MGM Resorts International Reports First Quarter Financial Results
Key results for the first quarter of 2015 include the following:
- Net revenue at the Company’s wholly owned domestic resorts was $1.6 billion, an increase of half a percent compared to the prior year quarter;
- Slots revenue at wholly owned domestic resorts increased 5% 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 compared to the prior year quarter;
- The Company’s wholly owned domestic resorts earned Adjusted Property EBITDA(2) of $390 million, a 3% decrease compared to the prior year quarter, partially due to a decrease in table games hold percentage;
- MGM China’s net revenue was $630 million and Adjusted EBITDA was $148 million, a decrease of 33% and 38% compared to the prior year quarter, respectively; and
- CityCenter earned Adjusted EBITDA related to resort operations of $82 million, a 14% decrease compared to the prior year quarter, due primarily to a decrease in table games revenues.
To view full first quarter financial results please visit:
Strategic Hotels & Resorts Reports First Quarter 2015 Results
Company announces entering into a contract to acquire the Four Seasons Austin hotel and increases full year 2015 guidance ranges.
First Quarter Highlights
- Total consolidated revenues were $325.3 million in the first quarter of 2015, a 67.1 percent increase over the prior year period. This increase was primarily driven by the acquisition of the Four Seasons Resort Scottsdale at Troon North and the Montage Laguna Beach resort, as well as the consolidation of both the Hotel del Coronado and Fairmont Scottsdale Princess hotel.
- Net income attributable to common shareholders was $15.8 million, or $0.04 per fully diluted share, in the first quarter of 2015, compared with $217.2 million, or $0.97 per diluted share, in the first quarter of 2014. First quarter 2014 results include $233.9 million in gains from the sale of the Four Seasons Punta Mita and the Marriott London Grosvenor Square hotel, net of taxes, and the consolidation of the Fairmont Scottsdale Princess hotel. These gains, and other one-time items, have been excluded from Comparable EBITDA, FFO and FFO per fully diluted share.
- Comparable FFO was $0.20 per fully diluted share in the first quarter of 2015 compared with $0.06 per fully diluted share in the prior year period, a 233.3 percent increase over the prior year period. The year-over-year increase in Comparable FFO per fully diluted share was primarily the result of accretive acquisitions and the redemption of preferred equity.
- Comparable EBITDA was $74.1 million in the first quarter of 2015 compared with $41.2 million in the prior year period, an 80.0 percent increase over the prior year period. Approximately $23.6 million of the year-over-year increase was related to acquisition activity, net of disposition activity, with the remainder from organic growth within the portfolio.
- Same Store United States portfolio RevPAR increased 12.0 percent in the first quarter of 2015, driven by a 6.8 percent increase in ADR and a 3.3 percentage point increase in occupancy compared to the first quarter of 2014. Total RevPAR increased 11.0 percent between periods, with non-rooms revenue increasing 10.0 percent between periods.
- Total United States portfolio RevPAR increased 12.2 percent in the first quarter of 2015, driven by a 7.3 percent increase in ADR and a 3.2 percentage point increase in occupancy compared to the first quarter of 2014. Total RevPAR increased 10.9 percent between periods, with non-rooms revenue increasing 9.7 percent between periods.
- Group occupied room nights in the Total United States portfolio increased 6.2 percent and transient occupied room nights increased 3.3 percent in the first quarter of 2015 compared to the first quarter of 2014. Group ADR increased 8.5 percent in the first quarter of 2015 compared to the first quarter of 2014, and transient ADR increased 6.1 percent compared to the first quarter of 2014.
- Same Store United States and Total United States portfolio EBITDA margins expanded 500 basis points and 490 basis points, respectively, in the first quarter of 2015 compared to the first quarter of 2014. Excluding one-time real estate tax credits received in the first quarter of 2015, EBITDA margins expanded 300 basis points and 310 basis points in the Same Store and Total United States portfolios, respectively. EBITDA margins in both years have been adjusted to exclude the amortization of the below market hotel management agreement related to the Hotel del Coronado, and other adjustments related to the adoption of the USALI Eleventh Revised Edition to improve comparability between years.
To view full first quarter financial results please visit:
http://ir.strategichotels.com/phoenix.zhtml?c=176522&p=irol-newsArticle&ID=2043413
WoodSpring Suites (Formerly Value Place) Reports First Quarter 2015 Results
First Quarter 2015 Highlights:
- The Company’s revenue increased by 26.5 percent to $30.3 million as compared to the first quarter of 2014
- Royalty revenue increased by 7.9 percent to $1.7 million as compared to first quarter in 2014
- System-wide hotel room revenue was $57.3 million, an increase of 13.5 percent over first quarter of 2014
- Comparable system-wide hotel room revenue per available room (RevPAR) rose 9.9 percent as compared to first quarter of 2014; the result of a 9.9 percent average daily rate increase
- Comparable corporate hotel room revenue per available room (RevPAR) rose 14.3 percent as compared to first quarter of 2014; the result of a 12.2 percent average daily rate increase and a 150 basis point increase in occupancy
- Corporate hotels (82 properties) generated EBITDA margins of 49.3 percent
- The company executed 7 hotel license agreements during the quarter
- System-wide there were 8 hotels under construction, including 6 company-owned hotels
- System-wide, 3 hotels were opened during the quarter
To view full first quarter financial results please visit:
