LAS VEGAS, Aug. 7, 2012 -- MGM Resorts International
(NYSE: MGM) today reported its second quarter 2012
results. Net loss per share attributable to the Company was $0.30 compared to diluted net income per share
of $6.22 in the prior year second
quarter. The prior year quarter included a gain of $6.30 per share recognized on the
consolidation of MGM China Holdings, Limited ("MGM China").
Comparability of the current and prior quarter consolidated results was
also affected by certain impairment charges and tax provision items
discussed below. Key results for the second quarter of 2012 include the
following:
- Net revenue for the Company's wholly owned domestic
resorts was $1.5 billion in both the
current and prior year second quarters. Casino revenue decreased 1% at
the Company's wholly owned domestic resorts, while rooms revenue
increased 3% with a 5% 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 $345
million, a 4% increase compared to the prior year quarter, which
was impacted by the temporary closure of Gold Strike Tunica in May 2011;
- MGM China reported record Adjusted Property EBITDA of $187 million, which included $12 million of branding fee expense; excluding
these fees, Adjusted Property EBITDA increased 14% over MGM Macau's
prior year quarter; and
- CityCenter reported record Adjusted Property EBITDA
for resort operations, increasing 11% from the prior year quarter to $71 million.
"Our wholly owned domestic resorts Adjusted Property
EBITDA grew 4% year over year and we achieved record quarters for both
MGM China and CityCenter," said Jim Murren,
MGM Resorts International Chairman and CEO. "We continue to focus on
maximizing profitability by managing costs, improving our customer
relationships via M life and social media outlets such as myVEGAS, as
well as exploring growth opportunities in key strategic regions across
the U.S. and internationally."
Certain Items Affecting
Second Quarter Results
The following table lists items that affect the
comparability of the current and prior year quarterly results
(approximate diluted per share impact on net income (loss) attributable
to MGM Resorts International, net of tax; negative amounts represent
charges to income):
Three
months ended June 30,
|
2012
|
2011
|
Property
transactions, net:
|
|
|
Investment in Grand Victoria impairment
|
$
(0.11)
|
$ —
|
Other
property transactions, net
|
(0.01)
|
—
|
Gain
on MGM China transaction
|
—
|
6.30
|
Income
(loss) from unconsolidated affiliates:
|
|
|
CityCenter residential non-cash impairment charge
|
—
|
(0.03)
|
Income
tax provision:
|
|
|
Macau
shareholder dividend tax
|
0.07
|
—
|
Deferred tax valuation allowance
|
(0.13)
|
—
|
Current quarter results were affected by certain tax
provision items discussed below and a non-cash impairment charge of $85 million related to the Company's joint
venture investment in Grand Victoria. The prior year quarter included a
$3.5 billion gain recognized on
consolidation of MGM China in June 2011
and a $26 million non-cash impairment
charge related to the Company's share of a residential impairment
charge at CityCenter.
The current quarter income tax provision was affected by
a valuation allowance for a portion of U.S. deferred tax assets and by
a net tax benefit resulting from entering into an annual fee
arrangement with the Macau government
with respect to the complementary tax on dividend distributions of MGM
Macau covering the years 2007 through 2011, including the dividend
distributed in the first quarter of this year. All taxes previously
accrued on MGM Macau dividends distributed in prior quarters were
reversed and the cumulative agreed upon annual fee was recorded during
the quarter.
Wholly Owned Domestic
Resorts
Casino revenue related to wholly owned domestic resorts
decreased 1% compared to the prior year quarter. The overall table
games hold percentage in the second quarter of 2012 was 17.7% compared
to 18.2% for the prior year second quarter. Slots revenue was flat
compared to the prior year quarter.
Rooms revenue increased 3% with Las Vegas Strip REVPAR up
5%. The following table shows key hotel statistics for the Company's
Las Vegas Strip resorts:
Three
months ended June 30,
|
2012
|
2011
|
Occupancy
%
|
94%
|
94%
|
Average
Daily Rate (ADR)
|
$ 131
|
$ 126
|
Revenue
per Available Room (REVPAR)
|
$ 124
|
$ 118
|
Operating income for the Company's wholly owned domestic
resorts for the second quarter of 2012 was $214
million, an increase of 10% compared to the prior year quarter,
partially due to lower depreciation and amortization expense. Adjusted
Property EBITDA for wholly owned domestic resorts increased 4% to $345 million for the second quarter of 2012.
Operating income and Adjusted Property EBITDA were negatively affected
by approximately $12 million in the
prior year quarter as a result of the temporary closure of Gold Strike
Tunica in May 2011.
