MGM Resorts International Reports Second Quarter Financial Results

Consolidated Adjusted EBITDA Increased 8%, Led By 10% Growth In Wholly Owned Domestic Resorts

MGM China Declares $136 Million Dividend

Aug 05, 2014, 08:00 ET from MGM Resorts International

LAS VEGAS, Aug. 5, 2014 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended June 30, 2014.  Diluted earnings per share for the second quarter of 2014 was $0.21 compared to diluted loss per share of $0.19 in the prior year second quarter. 

"I am pleased to report another solid quarter of growth at MGM Resorts," said Jim Murren, Chairman and CEO.  "Our domestic business was very strong with 12% EBITDA growth in Las Vegas driven by strong performance in both our room and casino segments.  CityCenter resort operations continue to improve while in Macau we grew cash flow and margins due to a higher contribution of revenues from our main floor business.  These results clearly reflect the success of our investments and strategies in our existing properties, while we are building MGM Cotai and beginning construction on MGM National Harbor."

Key results for the second quarter of 2014 include the following:

  • Consolidated net revenue was $2.6 billion, a 4% increase over the prior year second quarter;
  • Casino revenue at the Company's wholly owned domestic resorts increased 6% compared to the prior year quarter;
  • Rooms revenue at wholly owned domestic resorts increased 6% with a 6% increase in REVPAR(1) at the Company's Las Vegas Strip resorts compared to the prior year quarter;
  • Adjusted Property EBITDA(2) was $643 million, an 8% increase compared to the prior year quarter;
  • The Company's wholly owned domestic resorts earned Adjusted Property EBITDA of $414 million, a 10% increase compared to the prior year quarter;
  • MGM China's Adjusted EBITDA was $210 million, a 3% increase compared to the prior year quarter, including $14 million of branding fee expense in the current quarter; and
  • CityCenter earned Adjusted EBITDA related to resort operations of $81 million, a 20% increase over the prior year quarter.

Certain Items Affecting Second 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 June 30,                                                          

2014

2013

Preopening and start-up expenses

$     (0.01)

$        —

Property transactions, net:



     Investment in Grand Victoria impairment         

(0.04)

(0.05)

     Corporate buildings impairment       

(0.06)

     Other property transactions, net       

(0.01)

(0.01)

IRS audit settlement       

0.06

 

The current year second quarter and prior year second quarter results were affected by non-cash impairment charges of $29 million and $37 million, respectively, related to the Company's joint venture investment in Grand Victoria. In addition, the Company recorded an impairment charge of $45 million in the prior year second quarter related to corporate buildings located on the land underlying the Company's planned Las Vegas arena project, which were removed from service in 2014.

The current year second quarter income tax provision was affected by a $31 million benefit resulting from the settlement of the Company's 2005-2009 IRS audits during the quarter.  In addition to the items in the table above, the current year second quarter income tax provision was favorably impacted by a net benefit recorded for foreign tax credits generated by MGM China, while the prior year second quarter income tax provision was unfavorably impacted by a valuation allowance provided on U.S. deferred tax assets.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 6% compared to the prior year quarter due to an increase in both table games volume and hold percentage. Table games hold percentage in the second quarter of 2014 was 21.3% compared to 18.1% in the prior year quarter. Slots revenue decreased 1% compared to the prior year quarter.

Rooms revenue increased 6% with Las Vegas Strip REVPAR up 6%.  The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended June 30,

2014

2013

Occupancy %

96%

95%

Average Daily Rate (ADR)

$   141

$  134

Revenue per Available Room (REVPAR)

$   135

$  127

 

Food and beverage revenue increased 5% as a result of increased convention and banquet business and the opening of several new outlets. Operating income for the Company's wholly owned domestic resorts increased 23% for the second quarter of 2014 compared to the prior year quarter due to a 7% increase in net revenues and improved operating margins.

