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MGM Resorts International Reports Q4 Net Loss of $139 million
Compared to $434 million Q4 2009

LAS VEGAS, Feb. 14, 2011 -- MGM Resorts International (NYSE: MGM) today announced a fourth quarter net loss of $139 million, or $0.29 per share, compared to a net loss of $434 million, or $0.98 per share in the prior year quarter.  The current quarter results include a $32 million, or $0.07 per share, reduction in the Company’s income tax benefit as a result of providing reserves for certain state-level deferred tax assets.  The prior year results include impairment charges totaling $548 million, or $0.73 per share, related to the Company’s undeveloped land holdings in Atlantic City.

Key results for the fourth quarter 2010 included the following:

  • Net revenue was $1.5 billion;
  • Adjusted Property EBITDA (1) attributable to wholly-owned operations was $267 million;
  • MGM Macau reported a record quarter with operating income of $119 million, including depreciation expense of $23 million;
  • CityCenter reported Adjusted Property EBITDA related to its resort operations of $36 million; and
  • The Company received approximately $192 million from MGM Macau, which represents a full repayment of the Company’s interest and non-interest bearing notes to the joint venture.

“2010 has been a transformational year for MGM Resorts International from a balance sheet and liquidity perspective.  We have built the foundation needed to benefit from an economic recovery and are highly focused on initiatives such as M life, our new customer loyalty program, to improve our business,” said Jim Murren, MGM Resorts International Chairman and CEO. “We are encouraged in early 2011 by the level of business activity we are seeing.  Our forward booking pace is currently ahead of last year led by a stronger convention mix which we believe will position our Company to have a better year than last.”

The Company significantly improved its financial position by extending the maturity of its $3.5 billion credit facility to 2014 and raising an additional $3 billion of debt and equity capital during 2010.  In addition, MGM Macau, which is 50% owned by the Company, entered into a new $950 million senior secured credit facility in August 2010 and CityCenter Holdings LLC, which is also 50% owned by the Company, recently extended the maturity of $500 million of its credit facility and raised $1.5 billion of senior secured first lien and second lien notes.

“We made significant improvements to our balance sheet during the year, raising capital and extending our debt maturities at MGM Resorts, MGM Macau and CityCenter, providing us with a strong liquidity profile,” said Dan D’Arrigo, MGM Resorts International Executive Vice President and CFO. “We remain focused on continuing to strengthen our balance sheet, growing cash flows and positioning our resort portfolio for future growth.”

Discussion of Fourth Quarter Operating Results

The following table lists items which affect the comparability of the current and prior year quarterly results (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):

Three months ended December 31,

2010

2009


Preopening and start-up expenses

$       —

$    (0.04)


Atlantic City undeveloped land impairment charge

(0.73)


Income (loss) from unconsolidated affiliates:




     CityCenter residential inventory impairment charge

(0.02)


     CityCenter forfeited residential deposits income

0.01


Loss on retirement of long-term debt

(0.01)


Tax adjustments

(0.07)







Fourth quarter net revenue for 2010 was $1.5 billion. Excluding reimbursed costs revenue (approximately $87 million in 2010 and $57 million in 2009) mainly related to the Company’s management of CityCenter, net revenue decreased 1% from the fourth quarter of 2009.

Fourth quarter casino revenue decreased 3% compared to the prior year, with slots revenue increasing 2% and table games revenue down 11%.  The Company’s table games volume decreased 13%.  The overall table games hold percentage was slightly lower in 2010 than the prior year quarter and was near the low end of the Company’s normal range.

Rooms revenue decreased 5% from the prior year, excluding the impact of resort fees. Las Vegas Strip occupancy decreased from 86% to 84%, and ADR was $110, consistent with the prior year quarter; REVPAR (2) decreased 2%.  If resort fees were included, rooms revenue and REVPAR would have been up 1% and 2%, respectively.

Operating income for the fourth quarter of 2010 was $107 million compared to a $487 million operating loss in the fourth quarter of 2009.  The 2009 quarter included a $548 million impairment charge related to the Company’s Atlantic City land and $25 million related to the Company’s share of CityCenter’s preopening costs. Adjusted Property EBITDA attributable to wholly-owned operations was $267 million in the 2010 quarter, down 5% compared to $281 million in the 2009 quarter.

Income from Unconsolidated Affiliates

The Company had income from unconsolidated affiliates of $27 million in the fourth quarter of 2010 compared to $25 million in the prior year period.  The current year includes an increase of $49 million in the Company’s share of operating income from MGM Macau, offset by a $37 million increase in the Company’s share of operating losses from CityCenter. The prior year fourth quarter included $8 million for the Company’s share of operating income from Borgata.

MGM Macau reported operating income of $119 million in the fourth quarter of 2010, which included depreciation expense of $23 million, compared to operating income of $22 million in the 2009 fourth quarter, which included depreciation expense of $24 million.  

Results for CityCenter for the fourth quarter of 2010 include the following (see schedules accompanying this release for further detail on CityCenter Holdings, LLC’s fourth quarter and full year 2010 results):

  • Net revenue was $257 million, including $26 million related to residential operations, of which $8 million was related to forfeited residential deposits;
  • Aria’s net revenue was $198 million and Adjusted Property EBITDA was $30 million.  Aria’s hold percentage was near the high end of its expected range;
  • Aria’s occupancy percentage was 80% and its average daily rate was $190, resulting in REVPAR of $152, a 7% improvement compared to the third quarter;
  • Crystals generated $6 million in Adjusted Property EBITDA and was approximately 80% occupied at December 31, 2010; and
  • A $27 million impairment charge was incurred related to Veer residential inventory.

CityCenter completed the following financing transactions in January 2011:

  • Issued $900 million of 7.625% senior secured first lien notes due 2016;
  • Issued $600 million of 10.75% senior secured second lien PIK toggle notes due 2017 which give CityCenter the choice of paying interest in cash or in additional debt.  The interest rate on these notes increases by 0.75% if CityCenter elects to pay interest in the form of additional debt;
  • Amended and restated CityCenter’s previous credit facility which extended the maturity of $500 million of the credit facility to January 2015.  Amounts in excess of $500 million were repaid using the proceeds of the first and second lien notes.  The remaining $500 million credit facility is in the form of a term loan and is secured on a pari passu basis with the first lien notes and by a first priority lien on substantially all of CityCenter’s assets and those of its subsidiaries;
  • Received total equity contributions of $73 million from the members; and
  • Established a $159 million interest escrow account for the benefit of the lenders under the restated credit facility and the holders of the first lien notes.

Full Year 2010 Results

(Results are presented on a same store basis excluding TI)

Net revenue for 2010 was $6.0 billion. Net revenue excluding reimbursed costs revenue (which was approximately $359 million in 2010 and $99 million in 2009), was $5.7 billion, a decrease of 3% from 2009.  Operating loss increased from $1.0 billion in 2009 to $1.2 billion in 2010. Adjusted Property EBITDA from wholly-owned operations was $1.2 billion for 2010 compared to $1.3 billion in 2009.

Loss per share for 2010 was $3.19 compared to a loss of $3.41 per share in 2009. The following table lists significant items that affect the comparability of the current year and prior year annual results (EPS impact shown, net of tax, per share; negative amounts represent charges to income):

Year ended December 31,

2010

2009


Monte Carlo business interruption (recorded as a reduction of




   general and administrative expenses)

0.03


Preopening and start-up expenses

(0.01)

(0.09)


Property transactions net:




     Atlantic City Renaissance Pointe land holdings impairment


(0.85)


     Investment in Borgata impairment

(0.18)


     Gain on Sale of TI

0.31


     Investment in CityCenter impairment

(1.88)

(1.63)


     Other property transactions

(0.01)

(0.02)


Income (loss) from unconsolidated affiliates:




     CityCenter joint venture residential impairment charge

(0.24)

(0.35)


     CityCenter forfeited residential deposits income

0.08


     Borgata joint venture insurance proceeds

0.02


     North Las Vegas Strip joint venture impairment charge

(0.02)


Other, net:




     Convertible note impairment charge

(0.30)


     Gain (loss) on retirement of long-term debt

0.19

(0.11)


     Tax adjustments

(0.07)







Financial Position

At December 31, 2010, the Company had approximately $12.3 billion of indebtedness (with a carrying value of $12.0 billion), including $2.3 billion of borrowings outstanding under its senior credit facility, with available borrowing capacity under the senior credit facility of approximately $1.2 billion.

