LAS VEGAS,
Oct. 31, 2012-- MGM Resorts
International (NYSE: MGM) today reported its third quarter 2012
results. Net loss per share attributable to the Company was $0.37 compared to a loss of $0.25 in the prior year third quarter.
Comparability of the current and prior year quarterly consolidated
results was affected by certain items discussed further below. Key
results for the third quarter of 2012 include the following:
- Consolidated net revenue increased 1% to $2.3 billion, driven by a 7% increase in MGM
China's net revenue;
- Consolidated casino revenue increased 4%, representing
a 7% increase at MGM China and a 2% increase at the Company's wholly
owned domestic resorts;
- Rooms revenue decreased 3%, primarily due to a 2%
decrease in REVPAR(1) at the Company's Las Vegas Strip
resorts;
- The Company's wholly owned domestic resorts earned
Adjusted Property EBITDA(2) of $325
million, a 7% decrease compared to the prior year quarter;
- MGM China reported record third quarter Adjusted
EBITDA of $152 million which included $5 million of branding fee expense. Excluding
branding fees, Adjusted EBITDA increased 5% compared to the prior year
quarter; and
- CityCenter reported Adjusted EBITDA from resort
operations of $59 million, an 18%
increase from the prior year quarter.
"Our third quarter operating
results are reflective of a challenging consumer environment, but we
had some bright spots with strong results from MGM Grand Las Vegas and
The Mirage and record third quarters from MGM China and CityCenter,"
said Jim Murren, Chairman and CEO of
MGM Resorts International. "We have achieved a great milestone with MGM
China by accepting the formal land concession agreement and look
forward to continuing to make progress towards a second resort and
casino in Macau. Meanwhile, early
fourth quarter trends are improving at our domestic resorts and forward
convention booking pace is showing growth in 2013 and is further
accelerating into 2014."
Certain Items Affecting
Third 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 September 30,
|
2012
|
2011
|
Property
transactions, net:
|
|
|
Circus Circus Reno impairment charge
|
$ —
|
$
(0.11)
|
Other
property transactions, net
|
(0.01)
|
—
|
Income
(loss) from unconsolidated affiliates:
|
|
|
CityCenter residential impairment charge
|
(0.02)
|
—
|
CityCenter Harmon demolition cost
|
(0.02)
|
—
|
Income
tax provision:
|
|
|
Deferred tax valuation allowance
|
(0.09)
|
—
|
Current quarter results were affected
by a valuation allowance for a portion of U.S. deferred tax assets and
the Company's share of CityCenter's non-cash residential impairment
charge related to Mandarin Oriental and estimated costs accrued for the
demolition of the Harmon. The prior year quarter included an impairment
charge of $80 million related to Circus
Circus Reno.
Wholly Owned Domestic
Resorts
Net revenues related to wholly owned
domestic resorts decreased 2% to $1.5 billion.
Casino revenue increased 2% compared to the prior year quarter. The
overall table games hold percentage in the third quarter of 2012 was
20.4% compared to 19.5% for the prior year third quarter. Table games
hold at the Bellagio was significantly below normal but was offset by
other Las Vegas Strip resorts. Slots revenue increased 1% compared to
the prior year quarter.
Rooms revenue decreased 3% with Las
Vegas Strip REVPAR down 2%. The following table shows key hotel
statistics for the Company's Las Vegas Strip resorts:
Three
months ended September 30,
|
2012
|
2011
|
Occupancy
%
|
92%
|
95%
|
Average
Daily Rate (ADR)
|
$ 124
|
$ 124
|
Revenue
per Available Room (REVPAR)
|
$ 114
|
$ 117
|
Operating income for the Company's
wholly owned domestic resorts for the third quarter of 2012 was $195 million compared to $130 million in the prior year quarter. The
prior year quarter included an $80 million
impairment charge related to Circus Circus Reno. Adjusted Property
EBITDA for wholly owned domestic resorts decreased 7% to $325 million for the third quarter of 2012.
Corporate expense increased by approximately $19
million during the current quarter, largely as a result of
approximately $17 million of costs
associated with the ongoing referendum in Maryland
and development efforts in Massachusetts
and Toronto.
MGM China
Key third quarter results for MGM China
include the following:
- MGM China earned net revenue of $665
million, a 7% increase over the prior year quarter driven by
increases in volume for main floor table games and slots of 10% and
37%, respectively. VIP table games turnover decreased 5% from the prior
year quarter, while hold percentage was 3.0% in the current year
quarter compared to 2.9% in the prior year quarter; and
- MGM China's operating income was $61
million and Adjusted EBITDA was $152
million. Branding fee expense was $5
million in the current year quarter, as the annual branding fee
cap was reached in August, compared to $11
million in the prior year quarter. Adding back the branding fees
in both periods, Adjusted EBITDA increased 5%.
As previously announced, MGM China,
through its wholly owned subsidiary MGM Grand Paradise S.A. ("MGM Grand
Paradise"), formally accepted a land concession contract with the Macau government in October
2012 and received approval to develop a five-star luxury resort
and casino in Cotai, Macau. The contract will not become effective
until the Macau government publishes
it in the Official Gazette of Macau
(the "Publication Date"). The initial term of the contract is 25 years
from the Publication Date and MGM Grand Paradise is required to
complete the development of the land within 60 months of the
Publication Date. The total land premium payable to the Macau government is approximately $161 million. In addition to the land premium
payment, MGM Grand Paradise is required to pay an annual rent to the Macau government.
