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MGM Resorts International Reports Q4 2011 Net Loss of $113.7 million
Compared to Loss of $139.2
million Prior Year Quarter

Domestic RevPAR Increased 10%

LAS VEGAS, Feb. 22, 2012 -- MGM Resorts International (NYSE: MGM) today reported improved financial results for the fourth quarter ended December 31, 2011. Loss per share was $0.23 compared to a loss of $0.29 per share in the prior year fourth quarter. The current quarter results include MGM China Holdings, Limited (“MGM China”), which the Company began consolidating as of June 3, 2011.

Key results for the fourth quarter of 2011 included the following:

  • Consolidated net revenue was $2.3 billion; excluding MGM China, net revenue increased 7% compared to the prior year quarter;
  • Rooms revenue at wholly owned domestic resorts increased 10% with a 13% increase in REVPAR(1) at the Company’s Las Vegas Strip resorts;
  • Consolidated operating income was $91 million compared to $107 million in the fourth quarter of 2010;
  • Adjusted Property EBITDA(2) was $482 million in the 2011 quarter compared to $294 million in the 2010 quarter;
  • The Company’s wholly owned domestic resorts earned Adjusted Property EBITDA of $319 million, an 18% increase compared to the prior year quarter;
  • MGM China’s Adjusted Property EBITDA was $174 million, a 23% increase compared to the prior year quarter; and
  • CityCenter’s Adjusted Property EBITDA related to resort operations was $58 million, a 62% increase compared to the prior year quarter.

“2011 was a year in which we achieved many goals: operationally, strategically, and financially. Operationally, we enhanced our customer experience through targeted reinvestment in our properties and improved relationships through our M life customer loyalty program. Strategically, we acquired a majority interest in MGM China and began expanding our brand presence in key markets throughout the world, particularly Asia. Financially, our revenues and margins have improved year over year increasing our cash flow and strengthening our financial profile,” said Jim Murren, MGM Resorts International Chairman and CEO. “Going forward we expect to build off of these strategies to grow our company and maximize shareholder value.”

Certain Items Affecting Fourth Quarter Results

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 December 31,


2011


2010


Property transactions, net:






Investment in Borgata impairment

$

(0.07)

$


Investment in Silver Legacy impairment


(0.03)



Other property transactions


(0.01)



Income (loss) from unconsolidated affiliates:






CityCenter residential impairment charge



(0.02)


CityCenter forfeited residential deposits income



0.01


Loss on retirement of long-term debt



(0.01)


Tax adjustments


0.09


(0.07)









The current quarter tax adjustments include a net $44 million, or $0.09 per share, increase in income tax benefit resulting from a decrease in the Macau net deferred tax liability, partially offset by an increase in the Michigan net deferred tax liability. Tax adjustments in the prior year quarter 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.

In the current quarter, the Company recorded an impairment charge of $62 million ($0.07 per share, net of tax) related to its investment in Borgata and an impairment charge of $23 million ($0.03 per share, net of tax) related to its investment in Silver Legacy.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 8% compared to the prior year quarter. The overall table games hold percentage in the fourth quarter of 2011 was near the high end of the Company’s normal range of 19% to 23% and was near the low end of the Company’s range in the prior year quarter. Slots revenue increased 3% compared to the prior year quarter.

Rooms revenue increased 10% 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 December 31,


2011


2010


Occupancy %


87%


84%


Average Daily Rate (ADR)

$

129

$

118


Revenue per Available Room (REVPAR)

$

111

$

98









Operating income for the Company’s wholly owned domestic resorts for the fourth quarter of 2011 was $186 million, an increase of 36% compared to the fourth quarter of 2010.

MGM China

On February 22, 2012, MGM China’s Board of Directors announced a dividend of approximately $400 million, which will be paid to shareholders of record as of March 9, 2012 and distributed on or about March 20, 2012. MGM Resorts International will receive approximately $204 million, representing 51% of such dividend.

The schedules accompanying this release provide pro forma information for MGM China, presented for the three and twelve month periods ended December 31, 2011 and 2010, as if the acquisition of the Company’s controlling interest occurred as of January 1, 2010. The following are the key fourth quarter results for MGM China on a pro forma basis:

  • MGM China earned net revenue of $719 million for the fourth quarter of 2011 compared to $570 million in the fourth 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 29%, 13% and 35%, respectively. VIP table games hold percentage was slightly above our expected range of 2.7% to 3.0% in the current and prior year periods; and
  • Adjusted Property EBITDA increased 23% to $174 million.

