MGM Resorts International Reports Q4 2011 Net Loss of $113.7 million Compared to Loss of $139.2 million Prior Year Quarter; Domestic RevPAR Increased 10% / February 2012

LAS VEGAS, Feb. 22, 2012 -- MGM Resorts International (NYSE: MGM) today reported improved financial results for the fourth quarter ended December 31, 2011. Loss per share was $0.23 compared to a loss of $0.29 per share in the prior year fourth quarter. The current quarter results include MGM China Holdings, Limited (“MGM China”), which the Company began consolidating as of June 3, 2011.

“2011 was a year in which we achieved many goals: operationally, strategically, and financially. Operationally, we enhanced our customer experience through targeted reinvestment in our properties and improved relationships through our M life customer loyalty program. Strategically, we acquired a majority interest in MGM China and began expanding our brand presence in key markets throughout the world, particularly Asia. Financially, our revenues and margins have improved year over year increasing our cash flow and strengthening our financial profile,” said Jim Murren, MGM Resorts International Chairman and CEO. “Going forward we expect to build off of these strategies to grow our company and maximize shareholder value.”

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):

The current quarter tax adjustments include a net $44 million, or $0.09 per share, increase in income tax benefit resulting from a decrease in the Macau net deferred tax liability, partially offset by an increase in the Michigan net deferred tax liability. Tax adjustments in the prior year quarter include a $32 million, or $0.07 per share, reduction in the Company’s income tax benefit as a result of providing reserves for certain state-level deferred tax assets.

In the current quarter, the Company recorded an impairment charge of $62 million ($0.07 per share, net of tax) related to its investment in Borgata and an impairment charge of $23 million ($0.03 per share, net of tax) related to its investment in Silver Legacy.

Casino revenue related to wholly owned domestic resorts increased 8% compared to the prior year quarter. The overall table games hold percentage in the fourth quarter of 2011 was near the high end of the Company’s normal range of 19% to 23% and was near the low end of the Company’s range in the prior year quarter. Slots revenue increased 3% compared to the prior year quarter.

Rooms revenue increased 10% 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 fourth quarter of 2011 was $186 million, an increase of 36% compared to the fourth quarter of 2010.

On February 22, 2012, MGM China’s Board of Directors announced a dividend of approximately $400 million, which will be paid to shareholders of record as of March 9, 2012 and distributed on or about March 20, 2012. MGM Resorts International will receive approximately $204 million, representing 51% of such dividend.

The schedules accompanying this release provide pro forma information for MGM China, presented for the three and twelve month periods ended December 31, 2011 and 2010, as if the acquisition of the Company’s controlling interest occurred as of January 1, 2010. The following are the key fourth quarter results for MGM China on a pro forma basis:

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

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

Net revenue for 2011 was $7.8 billion, which included $1.5 billion of net revenue related to MGM China. Excluding MGM China, net revenue increased 4% for the year compared to 2010. Las Vegas Strip REVPAR increased 13% for the full year compared to 2010. Adjusted Property EBITDA from wholly owned domestic resorts increased 11% to $1.3 billion for 2011 compared to $1.2 billion in 2010. MGM China’s Adjusted Property EBITDA was $360 million for the period from June 3, 2011 through December 31, 2011.

MGM China reported record results for 2011 with net revenues of $2.6 billion and Adjusted EBITDA of $630 million, an increase of 66% and 76% year over year, respectively.

CityCenter reported year over year operating improvement with net revenue from resort operations of $1.1 billion and Adjusted Property EBITDA related to resort operations of $236 million.

Diluted earnings per share attributable to MGM Resorts International for 2011 was $5.62 compared to a loss per share of $3.19 in 2010. The following table lists significant items which affect the comparability of the current year and prior year annual results (EPS impact shown, net of tax, per share; negative amounts represent charges to income):

In December 2011, the Company borrowed an additional $778 million under its senior credit facility to increase its capacity for issuing additional secured indebtedness. As a result, the Company had a higher than normal cash balance at December 31, 2011 of $1.9 billion, which also included approximately $720 million of cash and cash equivalents related to MGM China.

At December 31, 2011, the Company had approximately $13.6 billion of indebtedness (with a carrying value of $13.5 billion), including $3.3 billion of borrowings outstanding under its senior credit facility. Giving effect to the repayment in January 2012 of the $778 million additional borrowing noted above, the Company would have had approximately $957 million of available borrowing capacity under its senior credit facility at December 31, 2011.

