LAS VEGAS, May 5, 2016 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter ended March 31, 2016.
Key achievements include:
- Wholly owned domestic resorts Adjusted Property EBITDA
increased by 24%;
- Highest margins since 2007 for Adjusted Property EBITDA at
wholly owned domestic resorts;
- Las Vegas Strip REVPAR increased by 8%;
- Profit Growth Plan contributed approximately $54 million of Adjusted Property EBITDA growth at
wholly owned domestic resorts;
- MGM Growth Properties ("MGP") completed its $1.2 billion initial public offering,
successfully highlighting the significant value in the Company's
premier real estate assets;
- CityCenter sold The Shops at Crystals for $1.1 billion, resulting in a $540 million distribution to MGM Resorts;
and
- Completed the opening of The Park, an outdoor pedestrian area
with dining and entertainment, and the T-Mobile Arena, a
20,000-seat theater venue, both on the Las Vegas Strip.
"MGM Resorts delivered an exceptional quarter, generating strong
financial results while completing significant strategic
achievements," said Jim Murren,
Chairman & CEO of MGM Resorts. "Our wholly owned domestic
resorts reported the strongest Adjusted Property EBITDA since 2007,
as well as an impressive 524 basis point increase in Adjusted
Property EBITDA margins, demonstrating the strength of our
operations and success of our Profit Growth Plan. Our recent
landmark accomplishments, including the completion of MGP's initial
public offering and its concurrent debt financings, as well as the
sale of CityCenter's The Shops at Crystals, underscore our ability
to deliver significant shareholder value and drive sustainable,
long-term growth for our company."
Key results for the first quarter of 2016 include:
- Net revenue at the Company's wholly owned domestic resorts
increased 3% compared to the prior year quarter, or 4% excluding
Circus Circus Reno, Railroad Pass, and the Company's properties in
Jean Nevada, which were sold
during 2015;
- Rooms revenue at wholly owned domestic resorts increased 7%,
with an 8% 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 $485
million, a 24% increase compared to the prior year
quarter;
- Wholly owned domestic resorts Adjusted Property EBITDA margin
was 30%, a 524 basis point increase compared to the prior year
quarter;
- MGM China's net revenue of $469
million and Adjusted EBITDA of $114
million, a decrease of 26% and 23%, respectively, compared
to the prior year quarter; and
- CityCenter Adjusted EBITDA related to resort operations of
$92 million, a 30% increase compared
to the prior year quarter.
First Quarter Consolidated Results
Diluted earnings per share for the first quarter of 2016 was
$0.12, compared to diluted earnings
per share of $0.33 in the prior year
quarter. Current quarter net income was impacted by an increase in
the effective tax rate from a benefit of 36% in the prior year
quarter to a provision of 19% in the current year quarter primarily
as a result of a decrease in the amount of foreign tax credits that
we expect to benefit in 2016. The prior year quarter benefited from
a $0.09 per share gain related to
CityCenter's final resolution of its construction litigation and
remaining settlements.
The following table lists certain other 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
March 31,
|
|
2016
|
|
|
2015
|
|
Preopening and
start-up expenses
|
|
$
|
(0.02)
|
|
|
$
|
(0.02)
|
|
Property
transactions, net
|
|
|
(0.01)
|
|
|
|
—
|
|
Income (loss) from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
Harmon-related property
transactions, net
|
|
|
—
|
|
|
|
0.09
|
|
Crystals-related property
transactions, net
|
|
|
(0.01)
|
|
|
|
—
|
|
Wholly Owned Domestic Resorts
Casino revenue related to wholly owned domestic resorts
increased 4%, excluding the operations sold during 2015, compared
to the prior year quarter, due primarily to an increase in table
games revenue. Table games hold percentage in the first quarter of
2016 was 22.4% compared to 20.1% in the prior year quarter, while
table games volume decreased 6% compared to the prior year quarter.
Slots revenue increased 2%, excluding the operations sold during
2015, compared to the prior year quarter.
Rooms revenue increased 7%, with an increase in Las Vegas Strip
REVPAR of 8%. The following table shows key hotel statistics for
the Company's Las Vegas Strip resorts:
Three months ended
March 31,
|
|
2016
|
|
|
2015
|
|
Occupancy
%
|
|
|
91%
|
|
|
|
90%
|
|
Average Daily Rate
(ADR)
|
|
$
|
162
|
|
|
$
|
152
|
|
Revenue per Available
Room (REVPAR)
|
|
$
|
147
|
|
|
$
|
136
|
|
Wholly owned domestic resorts Adjusted Property EBITDA was
$485 million in the first quarter of
2016, a 24% increase compared to the prior year quarter, and was
positively affected by approximately $54
million of incremental Adjusted Property EBITDA as a result
of the Company's Profit Growth Plan initiatives. Operating income
for the Company's wholly owned domestic resorts increased 33% for
the first quarter of 2016 compared to the prior year quarter.
