LAS VEGAS, Oct. 29, 2020 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter ended September 30,
2020.
"The third quarter offered signs of stability and recovery
driven by strength at our U.S. Regional Operations. We saw
sequential improvement in all our markets and several of our
regional properties delivered quarterly Adjusted Property EBITDAR
records," said Bill Hornbuckle, CEO
of MGM Resorts International. "We remain focused on responding to
the pandemic with effective health and safety protocols. We have
modified our operating model to adapt to the current environment
and we are executing on our long-term growth initiatives,
particularly in U.S. sports betting and iGaming, where BetMGM has
gained significant momentum."
"Our domestic liquidity, excluding MGP and MGM China, remained
substantial at $4.5 billion as the
Company worked diligently to significantly reduce our cash outflows
during the third quarter," said Corey
Sanders, Chief Financial Officer and Treasurer of MGM
Resorts. "In October, we opportunistically issued an additional
$750 million in aggregate principal
amount of senior notes at an attractive rate to further fortify our
financial position."
Third Quarter 2020 Financial Highlights:
Consolidated Results
- Consolidated net revenues decreased 66% compared to the prior
year quarter to $1.1 billion,
primarily driven by a partial quarter of operations at certain of
the Company's domestic properties and restrictions related to the
pandemic as further discussed below;
- Consolidated operating loss was $495
million compared to consolidated operating income of
$238 million in the prior year
quarter;
- Net loss attributable to MGM Resorts of $535 million compared to net loss attributable to
MGM Resorts of $37 million in the
prior year quarter;
- Diluted loss per share of $1.08
in the current quarter compared to diluted loss per share of
$0.08 in the prior year quarter;
- Adjusted diluted earnings per share ("Adjusted
EPS")(1) was a loss per share of $1.08 in the current quarter compared to Adjusted
EPS of $0.31 in the prior year
quarter; and
- Consolidated Adjusted EBITDAR(2) loss of
$49 million in the current
quarter.
Financial Position &
Liquidity
- Cash and cash equivalents balance as of September 30, 2020 was $4.6 billion, which included $655 million at the MGP Operating Partnership and
$396 million at MGM China;
- Total liquidity at September 30,
2020 was $7.8 billion, which
included $1.9 billion at the MGP
Operating Partnership and $1.4
billion at MGM China, which was comprised of cash and cash
equivalents and capacity under the revolving credit facilities at
the Company, MGP Operating Partnership and MGM China;
- At September 30, 2020, principal
amount of indebtedness outstanding was $11.5
billion, including $3.6
billion outstanding at the MGP Operating Partnership and
$2.7 billion outstanding at MGM
China; and
- MGM Resorts has $700 million
remaining under its agreement with MGP to purchase up to
$1.4 billion of the MGP Operating
Partnership units owned by MGM Resorts for cash through
February 2022.
Las Vegas Strip Resorts
- Net revenues decreased 68% compared to the prior year quarter
to $481 million as a result of
operational restrictions related to the pandemic and a partial
quarter of operations at The Mirage and Park MGM;
- Table Games Hold Adjusted Las Vegas Strip Resorts Net
Revenues(3) decreased 67% compared to the prior year
quarter to $489 million;
- Adjusted Property EBITDAR decreased 97% to $15 million compared to $441 million in the prior year quarter; and
- Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted
Property EBITDAR(2) decreased 95% to $21 million compared to $438 million in the prior year quarter.
Regional Operations
- Net revenues decreased 40% compared to the prior year quarter
to $557 million as a result of a
partial quarter of operations at certain of the Company's Regional
Operations properties and a decrease in non-gaming revenues as a
result of operational restrictions related to the pandemic;
- Adjusted Property EBITDAR decreased 46% to $146 million compared to $269 million the prior year quarter;
- Adjusted Property EBITDAR margin of 26.2% in the current
quarter, a 261 basis point decrease compared to the prior year
quarter; and
- The following provides a comparison of the Company's Regional
Operations properties with operations during the entirety of the
current and prior year quarters, which included Gold Strike, Beau
Rivage, MGM Northfield Park, and MGM National Harbor:
-
- Net revenues decreased 15% compared to the prior year quarter,
due primarily to a decrease in non-gaming revenues;
- Adjusted Property EBITDAR increased 7% compared to the prior
year quarter; and
- Adjusted Property EBITDAR margin increased 768 basis points
compared to the prior year quarter.
MGM China
- Net revenues decreased 94% compared to the prior year quarter
to $47 million;
- VIP Table Games Hold Adjusted MGM China Net
Revenues(3) decreased 92% compared to the prior year
quarter to $54 million;
- Adjusted Property EBITDAR loss of $96
million compared to Adjusted Property EBITDAR of
$184 million in the prior year
quarter; and
- VIP Table Games Hold Adjusted MGM China Adjusted Property
EBITDAR(2) loss of $93
million compared to VIP Table Games Hold Adjusted MGM China
Adjusted Property EBITDAR of $170
million in the prior year quarter.