During 2010, the Company completed the following capital market transactions:

  • In March, issued $845 million of 9% senior secured notes due 2020 for net proceeds of $826 million;
  • In April, issued $1.15 billion of 4.25% convertible senior notes due 2015 for net proceeds of $1.12 billion;
  • In October, issued 40.9 million shares of common stock for net proceeds of approximately $512 million and in November received an additional $77 million of net proceeds from the exercise of the underwriter’s overallotment option for an additional 6.1 million shares;
  • In October, issued $500 million of 10% senior notes due 2016, issued at a discount to yield 10.25%, for net proceeds of approximately $486 million; and
  • The Company used a portion of the net proceeds from the October equity offering and all of the proceeds of the October debt offering to retire $1.2 billion in commitments under its senior credit facility that were scheduled to mature in October 2011 and effect the extension of approximately $3.5 billion of its senior credit facility to February 2014.  

The Company received approximately $192 million from MGM Macau during the fourth quarter of 2010, which represents a full repayment of its interest and non-interest bearing notes to the joint venture.

The Company’s New Jersey trust account received proceeds of approximately $74 million in the fourth quarter, including $71 million related to the sale of long-term land leases and associated real property parcels underlying Borgata.  The balance in the trust account was approximately $188 million at December 31, 2010.  

Conference Call Details

MGM Resorts International will hold a conference call to discuss its fourth quarter and full year results at 11:00 a.m. Eastern Time today. The call will be accessible via the Internet through www.mgmresorts.com under the Investors section or by calling 1-877-274-9221 for Domestic callers and 1-706-634-6528 for International callers.  The conference call access code is 38464126.  A replay of the call will be available through Sunday, February 20, 2011.  The replay may be accessed by dialing 1-800-642-1687 or 1-706-645-9291. The replay access code is 38464126. The call will also be archived at www.mgmresorts.com.

(1) “Adjusted EBITDA” is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, and property transactions, net.  “Adjusted Property EBITDA” is Adjusted EBITDA before corporate expense and stock compensation expense.  Adjusted EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because management believes these measures are 1) widely used measures of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies. 

Management believes that while items excluded from Adjusted EBITDA and Adjusted Property EBITDA 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 compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, management believes excluded items may not relate specifically to current operating trends or be indicative of future results. For example, pre-opening 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, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Therefore, management uses Adjusted Property EBITDA as the primary measure of the Company’s operating resorts’ performance.

(2) REVPAR is hotel Revenue per Available Room.

MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a peerless portfolio of destination resort brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage.  The Company has significant holdings in gaming, hospitality and entertainment, owns and operates 15 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, Illinois and Macau. One of those investments is CityCenter, an unprecedented urban resort destination on the Las Vegas Strip featuring its centerpiece ARIA Resort & Casino.  Leveraging MGM Resorts’ unmatched amenities, the M life loyalty program delivers one-of-a-kind experiences, insider privileges and personalized rewards for guests at the Company’s renowned properties nationwide. Through its hospitality management subsidiary, the Company holds a growing number of development and management agreements for casino and non-casino resort projects around the world.  MGM Resorts International supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its gaming properties. The Company has been honored with numerous awards and recognitions for its industry-leading Diversity Initiative, its community philanthropy programs and the Company's commitment to sustainable development and operations.  For more information about MGM Resorts International, visit the Company's Web site at www.mgmresorts.com

Statements in this release which are not historical facts are “forward-looking” statements and “safe harbor statements” within the meaning of Section 21E of the U.S. the Securities Exchange Act of 1934, as amended, and other related laws that involve risks and/or uncertainties, including risks and/or uncertainties as described in the company’s public filings with the Securities and Exchange Commission. We have based those 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 statements regarding future operating results and liquidity to pay future indebtedness. 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 effects of economic conditions and market conditions in the markets in which we operate and competition with other destination travel locations throughout the United States and the world.  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.

