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Exhibit 99

 

 

MGM RESORTS INTERNATIONAL REPORTS FIRST QUARTER RESULTS

 

Las Vegas, Nevada, May 3, 2012 — MGM Resorts International (NYSE: MGM) today reported its first quarter 2012 results. The current year quarter included the results of MGM China Holdings, Limited (“MGM China”) on a consolidated basis. Key results for the first quarter of 2012 include the following:

 

·                  Consolidated net revenue increased 51% to $2.3 billion; excluding MGM China, net revenue increased 5% compared to the prior year quarter;

·                  Consolidated operating income was $193 million compared to $170 million in the first quarter of 2011;

·                  Net loss per share attributable to MGM Resorts was $0.44 compared to a loss of $0.18 per share in the prior year first quarter — affected by certain items as discussed further below;

·                  Rooms revenue for the Company’s wholly owned domestic resorts increased 3% compared to the prior year quarter with a 4% increase in REVPAR(1) at the Company’s Las Vegas Strip resorts;

·                  The Company’s wholly owned domestic resorts earned Adjusted Property EBITDA(2) of $321 million, a 7% increase compared to the prior year quarter and was affected by a lower than normal table games hold percentage in both periods;

·                  MGM China reported Adjusted Property EBITDA of $165 million, which included $12 million of branding fee expense; excluding branding fees, Adjusted Property EBITDA increased 21% over the prior year quarter; and

·                  CityCenter’s Adjusted Property EBITDA for resort operations was $32 million and was negatively affected by a significantly lower than normal current quarter table games hold percentage.

 

“We continue to see growth across our domestic business fundamentals with revenues, casino volumes, REVPAR and Adjusted EBITDA all increasing year over year, while MGM China continues to report strong results,” said Jim Murren, MGM Resorts International Chairman and CEO.  “Our forward booking pace remains strong, M life is further enhancing its capabilities, we continue to focus on online and social media initiatives, and are finalizing our build out for MGM Macau and our future Cotai plans.”

 

Certain Items Affecting First Quarter Results

 

In addition to the consolidation of MGM China, the following table lists items which affect the comparability of the current and prior year quarterly results (approximate impact on loss per share attributable to MGM Resorts, net of tax; negative amounts represent charges to income):

 

Three months ended March 31,

 

2012

 

2011

 

Non-operating items from unconsolidated affiliates:

 

 

 

 

 

CityCenter loss on retirement of long-term debt

 

$

(0.01

)

$

(0.02

)

Loss on retirement of long-term debt

 

(0.08

)

 

Income tax provision:

 

 

 

 

 

MGM China shareholder dividend tax

 

(0.05

)

 

Valuation allowance

 

(0.21

)

 

 

Page 1 of 12



 

The Company recorded a provision for income taxes of $27 million in the current year quarter compared to a benefit of $55 million in the prior year quarter. The current quarter provision was affected by a valuation allowance for a portion of U.S. deferred tax assets and a tax provision of $44 million related to a tax on the MGM China dividend.  The MGM China dividend tax will be due if an anticipated annual fee arrangement with the Macanese government, similar to those in place with other operators in the market, is not in place prior to June 30, 2013.

 

The Company recognized a loss on retirement of debt of $59 million in the current year first quarter related to the amendment and restatement of the Company’s senior credit facility and the repayment of non-extending term loans as discussed further below.

 

Wholly Owned Domestic Resorts

 

Casino revenue related to wholly owned domestic resorts increased 9% compared to the prior year quarter. Total table games volume increased 5% compared to the prior year period. The overall table games hold percentage in the first quarter of 2012 was 18.7% compared to 17.7% for the first quarter of 2011, in each case below the low end of the Company’s normal range of 19% to 23%. Slots revenue increased 7% compared to the prior year quarter.