In January 2012, the Company issued $850 million of 8.625% senior unsecured notes due 2019, for net proceeds to the Company of approximately $836 million.

As previously announced, the Company is seeking amendments to its aggregate $3.5 billion senior credit facility to, among other things, extend the maturity of loans held by consenting lenders from February 21, 2014 to February 23, 2015. Lenders holding approximately 62% or $2.2 billion aggregate principal amount of the credit facility have elected to extend the maturity dates of their commitments. Extending lenders will receive a 20% reduction of their previous credit exposures, unless waived by such lenders. In addition, extending lenders’ loans will be subject to a pricing grid that decreases the LIBOR spread by as much as 250 basis points based upon collateral coverage levels and the LIBOR floor on extended loans would be reduced from 200 basis points to 100 basis points. The closing of the amendment is subject to customary closing conditions and is expected to occur by the end of this month.

“We remain committed to improving our balance sheet and maximizing free cash flow as evidenced by our recent bond issuances, the commitments to our senior credit facility amend and extend transaction, and today’s dividend announcement from MGM China,” said Dan D’Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer. “While we have made tremendous progress, we see further opportunities to lower our cost of capital and de-lever 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 1-877-355-2280 for domestic callers and 1-706-758-3659 for international callers. The conference call access code is 43802425. A replay of the call will be available through Wednesday, February 29, 2012. The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The replay access code is 43802425. The call will also be archived at www.mgmresorts.com.

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.

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.

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, potential economic recoveries, our ability to lower costs and further deleverage our balance sheet and the closing of the amend and extend transaction. 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		Twelve Months Ended
		December 31,	December 31,	December 31,	December 31,
		2011	2010	2011	2010
Revenues:
	Casino	$ 1,373,311	$ 617,656	$ 4,002,985	$ 2,479,695
	Rooms	377,464	330,582	1,547,765	1,370,054
	Food and beverage	347,160	319,621	1,425,428	1,339,174
	Entertainment	132,846	121,795	514,883	486,319
	Retail	48,855	47,322	204,806	194,891
	Other	114,408	105,638	485,661	459,926
	Reimbursed costs	88,293	87,235	351,207	359,470
		2,482,337	1,629,849	8,532,735	6,689,529
	Less: Promotional allowances	(185,448)	(154,547)	(683,423)	(633,528)
		2,296,889	1,475,302	7,849,312	6,056,001
Expenses:
	Casino	882,897	355,506	2,515,279	1,422,531
	Rooms	119,015	102,607	485,751	423,073
	Food and beverage	200,459	189,320	829,018	774,443
	Entertainment	95,954	87,997	375,559	360,383
	Retail	29,784	29,922	124,063	120,593
	Other	88,774	83,519	345,484	333,817
	Reimbursed costs	88,293	87,235	351,207	359,470
	General and administrative	307,312	277,889	1,182,505	1,128,803
	Corporate expense	54,947	36,698	174,971	124,241
	Preopening and start-up expenses	-	186	(316)	4,247
	Property transactions, net	95,770	(2,178)	178,598	1,451,474
	Gain on MGM China transaction	-	-	(3,496,005)	-
	Depreciation and amortization	237,762	146,666	817,146	633,423
		2,200,967	1,395,367	3,883,260	7,136,498

Income (loss) from unconsolidated affiliates		(4,815)	27,275	91,094	(78,434)

Operating income (loss)		91,107	107,210	4,057,146	(1,158,931)

Non-operating income (expense):
	Interest expense	(274,152)	(273,097)	(1,086,832)	(1,113,580)
	Non-operating items from unconsolidated affiliates	(26,029)	(26,622)	(119,013)	(108,731)
	Other, net	(1,103)	7,475	(19,670)	165,217
		(301,284)	(292,244)	(1,225,515)	(1,057,094)

Income (loss) before income taxes		(210,177)	(185,034)	2,831,631	(2,216,025)
	Benefit for income taxes	190,876	45,845	403,313	778,628

Net income (loss)		(19,301)	(139,189)	3,234,944	(1,437,397)
	Less: net income attributable to noncontrolling interests	(94,390)	-	(120,307)	-
Net income (loss) attributable to MGM Resorts International		$ (113,691)	$ (139,189)	$ 3,114,637	$ (1,437,397)

Per share of common stock:
	Basic:
	Net Income (loss) attributable to MGM Resorts International	$ (0.23)	$ (0.29)	$ 6.37	$ (3.19)