Corporate Expense
Corporate expense was $71 million,
an increase of $21 million compared
to the prior year quarter. The current year quarter included
$7 million of costs incurred to
implement initiatives related to the Profit Growth Plan and
$7 million of costs incurred in
connection with the MGM Growth Properties transactions.
MGM China
Key first quarter results for MGM China include:
- Net revenue of $469 million, a
26% decrease compared to the prior year quarter;
- Main floor table games revenue decreased 8% compared to the
prior year quarter;
- VIP table games revenue decreased 41% due to a decrease in
turnover of 34% compared to the prior year quarter, and hold
percentage decreased to 3.0% in the current year quarter, compared
to 3.3% in the prior year quarter;
- Adjusted EBITDA of $114 million,
a 23% decrease compared to the prior year quarter, including
$8 million of license fee expense in
the current year quarter and $11
million in the prior year quarter;
- Adjusted EBITDA margin increased by 77 basis points compared to
the prior year quarter to 24% as a result of an increase in main
floor table games mix and continuous efforts to reduce costs;
and
- Operating income of $47 million,
compared to operating income of $72
million in the prior year quarter.
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of income (loss) from unconsolidated
affiliates:
Three months ended
March 31,
|
|
2016
|
|
|
2015
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
(9,149)
|
|
|
$
|
101,601
|
|
Borgata
|
|
|
19,550
|
|
|
|
11,983
|
|
Other
|
|
|
4,301
|
|
|
|
3,797
|
|
|
|
$
|
14,702
|
|
|
$
|
117,381
|
|
On April 14, 2016, CityCenter
Holdings, LLC ("CityCenter") closed the sale of The Shops at
Crystals ("Crystals") for approximately $1.1 billion.
CityCenter previously announced a $1.08
billion distribution consisting of a $990 million special distribution in connection
with the sale and a $90 million
distribution as part of its annual distribution policy. On
May 4, 2016, the Company received
$540 million, its 50% share of the
distributions.
CityCenter's results for the first quarter of 2016 included
$61 million of accelerated
depreciation associated with the April
2016 closure of the Zarkana theatre, and an $18 million charge related to obligations in
connection with the sale of Crystals. Results for the first quarter
of 2015 included a $160 million gain
related to the final resolution of its construction litigation and
remaining settlements. Excluding the impact of these items, the
Company's income from unconsolidated affiliates related to
CityCenter was $31 million for the
first quarter of 2016, compared to $22
million in the prior year quarter.
Results for CityCenter for the first quarter of 2016 include the
following (see schedules accompanying this release for further
detail on CityCenter's first quarter results):
- Net revenue from resort operations of $302 million, a 6% increase compared to the prior
year quarter;
- Adjusted EBITDA from resort operations of $92 million, an increase of 30% compared to the
prior year quarter; this was positively affected by approximately
$10 million of incremental Adjusted
EBITDA attributable to Profit Growth Plan initiatives;
- Adjusted EBITDA at Aria of $81
million increased by 33% compared to the prior year
quarter;
- Aria's table games volume increased 5% and table games hold
percentage was 23.8%, compared to 24.3% in the prior year
quarter;
- Record REVPAR at Aria of $230, a
5% increase compared to the prior year quarter; and
- Record REVPAR at Vdara of $190, a
10% increase compared to the prior year quarter, and a 16% increase
in Adjusted EBITDA compared to the prior year quarter.
CityCenter reported an operating loss of $27 million, including $61
million of accelerated depreciation as discussed above, for
the first quarter of 2016, compared to operating income of
$176 million in the prior year
quarter, as a result of the factors described above.
The Company's income from unconsolidated affiliates related to
Borgata for the first quarter of 2016 increased 63%, compared to
the prior year quarter, due to higher casino revenue as well as
lower property tax expense due to the application of credits from a
prior tax court judgment to Borgata's first quarter property tax
payment.
MGM Growth Properties
"This was an exciting quarter for MGM Resorts, in part because
of the successful initial public offering of MGM Growth
Properties," said Mr. Murren. "Not only did the offering price at
the top of the price range, it was the largest IPO in 2016 to-date.
