LAS VEGAS, May 4, 2011 -- MGM Resorts International
(NYSE: MGM) today reported financial results for the first quarter
ended March 31, 2011. Key results
for the first quarter included the following:
- Net revenue was $1.5 billion,
an increase of 3% compared to the prior year quarter;
- Rooms revenue grew by 13% led by a 16% increase in Las
Vegas Strip REVPAR(1);
- Casino revenue decreased 5% mainly as a result of a lower
than normal table games hold percentage;
- Net loss was $90 million, or
$0.18 per share, compared to a
net loss of $97 million, or $0.22 per share, in the prior year quarter.
The prior year results include a gain on extinguishment of debt
of $142 million (or $0.21 per share) and a pre-tax non-cash charge
of approximately $86 million (or $0.13 per share) representing the Company’s
share of a residential inventory impairment charge at CityCenter;
- Adjusted Property EBITDA(2) was $364
million, an increase of 95% from the prior year quarter;
- Adjusted Property EBITDA attributable to wholly-owned
operations was $301 million, a 12%
increase from the prior year quarter;
- CityCenter reported Adjusted Property EBITDA related to its
resort operations of $64 million; and
- MGM Macau reported a record quarter with operating income
of $126 million, including depreciation
expense of $20 million. This
represents a 158% increase in operating income from the first quarter
of 2010. The Company received approximately $31 million in distributions from MGM Macau
during the first quarter of 2011.
“Our improved results are broadly based throughout our resort
portfolio. Performance at our Las Vegas
properties was driven by increased hotel occupancy and room rates.
MGM Grand Detroit had another impressive quarter and remains the
market leader. Results from joint ventures reflected record quarters at
both MGM Macau and CityCenter,” said Jim Murren,
MGM Resorts International Chairman and CEO. “Our belief that the Las Vegas recovery is underway is supported
by our first quarter operating results and our positive early second
quarter trends.”
Discussion of First 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 March 31,
|
2011
|
2010
|
|
Preopening
and start-up expenses
|
$—
|
$(0.01)
|
|
Income
(loss) from unconsolidated affiliates:
|
|
|
|
CityCenter residential inventory impairment charge
|
—
|
(0.13)
|
|
CityCenter forfeited residential deposits income
|
—
|
0.02
|
|
Non-operating
items from unconsolidated affiliates:
|
|
|
|
CityCenter loss on retirement of long-term debt
|
(0.02)
|
—
|
|
Gain
on extinguishment of long-term debt
|
—
|
0.21
|
|
|
|
|
Net revenue for the first quarter of 2011 was $1.5 billion, an increase of 3% compared to
the prior year quarter. Casino revenue decreased 5% compared to
the prior year quarter, primarily due to a lower table games hold
percentage. The overall table games hold percentage in the first
quarter of 2011 was below the low end of the Company’s normal range of
19% to 23%, which affected Adjusted Property EBITDA attributable to
wholly-owned operations by approximately $34
million. The overall table game hold percentage in the first
quarter of 2010 was near the mid-point of the Company’s normal range.
Slot revenues increased 1% compared to the prior year quarter.
Rooms revenue increased 13% from the prior year quarter.
Las Vegas Strip occupancy increased from 85% to 87% and ADR
increased 13% to $130, leading to an
increase in REVPAR of 16%. Food and beverage revenue increased
7%, mainly as a result of increased convention and banquet revenue.
Entertainment, retail and other revenue increased 4%.
“We are seeing the benefits from initiatives put in place
throughout the course of last year,” said Mr. Murren. “The operating
leverage in our business model is reflected in the first quarter as
margins increased despite a lower than normal table games hold
percentage.”
Operating income for the first quarter of 2011 was $170 million compared to an $11 million operating loss in the first
quarter of 2010. The 2010 quarter included $86
million related to the Company’s share of a CityCenter
residential inventory impairment charge. Adjusted EBITDA was $322 million in the 2011 quarter, a 107%
increase compared to $156 million in the
2010 quarter and was positively affected by improved operating
performance at MGM Macau and CityCenter as discussed below.
Income (Loss) from Unconsolidated Affiliates
The Company reported income from unconsolidated affiliates of $63 million in the first quarter of 2011
compared to a loss of $81 million in the
prior year period. The Company’s share of operating income from
MGM Macau increased from $23 million to $62
million and its share of CityCenter operating losses decreased
from $119 million (including
approximately $86 million related to a
residential inventory impairment charge) to $6
million. The prior year first quarter included $7 million for the Company’s share of
operating income from Borgata.
