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2014

MGM Resorts International Reports First Quarter Results

Strongest Quarterly Results Since 2008

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LAS VEGAS, May 2, 2013 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended March 31, 2013.  Diluted earnings per share for the first quarter of 2013 was $0.01 compared to a loss per share of $0.44 in the prior year first quarter.  Comparability of the current and prior year consolidated results was affected by certain items discussed further below.

"Our first quarter 2013 results are the best we have reported since the beginning of the downturn five years ago, led by improved results at our Las Vegas Strip resorts, a record first quarter at MGM China and an all-time record at CityCenter," said Jim Murren, MGM Resorts International Chairman and CEO. "MGM Resorts International returned to profitability in the quarter and we are excited about our future."

Key results for the first quarter of 2013 include the following:

  • Consolidated net revenue increased 3% over the prior year quarter to $2.4 billion;
  • Consolidated casino revenue increased 5%;
  • Rooms revenue at wholly owned domestic resorts increased 2% with a 1% increase in REVPAR(1) at the Company's Las Vegas Strip resorts;
  • Adjusted Property EBITDA(2) was $574 million, a 20% increase compared to the prior year quarter;
  • The Company's wholly owned domestic resorts earned Adjusted Property EBITDA of $361 million, a 12% increase compared to the prior year quarter;
  • MGM China's Adjusted EBITDA was $180 million, which included $13 million of branding fee expense, a 10% increase compared to  the prior year quarter;
  • CityCenter's Adjusted EBITDA related to resort operations was $93 million, nearly three times the $32 million reported in the prior year quarter; and
  • Consolidated operating income was $302 million compared to operating income of $193 million in the prior year quarter.

Certain Items Affecting First Quarter Results

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

Three months ended March 31,

2013

2012

Property transactions, net

$  (0.01)

$        —

Non-operating items from unconsolidated affiliates:



     CityCenter loss on retirement of long-term debt  

(0.01)

Other non-operating expense:



     Loss on retirement of long-term debt

(0.08)

Tax adjustments:



     IRS audit settlement

0.08

     MGM China deferred tax expense   

(0.07)

     MGM China shareholder dividend tax    

(0.05)

     Deferred tax valuation allowance  

(0.02)

(0.21)

The current quarter tax provision was affected by $65 million of tax expense resulting from the re-measurement of MGM China deferred tax liabilities in connection with the gazetting of our Cotai land concession, a $38 million tax benefit resulting from the settlement of the Company's 2003 and 2004 IRS audits, and $9 million of valuation allowance on U.S. deferred tax assets.

The provision for the prior year quarter was affected by a $102 million valuation allowance for a portion of U.S. deferred tax assets and a tax provision of $44 million related to a tax that would have been due on the MGM China dividend had the annual fee arrangement with the Macau government not been in place prior to June 30, 2013.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 3% compared to the prior year quarter. Table games revenue increased 16% and the overall table games hold percentage in the first quarter of 2013 was 21.9% compared to 18.7% for the prior year quarter.  Slots revenue decreased 2% primarily as a result of a decrease in slots revenues at the Company's regional resorts, while the Company's Las Vegas Strip resorts slots revenues increased 4%.

Rooms revenue increased 2% with a 1% increase in Las Vegas Strip REVPAR. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended March 31,

2013

2012

Occupancy %  

89%

90%

Average Daily Rate (ADR)    

$    133

$ 131

Revenue per Available Room (REVPAR)      

$    118

$ 117

Operating income for the Company's wholly owned domestic resorts for the first quarter of 2013 was $234 million, an increase of 20% compared to the prior year quarter.

MGM China

Key first quarter results for MGM China include the following:

  • MGM China earned net revenue of $748 million, a 6% increase over the prior year quarter, and Adjusted EBITDA of $180 million, a 10% increase over the prior year quarter, due primarily to increases in main floor table games and slots  revenues;
  • Main floor table games and slots win increased 26% and 19%, respectively, compared to the prior year quarter;
  • VIP table games turnover increased 15% from the prior year quarter, while hold percentage was 2.8% in the current year quarter compared to 3.2% in the prior year quarter; and
  • MGM China's operating income was $99 million compared to $68 million in the prior year quarter.

MGM China paid a $500 million dividend in March 2013, of which $255 million was retained by MGM Resorts and $245 million was distributed to noncontrolling interests.