MGM China
The following are the key second quarter results for MGM China:
- MGM China earned net revenue of $709
million, a 6% increase over the prior year quarter driven by
increases in volume for main floor table games and slots of 7% and 39%,
respectively. VIP table games turnover decreased 6% from the prior year
quarter, while hold percentage was 3.3% in the current year quarter
compared to 3.1% in the prior year quarter; and
- MGM China's operating income was $90
million and Adjusted Property EBITDA was $187
million, which included $12 million
of branding fee expense. Excluding branding fees, Adjusted Property
EBITDA increased 14% over MGM Macau's prior year second 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 the Company's income (loss)
from unconsolidated affiliates:
Three months ended June 30,
|
2012
|
|
2011
|
|
(In
thousands)
|
CityCenter
|
$ 642
|
|
$
(32,483)
|
MGM
Macau
|
—
|
|
53,539
|
Other
|
5,344
|
|
10,971
|
|
$ 5,986
|
|
$
32,027
|
Results for CityCenter Holdings, LLC for the second quarter of
2012 include the following (see schedules accompanying this release for
further detail on CityCenter's second quarter results):
- Net revenue from resort operations increased 3% to $282 million;
- Adjusted Property EBITDA from resort operations was $71 million compared to $64
million in the prior year quarter;
- Aria's table games hold percentage for the second quarter
of 2012 was 24.0% compared to 29.2% for the prior year quarter. The
estimated effect of the decrease in hold percentage compared to the
prior year quarter for net revenue and Adjusted Property EBITDA was $16 million and $13
million, respectively; and
- Aria's occupancy percentage was 93% and its ADR was $201, resulting in REVPAR of $187, a 3% increase compared to the prior year
second quarter.
Financial Position
The Company's cash balance at June 30,
2012 was $1.7 billion, which
included approximately $658 million of
cash and cash equivalents related to MGM China. At June 30, 2012, the Company had approximately $13.4 billion of indebtedness, including $1.3 billion of borrowings outstanding under
its senior credit facility and $553 million
related to the MGM China credit facility.
At June 30, 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. The interest rate on extending loans was 5% at June 30, 2012. Interest on non-extending
revolving loans remains at 7%.
"We remain focused on improving our free cash flow and
deleveraging our balance sheet. One way we expect to be able to do this
is by lowering our cost of capital. We envision an environment in the
near future where we will have the opportunity to refinance some of our
long-term capital at progressively lower rates," said Dan D'Arrigo, MGM
Resorts International Executive Vice President, CFO and Treasurer. "A
good example of this is our recently launched five year $1.5 billion refinancing in Macau. The
reception from our lenders has been very strong and we expect to
finalize this transaction at attractive rates in the near future."
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 99179146. A
replay of the call will be available through Tuesday,
August 14, 2012. The replay may be accessed by dialing
1-855-859-2056 or 1-404-537-3406. The replay access code is 99179146.
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, 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 and our
ability to refinance indebtedness including the finalization of the new
credit facility in Macau at
attractive rates. 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, financings, 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
|
|
Six
Months Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
$
1,299,196
|
|
$
797,495
|
|
$
