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Press release from PR Newswire

MGM Resorts International Reports First Quarter Results

Thursday, May 02, 2013

MGM Resorts International Reports First Quarter Results

08:30 EDT Thursday, May 02, 2013

Strongest Quarterly Results Since 2008

LAS VEGAS, May 2, 2013 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended March 31, 2013.  Diluted earnings per share for the first quarter of 2013 was $0.01 compared to a loss per share of $0.44 in the prior year first quarter.  Comparability of the current and prior year consolidated results was affected by certain items discussed further below.

"Our first quarter 2013 results are the best we have reported since the beginning of the downturn five years ago, led by improved results at our Las Vegas Strip resorts, a record first quarter at MGM China and an all-time record at CityCenter," said Jim Murren, MGM Resorts International Chairman and CEO. "MGM Resorts International returned to profitability in the quarter and we are excited about our future."

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

  • Consolidated net revenue increased 3% over the prior year quarter to $2.4 billion;
  • Consolidated casino revenue increased 5%;
  • 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 $574 million, a 20% increase compared to the prior year quarter;
  • The Company's wholly owned domestic resorts earned Adjusted Property EBITDA of $361 million, a 12% increase compared to the prior year quarter;
  • MGM China's Adjusted EBITDA was $180 million, which included $13 million of branding fee expense, a 10% increase compared to  the prior year quarter;
  • CityCenter's Adjusted EBITDA related to resort operations was $93 million, nearly three times the $32 million reported in the prior year quarter; and
  • Consolidated operating income was $302 million compared to operating income of $193 million in the prior year quarter.

Certain Items Affecting First Quarter Results

The following table lists items that affect the comparability of the current and prior year quarterly results (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):

Three months ended March 31,

2013

2012

Property transactions, net

$  (0.01)

$        ?

Non-operating items from unconsolidated affiliates:

     CityCenter loss on retirement of long-term debt  

?

(0.01)

Other non-operating expense:

     Loss on retirement of long-term debt

?

(0.08)

Tax adjustments:

     IRS audit settlement

0.08

?

     MGM China deferred tax expense   

(0.07)

?

     MGM China shareholder dividend tax    

?

(0.05)

     Deferred tax valuation allowance  

(0.02)

(0.21)

The current quarter tax provision was affected by $65 million of tax expense resulting from the re-measurement of MGM China deferred tax liabilities in connection with the gazetting of our Cotai land concession, a $38 million tax benefit resulting from the settlement of the Company's 2003 and 2004 IRS audits, and $9 million of valuation allowance on U.S. deferred tax assets.

The provision for the prior year quarter was affected by a $102 million valuation allowance for a portion of U.S. deferred tax assets and a tax provision of $44 million related to a tax that would have been due on the MGM China dividend had the annual fee arrangement with the Macau government not been in place prior to June 30, 2013.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 3% compared to the prior year quarter. Table games revenue increased 16% and the overall table games hold percentage in the first quarter of 2013 was 21.9% compared to 18.7% for the prior year quarter.  Slots revenue decreased 2% primarily as a result of a decrease in slots revenues at the Company's regional resorts, while the Company's Las Vegas Strip resorts slots revenues increased 4%.

Rooms revenue increased 2% with a 1% increase in Las Vegas Strip REVPAR. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended March 31,

2013

2012

Occupancy %  

89%

90%

Average Daily Rate (ADR)    

$    133

$ 131

Revenue per Available Room (REVPAR)      

$    118

$ 117

Operating income for the Company's wholly owned domestic resorts for the first quarter of 2013 was $234 million, an increase of 20% compared to the prior year quarter.

MGM China

Key first quarter results for MGM China include the following:

  • MGM China earned net revenue of $748 million, a 6% increase over the prior year quarter, and Adjusted EBITDA of $180 million, a 10% increase over the prior year quarter, due primarily to increases in main floor table games and slots  revenues;
  • Main floor table games and slots win increased 26% and 19%, respectively, compared to the prior year quarter;
  • VIP table games turnover increased 15% from the prior year quarter, while hold percentage was 2.8% in the current year quarter compared to 3.2% in the prior year quarter; and
  • MGM China's operating income was $99 million compared to $68 million in the prior year quarter.

