valley
Resorts
48,330 46,920
209,538 206,676
Golden Nugget
Las Vegas 46,152
43,033 176,729
176,242
Golden Nugget
Laughlin 10,242
11,018 45,073
46,740
MGM Grand Detroit 95,130
96,294 391,064
360,334
Beau Rivage 66,750
67,375 290,585
294,543
Boardwalk
8,297 7,577
32,665 34,246
MGM Grand Australia 9,596
8,356 35,320
31,784
MGM Grand
South Africa
-- 781
12,092 4,269
$982,719 $889,734 $4,031,295
$3,972,802
EBITDA:
Bellagio $67,985
$56,186 $336,304
$288,352
MGM Grand
Las Vegas 50,644
35,387 212,877
174,266
The Mirage 31,966
26,175 152,151
155,243
Treasure Island 19,986
17,074 95,004
94,160
New York-New York 21,010
17,251 86,145
82,527
Primm Valley
Resorts
5,760 8,172
35,012 42,309
Golden Nugget
Las Vegas 6,824
7,563 25,415
32,671
Golden Nugget
Laughlin
554 704
4,658 3,613
MGM Grand Detroit 34,229
40,418 157,540
144,346
Beau Rivage 10,792
7,811 60,086
56,372
Income from
Unconsolidated
Affiliate 7,268
6,547 32,361
36,816
Boardwalk
962 307
4,450 4,539
MGM Grand Australia 4,015
3,838 14,314
13,715
MGM Grand
South Africa
-- 763
12,081 4,205
$261,995 $228,196 $1,228,398
$1,133,134
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL STATISTICAL INFORMATION
Three Months Ended Twelve Months
Ended
December 31, December 31, December 31, December 31,
2002 2001
2002 2001
ROOM STATISTICS:
Bellagio
Occupancy % 90.2%
91.3% 93.9%
94.1%
Average Daily
Rate (ADR) $188
$156 $180
$174
Revenue per
Available Room
(REVPAR) $170
$143 $169
$163
MGM Grand Las Vegas
Occupancy % 85.6%
81.7% 90.6%
91.2%
Average Daily
Rate (ADR) $114
$107 $111
$112
Revenue per
Available Room
(REVPAR) $98
$87 $101
$103
The Mirage
Occupancy % 88.5%
89.7% 94.1%
94.3%
Average Daily
Rate (ADR) $118
$105 $118
$119
Revenue per
Available Room
(REVPAR) $104
$94 $111
$112
Treasure Island
Occupancy % 92.6%
90.5% 94.9%
94.3%
Average Daily
Rate (ADR) $94
$84 $93
$95
Revenue per
Available Room
(REVPAR) $87
$76 $88
$90
New York-New York
Occupancy % 92.8%
89.8% 95.2%
94.6%
Average Daily
Rate (ADR) $96
$81 $92
$86
Revenue per
Available Room
(REVPAR) $89
$72 $88
$81
Primm Valley Resorts
Occupancy % 56.5%
51.2% 61.7%
57.9%
Average Daily
Rate (ADR) $38
$38 $37
$38
Revenue per
Available Room
(REVPAR) $21
$19 $23
$22
Golden Nugget
Las Vegas
Occupancy % 89.3%
88.4% 94.3%
94.2%
Average Daily
Rate (ADR) $62
$61 $60
$62
Revenue per
Available Room
(REVPAR) $56
$53 $56
$58
Golden Nugget
Laughlin
Occupancy % 74.1%
81.4% 83.8%
90.8%
Average Daily
Rate (ADR) $35
$34 $38
$33
Revenue per
Available Room
(REVPAR) $26
$28 $32
$30
Beau Rivage
Occupancy % 88.8%
89.2% 92.1%
93.9%
Average Daily
Rate (ADR) $75
$73 $86
$79
Revenue per
Available Room
(REVPAR) $66
$65 $79
$75
Boardwalk
Occupancy % 75.0%
73.4% 73.8%
84.1%
Average Daily
Rate (ADR) $62
$58 $62
$64
Revenue per
Available Room
(REVPAR) $47
$43 $46
$53
MGM Grand Australia
Occupancy % 59.7%
70.7% 71.8%
74.1%
Average Daily
Rate (ADR) $65
$55 $68
$58
Revenue per
Available Room
(REVPAR) $39
$39 $49
$43
MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(Unaudited)
ASSETS
December 31, December 31,
2002 2001
CURRENT ASSETS:
Cash and cash equivalents
$211,234 $208,971
Accounts receivable, net
139,935 144,374
Inventories
83,582 78,037
Income tax receivable
-- 12,077
Deferred income taxes
84,348 148,845
Prepaid expenses and other
86,311 69,623
Total current assets
605,410 661,927
PROPERTY AND
EQUIPMENT, NET 8,762,445
8,891,645
OTHER ASSETS:
Investment in unconsolidated
affiliates
710,802 632,949
Goodwill and other intangible
assets, net
256,108 139,178
Deposits and other assets, net
170,220 171,744
Total other assets
1,137,130 943,871
$10,504,985 $10,497,443
LIABILITIES
AND S
CURRENT LIABILITIES:
Accounts payable
$69,959 $75,787
Income taxes payable
637
--
Current portion of long-term debt
6,956 168,079
Accrued interest on long-term debt
80,310 78,938
Other accrued liabilities
596,523 565,106
Total current liabilities
754,385 887,910
DEFERRED INCOME
TAXES
1,765,114 1,746,272
LONG-TERM
DEBT
5,213,778 5,295,313
OTHER LONG-TERM
OBLIGATIONS
107,564 57,248
S
Common stock ($.01 par value:
authorized 300,000,000 shares,
issued 166,393,025 and 163,685,876
shares and outstanding
154,574,225 and 157,396,176
shares)
1,664 1,637
Capital in excess of par value
2,125,626 2,049,841
Deferred compensation
(27,034)
--
Treasury stock, at cost
(11,818,800 and 6,289,700 shares) (317,432)
(129,399)
Retained earnings
890,206 597,771
Other comprehensive loss
(8,886) (9,150)
Total stockholders' equity
2,664,144 2,510,700
$10,504,985 $10,497,443 |