MGM Resorts International Reports Q3 2011 Net Revenue of $2.2 billion Compared to $1.6 billion Prior Year Quarter; Domestic RevPAR Increased 11% / November 2011

LAS VEGAS, Nov. 3, 2011-- MGM Resorts International (NYSE: MGM) today reported improved financial results for the third quarter ended September 30, 2011. Diluted earnings per share attributable to MGM Resorts International was a loss of $0.25 per share compared to a loss of $0.72 per share in the prior year third quarter. The current quarter included an impairment charge of $0.11 per share compared to impairment charges of $0.51 in the prior year period. The current quarter results also include a full quarter of results related to MGM China Holdings Limited (“MGM China”), which the Company began consolidating as of June 3, 2011.

“Our results show the inherent operating leverage in our business as this quarter represents the third consecutive quarter of year-over-year revenue, Adjusted Property EBITDA and Adjusted Property EBITDA margin growth for our wholly owned domestic resorts. Our forward booking trends remain strong both for our consumer retail segments and corporate events,” said Jim Murren, MGM Resorts International Chairman and CEO. “MGM China’s operating trends continue to improve with cash flow before branding fees increasing approximately 80% year-over-year. We are extremely pleased with our Cotai development plans while at the same time have some exciting expansion opportunities within our existing MGM Macau property.”

In the current quarter, the Company recorded an impairment charge of $80 million (or $0.11 per share, net of tax) related to Circus Circus Reno. The prior year quarter results include impairment charges totaling $357 million (or $0.51 per diluted share, net of tax) consisting of impairment charges of $191 million related to the Company’s investment in CityCenter, $38 million related to CityCenter’s residential real estate inventory, and $128 million related to the Company’s Borgata investment.

The following table lists items that affect the comparability of the current and prior year quarterly results in addition to the consolidation of MGM China (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):

Casino revenue related to wholly owned domestic resorts decreased 2% compared to the prior year quarter. The overall table games hold percentage in the third quarter of 2011 was near the low end of the Company’s normal range of 19% to 23%. The overall table games hold percentage in the prior year was near the mid-point of the Company’s normal range. Slots revenue increased 4% compared to the prior year quarter, with an increase of 6% at the Company’s Las Vegas Strip resorts.

Rooms revenue increased 11% with Las Vegas Strip REVPAR up 13%. The following table shows key hotel statistics for the Company’s Las Vegas Strip resorts:

Operating income for the Company’s wholly owned domestic resorts for the third quarter of 2011 was $130 million. Operating income was negatively affected by an $80 million impairment charge at Circus Circus Reno related to the carrying value of its long-lived assets. Excluding the impairment charge, operating income increased 28% compared to the third quarter of 2010. Adjusted Property EBITDA was $348 million in the 2011 quarter, a 10% increase compared to $315 million in the 2010 quarter.

MGM China completed its initial public offering of shares on The Stock Exchange of Hong Kong Limited on June 3, 2011 and the Company acquired an additional 1% interest in MGM China, which owns the MGM Macau resort and casino. This acquisition increased the Company’s ownership interest to 51% and, as a result, the Company began consolidating MGM China as of June 3, 2011. Prior to June 3, 2011, the results of MGM Macau were accounted for under the equity method of accounting.

The schedules accompanying this release provide pro forma information for MGM China, presented for the three and nine month periods ended September 30, 2011 and 2010, as if the acquisition of the Company’s controlling interest occurred as of January 1, 2010.

The following table summarizes information related to the Company’s income (loss) from unconsolidated affiliates:

The Company’s share of CityCenter’s operating losses in the prior year includes the effect of a residential inventory impairment charge of $38 million.

Results for CityCenter Holdings, LLC for the third quarter of 2011 include the following (see schedules accompanying this release for further detail on CityCenter’s third quarter results):

In September 2011, the Company borrowed an additional $879 million under its senior credit facility to increase its capacity for issuing additional secured indebtedness; these borrowings were repaid immediately after quarter end. As a result, the Company had a higher than normal cash balance at September 30, 2011 of $1.8 billion, which also included approximately $494 million of cash and cash equivalents related to MGM China. At September 30, 2011, the Company had approximately $13.6 billion of indebtedness (with a carrying value of $13.5 billion) including approximately $551 million of borrowings outstanding on the MGM Macau credit facility. Giving effect to the repayment it made on October 3, 2011, the Company had approximately $1.2 billion of available borrowing capacity under its senior credit facility.