 

Rooms revenue increased 3% with Las Vegas Strip REVPAR up 4%.  The following table shows key hotel statistics for the Company’s Las Vegas Strip resorts:

 

Three months ended March 31,

 

2012

 

2011

 

Occupancy %

 

90

%

87

%

Average Daily Rate (ADR)

 

$

131

 

$

130

 

Revenue per Available Room (REVPAR)

 

$

117

 

$

112

 

 

Operating income for the Company’s wholly owned domestic resorts for the first quarter of 2012 was $195 million, a 20% increase compared to the first quarter of 2011.  Adjusted Property EBITDA for wholly owned domestic resorts increased 7% to $321 million for the first quarter of 2012.

 

MGM China

 

The following are the key first quarter results for MGM China:

 

·                  MGM China earned net revenue of $702 million, an 18% increase over the prior year quarter.  The increase was driven by year-over-year increases in volume measures for VIP table games, main floor table games, and slots of 6%, 13% and 27%, respectively. VIP table games hold percentage was 3.2% in the current year quarter and 2.9% in the prior year quarter; and

·                  MGM China’s operating income was $68 million and Adjusted Property EBITDA was $165 million, which included $12 million of branding fee expense. Excluding branding fees, Adjusted Property EBITDA increased 21% over MGM Macau’s prior year first quarter results.

 

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.

 

Page 2 of 12



 

Income (Loss) from Unconsolidated Affiliates

 

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

 

Three months ended March 31,

 

2012

 

2011

 

 

 

(In thousands)

 

CityCenter

 

$

(18,573

)

$

(5,823

)

MGM Macau

 

 

61,680

 

Other

 

5,264

 

7,486

 

 

 

$

(13,309

)

$

63,343

 

 

Results for CityCenter Holdings, LLC for the first quarter of 2012 include the following (see schedules accompanying this release for further detail on CityCenter’s first quarter results):

 

·                  Net revenue from resort operations decreased to $234 million compared to $263 million in the prior year quarter;

·                  Adjusted Property EBITDA from resort operations was $32 million compared to $64 million in the prior year quarter;

·                  Aria’s table games hold percentage was significantly below the low end of its normal range in the current year quarter and above the high end in the prior year quarter.  Table games hold percentage for the first quarter of 2012 was 16.0% compared to 27.4% for the prior year quarter.  The effect of the change in hold percentage compared to the prior year quarter to net revenue and Adjusted Property EBITDA was approximately $33 million and $26 million, respectively; and

·                  Aria’s occupancy percentage was 86% and its ADR was $205, resulting in REVPAR of $177, a 3% increase compared to the prior year first quarter.

 

Financial Position

 

The Company’s cash balance at March 31, 2012 was $1.6 billion, which included approximately $575 million of cash and cash equivalents related to MGM China.  MGM China paid a $400 million dividend in March 2012, of which approximately $204 million remained within the consolidated Company and approximately $196 million was distributed to noncontrolling interests.

 

At March 31, 2012, the Company had approximately $13.4 billion of indebtedness, including $1.3 billion of borrowings outstanding under its senior credit facility and $552 million related to the MGM China credit facility.

 

During the first quarter of 2012 the Company completed the following financing transactions:

 

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

·                  In February, amended and restated its senior credit facility such that loans and revolving commitments aggregating approximately $1.8 billion were extended to February 2015; and

·                  In March, the Company issued $1.0 billion of 7.75% senior notes due 2022, for net proceeds to the Company of approximately $986 million. A portion of the proceeds from the issuance were used to repay the remaining non-extending term loans under the senior credit facility.

 

At March 31, 2012, the Company’s senior credit facility consisted of approximately $820 million in term loans and a $1.3 billion revolver (approximately $360 million of which has not been extended and matures in February 2014) and had approximately $855 million of available borrowing capacity. Interest on the extending loans is subject to a LIBOR floor of 1% and a pricing grid based upon collateral coverage levels. The interest rate on extending loans was 6% at March 31, 2012 and has subsequently reduced to 5%. Interest on non-extending revolving loans remains at 7%.

