LAS VEGAS, May 2, 2013 -- MGM Resorts International
(NYSE: MGM) today reported financial results for the quarter ended March 31, 2013. Diluted earnings per share for
the first quarter of 2013 was $0.01
compared to a loss per share of $0.44 in
the prior year first quarter. Comparability of the current and prior
year consolidated results was affected by certain items discussed
further below.
"Our first quarter 2013 results are the best we have reported
since the beginning of the downturn five years ago, led by improved
results at our Las Vegas Strip resorts, a record first quarter at MGM
China and an all-time record at CityCenter," said Jim Murren, MGM Resorts International
Chairman and CEO. "MGM Resorts International returned to profitability
in the quarter and we are excited about our future."
Key results for the first quarter of 2013 include the
following:
- Consolidated net revenue increased 3% over the prior year
quarter to $2.4 billion;
- Consolidated casino revenue increased 5%;
- 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 $574 million, a 20% increase compared to the
prior year quarter;
- The Company's wholly owned domestic resorts earned Adjusted
Property EBITDA of $361 million, a 12%
increase compared to the prior year quarter;
- MGM China's Adjusted EBITDA was $180
million, which included $13 million
of branding fee expense, a 10% increase compared to the prior year
quarter;
- CityCenter's Adjusted EBITDA related to resort operations
was $93 million, nearly three times the $32 million reported in the prior year
quarter; and
- Consolidated operating income was $302
million compared to operating income of $193
million in the prior year quarter.
Certain Items Affecting
First 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 March 31,
|
2013
|
2012
|
Property
transactions, net
|
$
(0.01)
|
$ —
|
Non-operating
items from unconsolidated affiliates:
|
|
|
CityCenter loss on retirement of long-term debt
|
—
|
(0.01)
|
Other
non-operating expense:
|
|
|
Loss
on retirement of long-term debt
|
—
|
(0.08)
|
Tax
adjustments:
|
|
|
IRS
audit settlement
|
0.08
|
—
|
MGM
China deferred tax expense
|
(0.07)
|
—
|
MGM
China shareholder dividend tax
|
—
|
(0.05)
|
Deferred tax valuation allowance
|
(0.02)
|
(0.21)
|
The current quarter tax provision was affected by $65 million of tax expense resulting from the
re-measurement of MGM China deferred tax liabilities in connection with
the gazetting of our Cotai land concession, a $38
million tax benefit resulting from the settlement of the
Company's 2003 and 2004 IRS audits, and $9
million of valuation allowance on U.S. deferred tax assets.
The provision for the prior year quarter was affected by a $102 million valuation allowance for a portion
of U.S. deferred tax assets and a tax provision of $44 million related to a tax that would have
been due on the MGM China dividend had the annual fee arrangement with
the Macau government not been in
place prior to June 30, 2013.
Wholly Owned Domestic
Resorts
Casino revenue related to wholly owned domestic resorts
increased 3% compared to the prior year quarter. Table games revenue
increased 16% and the overall table games hold percentage in the first
quarter of 2013 was 21.9% compared to 18.7% for the prior year quarter.
Slots revenue decreased 2% primarily as a result of a decrease in slots
revenues at the Company's regional resorts, while the Company's Las
Vegas Strip resorts slots revenues increased 4%.
Rooms revenue increased 2% with a 1% increase in Las Vegas
Strip REVPAR. The following table shows key hotel statistics for the
Company's Las Vegas Strip resorts:
Three
months ended March 31,
|
2013
|
2012
|
Occupancy
%
|
89%
|
90%
|
Average
Daily Rate (ADR)
|
$ 133
|
$ 131
|
Revenue
per Available Room (REVPAR)
|
$ 118
|
$ 117
|
Operating income for the Company's wholly owned domestic
resorts for the first quarter of 2013 was $234
million, an increase of 20% compared to the prior year quarter.