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.

Income (Loss) from Unconsolidated Affiliates

The following table summarizes information related to the Company’s share of operating income (loss) from unconsolidated affiliates:

Three months ended December 31,


2011



2010



(In thousands)


CityCenter

$

(10,262)


$

(38,415)


MGM Macau




58,410


Other


5,447



7,280



$

(4,815)


$

27,275










Results for CityCenter Holdings, LLC for the fourth quarter of 2011 include the following (see schedules accompanying this release for further detail on CityCenter’s fourth quarter results):

  • Net revenue from resort operations increased to $265 million compared to $231 million in the prior year quarter;
  • Adjusted Property EBITDA from resort operations was $58 million, an increase of 62% compared to the prior year quarter;
  • Aria’s table games hold percentage was approximately 240 basis points higher in the current year quarter compared to the prior year quarter; and
  • Aria’s occupancy percentage was 82% and its ADR was $207, resulting in REVPAR of $169, a 10% increase compared to the prior year fourth quarter.

Full Year 2011 Results

Net revenue for 2011 was $7.8 billion, which included $1.5 billion of net revenue related to MGM China. Excluding MGM China, net revenue increased 4% for the year compared to 2010. Las Vegas Strip REVPAR increased 13% for the full year compared to 2010. Adjusted Property EBITDA from wholly owned domestic resorts increased 11% to $1.3 billion for 2011 compared to $1.2 billion in 2010. MGM China’s Adjusted Property EBITDA was $360 million for the period from June 3, 2011 through December 31, 2011.

MGM China reported record results for 2011 with net revenues of $2.6 billion and Adjusted EBITDA of $630 million, an increase of 66% and 76% year over year, respectively.

CityCenter reported year over year operating improvement with net revenue from resort operations of $1.1 billion and Adjusted Property EBITDA related to resort operations of $236 million.

Diluted earnings per share attributable to MGM Resorts International for 2011 was $5.62 compared to a loss per share of $3.19 in 2010. The following table lists significant items which 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,


2011


2010


Preopening and start-up expenses

$

$

(0.01)


Gain on MGM China


6.23



Property transactions, net:






Investment in CityCenter impairment



(1.88)


Circus Circus Reno impairment


(0.09)



Investment in Borgata impairment


(0.06)


(0.18)


Investment in Silver Legacy impairment


(0.03)



Other property transactions


(0.02)


(0.01)


Income (loss) from unconsolidated affiliates:






CityCenter residential impairment


(0.03)


(0.24)


CityCenter forfeited residential deposits income



0.08


Gain (loss) on retirement of long-term debt


(0.01)


0.19


Tax adjustments


0.10


(0.07)









Financial Position

In December 2011, the Company borrowed an additional $778 million under its senior credit facility to increase its capacity for issuing additional secured indebtedness. As a result, the Company had a higher than normal cash balance at December 31, 2011 of $1.9 billion, which also included approximately $720 million of cash and cash equivalents related to MGM China.

At December 31, 2011, the Company had approximately $13.6 billion of indebtedness (with a carrying value of $13.5 billion), including $3.3 billion of borrowings outstanding under its senior credit facility. Giving effect to the repayment in January 2012 of the $778 million additional borrowing noted above, the Company would have had approximately $957 million of available borrowing capacity under its senior credit facility at December 31, 2011.

In January 2012, the Company issued $850 million of 8.625% senior unsecured notes due 2019, for net proceeds to the Company of approximately $836 million.

As previously announced, the Company is seeking amendments to its aggregate $3.5 billion senior credit facility to, among other things, extend the maturity of loans held by consenting lenders from February 21, 2014 to February 23, 2015. Lenders holding approximately 62% or $2.2 billion aggregate principal amount of the credit facility have elected to extend the maturity dates of their commitments. Extending lenders will receive a 20% reduction of their previous credit exposures, unless waived by such lenders. In addition, extending lenders’ loans will be subject to a pricing grid that decreases the LIBOR spread by as much as 250 basis points based upon collateral coverage levels and the LIBOR floor on extended loans would be reduced from 200 basis points to 100 basis points. The closing of the amendment is subject to customary closing conditions and is expected to occur by the end of this month.