 

Page 3 of 12



 

“The positive trends we experienced throughout 2011 continued into the first quarter. However, our financial results were negatively impacted by our table games hold percentage.  Had we held at the midpoint of our normal range at our wholly owned resorts and at Aria our total Adjusted Property EBITDA would have increased by approximately $32 million,” said Dan D’Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer. “In addition, we continue to take steps to improve our financial profile.  During the first quarter we issued $1.85 billion in long term senior notes and successfully completed an amendment and extension of our senior credit facility, both at progressively lower rates.”

 

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 71146564.  A replay of the call will be available through Thursday, May 10, 2012. The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The replay access code is 71146564. The call will also 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 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.

 

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, 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

 

Page 4 of 12



 

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. 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 CONTACTS:

Investment Community

 

News Media

DANIEL D’ARRIGO

 

ALAN M. FELDMAN

Executive Vice President, CFO & Treasurer

 

Senior Vice President of Public Affairs

(702) 693-8895

 

(702) 891-1840 or afeldman@mgmresorts.com

 

Page 5 of 12



 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2012

 

2011

 

Revenues:

 

 

 

 

 

Casino

 

$

1,335,034

 

$

590,220

 

Rooms

 

393,620

 

368,337

 

Food and beverage

 

372,953

 

336,824

 

Entertainment

 

120,400

 

119,593

 

Retail

 

46,624

 

46,150

 

Other

 

113,123

 

114,223

 

Reimbursed costs

 

90,539

 

86,288

 

 

 

2,472,293

 

1,661,635

 

Less: Promotional allowances

 

(184,703

)

(148,784

)

 

 

2,287,590

 

1,512,851

 

Expenses:

 

 

 

 

 

Casino

 

867,474

 

350,765

 

Rooms

 

126,155

 

116,986

 

Food and beverage

 

211,639

 

198,248

 

Entertainment

 

88,788

 

88,211

 

Retail

 

27,583

 

29,159

 

Other

 

86,222

 

78,297

 

Reimbursed costs

 

90,539

 

86,288

 

General and administrative

 

303,289

 

269,562

 

Corporate expense

 

42,260

 

36,485

 

Property transactions, net

 

917

 

91

 

Depreciation and amortization

 

236,809

 

152,397

 

 

 

2,081,675

 

1,406,489

 

 

 

 

 

 

 

Income (loss) from unconsolidated affiliates

 

(13,309

)

63,343

 

 

 

 

 

 

 

Operating income

 

192,606

 

169,705

 

 

 

 

 

 

 

Non-operating income (expense):

 

 

 

 

 

Interest expense

 

(284,342

)

(269,914

)

Non-operating items from unconsolidated affiliates

 

(26,866

)

(40,290

)

Other, net

 

(57,576

)

(3,955

)

 

 

(368,784

)

(314,159

)

 

 

 

 

 

 

Loss before income taxes

 

(176,178

)

(144,454

)

Benefit (provision) for income taxes

 

(27,129

)

54,583

 

 

 

 

 

 

 

Net loss

 

(203,307

)

(89,871

)

Less: net income attributable to noncontrolling interests

 

(13,946

)

 

Net loss attributable to MGM Resorts International

 

$

(217,253

)

$

(89,871

)

 

 

 

 

 

 

Per share of common stock:

 

 

 

 

 

Basic:

 

 

 

 

 

Net loss attributable to MGM Resorts International

 

$

(0.44

)

$

(0.18

)

 

 

 

 

 

 

Weighted average shares outstanding

 

488,861

 

488,539

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

Net loss attributable to MGM Resorts International

 

$

(0.44

)

$

(0.18

)

 

 

 

 

 

 

Weighted average shares outstanding

 

488,861

 

488,539

 

 

 

Page 6 of 12



 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

 

March 31,

 

December 31,

 

 

 

2012

 

2011

 

 

 

 

 

 

 

ASSETS

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

1,634,892

 

$

1,865,913

 