MGM China paid a $500 million dividend in March 2013, of which $255 million was retained by MGM Resorts and $245 million was distributed to noncontrolling interests.

Income (Loss) from Unconsolidated Affiliates

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

Three months ended March 31,

2013

2012

  (In thousands)

CityCenter  

$       11,695

$     (18,573)

Other      

4,649

5,264

$       16,344

$     (13,309)

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

  • Net revenue from resort operations increased to $308 million, a 32% increase from the prior year quarter;
  • Adjusted EBITDA from resort operations was $93 million, compared to $32 million in the prior year quarter;
  • Aria's table games hold percentage was 28.3% in the current year quarter compared to 16.0% in the prior year quarter; and
  • Aria's occupancy percentage was 89% and its ADR was $209, resulting in REVPAR of $186, a 5% increase compared to the prior year quarter.

Financial Position

"Our strong first quarter results benefited from our effective marketing and yielding strategies, high returning strategic capital investments and focus on managing costs," said Dan D'Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer. "In addition, quarterly results were enhanced by the Company's December 2012 debt refinancing, as interest expense was reduced by almost $60 million compared to the prior year first quarter."

The Company's cash balance at March 31, 2013 was $1.5 billion, which included $565 million at MGM China.  At March 31, 2013, the Company had $13.7 billion of indebtedness, including $2.9 billion of borrowings outstanding under its $4.0 billion senior credit facility and $553 million outstanding under the $2.0 billion MGM China credit facility. On April 1, 2013, the Company used a portion of the cash balance to repay its $462 million 6.75% senior notes at maturity.

Conference Call Details

MGM Resorts International will host a conference call at 11:00 a.m. Eastern Time today which will include a brief discussion of these results followed by a question and answer period. The call will be accessible via the Internet through www.mgmresorts.com under the Investors section or by calling 1-877-355-2280 for domestic callers and 1-706-634-6528 for international callers.  The conference call access code is 34745307. A replay of the call will be available through Thursday, May 9, 2013.  The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406.  The replay access code is 34745307. The call will be archived at www.mgmresorts.com.

1 REVPAR is hotel revenue per available room.

2 "Adjusted EBITDA" is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses and property transactions, net.  "Adjusted Property EBITDA" is Adjusted EBITDA before corporate expense and stock compensation expense related to the MGM Resorts stock option plan, which is not allocated to each property. MGM China recognizes stock compensation expense related to its stock compensation plan which is included in the calculation of Adjusted EBITDA for MGM China.  Adjusted EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because management believes these measures are 1) widely used measures of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies. 

Management believes that while items excluded from Adjusted EBITDA and Adjusted Property EBITDA may be recurring in nature and should not be disregarded in evaluation of the Company's earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, management believes excluded items may not relate specifically to current operating trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when the Company is developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within the Company's resorts, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period.

In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Therefore, management uses Adjusted Property EBITDA as the primary measure of the Company's operating resorts' performance.

Reconciliations of GAAP net income (loss) to Adjusted EBITDA and GAAP operating income (loss) to Adjusted Property EBITDA are included in the financial schedules in this release.

About MGM Resorts 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.  The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in our Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports).  In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

March 31,

March 31,

2013

2012

Revenues:

Casino

$   1,401,420

$   1,335,034

Rooms

401,250

393,620

Food and beverage

359,882

372,953

Entertainment

113,854

120,400

Retail

44,707

46,624

Other

123,826

113,123

Reimbursed costs

90,236

90,539

2,535,175

2,472,293

Less: Promotional allowances

(183,027)

(184,703)

2,352,148

2,287,590

Expenses:

Casino

875,246

867,474

Rooms

127,709

126,155

Food and beverage

204,740

211,639

Entertainment

83,725

88,788

Retail

25,966

27,583

Other

85,973

86,222

Reimbursed costs

90,236

90,539

General and administrative

303,901

303,289

Corporate expense

46,624

42,260

Preopening and start-up expenses 

2,146

-

Property transactions, net

8,491

917

Depreciation and amortization

211,918

236,809

2,066,675

2,081,675

Income (loss) from unconsolidated affiliates

16,344

(13,309)