MGM China

On August 5, 2014, MGM China's Board of Directors announced a dividend of $136 million, which will be paid to shareholders of record as of August 25, 2014 and distributed on or about September 1, 2014.  MGM Resorts International will receive $69 million, representing its 51% share of the dividend.

Key second quarter results for MGM China include the following:


  • MGM China earned net revenue of $828 million, a 1% decrease compared to the prior year quarter;
  • Main floor table games revenue increased 41% compared to the prior year quarter;
  • VIP table games revenue decreased 18% due to a decrease in VIP table games turnover of 10% compared to the prior year quarter and lower hold percentage of 2.7% in the current year quarter compared to 2.9% in the prior year quarter;
  • MGM China's Adjusted EBITDA was $210 million, a 3% increase compared to the prior year quarter, including $14 million of branding fee expense in the current quarter;
  • MGM China's Adjusted EBITDA margin increased by 90 basis points compared to the prior year quarter; and
  • Operating income was $134 million compared to $126 million in the prior year quarter.

Income from Unconsolidated Affiliates

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

Three months ended June 30,

2014

2013


(In thousands)

CityCenter

$ (1,055)

$ 861

Other

6,923

5,821


$ 5,868

$ 6,682

 

Results for CityCenter Holdings, LLC for the second quarter of 2014 include the following (see schedules accompanying this release for further detail on CityCenter's second quarter results):

  • Net revenue from resort operations increased by 9% to $304 million compared to $280 million in the prior year quarter;
  • Adjusted EBITDA from resort operations was $81 million, an increase of 20% compared to the prior year quarter;
  • Aria's table games hold percentage was 23.4% compared to 20.8% in the prior year quarter;
  • Aria's occupancy percentage was 94% and its ADR was $217, resulting in REVPAR of $205, a 6% increase compared to the prior year quarter;
  • Vdara reported record REVPAR of $166, an increase of 10% compared to the prior year quarter;
  • Crystals reported Adjusted EBITDA of $11 million, an increase of 12% from the prior year quarter; and
  • Property transactions, net was $16 million compared to $10 million in the prior year quarter.

Financial Position

"Over the next year we expect free cash flow growth, dividends from MGM China and the anticipated conversion of $1.45 billion of outstanding convertible notes to dramatically improve our balance sheet," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer.  "In July, we capitalized on CityCenter's improved credit profile with under 5x leverage to reduce the annual interest rate on its senior credit facility by 75 basis points.  We believe CityCenter is positioned to generate significant free cash flow going forward."

The Company's cash balance at June 30, 2014 was $1.4 billion, which included $658 million at MGM China.  At June 30, 2014 the Company had $2.8 billion of borrowings outstanding under its $4.0 billion senior secured credit facility and $554 million outstanding under the $2.0 billion MGM China credit facility.

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 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 1985444. A replay of the call will be available through Wednesday, August 13, 2014.  The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088.  The replay access code is 10049632. 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 portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA resort and casino.  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. Examples of these statements include, but are not limited to, statements regarding our development projects, anticipated free cash flow growth, the receipt of dividends from MGM China and the conversion of the outstanding convertible notes. 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 the Company's 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


Six Months Ended



June 30,


June 30,


June 30,


June 30,



2014


2013


2014


2013

Revenues:













Casino

$

1,475,165


$

1,443,157


$

3,058,597


$

2,844,577


Rooms


463,151



437,710



915,537



838,960


Food and beverage


412,723



394,247



796,115



754,129


Entertainment


138,735



121,001



272,512



234,855


Retail


50,811



52,748



95,427



97,455


Other


134,068



127,914



259,495



251,740


Reimbursed costs


95,745



92,741



190,720



182,977




2,770,398



2,669,518



5,588,403



5,204,693


Less: Promotional allowances


(189,365)



(188,253)



(376,972)



(371,280)




2,581,033



2,481,265



5,211,431



4,833,413

Expenses:













Casino


916,817



916,807



1,907,651



1,792,053


Rooms


142,413



134,001



276,651



261,710


Food and beverage


241,124



225,696



461,182



430,436


Entertainment


104,761



89,940



203,698



173,665


Retail


26,055



27,865



49,531



53,831


Other


92,077



92,819



179,654



178,792


Reimbursed costs


95,745



92,741



190,720



182,977


General and administrative


327,484



314,324



646,730



618,225


Corporate expense


54,439



52,364



107,790



98,988


Preopening and start-up expenses 


9,759



3,506



15,395



5,652


Property transactions, net


33,170



88,131



33,728



96,622


Depreciation and amortization


203,070



218,151



410,725



430,069




2,246,914



2,256,345



4,483,455



4,323,020














Income from unconsolidated affiliates


5,868



6,682



24,644



23,026














Operating income 


339,987



231,602



752,620



533,419














Non-operating income (expense):













Interest expense, net of amounts capitalized


(203,936)



(214,500)



(413,323)



(439,947)


Non-operating items from unconsolidated affiliates


(14,578)



(38,864)



(28,301)



(60,943)


Other, net


(309)



(4,951)



(1,743)



(6,233)




(218,823)



(258,315)



(443,367)



(507,123)














Income (loss) before income taxes


121,164



(26,713)



309,253



26,296


Benefit (provision) for income taxes


52,540



(3,865)



56,059



(34,296)














Net income (loss)


173,704



(30,578)



365,312



(8,000)


Less: Net income attributable to noncontrolling interests


(68,160)



(62,380)



(151,608)



(78,412)

Net income (loss) attributable to MGM Resorts International

$

105,544


$

(92,958)


$

213,704


$

(86,412)














Per share of common stock:













Basic:













Net income (loss) attributable to MGM Resorts International

$

0.22


$

(0.19)


$

0.44


$

(0.18)















Weighted average shares outstanding


490,786



489,484



490,692



489,388















Diluted:













Net income (loss) attributable to MGM Resorts International

$

0.21


$

(0.19)


$

0.42


$

(0.18)















Weighted average shares outstanding


513,371



489,484



513,287



489,388

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)




















June 30,


December 31,




2014


2013









      ASSETS

Current assets:







Cash and cash equivalents

$

1,365,137


$

1,803,669


Accounts receivable, net


473,922



488,217


Inventories


102,524



107,907


Deferred income taxes, net


-



80,989


Prepaid expenses and other


224,732



238,657



Total current assets


2,166,315



2,719,439









Property and equipment, net


14,113,722



14,055,212









Other assets:







Investments in and advances to unconsolidated affiliates


1,420,924



1,374,836


Goodwill 



2,898,861



2,897,442


Other intangible assets, net


4,396,436



4,511,861


Other long-term assets, net


576,045



551,395



Total other assets


9,292,266



9,335,534




$

25,572,303


$

26,110,185

















LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:







Accounts payable

$

253,475


$

241,192


Income taxes payable


32,817



14,813


Current portion of long-term debt


317,194



-


Deferred income taxes, net


1,522



-


Accrued interest on long-term debt


191,141



188,522


Other accrued liabilities


1,764,167



1,770,801



Total current liabilities


2,560,316



2,215,328









Deferred income taxes 


2,356,998



2,430,414

Long-term debt


12,606,520



13,447,230

Other long-term obligations


106,941



141,590

Stockholders' equity:







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







   issued and outstanding 490,712,807 and 490,360,628 shares 


4,907



4,904


Capital in excess of par value


4,166,365



4,156,680


Retained earnings 


270,796



57,092


Accumulated other comprehensive income 


15,235



12,503



Total MGM Resorts International stockholders' equity


4,457,303



4,231,179


Noncontrolling interests


3,484,225



3,644,444



Total stockholders' equity


7,941,528



7,875,623




$

25,572,303


$

26,110,185

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)