Income (Loss) from Unconsolidated Affiliates

The following table summarizes information related to the Company's share of operating income (loss) from unconsolidated affiliates, adjusted for the effect of certain basis differences:

Three months ended March 31,

2013

2012


  (In thousands)

CityCenter  

$       11,695

$     (18,573)

Other      

4,649

5,264


$       16,344

$     (13,309)

Results for CityCenter Holdings, LLC for the first quarter of 2013 include the following (see schedules accompanying this release for further detail on CityCenter's first quarter results):

  • Net revenue from resort operations increased to $308 million, a 32% increase from the prior year quarter;
  • Adjusted EBITDA from resort operations was $93 million, compared to $32 million in the prior year quarter;
  • Aria's table games hold percentage was 28.3% in the current year quarter compared to 16.0% in the prior year quarter; and
  • Aria's occupancy percentage was 89% and its ADR was $209, resulting in REVPAR of $186, a 5% increase compared to the prior year quarter.

Financial Position

"Our strong first quarter results benefited from our effective marketing and yielding strategies, high returning strategic capital investments and focus on managing costs," said Dan D'Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer. "In addition, quarterly results were enhanced by the Company's December 2012 debt refinancing, as interest expense was reduced by almost $60 million compared to the prior year first quarter."

The Company's cash balance at March 31, 2013 was $1.5 billion, which included $565 million at MGM China.  At March 31, 2013, the Company had $13.7 billion of indebtedness, including $2.9 billion of borrowings outstanding under its $4.0 billion senior credit facility and $553 million outstanding under the $2.0 billion MGM China credit facility. On April 1, 2013, the Company used a portion of the cash balance to repay its $462 million 6.75% senior notes at maturity.

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 34745307. A replay of the call will be available through Thursday, May 9, 2013.  The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406.  The replay access code is 34745307. The call will 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 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, preopening 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 and is in the process of developing a gaming resort in Cotai, 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, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the company's public filings with the Securities and Exchange Commission.  The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. 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 the Company operates 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, financings, 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. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)











Three Months Ended




March 31,


March 31,




2013


2012

Revenues:






Casino


$   1,401,420


$   1,335,034


Rooms


401,250


393,620


Food and beverage


359,882


372,953


Entertainment


113,854


120,400


Retail


44,707


46,624


Other


123,826


113,123


Reimbursed costs


90,236


90,539




2,535,175


2,472,293


Less: Promotional allowances


(183,027)


(184,703)




2,352,148


2,287,590

Expenses:






Casino


875,246


867,474


Rooms


127,709


126,155


Food and beverage


204,740


211,639


Entertainment


83,725


88,788


Retail


25,966


27,583


Other


85,973


86,222


Reimbursed costs


90,236


90,539


General and administrative


303,901


303,289


Corporate expense


46,624


42,260


Preopening and start-up expenses 


2,146


-


Property transactions, net


8,491


917


Depreciation and amortization


211,918


236,809




2,066,675


2,081,675







Income (loss) from unconsolidated affiliates


16,344


(13,309)







Operating income 


301,817


192,606







Non-operating income (expense):






Interest expense, net of amounts capitalized


(225,447)


(284,342)


Non-operating items from unconsolidated affiliates


(22,079)


(26,866)


Other, net


(1,282)


(57,576)




(248,808)


(368,784)







Income (loss) before income taxes


53,009


(176,178)


Provision for income taxes


(30,431)


(27,129)







Net income (loss)


22,578


(203,307)


Less: Net income attributable to noncontrolling interests


(16,032)


(13,946)

Net income (loss) attributable to MGM Resorts International


$          6,546


$     (217,253)







Per share of common stock:






Basic:






Net income (loss) attributable to MGM Resorts International


$            0.01


$           (0.44)








Weighted average shares outstanding


489,291


488,861








Diluted:






Net income (loss) attributable to MGM Resorts International


$            0.01


$           (0.44)








Weighted average shares outstanding


492,305


488,861

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)
















March 31,


December 31,




2013


2012







      ASSETS


Current assets:





Cash and cash equivalents

$   1,480,637


$   1,543,509


Accounts receivable, net

475,581


443,677


Inventories

105,047


107,577


Deferred income taxes, net

119,196


179,431


Prepaid expenses and other

258,784


232,898



Total current assets

2,439,245


2,507,092







Property and equipment, net

14,117,778


14,194,652







Other assets:





Investments in and advances to unconsolidated affiliates

1,435,136


1,444,547


Goodwill 


2,898,087


2,902,847


Other intangible assets, net

4,666,659


4,737,833


Other long-term assets, net

500,969


497,767



Total other assets

9,500,851


9,582,994




$  26,057,874


$  26,284,738













LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities:





Accounts payable

$      178,435


$      199,620


Income taxes payable

4,344


1,350


Accrued interest on long-term debt

205,204


206,736


Other accrued liabilities

1,483,005


1,517,965



Total current liabilities

1,870,988


1,925,671







Deferred income taxes 

2,476,384


2,473,889

Long-term debt

13,690,699


13,589,283

Other long-term obligations

140,750


179,879

Stockholders' equity:





Common stock, $.01 par value: authorized 1,000,000,000 shares,





   issued and outstanding 489,379,463 and 489,234,401 shares 

4,894


4,892


Capital in excess of par value

4,139,737


4,132,655


Retained earnings 

220,244


213,698


Accumulated other comprehensive income 

7,982


14,303



Total MGM Resorts International stockholders' equity

4,372,857


4,365,548


Noncontrolling interests

3,506,196


3,750,468



Total stockholders' equity

7,879,053


8,116,016




$  26,057,874


$  26,284,738

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)













Three Months Ended



March 31,


March 31,



2013


2012

Bellagio


$      300,720


$      284,347

MGM Grand Las Vegas


258,890


232,480

Mandalay Bay


175,513


179,926

The Mirage 


144,553


148,229

Luxor


77,789


81,926

New York-New York 


69,268


70,624

Excalibur


61,809


62,724

Monte Carlo


66,500


64,907

Circus Circus Las Vegas


45,913


47,684

MGM Grand Detroit


140,868


150,587

Beau Rivage


80,910


86,651

Gold Strike Tunica


37,042


40,100

Other resort operations


29,413


29,413

  Wholly owned domestic resorts


1,489,188


1,479,598

MGM China


747,557


702,090

Management and other operations


115,403


105,902



$   2,352,148


$   2,287,590

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)










Three Months Ended



March 31,


March 31,



2013


2012

Bellagio


$       89,579


$       70,444

MGM Grand Las Vegas


62,005


37,325

Mandalay Bay


39,414


38,814

The Mirage 


30,161


27,419

Luxor


15,574


18,364

New York-New York 


23,400


24,313

Excalibur


15,109


14,179

Monte Carlo


17,486


14,996

Circus Circus Las Vegas


4,557


5,141

MGM Grand Detroit


39,653


42,239

Beau Rivage


13,873


17,050

Gold Strike Tunica


9,987


11,580

Other resort operations


239


(892)

  Wholly owned domestic resorts


361,037


320,972

MGM China


180,455


164,521

CityCenter (50%)(1)


11,695


(18,573)

Other unconsolidated resorts(1)


4,649


5,264

Management and other operations


15,761


4,699



$     573,597


$     476,883






(1) Represents the Company's share of operating income (loss), 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 March 31, 2013














Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation
and
amortization


Adjusted
EBITDA

Bellagio


$       66,392


$              -


$              4


$       23,183


$       89,579

MGM Grand Las Vegas


40,972


-


666


20,367


62,005

Mandalay Bay


20,822


(604)


582


18,614


39,414

The Mirage 


13,550


-


4,154


12,457


30,161

Luxor


3,775


-


3,179


8,620


15,574

New York-New York 


17,737


-


31


5,632


23,400

Excalibur


11,162


-


-


3,947


15,109

Monte Carlo


12,858


-


(12)


4,640


17,486

Circus Circus Las Vegas


(389)


-


-


4,946


4,557

MGM Grand Detroit


34,371


-


-


5,282


39,653

Beau Rivage


6,427


-


(298)


7,744


13,873

Gold Strike Tunica


6,820


-


(13)


3,180


9,987

Other resort operations


(328)


-


(1)


568


239

  Wholly owned domestic resorts


234,169


(604)


8,292


119,180


361,037

MGM China


99,117


2,374


195


78,769


180,455

CityCenter (50%)