Adjusted Diluted Earnings Per Share
The following table reconciles diluted earnings (loss) per share
("EPS") to Adjusted EPS (approximate EPS impact shown, per share;
positive adjustments represent charges to income):
Three Months Ended
September 30,
|
|
2020
|
|
|
|
2019
|
|
Diluted earnings
(loss) per share
|
|
$
|
(1.08)
|
|
|
|
$
|
(0.08)
|
|
Property
transactions, net
|
|
|
0.01
|
|
|
|
|
0.48
|
|
Non-operating
expense:
|
|
|
|
|
|
|
|
|
|
Foreign currency gain
on MGM China senior notes
|
|
|
—
|
|
|
|
|
0.01
|
|
Change in fair value
of MGP swaps
|
|
|
(0.01)
|
|
|
|
|
—
|
|
Items from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
|
CityCenter property
transactions, net
|
|
|
—
|
|
|
|
|
(0.01)
|
|
Change in fair value
of CityCenter swaps
|
|
|
—
|
|
|
|
|
0.01
|
|
Income tax impact on
net income adjustments)(1)
|
|
|
—
|
|
|
|
|
(0.10)
|
|
Adjusted diluted
earnings (loss) per share
|
|
$
|
(1.08)
|
|
|
|
$
|
0.31
|
|
|
|
(1)
|
The income tax impact
includes current and deferred income tax expense based upon the
nature of the adjustment and the jurisdiction in which it
occurs.
|
Las Vegas Strip Resorts
Casino revenue for the third quarter of 2020 decreased 44%
compared to the prior year quarter at the Company's Las Vegas Strip
Resorts, due primarily to a partial quarter of operations at The
Mirage and Park MGM, and operational restrictions related to the
pandemic.
The following table shows key gaming statistics for the
Company's Las Vegas Strip Resorts:
Three Months Ended
September 30,
|
|
2020
|
|
2019
|
%
change
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$498
|
|
$842
|
(41)%
|
Table Games Win
%
|
|
21.6%
|
|
24.2%
|
|
Slots
Handle
|
|
$1,944
|
|
$3,280
|
(41)%
|
Slots Hold
%
|
|
9.4%
|
|
9.4%
|
|
Rooms revenue decreased 71% compared to the prior year quarter
at the Company's Las Vegas Strip Resorts due primarily to the
decrease in occupancy as a result of operational restrictions
related to the pandemic.
The following table shows key hotel statistics for the Company's
Las Vegas Strip Resorts:
Three Months Ended
September 30,
|
|
2020
|
|
2019
|
% change
|
Occupancy
%
|
|
44%
|
|
92%
|
|
Average Daily Rate
(ADR)
|
|
$139
|
|
$164
|
(15.2)%
|
Revenue per Available
Room (REVPAR)(1) (4)
|
|
$61
|
|
$152
|
(59.6)%
|
|
|
(1)
|
Rooms that were out
of service during the three and nine months ended September 30,
2020 as a result of property closures due to the COVID-19 pandemic
were excluded from the available room count when calculating hotel
occupancy and REVPAR.
|
Regional Operations
Casino revenue for the third quarter of 2020 decreased 30%
compared to the prior year quarter at the Company's Regional
Operations due primarily to a partial quarter of operations at MGM
Springfield, Borgata, MGM Grand Detroit and Empire City.
The following table shows key gaming statistics for the
Company's Regional Operations:
Three Months Ended
September 30,
|
|
2020
|
|
2019
|
%
change
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$739
|
|
$1,122
|
(34)%
|
Table Games Win
%
|
|
21.0%
|
|
19.6%
|
|
Slots
Handle
|
|
$4,360
|
|
$6,666
|
(35)%
|
Slots Hold
%
|
|
9.8%
|
|
9.4%
|
|
MGM China
Key third quarter results for MGM China include:
- Net revenues decreased 94% compared to the prior year quarter
to $47 million as a result of travel
restrictions to Macau as well as
other operational restrictions related to the pandemic;
- Main floor table games win decreased 95% compared to the prior
year quarter;
- VIP table games win decreased 95% compared to the prior year
quarter; and
- Adjusted Property EBITDAR loss of $96
million compared to Adjusted Property EBITDAR of
$184 million in the prior year
quarter. The current quarter included $1
million of license fee expense compared to $13 million in the prior year quarter.
The following table shows key gaming statistics for MGM
China:
Three Months Ended
September 30,
|
|
2020
|
|
2019
|
%
change
|
|
|
(Dollars in
millions)
|
|
VIP Table Games
Turnover
|
|
$929
|
|
$8,646
|
(89)%
|
VIP Table Games Win
%
|
|
1.9%
|
|
3.7%
|
|
Main Floor Table
Games Drop
|
|
$143
|
|
$2,117
|
(93)%
|
Main Floor Table
Games Win %
|
|
17.3%
|
|
23.6%
|
|
Corporate Expense
Corporate expense, including share-based compensation for
corporate employees, was $70 million
in the third quarter of 2020, compared to $109 million in the prior year quarter. The
current quarter included $2 million
in corporate initiatives costs compared to $15 million in costs in the prior year quarter to
implement the MGM 2020 Plan, Real Estate Committee costs, and
finance modernization costs.
