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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
74.0%
|
|
74.5%
|
|
82.5%
|
|
68.3%
|
|
|
ADR
|
|
|
$168
|
|
$154
|
|
$161
|
|
$147
|
|
|
REVPAR
|
|
|
$124
|
|
$115
|
|
$133
|
|
$101
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
CHINA (1)
|
|
SUPPLEMENTAL
PRO FORMA INFORMATION
|
|
NET
REVENUES AND 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
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
$
718,929
|
|
$
569,887
|
|
$
2,605,994
|
|
$
1,571,226
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA (2)
|
$
173,938
|
|
$
141,974
|
|
$
629,692
|
|
$
357,664
|
|
Property transactions, net
|
(813)
|
|
(3,553)
|
|
(1,618)
|
|
(3,962)
|
|
Depreciation and amortization (3)
|
(90,420)
|
|
(93,637)
|
|
(359,286)
|
|
(373,829)
|
|
Operating
income (loss)
|
82,705
|
|
44,784
|
|
268,788
|
|
(20,127)
|
|
Non-operating income (expense)
|
(4,006)
|
|
(8,774)
|
|
(22,621)
|
|
(46,228)
|
|
Income
(loss) before income taxes
|
78,699
|
|
36,010
|
|
246,167
|
|
(66,355)
|
|
Benefit (provision) for income taxes
|
119,452
|
|
(4)
|
|
99,068
|
|
(37)
|
|
Net
income (loss)
|
$
198,151
|
|
$
36,006
|
|
$
345,235
|
|
$
(66,392)
|
|
|
|
|
|
|
|
|
|
|
(1)
Supplemental pro forma information for MGM China is presented for the
three and twelve month periods ended December 31, 2011 and 2010 as if
management control had occurred as of January 1, 2010. 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 twelve months ending December 31, 2011 includes
expenses related to the branding agreement between MGM China and an
entity jointly owned by the Company and Ms. Pansy Ho of $15 million for
the period from June 3, 2011 through December 31, 2011, substantially
all of which was incurred prior to 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.
|
|