“We remain committed to improving our balance sheet and maximizing free cash flow as evidenced by our recent bond issuances, the commitments to our senior credit facility amend and extend transaction, and today’s dividend announcement from MGM China,” said Dan D’Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer. “While we have made tremendous progress, we see further opportunities to lower our cost of capital and de-lever 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 1-877-355-2280 for domestic callers and 1-706-758-3659 for international callers. The conference call access code is 43802425. A replay of the call will be available through Wednesday, February 29, 2012. The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The replay access code is 43802425. 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.

Reconciliations of GAAP net income (loss) to Adjusted EBITDA and GAAP operating income (Loss) to Adjusted Property EBITDA are included in the financial schedules in this release.

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, potential economic recoveries, our ability to lower costs and further deleverage our balance sheet and the closing of the amend and extend transaction. 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


Twelve Months Ended




December 31,


December 31,


December 31,


December 31,




2011


2010


2011


2010


Revenues:










Casino

$ 1,373,311


$ 617,656


$ 4,002,985


$ 2,479,695



Rooms

377,464


330,582


1,547,765


1,370,054



Food and beverage

347,160


319,621


1,425,428


1,339,174



Entertainment

132,846


121,795


514,883


486,319



Retail

48,855


47,322


204,806


194,891



Other

114,408


105,638


485,661


459,926



Reimbursed costs

88,293


87,235


351,207


359,470




2,482,337


1,629,849


8,532,735


6,689,529



Less: Promotional allowances

(185,448)


(154,547)


(683,423)


(633,528)




2,296,889


1,475,302


7,849,312


6,056,001


Expenses:










Casino

882,897


355,506


2,515,279


1,422,531



Rooms

119,015


102,607


485,751


423,073



Food and beverage

200,459


189,320


829,018


774,443



Entertainment

95,954


87,997


375,559


360,383



Retail

29,784


29,922


124,063


120,593



Other

88,774


83,519


345,484


333,817



Reimbursed costs

88,293


87,235


351,207


359,470



General and administrative

307,312


277,889


1,182,505


1,128,803



Corporate expense

54,947


36,698


174,971


124,241



Preopening and start-up expenses

-


186


(316)


4,247



Property transactions, net

95,770


(2,178)


178,598


1,451,474



Gain on MGM China transaction

-


-


(3,496,005)


-



Depreciation and amortization

237,762


146,666


817,146


633,423




2,200,967


1,395,367


3,883,260


7,136,498












Income (loss) from unconsolidated affiliates

(4,815)


27,275


91,094


(78,434)












Operating income (loss)

91,107


107,210


4,057,146


(1,158,931)












Non-operating income (expense):










Interest expense

(274,152)


(273,097)


(1,086,832)


(1,113,580)



Non-operating items from unconsolidated affiliates

(26,029)


(26,622)


(119,013)


(108,731)



Other, net

(1,103)


7,475


(19,670)


165,217




(301,284)


(292,244)


(1,225,515)


(1,057,094)












Income (loss) before income taxes

(210,177)


(185,034)


2,831,631


(2,216,025)



Benefit for income taxes

190,876


45,845


403,313


778,628












Net income (loss)

(19,301)


(139,189)


3,234,944


(1,437,397)



Less: net income attributable to noncontrolling interests

(94,390)


-


(120,307)


-


Net income (loss) attributable to MGM Resorts International

$ (113,691)


$ (139,189)


$ 3,114,637


$ (1,437,397)












Per share of common stock:










Basic:










Net Income (loss) attributable to MGM Resorts International

$ (0.23)


$ (0.29)


$ 6.37


$ (3.19)







Weighted average shares outstanding

488,823


477,630


488,652


450,449








Diluted:










Net Income (loss) attributable to MGM Resorts International

$ (0.23)


$ (0.29)


$ 5.62


$ (3.19)








Weighted average shares outstanding

488,823


477,630


560,895


450,449














MGM RESORTS INTERNATIONAL AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS


(In thousands, except share data)


(Unaudited)









December 31,


December 31,





2011


2010









ASSETS


Current assets:






Cash and cash equivalents

$ 1,865,913


$ 498,964



Accounts receivable, net

491,730


321,894



Inventories

112,735


96,392



Income tax receivable

-


175,982



Deferred income taxes

91,060


110,092



Prepaid expenses and other

251,282


252,321




Total current assets

2,812,720


1,455,645









Property and equipment, net

14,866,644


14,554,350









Other assets:






Investments in and advances to unconsolidated affiliates

1,635,572


1,923,155



Goodwill (1)

2,896,609


77,156



Other intangible assets, net

5,048,117


342,804



Other long-term assets, net

506,614


598,738




Total other assets

10,086,912


2,941,853





$ 27,766,276


$ 18,951,848
















LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:






Accounts payable

$ 170,994


$ 167,084



Income taxes payable

7,611


-



Accrued interest on long-term debt

203,422


211,914



Other accrued liabilities

1,362,737


867,223




Total current liabilities

1,744,764


1,246,221









Deferred income taxes (1)

2,502,096


2,526,519


Long-term debt

13,470,167


12,047,698


Other long-term obligations

167,027


199,248


Stockholders' equity:






Common stock, $.01 par value: authorized 1,000,000,000 shares,






issued and outstanding 488,834,773 and 488,513,351 shares

4,888


4,885



Capital in excess of par value

4,094,323


4,060,826



Retained earnings (accumulated deficit) (1)

1,981,389


(1,133,248)



Accumulated other comprehensive income (loss)

5,978


(301)




Total MGM Resorts International stockholders' equity

6,086,578


2,932,162



Noncontrolling interests

3,795,644


-




Total stockholders' equity

9,882,222


2,932,162





$ 27,766,276


$ 18,951,848























(1) The Company identified certain errors related to deferred tax liabilities in its prior period financial statements, primarily related to its acquisition of Mandalay Resort Group in 2005. Such errors did not have an impact on the Company's 2011 or 2010 income statements, but have been corrected in the unaudited balance sheet for the year ended December 31, 2010. The Company recorded an additional $57 million of deferred tax liabilities, a $9 million decrease in goodwill, and a $66 million increase in accumulated deficit in the December 31, 2010 balance sheet. Additional information with respect to such adjustments will be included in the Company's annual report on Form 10-K for the year ended December 31, 2011.










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,





2011


2010


2011


2010



Bellagio


$ 308,819


$ 269,281


$ 1,114,711


$ 1,038,593



MGM Grand Las Vegas


233,389


219,206


941,007


930,541



Mandalay Bay


189,762


173,926


777,287


721,945



The Mirage


136,612


134,856


570,524


560,918



Luxor


80,789


77,391


333,209


317,370



New York-New York


66,712


60,310


268,859


248,115



Excalibur


60,706


59,448


257,047


250,768



Monte Carlo


61,978


57,239


255,580


226,204



Circus Circus Las Vegas


45,981


42,236


195,675


185,412



MGM Grand Detroit


140,883


133,865


566,072


541,494



Beau Rivage


79,492


77,055


340,940


333,634



Gold Strike Tunica


36,735


37,054


145,220


154,688



Other resort operations


29,931


27,875


126,771


124,668



Wholly owned domestic resorts


1,471,789


1,369,742


5,892,902


5,634,350



MGM China(1)


718,929


-


1,534,963


-



Management and other operations


106,171


105,560


421,447


421,651





$ 2,296,889


$ 1,475,302


$ 7,849,312


$ 6,056,001














(1) For the twelve months ended December 31, 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 December 31, 2011.













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,





2011


2010


2011


2010



Bellagio


$ 96,975


$ 75,491


$ 302,497


$ 270,628



MGM Grand Las Vegas


34,490


32,489


149,136


163,093



Mandalay Bay


39,707


28,208


169,124


124,385



The Mirage


20,298


21,482


102,443


102,106



Luxor


18,061


16,741


78,081


61,196



New York-New York


21,195


16,693


87,284


76,254



Excalibur


13,283


14,078


65,257


63,236



Monte Carlo


13,534


9,517


57,404


33,555



Circus Circus Las Vegas


2,420


2,255


22,944


15,605



MGM Grand Detroit


40,426


36,737


166,019


155,173



Beau Rivage


12,095


10,247


70,020


61,287



Gold Strike Tunica


8,447


8,263


29,666


39,853



Other resort operations


(1,757)


