MGM Resorts International Reports Fourth Quarter And Full Year Results MGM China Announces $500 Million Special Dividend

LAS VEGAS, Feb. 20, 2013 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported financial results for the fourth quarter and full year ended December 31, 2012.  Loss per share for the fourth quarter of 2012 was $2.50 compared to a loss per share of $0.23 in the prior year fourth quarter.  Comparability of the current and prior year consolidated results was affected by certain items discussed further below.

"2012 was a transformational year for MGM Resorts International highlighted by major improvements in our financial position, significant progress on future growth opportunities and strengthening of our company culture.  We closed the year with strong fourth quarter results driven by a 5% increase in wholly owned domestic resorts EBITDA," said Jim Murren, MGM Resorts International Chairman and CEO.  "We are off to a great start in 2013, with our Cotai land recently gazetted, a $500 million special dividend announced by MGM China, and solid events thus far in Las Vegas including Super Bowl and Chinese New Year."

Key results for the fourth quarter of 2012 include the following:

  • Consolidated net revenue was $2.3 billion in both the current and prior year quarter;
  • Consolidated casino revenue increased 1% compared to the prior year quarter;
  • 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 $505 million compared to $482 million in the prior year quarter;
  • The Company's wholly owned domestic resorts earned Adjusted Property EBITDA of $334 million, a 5% increase compared to the prior year quarter;
  • MGM China's Adjusted EBITDA was $176 million, a 1% increase compared to the prior year quarter;
  • CityCenter's Adjusted EBITDA related to resort operations was $68 million, a 17% increase compared to the prior year quarter; and
  • Consolidated operating loss was $425 million compared to operating income of $91 million in the fourth quarter of 2011, impacted by significant impairment charges in each period.

Certain Items Affecting Fourth 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 December 31,

2012

2011


Property transactions, net:




     Borgata investment impairment

$  (0.09)

$  (0.07)


     Las Vegas Strip land impairment

(0.48)


     Atlantic City land impairment

(0.20)


     Silver Legacy investment impairment

(0.03)


     Other property transactions, net

(0.01)

(0.01)


Other non-operating expense:




     SJTA bond impairment

(0.06)


     Loss on retirement of long-term debt

(0.67)


Tax adjustments

(0.76)

0.09


Items in the above table for the fourth quarter of 2012 include:

  • An impairment charge of $65 million related to the Company's investment in Borgata;
  • A $366 million impairment charge related to certain of the Company's land holdings on the north end of the Las Vegas Strip and a $167 million impairment charge related to the Company's land holdings in Atlantic City;
  • A $47 million write-off related to the Company's holding of South Jersey Transportation Authority ("SJTA") road development special revenue bonds;
  • A loss of $505 million related to the Company's December refinancing transactions; and
  • $372 million related to the change in valuation allowance for U.S. deferred tax assets.

Items in the above table for the fourth quarter of 2011 include:

  • An impairment charge of $62 million related to the Company's investment in Borgata;
  • An impairment charge of $23 million related to the Company's investment in Silver Legacy; and
  • A net $44 million increase in income tax benefit resulting from a decrease in net deferred tax liability related to Macau, partially offset by an increase in the Michigan net deferred tax liability.

In addition to these items, corporate expense increased to $87 million during the current year quarter, primarily as a result of approximately $34 million of costs associated with the Company's development efforts in Maryland and Massachusetts.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts was up 1% compared to the prior year quarter. The overall table games hold percentage in the fourth quarter of 2012 was 21.9% compared to 22.8% for the prior year quarter. Slots revenue increased 2% compared to the prior year quarter.

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

Three months ended December 31,

2012

2011

Occupancy %

86%

87%

Average Daily Rate (ADR)

$    130

$   129

Revenue per Available Room (REVPAR) 

$    112

$   111

Operating income for the Company's wholly owned domestic resorts for the fourth quarter of 2012 was $202 million, an increase of 8% compared to the prior year quarter.

