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Press release from PR Newswire

MGM Resorts International Reports Second Quarter Results

Tuesday, August 06, 2013

MGM Resorts International Reports Second Quarter Results

08:00 EDT Tuesday, August 06, 2013

MGM China Reports Record Results and Announces $113 Million Dividend
Las Vegas Strip Results Continue to Trend Higher

LAS VEGAS, Aug. 6, 2013 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended June 30, 2013.  Loss per share for the second quarter of 2013 was $0.19 compared to a loss per share of $0.30 in the prior year second quarter.  Comparability of the current and prior year consolidated results was affected by certain items discussed below.

"We continue to see broad-based Las Vegas improvement as our Strip EBITDA increased 15%, driven by a 7% increase in casino revenues and a 5% increase in hotel revenues," said Jim Murren, MGM Resorts International Chairman and CEO.  "A strong performance at MGM China led to another quarter of record results, driven by higher volumes in both mass market and VIP."

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

  • Consolidated net revenue increased 7% over the prior year quarter to $2.5 billion;
  • Consolidated casino revenue increased 11%;
  • Rooms revenue at wholly owned domestic resorts increased 5% with a 2.5% increase in REVPAR(1) at the Company's Las Vegas Strip resorts;
  • Adjusted Property EBITDA(2) was $596 million, a 9% increase compared to the prior year quarter;
  • The Company's wholly owned domestic resorts earned Adjusted Property EBITDA of $376 million, a 9% increase compared to the prior year quarter;
  • MGM China's Adjusted EBITDA increased 10% to $205 million, which included $15 million of branding fee expense in the current quarter;
  • CityCenter's Adjusted EBITDA related to resort operations was $67 million, a 6% decrease compared to the prior year quarter, as a result of lower table games hold percentage in the current year; and
  • Consolidated operating income increased 32% to $232 million compared to $175 million in the prior year quarter.

Certain Items Affecting Second 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 June 30,

2013

2012

Property transactions, net

     Investment in Grand Victoria impairment    

$  (0.05)

$  (0.11)

     Corporate buildings impairment     

(0.06)

?

     Other property transactions, net       

(0.01)

(0.01)

Tax adjustments:

     MGM China shareholder dividend tax      

?

0.07

     Deferred tax valuation allowance       

(0.11)

(0.13)

The current year second quarter and prior year second quarter results were affected by non-cash impairment charges of $37 million and $85 million, respectively, related to the Company's joint venture investment in Grand Victoria. In addition, the Company recorded an impairment charge of $45 million in the current year second quarter related to corporate buildings that are expected to be removed from service.  The Company's planned Las Vegas arena project, of which the Company will own 50%, will be located on the land underlying these buildings. 

The current year second quarter income tax provision was affected by $55 million of valuation allowance on U.S. deferred tax assets, including valuation allowance related to tax benefit reflected in other items in the above table.  The prior year second quarter income tax provision was affected by a valuation allowance for a portion of U.S. deferred tax assets and by a net tax benefit resulting from entering into an annual fee arrangement with the Macau government with respect to the complementary tax on dividend distributions of MGM Macau covering the years 2007 through 2011, including the dividend distributed in the first quarter of 2012.  All taxes previously accrued on MGM Macau dividends distributed in prior quarters were reversed and the cumulative agreed upon annual fee was recorded during the second quarter of 2012.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 3% compared to the prior year quarter. Table games revenue increased 4% and the overall table games hold percentage in the second quarter of 2013 was 18.1% compared to 17.7% for the prior year quarter.  Slots revenue increased 3% with a 7% increase at the Company's Las Vegas Strip resorts.

Rooms revenue increased 5% with a 2.5% increase in Las Vegas Strip REVPAR. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended June 30,

2013

2012

Occupancy %

95%

94%

Average Daily Rate (ADR)

$  134

$  131

Revenue per Available Room (REVPAR)

$  127

$  124

Operating income for the Company's wholly owned domestic resorts for the second quarter of 2013 was $239 million, an increase of 12% compared to the prior year quarter.

MGM China

On August 6, 2013, MGM China's Board of Directors announced a dividend of $113 million, which will be paid to shareholders of record as of August 26, 2013 and distributed on or about September 2, 2013.  MGM Resorts International will receive $57 million, representing its 51% share of the dividend.

Key second quarter results for MGM China include the following:

  • MGM China earned net revenue of $835 million, an 18% increase over the prior year quarter, and its highest ever quarterly Adjusted EBITDA of $205 million, a 10% increase over the prior year quarter, due primarily to increases in main floor table games and VIP  revenues;
  • Main floor table games and slots win increased 29% and 4%, respectively, compared to the prior year quarter;
  • VIP table games turnover increased 34% from the prior year quarter, while hold percentage was 2.9% in the current year quarter compared to 3.3% in the prior year quarter; and
  • MGM China's operating income was $126 million compared to $90 million in the prior year quarter.