2,634,230
|
|
$
1,387,715
|
|
Rooms
|
418,766
|
|
396,791
|
|
812,386
|
|
765,128
|
|
Food
and beverage
|
391,891
|
|
371,960
|
|
764,844
|
|
708,784
|
|
Entertainment
|
120,909
|
|
130,094
|
|
241,309
|
|
249,687
|
|
Retail
|
52,086
|
|
54,292
|
|
98,710
|
|
100,442
|
|
Other
|
132,900
|
|
128,826
|
|
246,023
|
|
243,049
|
|
Reimbursed
costs
|
90,938
|
|
89,482
|
|
181,477
|
|
175,770
|
|
|
2,506,686
|
|
1,968,940
|
|
4,978,979
|
|
3,630,575
|
|
Less:
Promotional allowances
|
(182,921)
|
|
(162,955)
|
|
(367,624)
|
|
(311,739)
|
|
|
2,323,765
|
|
1,805,985
|
|
4,611,355
|
|
3,318,836
|
Expenses:
|
|
|
|
|
|
|
|
|
Casino
|
826,211
|
|
485,965
|
|
1,693,685
|
|
836,730
|
|
Rooms
|
129,897
|
|
123,886
|
|
256,052
|
|
240,872
|
|
Food
and beverage
|
222,567
|
|
215,899
|
|
434,206
|
|
414,147
|
|
Entertainment
|
88,559
|
|
94,505
|
|
177,347
|
|
182,716
|
|
Retail
|
29,241
|
|
32,479
|
|
56,824
|
|
61,638
|
|
Other
|
88,835
|
|
88,392
|
|
175,057
|
|
166,689
|
|
Reimbursed
costs
|
90,938
|
|
89,482
|
|
181,477
|
|
175,770
|
|
General
and administrative
|
309,478
|
|
301,582
|
|
612,767
|
|
571,144
|
|
Corporate
expense
|
42,540
|
|
40,016
|
|
84,800
|
|
76,501
|
|
Preopening
and start-up expenses
|
-
|
|
(316)
|
|
-
|
|
(316)
|
|
Property
transactions, net
|
90,467
|
|
900
|
|
91,384
|
|
991
|
|
Gain
on MGM China transaction
|
-
|
|
(3,496,005)
|
|
-
|
|
(3,496,005)
|
|
Depreciation
and amortization
|
235,643
|
|
177,467
|
|
472,452
|
|
329,864
|
|
|
2,154,376
|
|
(1,845,748)
|
|
4,236,051
|
|
(439,259)
|
|
|
|
|
|
|
|
|
|
Income
(loss) from unconsolidated affiliates
|
5,986
|
|
32,027
|
|
(7,323)
|
|
95,370
|
|
|
|
|
|
|
|
|
|
Operating
income
|
175,375
|
|
3,683,760
|
|
367,981
|
|
3,853,465
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
Interest
expense
|
(276,323)
|
|
(270,224)
|
|
(560,665)
|
|
(540,138)
|
|
Non-operating
items from unconsolidated affiliates
|
(20,836)
|
|
(28,002)
|
|
(47,702)
|
|
(68,292)
|
|
Other,
net
|
46
|
|
(13,017)
|
|
(57,530)
|
|
(16,972)
|
|
|
(297,113)
|
|
(311,243)
|
|
(665,897)
|
|
(625,402)
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
(121,738)
|
|
3,372,517
|
|
(297,916)
|
|
3,228,063
|
|
Benefit
for income taxes
|
51,304
|
|
78,174
|
|
24,175
|
|
132,757
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
(70,434)
|
|
3,450,691
|
|
(273,741)
|
|
3,360,820
|
|
Less:
net income attributable to noncontrolling interests
|
(75,018)
|
|
(8,706)
|
|
(88,964)
|
|
(8,706)
|
Net
income (loss) attributable to MGM Resorts International
|
$
(145,452)
|
|
$
3,441,985
|
|
$
(362,705)
|
|
$
3,352,114
|
|
|
|
|
|
|
|
|
|
Per
share of common stock:
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to MGM Resorts International
|
$
(0.30)
|
|
$
7.04
|
|
$
(0.74)
|
|
$
6.86
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
488,931
|
|
488,609
|
|
488,896
|
|
488,574
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to MGM Resorts International
|
$
(0.30)
|
|
$
6.22
|
|
$
(0.74)
|
|
$
6.09
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
488,931
|
|
554,890
|
|
488,896
|
|
553,690
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In
thousands, except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
Cash
and cash equivalents
|
$
1,731,921
|
|
$
1,865,913
|
|
Accounts
receivable, net
|
478,588
|
|
491,730
|
|
Inventories
|
113,316
|
|
112,735
|
|
Deferred
income taxes, net
|
122,134
|
|
91,060
|
|
Prepaid
expenses and other
|
231,458
|
|
251,282
|
|
Total current assets
|
2,677,417
|
|
2,812,720
|
|
|
|
|
|
|
Property
and equipment, net
|
14,783,177
|
|
14,866,644
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
Investments
in and advances to unconsolidated affiliates
|
1,498,864
|
|
1,635,572
|
|
Goodwill
|