MGM China

On February 20, 2013, MGM China's Board of Directors announced a special dividend of $500 million, which will be paid to shareholders of record as of March 11, 2013 and distributed on or about March 18, 2013.  MGM Resorts International will receive $255 million, representing its 51% share of the dividend.

Key fourth quarter results for MGM China include the following:

  • MGM China earned net revenue of $731 million, a 2% increase over the prior year quarter driven by increases in volume for main floor table games and slots of 13% and 37%, respectively. VIP table games turnover increased 6% from the prior year quarter, while hold percentage was 2.9% in the current year quarter compared to 3.2% in the prior year quarter; and
  • MGM China's operating income was $83 million, an 8% increase over the prior year quarter and Adjusted EBITDA was $176 million compared to $174 million in the prior year quarter.

As previously announced, MGM China, through its wholly owned subsidiary MGM Grand Paradise S.A. ("MGM Grand Paradise"), formally accepted a land concession contract with the Macau government in October 2012 and received approval to develop a five-star luxury resort and casino in Cotai, Macau.  The contract became effective on January 9, 2013 when the Macau government published it in the Official Gazette of Macau.

In October 2012, MGM China and MGM Grand Paradise, as co-borrowers, entered into an amended and restated credit facility agreement which consists of $550 million of term loans and a $1.45 billion revolving credit facility due October 2017.  The interest rate fluctuates based on HIBOR plus a margin, set at 2.5% for the first six months of the agreement and ranging between 1.75% and 2.5% thereafter based on MGM China's leverage ratio. The credit facility is being used for general corporate purposes and for the development of the Cotai project.

"We have made significant progress in the design and development of our Cotai resort and casino.  With the recent approval of our general building plan, we look forward to our groundbreaking ceremony next week. We remain on track for an early to mid 2016 opening of what will be our most stunning resort and casino yet," said Jim Murren, MGM Resorts International Chairman and CEO.

Income (Loss) from Unconsolidated Affiliates

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

Three months ended December 31,

2012


2011


(In thousands)


CityCenter

$           (7,461)


$       (10,262)

Other

6,345


5,447


$           (1,116)


$         (4,815)

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

  • Net revenue from resort operations increased to $272 million compared to $265 million in the prior year quarter;
  • Adjusted EBITDA from resort operations was $68 million, an increase of 17% compared to the prior year quarter;
  • Aria's table games hold percentage was 23.9% in the current year quarter compared to 27.2% in the prior year quarter;
  • Aria's occupancy percentage was 86% and its ADR was $202, resulting in REVPAR of $173, a 2% increase compared to the prior year quarter; and
  • In December 2012, CityCenter closed on a sale of 427 of the remaining 438 units at Veer for $119 million in proceeds.

Full Year 2012 Results

Net revenue for 2012 was $9.2 billion, which included a full year of results from MGM China. Net revenue from wholly owned domestic resorts was $5.9 billion, a 1% increase compared to 2011.  Adjusted Property EBITDA from wholly owned domestic resorts increased 2% to $1.3 billion for 2012.

MGM China reported record results for 2012 with net revenues of $2.8 billion and Adjusted EBITDA of $679 million.  Excluding branding fees of $30 million in 2012 and $15 million in 2011, Adjusted EBITDA increased by 10% year over year.  CityCenter reported net revenue from resort operations of $1.1 billion, a 1% decrease compared to the prior year, and Adjusted EBITDA related to resort operations of $230 million, a 3% decrease.

Loss per share attributable to MGM Resorts International for 2012 was $3.62 compared to diluted income per share of $5.62 in 2011. The following table lists items that affect the comparability of the current year and prior year annual results in addition to the consolidation of MGM China (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):

Year ended December 31,

2012

2011

Gain on MGM China

$        —

$    6.23

Property transactions, net:

     Borgata investment impairment

(0.09)

(0.06)

     Las Vegas Strip land impairment

(0.48)

     Atlantic City land impairment

(0.20)

     Grand Victoria investment impairment

(0.11)

     Silver Legacy investment impairment

(0.03)

     Circus Circus Reno impairment 

(0.09)

     Other property transactions, net

(0.03)