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,




2010


2009


2010


2009


Revenues:










Casino

$        608,795


$        627,957


$     2,442,927


$     2,618,060



Rooms

309,741


324,631


1,300,287


1,370,135



Food and beverage

319,621


321,785


1,339,174


1,362,325



Entertainment

121,795


123,801


486,319


493,799



Retail

47,322


50,475


194,891


207,260



Other

126,479


116,556


529,693


493,324



Reimbursed costs

87,235


56,899


359,470


99,379




1,620,988


1,622,104


6,652,761


6,644,282



Less: Promotional allowances

(154,547)


(169,688)


(633,528)


(665,693)




1,466,441


1,452,416


6,019,233


5,978,589


Expenses:










Casino

346,645


366,876


1,385,763


1,459,944



Rooms

102,607


101,922


423,073


427,169



Food and beverage

189,320


184,881


774,443


775,018



Entertainment

87,997


90,240


360,383


358,026



Retail

29,922


35,091


120,593


134,851



Other

83,519


66,837


333,817


284,919



Reimbursed costs

87,235


56,899


359,470


99,379



General and administrative

277,889


274,570


1,128,803


1,100,193



Corporate expense

36,698


44,469


124,241


143,764



Preopening and start-up expenses

186


25,474


4,247


53,013



Property transactions, net

(2,178)


549,358


1,451,474


1,328,689



Depreciation and amortization

146,666


167,396


633,423


689,273




1,386,506


1,964,013


7,099,730


6,854,238












Income (loss) from unconsolidated affiliates

27,275


24,942


(78,434)


(88,227)












Operating income (loss)

107,210


(486,655)


(1,158,931)


(963,876)












Non-operating income (expense):










Interest expense, net

(273,097)


(220,609)


(1,113,580)


(775,431)



Non-operating items from unconsolidated affiliates

(26,622)


(9,069)


(108,731)


(47,127)



Other, net

7,475


(3,001)


165,217


(226,159)




(292,244)


(232,679)


(1,057,094)


(1,048,717)












Loss before income taxes

(185,034)


(719,334)


(2,216,025)


(2,012,593)



Benefit for income taxes

45,845


285,416


778,628


720,911












Net loss

$       (139,189)


$       (433,918)


$    (1,437,397)


$    (1,291,682)












Per share of common stock:










Basic:










Net loss per share

$             (0.29)


$             (0.98)


$             (3.19)


$             (3.41)













Weighted average shares outstanding

477,630


441,238


450,449


378,513













Diluted:










Net loss per share

$             (0.29)


$             (0.98)


$             (3.19)


$             (3.41)













Weighted average shares outstanding

477,630


441,238


450,449


378,513













MGM RESORTS INTERNATIONAL AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS


(In thousands, except share data)


(Unaudited)







December 31,


December 31,





2010


2009









ASSETS


Current assets:






Cash and cash equivalents

$        498,964


$     2,056,207



Accounts receivable, net

321,894


368,474



Inventories

96,392


101,809



Income tax receivable

175,982


384,555



Deferred income taxes

45,313


38,487



Prepaid expenses and other

252,321


103,969




Total current assets

1,390,866


3,053,501









Property and equipment, net

14,554,350


15,069,952









Other assets:






Investments in and advances to unconsolidated affiliates

1,923,155


3,611,799



Goodwill

86,353


86,353



Other intangible assets, net

342,804


344,253



Other long-term assets, net

598,738


352,352




Total other assets

2,951,050


4,394,757





$   18,896,266


$   22,518,210
















LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:






Accounts payable

$        167,084


$        173,719



Current portion of long-term debt

-


1,079,824



Accrued interest on long-term debt

211,914


206,357



Other accrued liabilities

867,223


923,701




Total current liabilities

1,246,221


2,383,601









Deferred income taxes

2,404,554


3,031,303


Long-term debt

12,047,698


12,976,037


Other long-term obligations

199,248


256,837


Stockholders' equity:






Common stock, $.01 par value: authorized 600,000,000 shares,






issued 488,513,351 and 441,222,251 shares and outstanding






488,513,351 and 441,222,251 shares

4,885


4,412



Capital in excess of par value

4,060,826


3,497,425



Retained earnings (accumulated deficit)

(1,066,865)


370,532



Accumulated other comprehensive loss

(301)


(1,937)




Total stockholders' equity

2,998,545


3,870,432





$   18,896,266


$   22,518,210










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,




2010


2009


2010


2009



Bellagio

$         268,814


$         269,712


$      1,035,787


$      1,064,729



MGM Grand Las Vegas

218,171


239,153


926,232


976,261



Mandalay Bay

173,313


171,418


718,778


725,129



The Mirage

134,192


140,780


557,531


624,132



Luxor

76,876


81,684


315,701


344,722



Treasure Island (1)

-


-


-


66,329



New York-New York

59,523


58,446


245,510


250,055



Excalibur

59,082


61,132


249,606


265,076



Monte Carlo

56,708


53,154


224,293


206,377



Circus Circus Las Vegas

41,764


44,617


183,452


200,385



MGM Grand Detroit

132,977


124,751


537,870


514,116



Beau Rivage

75,806


78,003


328,721


329,613



Gold Strike Tunica

36,199


35,051


151,078


153,108



Management operations

98,597


66,301


406,417


135,498



Other operations

34,419


28,214


138,257


123,059




$      1,466,441


$      1,452,416


$      6,019,233


$      5,978,589














MGM RESORTS INTERNATIONAL AND SUBSIDIARIES


SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA


(In thousands)


(Unaudited)












Three Months Ended


Twelve Months Ended




December 31,


December 31,


December 31,


December 31,




2010


2009


2010


2009



Bellagio

$           75,491


$           68,336


$         270,628


$         274,672



MGM Grand Las Vegas

32,489


46,329


163,093


214,369



Mandalay Bay

28,208


31,805


124,385


159,864



The Mirage

21,482


24,507


102,106


141,118



Luxor

16,741


16,370


61,196


76,167



Treasure Island (1)

-


-


-


12,729



New York-New York

16,693


16,968


76,254


78,555



Excalibur

14,078


14,990


63,236


72,130



Monte Carlo

9,517


4,422


33,555


36,594



Circus Circus Las Vegas

2,255


2,261


15,605


27,122



MGM Grand Detroit

36,737


31,112


155,173


138,010



Beau Rivage

10,247


12,517


61,287


65,422



Gold Strike Tunica

8,263


8,086


39,853


45,051



Management operations

(4,548)


5,064


(13,668)


18,322



Other operations

(907)


(1,653)


1,125


1,759



   Wholly-owned operations

266,746


281,114


1,153,828


1,361,884



CityCenter (50%) (2)

(38,416)


(1,430)


(250,482)


(208,634)



Macau (50%) (2)

58,410


9,749


129,575


24,615



Other unconsolidated resorts (2)

7,280


17,192


42,764


96,947




$         294,020


$         306,625


$      1,075,685


$      1,274,812













(1)  Treasure Island was sold in March 2009.



(2)  Represents the Company's share of operating income (loss) before preopening expense, adjusted for the effect of certain basis differences.













