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Press release from PR Newswire

MGM Resorts International Reports Fourth Quarter And Full Year Results

Wednesday, February 20, 2013

MGM Resorts International Reports Fourth Quarter And Full Year Results08:30 EST Wednesday, February 20, 2013MGM China Announces $500 Million Special DividendLAS VEGAS, Feb. 20, 2013 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported financial results for the fourth quarter and full year ended December 31, 2012.  Loss per share for the fourth quarter of 2012 was $2.50 compared to a loss per share of $0.23 in the prior year fourth quarter.  Comparability of the current and prior year consolidated results was affected by certain items discussed further below."2012 was a transformational year for MGM Resorts International highlighted by major improvements in our financial position, significant progress on future growth opportunities and strengthening of our company culture.  We closed the year with strong fourth quarter results driven by a 5% increase in wholly owned domestic resorts EBITDA," said Jim Murren, MGM Resorts International Chairman and CEO.  "We are off to a great start in 2013, with our Cotai land recently gazetted, a $500 million special dividend announced by MGM China, and solid events thus far in Las Vegas including Super Bowl and Chinese New Year."Key results for the fourth quarter of 2012 include the following:Consolidated net revenue was $2.3 billion in both the current and prior year quarter; Consolidated casino revenue increased 1% compared to the prior year quarter; Rooms revenue at wholly owned domestic resorts increased 2% with a 1% increase in REVPAR(1) at the Company's Las Vegas Strip resorts; Adjusted Property EBITDA(2) was $505 million compared to $482 million in the prior year quarter; The Company's wholly owned domestic resorts earned Adjusted Property EBITDA of $334 million, a 5% increase compared to the prior year quarter; MGM China's Adjusted EBITDA was $176 million, a 1% increase compared to the prior year quarter; CityCenter's Adjusted EBITDA related to resort operations was $68 million, a 17% increase compared to the prior year quarter; and Consolidated operating loss was $425 million compared to operating income of $91 million in the fourth quarter of 2011, impacted by significant impairment charges in each period.Certain Items Affecting Fourth Quarter ResultsThe following table lists items that affect the comparability of the current and prior year quarterly results (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):Three months ended December 31,20122011Property transactions, net:     Borgata investment impairment$  (0.09)$  (0.07)     Las Vegas Strip land impairment(0.48)?     Atlantic City land impairment(0.20)?     Silver Legacy investment impairment?(0.03)     Other property transactions, net(0.01)(0.01)Other non-operating expense:     SJTA bond impairment(0.06)?     Loss on retirement of long-term debt(0.67)?Tax adjustments(0.76)0.09Items in the above table for the fourth quarter of 2012 include:An impairment charge of $65 million related to the Company's investment in Borgata; A $366 million impairment charge related to certain of the Company's land holdings on the north end of the Las Vegas Strip and a $167 million impairment charge related to the Company's land holdings in Atlantic City; A $47 million write-off related to the Company's holding of South Jersey Transportation Authority ("SJTA") road development special revenue bonds; A loss of $505 million related to the Company's December refinancing transactions; and $372 million related to the change in valuation allowance for U.S. deferred tax assets.Items in the above table for the fourth quarter of 2011 include: An impairment charge of $62 million related to the Company's investment in Borgata; An impairment charge of $23 million related to the Company's investment in Silver Legacy; and A net $44 million increase in income tax benefit resulting from a decrease in net