Operating income 

301,817

192,606

Non-operating income (expense):

Interest expense, net of amounts capitalized

(225,447)

(284,342)

Non-operating items from unconsolidated affiliates

(22,079)

(26,866)

Other, net

(1,282)

(57,576)

(248,808)

(368,784)

Income (loss) before income taxes

53,009

(176,178)

Provision for income taxes

(30,431)

(27,129)

Net income (loss)

22,578

(203,307)

Less: Net income attributable to noncontrolling interests

(16,032)

(13,946)

Net income (loss) attributable to MGM Resorts International

$          6,546

$     (217,253)

Per share of common stock:

Basic:

Net income (loss) attributable to MGM Resorts International

$            0.01

$           (0.44)

Weighted average shares outstanding

489,291

488,861

Diluted:

Net income (loss) attributable to MGM Resorts International

$            0.01

$           (0.44)

Weighted average shares outstanding

492,305

488,861

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

March 31,

December 31,

2013

2012

      ASSETS

Current assets:

Cash and cash equivalents

$   1,480,637

$   1,543,509

Accounts receivable, net

475,581

443,677

Inventories

105,047

107,577

Deferred income taxes, net

119,196

179,431

Prepaid expenses and other

258,784

232,898

Total current assets

2,439,245

2,507,092

Property and equipment, net

14,117,778

14,194,652

Other assets:

Investments in and advances to unconsolidated affiliates

1,435,136

1,444,547

Goodwill 

2,898,087

2,902,847

Other intangible assets, net

4,666,659

4,737,833

Other long-term assets, net

500,969

497,767

Total other assets

9,500,851

9,582,994

$  26,057,874

$  26,284,738

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$      178,435

$      199,620

Income taxes payable

4,344

1,350

Accrued interest on long-term debt

205,204

206,736

Other accrued liabilities

1,483,005

1,517,965

Total current liabilities

1,870,988

1,925,671

Deferred income taxes 

2,476,384

2,473,889

Long-term debt

13,690,699

13,589,283

Other long-term obligations

140,750

179,879

Stockholders' equity:

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

   issued and outstanding 489,379,463 and 489,234,401 shares 

4,894

4,892

Capital in excess of par value

4,139,737

4,132,655

Retained earnings 

220,244

213,698

Accumulated other comprehensive income 

7,982

14,303

Total MGM Resorts International stockholders' equity

4,372,857

4,365,548

Noncontrolling interests

3,506,196

3,750,468

Total stockholders' equity

7,879,053

8,116,016

$  26,057,874

$  26,284,738

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

March 31,

March 31,

2013

2012

Bellagio

$      300,720

$      284,347

MGM Grand Las Vegas

258,890

232,480

Mandalay Bay

175,513

179,926

The Mirage 

144,553

148,229

Luxor

77,789

81,926

New York-New York 

69,268

70,624

Excalibur

61,809

62,724

Monte Carlo

66,500

64,907

Circus Circus Las Vegas

45,913

47,684

MGM Grand Detroit

140,868

150,587

Beau Rivage

80,910

86,651

Gold Strike Tunica

37,042

40,100

Other resort operations

29,413

29,413

  Wholly owned domestic resorts

1,489,188

1,479,598

MGM China

747,557

702,090

Management and other operations

115,403

105,902

$   2,352,148

$   2,287,590

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)

Three Months Ended

March 31,

March 31,

2013

2012

Bellagio

$       89,579

$       70,444

MGM Grand Las Vegas

62,005

37,325

Mandalay Bay

39,414

38,814

The Mirage 

30,161

27,419

Luxor

15,574

18,364

New York-New York 

23,400

24,313

Excalibur

15,109

14,179

Monte Carlo

17,486

14,996

Circus Circus Las Vegas

4,557

5,141

MGM Grand Detroit

39,653

42,239

Beau Rivage

13,873

17,050

Gold Strike Tunica

9,987

11,580

Other resort operations

239

(892)

  Wholly owned domestic resorts

361,037

320,972

MGM China

180,455

164,521

CityCenter (50%)(1)

11,695

(18,573)

Other unconsolidated resorts(1)