11,319


376


-


-


11,695

Other unconsolidated resorts


4,649


-


-


-


4,649

Management and other operations


12,783


-


4


2,974


15,761



362,037


2,146


8,491


200,923


573,597

Stock compensation


(6,943)


-


-


-


(6,943)

Corporate 


(53,277)


-


-


10,995


(42,282)



$     301,817


$       2,146


$       8,491


$     211,918


$     524,372





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

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)

(Unaudited)













Three Months Ended



March 31,


March 31,



2013


2012

Adjusted EBITDA


$     524,372


$     430,332

  Preopening and start-up expenses


(2,146)


-

  Property transactions, net


(8,491)


(917)

  Depreciation and amortization


(211,918)


(236,809)

Operating income


301,817


192,606






Non-operating income (expense):





  Interest expense, net of amounts capitalized


(225,447)


(284,342)

  Other, net


(23,361)


(84,442)



(248,808)


(368,784)






Income (loss) before income taxes


53,009


(176,178)

  Provision for income taxes


(30,431)


(27,129)

Net income (loss)


22,578


(203,307)

  Less: Net income attributable to noncontrolling interests


(16,032)


(13,946)

Net income (loss) attributable to MGM Resorts International


$         6,546


$   (217,253)

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)









Three Months Ended



March 31,


March 31,



2013


2012

Bellagio





   Occupancy %


92.7%


93.0%

   Average daily rate (ADR)


$240


$231

   Revenue per available room (REVPAR)


$222


$215






MGM Grand Las Vegas





   Occupancy %


91.2%


93.5%

   ADR


$148


$140

   REVPAR


$135


$131






Mandalay Bay 





   Occupancy %


88.7%


90.0%

   ADR


$182


$185

   REVPAR


$161


$167






The Mirage





   Occupancy %


95.1%


92.7%

   ADR


$149


$155

   REVPAR


$142


$143






Luxor 





   Occupancy %


89.3%


90.8%

   ADR


$88


$89

   REVPAR


$78


$81






New York-New York





   Occupancy %


96.6%


94.9%

   ADR


$113


$110

   REVPAR


$109


$104






Excalibur 





   Occupancy %


84.9%


87.5%

   ADR


$72


$72

   REVPAR


$61


$63






Monte Carlo 





   Occupancy %


95.2%


93.7%

   ADR


$104


$102

   REVPAR


$99


$95






Circus Circus Las Vegas





   Occupancy %


73.4%


76.0%

   ADR


$54


$54

   REVPAR


$39


$41

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)
















Three Months Ended




March 31,


March 31,




2013


2012


Aria


$     258,510


$     187,832


Vdara


22,059


21,449


Crystals


13,957


12,327


Mandarin Oriental


13,720


12,701


 Resort operations


308,246


234,309


Residential operations


6,896


4,608




$     315,142


$     238,917

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)











Three Months Ended




March 31,


March 31,




2013


2012

Adjusted EBITDA


$       86,987


$       28,595

  Preopening and start-up expenses


(752)


-

  Property transactions, net


-


(2,009)

  Depreciation and amortization


(86,403)


(88,043)

Operating loss


(168)


(61,457)







Non-operating income (expense):





  Interest expense - sponsor notes


(24,948)


(21,553)

  Interest expense - other


(43,470)


(46,042)

  Other, net


743


(7,783)




(67,675)


(75,378)

Net loss


$     (67,843)


$   (136,835)

 

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
















Three Months Ended




March 31,


March 31,




2013


2012


Aria






   Occupancy %


89.0%


86.4%


   ADR


$209


$205


   REVPAR


$186


$177








Vdara






   Occupancy %


85.7%


81.0%


   ADR


$160


$163


   REVPAR


$137


$132

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)


Three Months Ended March 31, 2013









Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions,
net


Depreciation
and
amortization


Adjusted
EBITDA


Aria


$     13,099


$         694


$               -


$      63,770


$      77,563


Vdara


(5,296)


-


-


10,815


5,519


Crystals


2,003


58


-


6,444


8,505


Mandarin Oriental


(3,745)


-


-


5,010


1,265


 Resort operations


6,061


752


-


86,039


92,852


Residential operations


(1,044)


-


-


356


(688)


Development and administration


(5,185)


-


-


8


(5,177)




$        (168)


$         752


$               -


$      86,403


$      86,987














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

SOURCE MGM Resorts International



RELATED LINKS
http://www.mgmresorts.com

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