deferred tax liability related to Macau, partially offset by an increase in the Michigan net deferred tax liability. In addition to these items, corporate expense increased to $87 million during the current year quarter, primarily as a result of approximately $34 million of costs associated with the Company's development efforts in Maryland and Massachusetts.Wholly Owned Domestic Resorts Casino revenue related to wholly owned domestic resorts was up 1% compared to the prior year quarter. The overall table games hold percentage in the fourth quarter of 2012 was 21.9% compared to 22.8% for the prior year quarter. Slots revenue increased 2% compared to the prior year quarter.Rooms revenue increased 2% with Las Vegas Strip REVPAR up 1%.  The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:Three months ended December 31,20122011Occupancy %86%87%Average Daily Rate (ADR)$    130$   129Revenue per Available Room (REVPAR) $    112$   111Operating income for the Company's wholly owned domestic resorts for the fourth quarter of 2012 was $202 million, an increase of 8% compared to the prior year quarter. MGM ChinaOn February 20, 2013, MGM China's Board of Directors announced a special dividend of $500 million, which will be paid to shareholders of record as of March 11, 2013 and distributed on or about March 18, 2013.  MGM Resorts International will receive $255 million, representing its 51% share of the dividend.Key fourth quarter results for MGM China include the following:MGM China earned net revenue of $731 million, a 2% increase over the prior year quarter driven by increases in volume for main floor table games and slots of 13% and 37%, respectively. VIP table games turnover increased 6% from the prior year quarter, while hold percentage was 2.9% in the current year quarter compared to 3.2% in the prior year quarter; and MGM China's operating income was $83 million, an 8% increase over the prior year quarter and Adjusted EBITDA was $176 million compared to $174 million in the prior year quarter.As previously announced, MGM China, through its wholly owned subsidiary MGM Grand Paradise S.A. ("MGM Grand Paradise"), formally accepted a land concession contract with the Macau government in October 2012 and received approval to develop a five-star luxury resort and casino in Cotai, Macau.  The contract became effective on January 9, 2013 when the Macau government published it in the Official Gazette of Macau.In October 2012, MGM China and MGM Grand Paradise, as co-borrowers, entered into an amended and restated credit facility agreement which consists of $550 million of term loans and a $1.45 billion revolving credit facility due October 2017.  The interest rate fluctuates based on HIBOR plus a margin, set at 2.5% for the first six months of the agreement and ranging between 1.75% and 2.5% thereafter based on MGM China's leverage ratio. The credit facility is being used for general corporate purposes and for the development of the Cotai project."We have made significant progress in the design and development of our Cotai resort and casino.  With the recent approval of our general building plan, we look forward to our groundbreaking ceremony next week. We remain on track for an early to mid 2016 opening of what will be our most stunning resort and casino yet," said Jim Murren, MGM Resorts International Chairman and CEO.Income (Loss) from Unconsolidated AffiliatesThe following table summarizes information related to the Company's share of income (loss) from unconsolidated affiliates:Three months ended December 31,20122011(In thousands)CityCenter$           (7,461)$       (10,262)Other6,3455,447$           (1,116)$         (4,815)Results for CityCenter Holdings, LLC for the fourth quarter of 2012 include the following (see schedules accompanying this release for further detail on CityCenter's fourth quarter results): Net revenue from resort operations increased to $272 million compared to $265 million in the prior year quarter; Adjusted EBITDA from resort operations was $68 