In October 2012,
MGM China and MGM Grand Paradise, as co-borrowers, entered into an
amended and restated credit facility agreement which consists of $550 million of term loans and a $1.45 billion revolving credit facility due October 2017. The interest rate on the
facility will fluctuate based on HIBOR plus a margin, set at 2.5% for
the first six months and ranging between 1.75% and 2.5% thereafter
based on MGM China's leverage ratio. The credit facility will be used
for general corporate purposes and for the development of the proposed
Cotai development.
Income (Loss) from
Unconsolidated Affiliates
The following table summarizes the
Company's income (loss) from unconsolidated affiliates:
Three
months ended September 30,
|
2012
|
2011
|
|
(In
thousands)
|
CityCenter
|
$
(42,814)
|
$
(7,723)
|
Other
|
4,871
|
8,262
|
|
$
(37,943)
|
$ 539
|
The Company's share of CityCenter's
operating losses in the current year quarter includes $18 million related to a residential
impairment charge and $16 million
related to the accrual of estimated costs for the future demolition of
the Harmon.
Results for CityCenter Holdings, LLC
for the third quarter of 2012 include the following (see schedules
accompanying this release for further detail on CityCenter's third
quarter results):
- Net revenue from resort operations increased 3% to $263 million;
- Adjusted EBITDA from resort operations was $59 million, an increase of 18% compared to $50 million in the prior year quarter;
- Aria's table games hold percentage for the third quarter of
2012 was 29.3% compared to 25.5% for the prior year quarter. The
estimated effect of the increase in hold percentage compared to the
prior year quarter for Adjusted EBITDA was $8
million;
- Aria's occupancy percentage was 88% and its ADR was $192, resulting in REVPAR of $170, a 2% decrease compared to the prior year
third quarter; and
- CityCenter recorded approximately $36
million for a residential impairment charge related to the
Mandarin Oriental and $32 million for
accrued costs related to the future demolition of the Harmon within
"Property transactions, net."
Financial Position
The Company's cash balance at September 30, 2012 was $2.4
billion, which included approximately $936
million of cash and cash equivalents related to MGM China. At September 30, 2012, the Company had
approximately $13.9 billion of
indebtedness (with a carrying value of $13.8
billion) including $1.3 billion
of borrowings outstanding under its senior credit facility and $539 million related to the MGM China credit
facility. In September, the Company issued $1.0
billion of 6.75% senior notes due 2020, for net proceeds to the
Company of approximately $986 million.
At September
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 September 30, 2012. Interest on
non-extending revolving loans remains at 7%.
"We have opportunistically accessed the
capital markets enabling us to extend maturities at lower borrowing
rates. Our most recent senior notes issuance was done at the lowest
interest rate we have achieved since 2006. We remain focused on
executing additional transactions to further reduce our interest
expense and improve free cash flow," said Dan D'Arrigo, Executive Vice
President, CFO and Treasurer of MGM Resorts International.
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 30530814. A replay of the call will be available
through Wednesday, November 7, 2012. The
replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The
replay access code is 30530814. 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 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, preopening 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 and is in the process of
developing a gaming resort in Cotai, 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 execute additional transactions to further
reduce our interest expense and improve free cash flow. 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
|
|
Nine
Months Ended
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
$
1,294,318
|
|
$
1,241,959
|
|
$
3,928,548
|
|
$
2,629,674
|
|
Rooms
|
|
|
393,055
|
|
405,173
|
|
1,205,441
|
|
1,170,301
|
|
Food
and beverage
|
361,252
|
|
369,484
|
|
1,126,096
|
|
1,078,268
|
|
Entertainment
|
|
123,168
|
|
132,350
|
|
364,477
|
|
382,037
|
|
Retail
|
|
|
51,211
|
|
55,509
|
|
149,921
|
|
155,951
|
|
Other
|
|
|
127,567
|
|
128,204
|
|
373,590
|
|
371,253
|
|
Reimbursed
costs
|
87,682
|
|
87,144
|
|
269,159
|
|
262,914
|
|
|
|
|
|
2,438,253
|
|
2,419,823
|
|
7,417,232
|
|
6,050,398
|
|
Less:
Promotional allowances
|
(183,275)
|
|
(186,236)
|
|
(550,899)
|
|
(497,975)
|
|
|
|
|
|
2,254,978
|
|
2,233,587
|
|
6,866,333
|
|
5,552,423
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
826,072
|
|
795,652
|
|
2,519,757
|
|
1,632,382
|
|
Rooms
|
|
|
128,546
|
|
125,864
|
|
384,598
|
|
366,736
|
|
Food
and beverage
|
209,686
|
|
214,412
|
|
643,892
|
|
628,559
|
|
Entertainment
|
|
92,888
|
|
96,889
|
|
270,235
|
|
279,605
|
|
Retail
|
|
|
29,064
|
|
32,641
|
|
85,888
|
|
94,279
|
|
Other
|
|
|
88,616
|
|
90,021
|
|
263,673
|
|
256,710
|
|
Reimbursed
costs
|
87,682
|
|
87,144
|
|
269,159
|
|
262,914
|
|
General
and administrative
|
319,106
|
|
304,049
|
|
931,873
|
|
875,193
|
|
Corporate
expense
|
62,992
|
|
43,523
|
|
147,792
|
|
120,024
|
|
Preopening
and start-up expenses
|
765
|
|
-
|
|
765
|
|
(316)
|
|
Property
transactions, net
|
5,803
|
|
81,837
|
|
97,187
|
|
82,828
