LAS VEGAS,
Feb. 20, 2013 -- MGM Resorts
International (NYSE: MGM) today reported financial results for the
fourth quarter and full year ended December 31,
2012. Loss per share for the fourth quarter of 2012 was $2.50 compared to a loss per share of $0.23 in the prior year fourth quarter.
Comparability of the current and prior year consolidated results was
affected by certain items discussed further below.
"2012 was a transformational year
for MGM Resorts International highlighted by major improvements in our
financial position, significant progress on future growth opportunities
and strengthening of our company culture. We closed the year with
strong fourth quarter results driven by a 5% increase in wholly owned
domestic resorts EBITDA," said Jim Murren,
MGM Resorts International Chairman and CEO. "We are off to a great
start in 2013, with our Cotai land recently gazetted, a $500 million special dividend announced by MGM
China, and solid events thus far in Las Vegas
including Super Bowl and Chinese New Year."
Key results for the fourth quarter
of 2012 include the following:
- Consolidated net revenue was $2.3
billion in both the current and prior year quarter;
- Consolidated casino revenue increased 1% compared to
the prior year quarter;
- Rooms revenue at wholly owned domestic resorts
increased 2% with a 1% increase in REVPAR(1) at the
Company's Las Vegas Strip resorts;
- Adjusted Property EBITDA(2) was $505 million compared to $482 million in the prior year quarter;
- The Company's wholly owned domestic resorts earned
Adjusted Property EBITDA of $334 million,
a 5% increase compared to the prior year quarter;
- MGM China's Adjusted EBITDA was $176
million, a 1% increase compared to the prior year quarter;
- CityCenter's Adjusted EBITDA related to resort
operations was $68 million, a 17%
increase compared to the prior year quarter; and
- Consolidated operating loss was $425
million compared to operating income of $91
million in the fourth quarter of 2011, impacted by significant
impairment charges in each period.
Certain Items Affecting
Fourth Quarter Results
The following table lists items that
affect the comparability of the current and prior year quarterly
results (approximate EPS impact shown, net of tax, per share; negative
amounts represent charges to income):
Three
months ended December 31,
|
2012
|
2011
|
|
Property
transactions, net:
|
|
|
|
Borgata investment impairment
|
$
(0.09)
|
$
(0.07)
|
|
Las
Vegas Strip land impairment
|
(0.48)
|
—
|
|
Atlantic City land impairment
|
(0.20)
|
—
|
|
Silver Legacy investment impairment
|
—
|
(0.03)
|
|
Other
property transactions, net
|
(0.01)
|
(0.01)
|
|
Other
non-operating expense:
|
|
|
|
SJTA
bond impairment
|
(0.06)
|
—
|
|
Loss
on retirement of long-term debt
|
(0.67)
|
—
|
|
Tax
adjustments
|
(0.76)
|
0.09
|
|
Items in the above table for the fourth
quarter of 2012 include:
- An impairment charge of $65 million
related to the Company's investment in Borgata;
- A $366 million impairment
charge related to certain of the Company's land holdings on the north
end of the Las Vegas Strip and a $167 million
impairment charge related to the Company's land holdings in Atlantic City;
- A $47 million write-off
related to the Company's holding of South Jersey Transportation
Authority ("SJTA") road development special revenue bonds;
- A loss of $505 million
related to the Company's December refinancing transactions; and
- $372 million related to the
change in valuation allowance for U.S. deferred tax assets.
Items in the above table for the fourth
quarter of 2011 include:
- An impairment charge of $62 million
related to the Company's investment in Borgata;
- An impairment charge of $23 million
related to the Company's investment in Silver Legacy; and
- A net $44 million increase
in income tax benefit resulting from a decrease in net deferred tax
liability related to Macau, partially
offset by an increase in the Michigan
net deferred tax liability.
In addition to these items, corporate
expense increased to $87 million during
the current year quarter, primarily as a result of approximately $34 million of costs associated with the
Company's development efforts in Maryland
and Massachusetts.
Wholly Owned Domestic
Resorts
Casino revenue related to wholly owned
domestic resorts was up 1% compared to the prior year quarter. The
overall table games hold percentage in the fourth quarter of 2012 was
21.9% compared to 22.8% for the prior year quarter. Slots revenue
increased 2% compared to the prior year quarter.
Rooms revenue increased 2% with Las
Vegas Strip REVPAR up 1%. The following table shows key hotel
statistics for the Company's Las Vegas Strip resorts:
Three
months ended December 31,
|
2012
|
2011
|
Occupancy
%
|
86%
|
87%
|
Average
Daily Rate (ADR)
|
$ 130
|
$ 129
|
Revenue
per Available Room (REVPAR)
|
$ 112
|
$ 111
|
Operating income for the Company's
wholly owned domestic resorts for the fourth quarter of 2012 was $202 million, an increase of 8% compared to
the prior year quarter.
MGM China
On February 20,
2013, MGM China's Board of Directors announced a special
dividend of $500 million, which will be
paid to shareholders of record as of March 11,
2013 and distributed on or about March 18,
2013. MGM Resorts International will receive $255
million, representing its 51% share of the dividend.
Key fourth quarter results for MGM
China include the following:
- MGM China earned net revenue of $731
million, a 2% increase over the prior year quarter driven by
increases in volume for main floor table games and slots of 13% and
37%, respectively. VIP table games turnover increased 6% from the prior
year quarter, while hold percentage was 2.9% in the current year
quarter compared to 3.2% in the prior year quarter; and
- MGM China's operating income was $83
million, an 8% increase over the prior year quarter and Adjusted
EBITDA was $176 million compared to $174 million in the prior year quarter.
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 became effective on January 9, 2013 when the Macau government published it in the
Official Gazette of Macau.