million, an increase of 17% compared to the prior year quarter; Aria's table games hold percentage was 23.9% in the current year quarter compared to 27.2% in the prior year quarter; Aria's occupancy percentage was 86% and its ADR was $202, resulting in REVPAR of $173, a 2% increase compared to the prior year quarter; and In December 2012, CityCenter closed on a sale of 427 of the remaining 438 units at Veer for $119 million in proceeds.Full Year 2012 ResultsNet revenue for 2012 was $9.2 billion, which included a full year of results from MGM China. Net revenue from wholly owned domestic resorts was $5.9 billion, a 1% increase compared to 2011.  Adjusted Property EBITDA from wholly owned domestic resorts increased 2% to $1.3 billion for 2012.MGM China reported record results for 2012 with net revenues of $2.8 billion and Adjusted EBITDA of $679 million.  Excluding branding fees of $30 million in 2012 and $15 million in 2011, Adjusted EBITDA increased by 10% year over year.  CityCenter reported net revenue from resort operations of $1.1 billion, a 1% decrease compared to the prior year, and Adjusted EBITDA related to resort operations of $230 million, a 3% decrease.Loss per share attributable to MGM Resorts International for 2012 was $3.62 compared to diluted income per share of $5.62 in 2011. The following table lists items that affect the comparability of the current year and prior year annual results in addition to the consolidation of MGM China (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):Year ended December 31,20122011Gain on MGM China$        ?$    6.23Property transactions, net:     Borgata investment impairment(0.09)(0.06)     Las Vegas Strip land impairment(0.48)?     Atlantic City land impairment(0.20)?     Grand Victoria investment impairment(0.11)?     Silver Legacy investment impairment?(0.03)     Circus Circus Reno impairment ?(0.09)     Other property transactions, net(0.03)(0.02)Income (loss) from unconsolidated affiliates:     CityCenter residential impairment(0.02)(0.03)     CityCenter Harmon demolition cost(0.02)?Non-operating items from unconsolidated affiliates:     CityCenter loss on retirement of long-term debt(0.01)?Other non-operating expense:     SJTA bond impairment(0.06)?     Loss on retirement of long-term debt(0.74)(0.01)Tax adjustments(1.17)0.10Financial Position"We achieved several financial milestones in 2012, culminating with the refinancing transactions in December which allowed us to lower interest expense by over $200 million annually," said Dan D'Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer.  "We remain focused on reducing debt while continuing to maximize our free cash flow and have set a foundation for the execution of growth and development initiatives at our existing resorts and in new markets."In December 2012, the Company amended and restated its senior credit facility which increased its total capacity to $4.0 billion, issued $1.25 billion of 6.625% senior notes due 2021, and used the proceeds from these transactions, together with cash on hand, to repurchase and fund the satisfaction and discharge of all of its outstanding senior secured notes.The Company's cash balance at December 31, 2012 was $1.5 billion, which included approximately $952 million of cash and cash equivalents related to MGM China.  At December 31, 2012, the Company had approximately $13.6 billion of indebtedness, including $2.8 billion of borrowings outstanding under its senior credit facility and $554 million outstanding under the MGM China credit facility.At December 31, 2012, the Company's senior credit facility consisted of approximately $1.05 billion in term A loans, $1.75 billion in term B loans, and $1.2 billion of revolving loan commitments.  At December 31, 2012 the Company had approximately $1.2 billion of available borrowing capacity under its revolving facility. At December 31, 2012, the interest rate on the term A loans was 3.3% and the interest rate on the term B loans was 4.25%.Conference Call DetailsMGM 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 1-877-355-2280 for domestic callers and 1-706-634-6528 for international callers.  