4,649

5,264

Management and other operations

15,761

4,699

$     573,597

$     476,883

(1) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences. 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)

Three Months Ended March 31, 2013

Operatingincome (loss)

Preopening andstart-upexpenses

Propertytransactions, net

Depreciationandamortization

AdjustedEBITDA

Bellagio

$       66,392

$              -

$              4

$       23,183

$       89,579

MGM Grand Las Vegas

40,972

-

666

20,367

62,005

Mandalay Bay

20,822

(604)

582

18,614

39,414

The Mirage 

13,550

-

4,154

12,457

30,161

Luxor

3,775

-

3,179

8,620

15,574

New York-New York 

17,737

-

31

5,632

23,400

Excalibur

11,162

-

-

3,947

15,109

Monte Carlo

12,858

-

(12)

4,640

17,486

Circus Circus Las Vegas

(389)

-

-

4,946

4,557

MGM Grand Detroit

34,371

-

-

5,282

39,653

Beau Rivage

6,427

-

(298)

7,744

13,873

Gold Strike Tunica

6,820

-

(13)

3,180

9,987

Other resort operations

(328)

-

(1)

568

239

  Wholly owned domestic resorts

234,169

(604)

8,292

119,180

361,037

MGM China

99,117

2,374

195

78,769

180,455

CityCenter (50%)

11,319

376

-

-

11,695

Other unconsolidated resorts

4,649

-

-

-

4,649

Management and other operations

12,783

-

4

2,974

15,761

362,037

2,146

8,491

200,923

573,597

Stock compensation

(6,943)

-

-

-

(6,943)

Corporate 

(53,277)

-

-

10,995

(42,282)

$     301,817

$       2,146

$       8,491

$     211,918

$     524,372

Three Months Ended March 31, 2012

Operatingincome (loss)

Preopening andstart-upexpenses

Propertytransactions, net

Depreciationand amortization

AdjustedEBITDA

Bellagio

$       47,098

$              -

$              -

$       23,346

$       70,444

MGM Grand Las Vegas

18,349

-

327

18,649

37,325

Mandalay Bay

18,603

-

-

20,211

38,814

The Mirage 

14,502

-

13

12,904

27,419

Luxor

9,209

-

-

9,155

18,364

New York-New York 

18,697

-

-

5,616

24,313

Excalibur

9,622

-

-

4,557

14,179

Monte Carlo

9,973

-

5

5,018

14,996

Circus Circus Las Vegas

502

-

-

4,639

5,141

MGM Grand Detroit

32,338

-

-

9,901

42,239

Beau Rivage

9,396

-

-

7,654

17,050

Gold Strike Tunica

8,220

-

-

3,360

11,580

Other resort operations

(1,402)

-

(20)

530

(892)

  Wholly owned domestic resorts

195,107

-

325

125,540

320,972

MGM China

68,127

-

-

96,394

164,521

CityCenter (50%)

(18,573)

-

-

-

(18,573)

Other unconsolidated resorts

5,264

-

-

-

5,264

Management and other operations

411

-

-

4,288

4,699

250,336

-

325

226,222

476,883

Stock compensation

(9,332)

-

-

-

(9,332)

Corporate 

(48,398)

-

592

10,587

(37,219)

$     192,606

$              -

$         917

$     236,809

$     430,332

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)

(Unaudited)

Three Months Ended

March 31,

March 31,

2013

2012

Adjusted EBITDA

$     524,372

$     430,332

  Preopening and start-up expenses

(2,146)

-

  Property transactions, net

(8,491)

(917)

  Depreciation and amortization

(211,918)

(236,809)

Operating income

301,817

192,606

Non-operating income (expense):

  Interest expense, net of amounts capitalized

(225,447)

(284,342)

  Other, net

(23,361)

(84,442)

(248,808)

(368,784)

Income (loss) before income taxes

53,009

(176,178)

  Provision for income taxes

(30,431)

(27,129)

Net income (loss)

22,578

(203,307)

  Less: Net income attributable to noncontrolling interests

(16,032)

(13,946)

Net income (loss) attributable to MGM Resorts International

$         6,546

$   (217,253)

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)

