LAS VEGAS, Nov. 3, 2011-- MGM Resorts International
(NYSE: MGM) today reported improved financial results for the third
quarter ended September 30, 2011.
Diluted earnings per share attributable to MGM Resorts International
was a loss of $0.25 per share compared
to a loss of $0.72 per share in the
prior year third quarter. The current quarter included an impairment
charge of $0.11 per share compared to
impairment charges of $0.51 in the prior
year period. The current quarter results also include a full quarter of
results related to MGM China Holdings Limited (“MGM China”), which the
Company began consolidating as of June 3, 2011.
Key results for the third quarter of 2011 included the
following:
- Consolidated net revenue was $2.2
billion compared to $1.6 billion
in the prior year quarter; excluding MGM China, consolidated net
revenues increased 3% compared to the prior year quarter;
- Rooms revenue from wholly owned domestic resorts increased
11% with a 13% increase in REVPAR(1) at the Company’s Las Vegas Strip
resorts;
- Consolidated operating income was $113
million compared to an operating loss of $206
million in the third quarter of 2010;
- Consolidated Adjusted EBITDA(2) was $444
million in the 2011 quarter compared to $280
million in the 2010 quarter;
- The Company’s wholly owned domestic resorts earned Adjusted
Property EBITDA of $348 million, up 10%
compared to the prior year quarter;
- MGM China’s Adjusted Property EBITDA was $139 million ($150
million before branding fees) compared to $84
million in the prior year quarter; and
- CityCenter’s Adjusted Property EBITDA related to resort
operations increased 26% to $50 million.
“Our results show the inherent operating leverage in our
business as this quarter represents the third consecutive quarter of
year-over-year revenue, Adjusted Property EBITDA and Adjusted Property
EBITDA margin growth for our wholly owned domestic resorts. Our forward
booking trends remain strong both for our consumer retail segments and
corporate events,” said Jim Murren, MGM
Resorts International Chairman and CEO. “MGM China’s operating trends
continue to improve with cash flow before branding fees increasing
approximately 80% year-over-year. We are extremely pleased with our
Cotai development plans while at the same time have some exciting
expansion opportunities within our existing MGM Macau property.”
Certain Items Affecting Third Quarter Results
In the current quarter, the Company recorded an impairment
charge of $80 million (or $0.11 per share, net of tax) related to Circus
Circus Reno. The prior year quarter results include impairment charges
totaling $357 million (or $0.51 per diluted share, net of tax)
consisting of impairment charges of $191 million
related to the Company’s investment in CityCenter, $38 million related to CityCenter’s
residential real estate inventory, and $128
million related to the Company’s Borgata investment.
The following table lists items that affect the comparability
of the current and prior year quarterly results in addition to the
consolidation of MGM China (approximate EPS impact shown, net of tax,
per share; negative amounts represent charges to income):
Three
months ended September 30,
|
2011
|
2010
|
|
Property
transactions, net:
|
|
|
|
Investment in CityCenter impairment charge
|
$—
|
$(0.28)
|
|
Investment in Borgata impairment charge
|
—
|
(0.17)
|
|
Circus Circus Reno impairment charge
|
(0.11)
|
—
|
|
Income
(loss) from unconsolidated affiliates:
|
|
|
|
CityCenter residential impairment charge
|
—
|
(0.06)
|
|
CityCenter forfeited residential deposits income
|
—
|
0.02
|
|
|
|
|
Wholly Owned Domestic Resorts
Casino revenue related to wholly owned domestic resorts
decreased 2% compared to the prior year quarter. The overall table
games hold percentage in the third quarter of 2011 was near the low end
of the Company’s normal range of 19% to 23%. The overall table games
hold percentage in the prior year was near the mid-point of the
Company’s normal range. Slots revenue increased 4% compared to the
prior year quarter, with an increase of 6% at the Company’s Las Vegas
Strip resorts.
Rooms revenue increased 11% with Las Vegas Strip REVPAR up
13%. The following table shows key hotel statistics for the Company’s
Las Vegas Strip resorts:
Three
months ended September 30,
|
2011
|
2010
|
|
Occupancy
%
|
95%
|
93%
|
|
Average
Daily Rate (ADR)
|
$124
|
$111
|
|
Revenue
per Available Room (REVPAR)
|
$117
|
$104
|
|
|
|
|
Operating income for the Company’s wholly owned domestic
resorts for the third quarter of 2011 was $130
million. Operating income was negatively affected by an $80 million impairment charge at Circus Circus
Reno related to the carrying value of its long-lived assets. Excluding
the impairment charge, operating income increased 28% compared to the
third quarter of 2010. Adjusted Property EBITDA was $348 million in the 2011 quarter, a 10%
increase compared to $315 million in the
2010 quarter.
MGM China
The following are the key results for MGM China on a pro forma
basis:
- MGM China earned net revenues of $623
million for the third quarter of 2011 compared to $362 million in the third quarter of 2010. The
increase was driven by year-over-year increases in volume for VIP table
games, main floor table games, and slots of 83%, 13%, and 52%,
respectively. VIP table games hold percentage was within our expected
range of 2.7% to 3.0% in the current and prior year periods; and
- Adjusted Property EBITDA increased to $139 million and included approximately $11 million of expense related to the branding
agreement between MGM China and an entity jointly owned by the Company
and Ms. Pansy Ho.
MGM China completed its initial public offering of shares on
The Stock Exchange of Hong Kong Limited on June
3, 2011 and the Company acquired an additional 1% interest in
MGM China, which owns the MGM Macau resort and casino. This acquisition
increased the Company’s ownership interest to 51% and, as a result, the
Company began consolidating MGM China as of June
3, 2011. Prior to June 3, 2011,
the results of MGM Macau were accounted for under the equity method of
accounting.
The schedules accompanying this release provide pro forma
information for MGM China, presented for the three and nine month
periods ended September 30, 2011 and
2010, as if the acquisition of the Company’s controlling interest
occurred as of January 1, 2010.
