LAS VEGAS, Aug. 4, 2015 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today reported financial results for the
quarter ended June 30, 2015.
"We are continuing to drive increased profits at MGM Resorts
with second quarter wholly owned Adjusted Property EBITDA up 11%
driven by growth at our Las Vegas
and regional resorts. These resorts are continuing to gain
operating momentum while we continue to make significant progress
on our development pipeline in Cotai, Maryland, and Massachusetts," said Jim Murren, Chairman & CEO of MGM Resorts
International. "We are focused on positioning the Company for
future growth, and are pleased to announce the implementation of
our Profit Growth Plan to further enhance our business practices
and profitability."
Key results for the second quarter of 2015 include the
following:
- Net revenue at the Company's wholly owned domestic resorts was
$1.7 billion, an increase of 4%
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;
- The Company's wholly owned domestic resorts earned Adjusted
Property EBITDA(2) of $458
million, an 11% increase compared to the prior year
quarter;
- Adjusted Property EBITDA margin for wholly owned domestic
resorts increased 158 basis points to 26.9% in the current year
quarter;
- MGM China's net revenue was $557
million and Adjusted EBITDA was $132
million, decreases of 33% and 37%, respectively, compared to
the prior year quarter; and
- CityCenter's Adjusted EBITDA related to resort operations was
$84 million, a 4% increase compared
to the prior year quarter.
Second Quarter Consolidated Results
Diluted earnings per share for the second quarter of 2015 was
$0.17 compared to diluted earnings
per share of $0.22 in the prior year
quarter.
The following table lists certain 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,
|
|
2015
|
|
2014
|
Preopening and
start-up expenses
|
|
$ (0.02)
|
|
$ (0.01)
|
Property
transactions, net:
|
|
|
|
|
Investment in Grand Victoria
impairment
|
|
—
|
|
(0.04)
|
Other property transactions,
net
|
|
—
|
|
(0.01)
|
IRS audit
settlement
|
|
—
|
|
0.06
|
The prior year second quarter results were affected by a
non-cash impairment charge of $29
million related to the Company's joint venture investment in
Grand Victoria. Additionally, the prior 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.
Wholly Owned Domestic Resorts
Casino revenue related to wholly owned domestic resorts
increased 5% compared to the prior year quarter due to a 4%
increase in table games volume and a 7% increase in slots volume.
Table games hold percentage in the second quarter of 2015 was 21.4%
compared to 21.3% in the prior year quarter.
Rooms revenue increased 6% compared to the prior year quarter
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,
|
|
2015
|
|
2014
|
Occupancy
%
|
|
96%
|
|
96%
|
Average Daily Rate
(ADR)
|
|
$ 150
|
|
$ 141
|
Revenue per Available
Room (REVPAR)
|
|
$ 144
|
|
$ 135
|
Food and beverage revenue grew 3% as a result of increased
catering business related to a higher convention room mix in the
quarter, the opening of several new outlets and closed circuit
viewing parties for the Mayweather vs. Pacquiao fight.
Entertainment revenue decreased 3% due to a decrease in the number
of in-house shows compared to the prior year quarter. Operating
income for the Company's wholly owned domestic resorts increased
15% to $338 million compared to
$294 million in the prior year
quarter.
Profit Growth Plan
The Company has announced the Profit Growth Plan today for
sustained growth and margin enhancement. The Profit Growth
Plan's initiatives are focused on the following:
- Improve business process – continue to optimize MGM's scale for
greater efficiency and lower cost throughout our business; and
- Drive revenue generation – identify areas of opportunity to
organically drive incremental revenue growth.
The Profit Growth Plan includes a significant number of
opportunities to enhance our business operations. The plan is
expected to result in $300 million of
annualized Adjusted EBITDA benefit. The Profit Growth Plan
commenced in July 2015 and it is
expected to begin to show results as early as the second half of
2015 and be fully realized by the end of 2017.
"The Profit Growth Plan represents a further advancement in how
we conduct business at MGM Resorts, with greater focus on
streamlining business process, leveraging our size and scale to
reduce costs and drive market share, and innovations in customer
service. This plan will redefine the way we operate in
critical areas and position MGM Resorts for future growth, for the
benefit of our Company as a whole and our shareholders," said Mr.
Murren.
MGM China
On August 4, 2015, MGM China's
Board of Directors announced an interim dividend of $77 million, which will be paid to shareholders
of record as of August 24, 2015 and
distributed on or about August 31,
2015. MGM Resorts International will receive $39 million, representing its 51% share of the
dividend.
Key second quarter results for MGM China include the
following:
- MGM China earned net revenue of $557
million, a 33% decrease compared to the prior year
quarter;
- Main floor table games revenue decreased 23% compared to the
prior year quarter;
- VIP table games revenue decreased 43% due to a decrease in VIP
table games turnover of 54% compared to the prior year quarter,
while hold percentage increased to 3.2% in the current year quarter
compared to 2.7% in the prior year quarter;
- MGM China's Adjusted EBITDA was $132
million, a decrease of 37% compared to the prior year
quarter, including $10 million of
license fee expense in the current year quarter compared to
$14 million in the prior year
quarter;
- Adjusted EBITDA margin declined 168 basis points to 23.7% in
the current year quarter; and
- Operating income was $58 million
compared to $134 million in the prior
year quarter.