(0.02)

Income (loss) from unconsolidated affiliates:

     CityCenter residential impairment

(0.02)

(0.03)

     CityCenter Harmon demolition cost

(0.02)

Non-operating items from unconsolidated affiliates:

     CityCenter loss on retirement of long-term debt

(0.01)

Other non-operating expense:

     SJTA bond impairment

(0.06)

     Loss on retirement of long-term debt

(0.74)

(0.01)

Tax adjustments

(1.17)

0.10

Financial Position

"We achieved several financial milestones in 2012, culminating with the refinancing transactions in December which allowed us to lower interest expense by over $200 million annually," said Dan D'Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer.  "We remain focused on reducing debt while continuing to maximize our free cash flow and have set a foundation for the execution of growth and development initiatives at our existing resorts and in new markets."

In December 2012, the Company amended and restated its senior credit facility which increased its total capacity to $4.0 billion, issued $1.25 billion of 6.625% senior notes due 2021, and used the proceeds from these transactions, together with cash on hand, to repurchase and fund the satisfaction and discharge of all of its outstanding senior secured notes.

The Company's cash balance at December 31, 2012 was $1.5 billion, which included approximately $952 million of cash and cash equivalents related to MGM China.  At December 31, 2012, the Company had approximately $13.6 billion of indebtedness, including $2.8 billion of borrowings outstanding under its senior credit facility and $554 million outstanding under the MGM China credit facility.

At December 31, 2012, the Company's senior credit facility consisted of approximately $1.05 billion in term A loans, $1.75 billion in term B loans, and $1.2 billion of revolving loan commitments.  At December 31, 2012 the Company had approximately $1.2 billion of available borrowing capacity under its revolving facility. At December 31, 2012, the interest rate on the term A loans was 3.3% and the interest rate on the term B loans was 4.25%.

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 92557344. A replay of the call will be available through Wednesday, February 27, 2013.  The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406.  The replay access code is 92557344.  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, property transactions, net and the gain on the MGM China transaction.  "Adjusted Property EBITDA" is Adjusted EBITDA before corporate expense and stock compensation expense related to the MGM Resorts stock option plan, which is not allocated to each property. MGM China recognizes stock compensation expense related to its stock compensation plan which is included in the calculation of Adjusted 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.  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, the amount we will receive as a result of the MGM China special dividend and our ability to execute growth and development activities. 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, 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 we update one or more forward-looking statements, no inference should be drawn that we 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


Twelve Months Ended




December 31,


December 31,


December 31,


December 31,




2012


2011


2012


2011

Revenues:










Casino


$    1,390,941


$    1,373,311


$    5,319,489


$    4,002,985


Rooms


383,329


377,464


1,588,770


1,547,765


Food and beverage


346,286


347,160


1,472,382


1,425,428


Entertainment


119,469


132,846


483,946


514,883


Retail


47,017


48,855


196,938


204,806


Other


108,957


114,408


482,547


485,661


Reimbursed costs


88,438


88,293


357,597


351,207




2,484,437


2,482,337


9,901,669


8,532,735


Less: Promotional allowances


(189,926)


(185,448)


(740,825)


(683,423)




2,294,511


2,296,889


9,160,844


7,849,312

Expenses:










Casino


876,995


882,897


3,396,752


2,515,279


Rooms


123,258


119,015


507,856


485,751


Food and beverage


200,737


200,459


844,629


829,018


Entertainment


86,699


95,954


356,934


375,559


Retail


26,844


29,784


112,732


124,063


Other


81,109


88,774


344,782


345,484


Reimbursed costs


88,438


88,293


357,597


351,207


General and administrative


307,901


307,312


1,239,774


1,182,505


Corporate expense


87,215


54,947


235,007


174,971


Preopening and start-up expenses


1,362


-


2,127


(316)


Property transactions, net


610,862


95,770


708,049


178,598


Gain on MGM China transaction


-


-


-


(3,496,005)


Depreciation and amortization


226,831


237,762


927,697


817,146




2,718,251


2,200,967


9,033,936


3,883,260











Income (loss) from unconsolidated affiliates


(1,116)