MGM China
Key first quarter results for MGM China include the following:
- MGM China earned net revenue of $748
million, a 6% increase over the prior year quarter, and Adjusted
EBITDA of $180 million, a 10% increase
over the prior year quarter, due primarily to increases in main floor
table games and slots revenues;
- Main floor table games and slots win increased 26% and 19%,
respectively, compared to the prior year quarter;
- VIP table games turnover increased 15% from the prior year
quarter, while hold percentage was 2.8% in the current year quarter
compared to 3.2% in the prior year quarter; and
- MGM China's operating income was $99
million compared to $68 million
in the prior year quarter.
MGM China paid a $500 million
dividend in March 2013, of which $255 million was retained by MGM Resorts and $245 million was distributed to noncontrolling
interests.
Income (Loss) from
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of operating income (loss) from unconsolidated
affiliates, adjusted for the effect of certain basis differences:
Three
months ended March 31,
|
2013
|
2012
|
|
(In
thousands)
|
CityCenter
|
$
11,695
|
$
(18,573)
|
Other
|
4,649
|
5,264
|
|
$ 16,344
|
$ (13,309)
|
Results for CityCenter Holdings, LLC for the first quarter of
2013 include the following (see schedules accompanying this release for
further detail on CityCenter's first quarter results):
- Net revenue from resort operations increased to $308 million, a 32% increase from the prior
year quarter;
- Adjusted EBITDA from resort operations was $93 million, compared to $32 million in the prior year quarter;
- Aria's table games hold percentage was 28.3% in the current
year quarter compared to 16.0% in the prior year quarter; and
- Aria's occupancy percentage was 89% and its ADR was $209, resulting in REVPAR of $186, a 5% increase compared to the prior year
quarter.
Financial Position
"Our strong first quarter results benefited from our effective
marketing and yielding strategies, high returning strategic capital
investments and focus on managing costs," said Dan D'Arrigo, MGM
Resorts International Executive Vice President, CFO and Treasurer. "In
addition, quarterly results were enhanced by the Company's December 2012 debt refinancing, as interest
expense was reduced by almost $60 million
compared to the prior year first quarter."
The Company's cash balance at March
31, 2013 was $1.5 billion, which
included $565 million at MGM China. At March 31, 2013, the Company had $13.7 billion of indebtedness, including $2.9 billion of borrowings outstanding under
its $4.0 billion senior credit facility
and $553 million outstanding under the $2.0 billion MGM China credit facility. On April 1, 2013, the Company used a portion of
the cash balance to repay its $462 million
6.75% senior notes at maturity.
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 34745307. A replay of the call will be available
through Thursday, May 9, 2013. The
replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The
replay access code is 34745307. The call will be archived at www.mgmresorts.com.
1 REVPAR is hotel revenue per available room.
2 "Adjusted EBITDA" is earnings before interest and other
non-operating income (expense), taxes, depreciation and amortization,
preopening and start-up expenses and property transactions, net.
"Adjusted Property EBITDA" is Adjusted EBITDA before corporate expense