MGM China paid a $120 million
final dividend in June 2015, of which
$61 million was distributed to MGM
Resorts and $59 million was
distributed to noncontrolling interests.
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,
|
|
2015
|
|
2014
|
|
|
(In
thousands)
|
CityCenter
|
|
$ 21,515
|
|
$
(1,055)
|
Borgata
|
|
15,767
|
|
14,477
|
Other
|
|
5,618
|
|
6,923
|
|
|
$ 42,900
|
|
$ 20,345
|
Results for CityCenter for the second quarter of 2015 include
the following (see schedules accompanying this release for further
detail on CityCenter's second quarter results):
- Net revenue from resort operations increased by 3% to
$312 million compared to $304 million in the prior year quarter;
- Adjusted EBITDA from resort operations was $84 million, an increase of 4% compared to the
prior year quarter;
- Aria's table games hold percentage was 21.5% compared to 23.4%
in the prior year quarter;
- Slots revenue at Aria decreased 4% compared to the prior year
quarter;
- Aria's REVPAR was a record $222,
an 8% increase compared to the prior year quarter;
- Vdara reported record second quarter Adjusted EBITDA of
$8 million, a 10% increase compared
to the prior year quarter, led by record REVPAR of $179; and
- Crystals reported Adjusted EBITDA of $12
million, an increase of 5% from the prior year quarter.
CityCenter's operating income of $22
million in the current year quarter represents a
$47 million increase from the prior
year quarter, benefiting from a decrease in depreciation expense of
$24 million. In addition,
property transactions, net was $1
million compared to $16
million in the prior year quarter.
Financial Position
"We continue to focus on improving MGM Resorts' balance sheet,
having reduced total debt by $2.3
billion since the beginning of the year, including the
repayment of the $875 million senior
notes that matured in July," said Dan D'Arrigo, Executive Vice
President, CFO and Treasurer of MGM Resorts International. "During
the second quarter, MGM China strengthened its financial
flexibility by increasing its senior credit facility from
$2 billion to $3 billion. This
facility, along with MGM China's free cash flow, has allowed it to
continue to invest in its existing operations as well as future
growth opportunities, while at the same time returning value to its
shareholders."
The Company's cash and cash equivalents and cash deposits at
June 30, 2015 was $2.5 billion, which included $522 million at MGM China. At June 30, 2015, the Company had $2.7 billion of borrowings outstanding under its
$3.9 billion senior secured credit
facility and $1.2 billion outstanding
under the $3.0 billion MGM China
credit facility. On April 15, 2015,
99.97% of the Company's $1.45 billion
4.25% convertible senior notes were converted into approximately 72
million shares of the Company's common stock, net of shares
received upon settlement of the capped call transactions entered
into in connection with the issuance of such notes. In June 2015, MGM China amended and restated its
senior credit facility which increased its total capacity to
$3.0 billion and extended the term
for an eighteen month period ending in April
2019.
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
0575269. A replay of the call will be available through
Tuesday, August 11, 2015. The
replay may be accessed by dialing 1-877-344-7529 or
1-412-317-0088. The replay access code is 10069000. 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 and Adjusted Property 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 is in the process of developing MGM