	Weighted average shares outstanding	488,823	477,630	488,652	450,449

	Diluted:
	Net Income (loss) attributable to MGM Resorts International	$ (0.23)	$ (0.29)	$ 5.62	$ (3.19)

	Weighted average shares outstanding	488,823	477,630	560,895	450,449

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


			December 31,	December 31,
			2011	2010

ASSETS
Current assets:
	Cash and cash equivalents		$ 1,865,913	$ 498,964
	Accounts receivable, net		491,730	321,894
	Inventories		112,735	96,392
	Income tax receivable		-	175,982
	Deferred income taxes		91,060	110,092
	Prepaid expenses and other		251,282	252,321
		Total current assets	2,812,720	1,455,645

Property and equipment, net			14,866,644	14,554,350

Other assets:
	Investments in and advances to unconsolidated affiliates		1,635,572	1,923,155
	Goodwill (1)		2,896,609	77,156
	Other intangible assets, net		5,048,117	342,804
	Other long-term assets, net		506,614	598,738
		Total other assets	10,086,912	2,941,853
			$ 27,766,276	$ 18,951,848


LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
	Accounts payable		$ 170,994	$ 167,084
	Income taxes payable		7,611	-
	Accrued interest on long-term debt		203,422	211,914
	Other accrued liabilities		1,362,737	867,223
		Total current liabilities	1,744,764	1,246,221

Deferred income taxes (1)			2,502,096	2,526,519
Long-term debt			13,470,167	12,047,698
Other long-term obligations			167,027	199,248
Stockholders' equity:
	Common stock, $.01 par value: authorized 1,000,000,000 shares,
	issued and outstanding 488,834,773 and 488,513,351 shares		4,888	4,885
	Capital in excess of par value		4,094,323	4,060,826
	Retained earnings (accumulated deficit) (1)		1,981,389	(1,133,248)
	Accumulated other comprehensive income (loss)		5,978	(301)
		Total MGM Resorts International stockholders' equity	6,086,578	2,932,162
	Noncontrolling interests		3,795,644	-
		Total stockholders' equity	9,882,222	2,932,162
			$ 27,766,276	$ 18,951,848



(1) The Company identified certain errors related to deferred tax liabilities in its prior period financial statements, primarily related to its acquisition of Mandalay Resort Group in 2005. Such errors did not have an impact on the Company's 2011 or 2010 income statements, but have been corrected in the unaudited balance sheet for the year ended December 31, 2010. The Company recorded an additional $57 million of deferred tax liabilities, a $9 million decrease in goodwill, and a $66 million increase in accumulated deficit in the December 31, 2010 balance sheet. Additional information with respect to such adjustments will be included in the Company's annual report on Form 10-K for the year ended December 31, 2011.

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,
		2011	2010	2011	2010
	Bellagio	$ 308,819	$ 269,281	$ 1,114,711	$ 1,038,593
	MGM Grand Las Vegas	233,389	219,206	941,007	930,541
	Mandalay Bay	189,762	173,926	777,287	721,945
	The Mirage	136,612	134,856	570,524	560,918
	Luxor	80,789	77,391	333,209	317,370
	New York-New York	66,712	60,310	268,859	248,115
	Excalibur	60,706	59,448	257,047	250,768
	Monte Carlo	61,978	57,239	255,580	226,204
	Circus Circus Las Vegas	45,981	42,236	195,675	185,412
	MGM Grand Detroit	140,883	133,865	566,072	541,494
	Beau Rivage	79,492	77,055	340,940	333,634
	Gold Strike Tunica	36,735	37,054	145,220	154,688
	Other resort operations	29,931	27,875	126,771	124,668
	Wholly owned domestic resorts	1,471,789	1,369,742	5,892,902	5,634,350
	MGM China(1)	718,929	-	1,534,963	-
	Management and other operations	106,171	105,560	421,447	421,651
		$ 2,296,889	$ 1,475,302	$ 7,849,312	$ 6,056,001

