MGM MIRAGE AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30, September 30, September 30, September 30,
2002 2001
2002 2001
Revenues:
Casino
$554,066 $551,698
$1,656,137 $1,676,131
Rooms
203,632 194,491
634,447 655,605
Food
and
beverage 184,969
174,559 567,378
557,627
Entertainment,
retail and
other
168,730 165,775
510,289 502,725
Income
from
unconsolidated
affiliate 6,720
8,909 25,093
30,269
1,118,117 1,095,432
3,393,344 3,422,357
Less:
promotional
allowances 106,809
102,543 319,675
309,020
1,011,308 992,889
3,073,669 3,113,337
Expenses:
Casino
273,698 287,339
826,890 857,208
Rooms
56,997 59,727
169,476 181,507
Food
and
beverage 107,673
105,021 312,011
318,088
Entertainment,
retail and
other
111,146 120,538
324,851 339,091
Provision
for
doubtful
accounts (2,349)
27,008 20,736
58,745
General
and
administrative 157,848
156,755 453,302
453,760
Corporate
expense 10,620 8,408
32,185 29,607
Preopening
expenses 5,723
1,091 12,352
3,071
Restructuring
costs (credit) --
19,896 (10,421)
19,896
Write-downs
and
impairments 12,578
47,384 12,578
47,384
Depreciation
and
amortization 96,029
98,697 296,967
292,034
829,963 931,864
2,450,927 2,600,391
Operating Income
181,345 61,025
622,742 512,946
Non-Operating
Income
(Expense):
Interest
income 1,121
1,408 3,584
5,188
Interest
expense,
net
(71,498) (84,185)
(213,212) (274,197)
Interest
expense
from
unconsolidated
affiliate
(8) (482)
(596) (1,992)
Other,
net (2,749)
(1,440) (8,283)
(2,911)
(73,134) (84,699)
(218,507) (273,912)
Income (Loss)
Before
Income
Taxes
and
Extraordinary
Item
108,211 (23,674)
404,235 239,034
Benefit
(Provision) for
income taxes (38,323)
9,321 (150,516)
(92,129)
Income (Loss)
Before
Extraordinary
Item
69,888 (14,353)
253,719 146,905
Extraordinary
Item:
Loss
on Early
Extinguishment
of Debt, net (328)
-- (328)
(778)
Net Income
(Loss) $69,560 $(14,353)
$253,391 $146,127
Per Share Of
Common
Stock:
Basic:
Income
(Loss)
Before
Extraordinary
Item
$0.44 $(0.09)
$1.60 $0.92
Extraordinary
Item, net
-- --
--
--
Net
Income (Loss)
Per Share $0.44
$(0.09) $1.60
$0.92
Weighted
Average
Shares
Outstanding
(000's) 158,497
159,198 158,626
159,255
Diluted:
Income
(Loss)
Before
Extraordinary
Item
$0.43 $(0.09)
$1.58 $0.91
Extraordinary
Item, net
-- --
--
--
Net
Income (Loss)
Per Share $0.43
$(0.09) $1.58
$0.91
Weighted
Average
Shares
Outstanding
(000's) 160,575
159,198 160,881
161,424
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA
(Unaudited)
Three Months Ended
Nine Months Ended
September 30, September 30, September 30, September 30,
2002 2001
2002 2001
Net Income
(Loss) $69,560 $(14,353)
$253,391 $146,127
Preopening
expenses,
net
3,720 709
8,029 1,996
Restructuring
costs
(credit),
net --
12,932 (6,774)
12,932
Write-downs
and
impairments,
net 8,176 30,800
8,176 30,800
Management
agreement
termination
fee, net --
-- (7,419)
--
Extraordinary
item,
net
328 --
328 778
Income Before
Preopening,
Restructuring,
Write-downs
and
impairments,
Management
agreement
termination
fee
and
Extraordinary
item
$81,784 $30,088
$255,731 $192,633
