2014

MGM Resorts International Reports Second Quarter Results MGM China Reports Record Results and Announces $113 Million Dividend

Las Vegas Strip Results Continue to Trend Higher

LAS VEGAS, Aug. 6, 2013 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended June 30, 2013.  Loss per share for the second quarter of 2013 was $0.19 compared to a loss per share of $0.30 in the prior year second quarter.  Comparability of the current and prior year consolidated results was affected by certain items discussed below.

"We continue to see broad-based Las Vegas improvement as our Strip EBITDA increased 15%, driven by a 7% increase in casino revenues and a 5% increase in hotel revenues," said Jim Murren, MGM Resorts International Chairman and CEO.  "A strong performance at MGM China led to another quarter of record results, driven by higher volumes in both mass market and VIP."

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

  • Consolidated net revenue increased 7% over the prior year quarter to $2.5 billion;
  • Consolidated casino revenue increased 11%;
  • Rooms revenue at wholly owned domestic resorts increased 5% with a 2.5% increase in REVPAR(1) at the Company's Las Vegas Strip resorts;
  • Adjusted Property EBITDA(2) was $596 million, a 9% increase compared to the prior year quarter;
  • The Company's wholly owned domestic resorts earned Adjusted Property EBITDA of $376 million, a 9% increase compared to the prior year quarter;
  • MGM China's Adjusted EBITDA increased 10% to $205 million, which included $15 million of branding fee expense in the current quarter;
  • CityCenter's Adjusted EBITDA related to resort operations was $67 million, a 6% decrease compared to the prior year quarter, as a result of lower table games hold percentage in the current year; and
  • Consolidated operating income increased 32% to $232 million compared to $175 million in 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,

2013

2012

Property transactions, net



     Investment in Grand Victoria impairment    

$  (0.05)

$  (0.11)

     Corporate buildings impairment     

(0.06)

     Other property transactions, net       

(0.01)

(0.01)

Tax adjustments:



     MGM China shareholder dividend tax      

0.07

     Deferred tax valuation allowance       

(0.11)

(0.13)

The current year second quarter and prior year second quarter results were affected by non-cash impairment charges of $37 million and $85 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 current year second quarter related to corporate buildings that are expected to be removed from service.  The Company's planned Las Vegas arena project, of which the Company will own 50%, will be located on the land underlying these buildings. 

The current year second quarter income tax provision was affected by $55 million of valuation allowance on U.S. deferred tax assets, including valuation allowance related to tax benefit reflected in other items in the above table.  The prior year second quarter income tax provision was affected by a valuation allowance for a portion of U.S. deferred tax assets and by a net tax benefit resulting from entering into an annual fee arrangement with the Macau government with respect to the complementary tax on dividend distributions of MGM Macau covering the years 2007 through 2011, including the dividend distributed in the first quarter of 2012.  All taxes previously accrued on MGM Macau dividends distributed in prior quarters were reversed and the cumulative agreed upon annual fee was recorded during the second quarter of 2012.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 3% compared to the prior year quarter. Table games revenue increased 4% and the overall table games hold percentage in the second quarter of 2013 was 18.1% compared to 17.7% for the prior year quarter.  Slots revenue increased 3% with a 7% increase at the Company's Las Vegas Strip resorts.

Rooms revenue increased 5% with a 2.5% increase in Las Vegas Strip REVPAR. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended June 30,

2013

2012

Occupancy %

95%

94%

Average Daily Rate (ADR)

$  134

$  131

Revenue per Available Room (REVPAR)

$  127

$  124

Operating income for the Company's wholly owned domestic resorts for the second quarter of 2013 was $239 million, an increase of 12% compared to the prior year quarter.

MGM China

On August 6, 2013, MGM China's Board of Directors announced a dividend of $113 million, which will be paid to shareholders of record as of August 26, 2013 and distributed on or about September 2, 2013.  MGM Resorts International will receive $57 million, representing its 51% share of the dividend.

Key second quarter results for MGM China include the following:

  • MGM China earned net revenue of $835 million, an 18% increase over the prior year quarter, and its highest ever quarterly Adjusted EBITDA of $205 million, a 10% increase over the prior year quarter, due primarily to increases in main floor table games and VIP  revenues;
  • Main floor table games and slots win increased 29% and 4%, respectively, compared to the prior year quarter;
  • VIP table games turnover increased 34% from the prior year quarter, while hold percentage was 2.9% in the current year quarter compared to 3.3% in the prior year quarter; and
  • MGM China's operating income was $126 million compared to $90 million in the prior year quarter.