MGM Macau reported operating income of $126
million in the first quarter of 2011, which included
depreciation expense of $20 million,
compared to operating income of $49 million
in the 2010 first quarter, which included depreciation expense of $22 million.
Results for CityCenter for the first quarter of 2011 include
the following (see schedules accompanying this release for further
detail on CityCenter Holdings, LLC first quarter results):
- Net revenue from resort operations grew 46% to $262 million compared to $179 million in the prior year quarter;
- Aria’s net revenue increased 41% to $225
million;
- Aria’s Adjusted Property EBITDA was $55
million. Aria’s hold percentage was above the high end of
its normal range in the current quarter which positively impacted
Adjusted Property EBITDA by approximately $13
million;
- Aria’s occupancy percentage was 86% and its ADR was $201, resulting in REVPAR of $172, a 13% increase compared to the fourth
quarter of 2010 and a 41% increase compared to the prior year first
quarter;
- Crystals generated $6 million
in Adjusted Property EBITDA compared to $1
million in the prior year quarter; and
- CityCenter recorded a $24 million
loss on debt retirement related to the write-off of debt issuance costs
in connection with the refinancing of its credit facility in January 2011.
Financial Position
At March 31, 2011, the Company
had approximately $12.3 billion of
indebtedness (with a carrying value of $12.1
billion), including $2.6 billion
of borrowings outstanding under its senior credit facility.
Available borrowing capacity under the senior credit facility was
approximately $826 million. The
Company repaid the remaining $325 million
of its 8.375% senior subordinated notes in February at maturity.
“We have made tremendous strides over the past several
quarters in strengthening our liquidity profile and extending our debt
maturities,” said Dan D’Arrigo, MGM Resorts International Executive
Vice President and CFO. “We currently have over $1.1 billion in available liquidity and will
continue to remain focused on further improving our balance sheet.”
Conference Call Details
MGM Resorts International will hold a conference call to
discuss its first quarter results at 12:00 p.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 61089887. A replay of the call
will be available through Tuesday, May 10, 2011.
The replay may be accessed by dialing 1-800-642-1687 or
1-706-645-9291. The replay access code is 61089887. The call will also
be archived at www.mgmresorts.com.
(1) REVPAR is hotel Revenue per Available Room.
(2) “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.
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, liquidity to pay future indebtedness and
potential economic recoveries. 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
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2011
|
|
2010
|
|
Revenues:
|
|
|
|
|
|
Casino
|
$
582,323
|
|
$
610,757
|
|
|
Rooms
|
368,337
|
|
325,676
|
|
|
Food
and beverage
|
336,824
|
|
316,156
|
|
|
Entertainment
|
119,593
|
|
116,682
|
|
|
Retail
|
46,150
|
|
43,889
|
|
|
Other
|
114,223
|
|
109,006
|
|
|
Reimbursed
costs
|
86,288
|
|
93,323
|
|
|
|
1,653,738
|
|
1,615,489
|
|
|
Less:
Promotional allowances