(2,260)


(1,759)


(958)



Wholly owned domestic resorts


319,174


269,941


1,298,116


1,165,413



MGM China(1)


173,938


-


359,686


-



MGM Macau (50%)(2)


-


58,410


115,219


129,575



CityCenter (50%)(3)


(10,262)


(38,416)


(56,291)


(250,482)



Other unconsolidated resorts(3)


5,447


7,280


32,166


42,764



Management and other operations


(5,872)


(3,320)


287


(12,158)





$ 482,425


$ 293,895


$ 1,749,183


$ 1,075,112














(1) For the twelve months ended December 31, 2011, represents the Adjusted EBITDA of MGM China Holdings Limited ("MGM China") from June 3, 2011 (the first day of the Company's majority ownership of MGM China) through December 31, 2011.



(2) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences for the three and twelve months ended December 31, 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 December 31, 2011













Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation

and

amortization


Adjusted

EBITDA



Bellagio


$ 70,537


$ -


$ 1,952


$ 24,486


$ 96,975



MGM Grand Las Vegas


14,925


-


231


19,334


34,490



Mandalay Bay


20,740


-


462


18,505


39,707



The Mirage


6,215


-


229


13,854


20,298



Luxor


8,267


-


104


9,690


18,061



New York-New York


15,499


-


9


5,687


21,195



Excalibur


7,898


-


423


4,962


13,283



Monte Carlo


8,369


-


98


5,067


13,534



Circus Circus Las Vegas


(2,303)


-


5


4,718


2,420



MGM Grand Detroit


29,415


-


1,043


9,968


40,426



Beau Rivage


4,549


-


7


7,539


12,095



Gold Strike Tunica


4,963


-


36


3,448


8,447



Other resort operations


(2,689)


-


445


487


(1,757)



Wholly owned domestic resorts


186,385


-


5,044


127,745


319,174



MGM China


77,204


-


813


95,921


173,938



CityCenter (50%)


(10,262)


-


-


-


(10,262)



Other unconsolidated resorts


5,447


-


-


-


5,447



Management and other operations


(9,524)


-


(1)


3,653


(5,872)





249,250


-


5,856


227,319


482,425



Stock compensation


(9,616)


-


-


-


(9,616)



Corporate


(148,527)


-


89,914


10,443


(48,170)





$ 91,107


$ -


$ 95,770


$ 237,762


$ 424,639




























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



Other resort operations


(3,564)


-


16


1,288


(2,260)



Wholly owned domestic resorts


137,503


185


452


131,801


269,941



MGM Macau (50%)


58,410


-


-


-


58,410



CityCenter (50%)


(38,416)


-


-


-


(38,416)



Other unconsolidated resorts


7,280


-


-


-


7,280



Management and other operations


(6,912)


1


-


3,591


(3,320)





157,865


186


452


135,392


293,895



Stock compensation


(8,832)


-


-


-


(8,832)



Corporate


(41,823)


-


(2,630)


11,274


(33,179)





$ 107,210


$ 186


$ (2,178)


$ 146,666


$ 251,884
















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, 2011













Operating

income (loss)


Preopening and

start-up

expenses


Gain on MGM

China transaction

& Property

transactions, net


Depreciation

and

amortization


Adjusted

EBITDA



Bellagio


$ 203,026


$ -


$ 2,772


$ 96,699


$ 302,497



MGM Grand Las Vegas


71,762


-


232


77,142


149,136



Mandalay Bay


84,105


-


531


84,488


169,124



The Mirage


41,338


-


1,559


59,546


102,443



Luxor


39,866


-


112


38,103


78,081



New York-New York


63,824


-


(76)


23,536


87,284



Excalibur


44,428


-


646


20,183


65,257



Monte Carlo


35,059


-


131


22,214


57,404



Circus Circus Las Vegas


4,040


-


(1)


18,905


22,944



MGM Grand Detroit


125,235


-


1,415


39,369


166,019



Beau Rivage


30,313


-


58


39,649


70,020



Gold Strike Tunica


15,991


-


36


13,639


29,666



Other resort operations


(86,012)


-


80,120


4,133


(1,759)



Wholly owned domestic resorts


672,975


-


87,535


537,606


1,298,116



MGM China


137,440


-


1,120


221,126


359,686



MGM Macau (50%)