MGM RESORTS INTERNATIONAL AND SUBSIDIARIES


RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA


(In thousands)


(Unaudited)


Three Months Ended December 31, 2010











Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA



Bellagio

$            51,484


$                           -


$                    108


$               23,899


$      75,491



MGM Grand Las Vegas

12,225


-


172


20,092


32,489



Mandalay Bay

6,101


-


52


22,055


28,208



The Mirage

6,654


-


(518)


15,346


21,482



Luxor

6,585


-


256


9,900


16,741



New York-New York

10,108


-


22


6,563


16,693



Excalibur

8,431


-


19


5,628


14,078



Monte Carlo

3,092


185


158


6,082


9,517



Circus Circus Las Vegas

(2,837)


-


1


5,091


2,255



MGM Grand Detroit

26,649


-


157


9,931


36,737



Beau Rivage

7,796


-


(2)


2,453


10,247



Gold Strike Tunica

4,779


-


11


3,473


8,263



Management operations

(7,976)


-


-


3,428


(4,548)



Other operations

(2,500)


1


16


1,576


(907)



   Wholly-owned operations

130,591


186


452


135,517


266,746



CityCenter (50%)

(38,416)


-


-


-


(38,416)



Macau (50%)

58,410


-


-


-


58,410



Other unconsolidated resorts

7,280


-


-


-


7,280




157,865


186


452


135,517


294,020



Stock compensation

(8,832)


-


-


-


(8,832)



Corporate

(41,823)


-


(2,630)


11,149


(33,304)




$          107,210


$                       186


$                (2,178)


$              146,666


$    251,884
















Three Months Ended December 31, 2009
















Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA



Bellagio

$            41,154


$                           -


$                     (34)


$                27,216


$      68,336



MGM Grand Las Vegas

24,356


-


(51)


22,024


46,329



Mandalay Bay

8,887


51


(3)


22,870


31,805



The Mirage

8,598


-


-


15,909


24,507



Luxor

7,227


-


(78)


9,221


16,370



New York-New York

9,896


-


-


7,072


16,968



Excalibur

8,430


-


(4)


6,564


14,990



Monte Carlo

(2,082)


-


(3)


6,507


4,422



Circus Circus Las Vegas

(3,398)


-


26


5,633


2,261



MGM Grand Detroit

19,525


-


1,430


10,157


31,112



Beau Rivage

95


-


-


12,422


12,517



Gold Strike Tunica

4,374


-


(209)


3,921


8,086



Management operations

2,586


-


-


2,478


5,064



Other operations

(3,041)


-


(63)


1,451


(1,653)



   Wholly-owned operations

126,607


51


1,011


153,445


281,114



CityCenter (50%)

(26,853)


25,423


-


-


(1,430)



Macau (50%)

9,749


-


-


-


9,749



Other unconsolidated resorts

17,192


-


-


-


17,192




126,695


25,474


1,011


153,445


306,625



Stock compensation

(9,495)


-


-


-


(9,495)



Corporate

(603,855)


-


548,347


13,951


(41,557)




$         (486,655)


$                  25,474


$             549,358


$              167,396


$    255,573















MGM RESORTS INTERNATIONAL AND SUBSIDIARIES


RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA


(In thousands)


(Unaudited)


Twelve Months Ended December 31, 2010











Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA



Bellagio

$            174,355


$                              -


$                     (17)


$                 96,290


$      270,628



MGM Grand Las Vegas

84,359


-


127


78,607


163,093



Mandalay Bay

29,859


-


2,892


91,634


124,385



The Mirage

36,189


-


(207)


66,124


102,106



Luxor

18,822


-


257


42,117


61,196



New York-New York

41,845


-


6,880


27,529


76,254



Excalibur

39,534


-


803


22,899


63,236



Monte Carlo

5,020


185


3,923


24,427


33,555



Circus Circus Las Vegas

(5,366)


-


230


20,741


15,605



MGM Grand Detroit

115,040


-


(327)


40,460


155,173



Beau Rivage

21,564


-


349


39,374


61,287



Gold Strike Tunica

26,115


-


(540)


14,278


39,853



Management operations

(27,429)


-


-


13,761


(13,668)



Other operations

(6,046)


568


20


6,583


1,125



   Wholly-owned operations

553,861


753


14,390


584,824


1,153,828



CityCenter (50%)

(253,976)


3,494


-


-


(250,482)



Macau (50%)