“We continue to make strategic investments to maximize earnings and are focused on domestic and international expansion opportunities,” said Dan D’Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer. “We believe cash flow at our wholly owned resorts, CityCenter and MGM China will continue to improve, allowing us to further strengthen our balance sheet.”

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 1-877-274-9221 for Domestic callers and 1-706-634-6528 for International callers. The conference call access code is 17370604. A replay of the call will be available through Thursday, November 10, 2011. The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The replay access code is 17370604. The call will also be archived at www.mgmresorts.com.

(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, 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 Property 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, pre-opening 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.

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, 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, liquidity to pay future indebtedness and potential economic recoveries. 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, 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,
		2011	2010	2011	2010
Revenues:
	Casino	$ 1,241,959	$ 643,395	$ 2,629,674	$ 1,862,039
	Rooms	405,173	352,766	1,170,301	1,039,472
	Food and beverage	369,484	343,180	1,078,268	1,019,553
	Entertainment	132,350	123,907	382,037	364,524
	Retail	55,509	52,618	155,951	147,569
	Other	128,204	124,033	371,253	354,288
	Reimbursed costs	87,144	88,551	262,914	272,235
		2,419,823	1,728,450	6,050,398	5,059,680
	Less: Promotional allowances	(186,236)	(161,333)	(497,975)	(478,981)
		2,233,587	1,567,117	5,552,423	4,580,699
Expenses:
	Casino	795,652	356,218	1,632,382	1,067,025
	Rooms	125,864	111,711	366,736	320,466
	Food and beverage	214,412	197,836	628,559	585,123
	Entertainment	96,889	91,129	279,605	272,386
	Retail	32,641	32,093	94,279	90,671
	Other	90,021	88,144	256,710	250,298
	Reimbursed costs	87,144	88,551	262,914	272,235
	General and administrative	304,049	292,456	875,193	850,914
	Corporate expense	43,523	30,715	120,024	87,543
	Preopening and start-up expenses	-	30	(316)	4,061
	Property transactions, net	81,837	326,681	82,828	1,453,652
	Gain on MGM China transaction	-	-	(3,496,005)	-
	Depreciation and amortization	249,520	158,857	579,384	486,757
		2,121,552	1,774,421	1,682,293	5,741,131

Income (loss) from unconsolidated affiliates		539	1,403	95,909	(105,709)

Operating income (loss)		112,574	(205,901)	3,966,039	(1,266,141)

Non-operating income (expense):
	Interest expense	(272,542)	(285,139)	(812,680)	(840,483)
	Non-operating items from unconsolidated affiliates	(24,692)	(27,185)	(92,984)	(82,109)
	Other, net	(1,595)	7,298	(18,567)	157,742
		(298,829)	(305,026)	(924,231)	(764,850)

Income (loss) before income taxes		(186,255)	(510,927)	3,041,808	(2,030,991)
	Benefit for income taxes	79,680	192,936	212,437	732,783

Net income (loss)		(106,575)	(317,991)	3,254,245	(1,298,208)
	Less: net income attributable to noncontrolling interests	(17,211)	-	(25,917)	-
Net income (loss) attributable to MGM Resorts International		$ (123,786)	$ (317,991)	$ 3,228,328	$ (1,298,208)

Per share of common stock:
	Basic:
	Net Income (loss) attributable to MGM Resorts International	$ (0.25)	$ (0.72)	$ 6.61	$ (2.94)

	Weighted average shares outstanding	488,636	441,328	488,595	441,289
	Diluted:
	Net Income (loss) attributable to MGM Resorts International	$ (0.25)	$ (0.72)	$ 5.83	$ (2.94)