Income (Loss) from Unconsolidated Affiliates
The following table summarizes information related to the
Company’s income (loss) from unconsolidated affiliates:
|
|
|
|
Three
months ended September 30,
|
2011
|
2010
|
|
|
(In
thousands)
|
|
CityCenter
|
$(7,723)
|
$
(37,893)
|
|
MGM
Macau
|
—
|
29,372
|
|
Other
|
8,262
|
9,924
|
|
|
$ 539
|
$ 1,403
|
|
|
|
|
The Company’s share of CityCenter’s operating losses in the
prior year includes the effect of a residential inventory impairment
charge of $38 million.
Results for CityCenter Holdings, LLC for the third quarter of
2011 include the following (see schedules accompanying this release for
further detail on CityCenter’s third quarter results):
- Net revenue from resort operations increased to $255 million compared to $248 million in the prior year quarter;
- Adjusted Property EBITDA from resort operations was $50 million, an increase of 26% compared to
the prior year quarter;
- Aria’s Adjusted Property EBITDA was $40
million. Aria’s hold percentage was above the high end of its
normal range in the current quarter, but lower than the prior year hold
percentage by approximately 400 basis points;
- Aria’s occupancy percentage was 87% and its ADR was $200, resulting in REVPAR of $173, a 22% increase compared to the prior
year third quarter;
- Vdara earned $5 million in
Adjusted Property EBITDA; and
- Crystals earned $6 million
in Adjusted Property EBITDA.
Financial Position
In September 2011, the Company
borrowed an additional $879 million
under its senior credit facility to increase its capacity for issuing
additional secured indebtedness; these borrowings were repaid
immediately after quarter end. As a result, the Company had a higher
than normal cash balance at September 30, 2011
of $1.8 billion, which also included
approximately $494 million of cash and
cash equivalents related to MGM China. At September
30, 2011, the Company had approximately $13.6
billion of indebtedness (with a carrying value of $13.5 billion) including approximately $551 million of borrowings outstanding on the
MGM Macau credit facility. Giving effect to the repayment it made on October 3, 2011, the Company had approximately
$1.2 billion of available borrowing
capacity under its senior credit facility.
“We continue to make strategic investments to maximize
earnings and are focused on domestic and international expansion
opportunities,” said Dan D’Arrigo, MGM Resorts International Executive
Vice President, CFO and Treasurer. “We believe cash flow at our wholly
owned resorts, CityCenter and MGM China will continue to improve,
allowing us to further strengthen our balance sheet.”
Conference Call Details
MGM Resorts International will host a conference call at 11:00 a.m. Eastern Time today which will
include a brief discussion of these results followed by a question and
answer period. 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 17370604. A replay of the call will be available through Thursday, November 10, 2011. The replay may be
accessed by dialing 1-855-859-2056 or 1-404-537-3406. The replay access
code is 17370604. 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, and
the gain on the MGM China transaction. “Adjusted Property EBITDA” is
Adjusted EBITDA before corporate expense and stock compensation expense
related to the MGM Resorts stock option plan, which is not allocated to
each property. MGM China recognizes stock compensation expense related
to its stock compensation plan which is included in the calculation of
Adjusted Property EBITDA for MGM China. 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.
About MGM Resorts International
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. In addition to its 51% interest in MGM China Holdings
Limited, which owns the MGM Macau resort and casino, 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 three
other properties in Nevada and Illinois. 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 website at www.mgmresorts.com.
Statements in this release that are not historical facts are
forward-looking statements involving risks and/or uncertainties,
including those described in the company's public filings with the
Securities and Exchange Commission. We have 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, 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, the design, timing and costs of expansion projects,
risks relating to international operations, permits, licenses,