|
|
Gain
on MGM China transaction
|
-
|
|
-
|
|
-
|
|
(3,496,005)
|
|
Depreciation
and amortization
|
228,414
|
|
249,520
|
|
700,866
|
|
579,384
|
|
|
|
|
|
2,079,634
|
|
2,121,552
|
|
6,315,685
|
|
1,682,293
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from unconsolidated affiliates
|
(37,943)
|
|
539
|
|
(45,266)
|
|
95,909
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
137,401
|
|
112,574
|
|
505,382
|
|
3,966,039
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
(275,771)
|
|
(272,542)
|
|
(836,436)
|
|
(812,680)
|
|
Non-operating
items from unconsolidated affiliates
|
(20,901)
|
|
(24,692)
|
|
(68,603)
|
|
(92,984)
|
|
Other,
net
|
|
2,012
|
|
(1,595)
|
|
(55,518)
|
|
(18,567)
|
|
|
|
|
|
(294,660)
|
|
(298,829)
|
|
(960,557)
|
|
(924,231)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
(157,259)
|
|
(186,255)
|
|
(455,175)
|
|
3,041,808
|
|
Benefit
for income taxes
|
2,585
|
|
79,680
|
|
26,760
|
|
212,437
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
|
(154,674)
|
|
(106,575)
|
|
(428,415)
|
|
3,254,245
|
|
Less:
net income attributable to noncontrolling interests
|
(26,485)
|
|
(17,211)
|
|
(115,449)
|
|
(25,917)
|
Net
income (loss) attributable to MGM Resorts International
|
$
(181,159)
|
|
$
(123,786)
|
|
$
(543,864)
|
|
$
3,228,328
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
share of common stock:
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to MGM Resorts International
|
$
(0.37)
|
|
$
(0.25)
|
|
$
(1.11)
|
|
$
6.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
488,945
|
|
488,636
|
|
488,913
|
|
488,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to MGM Resorts International
|
$
(0.37)
|
|
$
(0.25)
|
|
$
(1.11)
|
|
$
5.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
488,945
|
|
488,636
|
|
488,913
|
|
558,544
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In
thousands, except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
2,443,159
|
|
$
1,865,913
|
|
Accounts
receivable, net
|
|
412,390
|
|
491,730
|
|
Inventories
|
|
|
|
107,772
|
|
112,735
|
|
Deferred
income taxes, net
|
|
140,831
|
|
91,060
|
|
Prepaid
expenses and other
|
|
243,665
|
|
251,282
|
|
Total current assets
|
|
3,347,817
|
|
2,812,720
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net
|
|
|
14,765,349
|
|
14,866,644
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
|
Investments
in and advances to unconsolidated affiliates
|
1,488,662
|
|
1,635,572
|
|
Goodwill
|
|
|
|
|
2,901,273
|
|
2,896,609
|
|
Other
intangible assets, net
|
|
4,813,183
|
|
5,048,117
|
|
Other
long-term assets, net
|
|
515,077
|
|
506,614
|
|
Total other assets
|
|
9,718,195
|
|
10,086,912
|
|
|
|
|
|
|
$
27,831,361
|
|
$
27,766,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
$
201,150
|
|
$
170,994
|
|
Income
taxes payable
|
|
|
358
|
|
7,611
|
|
Accrued
interest on long-term debt
|
|
249,676
|
|
203,422
|
|
Other
accrued liabilities
|
|
|
1,574,670
|
|
1,362,737
|
|
Total
current liabilities
|
|
2,025,854
|
|
1,744,764
|
|
|
|
|
|
|
|
|
|
Deferred
income taxes
|
|
|
|
2,527,828
|
|
2,502,096
|
Long-term
debt
|
|
|
|
|
13,825,451
|
|
13,470,167
|
Other
long-term obligations
|
|
|
186,725
|
|
167,027
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common
stock, $.01 par value: authorized 1,000,000,000 shares,
|
|
|
|
|
issued and outstanding 488,955,913 and 488,834,773 shares
|
4,890
|
|
4,888
|
|
Capital
in excess of par value
|
|
4,098,322
|
|
4,094,323
|
|
Retained
earnings
|
|
|
1,437,525
|
|
1,981,389
|
|
Accumulated
other comprehensive income
|
12,533
|
|
5,978
|
|
Total
MGM Resorts International stockholders' equity
|
5,553,270
|
|
6,086,578
|
|
Noncontrolling
interests
|
|
|
3,712,233
|
|
3,795,644
|
|
Total stockholders' equity
|
9,265,503
|
|
9,882,222
|
|
|
|
|
|
|
$
27,831,361
|
|
$
27,766,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL
DATA - NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Bellagio
|
|
|
|
|
|
$
259,501
|
|
$
275,884
|
|
$
840,233
|
|
$
805,892
|
|
MGM
Grand Las Vegas
|
|
|
239,713
|
|
243,037
|
|
702,589
|
|
707,618
|
|
Mandalay
Bay
|
|
|
|
183,466
|
|
199,166
|
|
555,857
|
|
587,525
|
|
The
Mirage
|
|
|
|
|
162,920
|
|
140,989
|
|
457,388
|
|
433,912
|
|
Luxor
|
|
|
|
|
|
81,343
|
|
88,203
|
|
247,986
|
|
252,420
|
|
New
York-New York
|
|
|
67,166
|
|
68,449
|
|
206,807
|
|
202,147
|
|
Excalibur
|
|
|
|
|
|
66,809
|
|
67,831
|
|
197,808
|
|
196,341
|
|
Monte
Carlo
|
|
|
|
|
64,425
|
|
65,321
|
|
195,788
|
|
193,602
|
|
Circus
Circus Las Vegas
|
|
|
56,807
|
|
56,559
|
|
158,606
|
|
149,694
|
|
MGM
Grand Detroit
|
|
|
139,284
|
|
139,049
|
|
431,676
|
|
425,189
|
|
Beau
Rivage
|
|
|
|
|
91,704
|
|
89,713
|
|
265,254
|
|
261,448
|
|
Gold
Strike Tunica
|
|
|
39,789
|
|
40,415
|
|
115,797
|
|
108,485
|
|
Other
resort operations
|
|
|
33,228
|
|
34,759
|
|
95,192
|
|
96,840
|
|
Wholly owned domestic resorts
|
|
1,486,155
|
|
1,509,375
|
|
4,470,981
|
|
4,421,113
|
|
MGM
China(1)
|
|
|
|
665,074
|
|
623,050
|
|
2,076,460
|
|
816,034
|
|
Management
and other operations
|
|
103,749
|
|
101,162
|
|
318,892
|
|
315,276
|
|
|
|
|
|
|
|
$
2,254,978
|
|
$
2,233,587
|
|
$
6,866,333
|
|
$
5,552,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
For the nine months ended September 30, 2011, represents the net
revenues of MGM China Holdings Limited ("MGM China") from June 3, 2011
(the first day of the Company's majority ownership of MGM China)
through September 30, 2011.