129,575


-


-


-


129,575



Other unconsolidated resorts

42,764


-


-


-


42,764




472,224


4,247


14,390


584,824


1,075,685



Stock compensation

(34,988)


-


-


-


(34,988)



Corporate

(1,596,167)


-


1,437,084


48,599


(110,484)




$        (1,158,931)


$                      4,247


$          1,451,474


$               633,423


$      930,213
















Twelve Months Ended December 31, 2009
















Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA



Bellagio

$            157,079


$                              -


$                 2,326


$               115,267


$      274,672



MGM Grand Las Vegas

123,378


-


30


90,961


214,369



Mandalay Bay

65,841


948


(73)


93,148


159,864



The Mirage

74,756


-


313


66,049


141,118



Luxor

37,527


(759)


181


39,218


76,167



Treasure Island (1)

12,730


-


(1)


-


12,729



New York-New York

45,445


-


1,631


31,479


78,555



Excalibur

47,973


-


(16)


24,173


72,130



Monte Carlo

16,439


-


(4,740)


24,895


36,594



Circus Circus Las Vegas

4,015


-


(9)


23,116


27,122



MGM Grand Detroit

90,183


-


7,336


40,491


138,010



Beau Rivage

16,234


-


157


49,031


65,422



Gold Strike Tunica

29,010


-


(209)


16,250


45,051



Management operations

7,285


-


2,473


8,564


18,322



Other operations

(4,172)


-


(57)


5,988


1,759



   Wholly-owned operations

723,723


189


9,342


628,630


1,361,884



CityCenter (50%)

(260,643)


52,009


-


-


(208,634)



Macau (50%)

24,615


-


-


-


24,615



Other unconsolidated resorts

96,132


815


-


-


96,947




583,827


53,013


9,342


628,630


1,274,812



Stock compensation

(36,571)


-


-


-


(36,571)



Corporate

(1,511,132)


-


1,319,347


60,643


(131,142)




$           (963,876)


$                    53,013


$          1,328,689


$               689,273


$   1,107,099















(1)  Treasure Island was sold in March 2009.















MGM RESORTS INTERNATIONAL AND SUBSIDIARIES


RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS


(In thousands)


(Unaudited)














Three Months Ended


Twelve Months Ended




December 31,


December 31,


December 31,


December 31,



2010


2009


2010


2009











Adjusted EBITDA

$         251,884


$         255,573


$         930,213


$      1,107,099


   Preopening and start-up expenses

(186)


(25,474)


(4,247)


(53,013)


   Property transactions, net

2,178


(549,358)


(1,451,474)


(1,328,689)


   Depreciation and amortization

(146,666)


(167,396)


(633,423)


(689,273)


Operating income (loss)

107,210


(486,655)


(1,158,931)


(963,876)












Non-operating income (expense):









   Interest expense, net

(273,097)


(220,609)


(1,113,580)


(775,431)


   Other

(19,147)


(12,070)


56,486


(273,286)




(292,244)


(232,679)


(1,057,094)


(1,048,717)












Loss before income taxes

(185,034)


(719,334)


(2,216,025)


(2,012,593)


   Benefit for income taxes

45,845


285,416


778,628


720,911


Net loss

$        (139,189)


$        (433,918)


$     (1,437,397)


$     (1,291,682)














MGM RESORTS INTERNATIONAL AND SUBSIDIARIES


SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP


(Unaudited)













Three Months Ended


Twelve Months Ended




December 31,


December 31,


December 31,


December 31,




2010


2009


2010


2009



Bellagio










   Occupancy %

89.8%


91.9%


92.5%


94.2%



   Average daily rate (ADR)

$209


$205


$203


$203



   Revenue per available room (REVPAR)