and stock compensation expense related to the MGM Resorts stock option
plan, which is not allocated to each property. MGM China recognizes
stock compensation expense related to its stock compensation plan which
is included in the calculation of Adjusted 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. The Company has
based forward-looking statements on management's current expectations
and assumptions and not on historical facts. 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
the Company operates 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 the Company updates
one or more forward-looking statements, no inference should be drawn
that it 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
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2013
|
|
2012
|
Revenues:
|
|
|
|
|
|
Casino
|
|
$
1,401,420
|
|
$
1,335,034
|
|
Rooms
|
|
401,250
|
|
393,620
|
|
Food
and beverage
|
|
359,882
|
|
372,953
|
|
Entertainment
|
|
113,854
|
|
120,400
|
|
Retail
|
|
44,707
|
|
46,624
|
|
Other
|
|
123,826
|
|
113,123
|
|
Reimbursed
costs
|
|
90,236
|
|
90,539
|
|
|
|
2,535,175
|
|
2,472,293
|
|
Less:
Promotional allowances
|
|
(183,027)
|
|
(184,703)
|
|
|
|
2,352,148
|
|
2,287,590
|
Expenses:
|
|
|
|
|
|
Casino
|
|
875,246
|
|
867,474
|
|
Rooms
|
|
127,709
|
|
126,155
|
|
Food
and beverage
|
|
204,740
|
|
211,639
|
|
Entertainment
|
|
83,725
|
|
88,788
|
|
Retail
|
|
25,966
|
|
27,583
|
|
Other
|
|
85,973
|
|
86,222
|
|
Reimbursed
costs
|
|
90,236
|
|
90,539
|
|
General
and administrative
|
|
303,901
|
|
303,289
|
|
Corporate
expense
|
|
46,624
|
|
42,260
|
|
Preopening
and start-up expenses
|
|
2,146
|
|
-
|
|
Property
transactions, net
|
|
8,491
|
|
917
|
|
Depreciation
and amortization
|
|
211,918
|
|
236,809
|
|
|
|
2,066,675
|
|
2,081,675
|
|
|
|
|
|
|
Income
(loss) from unconsolidated affiliates
|
|
16,344
|
|
(13,309)
|
|
|
|
|
|
|
Operating
income
|
|
301,817
|
|
192,606
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
(225,447)
|
|
(284,342)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(22,079)
|
|
(26,866)
|
|
Other,
net
|
|
(1,282)
|
|
(57,576)
|
|
|
|
(248,808)
|
|
(368,784)
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
|
53,009
|
|
(176,178)
|
|
Provision
for income taxes
|
|
(30,431)
|
|
(27,129)
|
|
|
|
|
|
|
Net
income (loss)
|
|
22,578
|
|
(203,307)
|
|
Less:
Net income attributable to noncontrolling interests
|
|
(16,032)
|
|
(13,946)
|
Net
income (loss) attributable to MGM Resorts International
|
|
$
6,546
|
|
$
(217,253)
|
|
|
|
|
|
|
Per
share of common stock:
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
Net
income (loss) attributable to MGM Resorts International
|
|
$
0.01
|
|
$
(0.44)
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
489,291
|
|
488,861
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
Net
income (loss) attributable to MGM Resorts International
|
|
$
0.01
|
|
$
(0.44)
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
492,305
|
|
488,861
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In
thousands, except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
ASSETS
|
|
Current
assets:
|
|
|
|
|
Cash
and cash equivalents
|
$
1,480,637
|
|
$
1,543,509
|
|
Accounts
receivable, net
|
475,581
|
|
443,677
|
|
Inventories
|
105,047
|
|
107,577
|
|
Deferred
income taxes, net
|
119,196
|
|
179,431
|
|
Prepaid
expenses and other
|
258,784
|
|
232,898
|
|
|
Total