	Weighted average shares outstanding	488,636	441,328	558,544	441,289

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)


			September 30,	December 31,
			2011	2010

ASSETS
Current assets:
	Cash and cash equivalents		$ 1,815,125	$ 498,964
	Accounts receivable, net		463,407	321,894
	Inventories		104,279	96,392
	Income tax receivable		-	175,982
	Deferred income taxes		79,458	110,092
	Prepaid expenses and other		259,538	252,321
		Total current assets	2,721,807	1,455,645

Property and equipment, net			14,868,394	14,554,350

Other assets:
	Investments in and advances to unconsolidated affiliates		1,659,719	1,923,155
	Goodwill		2,905,378	86,353
	Other intangible assets, net		5,120,662	342,804
	Deposits and other assets, net		577,063	598,738
		Total other assets	10,262,822	2,951,050
			$ 27,853,023	$ 18,961,045


LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
	Accounts payable		$ 158,477	$ 167,084
	Income taxes payable		2,639	-
	Current portion of long-term debt		351,608	-
	Accrued interest on long-term debt		240,780	211,914
	Other accrued liabilities		1,261,843	867,223
		Total current liabilities	2,015,347	1,246,221

Deferred income taxes			2,603,418	2,469,333
Long-term debt			13,099,074	12,047,698
Other long-term obligations			193,578	199,248
Stockholders' equity:
	Common stock, $.01 par value: authorized 1,000,000,000 shares,
	issued and outstanding 488,643,408 and 488,513,351 shares		4,886	4,885
	Capital in excess of par value		4,085,783	4,060,826
	Retained earnings (accumulated deficit)		2,161,463	(1,066,865)
	Accumulated other comprehensive loss		(3,276)	(301)
		Total MGM Resorts International stockholders' equity	6,248,856	2,998,545
	Noncontrolling interests		3,692,750	-
		Total equity	9,941,606	2,998,545
			$ 27,853,023	$ 18,961,045

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,
		2011	2010	2011	2010
	Bellagio	$ 275,884	$ 270,219	$ 805,892	$ 769,312
	MGM Grand Las Vegas	243,037	232,667	707,618	711,335
	Mandalay Bay	199,166	186,285	587,525	548,019
	The Mirage	140,989	152,536	433,912	426,062
	Luxor	88,203	81,851	252,420	239,979
	New York-New York	68,449	65,078	202,147	187,805
	Excalibur	67,831	65,930	196,341	191,320
	Monte Carlo	65,321	57,786	193,602	168,965
	Circus Circus Las Vegas	56,559	52,541	149,694	143,176
	MGM Grand Detroit	139,049	133,415	425,189	407,629
	Beau Rivage	89,713	87,006	261,448	256,579
	Gold Strike Tunica	40,415	41,265	108,485	117,634
	Other resort operations	34,759	33,888	96,840	96,793
	Wholly owned domestic resorts	1,509,375	1,460,467	4,421,113	4,264,608
	MGM China(1)	623,050	-	816,034	-
	Management and other operations	101,162	106,650	315,276	316,091
		$ 2,233,587	$ 1,567,117	$ 5,552,423	$ 4,580,699

(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,
		2011	2010	2011	2010
	Bellagio	$ 74,251	$ 75,858	$ 205,522	$ 195,137
	MGM Grand Las Vegas	42,221	40,011	114,646	130,604
	Mandalay Bay	41,372	30,435	129,417	96,177
	The Mirage	25,406	31,980	82,145	80,624
	Luxor	21,065	14,114	60,020	44,455
	New York-New York	22,738	21,943	66,089	59,561
	Excalibur	17,463	15,881	51,974	49,158
	Monte Carlo	14,466	7,930	43,870	24,038
	Circus Circus Las Vegas	8,898	6,126	20,524	13,350
	MGM Grand Detroit	39,897	40,466	125,593	118,436
	Beau Rivage	25,501	17,637	57,925	51,040
	Gold Strike Tunica	13,464	11,704	21,219	31,590
	Other resort operations	852	1,302	(2)	1,302
	Wholly owned domestic resorts	347,594	315,387	978,942	895,472
	MGM China(1)	139,326	-	185,748	-
	MGM Macau (50%)(2)	-	29,372	115,219	71,165
	CityCenter (50%)(3)	(7,723)	(37,893)	(46,029)	(212,066)
	Other unconsolidated resorts(3)	8,262	9,924	26,719	35,484
	Management and other operations	4,637	(9,490)	6,159	(16,917)
		$ 492,096	$ 307,300	$ 1,266,758	$ 773,138