	(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,
		2011	2010	2011	2010
	Bellagio	$ 96,975	$ 75,491	$ 302,497	$ 270,628
	MGM Grand Las Vegas	34,490	32,489	149,136	163,093
	Mandalay Bay	39,707	28,208	169,124	124,385
	The Mirage	20,298	21,482	102,443	102,106
	Luxor	18,061	16,741	78,081	61,196
	New York-New York	21,195	16,693	87,284	76,254
	Excalibur	13,283	14,078	65,257	63,236
	Monte Carlo	13,534	9,517	57,404	33,555
	Circus Circus Las Vegas	2,420	2,255	22,944	15,605
	MGM Grand Detroit	40,426	36,737	166,019	155,173
	Beau Rivage	12,095	10,247	70,020	61,287
	Gold Strike Tunica	8,447	8,263	29,666	39,853
	Other resort operations	(1,757)	(2,260)	(1,759)	(958)
	Wholly owned domestic resorts	319,174	269,941	1,298,116	1,165,413
	MGM China(1)	173,938	-	359,686	-
	MGM Macau (50%)(2)	-	58,410	115,219	129,575
	CityCenter (50%)(3)	(10,262)	(38,416)	(56,291)	(250,482)
	Other unconsolidated resorts(3)	5,447	7,280	32,166	42,764
	Management and other operations	(5,872)	(3,320)	287	(12,158)
		$ 482,425	$ 293,895	$ 1,749,183	$ 1,075,112

	(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 three and twelve months ended December 31, 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 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

5,687

21,195

Excalibur

7,898

423

4,962

13,283

Monte Carlo

8,369

5,067

13,534

Circus Circus Las Vegas

(2,303)

4,718

2,420

MGM Grand Detroit

29,415

1,043

9,968

40,426

Beau Rivage

4,549

7,539

12,095

Gold Strike Tunica

4,963

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)

Other unconsolidated resorts

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)

Corporate

(148,527)

89,914

10,443

(48,170)

$ 91,107

$ -

$ 95,770

$ 237,762

$ 424,639

Three Months Ended December 31, 2010

Operating

income (loss)

Preopening and

start-up

expenses

Property

transactions, net

Depreciation

and

amortization

Adjusted

EBITDA

Bellagio

$ 51,484

$ -

$ 108

$ 23,899

$ 75,491

MGM Grand Las Vegas

12,225

172

20,092

32,489

Mandalay Bay

6,101

22,055

28,208

The Mirage

6,654

(518)

15,346

21,482

Luxor

6,585

256

9,900

16,741

New York-New York

10,108

6,563

16,693

Excalibur

8,431

5,628

14,078

Monte Carlo

3,092

185

158

6,082

9,517

Circus Circus Las Vegas

(2,837)

5,091

2,255

MGM Grand Detroit

26,649

157

9,931

36,737

Beau Rivage

7,796

(2)

2,453

10,247

Gold Strike Tunica

4,779

3,473

8,263

Other resort operations

(3,564)

1,288

(2,260)

Wholly owned domestic resorts

137,503

185

452

131,801

269,941

MGM Macau (50%)

58,410

CityCenter (50%)

(38,416)

Other unconsolidated resorts

7,280

Management and other operations

(6,912)

3,591

(3,320)

157,865

186

452

135,392

293,895

Stock compensation

(8,832)

Corporate

(41,823)

(2,630)

11,274

(33,179)

$ 107,210

$ 186

$ (2,178)

$ 146,666

$ 251,884

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, 2011

Operating

income (loss)

Preopening and

start-up

expenses

Gain on MGM

China transaction

& 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

39,649

70,020

Gold Strike Tunica

15,991

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

CityCenter (50%)

(56,291)

Other unconsolidated resorts

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)

Corporate

3,205,978

(3,406,062)

43,998

(156,086)

$ 4,057,146

$ (316)

$ (3,317,407)

$ 817,146

$ 1,556,569

Twelve Months Ended December 31, 2010

Operating

income (loss)

Preopening and

start-up

expenses

Property

transactions, net

Depreciation

and

amortization

Adjusted

EBITDA

Bellagio

$ 174,355

$ -

$ (17)

$ 96,290

$ 270,628

MGM Grand Las Vegas

84,359

127

78,607

163,093

Mandalay Bay

29,859

2,892

91,634

124,385

The Mirage

36,189

(207)

66,124

102,106

Luxor

18,822

257

42,117

61,196

New York-New York

41,845

6,880

27,529

76,254

Excalibur

39,534

803

22,899

63,236

Monte Carlo

5,020

185

3,923

24,427

33,555

Circus Circus Las Vegas

(5,366)

230

20,741

15,605

MGM Grand Detroit

115,040

(327)

40,460

155,173

Beau Rivage

21,564

349

39,374

61,287

Gold Strike Tunica

26,115

(540)

14,278

39,853

Other resort operations

(6,391)

5,413

(958)