National Harbor in Maryland and
MGM Springfield in Massachusetts. The Company also owns 51
percent of MGM China Holdings Limited, which owns the MGM Macau
resort and casino and is developing a gaming resort in Cotai, and
50 percent of CityCenter in Las
Vegas, which features ARIA Resort & 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, the
Company's ability to generate future cash flow growth and to
execute on future development and other projects, such as the
Profit Growth Plan, the expected results of the Profit Growth Plan
and dividends the Company will receive from MGM China. 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,
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
$
|
1,235,976
|
|
$
|
1,475,165
|
|
$
|
2,514,478
|
|
$
|
3,058,597
|
|
Rooms
|
|
|
|
490,498
|
|
|
463,151
|
|
|
949,923
|
|
|
915,537
|
|
Food and
beverage
|
|
423,183
|
|
|
412,723
|
|
|
807,284
|
|
|
796,115
|
|
Entertainment
|
|
|
134,972
|
|
|
138,735
|
|
|
260,940
|
|
|
272,512
|
|
Retail
|
|
|
|
55,482
|
|
|
50,811
|
|
|
100,519
|
|
|
95,427
|
|
Other
|
|
|
|
137,819
|
|
|
134,068
|
|
|
264,369
|
|
|
259,495
|
|
Reimbursed
costs
|
|
103,548
|
|
|
95,745
|
|
|
204,608
|
|
|
190,720
|
|
|
|
|
|
|
2,581,478
|
|
|
2,770,398
|
|
|
5,102,121
|
|
|
5,588,403
|
|
Less: Promotional
allowances
|
|
(196,343)
|
|
|
(189,365)
|
|
|
(384,742)
|
|
|
(376,972)
|
|
|
|
|
|
|
2,385,135
|
|
|
2,581,033
|
|
|
4,717,379
|
|
|
5,211,431
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
|
738,427
|
|
|
916,817
|
|
|
1,521,235
|
|
|
1,907,651
|
|
Rooms
|
|
|
|
142,065
|
|
|
142,413
|
|
|
283,378
|
|
|
276,651
|
|
Food and
beverage
|
|
243,127
|
|
|
241,124
|
|
|
464,648
|
|
|
461,182
|
|
Entertainment
|
|
|
104,397
|
|
|
104,761
|
|
|
201,396
|
|
|
203,698
|
|
Retail
|
|
|
|
28,398
|
|
|
26,055
|
|
|
52,494
|
|
|
49,531
|
|
Other
|
|
|
|
95,835
|
|
|
92,077
|
|
|
180,158
|
|
|
179,654
|
|
Reimbursed
costs
|
|
103,548
|
|
|
95,745
|
|
|
204,608
|
|
|
190,720
|
|
General and
administrative
|
|
333,708
|
|
|
327,484
|
|
|
661,881
|
|
|
646,730
|
|
Corporate
expense
|
|
59,602
|
|
|
54,439
|
|
|
109,958
|
|
|
107,790
|
|
Preopening and
start-up expenses
|
|
17,889
|
|
|
9,759
|
|
|
33,760
|
|
|
15,395
|
|
Property
transactions, net
|
|
3,953
|
|
|
33,170
|
|
|
5,542
|
|
|
33,728
|
|
Depreciation and
amortization
|
|
208,565
|
|
|
203,070
|
|
|
414,977
|
|
|
410,725
|
|
|
|
|
|
|
2,079,514
|
|
|
2,246,914
|
|
|
4,134,035
|
|
|
4,483,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
42,900
|
|
|
20,345
|
|
|
160,281
|
|
|
42,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
348,521
|
|
|
354,464
|
|
|
743,625
|
|
|
770,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(203,245)
|
|
|
(203,936)
|
|
|
(419,507)
|
|
|
(413,323)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(17,766)
|
|
|
(23,996)
|
|
|
(36,777)
|
|
|
(46,211)
|
|
Other,
net
|
|
|
(4,815)
|
|
|
(309)
|
|
|
(8,305)
|
|
|
(1,743)
|
|
|
|
|
|
|
(225,826)
|
|
|
(228,241)
|
|
|
(464,589)
|
|
|
(461,277)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
122,695
|
|
|
126,223
|
|
|
279,036
|
|
|
309,659
|
|
Benefit for income
taxes
|
|
3,772
|
|
|
51,945
|
|
|
60,077
|
|
|
54,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
126,467
|
|
|
178,168
|
|
|
339,113
|
|
|
364,268
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(29,008)
|
|
|
(68,160)
|
|
|
(71,804)
|
|
|
(151,608)
|