(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.
(2) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences for the three and nine months ended September 30, 2010 and the approximately five months ended June 2, 2011
(3) Represents the Company's share of operating income (loss) before preopening expense, 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, 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

19,275

42,221

Mandalay Bay

19,313

22,006

41,372

The Mirage

6,708

1,291

17,407

25,406

Luxor

11,775

9,288

21,065

New York-New York

17,043

5,695

22,738

Excalibur

12,477

4,973

17,463

Monte Carlo

9,209

5,252

14,466

Circus Circus Las Vegas

4,192

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)

Other unconsolidated resorts

8,262

Management and other operations

1,000

3,631

4,637

172,630

81,821

237,645

492,096

Stock compensation

(8,707)

Corporate

(51,349)

11,875

(39,458)

$ 112,574

$ -

$ 81,837

$ 249,520

$ 443,931

Three Months Ended September 30, 2010

Operating

income (loss)

Preopening and

start-up

expenses

Property

transactions, net

Depreciation

and

amortization

Adjusted

EBITDA

Bellagio

$ 52,040

$ -

$ (18)

$ 23,836

$ 75,858

MGM Grand Las Vegas

20,855

(45)

19,201

40,011

Mandalay Bay

5,023

2,181

23,231

30,435

The Mirage

16,104

450

15,426

31,980

Luxor

3,666

10,437

14,114

New York-New York

14,307

763

6,873

21,943

Excalibur

10,300

5,581

15,881

Monte Carlo

(1,954)

3,765

6,119

7,930

Circus Circus Las Vegas

1,024

5,098

6,126

MGM Grand Detroit

30,724

(484)

10,226

40,466

Beau Rivage

4,950

348

12,339

17,637

Gold Strike Tunica

7,532

549

3,623

11,704

Other resort operations

(3)

(1)

1,306

1,302

Wholly owned domestic resorts

164,568

7,523

143,296

315,387

MGM Macau (50%)

29,372

CityCenter (50%)

(37,893)

Other unconsolidated resorts

9,924

Management and other operations

(13,563)

4,043

(9,490)

152,408

7,523

147,339

307,300

Stock compensation

(8,599)

Corporate

(349,710)

319,158

11,518

(19,034)

$ (205,901)

$ 30

$ 326,681

$ 158,857

$ 279,667

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, 2011

Operating

income (loss)

Preopening and

start-up

expenses

Gain on MGM

China transaction

& Property

transactions, net

Depreciation

and

amortization

Adjusted

EBITDA

Bellagio

$ 132,489

$ -

$ 820

$ 72,213

$ 205,522

MGM Grand Las Vegas

56,837

57,808

114,646

Mandalay Bay

63,365

65,983

129,417

The Mirage

35,123

1,330

45,692

82,145

Luxor

31,599

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

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

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

CityCenter (50%)

(46,029)

Other unconsolidated resorts

26,719

Management and other operations

(4,289)

(316)

10,763

6,159

638,446

(316)

82,799

545,829

1,266,758

Stock compensation

(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

Nine Months Ended September 30, 2010

Operating

income (loss)

Preopening and

start-up

expenses

Property

transactions, net

Depreciation

and

amortization

Adjusted

EBITDA

Bellagio

$ 122,871

$ -

$ (125)

$ 72,391

$ 195,137

MGM Grand Las Vegas

72,134

(45)

58,515

130,604

Mandalay Bay

23,758

2,840

69,579

96,177

The Mirage

29,535

311

50,778

80,624

Luxor

12,237

32,217

44,455

New York-New York

31,737

6,858

20,966

59,561

Excalibur

31,103

784

17,271

49,158

Monte Carlo

1,928

3,765

18,345

24,038

Circus Circus Las Vegas

(2,529)