The conference call access code is 92557344. A replay of the call will be available through Wednesday, February 27, 2013.  The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406.  The replay access code is 92557344.  The call will also 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, property transactions, net and the gain on the MGM China transaction.  "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 InternationalMGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a peerless portfolio of destination resort brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage.  In addition to its 51% interest in MGM China Holdings, Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, the Company has significant holdings in gaming, hospitality and entertainment, owns and operates 15 properties located in Nevada, Mississippi and Michigan, and has 50% investments in three other properties in Nevada and Illinois. One of those investments is CityCenter, an unprecedented urban resort destination on the Las Vegas Strip featuring its centerpiece ARIA Resort & Casino. Leveraging MGM Resorts' unmatched amenities, the M life loyalty program delivers one-of-a-kind experiences, insider privileges and personalized rewards for guests at the Company's renowned properties nationwide. Through its hospitality management subsidiary, the Company holds a growing number of development and management agreements for casino and non-casino resort projects around the world. MGM Resorts International supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its gaming properties. The Company has been honored with numerous awards and recognitions for its industry-leading Diversity Initiative, its community philanthropy programs and the Company's commitment to sustainable development and operations. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the company's public filings with the Securities and Exchange Commission.  We have based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding future operating results, the amount we will receive as a result of the MGM China special dividend and our ability to execute growth and development activities. 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 we operate and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in our Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports).  In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If we update one or more forward-looking statements, no inference should be drawn that we 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 Twelve Months Ended December 31, December 31, December 31, December 31, 2012201120122011Revenues: Casino $    1,390,941$    1,373,311$    5,319,489$    4,002,985Rooms 383,329377,4641,588,7701,547,765Food and beverage 346,286347,1601,472,3821,425,428Entertainment 119,469132,846483,946514,883Retail 47,01748,855196,938204,806Other 108,957114,408482,547485,661Reimbursed costs 88,43888,293357,597351,2072,484,4372,482,3379,901,6698,532,735Less: Promotional allowances (189,926)(185,448)(740,825)(683,423)2,294,5112,296,8899,160,8447,849,312Expenses: Casino 876,995882,8973,396,7522,515,279Rooms 123,258119,015507,856485,751Food and beverage 200,737200,459844,629829,018Entertainment 86,69995,954356,934375,559Retail 26,84429,784112,732124,063Other 81,10988,774344,782345,484Reimbursed costs 88,43888,293357,597351,207General and administrative 307,901307,3121,239,7741,182,505Corporate expense 87,21554,947235,007174,971Preopening and start-up expenses 1,362-2,127(316)Property transactions, net 610,86295,770708,049178,598Gain on MGM China transaction ---(3,496,005)Depreciation and amortization 226,831237,762927,697817,1462,718,2512,200,9679,033,9363,883,260Income (loss) from unconsolidated affiliates (1,116)(4,815)(46,382)91,094Operating income (loss) (424,856)91,10780,5264,057,146Non-operating income (expense): Interest expense, net of amounts