|
(148,784)
|
|
(158,097)
|
|
|
|
1,504,954
|
|
1,457,392
|
|
Expenses:
|
|
|
|
|
|
Casino
|
342,868
|
|
345,945
|
|
|
Rooms
|
116,986
|
|
100,746
|
|
|
Food
and beverage
|
198,248
|
|
182,612
|
|
|
Entertainment
|
88,211
|
|
90,996
|
|
|
Retail
|
29,159
|
|
27,999
|
|
|
Other
|
78,297
|
|
78,027
|
|
|
Reimbursed
costs
|
86,288
|
|
93,323
|
|
|
General
and administrative
|
269,562
|
|
276,054
|
|
|
Corporate
expense
|
36,485
|
|
24,878
|
|
|
Preopening
and start-up expenses
|
-
|
|
3,494
|
|
|
Property
transactions, net
|
91
|
|
689
|
|
|
Depreciation
and amortization
|
152,397
|
|
163,134
|
|
|
|
1,398,592
|
|
1,387,897
|
|
|
|
|
|
|
|
Income
(loss) from unconsolidated affiliates
|
63,343
|
|
(80,918)
|
|
|
|
|
|
|
|
Operating
income (loss)
|
169,705
|
|
(11,423)
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
Interest
expense, net
|
(269,914)
|
|
(264,175)
|
|
|
Non-operating
items from unconsolidated affiliates
|
(40,290)
|
|
(23,350)
|
|
|
Other,
net
|
(3,955)
|
|
141,855
|
|
|
|
(314,159)
|
|
(145,670)
|
|
|
|
|
|
|
|
Loss
before income taxes
|
(144,454)
|
|
(157,093)
|
|
|
Benefit
for income taxes
|
54,583
|
|
60,352
|
|
|
|
|
|
|
|
Net
loss
|
$
(89,871)
|
|
$
(96,741)
|
|
|
|
|
|
|
|
Per
share of common stock:
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
Net
loss per share
|
$
(0.18)
|
|
$
(0.22)
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
488,539
|
|
441,240
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
Net
loss per share
|
$
(0.18)
|
|
$
(0.22)
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
488,539
|
|
441,240
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(In
thousands, except share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
ASSETS
|
|
Current
assets:
|
|
|
|
|
|
Cash
and cash equivalents
|
$
431,275
|
|
$
498,964
|
|
|
Accounts
receivable, net
|
317,974
|
|
321,894
|
|
|
Inventories
|
95,097
|
|
96,392
|
|
|
Income
tax receivable
|
173,451
|
|
175,982
|
|
|
Deferred
income taxes
|
84,567
|
|
110,092
|
|
|
Prepaid
expenses and other
|
264,047
|
|
252,321
|
|
|
|
Total
current assets
|
1,366,411
|
|
1,455,645
|
|
|
|
|
|
|
|
|
Property
and equipment, net
|
14,426,622
|
|
14,554,350
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
Investments
in and advances to unconsolidated affiliates
|
1,941,786
|
|
1,923,155
|
|
|
Goodwill
|
86,353
|
|
86,353
|
|
|
Other
intangible assets, net
|
342,626
|
|
342,804
|
|
|
Deposits
and other assets, net
|
596,551
|
|
598,738
|
|
|
|
Total
other assets
|
2,967,316
|
|
2,951,050
|
|
|
|
|
$
18,760,349
|
|
$
18,961,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
138,533
|
|
$
167,084
|
|
|
Accrued
interest on long-term debt
|
238,175
|
|
211,914
|
|
|
Other
accrued liabilities
|
795,732
|
|
867,223
|
|
|
|
Total
current liabilities
|
1,172,440
|
|
1,246,221
|
|
|
|
|
|
|
|
|
Deferred
income taxes
|
2,371,875
|
|
2,469,333
|
|
Long-term
debt
|
12,081,108
|
|
12,047,698
|
|
Other
long-term obligations
|
215,764
|
|
199,248
|
|
Stockholders'
equity:
|
|
|
|
|
|
Common
stock, $.01 par value: authorized 600,000,000 shares,
|
|
|
|
|
|
issued
488,581,951 and 488,513,351 shares and outstanding
|
|
|
|
|
|
488,581,951
and 488,513,351 shares
|
4,886
|
|
4,885
|
|
|
Capital
in excess of par value