Net income
attributable to MGM Resorts International
|
$
|
97,459
|
|
$
|
110,008
|
|
$
|
267,309
|
|
$
|
212,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share of
common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
$
|
0.18
|
|
$
|
0.22
|
|
$
|
0.51
|
|
$
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
551,358
|
|
|
490,786
|
|
|
521,556
|
|
|
490,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
$
|
0.17
|
|
$
|
0.22
|
|
$
|
0.50
|
|
$
|
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
570,114
|
|
|
513,371
|
|
|
572,699
|
|
|
513,287
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
2,342,340
|
|
$
|
1,713,715
|
|
Cash deposits -
original maturities longer than 90 days
|
|
200,205
|
|
|
570,000
|
|
Accounts
receivable, net
|
|
|
467,960
|
|
|
473,345
|
|
Inventories
|
|
|
|
|
106,914
|
|
|
104,011
|
|
Income tax
receivable
|
|
|
|
12,947
|
|
|
14,675
|
|
Prepaid expenses
and other
|
|
|
136,656
|
|
|
151,414
|
|
|
Total current
assets
|
|
|
3,267,022
|
|
|
3,027,160
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
|
14,791,558
|
|
|
14,441,542
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
1,491,052
|
|
|
1,559,034
|
|
Goodwill
|
|
|
|
|
2,898,383
|
|
|
2,897,110
|
|
Other intangible
assets, net
|
|
|
4,256,409
|
|
|
4,364,856
|
|
Other long-term
assets, net
|
|
|
445,163
|
|
|
412,809
|
|
|
Total other
assets
|
|
|
9,091,007
|
|
|
9,233,809
|
|
|
|
|
|
|
$
|
27,149,587
|
|
$
|
26,702,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
$
|
174,246
|
|
$
|
164,252
|
|
Construction
payable
|
|
|
|
203,354
|
|
|
170,439
|
|
Current portion of
long-term debt
|
|
|
875,029
|
|
|
1,245,320
|
|
Deferred income
taxes, net
|
|
|
83,310
|
|
|
62,142
|
|
Accrued interest
on long-term debt
|
|
|
192,357
|
|
|
191,155
|
|
Other accrued
liabilities
|
|
|
|
1,262,499
|
|
|
1,574,617
|
|
|
Total current
liabilities
|
|
|
2,790,795
|
|
|
3,407,925
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
|
|
2,525,636
|
|
|
2,621,860
|
Long-term
debt
|
|
|
|
|
12,495,209
|
|
|
12,913,882
|
Other long-term
obligations
|
|
|
|
156,117
|
|
|
130,570
|
Redeemable
noncontrolling interest
|
|
|
5,000
|
|
|
-
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares, issued and outstanding 563,089,775 and 491,292,117
shares
|
|
|
|
|
|
|
|
5,631
|
|
|
4,913
|
|
Capital in excess
of par value
|
|
|
5,649,288
|
|
|
4,180,922
|
|
Retained earnings
(accumulated deficit)
|
|
159,400
|
|
|
(107,909)
|
|
Accumulated other
comprehensive income
|
|
13,891
|
|
|
12,991
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
5,828,210
|
|
|
4,090,917
|
|
Noncontrolling
interests
|
|
|
|
3,348,620
|
|
|
3,537,357
|
|
|
Total
stockholders' equity
|
|
9,176,830
|
|
|
7,628,274
|
|
|
|
|
|
|
$
|
27,149,587
|
|
$
|
26,702,511
|
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,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Bellagio
|
|
|
|
|
$
|
318,925
|
|
$
|
332,213
|
|
$
|
620,861
|
|
$
|
652,069
|
|
MGM Grand Las
Vegas
|
|
|
303,780
|
|
|
271,675
|
|
|
568,606
|
|
|
533,339
|
|
Mandalay
Bay
|
|
|
|
242,002
|
|
|
233,506
|
|
|
468,937
|
|
|
452,890
|
|
The
Mirage
|
|
|
|
|
157,000
|
|
|
146,670
|
|
|
299,505
|
|
|
294,918
|
|
Luxor
|
|
|
|
|
|
95,762
|
|
|
91,067
|
|
|
182,717
|
|
|
174,760
|
|
New York-New
York
|
|
|
78,199
|
|
|
71,865
|
|
|
154,083
|
|
|
144,833
|
|
Excalibur
|
|
|
|
|
|
75,404
|
|
|
72,125
|
|
|
142,665
|
|
|
139,698
|
|
Monte
Carlo
|
|
|
|
|
75,145
|
|
|
72,332
|
|
|
147,012
|
|
|