current assets
|
2,439,245
|
|
2,507,092
|
|
|
|
|
|
|
Property
and equipment, net
|
14,117,778
|
|
14,194,652
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
Investments
in and advances to unconsolidated affiliates
|
1,435,136
|
|
1,444,547
|
|
Goodwill
|
|
2,898,087
|
|
2,902,847
|
|
Other
intangible assets, net
|
4,666,659
|
|
4,737,833
|
|
Other
long-term assets, net
|
500,969
|
|
497,767
|
|
|
Total
other assets
|
9,500,851
|
|
9,582,994
|
|
|
|
$
26,057,874
|
|
$
26,284,738
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
178,435
|
|
$
199,620
|
|
Income
taxes payable
|
4,344
|
|
1,350
|
|
Accrued
interest on long-term debt
|
205,204
|
|
206,736
|
|
Other
accrued liabilities
|
1,483,005
|
|
1,517,965
|
|
|
Total
current liabilities
|
1,870,988
|
|
1,925,671
|
|
|
|
|
|
|
Deferred
income taxes
|
2,476,384
|
|
2,473,889
|
Long-term
debt
|
13,690,699
|
|
13,589,283
|
Other
long-term obligations
|
140,750
|
|
179,879
|
Stockholders'
equity:
|
|
|
|
|
Common
stock, $.01 par value: authorized 1,000,000,000 shares,
|
|
|
|
|
issued and outstanding 489,379,463 and 489,234,401 shares
|
4,894
|
|
4,892
|
|
Capital
in excess of par value
|
4,139,737
|
|
4,132,655
|
|
Retained
earnings
|
220,244
|
|
213,698
|
|
Accumulated
other comprehensive income
|
7,982
|
|
14,303
|
|
|
Total
MGM Resorts International stockholders' equity
|
4,372,857
|
|
4,365,548
|
|
Noncontrolling
interests
|
3,506,196
|
|
3,750,468
|
|
|
Total
stockholders' equity
|
7,879,053
|
|
8,116,016
|
|
|
|
$
26,057,874
|
|
$
26,284,738
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL
DATA - NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2013
|
|
2012
|
Bellagio
|
|
$
300,720
|
|
$
284,347
|
MGM
Grand Las Vegas
|
|
258,890
|
|
232,480
|
Mandalay
Bay
|
|
175,513
|
|
179,926
|
The
Mirage
|
|
144,553
|
|
148,229
|
Luxor
|
|
77,789
|
|
81,926
|
New
York-New York
|
|
69,268
|
|
70,624
|
Excalibur
|
|
61,809
|
|
62,724
|
Monte
Carlo
|
|
66,500
|
|
64,907
|
Circus
Circus Las Vegas
|
|
45,913
|
|
47,684
|
MGM
Grand Detroit
|
|
140,868
|
|
150,587
|
Beau
Rivage
|
|
80,910
|
|
86,651
|
Gold
Strike Tunica
|
|
37,042
|
|
40,100
|
Other
resort operations
|
|
29,413
|
|
29,413
|
Wholly owned domestic resorts
|
|
1,489,188
|
|
1,479,598
|
MGM
China
|
|
747,557
|
|
702,090
|
Management
and other operations
|
|
115,403
|
|
105,902
|
|
|
$
2,352,148
|
|
$
2,287,590
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL
DATA - ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2013
|
|
2012
|
Bellagio
|
|
$
89,579
|
|
$
70,444
|
MGM
Grand Las Vegas
|
|
62,005
|
|
37,325
|
Mandalay
Bay
|
|
39,414
|
|
38,814
|
The
Mirage
|
|
30,161
|
|
27,419
|
Luxor
|
|
15,574
|
|
18,364
|
New
York-New York
|
|
23,400
|
|
24,313
|
Excalibur
|
|
15,109
|
|
14,179
|
Monte
Carlo
|
|
17,486
|
|
14,996
|
Circus
Circus Las Vegas
|
|
4,557
|
|
5,141
|
MGM
Grand Detroit
|
|
39,653
|
|
42,239
|
Beau
Rivage
|
|
13,873
|
|
17,050
|
Gold
Strike Tunica
|
|
9,987
|
|
11,580
|
Other
resort operations
|
|
239
|
|
(892)
|
Wholly owned domestic resorts
|
|
361,037
|
|
320,972
|
MGM
China
|
|
180,455
|
|
164,521
|
CityCenter
(50%)(1)
|
|
11,695
|
|
(18,573)
|
Other
unconsolidated resorts(1)
|
|
4,649
|
|
5,264
|
Management
and other operations
|
|
15,761
|
|
4,699
|
|
|
$
573,597
|
|
$
476,883
|
|
|
|
|
|
(1)
Represents the Company's share of operating income (loss), adjusted for
the effect of certain basis differences.