Income from Unconsolidated Affiliates

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

Three months ended June 30,

2013

2012


(In thousands)


CityCenter

$             861

$             642

Other

5,821

5,344


$          6,682

$          5,986

 

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


  • Net revenue from resort operations decreased to $280 million, a 1% decrease from the prior year quarter;
  • Adjusted EBITDA from resort operations was $67 million compared to $71 million in the prior year quarter;
  • Aria's table games hold percentage was 20.8% in the current year quarter compared to 24.0% in the prior year quarter; and
  • Aria's occupancy percentage was 92% and its ADR was $212, resulting in REVPAR of $194, a 4% increase compared to the prior year quarter.

Financial Position

The Company's term loan B facility was re-priced in May 2013 and now bears interest at LIBOR plus 2.50%, with a LIBOR floor of 1.00%, a 75 basis point reduction compared to the prior rate. The re-pricing will result in annual interest savings of approximately $13 million.  As of June 30, 2013, the Company reduced its outstanding indebtedness by approximately $476 million year to date. 

"Our continued focus on cost containment and investing in high return projects within our resorts is driving improved operating margins and free cash flow," said Dan D'Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer.   "We are utilizing growing cash flow and dividends from MGM China to significantly improve our balance sheet."

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- 800-560-7376 for domestic callers and 1-706-758-3659 for international callers.  The conference call access code is 15164251. A replay of the call will be available through Tuesday, August 13, 2013.  The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406.  The replay access code is 15164251. 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. Examples of these statements include, but are not limited to, statements regarding the amount the Company expects to receive as a result of the MGM China dividend and the timing of such distribution.  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


Six Months Ended






June 30,


June 30,


June 30,


June 30,






2013


2012


2013


2012

Revenues:











Casino



$ 1,443,157


$ 1,299,196


$ 2,844,577


$ 2,634,230


Rooms



437,710


418,766


838,960


812,386


Food and beverage

394,247


391,891


754,129


764,844


Entertainment


121,001


120,909


234,855


241,309


Retail



52,748


52,086


97,455


98,710


Other



127,914


132,900


251,740


246,023


Reimbursed costs

92,741


90,938


182,977


181,477






2,669,518


2,506,686


5,204,693


4,978,979


Less: Promotional allowances

(188,253)


(182,921)


(371,280)


(367,624)






2,481,265


2,323,765


4,833,413


4,611,355

Expenses:











Casino



916,807


826,211


1,792,053


1,693,685


Rooms



134,001


129,897


261,710


256,052


Food and beverage

225,696


222,567


430,436


434,206


Entertainment


89,940


88,559


173,665


177,347


Retail



27,865


29,241


53,831


56,824


Other



92,819


88,835


178,792


175,057


Reimbursed costs

92,741


90,938


182,977


181,477


General and administrative

314,324


309,478


618,225


612,767


Corporate expense

52,364


42,540


98,988


84,800


Preopening and start-up expenses 

3,506


-


5,652


-


Property transactions, net

88,131


90,467


96,622


91,384


Depreciation and amortization

218,151


235,643


430,069


472,452






2,256,345


2,154,376


4,323,020


4,236,051













Income (loss) from unconsolidated affiliates

6,682


5,986


23,026


(7,323)













Operating income 


231,602


175,375


533,419


367,981













Non-operating income (expense):









Interest expense, net of amounts capitalized

(214,500)


(276,323)


(439,947)


(560,665)


Non-operating items from unconsolidated affiliates

(38,864)


(20,836)


(60,943)


(47,702)


Other, net


(4,951)


46


(6,233)


(57,530)






(258,315)


(297,113)


(507,123)


(665,897)













Income (loss) before income taxes

(26,713)


(121,738)


26,296


(297,916)


Benefit (provision) for income taxes

(3,865)


51,304


(34,296)


24,175













Net loss



(30,578)


(70,434)


(8,000)


(273,741)


Less: Net income attributable to noncontrolling interests

(62,380)


(75,018)


(78,412)


(88,964)

Net loss attributable to MGM Resorts International

$     (92,958)


$  (145,452)


$     (86,412)


$  (362,705)













Per share of common stock:









Basic:











Net loss attributable to MGM Resorts International

$         (0.19)


$         (0.30)


$         (0.18)


$         (0.74)














Weighted average shares outstanding

489,484


488,931


489,388


488,896














Diluted:











Net loss attributable to MGM Resorts International

$         (0.19)


$         (0.30)


$         (0.18)


$         (0.74)














Weighted average shares outstanding

489,484


488,931


489,388


488,896

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

























June 30,


December 31,







2013


2012



















ASSETS


Current assets:









      Cash and cash equivalents


$   1,278,673


$    1,543,509


      Accounts receivable, net


440,326


443,677


      Inventories




101,110


107,577


      Deferred income taxes, net


141,516


179,431


      Prepaid expenses and other


248,615


232,898


                             Total current assets


2,210,240


2,507,092










Property and equipment, net



14,042,309


14,194,652










Other assets:









      Investments in and advances to unconsolidated affiliates

1,408,139


1,444,547


      Goodwill 





2,900,543


2,902,847


      Other intangible assets, net


4,609,088


4,737,833


      Other long-term assets, net


551,818


497,767


                             Total other assets


9,469,588


9,582,994







$ 25,722,137


$  26,284,738



















LIABILITIES AND STOCKHOLDERS' EQUITY










Current liabilities:








      Accounts payable



$      229,599


$       199,620


      Income taxes payable



7,682


1,350


      Accrued interest on long-term debt


193,660


206,736


      Other accrued liabilities



1,667,205


1,517,965


                             Total current liabilities


2,098,146


1,925,671










Deferred income taxes 




2,505,000


2,473,889

Long-term debt





13,111,961


13,589,283

Other long-term obligations



149,864


179,879

Stockholders' equity:








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





         issued and outstanding 489,596,581 and 489,234,401 shares 

4,896


4,892


      Capital in excess of par value


4,145,571


4,132,655


      Retained earnings 



127,286


213,698


      Accumulated other comprehensive income 

11,308


14,303


                             Total MGM Resorts International stockholders' equity

4,289,061


4,365,548


      Noncontrolling interests



3,568,105


3,750,468


                             Total stockholders' equity

7,857,166


8,116,016



$ 25,722,137


$  26,284,738

 

 



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,







2013


2012


2013


2012

Bellagio


$        303,111


$        296,385


$        603,831


$            580,732

MGM Grand Las Vegas


255,426


230,396


514,316


462,876

Mandalay Bay


205,306


192,465


380,819


372,391

The Mirage 


142,383


146,239


286,936


294,468

Luxor


83,383


84,717


161,172


166,643

New York-New York 


69,070


69,017


138,338


139,641

Excalibur

69,967


68,275


131,776


130,999

Monte Carlo


68,891


66,456


135,391


131,363

Circus Circus Las Vegas


51,270


54,115


97,183


101,799

MGM Grand Detroit


132,593


141,805


273,461


292,392

Beau Rivage


85,959


86,899


166,869


173,550

Gold Strike Tunica


36,400


35,908


73,442


76,008

Other resort operations


32,237


32,551


61,650


61,964

  Wholly owned domestic resorts


1,535,996


1,505,228


3,025,184


2,984,826

MGM China


835,149


709,296


1,582,706


1,411,386

Management and other operations


110,120


109,241


225,523


215,143



$     2,481,265


$     2,323,765


$     4,833,413


$         4,611,355



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,



2013


2012


2013


2012

Bellagio


$          99,522


$          83,352


$        189,101


$            153,796

MGM Grand Las Vegas


49,635


29,032


111,640


66,357

Mandalay Bay


49,358


47,399


88,772


86,213

The Mirage 


24,528


25,067


54,689


52,486

Luxor


18,288


17,345


33,862


35,709

New York-New York 


23,672


23,662


47,072


47,975

Excalibur


19,771


19,125


34,880


33,304

Monte Carlo


19,883


16,408


37,369


31,404

Circus Circus Las Vegas


5,296


8,148


9,853


13,289

MGM Grand Detroit


38,662


43,337


78,315


85,576

Beau Rivage


16,466


19,401


30,339


36,451

Gold Strike Tunica


8,518


11,041


18,505


22,621

Other resort operations


2,004


1,841


2,243


949

  Wholly owned domestic resorts


375,603


345,158


736,640


666,130

MGM China


204,815


186,560


385,270


351,081

CityCenter (50%)(1)


861


642


12,556


(17,931)

Other unconsolidated resorts(1)


5,821


5,344


10,470


10,608

Management and other operations


9,060


10,104


24,821


14,803



$        596,160


$        547,808


$     1,169,757


$         1,024,691


(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, 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



