MGM Resorts International Reports Third Quarter Results Consolidated net revenue increases 9% year over year; 24% growth in Adjusted Property EBITDA driven by strength in Macau and Las Vegas

LAS VEGAS, Oct. 31, 2013 /PRNewswire/ --  MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended September 30, 2013.  Loss per share improved to ($0.07) compared to ($0.37) in the third quarter of 2012.  Comparability of the current and prior year consolidated results was affected by certain items discussed below.

"I am pleased to report another solid quarter with double digit EBITDA growth and increased margins, led by strength at MGM China and our Las Vegas Strip properties," said Jim Murren, MGM Resorts International Chairman and CEO.  "These results are reflective of the continued market share gains from programs such as M life and our focus on international marketing strategies combined with our best in class collection of resorts and amenities."

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

  • Consolidated net revenue increased 9% over the prior year quarter to $2.5 billion;
  • Consolidated casino revenue increased 13% over the prior year quarter;
  • Rooms revenue at wholly owned domestic resorts increased 5%, with a 3% increase in REVPAR(1) at the Company's Las Vegas Strip resorts;
  • Adjusted Property EBITDA(2) was $546 million, a 24% increase compared to the prior year quarter;
  • The Company's wholly owned domestic resorts earned Adjusted Property EBITDA of $350 million, an 8% increase compared to the prior year quarter;
  • The Company's wholly owned Las Vegas Strip resorts earned Adjusted Property EBITDA of $280 million, a 12% increase compared to the prior year quarter;
  • MGM China's Adjusted EBITDA increased 25% to $191 million;
  • CityCenter's Adjusted EBITDA related to resort operations was $62 million, a 6% increase compared to the prior year quarter; and
  • Consolidated operating income increased to $248 million compared to $137 million in the prior year quarter.

Certain Items Affecting Third 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 September 30, 

2013

2012

Property transactions, net

$   (0.03)

$   (0.01)

Income (loss) from unconsolidated affiliates:



    CityCenter residential impairment charge  

(0.02)

    CityCenter Harmon demolition cost    

(0.02)

Income tax provision:



    Deferred tax valuation allowance

(0.06)

(0.09)

The current year third quarter results were affected by non-cash impairment charges of $26 million, primarily related to land holdings in Jean and Sloan, Nevada. The current year third quarter income tax provision was affected by $28 million of valuation allowance on U.S. deferred tax assets, including a valuation allowance related to tax benefit reflected in other items in the above table.

The prior year third quarter results were affected by the Company's share of CityCenter's non-cash residential impairment charge related to Mandarin Oriental, estimated costs accrued for the demolition of the Harmon, and by a valuation allowance for a portion of U.S. deferred tax assets.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 3% compared to the prior year quarter. Table games revenue increased 10% and the overall table games hold percentage in the third quarter of 2013 was 21.5% compared to 20.4% for the prior year quarter.  Slots revenue increased 1% with a 3% increase at the Company's Las Vegas Strip resorts.

Rooms revenue increased 5% with a 3% increase in Las Vegas Strip REVPAR. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended September 30,   

2013

2012

Occupancy % 

93%

92%

Average Daily Rate (ADR)  

$    127

$   124

Revenue per Available Room (REVPAR)

$    117

$   114

Operating income for the Company's wholly owned domestic resorts for the third quarter of 2013 was $199 million, an increase of 2% compared to the prior year quarter.

MGM China

Key results for the third quarter of 2013 for MGM China include the following:

  • MGM China earned net revenue of $808 million, a 22% increase over the prior year quarter, due primarily to increases in VIP revenues and main floor table games revenues;
  • VIP table games turnover increased 28% from the prior year quarter, while hold percentage was 2.8% in the current year quarter compared to 3.0% in the prior year quarter;
  • Main floor table games and slots win increased 31% and 4%, respectively, compared to the prior year quarter;
  • Adjusted EBITDA of $191 million, a 25% increase over the prior year quarter, including $8 million of branding fee expense in the current quarter versus $5 million in the prior year quarter; and
  • MGM China's operating income was $114 million compared to $61 million in the prior year quarter.

