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MGM Resorts International Reports Q1 2012 Net Loss of $203.3 million
Compared to Net Loss of $89.9
million Prior Year Quarter
Net Revenues Increased by 51% to $2.3 billion

Domestic RevPAR Increased 3%

LAS VEGAS, May 3, 2012 -- MGM Resorts International (NYSE: MGM) today reported its first quarter 2012 results. The current year quarter included the results of MGM China Holdings, Limited ("MGM China") on a consolidated basis. Key results for the first quarter of 2012 include the following:

  • Consolidated net revenue increased 51% to $2.3 billion; excluding MGM China, net revenue increased 5% compared to the prior year quarter;
  • Consolidated operating income was $193 million compared to $170 million in the first quarter of 2011;
  • Net loss per share attributable to MGM Resorts was $0.44 compared to a loss of $0.18 per share in the prior year first quarter – affected by certain items as discussed further below;
  • Rooms revenue for the Company's wholly owned domestic resorts increased 3% compared to the prior year quarter with a 4% increase in REVPAR(1) at the Company's Las Vegas Strip resorts;
  • The Company's wholly owned domestic resorts earned Adjusted Property EBITDA(2) of $321 million, a 7% increase compared to the prior year quarter and was affected by a lower than normal table games hold percentage in both periods;
  • MGM China reported Adjusted Property EBITDA of $165 million, which included $12 million of branding fee expense; excluding branding fees, Adjusted Property EBITDA increased 21% over the prior year quarter; and
  • CityCenter's Adjusted Property EBITDA for resort operations was $32 million and was negatively affected by a significantly lower than normal current quarter table games hold percentage.

"We continue to see growth across our domestic business fundamentals with revenues, casino volumes, REVPAR and Adjusted EBITDA all increasing year over year, while MGM China continues to report strong results," said Jim Murren, MGM Resorts International Chairman and CEO. "Our forward booking pace remains strong, M life is further enhancing its capabilities, we continue to focus on online and social media initiatives, and are finalizing our build out for MGM Macau and our future Cotai plans."

Certain Items Affecting First Quarter Results

In addition to the consolidation of MGM China, the following table lists items which affect the comparability of the current and prior year quarterly results (approximate impact on loss per share attributable to MGM Resorts, net of tax; negative amounts represent charges to income):

Three months ended March 31,

2012

2011

Non-operating items from unconsolidated affiliates:



CityCenter loss on retirement of long-term debt

$ (0.01)

$ (0.02)

Loss on retirement of long-term debt

(0.08)

Income tax provision:



MGM China shareholder dividend tax

(0.05)

Valuation allowance

(0.21)

The Company recorded a provision for income taxes of $27 million in the current year quarter compared to a benefit of $55 million in the prior year quarter. The current quarter provision was affected by a valuation allowance for a portion of U.S. deferred tax assets and a tax provision of $44 million related to a tax on the MGM China dividend. The MGM China dividend tax will be due if an anticipated annual fee arrangement with the Macanese government, similar to those in place with other operators in the market, is not in place prior to June 30, 2013.

The Company recognized a loss on retirement of debt of $59 million in the current year first quarter related to the amendment and restatement of the Company's senior credit facility and the repayment of non-extending term loans as discussed further below.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 9% compared to the prior year quarter. Total table games volume increased 5% compared to the prior year period. The overall table games hold percentage in the first quarter of 2012 was 18.7% compared to 17.7% for the first quarter of 2011, in each case below the low end of the Company's normal range of 19% to 23%. Slots revenue increased 7% compared to the prior year quarter.

Rooms revenue increased 3% with Las Vegas Strip REVPAR up 4%. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended March 31,

2012

2011

Occupancy %

90%

87%

Average Daily Rate (ADR)

$ 131

$ 130

Revenue per Available Room (REVPAR)

$ 117

$ 112

Operating income for the Company's wholly owned domestic resorts for the first quarter of 2012 was $195 million, a 20% increase compared to the first quarter of 2011. Adjusted Property EBITDA for wholly owned domestic resorts increased 7% to $321 million for the first quarter of 2012.