229

15,650

13,350

MGM Grand Detroit

88,391

(484)

30,529

118,436

Beau Rivage

13,768

351

36,921

51,040

Gold Strike Tunica

21,336

(551)

10,805

31,590

Other resort operations

(2,827)

4,125

1,302

Wholly owned domestic resorts

443,442

13,938

438,092

895,472

MGM Macau (50%)

71,165

CityCenter (50%)

(215,560)

3,494

(212,066)

Other unconsolidated resorts

35,484

Management and other operations

(28,699)

567

11,215

(16,917)

305,832

4,061

13,938

449,307

773,138

Stock compensation

(26,156)

Corporate

(1,545,817)

1,439,714

37,450

(68,653)

$ (1,266,141)

$ 4,061

$ 1,453,652

$ 486,757

$ 678,329

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,
		2011	2010	2011	2010
Adjusted EBITDA		$ 443,931	$ 279,667	$ 1,131,930	$ 678,329
Preopening and start-up expenses		-	(30)	316	(4,061)
Property transactions, net		(81,837)	(326,681)	(82,828)	(1,453,652)
Gain on MGM China transaction		-	-	3,496,005	-
Depreciation and amortization		(249,520)	(158,857)	(579,384)	(486,757)
Operating income (loss)		112,574	(205,901)	3,966,039	(1,266,141)

Non-operating income (expense):
Interest expense		(272,542)	(285,139)	(812,680)	(840,483)
Other, net		(26,287)	(19,887)	(111,551)	75,633
		(298,829)	(305,026)	(924,231)	(764,850)

Income (loss) before income taxes		(186,255)	(510,927)	3,041,808	(2,030,991)
Benefit for income taxes		79,680	192,936	212,437	732,783
Net income (loss)		(106,575)	(317,991)	3,254,245	(1,298,208)
Less: net income attributable to noncontrolling interests		(17,211)	-	(25,917)	-
Net income (loss) attributable to MGM Resorts International		$ (123,786)	$ (317,991)	$ 3,228,328	$ (1,298,208)


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,
		2011	2010	2011	2010
	Bellagio
	Occupancy %	96.8%	94.8%	94.7%	93.5%
	Average daily rate (ADR)	$230	$198	$226	$201
	Revenue per available room (REVPAR)	$222	$187	$214	$188

	MGM Grand Las Vegas
	Occupancy %	95.4%	94.6%	94.3%	94.1%
	ADR	$129	$112	$130	$115
	REVPAR	$123	$106	$123	$108

	Mandalay Bay
	Occupancy %	95.7%	91.2%	93.5%	90.0%
	ADR	$175	$164	$176	$160
	REVPAR	$168	$149	$165	$144

	The Mirage
	Occupancy %	96.7%	95.8%	95.8%	93.3%
	ADR	$140	$129	$145	$132
	REVPAR	$136	$124	$138	$124

	Luxor
	Occupancy %	94.6%	92.1%	91.8%	89.7%
	ADR	$87	$82	$90	$84
	REVPAR	$83	$76	$83	$75

	New York-New York
	Occupancy %	95.3%	93.2%	94.5%	92.1%
	ADR	$108	$97	$108	$100
	REVPAR	$103	$90	$102	$92

	Excalibur
	Occupancy %	92.4%	94.9%	90.0%	89.6%
	ADR	$70	$63	$72	$66
	REVPAR	$65	$60	$65	$59

	Monte Carlo
	Occupancy %	97.2%	95.5%	94.8%	91.4%
	ADR	$99	$86	$98	$87
	REVPAR	$96	$82	$93	$80

	Circus Circus Las Vegas
	Occupancy %	88.1%	86.8%	76.2%	78.9%
	ADR	$52	$45	$54	$45
	REVPAR	$46	$39	$41	$36