approvals and other contingencies in connection with growth in new or
existing jurisdictions and additional risks and uncertainties described
in our 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.
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(In
thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$
1,241,959
|
|
$
643,395
|
|
$
2,629,674
|
|
$
1,862,039
|
|
|
Rooms
|
|
405,173
|
|
352,766
|
|
1,170,301
|
|
1,039,472
|
|
|
Food
and beverage
|
|
369,484
|
|
343,180
|
|
1,078,268
|
|
1,019,553
|
|
|
Entertainment
|
|
132,350
|
|
123,907
|
|
382,037
|
|
364,524
|
|
|
Retail
|
|
55,509
|
|
52,618
|
|
155,951
|
|
147,569
|
|
|
Other
|
|
128,204
|
|
124,033
|
|
371,253
|
|
354,288
|
|
|
Reimbursed
costs
|
|
87,144
|
|
88,551
|
|
262,914
|
|
272,235
|
|
|
|
|
2,419,823
|
|
1,728,450
|
|
6,050,398
|
|
5,059,680
|
|
|
Less:
Promotional allowances
|
|
(186,236)
|
|
(161,333)
|
|
(497,975)
|
|
(478,981)
|
|
|
|
|
2,233,587
|
|
1,567,117
|
|
5,552,423
|
|
4,580,699
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
795,652
|
|
356,218
|
|
1,632,382
|
|
1,067,025
|
|
|
Rooms
|
|
125,864
|
|
111,711
|
|
366,736
|
|
320,466
|
|
|
Food
and beverage
|
|
214,412
|
|
197,836
|
|
628,559
|
|
585,123
|
|
|
Entertainment
|
|
96,889
|
|
91,129
|
|
279,605
|
|
272,386
|
|
|
Retail
|
|
32,641
|
|
32,093
|
|
94,279
|
|
90,671
|
|
|
Other
|
|
90,021
|
|
88,144
|
|
256,710
|
|
250,298
|
|
|
Reimbursed
costs
|
|
87,144
|
|
88,551
|
|
262,914
|
|
272,235
|
|
|
General
and administrative
|
|
304,049
|
|
292,456
|
|
875,193
|
|
850,914
|
|
|
Corporate
expense
|
|
43,523
|
|
30,715
|
|
120,024
|
|
87,543
|
|
|
Preopening
and start-up expenses
|
|
-
|
|
30
|
|
(316)
|
|
4,061
|
|
|
Property
transactions, net
|
|
81,837
|
|
326,681
|
|
82,828
|
|
1,453,652
|
|
|
Gain
on MGM China transaction
|
|
-
|
|
-
|
|
(3,496,005)
|
|
-
|
|
|
Depreciation
and amortization
|
|
249,520
|
|
158,857
|
|
579,384
|
|
486,757
|
|
|
|
|
2,121,552
|
|
1,774,421
|
|
1,682,293
|
|
5,741,131
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from unconsolidated affiliates
|
|
539
|
|
1,403
|
|
95,909
|
|
(105,709)
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
112,574
|
|
(205,901)
|
|
3,966,039
|
|
(1,266,141)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(272,542)
|
|
(285,139)
|
|
(812,680)
|
|
(840,483)
|
|
|
Non-operating
items from unconsolidated affiliates
|
|
(24,692)
|
|
(27,185)
|
|
(92,984)
|
|
(82,109)
|
|
|
Other,
net
|
|
(1,595)
|
|
7,298
|
|
(18,567)
|
|
157,742
|
|
|
|
|
(298,829)
|
|
(305,026)
|
|
(924,231)
|
|
(764,850)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
|
(186,255)
|
|
(510,927)
|
|
3,041,808
|
|
(2,030,991)
|
|
|
Benefit
for income taxes
|
|
79,680
|
|
192,936
|
|
212,437
|
|
732,783
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
|
(106,575)
|
|
(317,991)
|
|
3,254,245
|
|
(1,298,208)
|
|
|
Less:
net income attributable to noncontrolling interests
|
|
(17,211)
|
|
-
|
|
(25,917)
|
|
-
|
|
Net
income (loss) attributable to MGM Resorts International
|
|
$
(123,786)
|
|
$
(317,991)
|
|
$
3,228,328
|
|
$
(1,298,208)
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
share of common stock:
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) attributable to MGM Resorts International
|
|
$
(0.25)
|
|
$
(0.72)
|
|
$ 6.61
|
|
$
(2.94)
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
488,636
|
|
441,328
|
|
488,595
|
|
441,289
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) attributable to MGM Resorts International
|
|
$
(0.25)
|
|
$
(0.72)
|
|
$ 5.83
|
|
$
(2.94)
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
488,636
|
|
441,328
|
|
558,544
|
|
441,289
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(In
thousands, except share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
Current
assets:
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
1,815,125
|
|
$
498,964
|
|
|
Accounts
receivable, net
|
|
463,407
|
|
321,894
|
|
|
Inventories
|
|
104,279
|
|
96,392
|
|
|
Income
tax receivable
|
|
-
|
|
175,982
|
|
|
Deferred
income taxes
|
|
79,458
|
|
110,092
|
|
|
Prepaid
expenses and other
|
|
259,538
|
|
252,321
|
|
|
|
Total
current assets
|
|
2,721,807
|
|
1,455,645
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net
|
|
14,868,394
|
|
14,554,350
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Investments
in and advances to unconsolidated affiliates
|
|
1,659,719
|
|
1,923,155
|
|
|
Goodwill
|
|
2,905,378
|
|
86,353
|
|
|
Other
intangible assets, net
|
|
5,120,662
|
|
342,804
|
|
|
Deposits
and other assets, net
|
|
577,063
|
|
598,738
|
|
|
|
Total
other assets
|
|
10,262,822
|
|
2,951,050
|
|
|
|
|
|
$
27,853,023
|
|
$
18,961,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
158,477
|
|
$
167,084
|
|
|
Income
taxes payable
|
|
2,639
|
|
-
|
|
|
Current
portion of long-term debt
|
|
351,608
|
|
-
|
|
|
Accrued
interest on long-term debt
|
|
240,780
|
|
211,914
|
|
|
Other
accrued liabilities
|
|
1,261,843
|
|
867,223
|
|
|
|
Total
current liabilities
|
|
2,015,347
|
|
1,246,221
|
|
|
|
|
|
|
|
|
|
Deferred
income taxes
|
|
2,603,418
|
|
2,469,333
|
|
Long-term
debt
|
|
13,099,074
|
|
12,047,698
|
|
Other
long-term obligations
|
|
193,578
|
|
199,248
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common
stock, $.01 par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued
and outstanding 488,643,408 and 488,513,351 shares
|
|
4,886
|
|
4,885
|
|
|
Capital
in excess of par value
|
|
4,085,783
|
|
4,060,826
|
|
|
Retained
earnings (accumulated deficit)
|
|
2,161,463
|
|
(1,066,865)
|
|
|
Accumulated
other comprehensive loss
|
|
(3,276)
|
|
(301)
|
|
|
|
Total
MGM Resorts International stockholders' equity
|
|
6,248,856
|
|
2,998,545
|
|
|
Noncontrolling
interests
|
|
3,692,750
|
|
-
|
|
|
|
Total
equity
|
|
9,941,606
|
|
2,998,545
|
|
|
|
|
|
$
27,853,023
|
|
$
18,961,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
SUPPLEMENTAL
DATA - NET REVENUES
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
Bellagio
|
|
|
$
275,884
|
|
$
270,219
|
|
$
805,892
|
|
$
769,312
|
|
|
MGM
Grand Las Vegas
|
|
|
243,037
|
|
232,667
|
|
707,618
|
|
711,335
|
|
|
Mandalay
Bay
|
|
|
199,166
|
|
186,285
|
|
587,525
|
|
548,019
|
|
|
The
Mirage
|
|
|
140,989
|
|
152,536
|
|
433,912
|
|
426,062
|
|
|
Luxor
|
|
|
88,203
|
|
81,851
|
|
252,420
|
|
239,979
|
|
|
New
York-New York
|
|
|
68,449
|
|
65,078
|
|
202,147
|
|
187,805
|
|
|
Excalibur
|
|
|
67,831
|
|
65,930
|
|
196,341
|
|
191,320
|
|
|
Monte
Carlo
|
|
|
65,321
|
|
57,786
|
|
193,602
|
|
168,965
|
|
|
Circus
Circus Las Vegas
|
|
|
56,559
|
|
52,541
|
|
149,694
|
|
143,176
|
|
|
MGM
Grand Detroit
|
|
|
139,049
|
|
133,415
|
|
425,189
|
|
407,629
|
|
|
Beau
Rivage
|
|
|
89,713
|
|
87,006
|
|
261,448
|
|
256,579
|
|
|
Gold
Strike Tunica
|
|
|
40,415
|
|
41,265
|
|
108,485
|
|
117,634
|
|
|
Other
resort operations
|
|
|
34,759
|
|
33,888
|
|
96,840
|
|
96,793
|
|
|
Wholly owned domestic resorts
|
|
|
1,509,375
|
|
1,460,467
|
|
4,421,113
|
|
4,264,608
|
|
|
MGM
China(1)
|
|
|
623,050
|
|
-
|
|
816,034
|
|
-
|
|
|
Management
and other operations
|
|
|
101,162
|
|
106,650
|
|
315,276
|
|
316,091
|
|
|
|
|
|
$
2,233,587
|
|
$
1,567,117
|
|
$
5,552,423
|
|
$
4,580,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
For the nine months ended September 30, 2011, represents the net
revenues of MGM China Holdings Limited ("MGM China") from June 3, 2011
(the first day of the Company's majority ownership of MGM China)
through September 30, 2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
SUPPLEMENTAL
DATA - ADJUSTED PROPERTY EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
Bellagio
|
|
|
$
74,251
|
|
$
75,858
|
|
$
205,522
|
|
$
195,137
|
|
|
MGM
Grand Las Vegas
|
|
|
42,221
|
|
40,011
|
|
114,646
|
|
130,604
|
|
|
Mandalay
Bay
|
|
|
41,372
|
|
30,435
|
|
129,417
|
|
96,177
|
|
|
The
Mirage
|
|
|
25,406
|
|
31,980
|
|
82,145
|
|
80,624
|
|
|
Luxor
|
|
|
21,065
|
|
14,114
|
|
60,020
|
|
44,455
|
|
|
New
York-New York
|
|
|
22,738
|
|
21,943
|
|
66,089
|
|
59,561
|
|
|
Excalibur
|
|
|
17,463
|
|
15,881
|
|
51,974
|
|
49,158
|
|
|
Monte
Carlo
|
|
|
14,466
|
|
7,930
|
|
43,870
|
|
24,038
|
|
|
Circus
Circus Las Vegas
|
|
|
8,898
|
|
6,126
|
|
20,524
|
|
13,350
|
|
|
MGM
Grand Detroit
|
|
|
39,897
|
|
40,466
|
|
125,593
|
|
118,436
|
|
|
Beau
Rivage
|
|
|
25,501
|
|
17,637
|
|
57,925
|
|
51,040
|
|
|
Gold
Strike Tunica
|
|
|
13,464
|
|
11,704
|
|
21,219
|
|
31,590
|
|
|
Other
resort operations
|
|
|
852
|
|
1,302
|
|
(2)
|
|
1,302
|
|
|
Wholly owned domestic resorts
|
|
|
347,594
|
|
315,387
|
|
978,942
|
|
895,472
|
|
|
MGM
China(1)
|
|
|
139,326
|
|
-
|
|
185,748
|
|
-
|
|
|
MGM
Macau (50%)(2)
|
|
|
-
|
|
29,372
|
|
115,219
|
|
71,165
|
|
|
CityCenter
(50%)(3)
|
|
|
(7,723)
|
|
(37,893)
|
|
(46,029)
|
|
(212,066)
|
|
|
Other
unconsolidated resorts(3)
|
|
|
8,262
|
|
9,924
|
|
26,719
|
|
35,484
|
|
|
Management
and other operations
|
|
|
4,637
|
|
(9,490)
|
|
6,159
|
|