140,943
|
|
Circus Circus Las
Vegas
|
|
|
63,470
|
|
|
53,942
|
|
|
114,854
|
|
|
102,667
|
|
MGM Grand
Detroit
|
|
|
141,029
|
|
|
136,350
|
|
|
274,344
|
|
|
269,498
|
|
Beau
Rivage
|
|
|
|
|
94,455
|
|
|
87,588
|
|
|
181,395
|
|
|
170,014
|
|
Gold Strike
Tunica
|
|
|
39,886
|
|
|
39,500
|
|
|
79,721
|
|
|
76,419
|
|
Other resort
operations
|
|
|
20,423
|
|
|
30,437
|
|
|
48,675
|
|
|
57,456
|
|
Wholly
owned domestic resorts
|
|
1,705,480
|
|
|
1,639,270
|
|
|
3,283,375
|
|
|
3,209,504
|
|
MGM
China
|
|
|
|
|
556,859
|
|
|
827,928
|
|
|
1,186,946
|
|
|
1,769,376
|
|
Management and
other operations
|
|
122,796
|
|
|
113,835
|
|
|
247,058
|
|
|
232,551
|
|
|
|
|
|
|
$
|
2,385,135
|
|
$
|
2,581,033
|
|
$
|
4,717,379
|
|
$
|
5,211,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Bellagio
|
|
|
|
|
$
|
103,803
|
|
$
|
115,619
|
|
$
|
192,970
|
|
$
|
220,768
|
|
MGM Grand Las
Vegas
|
|
|
72,650
|
|
|
54,371
|
|
|
137,856
|
|
|
116,604
|
|
Mandalay
Bay
|
|
|
|
60,796
|
|
|
53,003
|
|
|
114,784
|
|
|
109,003
|
|
The
Mirage
|
|
|
|
|
38,099
|
|
|
28,910
|
|
|
68,619
|
|
|
64,329
|
|
Luxor
|
|
|
|
|
|
23,328
|
|
|
21,322
|
|
|
40,627
|
|
|
39,300
|
|
New York-New
York
|
|
|
27,616
|
|
|
24,478
|
|
|
52,209
|
|
|
50,105
|
|
Excalibur
|
|
|
|
|
|
21,783
|
|
|
20,706
|
|
|
38,325
|
|
|
39,596
|
|
Monte
Carlo
|
|
|
|
|
22,310
|
|
|
19,999
|
|
|
42,366
|
|
|
39,894
|
|
Circus Circus Las
Vegas
|
|
|
11,358
|
|
|
7,213
|
|
|
19,191
|
|
|
12,522
|
|
MGM Grand
Detroit
|
|
|
42,739
|
|
|
39,653
|
|
|
76,351
|
|
|
73,019
|
|
Beau
Rivage
|
|
|
|
|
21,715
|
|
|
18,489
|
|
|
40,105
|
|
|
33,130
|
|
Gold Strike
Tunica
|
|
|
11,034
|
|
|
10,185
|
|
|
22,584
|
|
|
19,752
|
|
Other resort
operations
|
|
|
832
|
|
|
450
|
|
|
1,955
|
|
|
(778)
|
|
Wholly
owned domestic resorts
|
|
458,063
|
|
|
414,398
|
|
|
847,942
|
|
|
817,244
|
|
MGM
China
|
|
|
|
|
132,217
|
|
|
210,488
|
|
|
280,673
|
|
|
451,213
|
|
Unconsolidated
resorts(1)
|
|
|
42,900
|
|
|
20,345
|
|
|
160,281
|
|
|
42,960
|
|
Management and
other operations
|
|
7,895
|
|
|
12,102
|
|
|
24,212
|
|
|
31,954
|
|
|
|
|
|
|
$
|
641,075
|
|
$
|
657,333
|
|
$
|
1,313,108
|
|
$
|
1,343,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2015
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
|
|
|
|
|
$
|
81,114
|
|
$
|
-
|
|
$
|
(13)
|
|
$
|
22,702
|
|
$
|
103,803
|
|
MGM Grand Las
Vegas
|
|
|
|
53,890
|
|
|
-
|
|
|
92
|
|
|
18,668
|
|
|
72,650
|
|
Mandalay
Bay
|
|
|
|
|
39,563
|
|
|
-
|
|
|
897
|
|
|
20,336
|
|
|
60,796
|
|
The
Mirage
|
|
|
|
|
|
25,706
|
|
|
(4)
|
|
|
1,301
|
|
|
11,096
|
|
|
38,099
|
|
Luxor
|
|
|
|
|
|
|
13,741
|
|
|
-
|
|
|
2
|
|
|
9,585
|
|
|
23,328
|
|
New York-New
York
|
|
|
|
22,237
|
|
|
232
|
|
|
-
|
|
|
5,147
|
|
|
27,616
|
|
Excalibur
|
|
|
|
|
|
|
17,999
|
|
|
-
|
|
|
101
|
|
|
3,683
|
|
|
21,783
|
|
Monte
Carlo
|
|
|
|
|
|
15,630
|
|
|
1
|
|
|
12
|
|
|
6,667
|
|
|
22,310
|
|
Circus Circus Las
Vegas
|
|
|
|
7,276
|
|
|
50
|
|
|
-
|
|
|
4,032
|
|
|
11,358
|
|
MGM Grand
Detroit
|
|
|
|
36,806
|
|
|
-
|
|
|
-
|
|
|
5,933
|
|
|
42,739
|
|
Beau
Rivage
|
|
|
|
|
|
15,197
|
|
|
-
|
|
|
-
|
|
|
6,518
|
|
|
21,715
|
|
Gold Strike
Tunica
|
|
|
|
8,041
|
|
|
-
|
|
|
9
|
|
|
2,984
|
|
|
11,034
|
|
Other resort
operations
|
|
|
|
611
|
|
|
-
|
|
|
-
|
|
|
221
|
|
|
832
|
|
Wholly
owned domestic resorts
|
|
337,811
|
|
|
279
|
|
|
2,401
|
|
|
117,572
|
|
|
458,063
|
|
MGM
China
|
|
|
|
|
|
57,606
|
|
|
3,770
|
|
|
497
|
|
|
70,344
|
|
|
132,217
|
|
Unconsolidated