MGM China

The following are the key first quarter results for MGM China:

  • MGM China earned net revenue of $702 million, an 18% increase over the prior year quarter. The increase was driven by year-over-year increases in volume measures for VIP table games, main floor table games, and slots of 6%, 13% and 27%, respectively. VIP table games hold percentage was 3.2% in the current year quarter and 2.9% in the prior year quarter; and
  • MGM China's operating income was $68 million and Adjusted Property EBITDA was $165 million, which included $12 million of branding fee expense. Excluding branding fees, Adjusted Property EBITDA increased 21% over MGM Macau's prior year first quarter results.

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 March 31,

2012


2011

(In thousands)




CityCenter

$ (18,573)


$ (5,823)

MGM Macau

—­


61,680

Other

5,264


7,486


$ (13,309)


63,343

Results for CityCenter Holdings, LLC for the first quarter of 2012 include the following (see schedules accompanying this release for further detail on CityCenter's first quarter results):

  • Net revenue from resort operations decreased to $234 million compared to $263 million in the prior year quarter;
  • Adjusted Property EBITDA from resort operations was $32 million compared to $64 million in the prior year quarter;
  • Aria's table games hold percentage was significantly below the low end of its normal range in the current year quarter and above the high end in the prior year quarter. Table games hold percentage for the first quarter of 2012 was 16.0% compared to 27.4% for the prior year quarter. The effect of the change in hold percentage compared to the prior year quarter to net revenue and Adjusted Property EBITDA was approximately $33 million and $26 million, respectively; and
  • Aria's occupancy percentage was 86% and its ADR was $205, resulting in REVPAR of $177, a 3% increase compared to the prior year first quarter.

Financial Position

The Company's cash balance at March 31, 2012 was $1.6 billion, which included approximately $575 million of cash and cash equivalents related to MGM China. MGM China paid a $400 million dividend in March 2012, of which approximately $204 million remained within the consolidated Company and approximately $196 million was distributed to noncontrolling interests.

At March 31, 2012, the Company had approximately $13.4 billion of indebtedness, including $1.3 billion of borrowings outstanding under its senior credit facility and $552 million related to the MGM China credit facility.

During the first quarter of 2012 the Company completed the following financing transactions:

  • In January, issued $850 million of 8.625% senior notes due 2019, for net proceeds to the Company of approximately $836 million;
  • In February, amended and restated its senior credit facility such that loans and revolving commitments aggregating approximately $1.8 billion were extended to February 2015; and
  • In March, the Company issued $1.0 billion of 7.75% senior notes due 2022, for net proceeds to the Company of approximately $986 million. A portion of the proceeds from the issuance were used to repay the remaining non-extending term loans under the senior credit facility.

At March 31, 2012, the Company's senior credit facility consisted of approximately $820 million in term loans and a $1.3 billion revolver (approximately $360 million of which has not been extended and matures in February 2014) and had approximately $855 million of available borrowing capacity. Interest on the extending loans is subject to a LIBOR floor of 1% and a pricing grid based upon collateral coverage levels. The interest rate on extending loans was 6% at March 31, 2012 and has subsequently reduced to 5%. Interest on non-extending revolving loans remains at 7%.

"The positive trends we experienced throughout 2011 continued into the first quarter. However, our financial results were negatively impacted by our table games hold percentage. Had we held at the midpoint of our normal range at our wholly owned resorts and at Aria our total Adjusted Property EBITDA would have increased by approximately $32 million," said Dan D'Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer. "In addition, we continue to take steps to improve our financial profile. During the first quarter we issued $1.85 billion in long term senior notes and successfully completed an amendment and extension of our senior credit facility, both at progressively lower rates."

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 1-706-634-6528 for international callers. The conference call access code is 71146564. A replay of the call will be available through Thursday, May 10, 2012. The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The replay access code is 71146564. The call will also be archived at www.mgmresorts.com.

(1) REVPAR is hotel Revenue per Available Room.