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL
DATA - ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Bellagio
|
|
|
|
|
|
$
54,133
|
|
$
74,251
|
|
$
207,929
|
|
$
205,522
|
|
MGM
Grand Las Vegas
|
|
|
48,378
|
|
42,221
|
|
114,735
|
|
114,646
|
|
Mandalay
Bay
|
|
|
|
34,392
|
|
41,372
|
|
120,605
|
|
129,417
|
|
The
Mirage
|
|
|
|
|
39,507
|
|
25,406
|
|
91,993
|
|
82,145
|
|
Luxor
|
|
|
|
|
|
15,717
|
|
21,065
|
|
51,426
|
|
60,020
|
|
New
York-New York
|
|
|
20,954
|
|
22,738
|
|
68,929
|
|
66,089
|
|
Excalibur
|
|
|
|
|
|
15,394
|
|
17,463
|
|
48,698
|
|
51,974
|
|
Monte
Carlo
|
|
|
|
|
13,150
|
|
14,466
|
|
44,554
|
|
43,870
|
|
Circus
Circus Las Vegas
|
|
|
8,322
|
|
8,898
|
|
21,611
|
|
20,524
|
|
MGM
Grand Detroit
|
|
|
39,264
|
|
39,897
|
|
124,840
|
|
125,593
|
|
Beau
Rivage
|
|
|
|
|
22,722
|
|
25,501
|
|
59,173
|
|
57,925
|
|
Gold
Strike Tunica
|
|
|
11,041
|
|
13,464
|
|
33,662
|
|
21,219
|
|
Other
resort operations
|
|
|
1,790
|
|
852
|
|
2,739
|
|
(2)
|
|
Wholly owned domestic resorts
|
|
324,764
|
|
347,594
|
|
990,894
|
|
978,942
|
|
MGM
China(1)
|
|
|
|
152,491
|
|
139,326
|
|
503,572
|
|
185,748
|
|
MGM
Macau (50%)(2)
|
|
|
-
|
|
-
|
|
-
|
|
115,219
|
|
CityCenter
(50%)(3)
|
|
|
(42,814)
|
|
(7,723)
|
|
(60,745)
|
|
(46,029)
|
|
Other
unconsolidated resorts(3)
|
|
4,871
|
|
8,262
|
|
15,479
|
|
26,719
|
|
Management
and other operations
|
|
(409)
|
|
4,637
|
|
14,394
|
|
6,159
|
|
|
|
|
|
|
|
$
438,903
|
|
$
492,096
|
|
$
1,463,594
|
|
$
1,266,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
For the nine months ended September 30, 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 September 30, 2011.