MGM China is currently developing a second resort and casino, MGM Cotai, on an approximately 17.8 acre site in Cotai, Macau.  MGM Cotai will feature approximately 1,600 hotel rooms, casino, convention and meeting space, entertainment, spa, retail outlets and food and beverage offerings.  Current plans include introducing the Company's Mansion luxury villas.  Groundbreaking took place in February 2013 and the project continues to remain on pace for an anticipated early 2016 opening.  In May 2013, MGM China signed a deal with China State Construction to serve as sole general contractor for the project. The total project budget, excluding capitalized interest and land, is $2.6 billion.

Income (Loss) from Unconsolidated Affiliates

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

 

Three months ended September 30,  

2013


2012


(In thousands)



CityCenter 

$   (2,881)


$     (42,814)

Other   

6,809


4,871


$ 3,928


$ (37,943)





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

  • Net revenue from resort operations increased to $268 million, a 2% increase from the prior year quarter;
  • Adjusted EBITDA from resort operations increased 6% to $62 million compared to the prior year quarter;
  • Aria's table games hold percentage was 22.5% in the current year quarter compared to 29.3% in the prior year quarter; and
  • Aria's occupancy percentage was 89% and its ADR was $197, resulting in REVPAR of $177, a 4% increase compared to the prior year quarter.

CityCenter's results for the third quarter of 2012 included approximately $36 million for a residential impairment charge related to Mandarin Oriental and $32 million for accrued costs related to the future demolition of the Harmon.

As announced earlier this month, CityCenter closed a $1.775 billion senior secured credit facility comprised of a $75 million revolving facility, which matures in October 2018, and a $1.7 billion term loan B facility, which matures in October 2020.  Concurrent with the closing of the new senior secured credit facility, CityCenter issued a notice of full redemption with respect to its existing 7.625% senior secured first lien notes and 10.75% senior secured second lien PIK toggle notes and deposited sufficient funds to discharge the notes.  The new revolving facility was undrawn at closing.

Financial Position

"We continue to execute on our goals of improving the Company's free cash flow," said Dan D'Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer.  "This is evidenced by our year to date EBITDA growth of 17% as well as an expected reduction in our cash interest expense this year of approximately $220 million. We continue to be opportunistic in accessing the capital markets as indicated by our recent CityCenter refinancing, which will lower its annual cash interest expense by approximately $80 million."

The Company's cash balance at September 30, 2013 was $1.4 billion, which included $925 million at MGM China.  At September 30, 2013 the Company had $2.9 billion of borrowings outstanding under its $4.0 billion senior credit facility and $553 million outstanding under the $2.0 billion MGM China credit facility. The Company repaid net long-term debt of $77 million during the third quarter, bringing total net repayments during 2013 to $553 million.

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 83280135. A replay of the call will be available through Thursday, November 7, 2013.  The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406.  The replay access code is 83280135. 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 development of MGM Cotai, including related construction and development costs, and the Company's ability to execute additional transactions to further reduce its interest expense and improve free cash flow. 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


Nine Months Ended



September 30,


September 30,


September 30,


September 30,



2013


2012


2013


2012

Revenues:













Casino

$

1,460,300


$

1,294,318


$

4,304,877


$

3,928,548


Rooms


413,060



393,055



1,252,020



1,205,441


Food and beverage


366,988



361,252



1,121,117



1,126,096


Entertainment


145,799



123,168



380,654



364,477


Retail


52,151



51,211



149,606



149,921


Other


123,180



127,567



374,920



373,590


Reimbursed costs


92,038



87,682



275,015



269,159




2,653,516



2,438,253



7,858,209



7,417,232


Less: Promotional allowances


(190,479)



(183,275)



(561,759)



(550,899)




2,463,037



2,254,978



7,296,450



6,866,333

Expenses:













Casino


913,137



826,072



2,705,190



2,519,757


Rooms


132,386



128,546



394,096



384,598


Food and beverage


214,683



209,686



645,119



643,892


Entertainment


107,939



92,888



281,604



270,235


Retail


28,053



29,064



81,884



85,888


Other


91,841



88,616



270,633



263,673


Reimbursed costs


92,038



87,682



275,015



269,159


General and administrative


342,847



319,106



961,072



931,873


Corporate expense


54,190



62,992



153,178



147,792


Preopening and start-up expenses 


4,279



765



9,931



765


Property transactions, net


26,127



5,803



122,749



97,187


Depreciation and amortization


211,682



228,414



641,751



700,866




2,219,202



2,079,634



6,542,222



6,315,685














Income (loss) from unconsolidated affiliates


3,928



(37,943)



26,954



(45,266)














Operating income 


247,763



137,401



781,182



505,382














Non-operating income (expense):













Interest expense, net of amounts capitalized


(208,939)



(275,771)



(648,886)



(836,436)


Non-operating items from unconsolidated affiliates


(22,673)



(20,901)



(83,616)



(68,603)


Other, net


(676)



2,012



(6,909)



(55,518)




(232,288)



(294,660)



(739,411)



(960,557)














Income (loss) before income taxes


15,475



(157,259)



41,771



(455,175)


Benefit (provision) for income taxes


8,150



2,585



(26,146)



26,760














Net income (loss)


23,625



(154,674)



15,625



(428,415)


Less: Net income attributable to noncontrolling interests


(55,484)



(26,485)



(133,896)



(115,449)

Net loss attributable to MGM Resorts International

$

(31,859)


$

(181,159)


$

(118,271)


$

(543,864)














Per share of common stock:













Basic:













Net loss attributable to MGM Resorts International

$

(0.07)


$

(0.37)


$

(0.24)


$

(1.11)















Weighted average shares outstanding


489,672



488,945



489,484



488,913















Diluted:













Net loss attributable to MGM Resorts International

$

(0.07)


$

(0.37)


$

(0.24)


$

(1.11)















Weighted average shares outstanding


489,672



488,945



489,484



488,913

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)




















September 30,


December 31,




2013


2012









      ASSETS






Current assets:







Cash and cash equivalents

$

1,375,403


$

1,543,509


Accounts receivable, net


411,077



443,677


Inventories


98,330



107,577


Deferred income taxes, net


126,396



179,431


Prepaid expenses and other


272,809



232,898



Total current assets


2,284,015



2,507,092









Property and equipment, net


13,969,293



14,194,652









Other assets:







Investments in and advances to unconsolidated affiliates


1,416,462



1,444,547


Goodwill 


2,900,758



2,902,847


Other intangible assets, net


4,548,415



4,737,833


Other long-term assets, net


539,892



497,767



Total other assets


9,405,527



9,582,994




$

25,658,835


$

26,284,738

















LIABILITIES AND STOCKHOLDERS' EQUITY














Current liabilities:







Accounts payable

$

202,792


$

199,620


Income taxes payable


2,500



1,350


Accrued interest on long-term debt


183,958



206,736


Other accrued liabilities


1,772,220



1,517,965



Total current liabilities


2,161,470



1,925,671









Deferred income taxes 


2,478,063



2,473,889

Long-term debt


13,034,518



13,589,283

Other long-term obligations


157,613



179,879

Stockholders' equity:







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

  issued and outstanding 489,814,210 and 489,234,401 shares 


4,898



4,892


Capital in excess of par value


4,150,413



4,132,655


Retained earnings 


95,427



213,698


Accumulated other comprehensive income 


11,619



14,303



Total MGM Resorts International stockholders' equity


4,262,357



4,365,548


Noncontrolling interests


3,564,814



3,750,468



Total stockholders' equity


7,827,171



8,116,016




$

25,658,835


$

26,284,738









 

 


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)





