Accounts receivable, net

 

477,484

 

491,730

 

Inventories

 

110,674

 

112,735

 

Deferred income taxes

 

99,935

 

91,060

 

Prepaid expenses and other

 

270,692

 

251,282

 

Total current assets

 

2,593,677

 

2,812,720

 

 

 

 

 

 

 

Property and equipment, net

 

14,786,820

 

14,866,644

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

Investments in and advances to unconsolidated affiliates

 

1,589,915

 

1,635,572

 

Goodwill

 

2,897,049

 

2,896,609

 

Other intangible assets, net

 

4,965,587

 

5,048,117

 

Other long-term assets, net

 

557,980

 

506,614

 

Total other assets

 

10,010,531

 

10,086,912

 

 

 

$

27,391,028

 

$

27,766,276

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

163,626

 

$

170,994

 

Income taxes payable

 

62,179

 

7,611

 

Accrued interest on long-term debt

 

253,075

 

203,422

 

Other accrued liabilities

 

1,413,507

 

1,362,737

 

Total current liabilities

 

1,892,387

 

1,744,764

 

 

 

 

 

 

 

Deferred income taxes

 

2,471,425

 

2,502,096

 

Long-term debt

 

13,359,953

 

13,470,167

 

Other long-term obligations

 

176,028

 

167,027

 

Stockholders’ equity:

 

 

 

 

 

Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 488,917,278 and 488,834,773 shares

 

4,889

 

4,888

 

Capital in excess of par value

 

4,102,545

 

4,094,323

 

Retained earnings

 

1,764,136

 

1,981,389

 

Accumulated other comprehensive income

 

6,837

 

5,978

 

Total MGM Resorts International stockholders’ equity

 

5,878,407

 

6,086,578

 

Noncontrolling interests

 

3,612,828

 

3,795,644

 

Total stockholders’ equity

 

9,491,235

 

9,882,222

 

 

 

$

27,391,028

 

$

27,766,276

 

 

 

Page 7 of 12



 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2012

 

2011

 

Bellagio

 

$

284,347

 

$

251,950

 

MGM Grand Las Vegas

 

232,480

 

225,130

 

Mandalay Bay

 

179,926

 

179,334

 

The Mirage

 

148,229

 

148,498

 

Luxor

 

81,926

 

79,775

 

New York-New York

 

70,624

 

64,977

 

Excalibur

 

62,724

 

61,032

 

Monte Carlo

 

64,907

 

62,586

 

Circus Circus Las Vegas

 

47,684

 

42,694

 

MGM Grand Detroit

 

150,587

 

143,911

 

Beau Rivage

 

86,651

 

81,120

 

Gold Strike Tunica

 

40,100

 

37,098

 

Other resort operations

 

29,413

 

28,325

 

Wholly owned domestic resorts

 

1,479,598

 

1,406,430

 

MGM China

 

702,090

 

 

Management and other operations

 

105,902

 

106,421

 

 

 

$

2,287,590

 

$

1,512,851

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2012

 

2011

 

Bellagio

 

$

70,444

 

$

53,901

 

MGM Grand Las Vegas

 

37,325

 

36,868

 

Mandalay Bay

 

38,814

 

36,444

 

The Mirage

 

27,419

 

32,399

 

Luxor

 

18,364

 

20,114

 

New York-New York

 

24,313

 

21,128

 

Excalibur

 

14,179

 

16,142

 

Monte Carlo

 

14,996

 

13,760

 

Circus Circus Las Vegas

 

5,141

 

4,573

 

MGM Grand Detroit

 

42,239

 

43,533

 

Beau Rivage

 

17,050

 

13,136

 

Gold Strike Tunica

 

11,580

 

9,448

 

Other resort operations

 

(892

)

(1,484

)

Wholly owned domestic resorts

 

320,972

 

299,962

 

MGM China

 

164,521

 

 

MGM Macau (50%)(1)

 

 

61,680

 

CityCenter (50%)(1)

 

(18,573

)

(5,823

)

Other unconsolidated resorts(1)

 

5,264

 

7,486

 

Management and other operations

 

4,699

 

609

 

 

 

$

476,883

 

$

363,914

 

 


(1) Represents the Company’s share of operating income (loss), adjusted for the effect of certain basis differences.