115,219


-


-


-


115,219



CityCenter (50%)


(56,291)


-


-


-


(56,291)



Other unconsolidated resorts


32,166


-


-


-


32,166



Management and other operations


(13,813)


(316)


-


14,416


287





887,696


(316)


88,655


773,148


1,749,183



Stock compensation


(36,528)


-


-


-


(36,528)



Corporate


3,205,978


-


(3,406,062)


43,998


(156,086)





$ 4,057,146


$ (316)


$ (3,317,407)


$ 817,146


$ 1,556,569




























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



Other resort operations


(6,391)


-


20


5,413


(958)



Wholly owned domestic resorts


580,945


185


14,390


569,893


1,165,413



MGM Macau (50%)


129,575


-


-


-


129,575



CityCenter (50%)


(253,976)


3,494


-


-


(250,482)



Other unconsolidated resorts


42,764


-


-


-


42,764



Management and other operations


(27,084)


568


-


14,358


(12,158)





472,224


4,247


14,390


584,251


1,075,112



Stock compensation


(34,988)


-


-


-


(34,988)



Corporate


(1,596,167)


-


1,437,084


49,172


(109,911)





$ (1,158,931)


$ 4,247


$ 1,451,474


$ 633,423


$ 930,213
















MGM RESORTS INTERNATIONAL AND SUBSIDIARIES


RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)


(In thousands)


(Unaudited)














Three Months Ended


Twelve Months Ended



December 31,


December 31,


December 31,


December 31,



2011


2010


2011


2010


Adjusted EBITDA

$ 424,639


$ 251,884


$ 1,556,569


$ 930,213


Preopening and start-up expenses

-


(186)


316


(4,247)


Property transactions, net

(95,770)


2,178


(178,598)


(1,451,474)


Gain on MGM China transaction

-


-


3,496,005


-


Depreciation and amortization

(237,762)


(146,666)


(817,146)


(633,423)


Operating income (loss)

91,107


107,210


4,057,146


(1,158,931)












Non-operating income (expense):









Interest expense

(274,152)


(273,097)


(1,086,832)


(1,113,580)


Other, net

(27,132)


(19,147)


(138,683)


56,486




(301,284)


(292,244)


(1,225,515)


(1,057,094)












Income (loss) before income taxes

(210,177)


(185,034)


2,831,631


(2,216,025)


Benefit for income taxes

190,876


45,845


403,313


778,628


Net income (loss)

(19,301)


(139,189)


3,234,944


(1,437,397)


Less: net income attributable to noncontrolling interests

(94,390)


-


(120,307)


-


Net income (loss) attributable to MGM Resorts International

$ (113,691)


$ (139,189)


$ 3,114,637


$ (1,437,397)






















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,




2011


2010


2011


2010



Bellagio










Occupancy %

89.0%


89.8%


93.3%


92.5%



Average daily rate (ADR)

$242


$209


$230


$203



Revenue per available room (REVPAR)

$215


$187


$215


$188













MGM Grand Las Vegas










Occupancy %

89.8%


87.0%


93.2%


92.3%



ADR

$136


$117


$131


$115



REVPAR

$122


$101


$123


$106













Mandalay Bay










Occupancy %

86.5%


83.7%


91.7%


88.4%



ADR

$171


$161


$175


$160



REVPAR

$148


$135


$160


$142













The Mirage










Occupancy %

92.0%


90.0%


94.8%


92.4%



ADR

$144


$138


$144


$134



REVPAR

$132


$124


$137


$124













Luxor










Occupancy %

85.9%


82.2%


90.3%


87.8%



ADR

$92


$87


$91


$85



REVPAR

$79


$71


$82


$74













New York-New York










Occupancy %

91.9%


89.5%


93.8%


91.5%



ADR

$109


$99


$108


$100



REVPAR

$100


$89


$102


$91













Excalibur










Occupancy %

81.3%


81.6%


87.8%


87.6%



ADR

$74


$68


$73


$66



REVPAR

$60


$55


$64


$58













Monte Carlo










Occupancy %

92.4%


88.6%


94.2%


90.7%



ADR

$100


$89


$99


$88



REVPAR

$92


$79


$93


$79













Circus Circus Las Vegas










Occupancy %

75.0%


65.3%


75.9%


75.4%



ADR

$54


$49


$54


$46



REVPAR

$40


$32


$41


$35













CITYCENTER HOLDINGS, LLC


SUPPLEMENTAL DATA - NET REVENUES


(In thousands)