(2) "Adjusted EBITDA" is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, and property transactions, net. "Adjusted Property EBITDA" is Adjusted EBITDA before corporate expense and stock compensation expense 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. 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





March 31,


March 31,





2012


2011

Revenues:







Casino


$ 1,335,034


$ 590,220


Rooms


393,620


368,337


Food and beverage


372,953


336,824


Entertainment


120,400


119,593


Retail


46,624


46,150


Other


113,123


114,223


Reimbursed costs


90,539


86,288





2,472,293


1,661,635


Less: Promotional allowances


(184,703)


(148,784)





2,287,590


1,512,851

Expenses:






Casino


867,474


350,765


Rooms


126,155


116,986


Food and beverage


211,639


198,248


Entertainment


88,788


88,211


Retail


27,583


29,159


Other


86,222


78,297


Reimbursed costs


90,539


86,288


General and administrative


303,289


269,562


Corporate expense


42,260


36,485


Property transactions, net


917


91


Depreciation and amortization


236,809


152,397





2,081,675


1,406,489








Income (loss) from unconsolidated affiliates


(13,309)


63,343








Operating income


192,606


169,705








Non-operating income (expense):






Interest expense


(284,342)


(269,914)


Non-operating items from unconsolidated affiliates


(26,866)


(40,290)


Other, net


(57,576)


(3,955)





(368,784)


(314,159)








Loss before income taxes


(176,178)


(144,454)


Benefit (provision) for income taxes


(27,129)


54,583








Net loss


(203,307)


(89,871)


Less: net income attributable to noncontrolling interests


(13,946)


-

Net loss attributable to MGM Resorts International


$ (217,253)


$ (89,871)








Per share of common stock:






Basic:






Net loss attributable to MGM Resorts International


$ (0.44)


$ (0.18)









Weighted average shares outstanding


488,861


488,539









Diluted:






Net loss attributable to MGM Resorts International


$ (0.44)


$ (0.18)









Weighted average shares outstanding


488,861


488,539



MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)
















March 31,


December 31,




2012


2011







ASSETS


Current assets:





Cash and cash equivalents

$ 1,634,892


$ 1,865,913


Accounts receivable, net

477,484


491,730


Inventories

110,674


112,735


Deferred income taxes

99,935


91,060


Prepaid expenses and other

270,692


251,282



Total current assets

2,593,677


2,812,720







Property and equipment, net

14,786,820


14,866,644







Other assets:





Investments in and advances to unconsolidated affiliates

1,589,915


1,635,572


Goodwill

2,897,049


2,896,609


Other intangible assets, net

4,965,587


5,048,117


Other long-term assets, net

557,980


506,614



Total other assets

10,010,531


10,086,912




$ 27,391,028


$ 27,766,276













LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Accounts payable

$ 163,626


$ 170,994


Income taxes payable

62,179


7,611


Accrued interest on long-term debt

253,075


203,422


Other accrued liabilities

1,413,507


1,362,737



Total current liabilities

1,892,387


1,744,764







Deferred income taxes

2,471,425


2,502,096

Long-term debt

13,359,953


13,470,167

Other long-term obligations

176,028


167,027

Stockholders' equity:





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





issued and outstanding 488,917,278 and 488,834,773 shares

4,889


4,888


Capital in excess of par value

4,102,545


4,094,323


Retained earnings

1,764,136


1,981,389


Accumulated other comprehensive income

6,837


5,978



Total MGM Resorts International stockholders' equity

5,878,407


6,086,578


Noncontrolling interests

3,612,828


3,795,644



Total stockholders' equity

9,491,235


9,882,222




$ 27,391,028


$ 27,766,276








MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)













Three Months Ended



March 31,


March 31,



2012


2011


Bellagio

$ 284,347


$ 251,950


MGM Grand Las Vegas

232,480


225,130


Mandalay Bay

179,926


179,334


The Mirage

148,229


148,498


Luxor

81,926


79,775


New York-New York

70,624


64,977


Excalibur

62,724


61,032


Monte Carlo

64,907


62,586


Circus Circus Las Vegas

47,684


42,694


MGM Grand Detroit

150,587


143,911


Beau Rivage

86,651


81,120


Gold Strike Tunica

40,100


37,098


Other resort operations

29,413


28,325


Wholly owned domestic resorts

1,479,598


1,406,430


MGM China

702,090


-


Management and other operations

105,902


106,421



$ 2,287,590


$ 1,512,851











MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)








Three Months Ended



March 31,


March 31,



2012


2011


Bellagio

$ 70,444


$ 53,901


MGM Grand Las Vegas

37,325


36,868


Mandalay Bay

38,814


36,444


The Mirage

27,419


32,399


Luxor

18,364


20,114


New York-New York

24,313


21,128


Excalibur

14,179


16,142


Monte Carlo

14,996


13,760


Circus Circus Las Vegas

5,141


4,573


MGM Grand Detroit

42,239


43,533


Beau Rivage

17,050


13,136


Gold Strike Tunica

11,580


9,448


Other resort operations

(892)