(16,917)
|
|
|
|
|
|
$
492,096
|
|
$
307,300
|
|
$
1,266,758
|
|
$
773,138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
For the nine months ended September 30, 2011, represents the net
revenues of MGM China Holdings Limited ("MGM China") from June 3, 2011
(the first day of the Company's majority ownership of MGM China)
through September 30, 2011.
|
|
(2)
Represents the Company's share of operating income (loss), adjusted for
the effect of certain basis differences for the three and nine months
ended September 30, 2010 and the approximately five months ended June
2, 2011
|
|
(3)
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 September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
|
$
50,943
|
|
$ -
|
|
$ 503
|
|
$
22,805
|
|
$
74,251
|
|
|
MGM
Grand Las Vegas
|
|
22,945
|
|
-
|
|
1
|
|
19,275
|
|
42,221
|
|
|
Mandalay
Bay
|
|
19,313
|
|
-
|
|
53
|
|
22,006
|
|
41,372
|
|
|
The
Mirage
|
|
6,708
|
|
-
|
|
1,291
|
|
17,407
|
|
25,406
|
|
|
Luxor
|
|
11,775
|
|
-
|
|
2
|
|
9,288
|
|
21,065
|
|
|
New
York-New York
|
|
17,043
|
|
-
|
|
-
|
|
5,695
|
|
22,738
|
|
|
Excalibur
|
|
12,477
|
|
-
|
|
13
|
|
4,973
|
|
17,463
|
|
|
Monte
Carlo
|
|
9,209
|
|
-
|
|
5
|
|
5,252
|
|
14,466
|
|
|
Circus
Circus Las Vegas
|
|
4,192
|
|
-
|
|
2
|
|
4,704
|
|
8,898
|
|
|
MGM
Grand Detroit
|
|
29,991
|
|
-
|
|
-
|
|
9,906
|
|
39,897
|
|
|
Beau
Rivage
|
|
15,614
|
|
-
|
|
(7)
|
|
9,894
|
|
25,501
|
|
|
Gold
Strike Tunica
|
|
10,083
|
|
-
|
|
-
|
|
3,381
|
|
13,464
|
|
|
Other
resort operations
|
|
(79,990)
|
|
-
|
|
79,658
|
|
1,184
|
|
852
|
|
|
Wholly owned domestic resorts
|
|
130,303
|
|
-
|
|
81,521
|
|
135,770
|
|
347,594
|
|
|
MGM
China
|
|
40,788
|
|
-
|
|
294
|
|
98,244
|
|
139,326
|
|
|
CityCenter
(50%)
|
|
(7,723)
|
|
-
|
|
-
|
|
-
|
|
(7,723)
|
|
|
Other
unconsolidated resorts
|
|
8,262
|
|
-
|
|
-
|
|
-
|
|
8,262
|
|
|
Management
and other operations
|
|
1,000
|
|
-
|
|
6
|
|
3,631
|
|
4,637
|
|
|
|
|
172,630
|
|
-
|
|
81,821
|
|
237,645
|
|
492,096
|
|
|
Stock
compensation
|
|
(8,707)
|
|
-
|
|
-
|
|
-
|
|
(8,707)
|
|
|
Corporate
|
|
(51,349)
|
|
-
|
|
16
|
|
11,875
|
|
(39,458)
|
|
|
|
|
$
112,574
|
|
$ -
|
|
$
81,837
|
|
$
249,520
|
|
$
443,931
|
|
Three
Months Ended September 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
|
$
52,040
|
|
$ -
|
|
$ (18)
|
|
$
23,836
|
|
$
75,858
|
|
|
MGM
Grand Las Vegas
|
|
20,855
|
|
-
|
|
(45)
|
|
19,201
|
|
40,011
|
|
|
Mandalay
Bay
|
|
5,023
|
|
-
|
|
2,181
|
|
23,231
|
|
30,435
|
|
|
The
Mirage
|
|
16,104
|
|
-
|
|
450
|
|
15,426
|
|
31,980
|
|
|
Luxor
|
|
3,666
|
|
-
|
|
11
|
|
10,437
|
|
14,114
|
|
|
New
York-New York
|
|
14,307
|
|
-
|
|
763
|
|
6,873
|
|
21,943
|
|
|
Excalibur
|
|
10,300
|
|
-
|
|
-
|
|
5,581
|
|
15,881
|
|
|
Monte
Carlo
|
|
(1,954)
|
|
-
|
|
3,765
|
|
6,119
|
|
7,930
|
|
|
Circus
Circus Las Vegas
|
|
1,024
|
|
-
|
|
4
|
|
5,098
|
|
6,126
|
|
|
MGM
Grand Detroit
|
|
30,724
|
|
-
|
|
(484)
|
|
10,226
|
|
40,466
|
|
|
Beau
Rivage
|
|
4,950
|
|
-
|
|
348
|
|
12,339
|
|
17,637
|
|
|
Gold
Strike Tunica
|
|
7,532
|
|
-
|
|
549
|
|
3,623
|
|
11,704
|
|
|
Other
resort operations
|
|
(3)
|
|
-
|
|
(1)
|
|
1,306
|
|
1,302
|
|
|
Wholly owned domestic resorts
|
|
164,568
|
|
-
|
|
7,523
|
|
143,296
|
|
315,387
|
|
|
MGM
Macau (50%)
|
|
29,372
|
|
-
|
|
-
|
|
-
|
|
29,372
|
|
|
CityCenter
(50%)
|
|
(37,893)
|
|
-
|
|
-
|
|
-
|
|
(37,893)
|
|
|
Other
unconsolidated resorts
|
|
9,924
|
|
-
|
|
-
|
|
-
|
|
9,924
|
|
|
Management
and other operations
|
|
(13,563)
|
|
30
|
|
-
|
|
4,043
|
|
(9,490)
|
|
|
|
|
152,408
|
|
30
|
|
7,523
|
|
147,339
|
|
307,300
|
|
|
Stock
compensation
|
|
(8,599)
|
|
-
|
|
-
|
|
-
|
|
(8,599)
|
|
|
Corporate
|
|
(349,710)
|
|
-
|
|
319,158
|
|
11,518
|
|
(19,034)
|
|
|
|
|
$
(205,901)
|
|
$ 30
|
|
$
326,681
|
|
$
158,857
|
|
$
279,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
Nine
Months Ended September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Gain
on MGM
China
transaction
&
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
|
$
132,489
|
|
$ -
|
|
$ 820
|
|
$
72,213
|
|
$
205,522
|
|
|
MGM
Grand Las Vegas
|
|
56,837
|
|
-
|
|
1
|
|
57,808
|
|
114,646
|
|
|
Mandalay
Bay
|
|
63,365
|
|
-
|
|
69
|
|
65,983
|
|
129,417
|
|
|
The
Mirage
|
|
35,123
|
|
-
|
|
1,330
|
|
45,692
|
|
82,145
|
|
|
Luxor
|
|
31,599
|
|
-
|
|
8
|
|
28,413
|
|
60,020
|
|
|
New
York-New York
|
|
48,325
|
|
-
|
|
(85)
|
|
17,849
|
|
66,089
|
|
|
Excalibur
|
|
36,530
|
|
-
|
|
223
|
|
15,221
|
|
51,974
|
|
|