|
2,900,237
|
|
2,896,609
|
|
Other
intangible assets, net
|
4,889,311
|
|
5,048,117
|
|
Other
long-term assets, net
|
514,002
|
|
506,614
|
|
Total other assets
|
9,802,414
|
|
10,086,912
|
|
|
|
$
27,263,008
|
|
$
27,766,276
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
171,878
|
|
$
170,994
|
|
Income
taxes payable
|
336
|
|
7,611
|
|
Current
portion of long-term debt
|
141,674
|
|
-
|
|
Accrued
interest on long-term debt
|
251,373
|
|
203,422
|
|
Other
accrued liabilities
|
1,364,123
|
|
1,362,737
|
|
Total current liabilities
|
1,929,384
|
|
1,744,764
|
|
|
|
|
|
|
Deferred
income taxes
|
2,513,840
|
|
2,502,096
|
Long-term
debt
|
|
13,225,319
|
|
13,470,167
|
Other
long-term obligations
|
182,258
|
|
167,027
|
Stockholders'
equity:
|
|
|
|
|
Common
stock, $.01 par value: authorized 1,000,000,000 shares,
|
|
|
|
|
issued and outstanding 488,940,301 and 488,834,773 shares
|
4,889
|
|
4,888
|
|
Capital
in excess of par value
|
4,091,166
|
|
4,094,323
|
|
Retained
earnings
|
1,618,684
|
|
1,981,389
|
|
Accumulated
other comprehensive income
|
11,046
|
|
5,978
|
|
Total MGM Resorts International stockholders' equity
|
5,725,785
|
|
6,086,578
|
|
Noncontrolling
interests
|
3,686,422
|
|
3,795,644
|
|
Total stockholders' equity
|
9,412,207
|
|
9,882,222
|
|
|
|
$
27,263,008
|
|
$
27,766,276
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL
DATA - NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Bellagio
|
$
296,385
|
|
$
278,058
|
|
$
580,732
|
|
$
530,008
|
|
MGM
Grand Las Vegas
|
230,396
|
|
239,451
|
|
462,876
|
|
464,581
|
|
Mandalay
Bay
|
192,465
|
|
209,025
|
|
372,391
|
|
388,359
|
|
The
Mirage
|
146,239
|
|
144,425
|
|
294,468
|
|
292,923
|
|
Luxor
|
84,717
|
|
84,442
|
|
166,643
|
|
164,217
|
|
New
York-New York
|
69,017
|
|
68,721
|
|
139,641
|
|
133,698
|
|
Excalibur
|
68,275
|
|
67,478
|
|
130,999
|
|
128,510
|
|
Monte
Carlo
|
66,456
|
|
65,695
|
|
131,363
|
|
128,281
|
|
Circus
Circus Las Vegas
|
54,115
|
|
50,441
|
|
101,799
|
|
93,135
|
|
MGM
Grand Detroit
|
141,805
|
|
142,229
|
|
292,392
|
|
286,140
|
|
Beau
Rivage
|
86,899
|
|
90,615
|
|
173,550
|
|
171,735
|
|
Gold
Strike Tunica
|
35,908
|
|
30,972
|
|
76,008
|
|
68,070
|
|
Other
resort operations
|
32,551
|
|
33,756
|
|
61,964
|
|
62,081
|
|
Wholly owned domestic resorts
|
1,505,228
|
|
1,505,308
|
|
2,984,826
|
|
2,911,738
|
|
MGM
China(1)
|
709,296
|
|
192,984
|
|
1,411,386
|
|
192,984
|
|
Management
and other operations
|
109,241
|
|
107,693
|
|
215,143
|
|
214,114
|
|
|
$
2,323,765
|
|
$
1,805,985
|
|
$
4,611,355
|
|
$
3,318,836
|
|
|
|
|
|
|
|
|
|
|
(1)
2011 amounts represent 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 June 30, 2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL
DATA - ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Bellagio
|
$
83,352
|
|
$
77,370
|
|
$
153,796
|
|
$
131,271
|
|
MGM
Grand Las Vegas
|
29,032
|
|
35,557
|
|
66,357
|
|
72,425
|
|
Mandalay
Bay
|
47,399
|
|
51,601
|
|
86,213
|
|
88,045
|
|
The
Mirage
|
25,067
|
|
24,340
|
|
52,486
|
|
56,739
|
|
Luxor
|
17,345
|
|
18,841
|
|
35,709
|
|
38,955
|
|
New
York-New York
|
23,662
|
|
22,223
|
|
47,975
|
|
43,351
|
|
Excalibur
|
19,125
|
|
18,369
|
|
33,304
|
|
34,511
|
|
Monte
Carlo
|
16,408
|
|
15,644
|
|
31,404
|
|
29,404
|
|
Circus
Circus Las Vegas
|
8,148
|
|
7,053
|
|
13,289
|
|
11,626
|
|
MGM
Grand Detroit
|
43,337
|
|
42,163
|
|
85,576
|
|
85,696
|
|
Beau
Rivage
|
19,401
|
|
19,288
|
|
36,451
|
|
32,424
|
|
Gold
Strike Tunica
|
11,041
|
|
(1,693)
|
|
22,621
|
|
7,755
|
|
Other
resort operations
|
1,841
|
|
630
|
|
949
|
|
(854)
|
|
Wholly owned domestic resorts
|
345,158
|
|
331,386
|
|
666,130
|
|
631,348
|
|
MGM
China(1)
|
186,560
|
|
46,422
|
|
351,081
|
|
46,422
|
|