(4,815)


(46,382)


91,094











Operating income (loss)


(424,856)


91,107


80,526


4,057,146











Non-operating income (expense):










Interest expense, net of amounts capitalized


(279,922)


(274,152)


(1,116,358)


(1,086,832)


Non-operating items from unconsolidated affiliates


(21,417)


(26,029)


(90,020)


(119,013)


Other, net


(552,843)


(1,103)


(608,361)


(19,670)




(854,182)


(301,284)


(1,814,739)


(1,225,515)











Income (loss) before income taxes


(1,279,038)


(210,177)


(1,734,213)


2,831,631


Benefit for income taxes


90,541


190,876


117,301


403,313











Net income (loss)


(1,188,497)


(19,301)


(1,616,912)


3,234,944


Less: net income attributable to noncontrolling interests


(35,330)


(94,390)


(150,779)


(120,307)

Net income (loss) attributable to MGM Resorts International


$  (1,223,827)


$    (113,691)


$  (1,767,691)


$    3,114,637











Per share of common stock:










Basic:










Net income (loss) attributable to MGM Resorts International


$             (2.50)


$           (0.23)


$             (3.62)


$               6.37












Weighted average shares outstanding


489,211


488,823


488,988


488,652












Diluted:










Net income (loss) attributable to MGM Resorts International


$             (2.50)


$            (0.23)


$             (3.62)


$               5.62












Weighted average shares outstanding


489,211


488,823


488,988


560,895

 

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)



















December 31,


December 31,





2012


2011








ASSETS


Current assets:






Cash and cash equivalents


$    1,543,509


$    1,865,913


Accounts receivable, net


443,677


491,730


Inventories


107,577


112,735


Deferred income taxes, net


179,431


91,060


Prepaid expenses and other


232,898


251,282



Total current assets


2,507,092


2,812,720








Property and equipment, net


14,194,652


14,866,644








Other assets:






Investments in and advances to unconsolidated affiliates


1,444,547


1,635,572


Goodwill



2,902,847


2,896,609


Other intangible assets, net


4,737,833


5,048,117


Other long-term assets, net


497,767


506,614



Total other assets


9,582,994


10,086,912





$   26,284,738


$   27,766,276















LIABILITIES AND STOCKHOLDERS' EQUITY








Current liabilities:






Accounts payable


$      199,620


$      170,994


Income taxes payable


1,350


7,611


Accrued interest on long-term debt


206,736


203,422


Other accrued liabilities


1,517,965


1,362,737



Total current liabilities


1,925,671


1,744,764








Deferred income taxes


2,473,889


2,502,096

Long-term debt



13,589,283


13,470,167

Other long-term obligations


179,879


167,027

Stockholders' equity:






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





  issued and outstanding 489,234,401 and 488,834,773 shares


4,892


4,888


Capital in excess of par value


4,132,655


4,094,323


Retained earnings


213,698


1,981,389


Accumulated other comprehensive income


14,303


5,978



Total MGM Resorts International stockholders' equity


4,365,548


6,086,578


Noncontrolling interests


3,750,468


3,795,644



Total stockholders' equity


8,116,016


9,882,222





$   26,284,738


$   27,766,276

 

 

 

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,



2012


2011


2012


2011

Bellagio


$      307,254


$      308,819


$    1,147,487


$    1,114,711

MGM Grand Las Vegas


258,657


233,389


961,246


941,007

Mandalay Bay


161,642


189,762


717,499


777,287

The Mirage


142,806


136,612


600,194


570,524

Luxor


74,356


80,789


322,342


333,209

New York-New York


67,838


66,712


274,645


268,859

Excalibur


60,333


60,706


258,141


257,047

Monte Carlo


63,216


61,978


259,004


255,580

Circus Circus Las Vegas


45,158


45,981


203,764


195,675

MGM Grand Detroit


137,045


140,883


568,721


566,072

Beau Rivage


81,076


79,492


346,330


340,940

Gold Strike Tunica


34,764


36,735


150,561


145,220

Other resort operations


27,665


29,931


122,857


126,771

  Wholly owned domestic resorts


1,461,810


1,471,789


5,932,791


5,892,902

MGM China(1)