Three Months Ended


Six Months Ended


June 30,


June 30,


June 30,


June 30,


2014


2013


2014


2013

Bellagio

$

332,213


$

303,111


$

652,069


$

603,831

MGM Grand Las Vegas


271,675



255,426



533,339



514,316

Mandalay Bay


233,506



205,306



452,890



380,819

The Mirage 


146,670



142,383



294,918



286,936

Luxor


91,067



83,383



174,760



161,172

New York-New York 


71,865



69,070



144,833



138,338

Excalibur


72,125



69,967



139,698



131,776

Monte Carlo


72,332



68,891



140,943



135,391

Circus Circus Las Vegas


53,942



51,270



102,667



97,183

MGM Grand Detroit


136,350



132,593



269,498



273,461

Beau Rivage


87,588



85,959



170,014



166,869

Gold Strike Tunica


39,500



36,400



76,419



73,442

Other resort operations


30,437



32,237



57,456



61,650

  Wholly owned domestic resorts


1,639,270



1,535,996



3,209,504



3,025,184

MGM China


827,928



835,149



1,769,376



1,582,706

Management and other operations


113,835



110,120



232,551



225,523


$

2,581,033


$

2,481,265


$

5,211,431


$

4,833,413





































MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)














Three Months Ended


Six Months Ended


June 30,


June 30,


June 30,


June 30,


2014


2013


2014


2013

Bellagio

$

115,619


$

99,522


$

220,768


$

189,101

MGM Grand Las Vegas


54,371



49,635



116,604



111,640

Mandalay Bay


53,003



49,358



109,003



88,772

The Mirage 


28,910



24,528



64,329



54,689

Luxor


21,322



18,288



39,300



33,862

New York-New York 


24,478



23,672



50,105



47,072

Excalibur


20,706



19,771



39,596



34,880

Monte Carlo


19,999



19,883



39,894



37,369

Circus Circus Las Vegas


7,213



5,296



12,522



9,853

MGM Grand Detroit


39,653



38,662



73,019



78,315

Beau Rivage


18,489



16,466



33,130



30,339

Gold Strike Tunica


10,185



8,518



19,752



18,505

Other resort operations


450



2,004



(778)



2,243

  Wholly owned domestic resorts


414,398



375,603



817,244



736,640

MGM China


210,488



204,815



451,213



385,270

CityCenter (50%)(1)


(1,055)



861



12,991



12,556

Other unconsolidated resorts(1)


6,923



5,821



11,653



10,470

Management and other operations


12,102



9,060



31,954



24,821


$

642,856


$

596,160


$

1,325,055


$

1,169,757


(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 June 30, 2014

















Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA

Bellagio

$

94,027


$

-


$

594


$

20,998


$

115,619

MGM Grand Las Vegas


34,429



-



207



19,735



54,371

Mandalay Bay


33,524



331



241



18,907



53,003

The Mirage 


14,362



22



1,801



12,725



28,910

Luxor


11,734



(3)



1



9,590



21,322

New York-New York 


19,755



47



98



4,578



24,478

Excalibur


16,605



-



332



3,769



20,706

Monte Carlo


14,091



464



154



5,290



19,999

Circus Circus Las Vegas


3,308



36



3



3,866



7,213

MGM Grand Detroit


33,804



-



78



5,771



39,653

Beau Rivage


11,476



-



559



6,454



18,489

Gold Strike Tunica


6,651



-



265



3,269



10,185

Other resort operations


(86)



-



(8)



544



450

  Wholly owned domestic resorts


293,680



897



4,325



115,496



414,398

MGM China


134,112



2,917



48



73,411



210,488

CityCenter (50%)


(1,055)



-



-



-



(1,055)

Other unconsolidated resorts


6,822



101



-



-



6,923

Management and other operations


10,054



-



1



2,047



12,102



443,613



3,915



4,374



190,954



642,856

Stock compensation


(6,393)



-



-



-



(6,393)

Corporate 


(97,233)



5,844



28,796



12,116



(50,477)


$

339,987


$

9,759


$

33,170


$

203,070


$

585,986














































Three Months Ended June 30, 2013



Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA

Bellagio

$

71,386


$

-


$

337


$

27,799


$

99,522

MGM Grand Las Vegas


29,400



-



104



20,131



49,635

Mandalay Bay


23,414



1,078



1,854



23,012



49,358

The Mirage 


11,714



-



141



12,673



24,528

Luxor


9,097



112



(252)