Three Months Ended


Nine Months Ended



September 30,


September 30,


September 30,


September 30,



2013


2012


2013


2012


Bellagio

$

274,812


$

259,501


$

878,643


$

840,233


MGM Grand Las Vegas


274,265



239,713



788,581



702,589


Mandalay Bay


214,289



183,466



595,108



555,857


The Mirage 


146,290



162,920



433,226



457,388


Luxor


85,903



81,343



247,075



247,986


New York-New York 


66,485



67,166



204,823



206,807


Excalibur


67,807



66,809



199,583



197,808


Monte Carlo


64,971



64,425



200,362



195,788


Circus Circus Las Vegas


55,044



56,807



152,227



158,606


MGM Grand Detroit


133,764



139,284



407,225



431,676


Beau Rivage


91,968



91,704



258,837



265,254


Gold Strike Tunica


39,525



39,789



112,967



115,797


Other resort operations


32,990



33,228



94,640



95,192


  Wholly owned domestic resorts


1,548,113



1,486,155



4,573,297



4,470,981


MGM China


808,471



665,074



2,391,177



2,076,460


Management and other operations


106,453



103,749



331,976



318,892



$

2,463,037


$

2,254,978


$

7,296,450


$

6,866,333



























MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)
















Three Months Ended


Nine Months Ended



September 30,


September 30,


September 30,


September 30,



2013


2012


2013


2012


Bellagio

$

70,111


$

54,133


$

259,212


$

207,929


MGM Grand Las Vegas


66,098



48,378



177,738



114,735


Mandalay Bay


42,036



34,392



130,808



120,605


The Mirage 


29,775



39,507



84,464



91,993


Luxor


15,285



15,717



49,147



51,426


New York-New York 


20,709



20,954



67,781



68,929


Excalibur


15,336



15,394



50,216



48,698


Monte Carlo


15,245



13,150



52,614



44,554


Circus Circus Las Vegas


5,848



8,322



15,701



21,611


MGM Grand Detroit


36,855



39,264



115,170



124,840


Beau Rivage


21,258



22,722



51,597



59,173


Gold Strike Tunica


9,502



11,041



28,007



33,662


Other resort operations


2,002



1,790



4,245



2,739


  Wholly owned domestic resorts


350,060



324,764



1,086,700



990,894


MGM China


190,772



152,491



576,042



503,572


CityCenter (50%)(1)


(2,881)



(42,814)



9,675



(60,745)


Other unconsolidated resorts(1)


6,809



4,871



17,279



15,479


Management and other operations


1,644



(409)



26,465



14,394



$

546,404


$

438,903


$

1,716,161


$

1,463,594





(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 September 30, 2013




















Operating

income (loss)


Preopening and

start-up

expenses


Property

 transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA



Bellagio

$

47,576


$

-


$

(69)


$

22,604


$

70,111



MGM Grand Las Vegas


43,059



-



422



22,617



66,098



Mandalay Bay


19,209



1,076



17



21,734



42,036



The Mirage 


17,198



-



30



12,547



29,775



Luxor


5,708



646



(373)



9,304



15,285



New York-New York 


13,631



-



1,886



5,192



20,709



Excalibur


11,732



-



22



3,582



15,336



Monte Carlo


10,025



82



554



4,584



15,245



Circus Circus Las Vegas


863



-



1,037



3,948



5,848



MGM Grand Detroit


31,265



-



-



5,590



36,855



Beau Rivage


14,004



-



(14)



7,268



21,258



Gold Strike Tunica


6,038



-



-



3,464



9,502



Other resort operations


(21,107)



-



22,553



556



2,002



  Wholly owned domestic resorts


199,201



1,804



26,065



122,990



350,060



MGM China


114,071



2,286



20



74,395



190,772



CityCenter (50%)


(2,881)



-



-



-



(2,881)



Other unconsolidated resorts


6,809



-



-



-



6,809



Management and other operations


(1,511)



189



4



2,962



1,644





315,689



4,279



26,089



200,347



546,404



Stock compensation


(5,968)



-



-



-



(5,968)



Corporate 


(61,958)



-



38



11,335



(50,585)




$

247,763


$

4,279


$

26,127


$

211,682


$

489,851




































Three Months Ended September 30, 2012





















Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA



Bellagio

$

30,454


$

-


$

52


$

23,627


$

54,133



MGM Grand Las Vegas


24,375



-



3,497



20,506



48,378



Mandalay Bay


15,251



-



392



18,749



34,392



The Mirage 


25,949



-



541



13,017



39,507



Luxor


6,076



-



765



8,876



15,717



New York-New York 


15,619



-



148



5,187



20,954



Excalibur


11,016



-



-



4,378



15,394



Monte Carlo


8,332



-



9



4,809



13,150



Circus Circus Las Vegas


3,541



-



-



4,781



8,322



MGM Grand Detroit


30,206



641



37



8,380



39,264



Beau Rivage


15,129



-



(78)