MGM
Macau (50%)(2)
|
-
|
|
53,539
|
|
-
|
|
115,219
|
|
CityCenter
(50%)(3)
|
642
|
|
(32,483)
|
|
(17,931)
|
|
(38,306)
|
|
Other
unconsolidated resorts(3)
|
5,344
|
|
10,971
|
|
10,608
|
|
18,457
|
|
Management
and other operations
|
10,104
|
|
913
|
|
14,803
|
|
1,522
|
|
|
$
547,808
|
|
$
410,748
|
|
$
1,024,691
|
|
$
774,662
|
|
|
|
|
|
|
|
|
|
|
(1)
2011 amounts represent the Adjusted EBITDA of MGM China from June 3,
2011 (the first day of the Company's majority ownership of MGM China)
through June 30, 2011.
|
|
|
|
(2)
Represents the Company's share of operating income (loss), adjusted for
the effect of certain basis differences for the approximately two and
five months ended June 2, 2011.
|
|
|
|
(3)
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 June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
$
58,322
|
|
$ -
|
|
$
354
|
|
$
24,676
|
|
$
83,352
|
|
|
MGM
Grand Las Vegas
|
8,072
|
|
-
|
|
803
|
|
20,157
|
|
29,032
|
|
|
Mandalay
Bay
|
26,963
|
|
-
|
|
545
|
|
19,891
|
|
47,399
|
|
|
The
Mirage
|
12,240
|
|
-
|
|
57
|
|
12,770
|
|
25,067
|
|
|
Luxor
|
8,406
|
|
-
|
|
185
|
|
8,754
|
|
17,345
|
|
|
New
York-New York
|
18,002
|
|
-
|
|
243
|
|
5,417
|
|
23,662
|
|
|
Excalibur
|
14,769
|
|
-
|
|
3
|
|
4,353
|
|
19,125
|
|
|
Monte
Carlo
|
10,930
|
|
-
|
|
553
|
|
4,925
|
|
16,408
|
|
|
Circus
Circus Las Vegas
|
3,036
|
|
-
|
|
77
|
|
5,035
|
|
8,148
|
|
|
MGM
Grand Detroit
|
32,431
|
|
-
|
|
884
|
|
10,022
|
|
43,337
|
|
|
Beau
Rivage
|
11,727
|
|
-
|
|
8
|
|
7,666
|
|
19,401
|
|
|
Gold
Strike Tunica
|
7,713
|
|
-
|
|
2
|
|
3,326
|
|
11,041
|
|
|
Other
resort operations
|
1,184
|
|
-
|
|
6
|
|
651
|
|
1,841
|
|
|
Wholly owned domestic resorts
|
213,795
|
|
-
|
|
3,720
|
|
127,643
|
|
345,158
|
|
|
MGM
China
|
90,215
|
|
-
|
|
1,464
|
|
94,881
|
|
186,560
|
|
|
CityCenter
(50%)
|
642
|
|
-
|
|
-
|
|
-
|
|
642
|
|
|
Other
unconsolidated resorts
|
5,344
|
|
-
|
|
-
|
|
-
|
|
5,344
|
|
|
Management
and other operations
|
6,855
|
|
-
|
|
-
|
|
3,249
|
|
10,104
|
|
|
|
316,851
|
|
-
|
|
5,184
|
|
225,773
|
|
547,808
|
|
|
Stock
compensation
|
(8,769)
|
|
-
|
|
-
|
|
-
|
|
(8,769)
|
|
|
Corporate
|
(132,707)
|
|
-
|
|
85,283
|
|
9,870
|
|
(37,554)
|
|
|
|
$
175,375
|
|
$ -
|
|
$
90,467
|
|
$
235,643
|
|
$
501,485
|
|
|
|
Three
Months Ended June 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Gain
on MGM
China
transaction
and
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Bellagio
|
$
52,732
|
|
$ -
|
|
$
317
|
|
$
24,321
|
|
$
77,370
|
|
|
MGM
Grand Las Vegas
|
16,324
|
|
-
|
|
-
|
|
19,233
|
|
35,557
|
|
|
Mandalay
Bay
|
29,810
|
|
-
|
|
16
|
|
21,775
|
|
51,601
|
|
|
The
Mirage
|
10,395
|
|
-
|
|
11
|
|
13,934
|
|
24,340
|
|
|
Luxor
|
9,349
|
|
-
|
|
6
|
|
9,486
|
|
18,841
|
|
|
New
York-New York
|
15,999
|
|
-
|
|
-
|
|
6,224
|
|
22,223
|
|
|
Excalibur
|
13,105
|
|
-
|
|
210
|
|
5,054
|
|
18,369
|
|
|
Monte
Carlo
|
9,516
|
|
-
|
|
28
|
|
6,100
|
|
15,644
|
|
|
Circus
Circus Las Vegas
|
2,295
|
|
-
|
|
(8)
|
|
4,766
|
|
7,053
|
|
|
MGM
Grand Detroit
|
32,139
|
|
-
|
|
269
|
|
9,755
|
|
42,163
|
|
|
Beau
Rivage
|
8,217
|
|
-
|
|
19
|
|
11,052
|
|
19,288
|
|
|
Gold
Strike Tunica
|
(5,063)
|
|
-
|
|
-
|
|
3,370
|
|
(1,693)
|
|
|
Other
resort operations
|
(601)
|
|
-
|
|
24
|
|
1,207
|
|
630
|
|
|
Wholly owned domestic resorts
|
194,217
|
|
-
|
|
892
|
|
136,277
|
|
331,386
|
|
|
MGM
China
|
19,448
|
|
-
|
|
13
|
|
26,961
|
|
46,422
|
|
|
MGM
Macau (50%)
|
53,539
|
|
-
|
|
-
|
|
-
|
|
53,539
|
|
|
CityCenter
(50%)
|
(32,483)
|
|
-
|
|
-
|
|
-
|
|
(32,483)
|
|
|
Other
unconsolidated resorts
|
10,971
|
|
-
|
|
-
|
|
-
|
|
10,971
|
|
|
Management
and other operations
|
(2,296)
|
|
(316)
|
|
(5)
|
|
3,530
|
|
913
|
|
|
|
243,396
|
|
(316)
|
|