Wholly owned domestic resorts

580,945

185

14,390

569,893

1,165,413

MGM Macau (50%)

129,575

CityCenter (50%)

(253,976)

3,494

(250,482)

Other unconsolidated resorts

42,764

Management and other operations

(27,084)

568

14,358

(12,158)

472,224

4,247

14,390

584,251

1,075,112

Stock compensation

(34,988)

Corporate

(1,596,167)

1,437,084

49,172

(109,911)

$ (1,158,931)

$ 4,247

$ 1,451,474

$ 633,423

$ 930,213

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,
		2011	2010	2011	2010
Adjusted EBITDA		$ 424,639	$ 251,884	$ 1,556,569	$ 930,213
Preopening and start-up expenses		-	(186)	316	(4,247)
Property transactions, net		(95,770)	2,178	(178,598)	(1,451,474)
Gain on MGM China transaction		-	-	3,496,005	-
Depreciation and amortization		(237,762)	(146,666)	(817,146)	(633,423)
Operating income (loss)		91,107	107,210	4,057,146	(1,158,931)

Non-operating income (expense):
Interest expense		(274,152)	(273,097)	(1,086,832)	(1,113,580)
Other, net		(27,132)	(19,147)	(138,683)	56,486
		(301,284)	(292,244)	(1,225,515)	(1,057,094)

Income (loss) before income taxes		(210,177)	(185,034)	2,831,631	(2,216,025)
Benefit for income taxes		190,876	45,845	403,313	778,628
Net income (loss)		(19,301)	(139,189)	3,234,944	(1,437,397)
Less: net income attributable to noncontrolling interests		(94,390)	-	(120,307)	-
Net income (loss) attributable to MGM Resorts International		$ (113,691)	$ (139,189)	$ 3,114,637	$ (1,437,397)


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,
		2011	2010	2011	2010
	Bellagio
	Occupancy %	89.0%	89.8%	93.3%	92.5%
	Average daily rate (ADR)	$242	$209	$230	$203
	Revenue per available room (REVPAR)	$215	$187	$215	$188

	MGM Grand Las Vegas
	Occupancy %	89.8%	87.0%	93.2%	92.3%
	ADR	$136	$117	$131	$115
	REVPAR	$122	$101	$123	$106

	Mandalay Bay
	Occupancy %	86.5%	83.7%	91.7%	88.4%
	ADR	$171	$161	$175	$160
	REVPAR	$148	$135	$160	$142

	The Mirage
	Occupancy %	92.0%	90.0%	94.8%	92.4%
	ADR	$144	$138	$144	$134
	REVPAR	$132	$124	$137	$124

	Luxor
	Occupancy %	85.9%	82.2%	90.3%	87.8%
	ADR	$92	$87	$91	$85
	REVPAR	$79	$71	$82	$74

	New York-New York
	Occupancy %	91.9%	89.5%	93.8%	91.5%
	ADR	$109	$99	$108	$100
	REVPAR	$100	$89	$102	$91

	Excalibur
	Occupancy %	81.3%	81.6%	87.8%	87.6%
	ADR	$74	$68	$73	$66
	REVPAR	$60	$55	$64	$58

	Monte Carlo
	Occupancy %	92.4%	88.6%	94.2%	90.7%
	ADR	$100	$89	$99	$88
	REVPAR	$92	$79	$93	$79

	Circus Circus Las Vegas
	Occupancy %	75.0%	65.3%	75.9%	75.4%
	ADR	$54	$49	$54	$46
	REVPAR	$40	$32	$41	$35

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

2011

2010

2011

2010

Aria

$ 221,911

$ 199,015

$ 894,721

$ 736,367

Vdara

20,134

12,531

75,364

41,160

Crystals

12,088

11,075

46,317

34,027

Mandarin Oriental

10,725

8,689

41,034

30,216

Resort operations

264,858

231,310

1,057,436

841,770

Residential operations

4,097

25,876

24,425

490,293

$ 268,955

$ 257,186

$ 1,081,861

$ 1,332,063

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

2011

2010

2011

2010

Adjusted EBITDA

$ 54,126

$ 16,277

$ 212,104

$ 68,696

Preopening and start-up expenses

(6,202)

Property transactions, net

(233)

(31,081)

(53,595)

(614,160)

Depreciation and amortization

(98,871)

(89,175)

(370,141)

(319,179)

Operating loss

(44,978)

(103,979)

(211,632)

(870,845)