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of income (loss) from unconsolidated
affiliates:
Three Months Ended
September 30,
|
|
2020
|
|
|
2019
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
(6,041)
|
|
|
$
|
39,317
|
|
MGP BREIT
Venture
|
|
|
38,976
|
|
|
|
—
|
|
Other
|
|
|
(12,300)
|
|
|
|
(3,103)
|
|
|
|
$
|
20,635
|
|
|
$
|
36,214
|
|
For the three months ended September 30, 2020, CityCenter's
net loss was $45 million and Adjusted
EBITDA(5) was $25
million compared to net income of $33
million and Adjusted EBITDA of $109
million, in the prior year quarter, primarily as a result of
the operational restrictions related to the pandemic.
MGM Growth Properties
During the third quarter of 2020, the Company made rent payments
to MGM Growth Properties Operating Partnership LP ("MGP Operating
Partnership") in the amount of $207
million and received distributions of $84 million from the MGP Operating Partnership.
In September 2020, the Board of
Directors of MGM Growth Properties LLC ("MGP") approved a quarterly
dividend of $0.4875 per Class A share
(which represents a dividend of $1.95
per share on an annualized basis) totaling $64 million, which was paid on October 15, 2020 to holders of record on
September 30, 2020. The Company
concurrently received an $84 million
distribution attributable to its ownership of MGP Operating
Partnership units.
MGM Resorts Dividend
To preserve liquidity in light of the impact of COVID-19 on its
business operations, the Company has temporarily reduced its
dividend to an annual dividend of $0.01 per share. On October 29, 2020, the Company's Board of
Directors approved a quarterly dividend of $0.0025 per share. The dividend will be payable
on December 15, 2020 to holders of
record on December 10, 2020.
Conference Call Details
MGM Resorts will host a conference call at 5:00 p.m. Eastern Time today, which will include
a brief discussion of the results followed by a question and answer
session. In addition, supplemental slides will be posted prior to
the start of the call on MGM's Investor Relations website
at http://investors.mgmresorts.com.
The call will be accessible via the Internet through
https://investors.mgmresorts.com/investors/events-and-presentations/ or
by calling 1-888-317-6003 for domestic callers and 1-412-317-6061
for international callers. The conference call access code is
1083854.
A replay of the call will be available through Thursday, November 5, 2020. The replay may be
accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay
access code is 10147986. The call will be archived at
https://investors.mgmresorts.com.
1.
"Adjusted EPS" is diluted earnings or loss per share adjusted to
exclude preopening and start-up expenses, property transactions,
net, gain on REIT transactions, net, CEO transition expense,
October 1 litigation settlement,
restructuring costs (which represents costs related to severance,
accelerated stock compensation expense, and consulting fees
directly related to the operating model component of the MGM 2020
Plan), gain or loss on retirement of long-term debt, foreign
currency gain or loss related to MGM China's U.S.
dollar-denominated debt, and the Company's share of mark-to-market
adjustments related to CityCenter's interest rate swaps recorded
within non-operating items from unconsolidated affiliates.
Adjusted EPS is a non-GAAP measure and is presented solely as a
supplemental disclosure to reported GAAP measures because
management believes this measure is useful in providing
period-to-period comparisons of the results of the Company's
continuing operations to assist investors in reviewing the
Company's operating performance over time. Management believes that
while certain items excluded from Adjusted EPS may be recurring in
nature and should not be disregarded in evaluating the Company's
earnings performance, it is useful to exclude such items when
comparing current performance to prior periods because these items
can vary significantly depending on specific underlying
transactions or events. Also, management believes certain excluded
items, such as restructuring costs and items further discussed in
footnote 2 below, may not relate specifically to current operating
trends or be indicative of future results. Adjusted EPS should not
be construed as an alternative to GAAP earnings per share as an
indicator of the Company's performance. In addition, Adjusted EPS
may not be defined in the same manner by all companies and, as a
result, may not be comparable to similarly-titled non-GAAP
financial measures of other companies. A reconciliation of Adjusted
EPS to diluted earnings per share can be found under "Adjusted
Diluted Earnings Per Share" included in this release.
2.
"Adjusted EBITDAR" is earnings before interest and other
non-operating income (expense), taxes, depreciation and
amortization, preopening and start-up expenses, gain on REIT
transactions, net, CEO transition expense, October 1 litigation settlement, restructuring
costs (which represents costs related to severance, accelerated
stock compensation expense, and consulting fees directly related to
the operating model component of the MGM 2020 Plan), rent expense
associated with triple net operating and ground leases, income from
unconsolidated affiliates related to investments in real estate
ventures, and property transactions, net.
"Adjusted Property EBITDAR" is the Company's reportable segment
GAAP measure, which management utilizes as the primary profit
measure for its reportable segments and underlying operating
segments. Adjusted Property EBITDAR is a measure defined as
earnings before interest and other non-operating income (expense),
taxes, depreciation and amortization, preopening and start-up
expenses, gain on REIT transactions, net, restructuring costs
(which represents costs related to severance, accelerated stock
compensation expense, and consulting fees directly related to the
operating model component of the MGM 2020 Plan), rent expense
associated with triple net operating and ground leases, income from
unconsolidated affiliates related to investments in real estate
ventures, property transactions, net, and also excludes corporate
expense and stock compensation expense, which are not allocated to
each operating segment, and rent expense related to the master
lease with MGM Growth Properties that eliminates in consolidation.