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 fluctuates based on HIBOR plus a
margin, set at 2.5% for the first six months of the agreement and
ranging between 1.75% and 2.5% thereafter based on MGM China's leverage
ratio. The credit facility is being used for general corporate purposes
and for the development of the Cotai project.
"We have made significant progress in
the design and development of our Cotai resort and casino. With the
recent approval of our general building plan, we look forward to our
groundbreaking ceremony next week. We remain on track for an early to
mid 2016 opening of what will be our most stunning resort and casino
yet," said Jim Murren, MGM Resorts
International Chairman and CEO.
Income (Loss) from
Unconsolidated Affiliates
The following table summarizes
information related to the Company's share of income (loss) from
unconsolidated affiliates:
Three
months ended December 31,
|
2012
|
|
2011
|
|
(In
thousands)
|
|
CityCenter
|
$
(7,461)
|
|
$
(10,262)
|
Other
|
6,345
|
|
5,447
|
|
$
(1,116)
|
|
$
(4,815)
|
Results for CityCenter Holdings, LLC
for the fourth quarter of 2012 include the following (see schedules
accompanying this release for further detail on CityCenter's fourth
quarter results):
- Net revenue from resort operations increased to $272 million compared to $265 million in the prior year quarter;
- Adjusted EBITDA from resort operations was $68 million, an increase of 17% compared to
the prior year quarter;
- Aria's table games hold percentage was 23.9% in the current
year quarter compared to 27.2% in the prior year quarter;
- Aria's occupancy percentage was 86% and its ADR was $202, resulting in REVPAR of $173, a 2% increase compared to the prior year
quarter; and
- In December 2012, CityCenter
closed on a sale of 427 of the remaining 438 units at Veer for $119 million in proceeds.
Full Year 2012 Results
Net revenue for 2012 was $9.2 billion, which included a full year of
results from MGM China. Net revenue from wholly owned domestic resorts
was $5.9 billion, a 1% increase compared
to 2011. Adjusted Property EBITDA from wholly owned domestic resorts
increased 2% to $1.3 billion for 2012.
MGM China reported record results for
2012 with net revenues of $2.8 billion
and Adjusted EBITDA of $679 million.
Excluding branding fees of $30 million
in 2012 and $15 million in 2011,
Adjusted EBITDA increased by 10% year over year. CityCenter reported
net revenue from resort operations of $1.1
billion, a 1% decrease compared to the prior year, and Adjusted
EBITDA related to resort operations of $230
million, a 3% decrease.
Loss per share attributable to MGM
Resorts International for 2012 was $3.62
compared to diluted income per share of $5.62
in 2011. The following table lists items that affect the comparability
of the current year and prior year annual results in addition to the
consolidation of MGM China (approximate EPS impact shown, net of tax,
per share; negative amounts represent charges to income):
Year
ended December 31,
|
2012
|
2011
|
Gain
on MGM China
|
$ —
|
$ 6.23
|
Property
transactions, net:
|
Borgata investment impairment
|
(0.09)
|
(0.06)
|
Las
Vegas Strip land impairment
|
(0.48)
|
—
|
Atlantic City land impairment
|
(0.20)
|
—
|
Grand
Victoria investment impairment
|
(0.11)
|
—
|
Silver Legacy investment impairment
|
—
|
(0.03)
|
Circus Circus Reno impairment
|
—
|
(0.09)
|
Other
property transactions, net
|
(0.03)
|
(0.02)
|
Income
(loss) from unconsolidated affiliates:
|
CityCenter residential impairment
|
(0.02)
|
(0.03)
|
CityCenter Harmon demolition cost
|
(0.02)
|
—
|
Non-operating
items from unconsolidated affiliates:
|
CityCenter loss on retirement of long-term debt
|
(0.01)
|
—
|
Other
non-operating expense:
|
SJTA
bond impairment
|
(0.06)
|
—
|
Loss
on retirement of long-term debt
|
(0.74)
|
(0.01)
|
Tax
adjustments
|
(1.17)
|
0.10
|
Financial Position
"We achieved several financial
milestones in 2012, culminating with the refinancing transactions in
December which allowed us to lower interest expense by over $200 million annually," said Dan D'Arrigo, MGM
Resorts International Executive Vice President, CFO and Treasurer. "We
remain focused on reducing debt while continuing to maximize our free
cash flow and have set a foundation for the execution of growth and
development initiatives at our existing resorts and in new markets."
In December 2012,
the Company amended and restated its senior credit facility which
increased its total capacity to $4.0 billion,
issued $1.25 billion of 6.625% senior
notes due 2021, and used the proceeds from these transactions, together
with cash on hand, to repurchase and fund the satisfaction and
discharge of all of its outstanding senior secured notes.
The Company's cash balance at December 31, 2012 was $1.5
billion, which included approximately $952
million of cash and cash equivalents related to MGM China. At December 31, 2012, the Company had
approximately $13.6 billion of
indebtedness, including $2.8 billion of
borrowings outstanding under its senior credit facility and $554 million outstanding under the MGM China
credit facility.
At December 31,
2012, the Company's senior credit facility consisted of
approximately $1.05 billion in term A
loans, $1.75 billion in term B loans,
and $1.2 billion of revolving loan
commitments. At December 31, 2012 the
Company had approximately $1.2 billion
of available borrowing capacity under its revolving facility. At December 31, 2012, the interest rate on the
term A loans was 3.3% and the interest rate on the term B loans was
4.25%.
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 92557344. A replay of the call will be available
through Wednesday, February 27, 2013.
The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406.
The replay access code is 92557344. 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, within the meaning of
the Private Securities Litigation Reform Act of 1995 and involve 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, the amount we will receive as a result of the MGM China
special dividend and our ability to execute growth and development
activities. 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. If we update one or more forward-looking
statements, no inference should be drawn that we will make additional
updates with respect to those other forward-looking statements.