900
|
|
166,768
|
|
410,748
|
|
|
Stock
compensation
|
(8,995)
|
|
-
|
|
-
|
|
-
|
|
(8,995)
|
|
|
Corporate
|
3,449,359
|
|
-
|
|
(3,496,005)
|
|
10,699
|
|
(35,947)
|
|
|
|
$
3,683,760
|
|
$
(316)
|
|
$
(3,495,105)
|
|
$
177,467
|
|
$
365,806
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
$
105,420
|
|
$ -
|
|
$
354
|
|
$
48,022
|
|
$
153,796
|
|
|
MGM
Grand Las Vegas
|
26,421
|
|
-
|
|
1,130
|
|
38,806
|
|
66,357
|
|
|
Mandalay
Bay
|
45,566
|
|
-
|
|
545
|
|
40,102
|
|
86,213
|
|
|
The
Mirage
|
26,742
|
|
-
|
|
70
|
|
25,674
|
|
52,486
|
|
|
Luxor
|
17,615
|
|
-
|
|
185
|
|
17,909
|
|
35,709
|
|
|
New
York-New York
|
36,699
|
|
-
|
|
243
|
|
11,033
|
|
47,975
|
|
|
Excalibur
|
24,391
|
|
-
|
|
3
|
|
8,910
|
|
33,304
|
|
|
Monte
Carlo
|
20,903
|
|
-
|
|
558
|
|
9,943
|
|
31,404
|
|
|
Circus
Circus Las Vegas
|
3,538
|
|
-
|
|
77
|
|
9,674
|
|
13,289
|
|
|
MGM
Grand Detroit
|
64,769
|
|
-
|
|
884
|
|
19,923
|
|
85,576
|
|
|
Beau
Rivage
|
21,123
|
|
-
|
|
8
|
|
15,320
|
|
36,451
|
|
|
Gold
Strike Tunica
|
15,933
|
|
-
|
|
2
|
|
6,686
|
|
22,621
|
|
|
Other
resort operations
|
(218)
|
|
-
|
|
(14)
|
|
1,181
|
|
949
|
|
|
Wholly owned domestic resorts
|
408,902
|
|
-
|
|
4,045
|
|
253,183
|
|
666,130
|
|
|
MGM
China
|
158,342
|
|
-
|
|
1,464
|
|
191,275
|
|
351,081
|
|
|
CityCenter
(50%)
|
(17,931)
|
|
-
|
|
-
|
|
-
|
|
(17,931)
|
|
|
Other
unconsolidated resorts
|
10,608
|
|
-
|
|
-
|
|
-
|
|
10,608
|
|
|
Management
and other operations
|
7,266
|
|
-
|
|
-
|
|
7,537
|
|
14,803
|
|
|
|
567,187
|
|
-
|
|
5,509
|
|
451,995
|
|
1,024,691
|
|
|
Stock
compensation
|
(18,101)
|
|
-
|
|
-
|
|
-
|
|
(18,101)
|
|
|
Corporate
|
(181,105)
|
|
-
|
|
85,875
|
|
20,457
|
|
(74,773)
|
|
|
|
$
367,981
|
|
$ -
|
|
$
91,384
|
|
$
472,452
|
|
$
931,817
|
|
|
|
Six
Months Ended June 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Gain
on MGM
China
transaction
and
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Bellagio
|
$
81,546
|
|
$ -
|
|
$
317
|
|
$
49,408
|
|
$
131,271
|
|
|
MGM
Grand Las Vegas
|
33,892
|
|
-
|
|
-
|
|
38,533
|
|
72,425
|
|
|
Mandalay
Bay
|
44,052
|
|
-
|
|
16
|
|
43,977
|
|
88,045
|
|
|
The
Mirage
|
28,415
|
|
-
|
|
39
|
|
28,285
|
|
56,739
|
|
|
Luxor
|
19,824
|
|
-
|
|
6
|
|
19,125
|
|
38,955
|
|
|
New
York-New York
|
31,282
|
|
-
|
|
(85)
|
|
12,154
|
|
43,351
|
|
|
Excalibur
|
24,053
|
|
-
|
|
210
|
|
10,248
|
|
34,511
|
|
|
Monte
Carlo
|
17,481
|
|
-
|
|
28
|
|
11,895
|
|
29,404
|
|
|
Circus
Circus Las Vegas
|
2,151
|
|
-
|
|
(8)
|
|
9,483
|
|
11,626
|
|
|
MGM
Grand Detroit
|
65,829
|
|
-
|
|
372
|
|
19,495
|
|
85,696
|
|
|
Beau
Rivage
|
10,150
|
|
-
|
|
58
|
|
22,216
|
|
32,424
|
|
|
Gold
Strike Tunica
|
945
|
|
-
|
|
-
|
|
6,810
|
|
7,755
|
|
|
Other
resort operations
|
(3,333)
|
|
-
|
|
17
|
|
2,462
|
|
(854)
|
|
|
Wholly owned domestic resorts
|
356,287
|
|
-
|
|
970
|
|
274,091
|
|
631,348
|
|
|
MGM
China
|
19,448
|
|
-
|
|
13
|
|
26,961
|
|
46,422
|
|
|
MGM
Macau (50%)
|
115,219
|
|
-
|
|
-
|
|
-
|
|
115,219
|
|
|
CityCenter
(50%)
|
(38,306)
|
|
-
|
|
-
|
|
-
|
|
(38,306)
|
|
|
Other
unconsolidated resorts
|
18,457
|
|
-
|
|
-
|
|
-
|
|
18,457
|
|
|
Management
and other operations
|
(5,289)
|
|
(316)
|
|
(5)
|
|
7,132
|
|
1,522
|
|
|
|
465,816
|
|
(316)
|
|
978
|
|
308,184
|
|
774,662
|
|
|
Stock
compensation
|
(18,205)
|
|
-
|
|
-
|
|
-
|
|
(18,205)
|
|
|
Corporate
|
3,405,854
|
|
-
|
|
(3,495,992)
|
|
21,680
|
|
(68,458)
|
|
|
|
$
3,853,465
|
|
$
(316)
|
|
$
(3,495,014)
|
|
$
329,864
|
|
$
687,999
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
RECONCILIATION
OF ADJUSTED EBITDA TO NET INCOME (LOSS)
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Adjusted
EBITDA
|
$
501,485
|
|
$
365,806
|
|
$
931,817
|
|
$
687,999
|
|