731,216


718,929


2,807,676


1,534,963

Management and other operations


101,485


106,171


420,377


421,447



$    2,294,511


$    2,296,889


$    9,160,844


$    7,849,312










(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,



2012


2011


2012


2011

Bellagio


$      94,925


$       96,975


$     302,854


$     302,497

MGM Grand Las Vegas


65,991


34,490


180,726


149,136

Mandalay Bay


26,156


39,707


146,761


169,124

The Mirage


25,625


20,298


117,618


102,443

Luxor


11,834


18,061


63,260


78,081

New York-New York


21,576


21,195


90,505


87,284

Excalibur


13,090


13,283


61,788


65,257

Monte Carlo


14,127


13,534


58,681


57,404

Circus Circus Las Vegas


2,461


2,420


24,072


22,944

MGM Grand Detroit


40,830


40,426


165,670


166,019

Beau Rivage


12,188


12,095


71,361


70,020

Gold Strike Tunica


6,807


8,447


40,469


29,666

Other resort operations


(1,284)


(1,757)


1,455


(1,759)

  Wholly owned domestic resorts


334,326


319,174


1,325,220


1,298,116

MGM China(1)


175,773


173,938


679,345


359,686

MGM Macau (50%)(2)


-


-


-


115,219

CityCenter (50%)(3)


(7,461)


(10,262)


(68,206)


(56,291)

Other unconsolidated resorts(3)


6,345


5,447


21,824


32,166

Management and other operations


(4,447)


(5,872)


9,947


287



$     504,536


$     482,425


$    1,968,130


$    1,749,183










(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 approximately five months ended June 2, 2011.

(3) 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 December 31, 2012














Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation

and

amortization


Adjusted

EBITDA

Bellagio


$       70,805


$            -


$             1,695


$       22,425


$       94,925

MGM Grand Las Vegas


43,733


-


1,644


20,614


65,991

Mandalay Bay


4,001


830


2,849


18,476


26,156

The Mirage


12,575


-


318


12,732


25,625

Luxor


(2,914)


-


3,844


10,904


11,834

New York-New York


16,273


-


190


5,113


21,576

Excalibur


8,571


-


2


4,517


13,090

Monte Carlo


9,183


-


761


4,183


14,127

Circus Circus Las Vegas


(2,565)


-


29


4,997


2,461

MGM Grand Detroit


35,589


-


1


5,240


40,830

Beau Rivage


4,461


-


20


7,707


12,188

Gold Strike Tunica


3,662


-


(56)


3,201


6,807

Other resort operations


(1,862)


-


8


570


(1,284)

  Wholly owned domestic resorts


201,512


830


11,305


120,679


334,326

MGM China


83,223


-


417


92,133


175,773

CityCenter (50%)


(7,993)


532


-


-


(7,461)

Other unconsolidated resorts


6,345


-


-


-


6,345

Management and other operations


(7,950)


-


-


3,503


(4,447)



275,137


1,362


11,722


216,315


504,536

Stock compensation


(7,976)


-


-


-


(7,976)

Corporate


(692,017)


-


599,140


10,516


(82,361)



$    (424,856)


$        1,362


$      610,862


$      226,831


$      414,199










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


-


9


5,687


21,195

Excalibur


7,898


-


423


4,962


13,283

Monte Carlo


8,369


-


98


5,067


13,534

Circus Circus Las Vegas


(2,303)


-


5


4,718


2,420

MGM Grand Detroit


29,415


-


1,043


9,968


40,426

Beau Rivage


4,549


-


7


7,539


12,095

Gold Strike Tunica


4,963


-


36


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)


-


-


-


(10,262)

Other unconsolidated resorts


5,447


-


-


-


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)


-


-


-


(9,616)

Corporate


(148,527)


-


89,914


10,443


(48,170)