Three Months Ended June 30, 2012














Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation
and
amortization


Adjusted
EBITDA

Bellagio


$          58,322


$                     -


$                     354


$          24,676


$          83,352

MGM Grand Las Vegas


8,072


-


803


20,157


29,032

Mandalay Bay


26,963


-


545


19,891


47,399

The Mirage


12,240


-


57


12,770


25,067

Luxor


8,406


-


185


8,754


17,345

New York-New York


18,002


-


243


5,417


23,662

Excalibur


14,769


-


3


4,353


19,125

Monte Carlo


10,930


-


553


4,925


16,408

Circus Circus Las Vegas


3,036


-


77


5,035


8,148

MGM Grand Detroit


32,431


-


884


10,022


43,337

Beau Rivage


11,727


-


8


7,666


19,401

Gold Strike Tunica


7,713


-


2


3,326


11,041

Other resort operations


1,184


-


6


651


1,841

  Wholly owned domestic resorts


213,795


-


3,720


127,643


345,158

MGM China


90,215


-


1,464


94,881


186,560

CityCenter (50%)


642


-


-


-


642

Other unconsolidated resorts


5,344


-


-


-


5,344

Management and other operations


6,855


-


-


3,249


10,104



316,851


-


5,184


225,773


547,808

Stock compensation


(8,769)


-


-


-


(8,769)

Corporate


(132,707)


-


85,283


9,870


(37,554)



$        175,375


$                     -


$               90,467


$        235,643


$        501,485












 

 


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, 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



Six Months Ended June 30, 2012




Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation
and
amortization


Adjusted
EBITDA

Bellagio


$        105,420


$                     -


$                     354


$          48,022


$        153,796

MGM Grand Las Vegas


26,421


-


1,130


38,806


66,357

Mandalay Bay


45,566


-


545


40,102


86,213

The Mirage


26,742


-


70


25,674


52,486

Luxor


17,615


-


185


17,909


35,709

New York-New York


36,699


-


243


11,033


47,975

Excalibur


24,391


-


3


8,910


33,304

Monte Carlo


20,903


-


558


9,943


31,404

Circus Circus Las Vegas


3,538


-


77


9,674


13,289

MGM Grand Detroit


64,769


-


884


19,923


85,576

Beau Rivage


21,123


-


8


15,320


36,451

Gold Strike Tunica


15,933


-


2


6,686


22,621

Other resort operations


(218)


-


(14)


1,181


949

  Wholly owned domestic resorts


408,902


-


4,045


253,183


666,130

MGM China


158,342


-


1,464


191,275


351,081

CityCenter (50%)


(17,931)


-


-


-


(17,931)

Other unconsolidated resorts


10,608


-


-


-


10,608

Management and other operations


7,266


-


-


7,537


14,803



567,187


-


5,509


451,995


1,024,691

Stock compensation


(18,101)


-


-


-


(18,101)

Corporate


(181,105)


-


85,875


20,457


(74,773)



$        367,981


$                     -


$               91,384


$        472,452


$        931,817

 

 


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)
























Three Months Ended


Six Months Ended




June 30,


June 30,


June 30,


June 30,




2013


2012


2013


2012

Adjusted EBITDA


$        541,390


$        501,485


$     1,065,762


$        931,817

  Preopening and start-up expenses


(3,506)


-


(5,652)


-

  Property transactions, net


(88,131)


(90,467)


(96,622)


(91,384)

  Depreciation and amortization


(218,151)


(235,643)


(430,069)


(472,452)

Operating income


231,602


175,375


533,419


367,981










Non-operating income (expense):









  Interest expense, net of amounts capitalized


(214,500)


(276,323)


(439,947)


(560,665)

  Other, net


(43,815)


(20,790)


(67,176)


(105,232)




(258,315)


(297,113)


(507,123)


(665,897)











Income (loss) before income taxes


(26,713)


(121,738)


26,296


(297,916)

  Benefit (provision) for income taxes


(3,865)


51,304


(34,296)


24,175

Net loss


(30,578)


(70,434)


(8,000)


(273,741)

  Less: Net income attributable to noncontrolling interests


(62,380)


(75,018)


(78,412)


(88,964)

Net loss attributable to MGM Resorts International


$         (92,958)


$      (145,452)


$         (86,412)


$      (362,705)














































 



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,






2013


2012


2013


2012

Bellagio












   Occupancy %



95.9%


96.9%


94.3%


95.0%

   Average daily rate (ADR)


$247


$237


$244


$234

   Revenue per available room (REVPAR)