Preopening and start-up expenses
|
-
|
|
316
|
|
-
|
|
316
|
|
Property transactions, net
|
(90,467)
|
|
(900)
|
|
(91,384)
|
|
(991)
|
|
Gain on MGM China transaction
|
-
|
|
3,496,005
|
|
-
|
|
3,496,005
|
|
Depreciation and amortization
|
(235,643)
|
|
(177,467)
|
|
(472,452)
|
|
(329,864)
|
|
Operating
income
|
175,375
|
|
3,683,760
|
|
367,981
|
|
3,853,465
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
Interest expense
|
(276,323)
|
|
(270,224)
|
|
(560,665)
|
|
(540,138)
|
|
Other, net
|
(20,790)
|
|
(41,019)
|
|
(105,232)
|
|
(85,264)
|
|
|
|
(297,113)
|
|
(311,243)
|
|
(665,897)
|
|
(625,402)
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
(121,738)
|
|
3,372,517
|
|
(297,916)
|
|
3,228,063
|
|
Benefit for income taxes
|
51,304
|
|
78,174
|
|
24,175
|
|
132,757
|
|
Net
income (loss)
|
(70,434)
|
|
3,450,691
|
|
(273,741)
|
|
3,360,820
|
|
Less: net income attributable to noncontrolling interests
|
(75,018)
|
|
(8,706)
|
|
(88,964)
|
|
(8,706)
|
|
Net
income (loss) attributable to MGM Resorts International
|
$
(145,452)
|
|
$
3,441,985
|
|
$
(362,705)
|
|
$
3,352,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
|
|
|
SUPPLEMENTAL
DATA - HOTEL STATISTICS - LAS VEGAS STRIP
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
96.9%
|
|
96.6%
|
|
95.0%
|
|
93.7%
|
|
|
|
|
|
Average daily rate (ADR)
|
$237
|
|
$224
|
|
$234
|
|
$224
|
|
|
|
|
|
Revenue per available room (REVPAR)
|
$230
|
|
$216
|
|
$223
|
|
$210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
Grand Las Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
96.3%
|
|
96.8%
|
|
94.9%
|
|
93.7%
|
|
|
|
|
|
ADR
|
$141
|
|
$125
|
|
$141
|
|
$130
|
|
|
|
|
|
REVPAR
|
$136
|
|
$121
|
|
$134
|
|
$122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
95.4%
|
|
95.3%
|
|
92.7%
|
|
92.3%
|
|
|
|
|
|
ADR
|
$183
|
|
$178
|
|
$184
|
|
$177
|
|
|
|
|
|
REVPAR
|
$174
|
|
$170
|
|
$171
|
|
$163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
98.4%
|
|
97.5%
|
|
95.6%
|
|
95.3%
|
|
|
|
|
|
ADR
|
$151
|
|
$145
|
|
$153
|
|
$147
|
|
|
|
|
|
REVPAR
|
$149
|
|
$141
|
|
$146
|
|
$140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
93.3%
|
|
93.7%
|
|
92.0%
|
|
90.4%
|
|
|
|
|
|
ADR
|
$91
|
|
$91
|
|
$90
|
|
$92
|
|
|
|
|
|
REVPAR
|
$85
|
|
$85
|
|
$83
|
|
$83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
York-New York
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
97.1%
|
|
96.0%
|
|
96.0%
|
|
94.0%
|
|
|
|
|
|
ADR
|
$112
|
|
$107
|
|
$111
|
|
$108
|
|
|
|
|
|
REVPAR
|
$109
|
|
$103
|
|
$106
|
|
$102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
94.0%
|
|
92.9%
|
|
90.7%
|
|
88.7%
|
|
|
|
|
|
ADR
|
$72
|
|
$72
|
|
$72
|
|
$73
|
|
|
|
|
|
REVPAR
|
$68
|
|
$67
|
|
$65
|
|
$65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
97.5%
|
|
95.2%
|
|
95.6%
|
|
93.5%
|
|
|
|
|
|
ADR
|
$106
|
|
$98
|
|
$104
|
|
$98
|
|
|
|
|
|
REVPAR
|
$104
|
|
$94
|
|
$99
|
|
$92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus
Circus Las Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
83.2%
|
|
78.3%
|
|
79.6%
|
|
70.5%
|
|
|
|
|
|
ADR
|
$56
|
|
$54
|
|
$55
|
|
$56
|
|
|
|
|
|
REVPAR
|
$47
|
|
$42
|
|
$44
|
|
$39
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
SUPPLEMENTAL
DATA - NET REVENUES
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
$
233,634
|
|
$
233,001
|
|
$
421,466
|
|
$
458,463
|
|
|
|
|
|
Vdara
|
23,114
|
|
19,764
|
|
44,563
|
|
35,170
|
|
|
|
|
|
Crystals
|
13,133
|
|
11,171
|
|
25,460
|
|
22,884
|
|
|
|
|
|
Mandarin
Oriental
|
12,022
|
|
10,924
|
|
24,723
|
|
21,245
|
|
|
|
|
|
Resort operations
|
281,903
|
|
274,860
|
|
516,212
|
|
537,762
|
|
|
|
|
|
Residential
operations
|
8,242
|
|
6,421
|
|
12,850
|
|
15,142
|
|
|
|
|
|
|
$
290,145
|
|
$