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$
1,390,941
|
|
$
1,373,311
|
|
$
5,319,489
|
|
$
4,002,985
|
|
Rooms
|
|
383,329
|
|
377,464
|
|
1,588,770
|
|
1,547,765
|
|
Food
and beverage
|
|
346,286
|
|
347,160
|
|
1,472,382
|
|
1,425,428
|
|
Entertainment
|
|
119,469
|
|
132,846
|
|
483,946
|
|
514,883
|
|
Retail
|
|
47,017
|
|
48,855
|
|
196,938
|
|
204,806
|
|
Other
|
|
108,957
|
|
114,408
|
|
482,547
|
|
485,661
|
|
Reimbursed
costs
|
|
88,438
|
|
88,293
|
|
357,597
|
|
351,207
|
|
|
|
2,484,437
|
|
2,482,337
|
|
9,901,669
|
|
8,532,735
|
|
Less:
Promotional allowances
|
|
(189,926)
|
|
(185,448)
|
|
(740,825)
|
|
(683,423)
|
|
|
|
2,294,511
|
|
2,296,889
|
|
9,160,844
|
|
7,849,312
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Casino
|
|
876,995
|
|
882,897
|
|
3,396,752
|
|
2,515,279
|
|
Rooms
|
|
123,258
|
|
119,015
|
|
507,856
|
|
485,751
|
|
Food
and beverage
|
|
200,737
|
|
200,459
|
|
844,629
|
|
829,018
|
|
Entertainment
|
|
86,699
|
|
95,954
|
|
356,934
|
|
375,559
|
|
Retail
|
|
26,844
|
|
29,784
|
|
112,732
|
|
124,063
|
|
Other
|
|
81,109
|
|
88,774
|
|
344,782
|
|
345,484
|
|
Reimbursed
costs
|
|
88,438
|
|
88,293
|
|
357,597
|
|
351,207
|
|
General
and administrative
|
|
307,901
|
|
307,312
|
|
1,239,774
|
|
1,182,505
|
|
Corporate
expense
|
|
87,215
|
|
54,947
|
|
235,007
|
|
174,971
|
|
Preopening
and start-up expenses
|
|
1,362
|
|
-
|
|
2,127
|
|
(316)
|
|
Property
transactions, net
|
|
610,862
|
|
95,770
|
|
708,049
|
|
178,598
|
|
Gain
on MGM China transaction
|
|
-
|
|
-
|
|
-
|
|
(3,496,005)
|
|
Depreciation
and amortization
|
|
226,831
|
|
237,762
|
|
927,697
|
|
817,146
|
|
|
|
2,718,251
|
|
2,200,967
|
|
9,033,936
|
|
3,883,260
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from unconsolidated affiliates
|
|
(1,116)
|
|
(4,815)
|
|
(46,382)
|
|
91,094
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
(424,856)
|
|
91,107
|
|
80,526
|
|
4,057,146
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
(279,922)
|
|
(274,152)
|
|
(1,116,358)
|
|
(1,086,832)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(21,417)
|
|
(26,029)
|
|
(90,020)
|
|
(119,013)
|
|
Other,
net
|
|
(552,843)
|
|
(1,103)
|
|
(608,361)
|
|
(19,670)
|
|
|
|
(854,182)
|
|
(301,284)
|
|
(1,814,739)
|
|
(1,225,515)
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
|
(1,279,038)
|
|
(210,177)
|
|
(1,734,213)
|
|
2,831,631
|
|
Benefit
for income taxes
|
|
90,541
|
|
190,876
|
|
117,301
|
|
403,313
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
|
(1,188,497)
|
|
(19,301)
|
|
(1,616,912)
|
|
3,234,944
|
|
Less:
net income attributable to noncontrolling interests
|
|
(35,330)
|
|
(94,390)
|
|
(150,779)
|
|
(120,307)
|
Net
income (loss) attributable to MGM Resorts International
|
|
$
(1,223,827)
|
|
$
(113,691)
|
|
$
(1,767,691)
|
|
$
3,114,637
|
|
|
|
|
|
|
|
|
|
|
Per
share of common stock:
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to MGM Resorts International
|
|
$
(2.50)
|
|
$
(0.23)
|
|
$
(3.62)
|
|
$
6.37
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
489,211
|
|
488,823
|
|
488,988
|
|
488,652
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to MGM Resorts International
|
|
$
(2.50)
|
|
$
(0.23)
|
|
$
(3.62)
|
|
$
5.62
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
489,211
|
|
488,823
|
|
488,988
|
|
560,895
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In
thousands, except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
ASSETS
|
|
Current
assets:
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
1,543,509
|
|
$
1,865,913
|
|
Accounts
receivable, net
|
|
443,677
|
|
491,730
|
|
Inventories
|
|
107,577
|
|
112,735
|
|
Deferred
income taxes, net
|
|
179,431
|
|
91,060
|
|
Prepaid
expenses and other
|
|
232,898
|
|
251,282
|
|
|
Total
current assets
|
|
2,507,092
|
|
2,812,720
|
|
|
|
|
|
|
|
Property
and equipment, net
|
|
14,194,652
|
|
14,866,644
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
Investments
in and advances to unconsolidated affiliates
|
|
1,444,547
|
|
1,635,572
|
|
Goodwill
|
|
|
2,902,847
|
|
2,896,609
|
|
Other
intangible assets, net
|
|
4,737,833
|
|
5,048,117
|
|
Other
long-term assets, net
|
|
497,767
|
|
506,614
|
|
|
Total
other assets
|
|
9,582,994
|
|
10,086,912
|
|
|
|
|
$
26,284,738
|
|
$
27,766,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