|
|
(2)
Represents the Company's share of operating income (loss), adjusted for
the effect of certain basis differences for the approximately 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 September 30, 2012
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
30,454
|
|
$ -
|
|
$ 52
|
|
$
23,627
|
|
$
54,133
|
MGM
Grand Las Vegas
|
24,375
|
|
-
|
|
3,497
|
|
20,506
|
|
48,378
|
Mandalay
Bay
|
15,251
|
|
-
|
|
392
|
|
18,749
|
|
34,392
|
The
Mirage
|
25,949
|
|
-
|
|
541
|
|
13,017
|
|
39,507
|
Luxor
|
6,076
|
|
-
|
|
765
|
|
8,876
|
|
15,717
|
New
York-New York
|
15,619
|
|
-
|
|
148
|
|
5,187
|
|
20,954
|
Excalibur
|
11,016
|
|
-
|
|
-
|
|
4,378
|
|
15,394
|
Monte
Carlo
|
8,332
|
|
-
|
|
9
|
|
4,809
|
|
13,150
|
Circus
Circus Las Vegas
|
3,541
|
|
-
|
|
-
|
|
4,781
|
|
8,322
|
MGM
Grand Detroit
|
30,206
|
|
641
|
|
37
|
|
8,380
|
|
39,264
|
Beau
Rivage
|
15,129
|
|
-
|
|
(78)
|
|
7,671
|
|
22,722
|
Gold
Strike Tunica
|
7,825
|
|
-
|
|
1
|
|
3,215
|
|
11,041
|
Other
resort operations
|
1,176
|
|
-
|
|
(8)
|
|
622
|
|
1,790
|
Wholly owned domestic resorts
|
194,949
|
|
641
|
|
5,356
|
|
123,818
|
|
324,764
|
MGM
China
|
60,527
|
|
-
|
|
426
|
|
91,538
|
|
152,491
|
CityCenter
(50%)
|
(42,938)
|
|
124
|
|
-
|
|
-
|
|
(42,814)
|
Other
unconsolidated resorts
|
4,871
|
|
-
|
|
-
|
|
-
|
|
4,871
|
Management
and other operations
|
(3,574)
|
|
-
|
|
-
|
|
3,165
|
|
(409)
|
|
213,835
|
|
765
|
|
5,782
|
|
218,521
|
|
438,903
|
Stock
compensation
|
(7,897)
|
|
-
|
|
-
|
|
-
|
|
(7,897)
|
Corporate
|
(68,537)
|
|
-
|
|
21
|
|
9,893
|
|
(58,623)
|
|
$
137,401
|
|
$
765
|
|
$
5,803
|
|
$
228,414
|
|
$
372,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
50,943
|
|
$ -
|
|
$
503
|
|
$
22,805
|
|
$
74,251
|
MGM
Grand Las Vegas
|
22,945
|
|
-
|
|
1
|
|
19,275
|
|
42,221
|
Mandalay
Bay
|
19,313
|
|
-
|
|
53
|
|
22,006
|
|
41,372
|
The
Mirage
|
6,708
|
|
-
|
|
1,291
|
|
17,407
|
|
25,406
|
Luxor
|
11,775
|
|
-
|
|
2
|
|
9,288
|
|
21,065
|
New
York-New York
|
17,043
|
|
-
|
|
-
|
|
5,695
|
|
22,738
|
Excalibur
|
12,477
|
|
-
|
|
13
|
|
4,973
|
|
17,463
|
Monte
Carlo
|
9,209
|
|
-
|
|
5
|
|
5,252
|
|
14,466
|
Circus
Circus Las Vegas
|
4,192
|
|
-
|
|
2
|
|
4,704
|
|
8,898
|
MGM
Grand Detroit
|
29,991
|
|
-
|
|
-
|
|
9,906
|
|
39,897
|
Beau
Rivage
|
15,614
|
|
-
|
|
(7)
|
|
9,894
|
|
25,501
|
Gold
Strike Tunica
|
10,083
|
|
-
|
|
-
|
|
3,381
|
|
13,464
|
Other
resort operations
|
(79,990)
|
|
-
|
|
79,658
|
|
1,184
|
|
852
|
Wholly owned domestic resorts
|
130,303
|
|
-
|
|
81,521
|
|
135,770
|
|
347,594
|
MGM
China
|
40,788
|
|
-
|
|
294
|
|
98,244
|
|
139,326
|
CityCenter
(50%)
|
(7,723)
|
|
-
|
|
-
|
|
-
|
|
(7,723)
|
Other
unconsolidated resorts
|
8,262
|
|
-
|
|
-
|
|
-
|
|
8,262
|
Management
and other operations
|
1,000
|
|
-
|
|
6
|
|
3,631
|
|
4,637
|
|
|
|
|
|
|
172,630
|
|
-
|
|
81,821
|
|
237,645
|
|
492,096
|
Stock
compensation
|
(8,707)
|
|
-
|
|
-
|
|
-
|
|
(8,707)
|
Corporate
|
(51,349)
|
|
-
|
|
16
|
|
11,875
|
|
(39,458)
|
|
|
|
|
|
|
|
$
112,574
|
|
$ -
|
|
$
81,837
|
|
$
249,520
|
|
$
443,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
Months Ended September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
135,874
|
|
$ -
|
|
$
406
|
|
$
71,649
|
|
$
207,929
|
MGM
Grand Las Vegas
|
50,796
|
|
-
|
|
4,627
|
|
59,312
|
|
114,735
|
Mandalay
Bay
|
60,817
|
|
-
|
|
937
|
|
58,851
|
|
120,605
|
The
Mirage
|
52,691
|
|
-
|
|
611
|
|
38,691
|
|
91,993
|
Luxor
|
23,691
|
|
-
|
|
950
|
|
26,785
|
|
51,426
|
New
York-New York
|
52,318
|
|
-
|
|
391
|
|
16,220
|
|
68,929
|
Excalibur
|
35,407
|
|
-
|
|
3
|
|
13,288
|
|
48,698
|
Monte
Carlo
|
|
|
|
|
29,235
|