Importantly, this transaction provided MGM Resorts' shareholders
with numerous strategic and financial benefits, including
enhancements to our balance sheet."
On April 25, 2016, MGP, a
subsidiary of the Company, completed its initial public offering of
57,500,000 Class A shares (inclusive of the full exercise by the
underwriters of their option to purchase 7,500,000 Class A shares)
at a price to the public of $21.00
per share (the "IPO") for proceeds of approximately $1.1 billion, after deducting underwriting
discounts and offering expenses. The proceeds of the IPO were used
by MGP to purchase operating partnership units in the operating
partnership that holds the real estate associated with Mandalay
Bay, The Mirage, New York-New
York, Luxor, Monte Carlo,
Excalibur, The Park, MGM Grand Detroit, Beau Rivage and Gold Strike
Tunica. A subsidiary of MGP is the general partner of the operating
partnership.
The Company will continue to hold a controlling interest in MGP
through its ownership of MGP's Class B share. In addition, certain
of the Company's subsidiaries will directly hold a majority
economic interest in, and will participate in distributions made
by, the operating partnership, through their ownership of
approximately 73% of the partnership units of the operating
partnership.
In connection with the transactions described above, the
operating partnership assumed approximately $4 billion of bridge facility indebtedness from
the Company, which was repaid by the operating partnership with the
proceeds of the IPO and concurrent bank and bond debt financing
transactions.
Financial Position
The Company's cash balance at March 31,
2016 was $1.7 billion, which
included $595 million at MGM China.
At March 31, 2016, the Company had
$2.7 billion of borrowings
outstanding under its $3.9 billion
senior secured credit facility, $1.6
billion outstanding under the MGM China credit facility and
$250 million outstanding under the
MGM National Harbor credit facility.
In connection with the MGP IPO and related transactions, the
Company entered into an amended and restated senior secured
facility comprised of a $1.25 billion
revolving facility and a $250 million
term loan A facility. After giving effect to the repayment of its
6.875% senior notes at maturity in April
2016, the pending redemption of the Company's 10% senior
notes due 2016 and its 7.5% senior notes due 2016, and the
amendment and restatement of the senior secured credit facility,
the Company had approximately $12.3 billion principal amount of
indebtedness outstanding, including $250 million outstanding
under its senior secured credit facility, $250 million outstanding under the MGM National
Harbor facility, $3.2 billion of
indebtedness at MGP, and $1.6 billion
at MGM China.
"We continue to make significant progress in improving our
balance sheet through our strong performance in the first quarter
and the continued execution of our strategic plan," said Dan
D'Arrigo, Executive Vice President, CFO and Treasurer of MGM
Resorts International. "We remain committed to strengthening our
financial flexibility, as highlighted by Moody's in its recent
two-notch upgrade of MGM Resorts International's corporate family
rating, bringing us closer to our goal of returning to investment
grade."
Conference Call Details
MGM Resorts 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 6743176.
A replay of the call will be available through Friday, May 13, 2016. The replay may be
accessed by dialing 1-877-344-7529 or 1-412-317-0088. The
replay access code is 10085058. The call will be archived at
www.mgmresorts.com. In addition, MGM Resorts will post supplemental
slides today on its website at
www.mgmresorts.investorroom.com for reference during its
May 5, 2016 earnings call.
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, goodwill impairment
charges and property transactions, net. "Adjusted Property
EBITDA" is Adjusted EBITDA before corporate expense and stock
compensation expense related to the MGM Resorts stock option plan,
which is not allocated to each property. MGM China recognizes stock
compensation expense related to its stock compensation plan which
is included in the calculation of Adjusted EBITDA for MGM China.
Adjusted EBITDA information is presented solely as a supplemental
disclosure to reported GAAP measures because management believes
these measures are 1) widely used measures of operating performance
in the gaming industry, and 2) a principal basis for valuation of
gaming companies.
|
|
Management believes
that while items excluded from Adjusted EBITDA and Adjusted
Property EBITDA may be recurring in nature and should not be
disregarded in evaluation of the Company's earnings performance, it
is useful to exclude such items when analyzing current results and
trends compared to other periods because these items can vary
significantly depending on specific underlying transactions or
events that may not be comparable between the periods being
presented. Also, management believes excluded items may not relate
specifically to current operating trends or be indicative of future
results. For example, preopening and start-up expenses will be
significantly different in periods when the Company is developing
and constructing a major expansion project and will depend on where
the current period lies within the development cycle, as well as
the size and scope of the project(s). Property transactions, net
includes normal recurring disposals, gains and losses on sales of
assets related to specific assets within the Company's resorts, but
also includes gains or losses on sales of an entire operating
resort or a group of resorts and impairment charges on entire asset
groups or investments in unconsolidated affiliates, which may not
be comparable period over period.