Per Share Of
Common Stock:
Basic:
Net
Income (Loss) $0.44
$(0.09) $1.60
$0.92
Preopening
expenses,
net
0.03 0.01
0.05 0.02
Restructuring
costs
(credit), net --
0.08 (0.04)
0.08
Write-downs
and
impairments, net 0.05
0.19 0.05
0.19
Management
agreement
termination fee, net --
-- (0.05)
--
Extraordinary
item,
net
-- --
--
--
Income
Before
Preopening,
Restructuring,
Write-downs and
impairments,
Management
agreement
termination fee
and Extraordinary
item
$0.52 $0.19
$1.61 $1.21
Weighted
Average
Shares Outstanding
(000's) 158,497
159,198 158,626
159,255
Diluted:
Net
Income (Loss) $0.43
$(0.09) $1.58
$0.91
Preopening
expenses,
net
0.03 0.01
0.05 0.01
Restructuring
costs
(credit), net --
0.08 (0.04)
0.08
Write-downs
and
impairments, net 0.05
0.19 0.05
0.19
Management
agreement
termination fee, net --
-- (0.05)
--
Extraordinary
item,
net
-- --
--
--
Income
Before
Preopening,
Restructuring,
Write-downs and
impairments,
Management
agreement
termination fee
and Extraordinary
item
$0.51 $0.19
$1.59 $1.19
Weighted
Average
Shares Outstanding
(000's) 160,575
159,198 160,881
161,424
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - PROPERTY OPERATING RESULTS
(in thousands)
Three Months Ended
Nine Months Ended
September 30, September 30, September 30, September 30,
2002 2001
2002
2001
NET REVENUES:
Bellagio
$ 245,819 $ 233,390
$ 738,704 $ 734,096
MGM
Grand Las
Vegas
176,703 171,334
543,246 558,314
The
Mirage 144,107
144,842 433,556
478,286
Treasure
Island 86,159
86,274 262,667
276,940
New
York-New York 55,901 53,141
161,834 161,952
Primm
Valley
Resorts 55,533
54,702 161,208
159,756
Golden
Nugget
Las Vegas 40,728
40,081 130,577
133,209
Golden
Nugget
Laughlin 10,821
11,463 34,831
35,722
MGM
Grand Detroit 93,392 87,351
295,934 264,040
Beau
Rivage 77,028
83,312 223,835
227,168
Income
from
Unconsolidated
Affiliate 6,720
8,909 25,093
30,269
Boardwalk
8,203 8,356
24,368 26,669
MGM
Grand
Australia 10,194
8,635 25,724
23,428
MGM
Grand South
Africa
-- 1,099
12,092 3,488
$ 1,011,308 $ 992,889 $ 3,073,669
$ 3,113,337
EBITDA:
Bellagio
$ 91,305 $ 62,334
$ 268,319 $ 232,166
MGM
Grand
Las Vegas 53,470
30,779 162,233
138,879
The
Mirage 43,083
26,855 120,185
129,068
Treasure
Island 21,617
18,541 75,018
77,086
New
York-New York 21,679 18,000
65,135 65,276
Primm
Valley
Resorts
8,331 11,245
29,252 34,137
Golden
Nugget Las
Vegas
2,337 3,981
18,591 25,108
Golden
Nugget
Laughlin
905 82
4,104 2,909
MGM
Grand Detroit 35,132 33,201
123,311 103,928
Beau
Rivage 16,445
16,866 49,294
48,561
Income
from
Unconsolidated
Affiliate 6,720
8,909 25,093
30,269
Boardwalk
1,009 859
3,488 4,232
MGM
Grand
Australia 4,262
3,766 10,299
9,877
MGM
Grand South
Africa
-- 1,083
12,081 3,442
$ 306,295 $ 236,501
$ 966,403 $ 904,938
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL STATISTICAL INFORMATION
Three Months Ended
Nine Months Ended
September 30, September 30, September 30, September 30,
2002 2001
2002 2001
ROOM STATISTICS:
Bellagio
Occupancy % 93.8%
90.0% 95.2%
95.0%
Average Daily Rate
(ADR)
$169 $159
$177 $179
Revenue per