|
-
|
|
567
|
|
14,752
|
|
44,554
|
Circus
Circus Las Vegas
|
|
|
7,079
|
|
-
|
|
77
|
|
14,455
|
|
21,611
|
MGM
Grand Detroit
|
|
|
94,975
|
|
641
|
|
921
|
|
28,303
|
|
124,840
|
Beau
Rivage
|
|
|
|
|
36,252
|
|
-
|
|
(70)
|
|
22,991
|
|
59,173
|
Gold
Strike Tunica
|
|
|
23,758
|
|
-
|
|
3
|
|
9,901
|
|
33,662
|
Other
resort operations
|
|
|
958
|
|
-
|
|
(22)
|
|
1,803
|
|
2,739
|
Wholly owned domestic resorts
|
603,851
|
|
641
|
|
9,401
|
|
377,001
|
|
990,894
|
MGM
China
|
|
|
|
|
218,869
|
|
-
|
|
1,890
|
|
282,813
|
|
503,572
|
CityCenter
(50%)
|
|
|
(60,869)
|
|
124
|
|
-
|
|
-
|
|
(60,745)
|
Other
unconsolidated resorts
|
|
15,479
|
|
-
|
|
-
|
|
-
|
|
15,479
|
Management
and other operations
|
3,692
|
|
-
|
|
-
|
|
10,702
|
|
14,394
|
|
|
|
|
|
|
781,022
|
|
765
|
|
11,291
|
|
670,516
|
|
1,463,594
|
Stock
compensation
|
|
|
(25,998)
|
|
-
|
|
-
|
|
-
|
|
(25,998)
|
Corporate
|
|
|
|
|
(249,642)
|
|
-
|
|
85,896
|
|
30,350
|
|
(133,396)
|
|
|
|
|
|
|
$
505,382
|
|
$
765
|
|
$
97,187
|
|
$
700,866
|
|
$
1,304,200
|
|
|
Nine
Months Ended September 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
|
|
|
|
|
|
$
132,489
|
|
$ -
|
|
$
820
|
|
$
72,213
|
|
$
205,522
|
MGM
Grand Las Vegas
|
|
|
56,837
|
|
-
|
|
1
|
|
57,808
|
|
114,646
|
Mandalay
Bay
|
|
|
|
63,365
|
|
-
|
|
69
|
|
65,983
|
|
129,417
|
The
Mirage
|
|
|
|
|
35,123
|
|
-
|
|
1,330
|
|
45,692
|
|
82,145
|
Luxor
|
|
|
|
|
|
31,599
|
|
-
|
|
8
|
|
28,413
|
|
60,020
|
New
York-New York
|
|
|
48,325
|
|
-
|
|
(85)
|
|
17,849
|
|
66,089
|
Excalibur
|
|
|
|
|
|
36,530
|
|
-
|
|
223
|
|
15,221
|
|
51,974
|
Monte
Carlo
|
|
|
|
|
26,690
|
|
-
|
|
33
|
|
17,147
|
|
43,870
|
Circus
Circus Las Vegas
|
|
|
6,343
|
|
-
|
|
(6)
|
|
14,187
|
|
20,524
|
MGM
Grand Detroit
|
|
|
95,820
|
|
-
|
|
372
|
|
29,401
|
|
125,593
|
Beau
Rivage
|
|
|
|
|
25,764
|
|
-
|
|
51
|
|
32,110
|
|
57,925
|
Gold
Strike Tunica
|
|
|
11,028
|
|
-
|
|
-
|
|
10,191
|
|
21,219
|
Other
resort operations
|
|
|
(83,323)
|
|
-
|
|
79,675
|
|
3,646
|
|
(2)
|
Wholly owned domestic resorts
|
486,590
|
|
-
|
|
82,491
|
|
409,861
|
|
978,942
|
MGM
China
|
|
|
|
|
60,236
|
|
-
|
|
307
|
|
125,205
|
|
185,748
|
MGM
Macau (50%)
|
|
|
115,219
|
|
-
|
|
-
|
|
-
|
|
115,219
|
CityCenter
(50%)
|
|
|
(46,029)
|
|
-
|
|
-
|
|
-
|
|
(46,029)
|
Other
unconsolidated resorts
|
|
26,719
|
|
-
|
|
-
|
|
-
|
|
26,719
|
Management
and other operations
|
(4,289)
|
|
(316)
|
|
1
|
|
10,763
|
|
6,159
|
|
|
|
|
|
|
|
638,446
|
|
(316)
|
|
82,799
|
|
545,829
|
|
1,266,758
|
Stock
compensation
|
|
|
(26,912)
|
|
-
|
|
-
|
|
-
|
|
(26,912)
|
Corporate
|
|
|
|
3,354,505
|
|
-
|
|
(3,495,976)
|
|
33,555
|
|
(107,916)
|
|
|
|
|
|
|
|
$
3,966,039
|
|
$
(316)
|
|
$
(3,413,177)
|
|
$
579,384
|
|
$
1,131,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION
OF ADJUSTED EBITDA TO NET INCOME (LOSS)
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Adjusted
EBITDA
|
|
|
$
372,383
|
|
$
443,931
|
|
$
1,304,200
|
|
$
1,131,930
|
Preopening and start-up expenses
|
|
(765)
|
|
-
|
|
(765)
|
|
316
|
Property transactions, net
|
|
(5,803)
|
|
(81,837)
|
|
(97,187)
|
|
(82,828)
|
Gain on MGM China transaction
|
|
-
|
|
-
|
|
-
|
|
3,496,005
|
Depreciation and amortization
|
|
(228,414)
|
|
(249,520)
|
|
(700,866)
|
|
(579,384)
|
Operating
income
|
|
|
137,401
|
|
112,574
|
|
505,382
|
|
3,966,039
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized
|
|
|
(275,771)
|
|
(272,542)
|
|
(836,436)
|
|
(812,680)
|
Other, net
|
|
|
|
(18,889)
|
|
(26,287)
|
|
(124,121)
|
|
(111,551)
|
|
|
|
|
|
(294,660)
|
|
(298,829)
|
|
(960,557)
|
|
(924,231)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