7,671



22,722



Gold Strike Tunica


7,825



-



1



3,215



11,041



Other resort operations


1,176



-



(8)



622



1,790



  Wholly owned domestic resorts


194,949



641



5,356



123,818



324,764



MGM China


60,527



-



426



91,538



152,491



CityCenter (50%)


(42,938)



124



-



-



(42,814)



Other unconsolidated resorts


4,871



-



-



-



4,871



Management and other operations


(3,574)



-



-



3,165



(409)





213,835



765



5,782



218,521



438,903



Stock compensation


(7,897)



-



-



-



(7,897)



Corporate 


(68,537)



-



21



9,893



(58,623)




$

137,401


$

765


$

5,803


$

228,414


$

372,383



















 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)


















Nine Months Ended September 30, 2013





















Operating

 income (loss)


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA


Bellagio


$

185,354


$

-


$

272


$

73,586


$

259,212


MGM Grand Las Vegas



113,431



-



1,192



63,115



177,738


Mandalay Bay



63,445



1,550



2,453



63,360



130,808


The Mirage 



42,462



-



4,325



37,677



84,464


Luxor



18,580



758



2,554



27,255



49,147


New York-New York 



49,326



-



2,416



16,039



67,781


Excalibur



39,276



-



35



10,905



50,216


Monte Carlo



35,066



140



3,506



13,902



52,614


Circus Circus Las Vegas



1,275



-



1,047



13,379



15,701


MGM Grand Detroit



98,345



-



-



16,825



115,170


Beau Rivage



29,163



-



(305)



22,739



51,597


Gold Strike Tunica



16,824



-



1,174



10,009



28,007


Other resort operations



(19,994)



-



22,552



1,687



4,245


  Wholly owned domestic resorts



672,553



2,448



41,221



370,478



1,086,700


MGM China



339,322



6,918



365



229,437



576,042


CityCenter (50%)



9,299



376



-



-



9,675


Other unconsolidated resorts



17,279



-



-



-



17,279


Management and other operations



17,383



189



4



8,889



26,465





1,055,836



9,931



41,590



608,804



1,716,161


Stock compensation



(19,157)



-



-



-



(19,157)


Corporate 



(255,497)



-



81,159



32,947



(141,391)




$

781,182


$

9,931


$

122,749


$

641,751


$

1,555,613



































Nine Months Ended September 30, 2012





















Operating

 income (loss)


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA


Bellagio


$

135,874


$

-


$

406


$

71,649


$

207,929


MGM Grand Las Vegas



50,796



-



4,627



59,312



114,735


Mandalay Bay



60,817



-



937



58,851



120,605


The Mirage 



52,691



-



611



38,691



91,993


Luxor



23,691



-



950



26,785



51,426


New York-New York 



52,318



-



391



16,220



68,929


Excalibur



35,407



-



3



13,288



48,698


Monte Carlo



29,235



-



567



14,752



44,554


Circus Circus Las Vegas



7,079



-



77



14,455



21,611


MGM Grand Detroit



94,975



641



921



28,303



124,840


Beau Rivage



36,252



-



(70)



22,991



59,173


Gold Strike Tunica



23,758



-



3



9,901



33,662


Other resort operations



958



-



(22)



1,803



2,739


  Wholly owned domestic resorts



603,851



641



9,401



377,001



990,894


MGM China



218,869



-



1,890



282,813



503,572


CityCenter (50%)



(60,869)



124



-



-



(60,745)


Other unconsolidated resorts



15,479



-



-



-



15,479


Management and other operations



3,692



-



-



10,702



14,394





781,022



765



11,291



670,516



1,463,594


Stock compensation



(25,998)



-



-



-



(25,998)


Corporate 



(249,642)



-



85,896



30,350



(133,396)




$

505,382


$

765


$

97,187


$

700,866


$

1,304,200


















 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)