$187


$188


$187


$192













MGM Grand Las Vegas










   Occupancy %

87.0%


89.8%


92.3%


94.2%



   ADR

$110


$112


$113


$113



   REVPAR

$96


$100


$104


$106













Mandalay Bay










   Occupancy %

83.7%


85.5%


88.0%


89.1%



   ADR

$152


$152


$155


$159



   REVPAR

$127


$130


$137


$141













The Mirage










   Occupancy %

90.0%


89.5%


92.4%


93.6%



   ADR

$127


$124


$123


$126



   REVPAR

$115


$111


$113


$118













Luxor










   Occupancy %

82.2%


84.3%


87.8%


89.8%



   ADR

$76


$77


$75


$79



   REVPAR

$62


$65


$66


$71













New York-New York










   Occupancy %

89.5%


90.8%


91.5%


93.2%



   ADR

$88


$97


$90


$96



   REVPAR

$79


$88


$82


$90













Excalibur










   Occupancy %

81.6%


81.2%


87.6%


87.4%



   ADR

$58


$61


$57


$61



   REVPAR

$47


$50


$50


$54













Monte Carlo










   Occupancy %

88.6%


83.5%


90.7%


90.0%



   ADR

$78


$86


$77


$84



   REVPAR

$69


$72


$70


$76













Circus Circus Las Vegas










   Occupancy %

65.3%


76.3%


75.4%


83.2%



   ADR

$44


$42


$42


$44



   REVPAR

$29


$32


$32


$36













CITYCENTER HOLDINGS, LLC


SUPPLEMENTAL DATA - NET REVENUES


(In thousands)


(Unaudited)










Three Months

Ended


Twelve Months

Ended




December 31,


December 31,



2010


2010








Aria

$                      198,446


$                         734,361



Vdara

12,531


41,160



Crystals

11,075


34,027



Mandarin Oriental

8,688


30,216



   Resort operations

230,740


839,764



Residential operations

25,876


490,293




$                      256,616


$                      1,330,057














CITYCENTER HOLDINGS, LLC


RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS


(In thousands)


(Unaudited)










Three Months

Ended


Twelve Months

Ended




December 31,


December 31,



2010


2010







Adjusted EBITDA

$                        16,277


$                           68,696


   Preopening and start-up expenses

-


(6,202)


   Property transactions, net

(31,081)


(614,160)


   Depreciation and amortization

(89,175)


(319,179)


Operating loss

(103,979)


(870,845)








Non-operating income (expense):





   Interest expense - sponsor notes, net

(24,182)


(92,054)


   Interest expense - other, net

(42,182)


(148,677)


   Other

1,271


(3,614)




(65,093)


(244,345)








Net loss

$                     (169,072)


$                    (1,115,190)









CITYCENTER HOLDINGS, LLC


RECONCILIATION OF OPERATING LOSS TO ADJUSTED EBITDA


(In thousands)


(Unaudited)


Three Months Ended December 31, 2010











Operating loss


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA



Aria

$              (38,183)


$                               -


$               2,159


$                 66,207


$      30,183



Vdara

(8,026)


-


-


8,975


949



Crystals

(1,919)


-


-


8,014


6,095



Mandarin Oriental

(6,393)


-


-


5,074


(1,319)



   Resort operations

(54,521)


-


2,159


88,270


35,908



Residential operations

(28,198)


-


28,024


325


151



Development and administration

(21,260)


-


898


580


(19,782)




$            (103,979)


$                               -


$             31,081


$                 89,175


$      16,277
















Twelve Months Ended December 31, 2010
















Operating loss


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA



Aria

$            (198,908)


$                               -


$               2,159


$               239,268


$      42,519



Vdara

(39,201)


-


-


35,157


(4,044)



Crystals

(12,324)


-


-


24,027


11,703



Mandarin Oriental

(30,022)


-


-


17,139


(12,883)



   Resort operations

(280,455)


-


2,159


315,591


37,295



Residential operations

(255,792)


-


331,881


1,239


77,328



Development and administration

(334,598)


6,202


280,120


2,349


(45,927)




$            (870,845)


$                       6,202


$           614,160


$               319,179


$      68,696















Contact:

MGM Resorts International

Investment Community
Daniel J. D'Arrigo
 Executive Vice President, Chief Financial Officer, +1-702-693-8895

News Media
Alan M. Feldman
Senior Vice President Public Affairs
+1-702-650-6947

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