(Unaudited)


















Three Months Ended


Twelve Months Ended







December 31,


December 31,


December 31,


December 31,





2011


2010


2011


2010
















Aria


$ 221,911


$ 199,015


$ 894,721


$ 736,367





Vdara


20,134


12,531


75,364


41,160





Crystals


12,088


11,075


46,317


34,027





Mandarin Oriental


10,725


8,689


41,034


30,216





Resort operations


264,858


231,310


1,057,436


841,770





Residential operations


4,097


25,876


24,425


490,293







$ 268,955


$ 257,186


$ 1,081,861


$ 1,332,063






























CITYCENTER HOLDINGS, LLC


RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS


(In thousands)


(Unaudited)


















Three Months Ended


Twelve Months Ended







December 31,


December 31,


December 31,


December 31,





2011


2010


2011


2010















Adjusted EBITDA


$ 54,126


$ 16,277


$ 212,104


$ 68,696




Preopening and start-up expenses


-


-


-


(6,202)




Property transactions, net


(233)


(31,081)


(53,595)


(614,160)




Depreciation and amortization


(98,871)


(89,175)


(370,141)


(319,179)




Operating loss


(44,978)


(103,979)


(211,632)


(870,845)

















Non-operating income (expense):












Interest expense - sponsor notes, net


(20,778)


(24,182)


(78,477)


(92,054)




Interest expense - other, net


(46,645)


(42,182)


(189,359)


(148,677)




Other, net


(2,140)


1,271


(22,706)


(3,614)







(69,563)


(65,093)


(290,542)


(244,345)

















Net loss


$ (114,541)


$ (169,072)


$ (502,174)


$ (1,115,190)

















CITYCENTER HOLDINGS, LLC


RECONCILIATION OF OPERATING LOSS TO ADJUSTED EBITDA


(In thousands)


(Unaudited)















Three Months Ended December 31, 2011


























Operating loss


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA



Aria


$ (30,245)


$ -


$ -


$ 77,417


$ 47,172



Vdara


(7,010)


-


-


11,419


4,409



Crystals


2,836


-


191


3,795


6,822



Mandarin Oriental


(5,116)


-


-


5,014


(102)



Resort operations


(39,535)


-


191


97,645


58,301



Residential operations


(1,415)


-


-


1,157


(258)



Development and administration


(4,028)


-


42


69


(3,917)





$ (44,978)


$ -


$ 233


$ 98,871


$ 54,126















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


(28,199)


-


28,024


326


151



Development and administration


(21,259)


-


898


579


(19,782)





$ (103,979)


$ -


$ 31,081


$ 89,175


$ 16,277
















CITYCENTER HOLDINGS, LLC


RECONCILIATION OF OPERATING LOSS TO ADJUSTED EBITDA


(In thousands)


(Unaudited)














Twelve Months Ended December 31, 2011
















Operating loss


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA



Aria

$ (87,245)


$ -


$ -


$ 282,890


$ 195,645



Vdara

(22,137)


-


-


39,966


17,829



Crystals

(201)


-


191


24,117


24,107



Mandarin Oriental

(20,084)


-


-


18,980


(1,104)



Resort operations

(129,667)


-


191


365,953


236,477



Residential operations

(64,459)


-


52,624


3,785


(8,050)



Development and administration

(17,506)


-


780


403


(16,323)




$ (211,632)


$ -


$ 53,595


$ 370,141


$ 212,104














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

(255,793)


-


331,881


1,240


77,328



Development and administration

(334,597)


6,202


280,120


2,348


(45,927)




$ (870,845)


$ 6,202


$ 614,160


$ 319,179


$ 68,696


























CITYCENTER HOLDINGS, LLC


SUPPLEMENTAL DATA - HOTEL STATISTICS


(Unaudited)

















Three Months Ended


Twelve Months Ended






December 31,


December 31,


December 31,


December 31,






2011


2010


2011


2010



Aria












Occupancy %



81.9%


80.2%


86.0%


76.2%



ADR



$207


$192


$202


$184



REVPAR



$169


$154


$174


$140










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