(1,484)


Wholly owned domestic resorts

320,972


299,962


MGM China

164,521


-


MGM Macau (50%)(1)

-


61,680


CityCenter (50%)(1)

(18,573)


(5,823)


Other unconsolidated resorts(1)

5,264


7,486


Management and other operations

4,699


609



$ 476,883


$ 363,914









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



MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)














Three Months Ended March 31, 2012

















Operating income (loss)


Preopening and start-up
expenses


Property transactions, net


Depreciation
and
amortization


Adjusted EBITDA



Bellagio


$ 47,098


$ -


$ -


$ 23,346


$ 70,444



MGM Grand Las Vegas


18,349


-


327


18,649


37,325



Mandalay Bay


18,603


-


-


20,211


38,814



The Mirage


14,502


-


13


12,904


27,419



Luxor


9,209


-


-


9,155


18,364



New York-New York


18,697


-


-


5,616


24,313



Excalibur


9,622


-


-


4,557


14,179



Monte Carlo


9,973


-


5


5,018


14,996



Circus Circus Las Vegas


502


-


-


4,639


5,141



MGM Grand Detroit


32,338


-


-


9,901


42,239



Beau Rivage


9,396


-


-


7,654


17,050



Gold Strike Tunica


8,220


-


-


3,360


11,580



Other resort operations


(1,402)


-


(20)


530


(892)



Wholly owned domestic resorts


195,107


-


325


125,540


320,972



MGM China


68,127


-


-


96,394


164,521



CityCenter (50%)


(18,573)


-


-


-


(18,573)



Other unconsolidated resorts


5,264


-


-


-


5,264



Management and other operations


411


-


-


4,288


4,699





250,336


-


325


226,222


476,883



Stock compensation


(9,332)


-


-


-


(9,332)



Corporate


(48,398)


-


592


10,587


(37,219)





$ 192,606


$ -


$ 917


$ 236,809


$ 430,332















Three Months Ended March 31, 2011

















Operating income (loss)


Preopening and start-up
expenses


Property transactions, net


Depreciation
and
amortization


Adjusted
EBITDA



Bellagio


$ 28,814


$ -


$ -


$ 25,087


$ 53,901



MGM Grand Las Vegas


17,568


-


-


19,300


36,868



Mandalay Bay


14,242


-


-


22,202


36,444



The Mirage


18,020


-


28


14,351


32,399



Luxor


10,475


-


-


9,639


20,114



New York-New York


15,283


-


(85)


5,930


21,128



Excalibur


10,948


-


-


5,194


16,142



Monte Carlo


7,965


-


-


5,795


13,760



Circus Circus Las Vegas


(144)


-


-


4,717


4,573



MGM Grand Detroit


33,690


-


103


9,740


43,533



Beau Rivage


1,933


-


39


11,164


13,136



Gold Strike Tunica


6,008


-


-


3,440


9,448



Other resort operations


(2,732)


-


(7)


1,255


(1,484)



Wholly owned domestic resorts


162,070


-


78


137,814


299,962



MGM Macau (50%)


61,680


-


-


-


61,680



CityCenter (50%)


(5,823)


-


-


-


(5,823)



Other unconsolidated resorts


7,486


-


-


-


7,486



Management and other operations


(2,993)


-


-


3,602


609





222,420


-


78


141,416


363,914



Stock compensation


(9,210)


-


-


-


(9,210)



Corporate


(43,505)


-


13


10,981


(32,511)





$ 169,705


$ -


$ 91


$ 152,397


$ 322,193




MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)

















Three Months Ended








March 31,


March 31,








2012


2011


Adjusted EBITDA



$ 430,332


$ 322,193


Property transactions, net


(917)


(91)


Depreciation and amortization


(236,809)


(152,397)


Operating income



192,606


169,705












Non-operating income (expense):






Interest expense



(284,342)


(269,914)


Other, net





(84,442)


(44,245)








(368,784)


(314,159)












Loss before income taxes


(176,178)


(144,454)


Benefit (provision) for income taxes


(27,129)


54,583


Net loss





(203,307)


(89,871)


Less: net income attributable to noncontrolling interests


(13,946)


-


Net loss attributable to MGM Resorts International


$ (217,253)