The Company manages capital allocation, tax planning, stock
compensation, and financing decisions at the corporate level.
"Adjusted Property EBITDAR margin" is Adjusted Property EBITDAR
divided by related segment net revenues.
"Table Games Hold Adjusted Las Vegas Strip Resorts
Adjusted Property EBITDAR" and "VIP Table Games Hold Adjusted MGM
China Adjusted Property EBITDAR" are supplemental non-GAAP
financial measures, that, in addition to the reasons described
above for the presentation of Adjusted Property EBITDAR, are
presented to adjust for the impact of certain variances in table
games and VIP table games' win percentages compared to the
mid-point of the expected ranges. Table Games Hold Adjusted Las
Vegas Strip Resorts Adjusted Property EBITDAR is calculated by
applying a win percentage of 30.0% for Baccarat and 21.0% for
non-Baccarat games to the respective table games drops for the
quarter, which represents the mid-point of the expected ranges of
25.0% to 35.0% for Baccarat and 19.0% to 23.0% for non-Baccarat at
the Las Vegas Strip Resorts properties. VIP Table Games Hold
Adjusted MGM China Adjusted Property EBITDAR is based on applying a
VIP Rolling Chip win percentage of 2.95% to the VIP Rolling Chip
volume, which represents the mid-point of the expected normal range
of 2.6% to 3.3% for MGM China. Table Games Hold Adjusted Las Vegas
Strip Resorts Adjusted Property EBITDAR and VIP Table Games Hold
Adjusted MGM China Adjusted Property EBITDAR are also adjusted for
the gaming taxes, VIP commissions, bad debt expense, discounts and
other incentives that would have been incurred or avoided when
applying the win percentages noted above to the respective gaming
volumes.
Adjusted EBITDAR information is a valuation metric, should not
be used as an operating metric, and is presented solely as a
supplemental disclosure to reported GAAP measures because
management believes this measure is widely used by analysts,
lenders, financial institutions, and investors as a principal basis
for the valuation of gaming companies. Management believes that
while items excluded from Adjusted EBITDAR 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. Also, management believes
excluded items may not relate specifically to current 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, management changed its non-GAAP measure as a
result of the Bellagio real estate transaction in the fourth
quarter of 2019 to exclude rent expense associated with triple net
operating leases and ground leases. Management believes excluding
rent expense associated with triple net operating leases and ground
leases provides useful information to analysts, lenders, financial
institutions, and investors when valuing the Company, as well as
comparing the Company's results to other gaming companies,
without regard to differences in capital structure and leasing
arrangements since the operations of other gaming companies may or
may not include triple net operating leases or ground leases.
However, as discussed herein, Adjusted EBITDAR should not be viewed
as a measure of overall operating performance, considered in
isolation, or as an alternative to net income, because this measure
is not presented on a GAAP basis and excludes certain expenses,
including the rent expense associated with the Company's triple net
operating and ground leases, and are provided for the limited
purposes discussed herein.
Adjusted EBITDAR, Table Games Hold Adjusted Las Vegas Strip
Resorts Adjusted Property EBITDAR and VIP Table Games Hold Adjusted
MGM China Adjusted Property EBITDAR should not be construed as
alternatives to operating income or net income, as indicators of
the Company's performance; or as alternatives to cash flows from
operating activities, as measures of liquidity; or as any other
measure determined in accordance with generally accepted accounting
principles. The Company has significant uses of cash flows,
including capital expenditures, interest payments, taxes, real
estate triple net lease and ground lease payments, and debt
principal repayments, which are not reflected in Adjusted EBITDAR,
Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property
EBITDAR, or VIP Table Games Hold Adjusted MGM China Adjusted
Property EBITDAR. Also, other companies in the gaming and
hospitality industries that report Adjusted EBITDAR, Table Games
Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR, or
VIP Table Games Hold Adjusted MGM China Adjusted Property EBITDAR
information may calculate Adjusted EBITDAR, Table Games Hold
Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR, or VIP
Table Games Hold Adjusted MGM China Adjusted Property EBITDAR in a
different manner and such differences may be material.
A reconciliation of GAAP net income (loss) to Adjusted EBITDAR
is included in the financial schedules in this release.
3.
"Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues"
and "VIP Table Games Hold Adjusted MGM China Net Revenues" are
additional supplemental non-GAAP financial measures that are
presented to adjust Las Vegas Strip Resorts net revenues and MGM
China net revenues for the impact of certain variances in table
games and VIP table games' win percentages compared to the
mid-point of the expected ranges, as described in footnote 2 above.
Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and
VIP Table Games Hold Adjusted MGM China Net Revenues are also
adjusted for the VIP commissions, discounts and other incentives
that would have been incurred or avoided when applying the win
percentages noted in footnote 2 above to the respective gaming
volumes. Management believes Table Games Hold Adjusted Las Vegas
Strip Resorts Net Revenues and VIP Table Games Hold Adjusted MGM
China Net Revenues present consistent measures in providing
period-to-period comparisons and are useful measures in assisting
investors evaluating the Company's operating performance. Table
Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and VIP
Table Games Hold Adjusted MGM China Net Revenues should not be
construed as alternatives to GAAP net revenues, as indicators of
the Company's performance, or as any other measure determined in
accordance with generally accepted accounting principles.