 

Page 8 of 12



 

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, 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

 

 

Three Months Ended March 31, 2011

 

 

 

Operating
income (loss)

 

Preopening
and start-up
expenses

 

Property
transactions, net

 

Depreciation
and
amortization

 

Adjusted
EBITDA

 

Bellagio

 

$

28,814

 

$

 

$

 

$

25,087

 

$

53,901

 

MGM Grand Las Vegas

 

17,568

 

 

 

19,300

 

36,868

 

Mandalay Bay

 

14,242

 

 

 

22,202

 

36,444

 

The Mirage

 

18,020

 

 

28

 

14,351

 

32,399

 

Luxor

 

10,475

 

 

 

9,639

 

20,114

 

New York-New York

 

15,283

 

 

(85

)

5,930

 

21,128

 

Excalibur

 

10,948

 

 

 

5,194

 

16,142

 

Monte Carlo

 

7,965

 

 

 

5,795

 

13,760

 

Circus Circus Las Vegas

 

(144

)

 

 

4,717

 

4,573

 

MGM Grand Detroit

 

33,690

 

 

103

 

9,740

 

43,533

 

Beau Rivage

 

1,933

 

 

39

 

11,164

 

13,136

 

Gold Strike Tunica

 

6,008

 

 

 

3,440

 

9,448

 

Other resort operations

 

(2,732

)

 

(7

)

1,255

 

(1,484

)

Wholly owned domestic resorts

 

162,070

 

 

78

 

137,814

 

299,962

 

MGM Macau (50%)

 

61,680

 

 

 

 

61,680

 

CityCenter (50%)

 

(5,823

)

 

 

 

(5,823

)

Other unconsolidated resorts

 

7,486

 

 

 

 

7,486

 

Management and other operations

 

(2,993

)

 

 

3,602

 

609

 

 

 

222,420

 

 

78

 

141,416

 

363,914

 

Stock compensation

 

(9,210

)

 

 

 

(9,210

)

Corporate

 

(43,505

)

 

13

 

10,981

 

(32,511

)

 

 

$

169,705

 

$

 

$

91

 

$

152,397

 

$

322,193

 

 

Page 9 of 12



 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2012

 

2011

 

Adjusted EBITDA

 

$

430,332

 

$

322,193

 

Property transactions, net

 

(917

)

(91

)

Depreciation and amortization

 

(236,809

)

(152,397

)

Operating income

 

192,606

 

169,705

 

 

 

 

 

 

 

Non-operating income (expense):

 

 

 

 

 

Interest expense

 

(284,342

)

(269,914

)

Other, net

 

(84,442

)

(44,245

)

 

 

(368,784

)

(314,159

)

 

 

 

 

 

 

Loss before income taxes

 

(176,178

)

(144,454

)

Benefit (provision) for income taxes

 

(27,129

)

54,583

 

Net loss

 

(203,307

)

(89,871

)

Less: net income attributable to noncontrolling interests

 

(13,946

)

 

Net loss attributable to MGM Resorts International

 

$

(217,253

)

$

(89,871

)

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2012

 

2011

 

Bellagio

 

 

 

 

 

Occupancy %

 

93.0

%

90.8

%

Average daily rate (ADR)

 

$

231

 

$

225

 

Revenue per available room (REVPAR)

 

$

215

 

$

205

 

 

 

 

 

 

 

MGM Grand Las Vegas

 

 

 

 

 

Occupancy %

 

93.5

%

90.6

%

ADR

 

$

140

 

$

136

 

REVPAR

 

$

131

 

$

123

 

 

 

 

 

 

 