|
|
In addition, capital
allocation, tax planning, financing and stock compensation awards
are all managed at the corporate level. Therefore, management uses
Adjusted Property EBITDA as the primary measure of the Company's
operating resorts' performance.
|
|
Reconciliations of
GAAP net income (loss) to Adjusted EBITDA and GAAP operating income
(loss) to Adjusted Property EBITDA are included in the financial
schedules in this release.
|
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's
leading global hospitality companies, operating a portfolio of
destination resort brands including Bellagio, MGM Grand, Mandalay
Bay and The Mirage. The Company is in the process of developing MGM
National Harbor in Maryland and
MGM Springfield in Massachusetts.
MGM Resorts controls, and holds a 73 percent economic interest in
the operating partnership of MGM Growth Properties LLC (NYSE:
MGP), a premier triple-net lease real estate investment trust
engaged in the acquisition, ownership and leasing of large-scale
destination entertainment and leisure resorts. The Company also
owns 51 percent of MGM China Holdings Limited (HK: 2282), 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. MGM Resorts is a FORTUNE Magazine World's Most Admired
Company. 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, the
realization of any benefits from the MGP transactions and the
Company's ability to execute its strategic plan and improve its
financial flexibility. 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
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2016
|
|
2015
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
|
$
|
1,134,356
|
|
$
|
1,278,502
|
|
Rooms
|
|
|
489,486
|
|
|
459,425
|
|
Food and
beverage
|
|
|
377,105
|
|
|
384,101
|
|
Entertainment
|
|
|
118,326
|
|
|
125,968
|
|
Retail
|
|
|
45,473
|
|
|
45,037
|
|
Other
|
|
|
117,525
|
|
|
126,550
|
|
Reimbursed
costs
|
|
|
101,049
|
|
|
101,060
|
|
|
|
|
2,383,320
|
|
|
2,520,643
|
|
Less: Promotional
allowances
|
|
|
(173,634)
|
|
|
(188,399)
|
|
|
|
|
2,209,686
|
|
|
2,332,244
|
Expenses:
|
|
|
|
|
|
|
|
Casino
|
|
|
640,569
|
|
|
782,808
|
|
Rooms
|
|
|
144,742
|
|
|
141,313
|
|
Food and
beverage
|
|
|
221,296
|
|
|
221,521
|
|
Entertainment
|
|
|
92,288
|
|
|
96,999
|
|
Retail
|
|
|
22,001
|
|
|
24,096
|
|
Other
|
|
|
79,768
|
|
|
84,323
|
|
Reimbursed
costs
|
|
|
101,049
|
|
|
101,060
|
|
General and
administrative
|
|
|
308,543
|
|
|
328,173
|
|
Corporate
expense
|
|
|
71,248
|
|
|
50,356
|
|
Preopening and
start-up expenses
|
|
|
21,960
|
|
|
15,871
|
|
Property
transactions, net
|
|
|
5,131
|
|
|
1,589
|
|
Depreciation and
amortization
|
|
|
199,839
|
|
|
206,412
|
|
|
|
|
1,908,434
|
|
|
2,054,521
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
|
14,702
|
|
|
117,381
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
315,954
|
|
|
395,104
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
|
(184,669)
|
|
|
(216,262)
|
|
Non-operating
items from unconsolidated affiliates
|
|
|
(18,212)
|
|
|
(19,011)
|
|
Other,
net
|
|
|
(565)
|
|
|
(3,490)
|
|
|
|
|
(203,446)
|
|
|
(238,763)