Reconciliations of GAAP net revenues to Table Games Hold Adjusted
Las Vegas Strip Resorts Net Revenues and VIP Table Games Hold
Adjusted MGM China Net Revenues are included in the financial
schedules in this release.
4.
REVPAR is hotel revenue per available room.
5.
CityCenter non-GAAP Measure
"Adjusted EBITDA" is earnings before interest and other
non-operating income (expense), taxes, depreciation and
amortization, preopening and start-up expenses, restructuring costs
(which represents costs related to severance, accelerated stock
compensation expense, and consulting fees directly related to the
operating model component of the MGM 2020 Plan), and property
transactions, net. Management utilizes Adjusted EBITDA as the
primary profit measure for CityCenter. Adjusted EBITDA is a
non-GAAP measure and is presented solely as a supplemental
disclosure to reported GAAP measures. Management believes that
while certain items excluded from Adjusted EBITDA may be recurring
in nature and should not be disregarded in evaluating CityCenter's
earnings performance, it is useful to exclude such items when
comparing current performance to prior periods because these items
can vary significantly depending on specific underlying
transactions or events. Also, management believes certain excluded
items, such as restructuring costs and items further discussed
above, may not relate specifically to current operating trends or
be indicative of future results. Adjusted EBITDA should not be
construed as alternatives to operating income or net income, as
indicators of CityCenter's performance; or as alternatives to cash
flows from operating activities, as a measure of liquidity; or as
any other measure determined in accordance with generally accepted
accounting principles. A reconciliation of GAAP net income (loss)
to Adjusted EBITDA is included in the financial schedules in this
release.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500®
global entertainment company with national and international
locations featuring best-in-class hotels and casinos,
state-of-the-art meetings and conference spaces, incredible live
and theatrical entertainment experiences, and an extensive array of
restaurant, nightlife and retail offerings. MGM Resorts creates
immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts
portfolio encompasses 29 unique hotel and destination gaming
offerings in the United States and
Macau, including some of the most
recognizable resort brands in the industry such as Bellagio, MGM
Grand, ARIA and Park MGM. The Company's 50/50 venture, BetMGM, LLC,
offers U.S. sports betting and online gaming through market-leading
brands, including BetMGM and partypoker. The Company is currently
pursuing targeted expansion in Asia through the integrated resort opportunity
in Japan. Through its "Focused on
What Matters: Embracing Humanity and Protecting the Planet"
initiative, MGM Resorts commits to creating a more
sustainable future, while striving to make a bigger difference in
the lives of its employees, guests, and in the communities where it
operates. The global employees of MGM Resorts are proud of their
company for being recognized as one of FORTUNE® Magazine's World's
Most Admired Companies®. For more information, please visit us
at www.mgmresorts.com. Please also connect with us
@MGMResortsIntl on Twitter as well as
Facebook and Instagram.
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
expectations regarding future results, including the continued
impact of COVID-19 on its results of operations and the duration of
such impact, expectations regarding the Company's liquidity
position, long term cost savings and the performance at re-opened
properties, the Company's ability to execute on its strategic
plans, including the development of an integrated resort in
Japan and positioning BetMGM as a
leaders in sports betting and iGaming, dividends it expects to
receive from MGM China, the MGP Operating Partnership and
CityCenter and its ability to return capital to shareholders
(including the timing and amount of any share repurchases or
dividends). 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 the continued impact of the
COVID-19 pandemic on the Company's business, the 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 CONTACTS:
Investment Community
CATHERINE PARK
Executive Director of Investor Relations
(702) 693-8711 or cpark@mgmresorts.com
News Media
BRIAN AHERN
Director of Communications
media@mgmresorts.com
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,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
690,218
|
|
$
|
1,663,049
|
|
$
|
1,907,893
|
|
$
|
4,887,707
|
|
Rooms
|