Mandalay Bay

 

 

 

 

 

Occupancy %

 

90.0

%

89.4

%

ADR

 

$

185

 

$

175

 

REVPAR

 

$

167

 

$

157

 

 

 

 

 

 

 

The Mirage

 

 

 

 

 

Occupancy %

 

92.7

%

93.1

%

ADR

 

$

155

 

$

149

 

REVPAR

 

$

143

 

$

138

 

 

 

 

 

 

 

Luxor

 

 

 

 

 

Occupancy %

 

90.8

%

87.1

%

ADR

 

$

89

 

$

93

 

REVPAR

 

$

81

 

$

81

 

 

 

 

 

 

 

New York-New York

 

 

 

 

 

Occupancy %

 

94.9

%

92.0

%

ADR

 

$

110

 

$

109

 

REVPAR

 

$

104

 

$

100

 

 

 

 

 

 

 

Excalibur

 

 

 

 

 

Occupancy %

 

87.5

%

84.5

%

ADR

 

$

72

 

$

74

 

REVPAR

 

$

63

 

$

63

 

 

 

 

 

 

 

Monte Carlo

 

 

 

 

 

Occupancy %

 

93.7

%

91.9

%

ADR

 

$

102

 

$

98

 

REVPAR

 

$

95

 

$

90

 

 

 

 

 

 

 

Circus Circus Las Vegas

 

 

 

 

 

Occupancy %

 

76.0

%

62.7

%

ADR

 

$

54

 

$

58

 

REVPAR

 

$

41

 

$

36

 

 

Page 10 of 12



 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Aria

 

$

187,832

 

$

225,460

 

Vdara

 

21,449

 

15,406

 

Crystals

 

12,327

 

11,713

 

Mandarin Oriental

 

12,701

 

10,321

 

Resort operations

 

234,309

 

262,900

 

Residential operations

 

4,608

 

8,721

 

 

 

$

238,917

 

$

271,621

 

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

28,595

 

$

54,882

 

Property transactions, net

 

(2,009

)

(18

)

Depreciation and amortization

 

(88,043

)

(91,756

)

Operating loss

 

(61,457

)

(36,892

)

 

 

 

 

 

 

Non-operating income (expense):

 

 

 

 

 

Interest expense - sponsor notes

 

(21,553

)

(18,436

)

Interest expense - other

 

(46,042

)

(47,057

)

Other, net

 

(7,783

)

(22,642

)

 

 

(75,378

)

(88,135

)

Net loss

 

$

(136,835

)

$

(125,027

)

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2012

 

2011

 

Aria

 

 

 

 

 

Occupancy %

 

86.4

%

85.7

%

ADR

 

$

205

 

$

201

 

REVPAR

 

$

177

 

$

172

 

 

 

 

 

 

 

Vdara

 

 

 

 

 

Occupancy %

 

81.0

%

83.2

%

ADR

 

$

163

 

$

159

 

REVPAR

 

$

132

 

$

132

 

 

Page 11 of 12



 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

 

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

 

 

Three Months Ended March 31, 2011

 

 

 

Operating
income (loss)

 

Preopening
and start-up
expenses

 

Property
transactions,
net

 

Depreciation
and
amortization

 

Adjusted
EBITDA

 

Aria

 

$

(12,818

)

$

 

$

 

$

67,827

 

$

55,009

 

Vdara

 

(7,245

)

 

 

10,463

 

3,218

 

Crystals

 

(2,287

)

 

 

7,918

 

5,631

 

Mandarin Oriental

 

(4,453

)

 

 

4,968

 

515

 

Resort operations

 

(26,803

)

 

 

91,176

 

64,373

 

Residential operations

 

(5,591

)

 

 

481

 

(5,110

)

Development and administration

 

(4,498

)

 

18

 

99

 

(4,381

)

 

 

$

(36,892

)

$

 

$

18

 

$

91,756

 

$

54,882

 

 

Page 12 of 12