$       91,107


$          -


$       95,770


$      237,762


$      424,639

 

 

 

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, 2012














Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation

and

amortization


Adjusted

EBITDA

Bellagio


$      206,679


$            -


$        2,101


$       94,074


$      302,854

MGM Grand Las Vegas


94,529


-


6,271


79,926


180,726

Mandalay Bay


64,818


830


3,786


77,327


146,761

The Mirage


65,266


-


929


51,423


117,618

Luxor


20,777


-


4,794


37,689


63,260

New York-New York


68,591


-


581


21,333


90,505

Excalibur


43,978


-


5


17,805


61,788

Monte Carlo


38,418


-


1,328


18,935


58,681

Circus Circus Las Vegas


4,514


-


106


19,452


24,072

MGM Grand Detroit


130,564


641


922


33,543


165,670

Beau Rivage


40,713


-


(50)


30,698


71,361

Gold Strike Tunica


27,420


-


(53)


13,102


40,469

Other resort operations


(904)


-


(14)


2,373


1,455

  Wholly owned domestic resorts


805,363


1,471


20,706


497,680


1,325,220

MGM China


302,092


-


2,307


374,946


679,345

CityCenter (50%)


(68,862)


656


-


-


(68,206)

Other unconsolidated resorts


21,824


-


-


-


21,824

Management and other operations


(4,258)


-


-


14,205


9,947



1,056,159


2,127


23,013


886,831


1,968,130

Stock compensation


(33,974)


-


-


-


(33,974)

Corporate


(941,659)


-


685,036


40,866


(215,757)



$       80,526


$        2,127


$      708,049


$      927,697


$    1,718,399













Twelve Months Ended December 31, 2011














Operating

income (loss)


Preopening and start-up expenses


Gain on MGM

China transaction

and 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


-


58


39,649


70,020

Gold Strike Tunica


15,991


-


36


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


-


-


-


115,219

CityCenter (50%)


(56,291)


-


-


-


(56,291)

Other unconsolidated resorts


32,166


-


-


-


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)


-


-


-


(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

 

 

 

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,




2012


2011


2012


2011

Adjusted EBITDA


$      414,199


$      424,639


$    1,718,399


$    1,556,569

  Preopening and start-up expenses


(1,362)


-


(2,127)


316

  Property transactions, net


(610,862)


(95,770)


(708,049)


(178,598)

  Gain on MGM China transaction


-


-


-


3,496,005

  Depreciation and amortization


(226,831)


(237,762)


(927,697)


(817,146)

Operating income (loss)


(424,856)


91,107


80,526


4,057,146











Non-operating income (expense):









  Interest expense, net of amounts capitalized


(279,922)


(274,152)


(1,116,358)


(1,086,832)

  Other, net


(574,260)


(27,132)


(698,381)


(138,683)




(854,182)


(301,284)


(1,814,739)


(1,225,515)











Income (loss) before income taxes


(1,279,038)


(210,177)


(1,734,213)


2,831,631

  Benefit for income taxes


90,541


190,876


117,301


403,313

Net income (loss)


(1,188,497)


(19,301)


(1,616,912)


3,234,944

  Less: net income attributable to noncontrolling interests


(35,330)


(94,390)


(150,779)


(120,307)

Net income (loss) attributable to MGM Resorts International


$  (1,223,827)


$    (113,691)


$  (1,767,691)


$    3,114,637











 

 

 

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,




2012


2011


2012


2011


Bellagio










  Occupancy %


88.8%


89.0%


92.9%


93.3%


  Average daily rate (ADR)


$247


$242


$237


$230


  Revenue per available room (REVPAR)