$
199,620
|
|
$
170,994
|
|
Income
taxes payable
|
|
1,350
|
|
7,611
|
|
Accrued
interest on long-term debt
|
|
206,736
|
|
203,422
|
|
Other
accrued liabilities
|
|
1,517,965
|
|
1,362,737
|
|
|
Total
current liabilities
|
|
1,925,671
|
|
1,744,764
|
|
|
|
|
|
|
|
Deferred
income taxes
|
|
2,473,889
|
|
2,502,096
|
Long-term
debt
|
|
|
13,589,283
|
|
13,470,167
|
Other
long-term obligations
|
|
179,879
|
|
167,027
|
Stockholders'
equity:
|
|
|
|
|
|
Common
stock, $.01 par value: authorized 1,000,000,000 shares,
|
|
|
|
|
issued and outstanding 489,234,401 and 488,834,773 shares
|
|
4,892
|
|
4,888
|
|
Capital
in excess of par value
|
|
4,132,655
|
|
4,094,323
|
|
Retained
earnings
|
|
213,698
|
|
1,981,389
|
|
Accumulated
other comprehensive income
|
|
14,303
|
|
5,978
|
|
|
Total
MGM Resorts International stockholders' equity
|
|
4,365,548
|
|
6,086,578
|
|
Noncontrolling
interests
|
|
3,750,468
|
|
3,795,644
|
|
|
Total
stockholders' equity
|
|
8,116,016
|
|
9,882,222
|
|
|
|
|
$
26,284,738
|
|
$
27,766,276
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL
DATA - NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Twelve
Months Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Bellagio
|
|
$
307,254
|
|
$
308,819
|
|
$
1,147,487
|
|
$
1,114,711
|
MGM
Grand Las Vegas
|
|
258,657
|
|
233,389
|
|
961,246
|
|
941,007
|
Mandalay
Bay
|
|
161,642
|
|
189,762
|
|
717,499
|
|
777,287
|
The
Mirage
|
|
142,806
|
|
136,612
|
|
600,194
|
|
570,524
|
Luxor
|
|
74,356
|
|
80,789
|
|
322,342
|
|
333,209
|
New
York-New York
|
|
67,838
|
|
66,712
|
|
274,645
|
|
268,859
|
Excalibur
|
|
60,333
|
|
60,706
|
|
258,141
|
|
257,047
|
Monte
Carlo
|
|
63,216
|
|
61,978
|
|
259,004
|
|
255,580
|
Circus
Circus Las Vegas
|
|
45,158
|
|
45,981
|
|
203,764
|
|
195,675
|
MGM
Grand Detroit
|
|
137,045
|
|
140,883
|
|
568,721
|
|
566,072
|
Beau
Rivage
|
|
81,076
|
|
79,492
|
|
346,330
|
|
340,940
|
Gold
Strike Tunica
|
|
34,764
|
|
36,735
|
|
150,561
|
|
145,220
|
Other
resort operations
|
|
27,665
|
|
29,931
|
|
122,857
|
|
126,771
|
Wholly owned domestic resorts
|
|
1,461,810
|
|
1,471,789
|
|
5,932,791
|
|
5,892,902
|
MGM
China(1)
|
|
731,216
|
|
718,929
|
|
2,807,676
|
|
1,534,963
|
Management
and other operations
|
|
101,485
|
|
106,171
|
|
420,377
|
|
421,447
|
|
|
$
2,294,511
|
|
$
2,296,889
|
|
$
9,160,844
|
|
$
7,849,312
|
|
|
|
|
|
|
|
|
|
(1)
For the twelve months ended December 31, 2011, represents the net
revenues of MGM China Holdings Limited ("MGM China") from June 3, 2011
(the first day of the Company's majority ownership of MGM China)
through December 31, 2011.
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL
DATA - ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Twelve
Months Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Bellagio
|
|
$
94,925
|
|
$
96,975
|
|
$
302,854
|
|
$
302,497
|
MGM
Grand Las Vegas
|
|
65,991
|
|
34,490
|
|
180,726
|
|
149,136
|
Mandalay
Bay
|
|
26,156
|
|
39,707
|
|
146,761
|
|
169,124
|
The
Mirage
|
|
25,625
|
|
20,298
|
|
117,618
|
|
102,443
|
Luxor
|
|
11,834
|
|
18,061
|
|
63,260
|
|
78,081
|
New
York-New York
|
|
21,576
|
|
21,195
|
|
90,505
|
|
87,284
|
Excalibur
|
|
13,090
|
|
13,283
|
|
61,788
|
|
65,257
|
Monte
Carlo
|
|
14,127
|
|
13,534
|
|
58,681
|
|
57,404
|
Circus
Circus Las Vegas
|
|
2,461
|
|
2,420
|
|
24,072
|
|
22,944
|
MGM
Grand Detroit
|
|
40,830
|
|
40,426
|
|
165,670
|
|
166,019
|
Beau
Rivage
|
|
12,188
|
|
12,095
|
|
71,361
|
|
70,020
|
Gold
Strike Tunica
|
|
6,807
|
|
8,447
|
|
40,469
|
|
29,666
|
Other
resort operations
|
|
(1,284)
|
|
(1,757)
|
|
1,455
|
|
(1,759)
|
Wholly owned domestic resorts
|
|
334,326
|
|
319,174
|
|
1,325,220
|
|
1,298,116
|
MGM
China(1)
|
|
175,773
|
|
173,938
|
|
679,345
|
|
359,686
|
MGM
Macau (50%)(2)
|
|
-
|
|
-
|
|
-
|
|
115,219
|
CityCenter
(50%)(3)
|
|
(7,461)
|
|
(10,262)
|
|
(68,206)
|
|
(56,291)
|
Other
unconsolidated resorts(3)
|
|
6,345
|
|
5,447
|
|
21,824
|
|
32,166
|
Management
and other operations
|
|
(4,447)
|
|
(5,872)
|
|
9,947
|
|
287
|
|
|
$
504,536
|
|
$
482,425
|
|
$
1,968,130
|
|
$
1,749,183
|
|
|
|
|
|
|
|
|
|
(1)
For the twelve months ended December 31, 2011, represents the Adjusted
EBITDA of MGM China Holdings Limited ("MGM China") from June 3, 2011
(the first day of the Company's majority ownership of MGM China)
through December 31, 2011.