|
175,450
|
|
|
595,636
|
|
|
641,024
|
|
|
1,756,354
|
|
Food and
beverage
|
|
126,317
|
|
|
560,200
|
|
|
552,797
|
|
|
1,624,973
|
|
Entertainment,
retail and other
|
|
101,618
|
|
|
387,596
|
|
|
420,132
|
|
|
1,114,708
|
|
Reimbursed
costs
|
|
32,317
|
|
|
107,901
|
|
|
146,700
|
|
|
330,794
|
|
|
|
1,125,920
|
|
|
3,314,382
|
|
|
3,668,546
|
|
|
9,714,536
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
368,310
|
|
|
915,207
|
|
|
1,197,373
|
|
|
2,706,356
|
|
Rooms
|
|
107,361
|
|
|
211,292
|
|
|
321,221
|
|
|
623,929
|
|
Food and
beverage
|
|
133,937
|
|
|
427,400
|
|
|
533,879
|
|
|
1,254,303
|
|
Entertainment,
retail and other
|
|
87,592
|
|
|
274,850
|
|
|
342,878
|
|
|
788,463
|
|
Reimbursed
costs
|
|
32,317
|
|
|
107,901
|
|
|
146,700
|
|
|
330,794
|
|
General and
administrative
|
|
543,293
|
|
|
494,228
|
|
|
1,591,163
|
|
|
1,543,764
|
|
Corporate
expense
|
|
70,437
|
|
|
108,545
|
|
|
356,823
|
|
|
346,042
|
|
Preopening and
start-up expenses
|
|
11
|
|
|
925
|
|
|
51
|
|
|
5,091
|
|
Property
transactions, net
|
|
4,116
|
|
|
249,858
|
|
|
85,440
|
|
|
264,424
|
|
Gain on REIT
transactions, net
|
|
-
|
|
|
-
|
|
|
(1,491,945)
|
|
|
-
|
|
Depreciation and
amortization
|
|
294,363
|
|
|
322,009
|
|
|
911,859
|
|
|
973,211
|
|
|
|
1,641,737
|
|
|
3,112,215
|
|
|
3,995,442
|
|
|
8,836,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
20,635
|
|
|
36,214
|
|
|
48,030
|
|
|
101,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(495,182)
|
|
|
238,381
|
|
|
(278,866)
|
|
|
980,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(173,808)
|
|
|
(215,503)
|
|
|
(487,701)
|
|
|
(647,452)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(23,604)
|
|
|
(14,669)
|
|
|
(79,986)
|
|
|
(54,311)
|
|
Other,
net
|
|
13,889
|
|
|
(9,381)
|
|
|
(102,054)
|
|
|
(53,964)
|
|
|
|
(183,523)
|
|
|
(239,553)
|
|
|
(669,741)
|
|
|
(755,727)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
(678,705)
|
|
|
(1,172)
|
|
|
(948,607)
|
|
|
224,399
|
|
Benefit
(provision) for income taxes
|
|
76,734
|
|
|
7,276
|
|
|
84,668
|
|
|
(75,969)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(601,971)
|
|
|
6,104
|
|
|
(863,939)
|
|
|
148,430
|
|
Less: Net (income)
loss attributable to noncontrolling interests
|
|
67,240
|
|
|
(43,237)
|
|
|
278,820
|
|
|
(110,861)
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
(534,731)
|
|
$
|
(37,133)
|
|
$
|
(585,119)
|
|
$
|
37,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(1.08)
|
|
$
|
(0.08)
|
|
$
|
(1.10)
|
|
$
|
0.06
|
|
Diluted
|
$
|
(1.08)
|
|
$
|
(0.08)
|
|
$
|
(1.10)
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
493,517
|
|
|
518,983
|
|
|
494,126
|
|
|
528,429
|
|
Diluted
|
|
493,517
|
|
|
518,983
|
|
|
494,126
|
|
|
531,873
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
4,593,872
|
|
$
|
2,329,604
|
|
Accounts
receivable, net
|
|
328,413
|
|
|
612,717
|
|
Inventories
|
|
97,316
|
|
|
102,888
|
|
Income tax
receivable
|
|
170,377
|
|
|
27,167
|
|
October 1
litigation insurance receivable
|
|
751,000
|
|
|
735,000
|
|
Prepaid expenses
and other
|
|
245,303
|
|
|
200,317
|
|
|
Total current
assets
|
|
6,186,281
|
|
|
4,007,693
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
14,792,378
|
|
|
18,285,955
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
1,473,955
|
|
|
822,366
|
|
Goodwill
|
|
2,091,769
|
|
|
2,084,564
|
|
Other intangible
assets, net
|
|
3,697,549
|
|
|
3,826,504
|
|
Operating lease
right-of-use assets, net
|
|
8,330,530
|
|
|
4,392,481
|
|
Other long-term
assets, net
|
|
432,313
|
|
|
456,793
|
|
|
Total other
assets
|
|
16,026,116
|
|
|
11,582,708
|
|
|
|
$
|
37,004,775
|
|
$
|
33,876,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
150,445
|
|
$
|
235,437
|
|
Construction
payable
|
|
28,827
|
|
|
74,734
|
|
Accrued interest
on long-term debt
|
|
150,729
|
|
|
122,250
|
|
October 1
litigation liability
|
|
800,000
|
|
|
735,000
|
|
Other accrued
liabilities
|
|
1,636,783
|
|
|
2,024,002
|
|
|
Total current
liabilities
|
|
2,766,784
|
|
|
3,191,423
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
2,164,231
|
|
|
2,106,506
|
Long-term debt,
net
|
|
11,414,730
|
|
|
11,168,904
|
Other long-term
obligations
|
|
518,057
|
|
|
363,588
|
Operating lease
liabilities
|
|
8,380,341
|
|
|
4,277,970
|
Redeemable
noncontrolling interest
|
|
57,970
|
|
|
105,046
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued and outstanding 493,306,751 and 503,147,632
shares
|
|
4,933
|
|
|
5,031
|
|
Capital in excess
of par value
|
|
3,355,693
|
|
|
3,531,099
|
|
Retained
earnings
|
|
3,539,848
|
|
|
4,201,337
|
|
Accumulated other
comprehensive loss
|
|
(39,370)
|
|
|
(10,202)