|
(157,259)
|
|
(186,255)
|
|
(455,175)
|
|
3,041,808
|
Benefit for income taxes
|
|
2,585
|
|
79,680
|
|
26,760
|
|
212,437
|
Net
income (loss)
|
|
|
(154,674)
|
|
(106,575)
|
|
(428,415)
|
|
3,254,245
|
Less: net income attributable to noncontrolling interests
|
|
(26,485)
|
|
(17,211)
|
|
(115,449)
|
|
(25,917)
|
Net
income (loss) attributable to MGM Resorts International
|
$
(181,159)
|
|
$
(123,786)
|
|
$
(543,864)
|
|
$
3,228,328
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL
DATA - HOTEL STATISTICS - LAS VEGAS STRIP
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
92.7%
|
|
96.8%
|
|
94.2%
|
|
94.7%
|
|
Average daily rate (ADR)
|
|
$232
|
|
$230
|
|
$234
|
|
$226
|
|
Revenue per available room (REVPAR)
|
|
$215
|
|
$222
|
|
$220
|
|
$214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM
Grand Las Vegas
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
94.1%
|
|
95.4%
|
|
94.6%
|
|
94.3%
|
|
ADR
|
|
|
|
|
$135
|
|
$129
|
|
$139
|
|
$130
|
|
REVPAR
|
|
|
|
|
$127
|
|
$123
|
|
$131
|
|
$123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
93.4%
|
|
95.7%
|
|
92.9%
|
|
93.5%
|
|
ADR
|
|
|
|
|
$168
|
|
$175
|
|
$178
|
|
$176
|
|
REVPAR
|
|
|
|
|
$157
|
|
$168
|
|
$166
|
|
$165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
96.4%
|
|
96.7%
|
|
95.9%
|
|
95.8%
|
|
ADR
|
|
|
|
|
$139
|
|
$140
|
|
$148
|
|
$145
|
|
REVPAR
|
|
|
|
|
$134
|
|
$136
|
|
$142
|
|
$138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
91.0%
|
|
94.6%
|
|
91.7%
|
|
91.8%
|
|
ADR
|
|
|
|
|
$86
|
|
$87
|
|
$88
|
|
$90
|
|
REVPAR
|
|
|
|
|
$78
|
|
$83
|
|
$81
|
|
$83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
York-New York
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
94.5%
|
|
95.3%
|
|
95.5%
|
|
94.5%
|
|
ADR
|
|
|
|
|
$108
|
|
$108
|
|
$110
|
|
$108
|
|
REVPAR
|
|
|
|
|
$102
|
|
$103
|
|
$105
|
|
$102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
91.2%
|
|
92.4%
|
|
90.9%
|
|
90.0%
|
|
ADR
|
|
|
|
|
$71
|
|
$70
|
|
$72
|
|
$72
|
|
REVPAR
|
|
|
|
|
$64
|
|
$65
|
|
$65
|
|
$65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
93.4%
|
|
97.2%
|
|
94.9%
|
|
94.8%
|
|
ADR
|
|
|
|
|
$102
|
|
$99
|
|
$103
|
|
$98
|
|
REVPAR
|
|
|
|
|
$96
|
|
$96
|
|
$98
|
|
$93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus
Circus Las Vegas
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
83.9%
|
|
88.1%
|
|
81.1%
|
|
76.2%
|
|
ADR
|
|
|
|
|
$52
|
|
$52
|
|
$54
|
|
$54
|
|
REVPAR
|
|
|
|
|
$44
|
|
$46
|
|
$44
|
|
$41
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL
DATA - NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
|
|
|
|
|
$
217,306
|
|
$
214,347
|
|
$
638,772
|
|
$
672,810
|
|
Vdara
|
|
|
|
|
|
20,969
|
|
20,060
|
|
65,532
|
|
55,230
|
|
Crystals
|
|
|
|
|
|
13,534
|
|
11,345
|
|
38,994
|
|
34,229
|
|
Mandarin
Oriental
|
|
|
11,222
|
|
9,064
|
|
35,945
|
|
30,309
|
|
Resort operations
|
|
|
263,031
|
|
254,816
|
|
779,243
|
|
792,578
|
|
Residential
operations
|
|
|
3,399
|
|
5,186
|
|
16,249
|
|
20,328
|
|
|
|
|
|
|
|
$
266,430
|
|
$
260,002
|
|
$
795,492
|
|
$
812,906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION
OF ADJUSTED EBITDA TO NET LOSS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
$
52,762
|
|
$
46,090
|
|
$
146,552
|
|
$
157,978
|
Preopening and start-up expenses
|
|
(248)
|
|
-
|
|
(248)
|
|
-
|
Property transactions, net
|
|
|
(71,257)
|
|
(6)
|
|
(73,336)
|
|
(53,362)
|
Depreciation and amortization
|
|
(91,110)
|
|
(86,093)
|
|
(267,262)
|
|
(271,270)
|
Operating
loss
|
|
|
|
|
(109,853)
|
|
(40,009)
|
|
(194,294)
|
|
(166,654)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