|
(2)
Represents the Company's share of operating income (loss), adjusted for
the effect of certain basis differences for the 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 December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
|
$
70,805
|
|
$ -
|
|
$
1,695
|
|
$
22,425
|
|
$
94,925
|
MGM
Grand Las Vegas
|
|
43,733
|
|
-
|
|
1,644
|
|
20,614
|
|
65,991
|
Mandalay
Bay
|
|
4,001
|
|
830
|
|
2,849
|
|
18,476
|
|
26,156
|
The
Mirage
|
|
12,575
|
|
-
|
|
318
|
|
12,732
|
|
25,625
|
Luxor
|
|
(2,914)
|
|
-
|
|
3,844
|
|
10,904
|
|
11,834
|
New
York-New York
|
|
16,273
|
|
-
|
|
190
|
|
5,113
|
|
21,576
|
Excalibur
|
|
8,571
|
|
-
|
|
2
|
|
4,517
|
|
13,090
|
Monte
Carlo
|
|
9,183
|
|
-
|
|
761
|
|
4,183
|
|
14,127
|
Circus
Circus Las Vegas
|
|
(2,565)
|
|
-
|
|
29
|
|
4,997
|
|
2,461
|
MGM
Grand Detroit
|
|
35,589
|
|
-
|
|
1
|
|
5,240
|
|
40,830
|
Beau
Rivage
|
|
4,461
|
|
-
|
|
20
|
|
7,707
|
|
12,188
|
Gold
Strike Tunica
|
|
3,662
|
|
-
|
|
(56)
|
|
3,201
|
|
6,807
|
Other
resort operations
|
|
(1,862)
|
|
-
|
|
8
|
|
570
|
|
(1,284)
|
Wholly owned domestic resorts
|
|
201,512
|
|
830
|
|
11,305
|
|
120,679
|
|
334,326
|
MGM
China
|
|
83,223
|
|
-
|
|
417
|
|
92,133
|
|
175,773
|
CityCenter
(50%)
|
|
(7,993)
|
|
532
|
|
-
|
|
-
|
|
(7,461)
|
Other
unconsolidated resorts
|
|
6,345
|
|
-
|
|
-
|
|
-
|
|
6,345
|
Management
and other operations
|
|
(7,950)
|
|
-
|
|
-
|
|
3,503
|
|
(4,447)
|
|
|
275,137
|
|
1,362
|
|
11,722
|
|
216,315
|
|
504,536
|
Stock
compensation
|
|
(7,976)
|
|
-
|
|
-
|
|
-
|
|
(7,976)
|
Corporate
|
|
(692,017)
|
|
-
|
|
599,140
|
|
10,516
|
|
(82,361)
|
|
|
$
(424,856)
|
|
$
1,362
|
|
$
610,862
|
|
$
226,831
|
|
$
414,199
|
|
|
|
|
|
|
|
|
|
Three
Months Ended December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
|
$
70,537
|
|
$ -
|
|
$
1,952
|
|
$
24,486
|
|
$
96,975
|
MGM
Grand Las Vegas
|
|
14,925
|
|
-
|
|
231
|
|
19,334
|
|
34,490
|
Mandalay
Bay
|
|
20,740
|
|
-
|
|
462
|
|
18,505
|
|
39,707
|
The
Mirage
|
|
6,215
|
|
-
|
|
229
|
|
13,854
|
|
20,298
|
Luxor
|
|
8,267
|
|
-
|
|
104
|
|
9,690
|
|
18,061
|
New
York-New York
|
|
15,499
|
|
-
|
|
9
|
|
5,687
|
|
21,195
|
Excalibur
|
|
7,898
|
|
-
|
|
423
|
|
4,962
|
|
13,283
|
Monte
Carlo
|
|
8,369
|
|
-
|
|
98
|
|
5,067
|
|
13,534
|
Circus
Circus Las Vegas
|
|
(2,303)
|
|
-
|
|
5
|
|
4,718
|
|
2,420
|
MGM
Grand Detroit
|
|
29,415
|
|
-
|
|
1,043
|
|
9,968
|
|
40,426
|
Beau
Rivage
|
|
4,549
|
|
-
|
|
7
|
|
7,539
|
|
12,095
|
Gold
Strike Tunica
|
|
4,963
|
|
-
|
|
36
|
|
3,448
|
|
8,447
|
Other
resort operations
|
|
(2,689)
|
|
-
|
|
445
|
|
487
|
|
(1,757)
|
Wholly owned domestic resorts
|
|
186,385
|
|
-
|
|
5,044
|
|
127,745
|
|
319,174
|
MGM
China
|
|
77,204
|
|
-
|
|
813
|
|
95,921
|
|
173,938
|
CityCenter
(50%)
|
|
(10,262)
|
|
-
|
|
-
|
|
-
|
|
(10,262)
|
Other
unconsolidated resorts
|
|
5,447
|
|
-
|
|
-
|
|
-
|
|
5,447
|
Management
and other operations
|
|
(9,524)
|
|
-
|
|
(1)
|
|
3,653
|
|
(5,872)
|
|
|
249,250
|
|
-
|
|
5,856
|
|
227,319
|
|
482,425
|
Stock
compensation
|
|
(9,616)
|
|
-
|
|
-
|
|
-
|
|
(9,616)
|
Corporate
|
|
(148,527)
|
|
-
|
|
89,914
|
|
10,443
|
|
(48,170)
|
|
|
$
91,107
|
|
$ -
|
|
$
95,770
|
|
$
237,762
|
|
$
424,639
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
Months Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
|
$
206,679
|
|
$ -
|
|
$
2,101
|
|
$
94,074
|
|
$
302,854
|
MGM
Grand Las Vegas
|
|
94,529
|
|
-
|
|
6,271
|
|
79,926
|
|
180,726
|
Mandalay
Bay
|
|
64,818
|
|
830
|
|
3,786
|
|
77,327
|
|
146,761
|
The
Mirage
|
|
65,266
|
|
-
|
|
929
|
|
51,423
|
|
117,618
|
Luxor
|
|
20,777
|
|
-
|
|
4,794
|
|
37,689
|