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
112,508
|
|
|
156,341
|
|
Benefit
(provision) for income taxes
|
|
|
(21,310)
|
|
|
56,305
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
91,198
|
|
|
212,646
|
|
Less: Net income
attributable to noncontrolling interests
|
|
|
(24,399)
|
|
|
(42,796)
|
Net income
attributable to MGM Resorts International
|
|
$
|
66,799
|
|
$
|
169,850
|
|
|
|
|
|
|
|
|
Per share of
common stock:
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
|
$
|
0.12
|
|
$
|
0.35
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
565,056
|
|
|
491,422
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
|
$
|
0.12
|
|
$
|
0.33
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
569,455
|
|
|
575,312
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,664,905
|
|
$
|
1,670,312
|
|
Accounts
receivable, net
|
|
452,751
|
|
|
480,559
|
|
Inventories
|
|
97,584
|
|
|
104,200
|
|
Income tax
receivable
|
|
9,148
|
|
|
15,993
|
|
Prepaid expenses
and other
|
|
177,256
|
|
|
137,685
|
|
|
Total current
assets
|
|
2,401,644
|
|
|
2,408,749
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
15,692,731
|
|
|
15,371,795
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
1,478,501
|
|
|
1,491,497
|
|
Goodwill
|
|
1,429,547
|
|
|
1,430,767
|
|
Other intangible
assets, net
|
|
4,116,904
|
|
|
4,164,781
|
|
Other long-term
assets, net
|
|
377,963
|
|
|
347,589
|
|
|
Total other
assets
|
|
7,402,915
|
|
|
7,434,634
|
|
|
|
$
|
25,497,290
|
|
$
|
25,215,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
183,777
|
|
$
|
182,031
|
|
Construction
payable
|
|
285,479
|
|
|
250,120
|
|
Current portion of
long-term debt
|
|
242,900
|
|
|
328,442
|
|
Accrued interest
on long-term debt
|
|
143,110
|
|
|
165,914
|
|
Other accrued
liabilities
|
|
1,233,045
|
|
|
1,311,444
|
|
|
Total current
liabilities
|
|
2,088,311
|
|
|
2,237,951
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
2,687,946
|
|
|
2,680,576
|
Long-term
debt
|
|
12,686,381
|
|
|
12,368,311
|
Other long-term
obligations
|
|
163,392
|
|
|
157,663
|
Redeemable
noncontrolling interest
|
|
6,250
|
|
|
6,250
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares, issued and outstanding
565,144,008 and 564,838,893 shares
|
|
5,651
|
|
|
5,648
|
|
Capital in excess
of par value
|
|
5,671,456
|
|
|
5,655,886
|
|
Accumulated
deficit
|
|
(488,830)
|
|
|
(555,629)
|
|
Accumulated other
comprehensive income
|
|
11,622
|
|
|
14,022
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
5,199,899
|
|
|
5,119,927
|
|
Noncontrolling
interests
|
|
2,665,111
|
|
|
2,644,500
|
|
|
Total
stockholders' equity
|
|
7,865,010
|
|
|
7,764,427
|
|
|
|
$
|
25,497,290
|
|
$
|
25,215,178
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
March
31,
|
|
2016
|
|
2015
|
Bellagio
|
$
|
329,739
|
|
$
|
301,936
|
MGM Grand Las
Vegas
|
|
268,454
|
|
|
264,826
|
Mandalay
Bay
|
|
230,181
|
|
|
226,935
|
The
Mirage
|
|
144,595
|
|
|
142,505
|
Luxor
|
|
92,872
|
|
|
86,955
|
New York-New
York
|
|
81,371
|
|
|
75,884
|
Excalibur
|
|
74,288
|
|
|
67,261
|
Monte
Carlo
|
|
69,720
|
|
|
71,867
|
Circus Circus Las
Vegas
|
|
56,957
|