9,331



18,288

New York-New York 


17,958



-



499



5,215



23,672

Excalibur


16,382



-



13



3,376



19,771

Monte Carlo


12,183



58



2,964



4,678



19,883

Circus Circus Las Vegas


801



-



10



4,485



5,296

MGM Grand Detroit


32,709



-



-



5,953



38,662

Beau Rivage


8,732



-



7



7,727



16,466

Gold Strike Tunica


3,966



-



1,187



3,365



8,518

Other resort operations


1,441



-



-



563



2,004

  Wholly owned domestic resorts


239,183



1,248



6,864



128,308



375,603

MGM China


126,134



2,258



150



76,273



204,815

CityCenter (50%)


861



-



-



-



861

Other unconsolidated resorts


5,821



-



-



-



5,821

Management and other operations


6,111



-



(4)



2,953



9,060



378,110



3,506



7,010



207,534



596,160

Stock compensation


(6,246)



-



-



-



(6,246)

Corporate 


(140,262)



-



81,121



10,617



(48,524)


$

231,602


$

3,506


$

88,131


$

218,151


$

541,390

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA

(In thousands) 

(Unaudited)

















Six Months Ended June 30, 2014



















Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA

Bellagio


$

175,878


$

-


$

573


$

44,317


$

220,768

MGM Grand Las Vegas



75,361



197



199



40,847



116,604

Mandalay Bay



67,935



1,133



239



39,696



109,003

The Mirage 



36,954



22



1,948



25,405



64,329

Luxor



20,541



-



-



18,759



39,300

New York-New York 



40,642



102



342



9,019



50,105

Excalibur



32,060



-



331



7,205



39,596

Monte Carlo



28,105



1,379



157



10,253



39,894

Circus Circus Las Vegas



4,845



36



(8)



7,649



12,522

MGM Grand Detroit



61,458



-



78



11,483



73,019

Beau Rivage



19,642



-



559



12,929



33,130

Gold Strike Tunica



13,016



-



265



6,471



19,752

Other resort operations



(1,855)



-



(8)



1,085



(778)

  Wholly owned domestic resorts



574,582



2,869



4,675



235,118



817,244

MGM China



298,701



5,325



(56)



147,243



451,213

CityCenter (50%)



12,991



-



-



-



12,991

Other unconsolidated resorts



11,533



120



-



-



11,653

Management and other operations



27,015



-



1



4,938



31,954




924,822



8,314



4,620



387,299



1,325,055

Stock compensation



(13,092)



-



-



-



(13,092)

Corporate 



(159,110)



7,081



29,108



23,426



(99,495)



$

752,620


$

15,395


$

33,728


$

410,725


$

1,212,468

















































Six Months Ended June 30, 2013




Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA

Bellagio


$

137,778


$

-


$

341


$

50,982


$

189,101

MGM Grand Las Vegas



70,372



-



770



40,498



111,640

Mandalay Bay



44,236



474



2,436



41,626



88,772

The Mirage 



25,264



-



4,295



25,130



54,689

Luxor



12,872



112



2,927



17,951



33,862

New York-New York 



35,695



-



530



10,847



47,072

Excalibur



27,544



-



13



7,323



34,880

Monte Carlo



25,041



58



2,952



9,318



37,369

Circus Circus Las Vegas



412



-



10



9,431



9,853

MGM Grand Detroit



67,080



-



-



11,235



78,315

Beau Rivage



15,159



-



(291)



15,471



30,339

Gold Strike Tunica



10,786



-



1,174



6,545



18,505

Other resort operations



1,113



-



(1)



1,131



2,243

  Wholly owned domestic resorts



473,352



644



15,156



247,488



736,640

MGM China



225,251



4,632



345



155,042



385,270

CityCenter (50%)