|
63,260
|
New
York-New York
|
|
68,591
|
|
-
|
|
581
|
|
21,333
|
|
90,505
|
Excalibur
|
|
43,978
|
|
-
|
|
5
|
|
17,805
|
|
61,788
|
Monte
Carlo
|
|
38,418
|
|
-
|
|
1,328
|
|
18,935
|
|
58,681
|
Circus
Circus Las Vegas
|
|
4,514
|
|
-
|
|
106
|
|
19,452
|
|
24,072
|
MGM
Grand Detroit
|
|
130,564
|
|
641
|
|
922
|
|
33,543
|
|
165,670
|
Beau
Rivage
|
|
40,713
|
|
-
|
|
(50)
|
|
30,698
|
|
71,361
|
Gold
Strike Tunica
|
|
27,420
|
|
-
|
|
(53)
|
|
13,102
|
|
40,469
|
Other
resort operations
|
|
(904)
|
|
-
|
|
(14)
|
|
2,373
|
|
1,455
|
Wholly owned domestic resorts
|
|
805,363
|
|
1,471
|
|
20,706
|
|
497,680
|
|
1,325,220
|
MGM
China
|
|
302,092
|
|
-
|
|
2,307
|
|
374,946
|
|
679,345
|
CityCenter
(50%)
|
|
(68,862)
|
|
656
|
|
-
|
|
-
|
|
(68,206)
|
Other
unconsolidated resorts
|
|
21,824
|
|
-
|
|
-
|
|
-
|
|
21,824
|
Management
and other operations
|
|
(4,258)
|
|
-
|
|
-
|
|
14,205
|
|
9,947
|
|
|
1,056,159
|
|
2,127
|
|
23,013
|
|
886,831
|
|
1,968,130
|
Stock
compensation
|
|
(33,974)
|
|
-
|
|
-
|
|
-
|
|
(33,974)
|
Corporate
|
|
(941,659)
|
|
-
|
|
685,036
|
|
40,866
|
|
(215,757)
|
|
|
$
80,526
|
|
$
2,127
|
|
$
708,049
|
|
$
927,697
|
|
$
1,718,399
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
Months Ended December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and start-up expenses
|
|
Gain
on MGM
China
transaction
and
Property transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
|
$
203,026
|
|
$ -
|
|
$
2,772
|
|
$
96,699
|
|
$
302,497
|
MGM
Grand Las Vegas
|
|
71,762
|
|
-
|
|
232
|
|
77,142
|
|
149,136
|
Mandalay
Bay
|
|
84,105
|
|
-
|
|
531
|
|
84,488
|
|
169,124
|
The
Mirage
|
|
41,338
|
|
-
|
|
1,559
|
|
59,546
|
|
102,443
|
Luxor
|
|
39,866
|
|
-
|
|
112
|
|
38,103
|
|
78,081
|
New
York-New York
|
|
63,824
|
|
-
|
|
(76)
|
|
23,536
|
|
87,284
|
Excalibur
|
|
44,428
|
|
-
|
|
646
|
|
20,183
|
|
65,257
|
Monte
Carlo
|
|
35,059
|
|
-
|
|
131
|
|
22,214
|
|
57,404
|
Circus
Circus Las Vegas
|
|
4,040
|
|
-
|
|
(1)
|
|
18,905
|
|
22,944
|
MGM
Grand Detroit
|
|
125,235
|
|
-
|
|
1,415
|
|
39,369
|
|
166,019
|
Beau
Rivage
|
|
30,313
|
|
-
|
|
58
|
|
39,649
|
|
70,020
|
Gold
Strike Tunica
|
|
15,991
|
|
-
|
|
36
|
|
13,639
|
|
29,666
|
Other
resort operations
|
|
(86,012)
|
|
-
|
|
80,120
|
|
4,133
|
|
(1,759)
|
Wholly owned domestic resorts
|
|
672,975
|
|
-
|
|
87,535
|
|
537,606
|
|
1,298,116
|
MGM
China
|
|
137,440
|
|
-
|
|
1,120
|
|
221,126
|
|
359,686
|
MGM
Macau (50%)
|
|
115,219
|
|
-
|
|
-
|
|
-
|
|
115,219
|
CityCenter
(50%)
|
|
(56,291)
|
|
-
|
|
-
|
|
-
|
|
(56,291)
|
Other
unconsolidated resorts
|
|
32,166
|
|
-
|
|
-
|
|
-
|
|
32,166
|
Management
and other operations
|
|
(13,813)
|
|
(316)
|
|
-
|
|
14,416
|
|
287
|
|
|
887,696
|
|
(316)
|
|
88,655
|
|
773,148
|
|
1,749,183
|
Stock
compensation
|
|
(36,528)
|
|
-
|
|
-
|
|
-
|
|
(36,528)
|
Corporate
|
|
3,205,978
|
|
-
|
|
(3,406,062)
|
|
43,998
|
|
(156,086)
|
|
|
$
4,057,146
|
|
$
(316)
|
|
$
(3,317,407)
|
|
$
817,146
|
|
$
1,556,569
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION
OF ADJUSTED EBITDA TO NET INCOME (LOSS)
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Adjusted
EBITDA
|
|
$
414,199
|
|
$
424,639
|
|
$
1,718,399
|
|
$
1,556,569
|
Preopening and start-up expenses
|
|
(1,362)
|
|
-
|
|
(2,127)
|
|
316
|
Property transactions, net
|
|
(610,862)
|
|
(95,770)
|
|
(708,049)
|
|
(178,598)
|
Gain on MGM China transaction
|
|
-
|
|
-
|
|
-
|
|
3,496,005
|
Depreciation and amortization
|
|
(226,831)
|
|
(237,762)
|
|
(927,697)
|
|
(817,146)
|
Operating
income (loss)
|
|
(424,856)
|
|
91,107
|
|
80,526
|
|
4,057,146