$219


$215


$220


$215












MGM Grand Las Vegas










  Occupancy %


87.7%


89.8%


92.7%


93.2%


  ADR


$140


$136


$139


$131


  REVPAR


$123


$122


$129


$123












Mandalay Bay










  Occupancy %


88.1%


86.5%


91.7%


91.7%


  ADR


$169


$171


$176


$175


  REVPAR


$149


$148


$162


$160












The Mirage










  Occupancy %


90.7%


92.0%


94.6%


94.8%


  ADR


$150


$144


$149


$144


  REVPAR


$136


$132


$141


$137












Luxor










  Occupancy %


88.6%


85.9%


91.0%


90.3%


  ADR


$90


$92


$89


$91


  REVPAR


$80


$79


$81


$82












New York-New York










  Occupancy %


92.0%


91.9%


94.6%


93.8%


  ADR


$109


$109


$110


$108


  REVPAR


$101


$100


$104


$102












Excalibur










  Occupancy %


84.8%


81.3%


89.4%


87.8%


  ADR


$72


$74


$72


$73


  REVPAR


$61


$60


$64


$64












Monte Carlo










  Occupancy %


89.9%


92.4%


93.6%


94.2%


  ADR


$103


$100


$103


$99


  REVPAR


$93


$92


$97


$93












Circus Circus Las Vegas










  Occupancy %


68.6%


75.0%


77.9%


75.9%


  ADR


$55


$54


$54


$54


  REVPAR


$38


$40


$42


$41

 

 

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)















Three Months Ended


Twelve Months Ended




December 31,


December 31,


December 31,


December 31,




2012


2011


2012


2011












Aria


$      223,534


$      221,911


$      862,306


$      894,721


Vdara


21,384


20,134


86,916


75,364


Crystals


14,257


12,088


53,251


46,317


Mandarin Oriental


12,507


10,725


48,452


41,034


  Resort operations


271,682


264,858


1,050,925


1,057,436


Residential operations


122,680


4,097


138,929


24,425




$      394,362


$      268,955


$    1,189,854


$    1,081,861































CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)















Three Months Ended


Twelve Months Ended




December 31,


December 31,


December 31,


December 31,




2012


2011


2012


2011











Adjusted EBITDA


$       60,044


$       54,126


$      206,596


$      212,104

  Preopening and start-up expenses


(1,064)


-


(1,312)


-

  Property transactions, net


(1,011)


(233)


(74,347)


(53,595)

  Depreciation and amortization


(103,594)


(98,871)


(370,856)


(370,141)

Operating loss


(45,625)


(44,978)


(239,919)


(211,632)











Non-operating income (expense):









  Interest expense - sponsor notes


(24,155)


(20,778)


(91,352)


(78,477)

  Interest expense - other


(43,025)


(46,645)


(174,674)


(189,359)

  Other, net


809


(2,140)


(5,023)


(22,706)




(66,371)


(69,563)


(271,049)


(290,542)

Net loss


$    (111,996)


$    (114,541)


$    (510,968)


$    (502,174)

 

 

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)



Three Months Ended December 31, 2012

















Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA



Aria


$     (20,240)


$        1,064


$         (14)


$       73,380


$       54,190



Vdara


(6,440)


-


-


11,553


5,113



Crystals


1,033


-


-


8,084


9,117



Mandarin Oriental


(9,876)


-


-


9,762


(114)



  Resort operations


(35,523)


1,064


(14)


102,779


68,306



Residential operations


(177)


-


1,025


800


1,648



Development and administration


(9,925)


-


-


15


(9,910)





$     (45,625)


$        1,064


$        1,011


$      103,594


$       60,044
















Three Months Ended December 31, 2011


















Operating

income (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)


-


42


69


(3,917)





$     (44,978)


$            -


$          233


$       98,871


$       54,126


 

 

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)



Twelve Months Ended December 31, 2012







Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA


Aria


$    (104,937)


$         1,312


$          5,549


$       273,909


$      175,833


Vdara


(21,104)


-


-


42,609


21,505


Crystals


5,216


-


-


27,105


32,321


Mandarin Oriental


(22,822)


-


-


23,330


508


  Resort operations


(143,647)


1,312


5,549


366,953


230,167


Residential operations


(40,013)


-


36,715


3,729


431


Development and administration


(56,259)


-


32,083


174


(24,002)




$    (239,919)


$         1,312


$        74,347


$       370,856


$      206,596

























Twelve Months Ended December 31, 2011
















Operating

income (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