(Unaudited)


















Three Months Ended


Nine Months Ended




September 30,


September 30,


September 30,


September 30,




2013


2012


2013


2012

Adjusted EBITDA


$

489,851


$

372,383


$

1,555,613


$

1,304,200

  Preopening and start-up expenses



(4,279)



(765)



(9,931)



(765)

  Property transactions, net



(26,127)



(5,803)



(122,749)



(97,187)

  Depreciation and amortization



(211,682)



(228,414)



(641,751)



(700,866)

Operating income



247,763



137,401



781,182



505,382















Non-operating income (expense):













  Interest expense, net of amounts capitalized



(208,939)



(275,771)



(648,886)



(836,436)

  Other, net



(23,349)



(18,889)



(90,525)



(124,121)





(232,288)



(294,660)



(739,411)



(960,557)















Income (loss) before income taxes



15,475



(157,259)



41,771



(455,175)

  Benefit (provision) for income taxes



8,150



2,585



(26,146)



26,760

Net income (loss)



23,625



(154,674)



15,625



(428,415)

  Less: Net income attributable to noncontrolling interests



(55,484)



(26,485)



(133,896)



(115,449)

Net loss attributable to MGM Resorts International


$

(31,859)


$

(181,159)


$

(118,271)


$

(543,864)





























MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)


















Three Months Ended


Nine Months Ended




September 30,


September 30,


September 30,


September 30,




2013


2012


2013


2012


Bellagio














   Occupancy %



93.2%



92.7%



93.9%



94.2%


   Average daily rate (ADR)



$232



$232



$240



$234


   Revenue per available room (REVPAR)



$216



$215



$225



$220
















MGM Grand Las Vegas














   Occupancy %



95.2%



94.1%



94.9%



94.6%


   ADR



$135



$135



$141



$139


   REVPAR



$129



$127



$134



$131
















Mandalay Bay














   Occupancy %



91.5%



93.4%



91.5%



92.9%


   ADR



$176



$168



$184



$178


   REVPAR



$161



$157



$168



$166
















The Mirage














   Occupancy %



96.1%



96.4%



95.9%



95.9%


   ADR



$144



$139



$148



$148


   REVPAR



$138



$134



$142



$142
















Luxor














   Occupancy %



92.9%



91.0%



92.9%



91.7%


   ADR



$87



$86



$88



$88


   REVPAR



$81



$78



$81



$81
















New York-New York














   Occupancy %



96.9%



94.5%



97.5%



95.5%


   ADR



$108



$108



$112



$110


   REVPAR



$105



$102



$109



$105
















Excalibur














   Occupancy %



92.2%



91.2%



91.2%



90.9%


   ADR



$73



$71



$73



$72


   REVPAR



$67



$64



$66



$65
















Monte Carlo














   Occupancy %



95.3%



93.4%



96.3%



94.9%


   ADR



$103



$102



$104



$103


   REVPAR



$98



$96



$100



$98
















Circus Circus Las Vegas














   Occupancy %



83.3%



83.9%



80.8%



81.1%


   ADR



$55



$52



$55



$54


   REVPAR



$45



$44



$44



$44

 

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)




















Three Months Ended


Nine Months Ended







September 30,


September 30,


September 30,


September 30,







2013


2012


2013


2012























Aria

$

217,495


$

217,306


$

702,107


$

638,772






Vdara


21,865



20,969



68,279



65,532






Crystals


15,620



13,534



45,071



38,994






Mandarin Oriental


12,690



11,222



40,184



35,945






  Resort operations


267,670



263,031



855,641



779,243






Residential operations


26,660



3,399



87,005



16,249







$

294,330


$

266,430


$

942,646


$

795,492
























































CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)




















Three Months Ended


Nine Months Ended







September 30,


September 30,


September 30,


September 30,







2013


2012


2013


2012






















Adjusted EBITDA

$

61,261


$

52,762


$

220,914


$

146,552





  Preopening and start-up expenses


-



(248)



(752)



(248)





  Property transactions, net


(4,413)



(71,257)



(14,526)



(73,336)





  Depreciation and amortization


(86,638)