resorts
|
|
|
|
42,130
|
|
|
770
|
|
|
-
|
|
|
-
|
|
|
42,900
|
|
Management and
other operations
|
|
4,749
|
|
|
277
|
|
|
956
|
|
|
1,913
|
|
|
7,895
|
|
|
|
|
|
|
|
|
442,296
|
|
|
5,096
|
|
|
3,854
|
|
|
189,829
|
|
|
641,075
|
|
Stock
compensation
|
|
|
|
(7,315)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(7,315)
|
|
Corporate
|
|
|
|
|
|
|
(86,460)
|
|
|
12,793
|
|
|
99
|
|
|
18,736
|
|
|
(54,832)
|
|
|
|
|
|
|
|
$
|
348,521
|
|
$
|
17,889
|
|
$
|
3,953
|
|
$
|
208,565
|
|
$
|
578,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Unconsolidated
resorts
|
|
|
|
20,244
|
|
|
101
|
|
|
-
|
|
|
-
|
|
|
20,345
|
|
Management and
other operations
|
|
10,054
|
|
|
-
|
|
|
1
|
|
|
2,047
|
|
|
12,102
|
|
|
|
|
|
|
|
|
458,090
|
|
|
3,915
|
|
|
4,374
|
|
|
190,954
|
|
|
657,333
|
|
Stock
compensation
|
|
|
|
(6,393)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(6,393)
|
|
Corporate
|
|
|
|
|
|
|
(97,233)
|
|
|
5,844
|
|
|
28,796
|
|
|
12,116
|
|
|
(50,477)
|
|
|
|
|
|
|
|
$
|
354,464
|
|
$
|
9,759
|
|
$
|
33,170
|
|
$
|
203,070
|
|
$
|
600,463
|
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, 2015
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
|
|
|
|
|
$
|
147,451
|
|
$
|
-
|
|
$
|
184
|
|
$
|
45,335
|
|
$
|
192,970
|
|
MGM Grand Las
Vegas
|
|
|
|
100,616
|
|
|
-
|
|
|
82
|
|
|
37,158
|
|
|
137,856
|
|
Mandalay
Bay
|
|
|
|
|
74,884
|
|
|
-
|
|
|
1,156
|
|
|
38,744
|
|
|
114,784
|
|
The
Mirage
|
|
|
|
|
|
43,580
|
|
|
50
|
|
|
1,300
|
|
|
23,689
|
|
|
68,619
|
|
Luxor
|
|
|
|
|
|
|
21,503
|
|
|
(1)
|
|
|
52
|
|
|
19,073
|
|
|
40,627
|
|
New York-New
York
|
|
|
|
41,909
|
|
|
(75)
|
|
|
264
|
|
|
10,111
|
|
|
52,209
|
|
Excalibur
|
|
|
|
|
|
|
30,908
|
|
|
-
|
|
|
82
|
|
|
7,335
|
|
|
38,325
|
|
Monte
Carlo
|
|
|
|
|
|
29,944
|
|
|
1
|
|
|
529
|
|
|
11,892
|
|
|
42,366
|
|
Circus Circus Las
Vegas
|
|
|
|
11,078
|
|
|
281
|
|
|
-
|
|
|
7,832
|
|
|
19,191
|
|
MGM Grand
Detroit
|
|
|
|
64,545
|
|
|
-
|
|
|
-
|
|
|
11,806
|
|
|
76,351
|
|
Beau
Rivage
|
|
|
|
|
|
27,056
|
|
|
-
|
|
|
-
|
|
|
13,049
|
|
|
40,105
|
|
Gold Strike
Tunica
|
|
|
|
16,663
|
|
|
-
|
|
|
9
|
|
|
5,912
|
|
|
22,584
|
|
Other resort
operations
|
|
|
|
1,504
|
|
|
-
|
|
|
-
|
|
|
451
|
|
|
1,955
|
|
Wholly
owned domestic resorts
|
|
611,641
|
|
|
256
|
|
|
3,658
|
|
|
232,387
|
|
|
847,942
|
|
MGM
China
|
|
|
|
|
|
129,972
|
|
|
6,841
|
|
|
829
|
|
|
143,031
|
|
|
280,673
|
|
Unconsolidated
resorts
|
|
|
|
158,838
|
|
|
1,443
|
|
|
-
|
|
|
-
|
|
|
160,281
|
|
Management and
other operations
|
|
18,863
|
|
|
544
|
|
|
956
|
|
|
3,849
|
|
|
24,212
|
|
|
|
|
|
|
|
|
919,314
|
|
|
9,084
|
|
|
5,443
|
|
|
379,267
|
|
|
1,313,108
|
|
Stock
compensation
|
|
|
|
(14,894)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(14,894)
|
|
Corporate
|
|
|
|
|
|
|
(160,795)
|
|
|
24,676
|
|
|
99
|
|
|
35,710
|
|
|
(100,310)
|
|
|
|
|
|
|
|
$
|
743,625
|
|
$
|
33,760
|
|
$
|
5,542
|
|
$
|
414,977
|
|
$
|
1,197,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Unconsolidated
resorts
|
|
|
|
42,840
|
|
|
120
|
|
|
-
|
|
|
-
|
|
|
42,960
|
|
Management and
other operations
|
|
27,015
|
|
|
-
|
|
|
1
|
|
|
4,938
|
|
|
31,954
|
|
|
|
|
|
|
|
|
943,138
|
|
|
8,314
|
|
|
4,620
|
|
|
387,299
|
|
|
1,343,371
|
|
Stock
compensation
|
|
|
|
(13,092)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(13,092)
|
|
Corporate
|
|
|
|
|
|
|
(159,110)
|
|
|
7,081
|
|
|
29,108
|
|
|
23,426
|
|
|
(99,495)
|
|
|
|
|
|
|
|
$
|
770,936
|
|
$
|
15,395
|
|
$
|