Available Room
(REVPAR) $159
$143 $169
$170
MGM Grand
Las Vegas
Occupancy % 92.8%
90.0% 92.3%
94.5%
Average Daily Rate
(ADR)
$104 $105
$110 $114
Revenue per
Available Room
(REVPAR)
$96 $94
$102 $108
The Mirage
Occupancy % 95.2%
91.7% 96.0%
95.7%
Average Daily Rate
(ADR)
$110 $109
$118 $123
Revenue per
Available Room
(REVPAR) $104
$100 $114
$118
Treasure
Island
Occupancy % 93.3%
92.5% 95.7%
95.6%
Average Daily Rate
(ADR)
$90 $88
$93 $99
Revenue per
Available Room
(REVPAR)
$84 $81
$89 $95
New York-New
York
Occupancy % 97.0%
92.2% 96.0%
96.2%
Average Daily Rate
(ADR)
$87 $80
$91 $87
Revenue per
Available Room
(REVPAR)
$84 $73
$87 $84
Primm
Valley Resorts
Occupancy % 61.7%
62.0% 63.4%
60.2%
Average Daily Rate
(ADR)
$38 $38
$37 $38
Revenue per
Available Room
(REVPAR)
$23 $24
$23 $23
Golden
Nugget
Las Vegas
Occupancy % 94.5%
92.0% 95.5%
96.4%
Average Daily Rate
(ADR)
$56 $59
$59 $62
Revenue per
Available Room
(REVPAR)
$53 $54
$56 $60
Golden
Nugget
Laughlin
Occupancy % 84.9%
92.3% 87.1%
94.0%
Average Daily
Rate (ADR) $38
$34 $39
$33
Revenue per
Available Room
(REVPAR) $32
$32 $34
$31
Beau
Rivage
Occupancy % 90.6%
95.2% 93.1%
95.5%
Average Daily Rate
(ADR)
$95 $85
$89 $81
Revenue per
Available Room
(REVPAR)
$86 $81
$83 $78
Boardwalk
Occupancy % 73.2%
81.4% 73.5%
87.7%
Average Daily Rate
(ADR)
$57 $59
$62 $65
Revenue per
Available Room
(REVPAR)
$42 $48
$46 $57
MGM Grand
Australia
Occupancy % 88.3%
91.0% 76.5%
75.0%
Average Daily Rate
(ADR)
$75 $62
$68 $59
Revenue per
Available Room
(REVPAR)
$67 $56
$52 $44
MGM MIRAGE AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(Unaudited)
ASSETS
September 30, December 31,
2002 2001
CURRENT ASSETS:
Cash and cash equivalents
$ 139,199 $ 208,971
Accounts receivable, net
114,767 144,374
Inventories
84,183 78,037
Income tax receivable
5,556 12,077
Deferred income taxes
92,489 148,845
Prepaid expenses and other
84,467 69,623
Total current assets
520,661 661,927
PROPERTY AND
EQUIPMENT, NET
8,786,931 8,891,645
OTHER ASSETS:
Investment in unconsolidated affiliates
709,206 632,949
Goodwill, net
104,522 103,059
Deposits and other assets, net
313,317 207,863
Total other assets
1,127,045 943,871
$ 10,434,637 $ 10,497,443
LIABILITIES AND S
CURRENT LIABILITIES:
Accounts payable
$ 62,915 $
75,787
Current portion of long-term debt
6,734 168,079
Accrued interest on long-term debt
56,375 78,938
Other accrued liabilities
611,749 565,106
Total current liabilities
737,773 887,910
DEFERRED INCOME
TAXES
1,761,915 1,746,272
LONG-TERM
DEBT
5,069,243 5,295,313
OTHER LONG-TERM
OBLIGATIONS
107,493 57,248
S
Common stock ($.01 par value: authorized
300,000,000 shares, issued 166,364,271
and 163,685,876 shares and outstanding
158,938,971 and 157,396,176 shares)
1,664 1,637
Capital in excess of par value
2,124,763 2,049,841
Deferred compensation
(28,370)
--
Treasury stock, at cost (7,425,300 and
6,289,700 shares)
(180,055) (129,399)
Retained earnings
851,162 597,771
Other comprehensive loss
(10,951) (9,150)
Total stockholders' equity
2,758,213 2,510,700
$ 10,434,637 $ 10,497,443 |