Three Months Ended

March 31,

March 31,

2013

2012

Bellagio

   Occupancy %

92.7%

93.0%

   Average daily rate (ADR)

$240

$231

   Revenue per available room (REVPAR)

$222

$215

MGM Grand Las Vegas

   Occupancy %

91.2%

93.5%

   ADR

$148

$140

   REVPAR

$135

$131

Mandalay Bay 

   Occupancy %

88.7%

90.0%

   ADR

$182

$185

   REVPAR

$161

$167

The Mirage

   Occupancy %

95.1%

92.7%

   ADR

$149

$155

   REVPAR

$142

$143

Luxor 

   Occupancy %

89.3%

90.8%

   ADR

$88

$89

   REVPAR

$78

$81

New York-New York

   Occupancy %

96.6%

94.9%

   ADR

$113

$110

   REVPAR

$109

$104

Excalibur 

   Occupancy %

84.9%

87.5%

   ADR

$72

$72

   REVPAR

$61

$63

Monte Carlo 

   Occupancy %

95.2%

93.7%

   ADR

$104

$102

   REVPAR

$99

$95

Circus Circus Las Vegas

   Occupancy %

73.4%

76.0%

   ADR

$54

$54

   REVPAR

$39

$41

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

March 31,

March 31,

2013

2012

Aria

$     258,510

$     187,832

Vdara

22,059

21,449

Crystals

13,957

12,327

Mandarin Oriental

13,720

12,701

 Resort operations

308,246

234,309

Residential operations

6,896

4,608

$     315,142

$     238,917

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)

Three Months Ended

March 31,

March 31,

2013

2012

Adjusted EBITDA

$       86,987

$       28,595

  Preopening and start-up expenses

(752)

-

  Property transactions, net

-

(2,009)

  Depreciation and amortization

(86,403)

(88,043)

Operating loss

(168)

(61,457)

Non-operating income (expense):

  Interest expense - sponsor notes

(24,948)

(21,553)

  Interest expense - other

(43,470)

(46,042)

  Other, net

743

(7,783)

(67,675)

(75,378)

Net loss

$     (67,843)

$   (136,835)

 

CITYCENTER HOLDINGS, LLCSUPPLEMENTAL DATA - HOTEL STATISTICS(Unaudited)

Three Months Ended

March 31,

March 31,

2013

2012

Aria

   Occupancy %

89.0%

86.4%

   ADR

$209

$205

   REVPAR

$186

$177

Vdara

   Occupancy %

85.7%

81.0%

   ADR

$160

$163

   REVPAR

$137

$132

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended March 31, 2013

Operating income (loss)

Preopening and start-up expenses

Propertytransactions, net

Depreciation andamortization

AdjustedEBITDA

Aria

$     13,099

$         694

$               -

$      63,770

$      77,563

Vdara

(5,296)

-

-

10,815

5,519

Crystals

2,003

58

-

6,444

8,505

Mandarin Oriental

(3,745)

-

-

5,010

1,265

 Resort operations

6,061

752

-

86,039

92,852

Residential operations

(1,044)

-

-

356

(688)

Development and administration

(5,185)

-

-

8

(5,177)

$        (168)

$         752

$               -

$      86,403

$      86,987

Three Months Ended March 31, 2012

Operating income (loss)

Preopening and start-up expenses

Property transactions,net

Depreciation and amortization

Adjusted EBITDA

Aria

$   (49,181)

$             -

$       1,995

$      65,715

$      18,529

Vdara

(4,942)

-

-

10,378

5,436

Crystals

700

-

-

6,406

7,106

Mandarin Oriental

(3,545)

-

-

4,515

970

 Resort operations

(56,968)

-

1,995

87,014

32,041

Residential operations

(1,465)

-

-

968

(497)

Development and administration

(3,024)

-

14

61

(2,949)

$   (61,457)

$             -

$       2,009

$      88,043

$      28,595

SOURCE MGM Resorts International

For further information: Investment Community News Media, DANIEL D'ARRIGO, Executive Vice President, CFO & Treasurer, (702) 693-8895, ALAN M. FELDMAN, Senior Vice President of Public Affairs, (702) 891-1840 or afeldman@mgmresorts.com

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