12,180



376



-



-



12,556

Other unconsolidated resorts



10,470



-



-



-



10,470

Management and other operations



18,894



-



-



5,927



24,821




740,147



5,652



15,501



408,457



1,169,757

Stock compensation



(13,189)



-



-



-



(13,189)

Corporate 



(193,539)



-



81,121



21,612



(90,806)



$

533,419


$

5,652


$

96,622


$

430,069


$

1,065,762

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)

(Unaudited)
















Three Months Ended


Six Months Ended



June 30,


June 30,


June 30,


June 30,



2014


2013


2014


2013

Adjusted EBITDA

$

585,986


$

541,390


$

1,212,468


$

1,065,762

  Preopening and start-up expenses


(9,759)



(3,506)



(15,395)



(5,652)

  Property transactions, net


(33,170)



(88,131)



(33,728)



(96,622)

  Depreciation and amortization


(203,070)



(218,151)



(410,725)



(430,069)

Operating income 


339,987



231,602



752,620



533,419














Non-operating income (expense):












  Interest expense, net of amounts capitalized


(203,936)



(214,500)



(413,323)



(439,947)

  Other, net


(14,887)



(43,815)



(30,044)



(67,176)




(218,823)



(258,315)



(443,367)



(507,123)














Income (loss) before income taxes


121,164



(26,713)



309,253



26,296

  Benefit (provision) for income taxes


52,540



(3,865)



56,059



(34,296)

Net income (loss)


173,704



(30,578)



365,312



(8,000)

  Less: Net income attributable to noncontrolling interests


(68,160)



(62,380)



(151,608)



(78,412)

Net income (loss) attributable to MGM Resorts International     

$

105,544


$

(92,958)


$

213,704


$

(86,412)



























MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)
















Three Months Ended


Six Months Ended



June 30,


June 30,


June 30,


June 30,



2014


2013


2014


2013


Bellagio













   Occupancy %


95.8%



95.9%



94.0%



94.3%


   Average daily rate (ADR)


$259



$247



$261



$244


   Revenue per available room (REVPAR)


$248



$237



$245



$230















MGM Grand Las Vegas













   Occupancy %


98.1%



96.4%



96.7%



94.7%


   ADR


$150



$143



$155



$144


   REVPAR


$147



$138



$150



$137















Mandalay Bay 













   Occupancy %


94.9%



94.2%



93.6%



91.5%


   ADR


$200



$192



$201



$187


   REVPAR


$190



$181



$188



$171















The Mirage













   Occupancy %


96.9%



96.3%



95.8%



95.7%


   ADR


$162



$152



$166



$151


   REVPAR


$157



$147



$159



$144















Luxor 













   Occupancy %


97.2%



95.2%



95.3%



92.9%


   ADR


$97



$90



$99



$88


   REVPAR


$94



$86



$94



$82















New York-New York













   Occupancy %


99.2%



98.3%



98.6%



97.8%


   ADR


$123



$115



$125



$113


   REVPAR


$122



$113



$123



$111















Excalibur 













   Occupancy %


98.0%



95.5%



94.6%



90.6%


   ADR


$80



$74



$81



$73


   REVPAR


$79



$71



$77



$66















Monte Carlo 













   Occupancy %


99.3%



98.0%



97.7%



96.9%


   ADR


$114



$107



$115



$105


   REVPAR


$113



$105



$112



$102















Circus Circus Las Vegas













   Occupancy %


84.4%



85.5%



79.6%



79.5%


   ADR


$60



$55



$61



$55


   REVPAR


$50



$47



$49



$43

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)




















Three Months Ended


Six Months Ended







June 30,


June 30,


June 30,


June 30,







2014


2013


2014


2013























Aria

$

245,144


$

226,102


$

498,833


$

484,612






Vdara


26,867



24,355



53,117



46,414






Crystals


16,649



15,494



33,401



29,451






Mandarin Oriental


15,411



13,774



31,852



27,494






 Resort operations


304,071



279,725



617,203



587,971






Residential operations


15,804



53,449



39,089



60,345







$

319,875


$

333,174


$

656,292


$

648,316
























































CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)




