|
4,068,751
|
|
4,060,826
|
|
|
Accumulated
deficit
|
(1,156,736)
|
|
(1,066,865)
|
|
|
Accumulated
other comprehensive income (loss)
|
2,261
|
|
(301)
|
|
|
|
Total
stockholders' equity
|
2,919,162
|
|
2,998,545
|
|
|
|
|
$
18,760,349
|
|
$
18,961,045
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
SUPPLEMENTAL
DATA - NET REVENUES
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2011
|
|
2010
|
|
|
Bellagio
|
$
251,384
|
|
$
249,047
|
|
|
MGM
Grand Las Vegas
|
224,386
|
|
224,244
|
|
|
Mandalay
Bay
|
178,343
|
|
167,193
|
|
|
The
Mirage
|
148,293
|
|
135,492
|
|
|
Luxor
|
79,344
|
|
76,251
|
|
|
New
York-New York
|
64,333
|
|
59,922
|
|
|
Excalibur
|
60,743
|
|
59,105
|
|
|
Monte
Carlo
|
62,067
|
|
52,378
|
|
|
Circus
Circus Las Vegas
|
42,234
|
|
41,959
|
|
|
MGM
Grand Detroit
|
143,092
|
|
139,924
|
|
|
Beau
Rivage
|
80,097
|
|
81,996
|
|
|
Gold
Strike Tunica
|
36,284
|
|
36,997
|
|
|
Management
operations
|
100,487
|
|
103,843
|
|
|
Other
operations
|
33,867
|
|
29,041
|
|
|
|
$
1,504,954
|
|
$
1,457,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
SUPPLEMENTAL
DATA - ADJUSTED PROPERTY EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2011
|
|
2010
|
|
|
Bellagio
|
$
53,901
|
|
$
61,966
|
|
|
MGM
Grand Las Vegas
|
36,868
|
|
38,486
|
|
|
Mandalay
Bay
|
36,444
|
|
25,400
|
|
|
The
Mirage
|
32,399
|
|
25,425
|
|
|
Luxor
|
20,114
|
|
12,763
|
|
|
New
York-New York
|
21,128
|
|
18,067
|
|
|
Excalibur
|
16,142
|
|
14,867
|
|
|
Monte
Carlo
|
13,760
|
|
6,449
|
|
|
Circus
Circus Las Vegas
|
4,573
|
|
1,693
|
|
|
MGM
Grand Detroit
|
43,533
|
|
40,505
|
|
|
Beau
Rivage
|
13,136
|
|
16,703
|
|
|
Gold
Strike Tunica
|
9,448
|
|
10,061
|
|
|
Management
operations
|
700
|
|
(3,862)
|
|
|
Other
operations
|
(1,575)
|
|
(1,088)
|
|
|
Wholly-owned
operations
|
300,571
|
|
267,435
|
|
|
CityCenter
(50%) (1)
|
(5,823)
|
|
(118,611)
|
|
|
Macau
(50%) (1)
|
61,680
|
|
23,099
|
|
|
Other
unconsolidated resorts (1)
|
7,486
|
|
14,757
|
|
|
|
$
363,914
|
|
$
186,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
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 March 31, 2011
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
$
28,814
|
|
$
-
|
|
$
-
|
|
$
25,087
|
|
$
53,901
|
|
|
MGM
Grand Las Vegas
|
17,568
|
|
-
|
|
-
|
|
19,300
|
|
36,868
|
|
|
Mandalay
Bay
|
14,242
|
|
-
|
|
-
|
|
22,202
|
|
36,444
|
|
|
The
Mirage
|
18,020
|
|
-
|
|
28
|
|
14,351
|
|
32,399
|
|
|
Luxor
|
10,475
|
|
-
|
|
-
|
|
9,639
|
|
20,114
|
|
|
New
York-New York
|
15,283
|
|
-
|
|
(85)
|
|
5,930
|
|
21,128
|
|
|
Excalibur
|
10,948
|
|
-
|
|
-
|
|
5,194
|
|
16,142
|
|
|
Monte
Carlo
|
7,965
|
|
-
|
|
-
|
|
5,795
|
|
13,760
|
|
|
Circus
Circus Las Vegas
|
(144)
|
|
-
|
|
-
|
|
4,717
|
|
4,573
|
|
|
MGM
Grand Detroit
|
33,690
|
|
-
|
|
103
|
|
9,740
|
|
43,533
|
|
|
Beau
Rivage
|
1,933
|
|
-
|
|
39
|
|
11,164
|
|
13,136
|
|
|
Gold
Strike Tunica
|
6,008
|
|
-
|
|
-
|
|
3,440
|
|
9,448
|
|
|
Management
operations
|
(2,739)
|
|
-
|
|
-
|
|
3,439
|
|
700
|
|
|
Other
operations
|
(2,986)
|
|
-
|
|
(7)
|
|
1,418
|
|
(1,575)
|
|
|
Wholly-owned operations
|
159,077
|
|
-
|
|
78
|
|
141,416
|
|
300,571
|
|
|
CityCenter
(50%)
|
(5,823)
|
|
-
|
|
-
|
|
-
|
|
(5,823)
|
|
|
Macau
(50%)
|
61,680
|
|
-
|
|
-
|
|
-
|
|