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized
|
|
(279,922)
|
|
(274,152)
|
|
(1,116,358)
|
|
(1,086,832)
|
Other, net
|
|
(574,260)
|
|
(27,132)
|
|
(698,381)
|
|
(138,683)
|
|
|
|
(854,182)
|
|
(301,284)
|
|
(1,814,739)
|
|
(1,225,515)
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
|
(1,279,038)
|
|
(210,177)
|
|
(1,734,213)
|
|
2,831,631
|
Benefit for income taxes
|
|
90,541
|
|
190,876
|
|
117,301
|
|
403,313
|
Net
income (loss)
|
|
(1,188,497)
|
|
(19,301)
|
|
(1,616,912)
|
|
3,234,944
|
Less: net income attributable to noncontrolling interests
|
|
(35,330)
|
|
(94,390)
|
|
(150,779)
|
|
(120,307)
|
Net
income (loss) attributable to MGM Resorts International
|
|
$
(1,223,827)
|
|
$
(113,691)
|
|
$
(1,767,691)
|
|
$
3,114,637
|
|
|
|
|
|
|
|
|
|
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL
DATA - HOTEL STATISTICS - LAS VEGAS STRIP
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
88.8%
|
|
89.0%
|
|
92.9%
|
|
93.3%
|
|
Average daily rate (ADR)
|
|
$247
|
|
$242
|
|
$237
|
|
$230
|
|
Revenue per available room (REVPAR)
|
|
$219
|
|
$215
|
|
$220
|
|
$215
|
|
|
|
|
|
|
|
|
|
|
|
MGM
Grand Las Vegas
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
87.7%
|
|
89.8%
|
|
92.7%
|
|
93.2%
|
|
ADR
|
|
$140
|
|
$136
|
|
$139
|
|
$131
|
|
REVPAR
|
|
$123
|
|
$122
|
|
$129
|
|
$123
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
88.1%
|
|
86.5%
|
|
91.7%
|
|
91.7%
|
|
ADR
|
|
$169
|
|
$171
|
|
$176
|
|
$175
|
|
REVPAR
|
|
$149
|
|
$148
|
|
$162
|
|
$160
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
90.7%
|
|
92.0%
|
|
94.6%
|
|
94.8%
|
|
ADR
|
|
$150
|
|
$144
|
|
$149
|
|
$144
|
|
REVPAR
|
|
$136
|
|
$132
|
|
$141
|
|
$137
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
88.6%
|
|
85.9%
|
|
91.0%
|
|
90.3%
|
|
ADR
|
|
$90
|
|
$92
|
|
$89
|
|
$91
|
|
REVPAR
|
|
$80
|
|
$79
|
|
$81
|
|
$82
|
|
|
|
|
|
|
|
|
|
|
|
New
York-New York
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
92.0%
|
|
91.9%
|
|
94.6%
|
|
93.8%
|
|
ADR
|
|
$109
|
|
$109
|
|
$110
|
|
$108
|
|
REVPAR
|
|
$101
|
|
$100
|
|
$104
|
|
$102
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
84.8%
|
|
81.3%
|
|
89.4%
|
|
87.8%
|
|
ADR
|
|
$72
|
|
$74
|
|
$72
|
|
$73
|
|
REVPAR
|
|
$61
|
|
$60
|
|
$64
|
|
$64
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
89.9%
|
|
92.4%
|
|
93.6%
|
|
94.2%
|
|
ADR
|
|
$103
|
|
$100
|
|
$103
|
|
$99
|
|
REVPAR
|
|
$93
|
|
$92
|
|
$97
|
|
$93
|
|
|
|
|
|
|
|
|
|
|
|
Circus
Circus Las Vegas
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
68.6%
|
|
75.0%
|
|
77.9%
|
|
75.9%
|
|
ADR
|
|
$55
|
|
$54
|
|
$54
|
|
$54
|
|
REVPAR
|
|
$38
|
|
$40
|
|
$42
|
|
$41
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL
DATA - NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
|
$
223,534
|
|
$
221,911
|
|
$
862,306
|
|
$
894,721
|
|
Vdara
|
|
21,384
|
|
20,134
|
|
86,916
|
|
75,364
|
|
Crystals
|
|
14,257
|
|
12,088
|
|
53,251
|
|
46,317
|
|
Mandarin
Oriental
|
|
12,507
|
|
10,725
|
|
48,452
|
|
41,034
|
|
Resort operations
|
|
271,682
|
|
264,858
|
|
1,050,925
|
|
1,057,436
|
|
Residential
operations
|
|
122,680
|
|
4,097
|
|
138,929
|
|
24,425
|
|
|
|
$
394,362
|
|
$
268,955
|
|
$
1,189,854
|
|
$
1,081,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION
OF ADJUSTED EBITDA TO NET LOSS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
60,044
|
|
$
54,126
|
|
$
206,596
|
|
$
212,104
|
Preopening and start-up expenses
|
|
(1,064)
|
|
-
|
|
(1,312)
|
|
-
|
Property transactions, net
|
|
(1,011)
|
|
(233)
|
|
(74,347)
|
|
(53,595)
|
Depreciation and amortization
|
|
(103,594)
|
|
(98,871)
|
|
(370,856)
|
|
(370,141)
|
Operating