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
|
$
66,392
|
|
$ -
|
|
$ 4
|
|
$
23,183
|
|
$
89,579
|
MGM
Grand Las Vegas
|
|
40,972
|
|
-
|
|
666
|
|
20,367
|
|
62,005
|
Mandalay
Bay
|
|
20,822
|
|
(604)
|
|
582
|
|
18,614
|
|
39,414
|
The
Mirage
|
|
13,550
|
|
-
|
|
4,154
|
|
12,457
|
|
30,161
|
Luxor
|
|
3,775
|
|
-
|
|
3,179
|
|
8,620
|
|
15,574
|
New
York-New York
|
|
17,737
|
|
-
|
|
31
|
|
5,632
|
|
23,400
|
Excalibur
|
|
11,162
|
|
-
|
|
-
|
|
3,947
|
|
15,109
|
Monte
Carlo
|
|
12,858
|
|
-
|
|
(12)
|
|
4,640
|
|
17,486
|
Circus
Circus Las Vegas
|
|
(389)
|
|
-
|
|
-
|
|
4,946
|
|
4,557
|
MGM
Grand Detroit
|
|
34,371
|
|
-
|
|
-
|
|
5,282
|
|
39,653
|
Beau
Rivage
|
|
6,427
|
|
-
|
|
(298)
|
|
7,744
|
|
13,873
|
Gold
Strike Tunica
|
|
6,820
|
|
-
|
|
(13)
|
|
3,180
|
|
9,987
|
Other
resort operations
|
|
(328)
|
|
-
|
|
(1)
|
|
568
|
|
239
|
Wholly owned domestic resorts
|
|
234,169
|
|
(604)
|
|
8,292
|
|
119,180
|
|
361,037
|
MGM
China
|
|
99,117
|
|
2,374
|
|
195
|
|
78,769
|
|
180,455
|
CityCenter
(50%)
|
|
11,319
|
|
376
|
|
-
|
|
-
|
|
11,695
|
Other
unconsolidated resorts
|
|
4,649
|
|
-
|
|
-
|
|
-
|
|
4,649
|
Management
and other operations
|
|
12,783
|
|
-
|
|
4
|
|
2,974
|
|
15,761
|
|
|
362,037
|
|
2,146
|
|
8,491
|
|
200,923
|
|
573,597
|
Stock
compensation
|
|
(6,943)
|
|
-
|
|
-
|
|
-
|
|
(6,943)
|
Corporate
|
|
(53,277)
|
|
-
|
|
-
|
|
10,995
|
|
(42,282)
|
|
|
$
301,817
|
|
$
2,146
|
|
$
8,491
|
|
$
211,918
|
|
$
524,372
|
|
|
|
|
Three
Months Ended March 31, 2012
|
|
|
|
Operating
income (loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
|
$
47,098
|
|
$ -
|
|
$ -
|
|
$
23,346
|
|
$
70,444
|
MGM
Grand Las Vegas
|
|
18,349
|
|
-
|
|
327
|
|
18,649
|
|
37,325
|
Mandalay
Bay
|
|
18,603
|
|
-
|
|
-
|
|
20,211
|
|
38,814
|
The
Mirage
|
|
14,502
|
|
-
|
|
13
|
|
12,904
|
|
27,419
|
Luxor
|
|
9,209
|
|
-
|
|
-
|
|
9,155
|
|
18,364
|
New
York-New York
|
|
18,697
|
|
-
|
|
-
|
|
5,616
|
|
24,313
|
Excalibur
|
|
9,622
|
|
-
|
|
-
|
|
4,557
|
|
14,179
|
Monte
Carlo
|
|
9,973
|
|
-
|
|
5
|
|
5,018
|
|
14,996
|
Circus
Circus Las Vegas
|
|
502
|
|
-
|
|
-
|
|
4,639
|
|
5,141
|
MGM
Grand Detroit
|
|
32,338
|
|
-
|
|
-
|
|
9,901
|
|
42,239
|
Beau
Rivage
|
|
9,396
|
|
-
|
|
-
|
|
7,654
|
|
17,050
|
Gold
Strike Tunica
|
|
8,220
|
|
-
|
|
-
|
|
3,360
|
|
11,580
|
Other
resort operations
|
|
(1,402)
|
|
-
|
|
(20)
|
|
530
|
|
(892)
|
Wholly owned domestic resorts
|
|
195,107
|
|
-
|
|
325
|
|
125,540
|
|
320,972
|
MGM
China
|
|
68,127
|
|
-
|
|
-
|
|
96,394
|
|
164,521
|
CityCenter
(50%)
|
|
(18,573)
|
|
-
|
|
-
|
|
-
|
|
(18,573)
|
Other
unconsolidated resorts
|
|
5,264
|
|
-
|
|
-
|
|
-
|
|
5,264
|
Management