281,281
|
|
$
529,062
|
|
$
552,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
RECONCILIATION
OF ADJUSTED EBITDA TO NET LOSS
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
65,195
|
|
$
57,006
|
|
$
93,790
|
|
$
111,888
|
|
|
|
|
Property transactions, net
|
(70)
|
|
(53,338)
|
|
(2,079)
|
|
(53,356)
|
|
|
|
|
Depreciation and amortization
|
(88,109)
|
|
(93,421)
|
|
(176,152)
|
|
(185,177)
|
|
|
|
|
Operating
loss
|
(22,984)
|
|
(89,753)
|
|
(84,441)
|
|
(126,645)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense - sponsor notes
|
(22,298)
|
|
(19,171)
|
|
(43,851)
|
|
(37,607)
|
|
|
|
|
Interest expense - other
|
(42,926)
|
|
(47,992)
|
|
(88,968)
|
|
(95,049)
|
|
|
|
|
Other, net
|
1,143
|
|
947
|
|
(6,640)
|
|
(21,695)
|
|
|
|
|
|
|
(64,081)
|
|
(66,216)
|
|
(139,459)
|
|
(154,351)
|
|
|
|
|
Net
loss
|
$
(87,065)
|
|
$
(155,969)
|
|
$
(223,900)
|
|
$
(280,996)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
$
(10,004)
|
|
$ -
|
|
$
(9)
|
|
$
65,935
|
|
$
55,922
|
|
|
|
Vdara
|
(3,667)
|
|
-
|
|
-
|
|
10,308
|
|
6,641
|
|
|
|
Crystals
|
1,961
|
|
-
|
|
-
|
|
6,305
|
|
8,266
|
|
|
|
Mandarin
Oriental
|
(4,245)
|
|
-
|
|
-
|
|
4,524
|
|
279
|
|
|
|
Resort operations
|
(15,955)
|
|
-
|
|
(9)
|
|
87,072
|
|
71,108
|
|
|
|
Residential
operations
|
(299)
|
|
-
|
|
-
|
|
984
|
|
685
|
|
|
|
Development
and administration
|
(6,730)
|
|
-
|
|
79
|
|
53
|
|
(6,598)
|
|
|
|
|
$
(22,984)
|
|
$ -
|
|
$ 70
|
|
$
88,109
|
|
$
65,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
$
(21,035)
|
|
$ -
|
|
$ -
|
|
$
74,080
|
|
$
53,045
|
|
|
|
Vdara
|
(2,495)
|
|
-
|
|
-
|
|
7,911
|
|
5,416
|
|
|
|
Crystals
|
(102)
|
|
-
|
|
-
|
|
5,785
|
|
5,683
|
|
|
|
Mandarin
Oriental
|
(4,733)
|
|
-
|
|
-
|
|
4,549
|
|
(184)
|
|
|
|
Resort operations
|
(28,365)
|
|
-
|
|
-
|
|
92,325
|
|
63,960
|
|
|
|
Residential
operations
|
(56,477)
|
|
-
|
|
52,624
|
|
949
|
|
(2,904)
|
|
|
|
Development
and administration
|
(4,911)
|
|
-
|
|
714
|
|
147
|
|
(4,050)
|
|
|
|
|
$
(89,753)
|
|
$ -
|
|
$
53,338
|
|
$
93,421
|
|
$
57,006
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
$
(59,185)
|
|
$ -
|
|
$
1,986
|
|
$
131,650
|
|
$
74,451
|
|
|
|
Vdara
|
(8,609)
|
|
-
|
|
-
|
|
20,686
|
|
12,077
|
|
|
|
Crystals
|
2,661
|
|
-
|
|
-
|
|
12,711
|
|
15,372
|
|
|
|
Mandarin
Oriental
|
(7,790)
|
|
-
|
|
-
|
|
9,039
|
|
1,249
|
|
|
|
Resort operations
|
(72,923)
|
|
-
|
|
1,986
|
|
174,086
|
|
103,149
|
|
|
|
Residential
operations
|
(1,764)
|
|
-
|
|
-
|
|
1,952
|
|
188
|
|
|
|
Development
and administration
|
(9,754)
|
|
-
|
|
93
|
|
114
|
|
(9,547)
|
|
|
|
|
$
(84,441)
|
|
$ -
|
|
$
2,079
|
|
$
176,152
|
|
$
93,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
$
(33,853)
|
|
$ -
|
|
$ -
|
|
$
141,907
|
|
$
108,054
|
|
|
|
Vdara
|
(9,740)
|
|
-
|
|
-
|
|
18,374
|
|
8,634
|
|
|
|
Crystals
|
(2,389)
|
|
-
|
|
-
|
|
13,703
|
|
11,314
|
|
|
|
Mandarin
Oriental
|
(9,186)
|
|
-
|
|
-
|
|
9,517
|
|
331
|
|
|
|
Resort operations
|
(55,168)
|
|
-
|
|
-
|
|
183,501
|
|
128,333
|
|
|
|
Residential
operations
|
(62,068)
|
|
-
|
|
52,624
|
|
1,430
|
|
(8,014)
|
|
|
|
Development
and administration
|
(9,409)
|
|
-
|
|
732
|
|
246
|
|
(8,431)
|
|
|
|
|
$
(126,645)
|
|
$ -
|
|
$
53,356
|
|
$
185,177
|
|
$
111,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
SUPPLEMENTAL
DATA - HOTEL STATISTICS
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
92.7%
|
|
89.7%
|
|
89.6%
|
|
87.7%
|
|
|
|
|
|
ADR
|
$201
|
|
$202
|
|
$203
|
|
$201
|
|
|
|
|
|
REVPAR
|
$187
|
|
$181
|
|
$182
|
|
$177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
89.0%
|
|
91.0%
|
|
85.0%
|
|
87.4%
|
|
|
|
|
|
ADR
|
$161
|
|
$159
|
|
$162
|
|
$159
|
|
|
|
|
|
REVPAR
|
$143
|
|
$144
|
|
$137
|
|
$139
|
|
|
|
|
|