|
|
51,384
|
MGM Grand
Detroit
|
|
140,865
|
|
|
133,315
|
Beau
Rivage
|
|
89,437
|
|
|
86,940
|
Gold Strike
Tunica
|
|
40,744
|
|
|
39,835
|
Other resort
operations(1)
|
|
-
|
|
|
28,252
|
Wholly
owned domestic resorts
|
|
1,619,223
|
|
|
1,577,895
|
MGM
China
|
|
469,029
|
|
|
630,087
|
Management and
other operations
|
|
121,434
|
|
|
124,262
|
|
$
|
2,209,686
|
|
$
|
2,332,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
March
31,
|
|
2016
|
|
2015
|
Bellagio
|
$
|
116,651
|
|
$
|
89,167
|
MGM Grand Las
Vegas
|
|
80,894
|
|
|
65,206
|
Mandalay
Bay
|
|
58,122
|
|
|
53,988
|
The
Mirage
|
|
38,330
|
|
|
30,520
|
Luxor
|
|
25,391
|
|
|
17,299
|
New York-New
York
|
|
30,903
|
|
|
24,593
|
Excalibur
|
|
23,877
|
|
|
16,542
|
Monte
Carlo
|
|
21,300
|
|
|
20,056
|
Circus Circus Las
Vegas
|
|
13,293
|
|
|
7,833
|
MGM Grand
Detroit
|
|
40,042
|
|
|
33,612
|
Beau
Rivage
|
|
22,799
|
|
|
18,390
|
Gold Strike
Tunica
|
|
13,329
|
|
|
11,550
|
Other resort
operations(1)
|
|
-
|
|
|
1,123
|
Wholly
owned domestic resorts
|
|
484,931
|
|
|
389,879
|
MGM
China
|
|
114,123
|
|
|
148,456
|
Unconsolidated
resorts(2)
|
|
14,702
|
|
|
117,381
|
Management and
other operations
|
|
4,115
|
|
|
16,317
|
|
$
|
617,871
|
|
$
|
672,033
|
|
|
|
|
|
|
(1) Sold in
2015
|
(2) 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
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
|
$
|
94,168
|
|
$
|
-
|
|
$
|
1
|
|
$
|
22,482
|
|
$
|
116,651
|
MGM Grand Las
Vegas
|
|
|
62,262
|
|
|
-
|
|
|
763
|
|
|
17,869
|
|
|
80,894
|
Mandalay
Bay
|
|
|
34,855
|
|
|
14
|
|
|
874
|
|
|
22,379
|
|
|
58,122
|
The
Mirage
|
|
|
27,994
|
|
|
-
|
|
|
-
|
|
|
10,336
|
|
|
38,330
|
Luxor
|
|
|
15,885
|
|
|
-
|
|
|
287
|
|
|
9,219
|
|
|
25,391
|
New York-New
York
|
|
|
25,487
|
|
|
-
|
|
|
3
|
|
|
5,413
|
|
|
30,903
|
Excalibur
|
|
|
16,969
|
|
|
-
|
|
|
2,766
|
|
|
4,142
|
|
|
23,877
|
Monte
Carlo
|
|
|
16,777
|
|
|
-
|
|
|
91
|
|
|
4,432
|
|
|
21,300
|
Circus Circus Las
Vegas
|
|
|
9,089
|
|
|
-
|
|
|
134
|
|
|
4,070
|
|
|
13,293
|
MGM Grand
Detroit
|
|
|
34,031
|
|
|
-
|
|
|
-
|
|
|
6,011
|
|
|
40,042
|
Beau
Rivage
|
|
|
16,190
|
|
|
-
|
|
|
10
|
|
|
6,599
|
|
|
22,799
|
Gold Strike
Tunica
|
|
|
10,831
|
|
|
-
|
|
|
97
|
|
|
2,401
|
|
|
13,329
|
Other resort
operations(1)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Wholly
owned domestic resorts
|
|
|
364,538
|
|
|
14
|
|
|
5,026
|
|
|
115,353
|
|
|
484,931
|
MGM
China
|
|
|
47,452
|
|
|
5,908
|
|
|
(10)
|
|
|
60,773
|
|
|
114,123
|
Unconsolidated
resorts
|
|
|
12,420
|
|
|
2,282
|
|
|
-
|
|
|
-
|
|
|
14,702
|
Management and
other operations
|
|
|
1,064
|
|
|
1,150
|
|
|
-
|
|
|
1,901
|
|
|
4,115
|
|
|
|
425,474
|
|
|
9,354
|
|
|
5,016
|
|
|
178,027
|
|
|
617,871
|
Stock
compensation
|
|
|
(9,869)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(9,869)
|
Corporate
|
|
|
(99,651)
|
|
|
12,606
|
|
|
115
|
|
|
21,812
|
|
|
(65,118)
|
|
|
$
|
315,954
|
|
$
|
21,960
|
|
$
|
5,131
|
|
$
|
199,839
|
|
$
|
542,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
|
$
|
66,337
|
|
$
|
-
|
|
$
|
197
|
|
$
|
22,633
|
|
$
|
89,167
|
MGM Grand Las
Vegas
|
|
|