33,728
|
|
$
|
410,725
|
|
$
|
1,230,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME ATTRIBUTABLE TO MGM RESORTS
INTERNATIONAL
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Adjusted
EBITDA
|
|
|
|
|
$
|
578,928
|
|
$
|
600,463
|
|
$
|
1,197,904
|
|
$
|
1,230,784
|
Preopening
and start-up expenses
|
|
|
(17,889)
|
|
|
(9,759)
|
|
|
(33,760)
|
|
|
(15,395)
|
Property transactions,
net
|
|
|
(3,953)
|
|
|
(33,170)
|
|
|
(5,542)
|
|
|
(33,728)
|
Depreciation and amortization
|
|
|
(208,565)
|
|
|
(203,070)
|
|
|
(414,977)
|
|
|
(410,725)
|
Operating
income
|
|
|
|
|
|
348,521
|
|
|
354,464
|
|
|
743,625
|
|
|
770,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
|
(203,245)
|
|
|
(203,936)
|
|
|
(419,507)
|
|
|
(413,323)
|
Other,
net
|
|
|
|
|
|
(22,581)
|
|
|
(24,305)
|
|
|
(45,082)
|
|
|
(47,954)
|
|
|
|
|
|
|
|
(225,826)
|
|
|
(228,241)
|
|
|
(464,589)
|
|
|
(461,277)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
122,695
|
|
|
126,223
|
|
|
279,036
|
|
|
309,659
|
Benefit for
income taxes
|
|
|
|
3,772
|
|
|
51,945
|
|
|
60,077
|
|
|
54,609
|
Net
income
|
|
|
|
|
|
126,467
|
|
|
178,168
|
|
|
339,113
|
|
|
364,268
|
Less: Net
income attributable to noncontrolling interests
|
|
|
(29,008)
|
|
|
(68,160)
|
|
|
(71,804)
|
|
|
(151,608)
|
Net income
attributable to MGM Resorts International
|
|
$
|
97,459
|
|
$
|
110,008
|
|
$
|
267,309
|
|
$
|
212,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
96.9%
|
|
|
95.8%
|
|
|
92.6%
|
|
|
94.0%
|
|
Average daily rate (ADR)
|
|
|
$264
|
|
|
$259
|
|
|
$266
|
|
|
$261
|
|
Revenue per available room (REVPAR)
|
|
|
$256
|
|
|
$248
|
|
|
$246
|
|
|
$245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
97.4%
|
|
|
98.1%
|
|
|
94.7%
|
|
|
96.7%
|
|
ADR
|
|
|
|
|
|
$167
|
|
|
$150
|
|
|
$169
|
|
|
$155
|
|
REVPAR
|
|
|
|
|
|
$163
|
|
|
$147
|
|
|
$160
|
|
|
$150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
93.1%
|
|
|
94.9%
|
|
|
91.7%
|
|
|
93.6%
|
|
ADR
|
|
|
|
|
|
$208
|
|
|
$200
|
|
|
$209
|
|
|
$201
|
|
REVPAR
|
|
|
|
|
|
$193
|
|
|
$190
|
|
|
$191
|
|
|
$188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
96.5%
|
|
|
96.9%
|
|
|
93.3%
|
|
|
95.8%
|
|
ADR
|
|
|
|
|
|
$169
|
|
|
$162
|
|
|
$171
|
|
|
$166
|
|
REVPAR
|
|
|
|
|
|
$163
|
|
|
$157
|
|
|
$159
|
|
|
$159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
96.1%
|
|
|
97.2%
|
|
|
94.2%
|
|
|
95.3%
|
|
ADR
|
|
|
|
|
|
$107
|
|
|
$97
|
|
|
$106
|
|
|
$99
|
|
REVPAR
|
|
|
|
|
|
$103
|
|
|
$94
|
|
|
$100
|
|
|
$94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
99.5%
|
|
|
99.2%
|
|
|
98.6%
|
|
|
98.6%
|
|
ADR
|
|
|
|
|
|
$128
|
|
|
$123
|
|
|
$131
|
|
|
$125
|
|
REVPAR
|
|
|
|
|
|
$127
|
|
|
$122
|
|
|
$129
|
|
|
$123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
97.4%
|
|
|
98.0%
|
|
|
93.7%
|
|
|
94.6%
|
|
ADR
|
|
|
|
|
|
$87
|
|
|
$80
|
|
|
$86
|
|
|
$81
|
|
REVPAR
|
|
|
|
|
|
$85
|
|
|
$79
|
|
|
$81
|
|
|
$77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
98.6%
|
|
|
99.3%
|
|
|
96.9%
|
|
|
97.7%
|
|
ADR
|
|
|
|
|
|
$119
|
|
|
$114
|
|
|
$120
|
|
|
$115
|
|
REVPAR
|
|
|
|
|
|
$118
|
|
|
$113
|
|
|
$117
|
|
|
$112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
90.2%
|
|
|
84.4%
|
|
|
83.5%
|
|
|
79.6%
|
|
ADR
|
|
|
|
|
|
$69
|
|
|
$60
|
|
|
$69
|
|
|
$61
|
|
REVPAR
|
|
|
|
|
|
$62
|
|
|
$50
|
|
|
$57
|
|
|
$49
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
|
|
|
|
|
$
|
249,777
|
|
$
|
245,144
|
|
$
|
488,632
|
|
$
|
498,833