Monte
Carlo
|
|
26,690
|
|
-
|
|
33
|
|
17,147
|
|
43,870
|
|
|
Circus
Circus Las Vegas
|
|
6,343
|
|
-
|
|
(6)
|
|
14,187
|
|
20,524
|
|
|
MGM
Grand Detroit
|
|
95,820
|
|
-
|
|
372
|
|
29,401
|
|
125,593
|
|
|
Beau
Rivage
|
|
25,764
|
|
-
|
|
51
|
|
32,110
|
|
57,925
|
|
|
Gold
Strike Tunica
|
|
11,028
|
|
-
|
|
-
|
|
10,191
|
|
21,219
|
|
|
Other
resort operations
|
|
(83,323)
|
|
-
|
|
79,675
|
|
3,646
|
|
(2)
|
|
|
Wholly owned domestic resorts
|
|
486,590
|
|
-
|
|
82,491
|
|
409,861
|
|
978,942
|
|
|
MGM
China
|
|
60,236
|
|
-
|
|
307
|
|
125,205
|
|
185,748
|
|
|
MGM
Macau (50%)
|
|
115,219
|
|
-
|
|
-
|
|
-
|
|
115,219
|
|
|
CityCenter
(50%)
|
|
(46,029)
|
|
-
|
|
-
|
|
-
|
|
(46,029)
|
|
|
Other
unconsolidated resorts
|
|
26,719
|
|
-
|
|
-
|
|
-
|
|
26,719
|
|
|
Management
and other operations
|
|
(4,289)
|
|
(316)
|
|
1
|
|
10,763
|
|
6,159
|
|
|
|
|
638,446
|
|
(316)
|
|
82,799
|
|
545,829
|
|
1,266,758
|
|
|
Stock
compensation
|
|
(26,912)
|
|
-
|
|
-
|
|
-
|
|
(26,912)
|
|
|
Corporate
|
|
3,354,505
|
|
-
|
|
(3,495,976)
|
|
33,555
|
|
(107,916)
|
|
|
|
|
$
3,966,039
|
|
$ (316)
|
|
$
(3,413,177)
|
|
$
579,384
|
|
$
1,131,930
|
|
Nine
Months Ended September 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
|
$
122,871
|
|
$ -
|
|
$ (125)
|
|
$
72,391
|
|
$
195,137
|
|
|
MGM
Grand Las Vegas
|
|
72,134
|
|
-
|
|
(45)
|
|
58,515
|
|
130,604
|
|
|
Mandalay
Bay
|
|
23,758
|
|
-
|
|
2,840
|
|
69,579
|
|
96,177
|
|
|
The
Mirage
|
|
29,535
|
|
-
|
|
311
|
|
50,778
|
|
80,624
|
|
|
Luxor
|
|
12,237
|
|
-
|
|
1
|
|
32,217
|
|
44,455
|
|
|
New
York-New York
|
|
31,737
|
|
-
|
|
6,858
|
|
20,966
|
|
59,561
|
|
|
Excalibur
|
|
31,103
|
|
-
|
|
784
|
|
17,271
|
|
49,158
|
|
|
Monte
Carlo
|
|
1,928
|
|
-
|
|
3,765
|
|
18,345
|
|
24,038
|
|
|
Circus
Circus Las Vegas
|
|
(2,529)
|
|
-
|
|
229
|
|
15,650
|
|
13,350
|
|
|
MGM
Grand Detroit
|
|
88,391
|
|
-
|
|
(484)
|
|
30,529
|
|
118,436
|
|
|
Beau
Rivage
|
|
13,768
|
|
-
|
|
351
|
|
36,921
|
|
51,040
|
|
|
Gold
Strike Tunica
|
|
21,336
|
|
-
|
|
(551)
|
|
10,805
|
|
31,590
|
|
|
Other
resort operations
|
|
(2,827)
|
|
-
|
|
4
|
|
4,125
|
|
1,302
|
|
|
Wholly owned domestic resorts
|
|
443,442
|
|
-
|
|
13,938
|
|
438,092
|
|
895,472
|
|
|
MGM
Macau (50%)
|
|
71,165
|
|
-
|
|
-
|
|
-
|
|
71,165
|
|
|
CityCenter
(50%)
|
|
(215,560)
|
|
3,494
|
|
-
|
|
-
|
|
(212,066)
|
|
|
Other
unconsolidated resorts
|
|
35,484
|
|
-
|
|
-
|
|
-
|
|
35,484
|
|
|
Management
and other operations
|
|
(28,699)
|
|
567
|
|
-
|
|
11,215
|
|
(16,917)
|
|
|
|
|
305,832
|
|
4,061
|
|
13,938
|
|
449,307
|
|
773,138
|
|
|
Stock
compensation
|
|
(26,156)
|
|
-
|
|
-
|
|
-
|
|
(26,156)
|
|
|
Corporate
|
|
(1,545,817)
|
|
-
|
|
1,439,714
|
|
37,450
|
|
(68,653)
|
|
|
|
|
$
(1,266,141)
|
|
$ 4,061
|
|
$
1,453,652
|
|
$
486,757
|
|
$
678,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
RECONCILIATION
OF ADJUSTED EBITDA TO NET INCOME (LOSS)
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Adjusted
EBITDA
|
|
$
443,931
|
|
$
279,667
|
|
$
1,131,930
|
|
$
678,329
|
|
Preopening and start-up expenses
|
|
-
|
|
(30)
|
|
316
|
|
(4,061)
|
|
Property transactions, net
|
|
(81,837)
|
|
(326,681)
|
|
(82,828)
|
|
(1,453,652)
|
|
Gain
on MGM China transaction
|
|
-
|
|
-
|
|
3,496,005
|
|
-
|
|
Depreciation and amortization
|
|
(249,520)
|
|
(158,857)
|
|
(579,384)
|
|
(486,757)
|
|
Operating
income (loss)
|
|
112,574
|
|
(205,901)
|
|
3,966,039
|
|
(1,266,141)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(272,542)
|
|
(285,139)
|
|
(812,680)
|
|
(840,483)
|
|
Other, net
|
|
(26,287)
|
|
(19,887)
|
|
(111,551)
|
|
75,633
|
|
|
|
|
(298,829)
|
|
(305,026)
|
|
(924,231)
|
|
(764,850)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
|
(186,255)
|
|
(510,927)
|
|
3,041,808
|
|
(2,030,991)
|
|
Benefit for income taxes
|
|
79,680
|
|
192,936
|
|
212,437
|
|
732,783
|
|
Net
income (loss)
|
|
(106,575)
|
|
(317,991)
|
|
3,254,245
|
|
(1,298,208)
|
|
Less:
net income attributable to noncontrolling interests
|
|
(17,211)
|
|
-
|
|
(25,917)
|
|
-
|
|
Net
income (loss) attributable to MGM Resorts International
|
|
$
(123,786)
|
|
$
(317,991)
|
|
$
3,228,328
|
|
$
(1,298,208)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
SUPPLEMENTAL
DATA - HOTEL STATISTICS - LAS VEGAS STRIP
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
96.8%
|
|
94.8%
|
|
94.7%
|
|
93.5%
|
|
|
Average daily rate (ADR)
|
|
$230
|
|
$198
|
|
$226
|
|
$201
|
|
|
Revenue per available room (REVPAR)