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
6,861,104
|
|
|
7,727,265
|
|
Noncontrolling
interests
|
|
4,841,558
|
|
|
4,935,654
|
|
|
Total
stockholders' equity
|
|
11,702,662
|
|
|
12,662,919
|
|
|
|
$
|
37,004,775
|
|
$
|
33,876,356
|
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,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Las Vegas Strip
Resorts
|
$
|
481,418
|
|
$
|
1,507,448
|
|
$
|
1,766,035
|
|
$
|
4,401,980
|
Regional
Operations
|
|
556,826
|
|
|
935,018
|
|
|
1,371,750
|
|
|
2,649,916
|
MGM
China
|
|
46,867
|
|
|
737,755
|
|
|
351,952
|
|
|
2,178,048
|
Management and
other operations
|
|
40,809
|
|
|
134,161
|
|
|
178,809
|
|
|
484,592
|
|
$
|
1,125,920
|
|
$
|
3,314,382
|
|
$
|
3,668,546
|
|
$
|
9,714,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDAR and ADJUSTED EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Las Vegas Strip
Resorts
|
$
|
15,125
|
|
$
|
441,281
|
|
$
|
178,277
|
|
$
|
1,263,271
|
Regional
Operations
|
|
145,734
|
|
|
269,125
|
|
|
185,369
|
|
|
741,710
|
MGM
China
|
|
(96,446)
|
|
|
183,989
|
|
|
(234,724)
|
|
|
549,603
|
Unconsolidated
resorts (1)
|
|
(21,053)
|
|
|
36,192
|
|
|
(58,121)
|
|
|
105,031
|
Management and
other operations
|
|
(15,621)
|
|
|
2,642
|
|
|
(38,467)
|
|
|
25,854
|
Stock
compensation
|
|
(21,391)
|
|
|
(14,419)
|
|
|
(53,057)
|
|
|
(45,280)
|
Corporate
|
|
(55,125)
|
|
|
(97,122)
|
|
|
(225,124)
|
|
|
(306,449)
|
|
$
|
(48,777)
|
|
|
|
|
$
|
(245,847)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the
Company's share of operating income (loss) excluding investments in
real estate ventures, adjusted for the effect of certain basis
differences.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO
ADJUSTED EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
(534,731)
|
|
$
|
(37,133)
|
|
$
|
(585,119)
|
|
$
|
37,569
|
Plus: Net
income (loss) attributable to noncontrolling
interests
|
|
(67,240)
|
|
|
43,237
|
|
|
(278,820)
|
|
|
110,861
|
Net income
(loss)
|
|
(601,971)
|
|
|
6,104
|
|
|
(863,939)
|
|
|
148,430
|
(Benefit)
provision for income taxes
|
|
(76,734)
|
|
|
(7,276)
|
|
|
(84,668)
|
|
|
75,969
|
Income (loss)
before income taxes
|
|
(678,705)
|
|
|
(1,172)
|
|
|
(948,607)
|
|
|
224,399
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
173,808
|
|
|
215,503
|
|
|
487,701
|
|
|
647,452
|
Other,
net
|
|
9,715
|
|
|
24,050
|
|
|
182,040
|
|
|
108,275
|
|
|
183,523
|
|
|
239,553
|
|
|
669,741
|
|
|
755,727
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(495,182)
|
|
|
238,381
|
|
|
(278,866)
|
|
|
980,126
|
Preopening
and start-up expenses
|
|
11
|
|
|
925
|
|
|
51
|
|
|
5,091
|
Property
transactions, net
|
|
4,116
|
|
|
249,858
|
|
|
85,440
|
|
|
264,424
|
Gain on
REIT transactions, net
|
|
-
|
|
|
-
|
|
|
(1,491,945)
|
|
|
-
|
Depreciation and amortization
|
|
294,363
|
|
|
322,009
|
|
|
911,859
|
|
|
973,211
|
CEO
transition expense
|
|
-
|
|
|
-
|
|
|
44,401
|
|
|
-
|
October 1
litigation settlement
|
|
-
|
|
|
-
|
|
|
49,000
|
|
|
-
|
Restructuring
|
|
-
|
|
|
2,491
|
|
|
19,882
|
|
|
86,579
|
Triple net
operating lease and ground lease rent expense
|
|
189,602
|
|
|
8,024
|
|
|
521,087
|
|
|
24,309
|
Income from
unconsolidated affiliates related to real estate
ventures
|
|
(41,687)
|
|
|
-
|
|
|
(106,756)
|
|
|
-
|
Adjusted
EBITDAR
|
$
|
(48,777)
|
|
|
|
|
$
|
(245,847)
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATIONS OF
LAS VEGAS STRIP RESORTS NET REVENUES AND LAS VEGAS STRIP RESORTS
ADJUSTED PROPERTY EBITDAR TO TABLE GAMES HOLD
ADJUSTED LAS VEGAS
STRIP RESORTS NET REVENUES AND TABLE GAMES HOLD ADJUSTED LAS VEGAS
STRIP RESORTS ADJUSTED PROPERTY EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Las Vegas Strip
Resorts net revenues
|
|
$
|
481,418
|
|
$
|
1,507,448
|
|
$
|
1,766,035
|
|
$
|
4,401,980
|
Hold adjustment
(1)
|
|
|
7,440
|
|
|
(3,691)
|
|
|
5,150
|
|
|
15,882
|
Table Games Hold
Adjusted Las Vegas Strip Resorts
Net Revenues
|
|
$
|
488,858
|
|
$
|
1,503,757
|
|
$
|
1,771,185
|
|
$
|
4,417,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Strip
Resorts Adjusted Property EBITDAR
|
|
$
|
15,125
|
|
$
|
441,281
|
|
$
|
178,277
|
|
$
|
1,263,271
|
Hold adjustment
(2)
|
|
|
6,297
|
|
|
(3,184)
|
|
|
4,272
|
|
|
13,512
|
Table Games Hold
Adjusted Las Vegas Strip Resorts
Adjusted Property EBITDAR
|
|
$
|
21,422
|
|
$
|
438,097
|
|
$
|
182,549
|
|
$
|
1,276,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the Las
Vegas Strip Resorts, hold adjustment represents the estimated
incremental table games win or loss had the Company's win
percentage equaled the mid-point of the expected normal range of
25.0% to 35.0% for Baccarat and 19.0% to 23.0% for non-Baccarat.