$237


$230


$230


$223













MGM Grand Las Vegas









   Occupancy %



96.4%


96.3%


94.7%


94.9%

   ADR





$143


$141


$144


$141

   REVPAR





$138


$136


$137


$134













Mandalay Bay 










   Occupancy %



94.2%


95.4%


91.5%


92.7%

   ADR





$192


$183


$187


$184

   REVPAR





$181


$174


$171


$171













The Mirage











   Occupancy %



96.3%


98.4%


95.7%


95.6%

   ADR





$152


$151


$151


$153

   REVPAR





$147


$149


$144


$146













Luxor 












   Occupancy %



95.2%


93.3%


92.9%


92.0%

   ADR





$90


$91


$88


$90

   REVPAR





$86


$85


$82


$83













New York-New York









   Occupancy %



98.3%


97.1%


97.8%


96.0%

   ADR





$115


$112


$113


$111

   REVPAR





$113


$109


$111


$106













Excalibur 












   Occupancy %



95.5%


94.0%


90.6%


90.7%

   ADR





$74


$72


$73


$72

   REVPAR





$71


$68


$66


$65













Monte Carlo 











   Occupancy %



98.0%


97.5%


96.9%


95.6%

   ADR





$107


$106


$105


$104

   REVPAR





$105


$104


$102


$99













Circus Circus Las Vegas









   Occupancy %



85.5%


83.2%


79.5%


79.6%

   ADR





$55


$56


$55


$55

   REVPAR





$47


$47


$43


$44

 

 




CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)
















Three Months Ended


Six Months Ended




June 30,


June 30,


June 30,


June 30,




2013


2012


2013


2012












Aria


$  226,102


$ 233,634


$  484,612


$  421,466


Vdara


24,355


23,114


46,414


44,563


Crystals


15,494


13,133


29,451


25,460


Mandarin Oriental


13,774


12,022


27,494


24,723


 Resort operations


279,725


281,903


587,971


516,212


Residential operations


53,449


8,242


60,345


12,850




$  333,174


$ 290,145


$  648,316


$  529,062






















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,




2013


2012


2013


2012











Adjusted EBITDA


$    72,666


$   65,195


$  159,653


$    93,790

  Preopening and start-up expenses


-


-


(752)


-

  Property transactions, net


(10,113)


(70)


(10,113)


(2,079)

  Depreciation and amortization


(86,327)


(88,109)


(172,730)


(176,152)

Operating loss


(23,774)


(22,984)


(23,942)


(84,441)











Non-operating income (expense):









  Interest expense - sponsor notes


(25,935)


(22,298)


(50,883)


(43,851)

  Interest expense - other


(42,984)


(42,926)


(86,454)


(88,968)

  Other, net


(33,073)


1,143


(32,330)


(6,640)




(101,992)


(64,081)


(169,667)


(139,459)

Net loss


$ (125,766)


$ (87,065)


$ (193,609)


$ (223,900)

 

 


CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)



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














Three Months Ended June 30, 2012
















Operating
income (loss)


Preopening
and start-up
expenses


Property
transactions,
net


Depreciation
and
amortization


Adjusted
EBITDA


Aria


$         (10,004)


$                     -


$                  (9)


$          65,935


$          55,922


Vdara


(3,667)


-


-


10,308


6,641


Crystals


1,961


-


-


6,305


8,266


Mandarin Oriental


(4,245)


-


-


4,524


279


 Resort operations


(15,955)


-


(9)


87,072


71,108


Residential operations


(299)


-


-


984


685


Development and administration


(6,730)


-


79


53


(6,598)




$         (22,984)


$                     -


$                  70


$          88,109


$          65,195

 

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)



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

























Six Months Ended June 30, 2012
















Operating
income (loss)


Preopening
and start-up
expenses


Property
transactions,
net


Depreciation
and
amortization


Adjusted
EBITDA


Aria


$         (59,185)


$                     -


$            1,986


$        131,650


$          74,451


Vdara


(8,609)


-


-


20,686


12,077


Crystals


2,661


-


-


12,711


15,372


Mandarin Oriental


(7,790)


-


-


9,039


1,249


 Resort operations


(72,923)


-


1,986


174,086


103,149


Residential operations


(1,764)


-


-


1,952


188


Development and administration


(9,754)


-


93


114


(9,547)




$         (84,441)


$                     -


$            2,079


$        176,152


$          93,790

 

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)
























Three Months Ended


Six Months Ended




June 30,


June 30,


June 30,


June 30,




2013


2012


2013


2012


Aria










   Occupancy %


91.7%


92.7%


90.3%


89.6%


   ADR


$212


$201


$210


$203


   REVPAR


$194


$187


$190


$182












Vdara








   Occupancy %


91.4%


89.0%


88.6%


85.0%


   ADR


$165


$161


$162


$162


   REVPAR


$150


$143


$144


$137

 

SOURCE MGM Resorts International



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