capitalized (279,922)(274,152)(1,116,358)(1,086,832)Non-operating items from unconsolidated affiliates (21,417)(26,029)(90,020)(119,013)Other, net (552,843)(1,103)(608,361)(19,670)(854,182)(301,284)(1,814,739)(1,225,515)Income (loss) before income taxes (1,279,038)(210,177)(1,734,213)2,831,631Benefit for income taxes 90,541190,876117,301403,313Net income (loss) (1,188,497)(19,301)(1,616,912)3,234,944Less: net income attributable to noncontrolling interests (35,330)(94,390)(150,779)(120,307)Net income (loss) attributable to MGM Resorts International $  (1,223,827)$    (113,691)$  (1,767,691)$    3,114,637Per share of common stock: Basic: Net income (loss) attributable to MGM Resorts International $             (2.50)$           (0.23)$             (3.62)$               6.37Weighted average shares outstanding 489,211488,823488,988488,652Diluted: Net income (loss) attributable to MGM Resorts International $             (2.50)$            (0.23)$             (3.62)$               5.62Weighted average shares outstanding 489,211488,823488,988560,895   MGM RESORTS INTERNATIONAL AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) December 31, December 31, 20122011ASSETS Current assets: Cash and cash equivalents $    1,543,509$    1,865,913Accounts receivable, net 443,677491,730Inventories 107,577112,735Deferred income taxes, net 179,43191,060Prepaid expenses and other 232,898251,282Total current assets 2,507,0922,812,720Property and equipment, net 14,194,65214,866,644Other assets: Investments in and advances to unconsolidated affiliates 1,444,5471,635,572Goodwill 2,902,8472,896,609Other intangible assets, net 4,737,8335,048,117Other long-term assets, net 497,767506,614Total other assets 9,582,99410,086,912$   26,284,738$   27,766,276LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $      199,620$      170,994Income taxes payable 1,3507,611Accrued interest on long-term debt 206,736203,422Other accrued liabilities 1,517,9651,362,737Total current liabilities 1,925,6711,744,764Deferred income taxes 2,473,8892,502,096Long-term debt 13,589,28313,470,167Other long-term obligations 179,879167,027Stockholders' equity: Common stock, $.01 par value: authorized 1,000,000,000 shares,   issued and outstanding 489,234,401 and 488,834,773 shares 4,8924,888Capital in excess of par value 4,132,6554,094,323Retained earnings 213,6981,981,389Accumulated other comprehensive income 14,3035,978Total MGM Resorts International stockholders' equity 4,365,5486,086,578Noncontrolling interests 3,750,4683,795,644Total stockholders' equity 8,116,0169,882,222$   26,284,738$   27,766,276   MGM RESORTS INTERNATIONAL AND SUBSIDIARIES SUPPLEMENTAL DATA - NET REVENUES (In thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2012201120122011Bellagio $      307,254$      308,819$    1,147,487$    1,114,711MGM Grand Las Vegas 258,657233,389961,246941,007Mandalay Bay 161,642189,762717,499777,287The Mirage 142,806136,612600,194570,524Luxor 74,35680,789322,342333,209New York-New York 67,83866,712274,645268,859Excalibur 60,33360,706258,141257,047Monte Carlo 63,21661,978259,004255,580Circus Circus Las Vegas 45,15845,981203,764195,675MGM Grand Detroit 137,045140,883568,721566,072Beau Rivage 81,07679,492346,330340,940Gold Strike Tunica 34,76436,735150,561145,220Other resort operations 27,66529,931122,857126,771  Wholly owned domestic resorts 1,461,8101,471,7895,932,7915,892,902MGM China(1) 731,216718,9292,807,6761,534,963Management and other operations 101,485106,171420,377421,447$    2,294,511$    2,296,889$    9,160,844$    7,849,312(1) For the twelve months ended December 31, 2011, represents the net revenues of MGM China Holdings Limited ("MGM China") from June 3, 2011 (the first day of the Company's majority ownership of MGM China) through December 31, 2011.    