Interest expense - sponsor notes
|
|
(23,346)
|
|
(20,092)
|
|
(67,197)
|
|
(57,699)
|
Interest expense - other
|
|
|
(42,681)
|
|
(47,665)
|
|
(131,649)
|
|
(142,714)
|
Other, net
|
|
|
|
|
|
808
|
|
1,129
|
|
(5,832)
|
|
(20,566)
|
|
|
|
|
|
|
|
(65,219)
|
|
(66,628)
|
|
(204,678)
|
|
(220,979)
|
Net
loss
|
|
|
|
|
|
$
(175,072)
|
|
$
(106,637)
|
|
$
(398,972)
|
|
$
(387,633)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
Three
Months Ended September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
|
|
|
|
|
$
(25,512)
|
|
$
248
|
|
$
3,577
|
|
$
68,879
|
|
$
47,192
|
|
|
|
Vdara
|
|
|
|
|
|
(6,055)
|
|
-
|
|
-
|
|
10,370
|
|
4,315
|
|
|
|
Crystals
|
|
|
|
|
|
1,522
|
|
-
|
|
-
|
|
6,310
|
|
7,832
|
|
|
|
Mandarin
Oriental
|
|
|
(5,156)
|
|
-
|
|
-
|
|
4,529
|
|
(627)
|
|
|
|
Resort operations
|
|
|
(35,201)
|
|
248
|
|
3,577
|
|
90,088
|
|
58,712
|
|
|
|
Residential
operations
|
|
|
(38,072)
|
|
-
|
|
35,690
|
|
977
|
|
(1,405)
|
|
|
|
Development
and administration
|
|
(36,580)
|
|
-
|
|
31,990
|
|
45
|
|
(4,545)
|
|
|
|
|
|
|
|
|
|
$
(109,853)
|
|
$
248
|
|
$
71,257
|
|
$
91,110
|
|
$
52,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
|
|
|
|
|
$
(23,147)
|
|
$ -
|
|
$ -
|
|
$
63,566
|
|
$
40,419
|
|
|
|
Vdara
|
|
|
|
|
|
(5,387)
|
|
-
|
|
-
|
|
10,173
|
|
4,786
|
|
|
|
Crystals
|
|
|
|
|
|
(648)
|
|
-
|
|
-
|
|
6,619
|
|
5,971
|
|
|
|
Mandarin
Oriental
|
|
|
(5,782)
|
|
-
|
|
-
|
|
4,449
|
|
(1,333)
|
|
|
|
Resort operations
|
|
|
(34,964)
|
|
-
|
|
-
|
|
84,807
|
|
49,843
|
|
|
|
Residential
operations
|
|
|
(976)
|
|
-
|
|
-
|
|
1,198
|
|
222
|
|
|
|
Development
and administration
|
|
(4,069)
|
|
-
|
|
6
|
|
88
|
|
(3,975)
|
|
|
|
|
|
|
|
|
|
$
(40,009)
|
|
$ -
|
|
$ 6
|
|
$
86,093
|
|
$
46,090
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
Nine
Months Ended September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
|
|
|
|
$
(84,697)
|
|
$
248
|
|
$
5,563
|
|
$
200,529
|
|
$
121,643
|
|
Vdara
|
|
|
|
|
|
(14,664)
|
|
-
|
|
-
|
|
31,056
|
|
16,392
|
|
Crystals
|
|
|
|
|
|
4,183
|
|
-
|
|
-
|
|
19,021
|
|
23,204
|
|
Mandarin
Oriental
|
|
|
(12,946)
|
|
-
|
|
-
|
|
13,568
|
|
622
|
|
Resort operations
|
|
|
(108,124)
|
|
248
|
|
5,563
|
|
264,174
|
|
161,861
|
|
Residential
operations
|
|
|
(39,836)
|
|
-
|
|
35,690
|
|
2,929
|
|
(1,217)
|
|
Development
and administration
|
|
(46,334)
|
|
-
|
|
32,083
|
|
159
|
|
(14,092)
|
|
|
|
|
|
|
|
$
(194,294)
|
|
$
248
|
|
$
73,336
|
|
$
267,262
|
|
$
146,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
Months Ended September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
|
|
|
|
$
(57,000)
|
|
$ -
|
|
$ -
|
|
$
205,473
|
|
$
148,473
|
|
Vdara
|
|
|
|
|
|
(15,127)
|
|
-
|
|
-
|
|
28,547
|
|
13,420
|
|
Crystals
|
|
|
|
|
|
(3,037)
|
|
-
|
|
-
|
|
20,322
|
|
17,285
|
|
Mandarin
Oriental
|
|
|
(14,968)
|
|
-
|
|
-
|
|
13,966
|
|
(1,002)
|
|
Resort operations
|
|
|
(90,132)
|
|
-
|
|
-
|
|
268,308
|
|
178,176
|
|
Residential
operations
|
|
|
(63,044)
|
|
-
|
|
52,624
|
|
2,628
|
|
(7,792)
|
|
Development
and administration
|
|
(13,478)
|
|
-
|
|
738
|
|
334
|
|
(12,406)
|
|
|
|
|
|
|
|
$
(166,654)
|
|
$ -
|
|
$
53,362
|
|
$
271,270
|
|
$
157,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL
DATA - HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
88.5%
|
|
86.6%
|
|
89.2%
|
|
87.4%
|
|
ADR
|
|
|
|
|
|
$192
|
|
$200
|
|
$199
|
|
$201
|
|
REVPAR
|
|
|
|
|
|
$170
|
|
$173
|
|
$178
|
|
$176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
83.2%
|
|
83.8%
|
|
84.4%
|
|
86.0%
|
|
ADR
|
|
|
|
|
|
$153
|
|
$157
|
|
$159
|
|
$158
|
|
REVPAR
|
|
|
|
|
|
$127
|
|
$131
|
|
$134
|
|
$136
|
|