(91,110)



(259,368)



(267,262)





Operating loss


(29,790)



(109,853)



(53,732)



(194,294)






















Non-operating income (expense):
















  Interest expense - sponsor notes


(27,128)



(23,346)



(78,011)



(67,197)





  Interest expense - other


(43,015)



(42,681)



(129,469)



(131,649)





  Other, net


(1,095)



808



(33,425)



(5,832)








(71,238)



(65,219)



(240,905)



(204,678)





Net loss

$

(101,028)


$

(175,072)


$

(294,637)


$

(398,972)







































CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)


















Three Months Ended September 30, 2013






































Operating

income (loss)


Preopening and

start-up

expenses


Property

 transactions,

net


Depreciation

 and

amortization


Adjusted

EBITDA



Aria

$

(15,808)


$

-


$

1


$

64,645


$

48,838



Vdara


(6,513)



-



49



10,377



3,913



Crystals


2,893



-



57



6,901



9,851



Mandarin Oriental


(4,814)



-



-



4,698



(116)



  Resort operations


(24,242)



-



107



86,621



62,486



Residential operations


643



-



4,306



7



4,956



Development and administration


(6,191)



-



-



10



(6,181)




$

(29,790)


$

-


$

4,413


$

86,638


$

61,261




































Three Months Ended September 30, 2012






































Operating

income (loss)


Preopening and

start-up

expenses


Property

 transactions,

net


Depreciation

 and

amortization


Adjusted

EBITDA



Aria

$

(25,512)


$

248


$

3,577


$

68,879


$

47,192



Vdara


(6,055)



-



-



10,370



4,315



Crystals


1,522



-



-



6,310



7,832



Mandarin Oriental


(5,156)



-



-



4,529



(627)



  Resort operations


(35,201)



248



3,577



90,088



58,712



Residential operations


(38,072)



-



35,690



977



(1,405)



Development and administration


(36,580)



-



31,990



45



(4,545)




$

(109,853)


$

248


$

71,257


$

91,110


$

52,762



















 

 

CITYCENTER HOLDINGS, LLC


RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA


(In thousands)


(Unaudited)




Nine Months Ended September 30, 2013








































Operating

 income (loss)


Preopening and

 start-up

 expenses


Property

transactions,
net


Depreciation

and

amortization


Adjusted

EBITDA




Aria

$

(17,422)


$

694


$

279


$

192,433


$

175,984




Vdara


(15,703)



-



49



31,586



15,932




Crystals


8,052



58



57



20,221



28,388




Mandarin Oriental


(12,160)



-



-



14,384



2,224




  Resort operations


(37,233)



752



385



258,624



222,528




Residential operations


(811)



-



14,141



718



14,048




Development and administration


(15,688)



-



-



26



(15,662)





$

(53,732)


$

752


$

14,526


$

259,368


$

220,914























Nine Months Ended September 30, 2012






















Operating

 income (loss)


Preopening and

 start-up

expenses


Property

 transactions,
net


Depreciation

and

amortization


Adjusted

 EBITDA




Aria

$

(84,697)


$

248


$

5,563


$

200,529


$

121,643




Vdara


(14,664)



-



-



31,056



16,392




Crystals


4,183



-



-



19,021



23,204




Mandarin Oriental


(12,946)



-



-



13,568



622




  Resort operations


(108,124)



248



5,563



264,174



161,861




Residential operations


(39,836)



-



35,690



2,929



(1,217)




Development and administration


(46,334)



-



32,083



159



(14,092)





$

(194,294)


$

248


$

73,336


$

267,262


$

146,552










































































CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)







































Three Months Ended


Nine Months Ended








September 30,


September 30,


September 30,


September 30,








2013


2012


2013


2012







Aria


















   Occupancy %


89.5%



88.5%



90.0%



89.2%







   ADR


$197



$192



$206



$199







   REVPAR


$177



$170



$185



$178

























Vdara


















   Occupancy %


87.7%



83.2%



88.3%



84.4%







   ADR


$155



$153



$160



$159







   REVPAR


$136



$127



$141



$134






 

SOURCE MGM Resorts International



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