MGM RESORTS INTERNATIONAL AND SUBSIDIARIES SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA (In thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2012201120122011Bellagio $      94,925$       96,975$     302,854$     302,497MGM Grand Las Vegas 65,99134,490180,726149,136Mandalay Bay 26,15639,707146,761169,124The Mirage 25,62520,298117,618102,443Luxor 11,83418,06163,26078,081New York-New York 21,57621,19590,50587,284Excalibur 13,09013,28361,78865,257Monte Carlo 14,12713,53458,68157,404Circus Circus Las Vegas 2,4612,42024,07222,944MGM Grand Detroit 40,83040,426165,670166,019Beau Rivage 12,18812,09571,36170,020Gold Strike Tunica 6,8078,44740,46929,666Other resort operations (1,284)(1,757)1,455(1,759)  Wholly owned domestic resorts 334,326319,1741,325,2201,298,116MGM China(1) 175,773173,938679,345359,686MGM Macau (50%)(2) ---115,219CityCenter (50%)(3) (7,461)(10,262)(68,206)(56,291)Other unconsolidated resorts(3) 6,3455,44721,82432,166Management and other operations (4,447)(5,872)9,947287$     504,536$     482,425$    1,968,130$    1,749,183(1) For the twelve months ended December 31, 2011, represents the Adjusted EBITDA of MGM China Holdings Limited ("MGM China") from June 3, 2011 (the first day of the Company's majority ownership of MGM China) through December 31, 2011. (2) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences for the approximately five months ended June 2, 2011. (3) 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 December 31, 2012 Operating income (loss) Preopening and start-up expenses Property transactions, net Depreciation and amortization Adjusted EBITDA Bellagio $       70,805$            -$             1,695$       22,425$       94,925MGM Grand Las Vegas 43,733-1,64420,61465,991Mandalay Bay 4,0018302,84918,47626,156The Mirage 12,575-31812,73225,625Luxor (2,914)-3,84410,90411,834New York-New York 16,273-1905,11321,576Excalibur 8,571-24,51713,090Monte Carlo 9,183-7614,18314,127Circus Circus Las Vegas (2,565)-294,9972,461MGM Grand Detroit 35,589-15,24040,830Beau Rivage 4,461-207,70712,188Gold Strike Tunica 3,662-(56)3,2016,807Other resort operations (1,862)-8570(1,284)  Wholly owned domestic resorts 201,51283011,305120,679334,326MGM China 83,223-41792,133175,773CityCenter (50%) (7,993)532--(7,461)Other unconsolidated resorts 6,345---6,345Management and other operations (7,950)--3,503(4,447)275,1371,36211,722216,315504,536Stock compensation (7,976)---(7,976)Corporate (692,017)-599,14010,516(82,361)$    (424,856)$        1,362$      610,862$      226,831$      414,199Three Months Ended December 31, 2011 Operating income (loss) Preopening and start-up expenses Property transactions, net Depreciation and amortization Adjusted EBITDA Bellagio $       70,537$          -$        1,952$       24,486$       96,975MGM Grand Las Vegas 14,925-23119,33434,490Mandalay Bay 20,740-46218,50539,707The Mirage 6,215-22913,85420,298Luxor 8,267-1049,69018,061New York-New York 15,499-95,68721,195Excalibur 7,898-4234,96213,283Monte Carlo 8,369-985,06713,534Circus Circus Las Vegas (2,303)-54,7182,420MGM Grand Detroit 29,415-1,0439,96840,426Beau Rivage 4,549-77,53912,095Gold Strike Tunica 4,963-363,4488,447Other resort operations (2,689)-445487(1,757)  Wholly owned domestic resorts 186,385-5,044127,745319,174MGM China 77,204-81395,921173,938CityCenter (50%) (10,262)---(10,262)Other unconsolidated resorts 5,447---5,447Management and other operations (9,524)-(1)3,653(5,872)249,250-5,856227,319482,425Stock compensation (9,616)---(9,616)Corporate (148,527)-89,91410,443(48,170)$       91,107$          -$       95,770$      237,762$      424,639   MGM RESORTS INTERNATIONAL AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA (In thousands) (Unaudited) Twelve Months Ended December 31, 2012 Operating income (loss) Preopening and start-up expenses Property transactions, net Depreciation and amortization Adjusted EBITDABellagio $      206,679$            -$        2,101$       94,074$      302,854MGM Grand Las Vegas 94,529-6,27179,926180,726Mandalay Bay 64,8188303,78677,327146,761The Mirage 65,266-92951,423117,618Luxor 20,777-4,79437,68963,260New York-New York 68,591-58121,33390,505Excalibur 43,978-517,80561,788Monte Carlo 38,418-1,32818,93558,681Circus Circus Las Vegas 4,514-10619,45224,072MGM Grand