and other operations
|
|
411
|
|
-
|
|
-
|
|
4,288
|
|
4,699
|
|
|
250,336
|
|
-
|
|
325
|
|
226,222
|
|
476,883
|
Stock
compensation
|
|
(9,332)
|
|
-
|
|
-
|
|
-
|
|
(9,332)
|
Corporate
|
|
(48,398)
|
|
-
|
|
592
|
|
10,587
|
|
(37,219)
|
|
|
$
192,606
|
|
$ -
|
|
$
917
|
|
$
236,809
|
|
$
430,332
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION
OF ADJUSTED EBITDA TO NET INCOME (LOSS)
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2013
|
|
2012
|
Adjusted
EBITDA
|
|
$
524,372
|
|
$
430,332
|
Preopening and start-up expenses
|
|
(2,146)
|
|
-
|
Property transactions, net
|
|
(8,491)
|
|
(917)
|
Depreciation and amortization
|
|
(211,918)
|
|
(236,809)
|
Operating
income
|
|
301,817
|
|
192,606
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
Interest expense, net of amounts capitalized
|
|
(225,447)
|
|
(284,342)
|
Other, net
|
|
(23,361)
|
|
(84,442)
|
|
|
(248,808)
|
|
(368,784)
|
|
|
|
|
|
Income
(loss) before income taxes
|
|
53,009
|
|
(176,178)
|
Provision for income taxes
|
|
(30,431)
|
|
(27,129)
|
Net
income (loss)
|
|
22,578
|
|
(203,307)
|
Less: Net income attributable to noncontrolling interests
|
|
(16,032)
|
|
(13,946)
|
Net
income (loss) attributable to MGM Resorts International
|
|
$
6,546
|
|
$
(217,253)
|
MGM
RESORTS INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL
DATA - HOTEL STATISTICS - LAS VEGAS STRIP
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2013
|
|
2012
|
Bellagio
|
|
|
|
|
Occupancy %
|
|
92.7%
|
|
93.0%
|
Average daily rate (ADR)
|
|
$240
|
|
$231
|
Revenue per available room (REVPAR)
|
|
$222
|
|
$215
|
|
|
|
|
|
MGM
Grand Las Vegas
|
|
|
|
|
Occupancy %
|
|
91.2%
|
|
93.5%
|
ADR
|
|
$148
|
|
$140
|
REVPAR
|
|
$135
|
|
$131
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
Occupancy %
|
|
88.7%
|
|
90.0%
|
ADR
|
|
$182
|
|
$185
|
REVPAR
|
|
$161
|
|
$167
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
Occupancy %
|
|
95.1%
|
|
92.7%
|
ADR
|
|
$149
|
|
$155
|
REVPAR
|
|
$142
|
|
$143
|
|
|
|
|
|
Luxor
|
|
|
|
|
Occupancy %
|
|
89.3%
|
|
90.8%
|
ADR
|
|
$88
|
|
$89
|
REVPAR
|
|
$78
|
|
$81
|
|
|
|
|
|
New
York-New York
|
|
|
|
|
Occupancy %
|
|
96.6%
|
|
94.9%
|
ADR
|
|
$113
|
|
$110
|
REVPAR
|
|
$109
|
|
$104
|
|
|
|
|
|
Excalibur
|
|
|
|
|
Occupancy %
|
|
84.9%
|
|
87.5%
|
ADR
|
|
$72
|
|
$72
|
REVPAR
|
|
$61
|
|
$63
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
Occupancy %
|
|
95.2%
|
|
93.7%
|
ADR
|
|
$104
|
|
$102
|
REVPAR
|
|
$99
|
|
$95
|
|
|
|
|
|
Circus
Circus Las Vegas
|
|
|
|
|
Occupancy %
|
|
73.4%
|
|
76.0%
|
ADR
|
|
$54
|
|
$54
|
REVPAR
|
|
$39
|
|
$41
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL
DATA - NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2013