loss
|
|
(45,625)
|
|
(44,978)
|
|
(239,919)
|
|
(211,632)
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
Interest expense - sponsor notes
|
|
(24,155)
|
|
(20,778)
|
|
(91,352)
|
|
(78,477)
|
Interest expense - other
|
|
(43,025)
|
|
(46,645)
|
|
(174,674)
|
|
(189,359)
|
Other, net
|
|
809
|
|
(2,140)
|
|
(5,023)
|
|
(22,706)
|
|
|
|
(66,371)
|
|
(69,563)
|
|
(271,049)
|
|
(290,542)
|
Net
loss
|
|
$
(111,996)
|
|
$
(114,541)
|
|
$
(510,968)
|
|
$
(502,174)
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
Three
Months Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
|
$
(20,240)
|
|
$
1,064
|
|
$
(14)
|
|
$
73,380
|
|
$
54,190
|
|
|
Vdara
|
|
(6,440)
|
|
-
|
|
-
|
|
11,553
|
|
5,113
|
|
|
Crystals
|
|
1,033
|
|
-
|
|
-
|
|
8,084
|
|
9,117
|
|
|
Mandarin
Oriental
|
|
(9,876)
|
|
-
|
|
-
|
|
9,762
|
|
(114)
|
|
|
Resort operations
|
|
(35,523)
|
|
1,064
|
|
(14)
|
|
102,779
|
|
68,306
|
|
|
Residential
operations
|
|
(177)
|
|
-
|
|
1,025
|
|
800
|
|
1,648
|
|
|
Development
and administration
|
|
(9,925)
|
|
-
|
|
-
|
|
15
|
|
(9,910)
|
|
|
|
|
$
(45,625)
|
|
$
1,064
|
|
$
1,011
|
|
$
103,594
|
|
$
60,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
|
$
(30,245)
|
|
$ -
|
|
$ -
|
|
$
77,417
|
|
$
47,172
|
|
|
Vdara
|
|
(7,010)
|
|
-
|
|
-
|
|
11,419
|
|
4,409
|
|
|
Crystals
|
|
2,836
|
|
-
|
|
191
|
|
3,795
|
|
6,822
|
|
|
Mandarin
Oriental
|
|
(5,116)
|
|
-
|
|
-
|
|
5,014
|
|
(102)
|
|
|
Resort operations
|
|
(39,535)
|
|
-
|
|
191
|
|
97,645
|
|
58,301
|
|
|
Residential
operations
|
|
(1,415)
|
|
-
|
|
-
|
|
1,157
|
|
(258)
|
|
|
Development
and administration
|
|
(4,028)
|
|
-
|
|
42
|
|
69
|
|
(3,917)
|
|
|
|
|
$
(44,978)
|
|
$ -
|
|
$
233
|
|
$
98,871
|
|
$
54,126
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
Twelve
Months Ended December 31, 2012
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
$
(104,937)
|
|
$
1,312
|
|
$
5,549
|
|
$
273,909
|
|
$
175,833
|
|
Vdara
|
|
(21,104)
|
|
-
|
|
-
|
|
42,609
|
|
21,505
|
|
Crystals
|
|
5,216
|
|
-
|
|
-
|
|
27,105
|
|
32,321
|
|
Mandarin
Oriental
|
|
(22,822)
|
|
-
|
|
-
|
|
23,330
|
|
508
|
|
Resort operations
|
|
(143,647)
|
|
1,312
|
|
5,549
|
|
366,953
|
|
230,167
|
|
Residential
operations
|
|
(40,013)
|
|
-
|
|
36,715
|
|
3,729
|
|
431
|
|
Development
and administration
|
|
(56,259)
|
|
-
|
|
32,083
|
|
174
|
|
(24,002)
|
|
|
|
$
(239,919)
|
|
$
1,312
|
|
$
74,347
|
|
$
370,856
|
|
$
206,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
Months Ended December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
$
(87,245)
|
|
$ -
|
|
$ -
|
|
$
282,890
|
|
$
195,645
|
|
Vdara
|
|
(22,137)
|
|
-
|
|
-
|
|
39,966
|
|
17,829
|
|
Crystals
|
|
(201)
|
|
-
|
|
191
|
|
24,117
|
|
24,107
|
|
Mandarin
Oriental
|
|
(20,084)
|
|
-
|
|
-
|
|
18,980
|
|
(1,104)
|
|
Resort operations
|
|
(129,667)
|
|
-
|
|
191
|
|
365,953
|
|
236,477
|
|
Residential
operations
|
|
(64,459)
|
|
-
|
|
52,624
|
|
3,785
|
|
(8,050)
|
|
Development
and administration
|
|
(17,506)
|
|
-
|
|
780
|
|
403
|
|
(16,323)
|
|
|
|
$
(211,632)
|
|
$ -
|
|
$
53,595
|
|
$
370,141
|
|
$
212,104
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL
DATA - HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Twelve
Months Ended
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
85.6%
|
|
81.9%
|
|
88.3%
|
|
86.0%
|
|
|
|
|
ADR
|
|
$202
|
|
$207
|
|
$200
|
|
$202
|
|
|
|
|
REVPAR
|
|
$173
|
|
$169
|
|
$177
|
|
$174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
83.2%
|
|
74.0%
|
|
84.1%
|
|
82.5%
|
|
|
|
|
ADR
|
|
$157
|
|
$168
|
|
$158
|
|
$161
|
|
|
|
|
REVPAR
|
|
$131
|
|
$124
|
|
$133
|
|
$133
|
|