Detroit 130,56464192233,543165,670Beau Rivage 40,713-(50)30,69871,361Gold Strike Tunica 27,420-(53)13,10240,469Other resort operations (904)-(14)2,3731,455  Wholly owned domestic resorts 805,3631,47120,706497,6801,325,220MGM China 302,092-2,307374,946679,345CityCenter (50%) (68,862)656--(68,206)Other unconsolidated resorts 21,824---21,824Management and other operations (4,258)--14,2059,9471,056,1592,12723,013886,8311,968,130Stock compensation (33,974)---(33,974)Corporate (941,659)-685,03640,866(215,757)$       80,526$        2,127$      708,049$      927,697$    1,718,399Twelve Months Ended December 31, 2011 Operating income (loss) Preopening and start-up expenses Gain on MGM China transaction and Property transactions, net Depreciation and amortization Adjusted EBITDA Bellagio $      203,026$            -$        2,772$       96,699$      302,497MGM Grand Las Vegas 71,762-23277,142149,136Mandalay Bay 84,105-53184,488169,124The Mirage 41,338-1,55959,546102,443Luxor 39,866-11238,10378,081New York-New York 63,824-(76)23,53687,284Excalibur 44,428-64620,18365,257Monte Carlo 35,059-13122,21457,404Circus Circus Las Vegas 4,040-(1)18,90522,944MGM Grand Detroit 125,235-1,41539,369166,019Beau Rivage 30,313-5839,64970,020Gold Strike Tunica 15,991-3613,63929,666Other resort operations (86,012)-80,1204,133(1,759)  Wholly owned domestic resorts 672,975-87,535537,6061,298,116MGM China 137,440-1,120221,126359,686MGM Macau (50%) 115,219---115,219CityCenter (50%) (56,291)---(56,291)Other unconsolidated resorts 32,166---32,166Management and other operations (13,813)(316)-14,416287887,696(316)88,655773,1481,749,183Stock compensation (36,528)---(36,528)Corporate 3,205,978-(3,406,062)43,998(156,086)$    4,057,146$        (316)$  (3,317,407)$      817,146$    1,556,569   MGM RESORTS INTERNATIONAL AND SUBSIDIARIES RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS) (In thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2012201120122011Adjusted EBITDA $      414,199$      424,639$    1,718,399$    1,556,569  Preopening and start-up expenses (1,362)-(2,127)316  Property transactions, net (610,862)(95,770)(708,049)(178,598)  Gain on MGM China transaction ---3,496,005  Depreciation and amortization (226,831)(237,762)(927,697)(817,146)Operating income (loss) (424,856)91,10780,5264,057,146Non-operating income (expense):   Interest expense, net of amounts capitalized (279,922)(274,152)(1,116,358)(1,086,832)  Other, net (574,260)(27,132)(698,381)(138,683)(854,182)(301,284)(1,814,739)(1,225,515)Income (loss) before income taxes (1,279,038)(210,177)(1,734,213)2,831,631  Benefit for income taxes 90,541190,876117,301403,313Net income (loss) (1,188,497)(19,301)(1,616,912)3,234,944  Less: net income attributable to noncontrolling interests (35,330)(94,390)(150,779)(120,307)Net income (loss) attributable to MGM Resorts International $  (1,223,827)$    (113,691)$  (1,767,691)$    3,114,637   MGM RESORTS INTERNATIONAL AND SUBSIDIARIES SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2012201120122011Bellagio   Occupancy % 88.8%89.0%92.9%93.3%  Average daily rate (ADR) $247$242$237$230  Revenue per available room (REVPAR) $219$215$220$215MGM Grand Las Vegas   Occupancy % 87.7%89.8%92.7%93.2%  ADR $140$136$139$131  REVPAR $123$122$129$123Mandalay Bay   Occupancy % 88.1%86.5%91.7%91.7%  ADR $169$171$176$175  REVPAR $149$148$162$160The Mirage   Occupancy % 90.7%92.0%94.6%94.8%  ADR $150$144$149$144  REVPAR $136$132$141$137Luxor   Occupancy % 88.6%85.9%91.0%90.3%  ADR $90$92$89$91  REVPAR $80$79$81$82New York-New York   Occupancy % 92.0%91.9%94.6%93.8%  ADR $109$109$110$108  REVPAR $101$100$104$102Excalibur   Occupancy % 84.8%81.3%89.4%87.8%  ADR $72$74$72$73  REVPAR $61$60$64$64Monte Carlo   Occupancy % 89.9%92.4%93.6%94.2%  ADR $103$100$103$99  REVPAR $93$92$97$93Circus Circus Las Vegas   Occupancy % 68.6%75.0%77.9%75.9%  ADR $55$54$54$54  REVPAR $38$40$42$41   CITYCENTER HOLDINGS, LLC SUPPLEMENTAL DATA - NET REVENUES (In thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2012201120122011Aria $      223,534$      221,911$      862,306$      894,721Vdara 21,38420,13486,91675,364Crystals 14,25712,08853,25146,317Mandarin Oriental 12,50710,72548,45241,034  Resort operations 271,682264,8581,050,9251,057,436Residential operations 122,6804,097138,92924,425$      394,362$      268,955$    1,189,854$    1,081,861CITYCENTER HOLDINGS, LLC RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS (In thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2012201120122011Adjusted EBITDA $       60,044$       54,126$      206,596$      212,104  Preopening and start-up expenses (1,064)-(1,312)-  Property transactions, net (1,011)(233)(74,347)(53,595)  Depreciation and amortization (103,594)(98,871)(370,856)(370,141)Operating loss (45,625)(44,978)(239,919)(211,632)Non-operating income (expense):   Interest expense - sponsor notes (24,155)(20,778)(91,352)(78,477)  Interest expense - other (43,025)(46,645)(174,674)(189,359)  Other, net 809(2,140)(5,023)(22,706)(66,371)(69,563)(271,049)(290,542)Net loss $    (111,996)$    (114,541)$    (510,968)$    (502,174)   CITYCENTER HOLDINGS, LLC RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended December 31, 2012Operating income (loss) Preopening and start-up expenses Property transactions, net Depreciation and amortization Adjusted EBITDA Aria $     (20,240)$        1,064$         (14)$       73,380$       54,190Vdara (6,440)--11,5535,113Crystals 1,033--8,0849,117Mandarin Oriental (9,876)--9,762(114)  Resort operations (35,523)1,064(14)102,77968,306Residential operations (177)-1,0258001,648Development and administration (9,925)--15(9,910)$     (45,625)$        1,064$        1,011$      103,594$       60,044Three Months Ended December 31, 2011 Operating income (loss) Preopening and start-up expenses Property transactions, net Depreciation and amortization Adjusted EBITDA Aria $     (30,245)$            -$            -$       77,417$       47,172Vdara (7,010)--11,4194,409Crystals 2,836-1913,7956,822Mandarin Oriental (5,116)--5,014(102)  Resort operations (39,535)-19197,64558,301Residential operations (1,415)--1,157(258)Development and administration (4,028)-4269(3,917)$     (44,978)$            -$          233$       98,871$       54,126   CITYCENTER HOLDINGS, LLC RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA (In thousands) (Unaudited) Twelve Months Ended December 31, 2012 Operating income (loss) Preopening and start-up expenses Property transactions, net Depreciation and amortization Adjusted EBITDA Aria $    (104,937)$         1,312$          5,549$       273,909$      175,833Vdara (21,104)--42,60921,505Crystals 5,216--27,10532,321Mandarin Oriental (22,822)--23,330508  Resort operations (143,647)1,3125,549366,953230,167Residential operations (40,013)-36,7153,729431Development and administration (56,259)-32,083174(24,002)$    (239,919)$         1,312$        74,347$       370,856$      206,596Twelve Months Ended December 31, 2011 Operating income (loss) Preopening and start-up expenses Property transactions, net Depreciation and amortization Adjusted EBITDA Aria $     (87,245)$            -$            -$      282,890$      195,645Vdara (22,137)--39,96617,829Crystals (201)-19124,11724,107Mandarin Oriental (20,084)--18,980(1,104)  Resort operations (129,667)-191365,953236,477Residential operations (64,459)-52,6243,785(8,050)Development and administration (17,506)-780403(16,323)$    (211,632)$            -$       53,595$      370,141$      212,104   CITYCENTER HOLDINGS, LLC SUPPLEMENTAL DATA - HOTEL STATISTICS (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2012201120122011Aria   Occupancy % 85.6%81.9%88.3%86.0%  ADR $202$207$200$202  REVPAR $173$169$177$174Vdara   Occupancy % 83.2%74.0%84.1%82.5%  ADR $157$168$158$161  REVPAR $131$124$133$133  SOURCE MGM Resorts InternationalFor further information: Investment Community, DANIEL D'ARRIGO, Executive Vice President, CFO & Treasurer, (702) 693-8895; or News Media, ALAN M. FELDMAN, Senior Vice President of Public Affairs, (702) 891-1840, afeldman@mgmresorts.com