|
|
2012
|
|
Aria
|
|
$
258,510
|
|
$
187,832
|
|
Vdara
|
|
22,059
|
|
21,449
|
|
Crystals
|
|
13,957
|
|
12,327
|
|
Mandarin
Oriental
|
|
13,720
|
|
12,701
|
|
Resort operations
|
|
308,246
|
|
234,309
|
|
Residential
operations
|
|
6,896
|
|
4,608
|
|
|
|
$
315,142
|
|
$
238,917
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION
OF ADJUSTED EBITDA TO NET LOSS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2013
|
|
2012
|
Adjusted
EBITDA
|
|
$
86,987
|
|
$
28,595
|
Preopening and start-up expenses
|
|
(752)
|
|
-
|
Property transactions, net
|
|
-
|
|
(2,009)
|
Depreciation and amortization
|
|
(86,403)
|
|
(88,043)
|
Operating
loss
|
|
(168)
|
|
(61,457)
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
Interest expense - sponsor notes
|
|
(24,948)
|
|
(21,553)
|
Interest expense - other
|
|
(43,470)
|
|
(46,042)
|
Other, net
|
|
743
|
|
(7,783)
|
|
|
|
(67,675)
|
|
(75,378)
|
Net
loss
|
|
$
(67,843)
|
|
$
(136,835)
|
CITYCENTER
HOLDINGS, LLC
SUPPLEMENTAL DATA - HOTEL STATISTICS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2013
|
|
2012
|
|
Aria
|
|
|
|
|
|
Occupancy %
|
|
89.0%
|
|
86.4%
|
|
ADR
|
|
$209
|
|
$205
|
|
REVPAR
|
|
$186
|
|
$177
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
Occupancy %
|
|
85.7%
|
|
81.0%
|
|
ADR
|
|
$160
|
|
$163
|
|
REVPAR
|
|
$137
|
|
$132
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION
OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
Three
Months Ended March 31, 2013
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
$
13,099
|
|
$
694
|
|
$ -
|
|
$
63,770
|
|
$
77,563
|
|
Vdara
|
|
(5,296)
|
|
-
|
|
-
|
|
10,815
|
|
5,519
|
|
Crystals
|
|
2,003
|
|
58
|
|
-
|
|
6,444
|
|
8,505
|
|
Mandarin
Oriental
|
|
(3,745)
|
|
-
|
|
-
|
|
5,010
|
|
1,265
|
|
Resort operations
|
|
6,061
|
|
752
|
|
-
|
|
86,039
|
|
92,852
|
|
Residential
operations
|
|
(1,044)
|
|
-
|
|
-
|
|
356
|
|
(688)
|
|
Development
and administration
|
|
(5,185)
|
|
-
|
|
-
|
|
8
|
|
(5,177)
|
|
|
|
$
(168)
|
|
$
752
|
|
$ -
|
|
$
86,403
|
|
$
86,987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended March 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
$
(49,181)
|
|
$ -
|
|
$
1,995
|
|
$
65,715
|
|
$
18,529
|
|
Vdara
|
|
(4,942)
|
|
-
|
|
-
|
|
10,378
|
|
5,436
|
|
Crystals
|
|
700
|
|
-
|
|
-
|
|
6,406
|
|
7,106
|
|
Mandarin
Oriental
|
|
(3,545)
|
|
-
|
|
-
|
|
4,515
|
|
970
|
|
Resort operations
|
|
(56,968)
|
|
-
|
|
1,995
|
|
87,014
|
|
32,041
|
|
Residential
operations
|
|
(1,465)
|
|
-
|
|
-
|
|
968
|
|
(497)
|
|
Development
and administration
|
|
(3,024)
|
|
-
|
|
14
|
|
61
|
|
(2,949)
|
|
|
|
$
(61,457)
|
|
$ -
|
|
$
2,009
|
|
$
88,043
|
|
$
28,595
|
|