|
|
$222
|
|
$187
|
|
$214
|
|
$188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
Grand Las Vegas
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
95.4%
|
|
94.6%
|
|
94.3%
|
|
94.1%
|
|
|
ADR
|
|
$129
|
|
$112
|
|
$130
|
|
$115
|
|
|
REVPAR
|
|
$123
|
|
$106
|
|
$123
|
|
$108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
95.7%
|
|
91.2%
|
|
93.5%
|
|
90.0%
|
|
|
ADR
|
|
$175
|
|
$164
|
|
$176
|
|
$160
|
|
|
REVPAR
|
|
$168
|
|
$149
|
|
$165
|
|
$144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
96.7%
|
|
95.8%
|
|
95.8%
|
|
93.3%
|
|
|
ADR
|
|
$140
|
|
$129
|
|
$145
|
|
$132
|
|
|
REVPAR
|
|
$136
|
|
$124
|
|
$138
|
|
$124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.6%
|
|
92.1%
|
|
91.8%
|
|
89.7%
|
|
|
ADR
|
|
$87
|
|
$82
|
|
$90
|
|
$84
|
|
|
REVPAR
|
|
$83
|
|
$76
|
|
$83
|
|
$75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
York-New York
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
95.3%
|
|
93.2%
|
|
94.5%
|
|
92.1%
|
|
|
ADR
|
|
$108
|
|
$97
|
|
$108
|
|
$100
|
|
|
REVPAR
|
|
$103
|
|
$90
|
|
$102
|
|
$92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
92.4%
|
|
94.9%
|
|
90.0%
|
|
89.6%
|
|
|
ADR
|
|
$70
|
|
$63
|
|
$72
|
|
$66
|
|
|
REVPAR
|
|
$65
|
|
$60
|
|
$65
|
|
$59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
97.2%
|
|
95.5%
|
|
94.8%
|
|
91.4%
|
|
|
ADR
|
|
$99
|
|
$86
|
|
$98
|
|
$87
|
|
|
REVPAR
|
|
$96
|
|
$82
|
|
$93
|
|
$80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus
Circus Las Vegas
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
88.1%
|
|
86.8%
|
|
76.2%
|
|
78.9%
|
|
|
ADR
|
|
$52
|
|
$45
|
|
$54
|
|
$45
|
|
|
REVPAR
|
|
$46
|
|
$39
|
|
$41
|
|
$36
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
SUPPLEMENTAL
DATA - NET REVENUES
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
Aria
|
|
$
214,347
|
|
$
220,008
|
|
$
672,810
|
|
$
537,352
|
|
|
|
|
Vdara
|
|
20,060
|
|
10,859
|
|
55,230
|
|
28,629
|
|
|
|
|
Crystals
|
|
11,345
|
|
9,182
|
|
34,229
|
|
22,952
|
|
|
|
|
Mandarin
Oriental
|
|
9,064
|
|
7,469
|
|
30,309
|
|
21,527
|
|
|
|
|
Resort
operations
|
|
254,816
|
|
247,518
|
|
792,578
|
|
610,460
|
|
|
|
|
Residential
operations
|
|
5,186
|
|
165,965
|
|
20,328
|
|
464,417
|
|
|
|
|
|
|
$
260,002
|
|
$
413,483
|
|
$
812,906
|
|
$
1,074,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
RECONCILIATION
OF ADJUSTED EBITDA TO NET LOSS
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
Adjusted
EBITDA
|
|
$
46,090
|
|
$
52,357
|
|
$
157,978
|
|
$
52,419
|
|
|
|
Preopening and start-up expenses
|
|
-
|
|
-
|
|
-
|
|
(6,202)
|
|
|
|
Property transactions, net
|
|
(6)
|
|
(354,981)
|
|
(53,362)
|
|
(583,079)
|
|
|
|
Depreciation and amortization
|
|
(86,093)
|
|
(80,822)
|
|
(271,270)
|
|
(230,004)
|
|
|
|
Operating
loss
|
|
(40,009)
|
|
(383,446)
|
|
(166,654)
|
|
(766,866)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense - sponsor notes, net
|
|
(20,092)
|
|
(23,409)
|
|
(57,699)
|
|
(67,872)
|
|
|
|
Interest expense - other, net
|
|
(47,665)
|
|
(42,221)
|
|
(142,714)
|
|
(106,495)
|
|
|
|
Other, net
|
|
1,129
|
|
(176)
|
|
(20,566)
|
|
(4,885)
|
|
|
|
|
|
|
(66,628)
|
|
(65,806)
|
|
(220,979)
|
|
(179,252)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
(106,637)
|
|
$
(449,252)
|
|
$
(387,633)
|
|
$
(946,118)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
RECONCILIATION
OF OPERATING LOSS TO ADJUSTED EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
Three
Months Ended September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
|
$
(23,147)
|
|
$ -
|
|
$ -
|
|
$
63,566
|
|
$
40,419
|
|
|
Vdara
|
|
(5,387)
|
|
-
|
|
-
|
|
10,173
|
|
4,786
|
|
|
Crystals
|
|
(648)
|
|
-
|
|
-
|
|
6,619
|
|
5,971
|
|
|
Mandarin
Oriental
|
|
(5,782)
|
|
-
|
|
-
|
|
4,449
|
|
(1,333)
|
|
|
Resort
operations
|
|
(34,964)
|
|
-
|
|
-
|
|
84,807
|
|
49,843
|
|
|
Residential
operations
|
|
(976)
|
|
-
|
|
-
|
|
1,198
|
|
222
|
|
|
Development
and administration
|
|
(4,069)
|
|
-
|
|
6
|
|
88
|
|
(3,975)
|
|
|
|
|
$
(40,009)
|
|
$ -
|
|
$ 6
|
|
$
86,093
|
|
$
46,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended September 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
|
$
(19,594)
|
|
$ -
|
|
$ -
|
|
$
60,965
|
|
$
41,371
|
|
|
Vdara
|
|
(9,646)
|
|
-
|
|
-
|
|
9,059
|
|
(587)
|
|
|
Crystals
|
|
(3,158)
|
|
-
|
|
-
|
|
5,599
|
|
2,441
|
|
|
Mandarin
Oriental
|
|
(7,935)
|
|
-
|
|
-
|
|
4,311
|
|
(3,624)
|
|
|
Resort
operations
|
|
(40,333)
|