61,680
|
|
|
Other
unconsolidated resorts
|
7,486
|
|
-
|
|
-
|
|
-
|
|
7,486
|
|
|
|
222,420
|
|
-
|
|
78
|
|
141,416
|
|
363,914
|
|
|
Stock
compensation
|
(9,210)
|
|
-
|
|
-
|
|
-
|
|
(9,210)
|
|
|
Corporate
|
(43,505)
|
|
-
|
|
13
|
|
10,981
|
|
(32,511)
|
|
|
|
$
169,705
|
|
$
-
|
|
$
91
|
|
$
152,397
|
|
$
322,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended March 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
$
37,564
|
|
$
-
|
|
$
(112)
|
|
$
24,514
|
|
$
61,966
|
|
|
MGM
Grand Las Vegas
|
18,383
|
|
-
|
|
-
|
|
20,103
|
|
38,486
|
|
|
Mandalay
Bay
|
1,867
|
|
-
|
|
-
|
|
23,533
|
|
25,400
|
|
|
The
Mirage
|
9,819
|
|
-
|
|
-
|
|
15,606
|
|
25,425
|
|
|
Luxor
|
1,437
|
|
-
|
|
-
|
|
11,326
|
|
12,763
|
|
|
New
York-New York
|
11,013
|
|
-
|
|
14
|
|
7,040
|
|
18,067
|
|
|
Excalibur
|
8,238
|
|
-
|
|
784
|
|
5,845
|
|
14,867
|
|
|
Monte
Carlo
|
456
|
|
-
|
|
-
|
|
5,993
|
|
6,449
|
|
|
Circus
Circus Las Vegas
|
(3,646)
|
|
-
|
|
-
|
|
5,339
|
|
1,693
|
|
|
MGM
Grand Detroit
|
30,355
|
|
-
|
|
-
|
|
10,150
|
|
40,505
|
|
|
Beau
Rivage
|
4,414
|
|
-
|
|
3
|
|
12,286
|
|
16,703
|
|
|
Gold
Strike Tunica
|
6,429
|
|
-
|
|
-
|
|
3,632
|
|
10,061
|
|
|
Management
operations
|
(7,193)
|
|
-
|
|
-
|
|
3,331
|
|
(3,862)
|
|
|
Other
operations
|
(2,529)
|
|
-
|
|
-
|
|
1,441
|
|
(1,088)
|
|
|
Wholly-owned operations
|
116,607
|
|
-
|
|
689
|
|
150,139
|
|
267,435
|
|
|
CityCenter
(50%)
|
(122,105)
|
|
3,494
|
|
-
|
|
-
|
|
(118,611)
|
|
|
Macau
(50%)
|
23,099
|
|
-
|
|
-
|
|
-
|
|
23,099
|
|
|
Other
unconsolidated resorts
|
14,757
|
|
-
|
|
-
|
|
-
|
|
14,757
|
|
|
|
32,358
|
|
3,494
|
|
689
|
|
150,139
|
|
186,680
|
|
|
Stock
compensation
|
(9,555)
|
|
-
|
|
-
|
|
-
|
|
(9,555)
|
|
|
Corporate
|
(34,226)
|
|
-
|
|
-
|
|
12,995
|
|
(21,231)
|
|
|
|
$
(11,423)
|
|
$
3,494
|
|
$
689
|
|
$
163,134
|
|
$
155,894
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
RECONCILIATION
OF ADJUSTED EBITDA TO NET LOSS
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
322,193
|
|
$
155,894
|
|
Preopening and start-up expenses
|
-
|
|
(3,494)
|
|
Property transactions, net
|
(91)
|
|
(689)
|
|
Depreciation and amortization
|
(152,397)
|
|
(163,134)
|
|
Operating
income (loss)
|
169,705
|
|
(11,423)
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
Interest expense, net
|
(269,914)
|
|
(264,175)
|
|
Other
|
(44,245)
|
|
118,505
|
|
|
|
(314,159)
|
|
(145,670)
|
|
|
|
|
|
|
|
Loss
before income taxes
|
(144,454)
|
|
(157,093)
|
|
Benefit for income taxes
|
54,583
|
|
60,352
|
|
Net
loss
|
$
(89,871)
|
|
$
(96,741)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
SUPPLEMENTAL
DATA - HOTEL STATISTICS - LAS VEGAS STRIP
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2011
|
|
2010
|
|
|
Bellagio
|
|
|
|
|
|
Occupancy %
|
90.8%
|
|
90.9%
|
|
|
Average daily rate (ADR)
|
$225
|
|
$197
|
|
|
Revenue per available room (REVPAR)
|
$205
|
|
$179
|
|
|
|
|
|
|
|
|
MGM
Grand Las Vegas
|
|
|
|
|
|
Occupancy %
|
90.6%
|
|
91.5%
|
|
|
ADR
|
$136
|
|
$118
|
|
|
REVPAR
|
$123
|
|
$108
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
Occupancy %
|
89.4%
|
|
84.3%
|
|
|
ADR
|
$175
|
|
$153
|
|
|
REVPAR
|
$157
|
|
$129
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
Occupancy %
|
93.1%