46,726
|
|
|
-
|
|
|
(10)
|
|
|
18,490
|
|
|
65,206
|
Mandalay
Bay
|
|
|
35,321
|
|
|
-
|
|
|
259
|
|
|
18,408
|
|
|
53,988
|
The
Mirage
|
|
|
17,874
|
|
|
54
|
|
|
(1)
|
|
|
12,593
|
|
|
30,520
|
Luxor
|
|
|
7,762
|
|
|
(1)
|
|
|
50
|
|
|
9,488
|
|
|
17,299
|
New York-New
York
|
|
|
19,672
|
|
|
(307)
|
|
|
264
|
|
|
4,964
|
|
|
24,593
|
Excalibur
|
|
|
12,909
|
|
|
-
|
|
|
(19)
|
|
|
3,652
|
|
|
16,542
|
Monte
Carlo
|
|
|
14,314
|
|
|
-
|
|
|
517
|
|
|
5,225
|
|
|
20,056
|
Circus Circus Las
Vegas
|
|
|
3,802
|
|
|
231
|
|
|
-
|
|
|
3,800
|
|
|
7,833
|
MGM Grand
Detroit
|
|
|
27,739
|
|
|
-
|
|
|
-
|
|
|
5,873
|
|
|
33,612
|
Beau
Rivage
|
|
|
11,859
|
|
|
-
|
|
|
-
|
|
|
6,531
|
|
|
18,390
|
Gold Strike
Tunica
|
|
|
8,622
|
|
|
-
|
|
|
-
|
|
|
2,928
|
|
|
11,550
|
Other resort
operations
|
|
|
893
|
|
|
-
|
|
|
-
|
|
|
230
|
|
|
1,123
|
Wholly
owned domestic resorts
|
|
|
273,830
|
|
|
(23)
|
|
|
1,257
|
|
|
114,815
|
|
|
389,879
|
MGM
China
|
|
|
72,366
|
|
|
3,071
|
|
|
332
|
|
|
72,687
|
|
|
148,456
|
Unconsolidated
resorts
|
|
|
116,708
|
|
|
673
|
|
|
-
|
|
|
-
|
|
|
117,381
|
Management and
other operations
|
|
|
14,114
|
|
|
267
|
|
|
-
|
|
|
1,936
|
|
|
16,317
|
|
|
|
477,018
|
|
|
3,988
|
|
|
1,589
|
|
|
189,438
|
|
|
672,033
|
Stock
compensation
|
|
|
(7,579)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(7,579)
|
Corporate
|
|
|
(74,335)
|
|
|
11,883
|
|
|
-
|
|
|
16,974
|
|
|
(45,478)
|
|
|
$
|
395,104
|
|
$
|
15,871
|
|
$
|
1,589
|
|
$
|
206,412
|
|
$
|
618,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME ATTRIBUTABLE TO MGM RESORTS
INTERNATIONAL
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
March
31,
|
|
2016
|
|
2015
|
Adjusted
EBITDA
|
$
|
542,884
|
|
$
|
618,976
|
Preopening
and start-up expenses
|
|
(21,960)
|
|
|
(15,871)
|
Property
transactions, net
|
|
(5,131)
|
|
|
(1,589)
|
Depreciation and amortization
|
|
(199,839)
|
|
|
(206,412)
|
Operating
income
|
|
315,954
|
|
|
395,104
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
(184,669)
|
|
|
(216,262)
|
Other,
net
|
|
(18,777)
|
|
|
(22,501)
|
|
|
(203,446)
|
|
|
(238,763)
|
|
|
|
|
|
|
Income before
income taxes
|
|
112,508
|
|
|
156,341
|
Benefit
(provision) for income taxes
|
|
(21,310)
|
|
|
56,305
|
Net
income
|
|
91,198
|
|
|
212,646
|
Less: Net
income attributable to noncontrolling interests
|
|
(24,399)
|
|
|
(42,796)
|
Net income
attributable to MGM Resorts International
|
$
|
66,799
|
|
$
|
169,850
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS - LAS VEGAS STRIP
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
March
31,
|
|
2016
|
|
2015
|
Bellagio
|
|
|
|
Occupancy %
|
91.5%
|
|
88.2%
|
Average daily rate (ADR)
|
$281
|
|
$268
|
Revenue per available room (REVPAR)
|
$257
|
|
$236
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
Occupancy %
|
91.2%
|
|
91.9%
|
ADR
|
$181
|
|
$171
|
REVPAR
|
$165
|
|
$157
|
|
|
|
|
Mandalay
Bay
|
|
|
|
Occupancy %
|
90.4%
|
|
90.2%
|
ADR
|
$223
|
|
$210
|
REVPAR
|
$201
|
|
$189
|
|
|
|
|
The
Mirage
|
|
|
|
Occupancy %
|
92.8%
|
|
90.0%
|
ADR
|
$180
|
|
$173
|
REVPAR
|
$167
|
|
$155
|
|
|
|
|
Luxor
|
|
|
|