|
-
|
|
-
|
|
79,934
|
|
39,601
|
|
|
Residential
operations
|
|
(50,002)
|
|
-
|
|
75,759
|
|
308
|
|
26,065
|
|
|
Development
and administration
|
|
(293,111)
|
|
-
|
|
279,222
|
|
580
|
|
(13,309)
|
|
|
|
|
$
(383,446)
|
|
$ -
|
|
$
354,981
|
|
$
80,822
|
|
$
52,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
RECONCILIATION
OF OPERATING LOSS TO ADJUSTED EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
Nine
Months Ended September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
|
$
(57,000)
|
|
$ -
|
|
$ -
|
|
$
205,473
|
|
$
148,473
|
|
|
Vdara
|
|
(15,127)
|
|
-
|
|
-
|
|
28,547
|
|
13,420
|
|
|
Crystals
|
|
(3,037)
|
|
-
|
|
-
|
|
20,322
|
|
17,285
|
|
|
Mandarin
Oriental
|
|
(14,968)
|
|
-
|
|
-
|
|
13,966
|
|
(1,002)
|
|
|
Resort
operations
|
|
(90,132)
|
|
-
|
|
-
|
|
268,308
|
|
178,176
|
|
|
Residential
operations
|
|
(63,044)
|
|
-
|
|
52,624
|
|
2,628
|
|
(7,792)
|
|
|
Development
and administration
|
|
(13,478)
|
|
-
|
|
738
|
|
334
|
|
(12,406)
|
|
|
|
|
$
(166,654)
|
|
$ -
|
|
$
53,362
|
|
$
271,270
|
|
$
157,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
Months Ended September 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
|
$
(160,725)
|
|
$ -
|
|
$ -
|
|
$
173,061
|
|
$
12,336
|
|
|
Vdara
|
|
(31,175)
|
|
-
|
|
-
|
|
26,182
|
|
(4,993)
|
|
|
Crystals
|
|
(10,405)
|
|
-
|
|
-
|
|
16,013
|
|
5,608
|
|
|
Mandarin
Oriental
|
|
(23,629)
|
|
-
|
|
-
|
|
12,065
|
|
(11,564)
|
|
|
Resort
operations
|
|
(225,934)
|
|
-
|
|
-
|
|
227,321
|
|
1,387
|
|
|
Residential
operations
|
|
(227,594)
|
|
-
|
|
303,857
|
|
914
|
|
77,177
|
|
|
Development
and administration
|
|
(313,338)
|
|
6,202
|
|
279,222
|
|
1,769
|
|
(26,145)
|
|
|
|
|
$
(766,866)
|
|
$ 6,202
|
|
$
583,079
|
|
$
230,004
|
|
$
52,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
SUPPLEMENTAL
DATA - HOTEL STATISTICS
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
86.6%
|
|
81.6%
|
|
87.4%
|
|
74.8%
|
|
|
ADR
|
|
|
|
$200
|
|
$175
|
|
$201
|
|
$181
|
|
|
REVPAR
|
|
|
|
$173
|
|
$142
|
|
$176
|
|
$136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
83.8%
|
|
69.8%
|
|
86.0%
|
|
66.1%
|
|
|
ADR
|
|
|
|
$157
|
|
$141
|
|
$158
|
|
$144
|
|
|
REVPAR
|
|
|
|
$131
|
|
$99
|
|
$136
|
|
$96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
CHINA (1)
|
|
SUPPLEMENTAL
PRO FORMA INFORMATION
|
|
NET
REVENUES AND RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
623,049
|
|
$
362,306
|
|
$
1,887,064
|
|
$
1,001,339
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA (2)
|
|
$
139,326
|
|
$
83,841
|
|
$
455,755
|
|
$
215,690
|
|
Property transactions, net
|
|
(294)
|
|
(51)
|
|
(804)
|
|
(409)
|
|
Depreciation and amortization (3)
|
|
(89,933)
|
|
(93,416)
|
|
(268,867)
|
|
(280,192)
|
|
Operating
income (loss)
|
|
49,099
|
|
(9,626)
|
|
186,084
|
|
(64,911)
|
|
Non-operating income (expense)
|
|
(6,889)
|
|
(10,541)
|
|
(18,616)
|
|
(37,454)
|
|
Income
(loss) before income taxes
|
|
42,210
|
|
(20,167)
|
|
167,468
|
|
(102,365)
|
|
Provision for income taxes
|
|
(5,302)
|
|
(11)
|
|
(20,383)
|
|
(33)
|
|
Net
income (loss)
|
|
$
36,908
|
|
$
(20,178)
|
|
$
147,085
|
|
$
(102,398)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Supplemental pro forma information for MGM China is presented for the
three and nine month periods ended September 30, 2011 and 2010 as if
management control had occurred as of the beginning of each period
presented. This information is presented on a U.S. GAAP basis and
includes the impact of certain purchase accounting adjustments. This
supplemental pro forma information is provided solely for comparative
purposes and does not presume to be indicative of what actual results
would have been if the change in management control had been completed
at the beginning of the periods presented, nor indicative of future
results.
|
|
(2)
Adjusted EBITDA for the three and nine months ending September 30, 2011
includes expenses related to the branding agreement between MGM China
and an entity jointly owned by the Company and Ms. Pansy Ho of $11
million for the three months ended September 30, 2011 and $14 million
for the period from June 3, 2011 through September 30, 2011. Prior
period pro forma information does not include an expense related to the
branding agreement.
|
|
(3)
Depreciation and amortization for all periods presented includes the
pro forma impact of the amortization of certain intangible assets
recognized at fair value in purchase accounting.
|
|