|
|
89.2%
|
|
|
ADR
|
$149
|
|
$134
|
|
|
REVPAR
|
$138
|
|
$120
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
Occupancy %
|
88.0%
|
|
85.1%
|
|
|
ADR
|
$93
|
|
$84
|
|
|
REVPAR
|
$82
|
|
$72
|
|
|
|
|
|
|
|
|
New
York-New York
|
|
|
|
|
|
Occupancy %
|
92.0%
|
|
89.2%
|
|
|
ADR
|
$109
|
|
$102
|
|
|
REVPAR
|
$100
|
|
$91
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
Occupancy %
|
86.0%
|
|
81.0%
|
|
|
ADR
|
$74
|
|
$68
|
|
|
REVPAR
|
$64
|
|
$55
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
Occupancy %
|
91.9%
|
|
84.8%
|
|
|
ADR
|
$98
|
|
$87
|
|
|
REVPAR
|
$90
|
|
$74
|
|
|
|
|
|
|
|
|
Circus
Circus Las Vegas
|
|
|
|
|
|
Occupancy %
|
62.7%
|
|
67.7%
|
|
|
ADR
|
$58
|
|
$46
|
|
|
REVPAR
|
$36
|
|
$31
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
SUPPLEMENTAL
DATA - NET REVENUES
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
Aria
|
$
224,963
|
|
$
159,633
|
|
|
Vdara
|
15,406
|
|
7,207
|
|
|
Crystals
|
11,713
|
|
6,255
|
|
|
Mandarin
Oriental
|
10,321
|
|
6,043
|
|
|
Resort operations
|
262,403
|
|
179,138
|
|
|
Residential
operations
|
8,721
|
|
80,724
|
|
|
|
$
271,124
|
|
$
259,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
RECONCILIATION
OF ADJUSTED EBITDA TO NET LOSS
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
54,882
|
|
$
(8,720)
|
|
Preopening and start-up expenses
|
-
|
|
(6,202)
|
|
Property transactions, net
|
(18)
|
|
(171,014)
|
|
Depreciation and amortization
|
(91,756)
|
|
(69,473)
|
|
Operating
loss
|
(36,892)
|
|
(255,409)
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
Interest expense - sponsor notes, net
|
(18,436)
|
|
(22,443)
|
|
Interest expense - other, net
|
(47,057)
|
|
(29,049)
|
|
Other
|
(22,642)
|
|
(3,568)
|
|
|
|
(88,135)
|
|
(55,060)
|
|
|
|
|
|
|
|
Net
loss
|
$
(125,027)
|
|
$
(310,469)
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
RECONCILIATION
OF OPERATING LOSS TO ADJUSTED EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
Three
Months Ended March 31, 2011
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
$
(12,818)
|
|
$
-
|
|
$
-
|
|
$
67,827
|
|
$
55,009
|
|
|
Vdara
|
(7,245)
|
|
-
|
|
-
|
|
10,463
|
|
3,218
|
|
|
Crystals
|
(2,287)
|
|
-
|
|
-
|
|
7,918
|
|
5,631
|
|
|
Mandarin
Oriental
|
(4,453)
|
|
-
|
|
-
|
|
4,968
|
|
515
|
|
|
Resort operations
|
(26,803)
|
|
-
|
|
-
|
|
91,176
|
|
64,373
|
|
|
Residential
operations
|
(5,591)
|
|
-
|
|
-
|
|
481
|
|
(5,110)
|
|
|
Development
and administration
|
(4,498)
|
|
-
|
|
18
|
|
99
|
|
(4,381)
|
|
|
|
$
(36,892)
|
|
$
-
|
|
$
18
|
|
$
91,756
|
|
$
54,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended March 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
$
(65,749)
|
|
$
-
|
|
$
-
|
|
$
53,852
|
|
$
(11,897)
|
|
|
Vdara
|
(10,210)
|
|
-
|
|
-
|
|
6,061
|
|
(4,149)
|
|
|
Crystals
|
(3,736)
|
|
-
|
|
-
|
|
4,861
|
|
1,125
|
|
|
Mandarin
Oriental
|
(9,753)
|
|
-
|
|
-
|
|
3,790
|
|
(5,963)
|
|
|
Resort operations
|
(89,448)
|
|
-
|
|
-
|
|
68,564
|
|
(20,884)
|
|
|
Residential
operations
|
(154,684)
|
|
-
|
|
171,014
|
|
303
|
|
16,633
|
|
|
Development
and administration
|
(11,277)
|
|
6,202
|
|
-
|
|
606
|
|
(4,469)
|
|
|
|
$
(255,409)
|
|
$
6,202
|
|
$
171,014
|
|
$
69,473
|
|
$
(8,720)
|
|
|
|
|
|
|
|
|
|
|
|
|
|