Occupancy %
|
94.1%
|
|
92.2%
|
ADR
|
$110
|
|
$105
|
REVPAR
|
$104
|
|
$97
|
|
|
|
|
New York-New
York
|
|
|
|
Occupancy %
|
96.8%
|
|
97.6%
|
ADR
|
$144
|
|
$134
|
REVPAR
|
$140
|
|
$131
|
|
|
|
|
Excalibur
|
|
|
|
Occupancy %
|
91.6%
|
|
89.9%
|
ADR
|
$96
|
|
$85
|
REVPAR
|
$88
|
|
$77
|
|
|
|
|
Monte
Carlo
|
|
|
|
Occupancy %
|
96.0%
|
|
95.1%
|
ADR
|
$126
|
|
$122
|
REVPAR
|
$121
|
|
$116
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
Occupancy %
|
78.9%
|
|
76.8%
|
ADR
|
$79
|
|
$69
|
REVPAR
|
$62
|
|
$53
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Aria
|
|
$
|
254,725
|
|
$
|
240,150
|
|
Vdara
|
|
|
29,788
|
|
|
27,842
|
|
Mandarin
Oriental
|
|
|
17,028
|
|
|
16,011
|
|
Resort
operations
|
|
|
301,541
|
|
|
284,003
|
|
Residential and
other operations
|
|
|
-
|
|
|
18,174
|
|
|
|
$
|
301,541
|
|
$
|
302,177
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME (LOSS)
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
91,015
|
|
$
|
74,052
|
|
Property
transactions, net
|
|
|
1,438
|
|
|
159,693
|
|
Depreciation and amortization
|
|
|
(119,596)
|
|
|
(57,938)
|
|
Operating
income
|
|
|
(27,143)
|
|
|
175,807
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
Interest
expense - other
|
|
|
(17,192)
|
|
|
(18,034)
|
|
Other,
net
|
|
|
(3,834)
|
|
|
(33)
|
|
|
|
|
(21,026)
|
|
|
(18,067)
|
|
Net income (loss)
from continuing operations
|
|
|
(48,169)
|
|
|
157,740
|
|
Discontinued
operations
|
|
|
|
|
|
|
|
Income from
operations of discontinued component
|
|
|
(11,557)
|
|
|
5,861
|
|
Net income
(loss)
|
|
$
|
(59,726)
|
|
$
|
163,601
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2016
|
|
2015
|
Aria
|
|
|
|
|
|
|
Occupancy %
|
|
|
90.4%
|
|
|
89.8%
|
ADR
|
|
|
$255
|
|
|
$244
|
REVPAR
|
|
|
$230
|
|
|
$219
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
Occupancy %
|
|
|
91.0%
|
|
|
91.1%
|
ADR
|
|
|
$209
|
|
|
$190
|
REVPAR
|
|
|
$190
|
|
|
$174
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
$
|
(28,327)
|
|
$
|
-
|
|
$
|
109
|
|
$
|
109,561
|
|
$
|
81,343
|
|
Vdara
|
|
|
2,263
|
|
|
-
|
|
|
(336)
|
|
|
6,936
|
|
|
8,863
|
|
Mandarin
Oriental
|
|
|
(1,238)
|
|
|
-
|
|
|
-
|
|
|
3,099
|
|
|
1,861
|
|
Resort
operations
|
|
|
(27,302)
|
|
|
-
|
|
|
(227)
|
|
|
119,596
|
|
|
92,067
|
|
Residential, administration and other
operations
|
|
|
159
|
|
|
-
|
|
|
(1,211)
|
|
|
-
|
|
|
(1,052)
|
|
|
|
$
|
(27,143)
|
|
$
|
-
|
|
$
|
(1,438)
|
|
$
|
119,596
|
|
$
|
91,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
$
|
13,817
|
|
$
|
-
|
|
$
|
287
|
|
$
|
47,243
|
|
$
|
61,347
|
|
Vdara
|
|
|
(195)
|
|
|
-
|
|
|
-
|
|
|
7,835
|
|
|
7,640
|
|
Mandarin
Oriental
|
|
|
(1,407)
|
|
|
-
|
|
|
-
|
|
|
3,040
|
|
|
1,633
|
|
Resort
operations
|
|
|
12,215
|
|
|
-
|
|
|
287
|
|
|
58,118
|
|
|
70,620
|
|
Residential, administration and other
operations
|
|
|
163,592
|
|
|
-
|
|
|
(159,980)
|
|
|
(180)
|
|
|
3,432
|
|
|
|
$
|
175,807
|
|
$
|
-
|
|
$
|
(159,693)
|
|
$
|
57,938
|
|
$
|
74,052
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-strong-first-quarter-financial-and-operating-results-300263431.html
SOURCE MGM Resorts International