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

2011

2010

2011

2010

Aria

$ 214,347

$ 220,008

$ 672,810

$ 537,352

Vdara

20,060

10,859

55,230

28,629

Crystals

11,345

9,182

34,229

22,952

Mandarin Oriental

9,064

7,469

30,309

21,527

Resort operations

254,816

247,518

792,578

610,460

Residential operations

5,186

165,965

20,328

464,417

$ 260,002

$ 413,483

$ 812,906

$ 1,074,877

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

2011

2010

2011

2010

Adjusted EBITDA

$ 46,090

$ 52,357

$ 157,978

$ 52,419

Preopening and start-up expenses

(6,202)

Property transactions, net

(6)

(354,981)

(53,362)

(583,079)

Depreciation and amortization

(86,093)

(80,822)

(271,270)

(230,004)

Operating loss

(40,009)

(383,446)

(166,654)

(766,866)

Non-operating income (expense):

Interest expense - sponsor notes, net

(20,092)

(23,409)

(57,699)

(67,872)

Interest expense - other, net

(47,665)

(42,221)

(142,714)

(106,495)

Other, net

1,129

(176)

(20,566)

(4,885)

(66,628)

(65,806)

(220,979)

(179,252)

Net loss

$ (106,637)

$ (449,252)

$ (387,633)

$ (946,118)

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING LOSS TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended September 30, 2011

Operating 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)

(3,975)

$ (40,009)

$ -

$ 6

$ 86,093

$ 46,090

Three Months Ended September 30, 2010

Operating loss

Preopening and

start-up

expenses

Property

transactions,

net

Depreciation

and

amortization

Adjusted

EBITDA

Aria

$ (19,594)

$ -

$ 60,965

$ 41,371

Vdara

(9,646)

9,059

(587)

Crystals

(3,158)

5,599

2,441

Mandarin Oriental

(7,935)

4,311

(3,624)

Resort operations

(40,333)

79,934

39,601

Residential operations

(50,002)

75,759

308

26,065

Development and administration

(293,111)

279,222

580

(13,309)

$ (383,446)

$ -

$ 354,981

$ 80,822

$ 52,357

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING LOSS TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Nine Months Ended September 30, 2011

Operating 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

Nine Months Ended September 30, 2010

Operating loss

Preopening and

start-up

expenses

Property

transactions,

net

Depreciation

and

amortization

Adjusted

EBITDA

Aria

$ (160,725)

$ -

$ 173,061

$ 12,336

Vdara

(31,175)

26,182

(4,993)

Crystals

(10,405)

16,013

5,608

Mandarin Oriental

(23,629)

12,065

(11,564)

Resort operations

(225,934)

227,321

1,387

Residential operations

(227,594)

303,857

914

77,177

Development and administration

(313,338)

6,202

279,222

1,769

(26,145)

$ (766,866)

$ 6,202

$ 583,079

$ 230,004

$ 52,419

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

2011

2010

2011

2010

Aria

Occupancy %

86.6%

81.6%

87.4%

74.8%

ADR

$200

$175

$201

$181

REVPAR

$173

$142

$176

$136

Vdara

Occupancy %

83.8%

69.8%

86.0%

66.1%

ADR

$157

$141

$158

$144

REVPAR

$131

$99

$136

$96

MGM CHINA (1)
SUPPLEMENTAL PRO FORMA INFORMATION
NET REVENUES AND 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,
	2011	2010	2011	2010

Net revenues	$ 623,049	$ 362,306	$ 1,887,064	$ 1,001,339

Adjusted EBITDA (2)	$ 139,326	$ 83,841	$ 455,755	$ 215,690
Property transactions, net	(294)	(51)	(804)	(409)
Depreciation and amortization (3)	(89,933)	(93,416)	(268,867)	(280,192)
Operating income (loss)	49,099	(9,626)	186,084	(64,911)
Non-operating income (expense)	(6,889)	(10,541)	(18,616)	(37,454)
Income (loss) before income taxes	42,210	(20,167)	167,468	(102,365)
Provision for income taxes	(5,302)	(11)	(20,383)	(33)
Net income (loss)	$ 36,908	$ (20,178)	$ 147,085	$ (102,398)