Non-operating income (expense):

Interest expense - sponsor notes, net

(20,778)

(24,182)

(78,477)

(92,054)

Interest expense - other, net

(46,645)

(42,182)

(189,359)

(148,677)

Other, net

(2,140)

1,271

(22,706)

(3,614)

(69,563)

(65,093)

(290,542)

(244,345)

Net loss

$ (114,541)

$ (169,072)

$ (502,174)

$ (1,115,190)

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING LOSS TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended December 31, 2011

Operating 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)

(3,917)

$ (44,978)

$ -

$ 233

$ 98,871

$ 54,126

Three Months Ended December 31, 2010

Operating loss

Preopening and

start-up

expenses

Property

transactions,

net

Depreciation

and

amortization

Adjusted

EBITDA

Aria

$ (38,183)

$ -

$ 2,159

$ 66,207

$ 30,183

Vdara

(8,026)

8,975

949

Crystals

(1,919)

8,014

6,095

Mandarin Oriental

(6,393)

5,074

(1,319)

Resort operations

(54,521)

2,159

88,270

35,908

Residential operations

(28,199)

28,024

326

151

Development and administration

(21,259)

898

579

(19,782)

$ (103,979)

$ -

$ 31,081

$ 89,175

$ 16,277

CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING LOSS TO ADJUSTED EBITDA
(In thousands)
(Unaudited)

Twelve Months Ended December 31, 2011

		Operating 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

Twelve Months Ended December 31, 2010

		Operating loss	Preopening and start-up expenses	Property transactions, net	Depreciation and amortization	Adjusted EBITDA
	Aria	$ (198,908)	$ -	$ 2,159	$ 239,268	$ 42,519
	Vdara	(39,201)	-	-	35,157	(4,044)
	Crystals	(12,324)	-	-	24,027	11,703
	Mandarin Oriental	(30,022)	-	-	17,139	(12,883)
	Resort operations	(280,455)	-	2,159	315,591	37,295
	Residential operations	(255,793)	-	331,881	1,240	77,328
	Development and administration	(334,597)	6,202	280,120	2,348	(45,927)
		$ (870,845)	$ 6,202	$ 614,160	$ 319,179	$ 68,696


CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - HOTEL STATISTICS
(Unaudited)

			Three Months Ended		Twelve Months Ended
			December 31,	December 31,	December 31,	December 31,
			2011	2010	2011	2010
	Aria
	Occupancy %		81.9%	80.2%	86.0%	76.2%
	ADR		$207	$192	$202	$184
	REVPAR		$169	$154	$174	$140

	Vdara
	Occupancy %		74.0%	74.5%	82.5%	68.3%
	ADR		$168	$154	$161	$147
	REVPAR		$124	$115	$133	$101

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

Net revenues	$ 718,929	$ 569,887	$ 2,605,994	$ 1,571,226

Adjusted EBITDA (2)	$ 173,938	$ 141,974	$ 629,692	$ 357,664
Property transactions, net	(813)	(3,553)	(1,618)	(3,962)
Depreciation and amortization (3)	(90,420)	(93,637)	(359,286)	(373,829)
Operating income (loss)	82,705	44,784	268,788	(20,127)
Non-operating income (expense)	(4,006)	(8,774)	(22,621)	(46,228)
Income (loss) before income taxes	78,699	36,010	246,167	(66,355)
Benefit (provision) for income taxes	119,452	(4)	99,068	(37)
Net income (loss)	$ 198,151	$ 36,006	$ 345,235	$ (66,392)

(1) Supplemental pro forma information for MGM China is presented for the three and twelve month periods ended December 31, 2011 and 2010 as if management control had occurred as of January 1, 2010. This information is presented on a U.S. GAAP basis and includes the impact of certain purchase accounting adjustments. This supplemental pro forma information is provided solely for comparative purposes and does not presume to be indicative of what actual results would have been if the change in management control had been completed at the beginning of the periods presented, nor indicative of future results.
(2) Adjusted EBITDA for the twelve months ending December 31, 2011 includes expenses related to the branding agreement between MGM China and an entity jointly owned by the Company and Ms. Pansy Ho of $15 million for the period from June 3, 2011 through December 31, 2011, substantially all of which was incurred prior to September 30, 2011. Prior period pro forma information does not include an expense related to the branding agreement.
(3) Depreciation and amortization for all periods presented includes the pro forma impact of the amortization of certain intangible assets recognized at fair value in purchase accounting.