$ (89,871)






















MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)

















Three Months Ended








March 31,


March 31,








2012


2011



Bellagio










Occupancy %



93.0%


90.8%



Average daily rate (ADR)


$ 231


$ 225



Revenue per available room (REVPAR)


$ 215


$ 205













MGM Grand Las Vegas







Occupancy %



93.5%


90.6%



ADR





$ 140


$ 136



REVPAR





$ 131


$ 123













Mandalay Bay








Occupancy %



90.0%


89.4%



ADR





$ 185


$ 175



REVPAR





$ 167


$ 157













The Mirage









Occupancy %



92.7%


93.1%



ADR





$ 155


$ 149



REVPAR





$ 143


$ 138













Luxor










Occupancy %



90.8%


87.1%



ADR





$ 89


$ 93



REVPAR





$ 81


$ 81













New York-New York







Occupancy %



94.9%


92.0%



ADR





$ 110


$ 109



REVPAR





$ 104


$ 100













Excalibur










Occupancy %



87.5%


84.5%



ADR





$ 72


$ 74



REVPAR





$ 63


$ 63













Monte Carlo









Occupancy %



93.7%


91.9%



ADR





$ 102


$ 98



REVPAR





$ 95


$ 90













Circus Circus Las Vegas







Occupancy %



76.0%


62.7%



ADR





$ 54


$ 58



REVPAR





$ 41


$ 36




CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)





















Three Months Ended











March 31,


March 31,











2012


2011


















Aria






$ 187,832


$ 225,460





Vdara






21,449


15,406





Crystals






12,327


11,713





Mandarin Oriental



12,701


10,321





Resort operations



234,309


262,900





Residential operations



4,608


8,721











$ 238,917


$ 271,621






























CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)





















Three Months Ended











March 31,


March 31,











2012


2011

















Adjusted EBITDA




$ 28,595


$ 54,882




Property transactions, net



(2,009)


(18)




Depreciation and amortization


(88,043)


(91,756)




Operating loss





(61,457)


(36,892)

















Non-operating income (expense):








Interest expense - sponsor notes

(21,553)


(18,436)




Interest expense - other



(46,042)


(47,057)




Other, net






(7,783)


(22,642)











(75,378)


(88,135)




Net loss






$ (136,835)


$ (125,027)


















CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)





















Three Months Ended











March 31,


March 31,











2012


2011





Aria













Occupancy %




86.4%


85.7%





ADR






$ 205


$ 201





REVPAR






$ 177


$ 172


















Vdara













Occupancy %




81.0%


83.2%





ADR






$ 163


$ 159





REVPAR






$ 132


$ 132


















CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)


Three Months Ended March 31, 2012

























Operating income (loss)


Preopening and start-up expenses


Property transactions, net


Depreciation and amortization


Adjusted EBITDA



Aria






$ (49,181)


$ -


$ 1,995


$ 65,715


$ 18,529



Vdara






(4,942)


-


-


10,378


5,436



Crystals






700


-


-


6,406


7,106



Mandarin Oriental



(3,545)


-


-


4,515


970



Resort operations



(56,968)


-


1,995


87,014


32,041



Residential operations



(1,465)


-


-


968


(497)



Development and administration


(3,024)


-


14


61


(2,949)









$ (61,457)


$ -


$ 2,009


$ 88,043


$ 28,595



















Three Months Ended March 31, 2011

























Operating income (loss)


Preopening and start-up expenses


Property transactions, net


Depreciation and amortization


Adjusted EBITDA



Aria






$ (12,818)


$ -


$ -


$ 67,827


$ 55,009



Vdara






(7,245)


-


-


10,463


3,218



Crystals






(2,287)


-


-


7,918


5,631



Mandarin Oriental



(4,453)


-


-


4,968


515



Resort operations



(26,803)


-


-


91,176


64,373



Residential operations



(5,591)


-


-


481


(5,110)



Development and administration


(4,498)


-


18


99


(4,381)









$ (36,892)


$ -


$ 18


$ 91,756


$ 54,882



Contact:

Investment Community
Daniel D'Arrigo 
Executive Vice President, CFO & Treasurer
 +1-702-693-8895
 or

News Media
Alan M. Feldman
Senior Vice President of Public Affairs
+1-702-891-1840
afeldman@mgmresorts.com


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