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
28,880
|
|
|
26,867
|
|
|
56,722
|
|
|
53,117
|
|
|
|
|
|
Crystals
|
|
|
|
|
|
|
17,510
|
|
|
16,649
|
|
|
34,867
|
|
|
33,401
|
|
|
|
|
|
Mandarin
Oriental
|
|
|
|
15,598
|
|
|
15,411
|
|
|
31,609
|
|
|
31,852
|
|
|
|
|
|
Resort
operations
|
|
|
|
311,765
|
|
|
304,071
|
|
|
611,830
|
|
|
617,203
|
|
|
|
|
|
Residential
operations
|
|
|
|
10,217
|
|
|
15,804
|
|
|
28,391
|
|
|
39,089
|
|
|
|
|
|
|
|
|
|
|
|
$
|
321,982
|
|
$
|
319,875
|
|
$
|
640,221
|
|
$
|
656,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
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,
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
$
|
85,709
|
|
$
|
77,709
|
|
$
|
170,849
|
|
$
|
172,767
|
|
|
|
|
Property
transactions, net
|
|
|
|
(697)
|
|
|
(16,121)
|
|
|
158,992
|
|
|
(18,696)
|
|
|
|
|
Depreciation and amortization
|
|
|
(62,799)
|
|
|
(86,423)
|
|
|
(126,022)
|
|
|
(173,943)
|
|
|
|
|
Operating
income
|
|
|
|
|
22,213
|
|
|
(24,835)
|
|
|
203,819
|
|
|
(19,872)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense - other
|
|
|
|
(18,172)
|
|
|
(22,518)
|
|
|
(36,350)
|
|
|
(45,370)
|
|
|
|
|
Other,
net
|
|
|
|
|
|
|
113
|
|
|
(4,435)
|
|
|
286
|
|
|
(6,748)
|
|
|
|
|
|
|
|
|
|
|
|
|
(18,059)
|
|
|
(26,953)
|
|
|
(36,064)
|
|
|
(52,118)
|
|
|
|
|
Net income
(loss)
|
|
|
|
$
|
4,154
|
|
$
|
(51,788)
|
|
$
|
167,755
|
|
$
|
(71,990)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
|
|
|
|
|
$
|
17,105
|
|
$
|
-
|
|
$
|
660
|
|
$
|
45,273
|
|
$
|
63,038
|
|
|
Vdara
|
|
|
|
|
|
|
211
|
|
|
-
|
|
|
-
|
|
|
7,827
|
|
|
8,038
|
|
|
Crystals
|
|
|
|
|
|
|
5,060
|
|
|
-
|
|
|
37
|
|
|
6,629
|
|
|
11,726
|
|
|
Mandarin
Oriental
|
|
|
|
(1,550)
|
|
|
-
|
|
|
-
|
|
|
3,054
|
|
|
1,504
|
|
|
Resort
operations
|
|
|
|
20,826
|
|
|
-
|
|
|
697
|
|
|
62,783
|
|
|
84,306
|
|
|
Residential
operations
|
|
|
|
2,707
|
|
|
-
|
|
|
-
|
|
|
16
|
|
|
2,723
|
|
|
Development and
administration
|
|
|
(1,320)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,320)
|
|
|
|
|
|
|
|
|
$
|
22,213
|
|
$
|
-
|
|
$
|
697
|
|
$
|
62,799
|
|
$
|
85,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
Preopening and
start-up expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
|
|
|
|
|
$
|
31,872
|
|
$
|
-
|
|
$
|
947
|
|
$
|
90,979
|
|
$
|
123,798
|
|
|
Vdara
|
|
|
|
|
|
|
16
|
|
|
-
|
|
|
-
|
|
|
15,662
|
|
|
15,678
|
|
|
Crystals
|
|
|
|
|
|
|
9,909
|
|
|
-
|
|
|
41
|
|
|
13,451
|
|
|
23,401
|
|
|
Mandarin
Oriental
|
|
|
|
(2,957)
|
|
|
-
|
|
|
-
|
|
|
6,094
|
|
|
3,137
|
|
|
Resort
operations
|
|
|
|
38,840
|
|
|
-
|
|
|
988
|
|
|
126,186
|
|
|
166,014
|
|
|
Residential
operations
|
|
|
|
6,856
|
|
|
-
|
|
|
-
|
|
|
51
|
|
|
6,907
|
|
|
Development and
administration
|
|
|
158,123
|
|
|
-
|
|
|
(159,980)
|
|
|
(215)
|
|
|
(2,072)
|
|
|
|
|
|
|
|
|
$
|
203,819
|
|
$
|
-
|
|
$
|
(158,992)
|
|
$
|
126,022
|
|
$
|
170,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
|
94.8%
|
|
|
94.4%
|
|
|
92.3%
|
|
|
93.2%
|
|
|
|
|
|
ADR
|
|
|
|
|
|
|
$234
|
|
|
$217
|
|
|
$239
|
|
|
$223
|
|
|
|
|
|
REVPAR
|
|
|
|
|
|
|
$222
|
|
|
$205
|
|
|
$221
|
|
|
$208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
|
95.8%
|
|
|
94.9%
|
|
|
93.5%
|
|
|
92.2%
|
|
|
|
|
|
ADR
|
|
|
|
|
|
|
$187
|
|
|
$175
|
|
|
$189
|
|
|
$180
|
|
|
|
|
|
REVPAR
|
|
|
|
|
|
|
$179
|
|
|
$166
|
|
|
$176
|
|
|
$166
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-second-quarter-financial-results-300123065.html
SOURCE MGM Resorts International