Three Months Ended


Six Months Ended







June 30,


June 30,


June 30,


June 30,







2014


2013


2014


2013






















Adjusted EBITDA

$

77,709


$

72,666


$

172,767


$

159,653





  Preopening and start-up expenses


-



-



-



(752)





  Property transactions, net


(16,121)



(10,113)



(18,696)



(10,113)





  Depreciation and amortization


(86,423)



(86,327)



(173,943)



(172,730)





Operating loss


(24,835)



(23,774)



(19,872)



(23,942)






















Non-operating income (expense):
















  Interest expense - sponsor notes


-



(25,935)



-



(50,883)





  Interest expense - other


(22,518)



(42,984)



(45,370)



(86,454)





  Other, net


(4,435)



(33,073)



(6,748)



(32,330)








(26,953)



(101,992)



(52,118)



(169,667)





Net loss

$

(51,788)


$

(125,766)


$

(71,990)


$

(193,609)





 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)


















Three Months Ended June 30, 2014






Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA


Aria


$

(6,274)


$

-


$

3,016


$

64,472


$

61,214


Vdara



(3,283)



-



128



10,482



7,327


Crystals



4,430



-



126



6,646



11,202


Mandarin Oriental



(3,578)



-



44



4,710



1,176


 Resort operations



(8,705)



-



3,314



86,310



80,919


Residential operations



2,084



-



-



113



2,197


Development and administration



(18,214)



-



12,807



-



(5,407)




$

(24,835)


$

-


$

16,121


$

86,423


$

77,709





















































Three Months Ended June 30, 2013






Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA


Aria


$

(14,713)


$

-


$

278


$

64,018


$

49,583


Vdara



(3,894)



-



-



10,394



6,500


Crystals



3,156



-



-



6,876



10,032


Mandarin Oriental



(3,601)



-



-



4,676



1,075


 Resort operations



(19,052)



-



278



85,964



67,190


Residential operations



(410)



-



9,835



355



9,780


Development and administration



(4,312)



-



-



8



(4,304)




$

(23,774)


$

-


$

10,113


$

86,327


$

72,666


 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)


















Six Months Ended June 30, 2014
















Operating income
(loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA


Aria


$

1,282


$

-


$

4,323


$

130,101


$

135,706


Vdara



(6,234)



-



128



20,707



14,601


Crystals



8,663



-



205



13,388



22,256


Mandarin Oriental



(6,288)



-



44



9,429



3,185


 Resort operations



(2,577)



-



4,700



173,625



175,748


Residential operations



4,691



-



1,114



318



6,123


Development and administration



(21,986)



-



12,882



-



(9,104)




$

(19,872)


$

-


$

18,696


$

173,943


$

172,767





















































Six Months Ended June 30, 2013






Operating income
(loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA


Aria


$

(1,614)


$

694


$

278


$

127,788


$

127,146


Vdara



(9,190)



-



-



21,209



12,019


Crystals



5,159



58



-



13,320



18,537


Mandarin Oriental



(7,346)



-



-



9,686



2,340


 Resort operations



(12,991)



752



278



172,003



160,042


Residential operations



(1,454)



-



9,835



711



9,092


Development and administration



(9,497)



-



-



16



(9,481)




$

(23,942)


$

752


$

10,113


$

172,730


$

159,653


 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)






Three Months Ended


Six Months Ended


June 30,


June 30,


June 30,


June 30,


2014


2013


2014


2013

Aria












   Occupancy %


94.4%



91.7%



93.2%



90.3%

   ADR


$217



$212



$223



$210

   REVPAR


$205



$194



$208



$190













Vdara












   Occupancy %


94.9%



91.4%



92.2%



88.6%

   ADR


$175



$165



$180



$162

   REVPAR


$166



$150



$166



$144

 

 

SOURCE MGM Resorts International

Related Links

http://www.mgmresorts.com