Amounts include estimated discounts and other incentives related to
increases or decreases in table games win.
|
(2) These amounts
include estimated incremental expenses (gaming taxes and bad debt
expense) that would have been incurred or avoided on the
incremental table games win or loss calculated in (1)
above.
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATIONS OF
MGM CHINA NET REVENUES AND MGM CHINA ADJUSTED PROPERTY EBITDAR TO
VIP TABLE GAMES HOLD ADJUSTED MGM CHINA NET
REVENUES AND VIP TABLE
GAMES HOLD ADJUSTED MGM CHINA ADJUSTED PROPERTY
EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
MGM China net
revenues
|
|
$
|
46,867
|
|
$
|
737,755
|
|
$
|
351,952
|
|
$
|
2,178,048
|
Hold adjustment
(3)
|
|
|
7,134
|
|
|
(38,642)
|
|
|
8,696
|
|
|
(49,126)
|
VIP Table Games
Hold Adjusted MGM China Net
Revenues
|
|
$
|
54,001
|
|
$
|
699,113
|
|
$
|
360,648
|
|
$
|
2,128,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM China Adjusted
Property EBITDAR
|
|
$
|
(96,446)
|
|
$
|
183,989
|
|
$
|
(234,724)
|
|
$
|
549,603
|
Hold adjustment
(4)
|
|
|
3,148
|
|
|
(14,117)
|
|
|
6,646
|
|
|
(19,793)
|
VIP Table Games
Hold Adjusted MGM China
Adjusted Property EBITDAR
|
|
$
|
(93,298)
|
|
$
|
169,872
|
|
$
|
(228,078)
|
|
$
|
529,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) For MGM China,
hold adjustment represents the estimated incremental VIP table
games win or loss related to VIP Rolling Chip volume play had the
Company's win percentage equaled the mid-point of the expected
normal range of 2.6% to 3.3%. Amounts include estimated commissions
and other incentives related to increases or decreases in VIP table
games win.
|
(4) These amounts
include estimated incremental expenses (gaming taxes and bad debt
expense) that would have been incurred or avoided on the
incremental VIP table games win or loss calculated in (3)
above.
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES AND ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
$
|
126,673
|
|
$
|
320,352
|
|
$
|
394,989
|
|
$
|
993,215
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
24,507
|
|
$
|
108,528
|
|
$
|
65,637
|
|
$
|
328,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
36.9%
|
|
|
91.0%
|
|
|
59.7%
|
|
|
92.0%
|
ADR
(1)
|
|
$213
|
|
|
$248
|
|
|
$260
|
|
|
$256
|
REVPAR
(1)
|
|
$79
|
|
|
$225
|
|
|
$155
|
|
|
$236
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Rooms that
were out of service during the three and nine months ended
September 30, 2020 as a result of property closures due to the
COVID-19 pandemic were excluded from the available room count when
calculating hotel occupancy and REVPAR.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
NET INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(45,267)
|
|
$
|
33,082
|
|
$
|
(178,588)
|
|
$
|
56,079
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
19,440
|
|
|
23,117
|
|
|
59,331
|
|
|
69,777
|
Other,
net
|
|
(3,427)
|
|
|
5,265
|
|
|
18,766
|
|
|
33,975
|
|
|
16,013
|
|
|
28,382
|
|
|
78,097
|
|
|
103,752
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(29,254)
|
|
|
61,464
|
|
|
(100,491)
|
|
|
159,831
|
Property
transactions, net
|
|
(2,348)
|
|
|
(10,601)
|
|
|
(4,826)
|
|
|
(9,352)
|
Depreciation and amortization
|
|
56,109
|
|
|
57,709
|
|
|
169,743
|
|
|
172,113
|
Restructuring
|
|
-
|
|
|
(44)
|
|
|
1,211
|
|
|
6,128
|
Adjusted
EBITDA
|
$
|
24,507
|
|
$
|
108,528
|
|
$
|
65,637
|
|
$
|
328,720
|
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SOURCE MGM Resorts International