Income from Unconsolidated Affiliates

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

Three months ended June 30,

2013

2012

(In thousands)

CityCenter

$             861

$             642

Other

5,821

5,344

$          6,682

$          5,986

 

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

  • Net revenue from resort operations decreased to $280 million, a 1% decrease from the prior year quarter;
  • Adjusted EBITDA from resort operations was $67 million compared to $71 million in the prior year quarter;
  • Aria's table games hold percentage was 20.8% in the current year quarter compared to 24.0% in the prior year quarter; and
  • Aria's occupancy percentage was 92% and its ADR was $212, resulting in REVPAR of $194, a 4% increase compared to the prior year quarter.

Financial Position

The Company's term loan B facility was re-priced in May 2013 and now bears interest at LIBOR plus 2.50%, with a LIBOR floor of 1.00%, a 75 basis point reduction compared to the prior rate. The re-pricing will result in annual interest savings of approximately $13 million.  As of June 30, 2013, the Company reduced its outstanding indebtedness by approximately $476 million year to date. 

"Our continued focus on cost containment and investing in high return projects within our resorts is driving improved operating margins and free cash flow," said Dan D'Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer.   "We are utilizing growing cash flow and dividends from MGM China to significantly improve our balance sheet."

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- 800-560-7376 for domestic callers and 1-706-758-3659 for international callers.  The conference call access code is 15164251. A replay of the call will be available through Tuesday, August 13, 2013.  The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406.  The replay access code is 15164251. 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 International

MGM 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. Examples of these statements include, but are not limited to, statements regarding the amount the Company expects to receive as a result of the MGM China dividend and the timing of such distribution.  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

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2013

2012

2013

2012

Revenues:

Casino

$ 1,443,157

$ 1,299,196

$ 2,844,577

$ 2,634,230

Rooms

437,710

418,766

838,960

812,386

Food and beverage

394,247

391,891

754,129

764,844

Entertainment

121,001

120,909

234,855

241,309

Retail

52,748

52,086

97,455

98,710

Other

127,914

132,900

251,740

246,023

Reimbursed costs

92,741

90,938

182,977

181,477

2,669,518

2,506,686

5,204,693

4,978,979

Less: Promotional allowances

(188,253)

(182,921)

(371,280)

(367,624)

2,481,265

2,323,765

4,833,413

4,611,355

Expenses:

Casino

916,807

826,211

1,792,053

1,693,685

Rooms

134,001

129,897

261,710

256,052

Food and beverage

225,696

222,567

430,436

434,206

Entertainment

89,940

88,559

173,665

177,347

Retail

27,865

29,241

53,831

56,824

Other

92,819

88,835

178,792

175,057

Reimbursed costs

92,741

90,938

182,977

181,477

General and administrative

314,324

309,478

618,225

612,767

Corporate expense

52,364

42,540

98,988

84,800

Preopening and start-up expenses 

3,506

-

5,652

-

Property transactions, net

88,131

90,467

96,622

91,384

Depreciation and amortization

218,151

235,643

430,069

472,452

2,256,345

2,154,376

4,323,020

4,236,051

Income (loss) from unconsolidated affiliates

6,682

5,986

23,026

(7,323)

Operating income 

231,602

175,375

533,419

367,981

Non-operating income (expense):

Interest expense, net of amounts capitalized

(214,500)

(276,323)

(439,947)

(560,665)

Non-operating items from unconsolidated affiliates

(38,864)

(20,836)

(60,943)

(47,702)

Other, net

(4,951)

46

(6,233)

(57,530)

(258,315)

(297,113)

(507,123)

(665,897)

Income (loss) before income taxes

(26,713)

(121,738)

26,296

(297,916)

Benefit (provision) for income taxes

(3,865)

51,304

(34,296)

24,175

Net loss

(30,578)

(70,434)

(8,000)

(273,741)

Less: Net income attributable to noncontrolling interests

(62,380)

(75,018)

(78,412)

(88,964)

Net loss attributable to MGM Resorts International

$     (92,958)

$  (145,452)

$     (86,412)

$  (362,705)

Per share of common stock:

Basic:

Net loss attributable to MGM Resorts International

$         (0.19)

$         (0.30)

$         (0.18)

$         (0.74)

Weighted average shares outstanding

489,484

488,931

489,388

488,896

Diluted:

Net loss attributable to MGM Resorts International

$         (0.19)

$         (0.30)

$         (0.18)

$         (0.74)

Weighted average shares outstanding

489,484

488,931

489,388

488,896

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

June 30,

December 31,

2013

2012

ASSETS

Current assets:

      Cash and cash equivalents

$   1,278,673

$    1,543,509

      Accounts receivable, net

440,326

443,677

      Inventories

101,110

107,577

      Deferred income taxes, net

141,516

179,431

      Prepaid expenses and other

248,615

232,898

                             Total current assets

2,210,240

2,507,092

Property and equipment, net

14,042,309

14,194,652

Other assets:

      Investments in and advances to unconsolidated affiliates

1,408,139

1,444,547

      Goodwill 

2,900,543

2,902,847

      Other intangible assets, net

4,609,088

4,737,833

      Other long-term assets, net

551,818

497,767

                             Total other assets

9,469,588

9,582,994

$ 25,722,137

$  26,284,738

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

      Accounts payable

$      229,599

$       199,620

      Income taxes payable

7,682

1,350

      Accrued interest on long-term debt

193,660

206,736

      Other accrued liabilities

1,667,205

1,517,965

                             Total current liabilities

2,098,146

1,925,671

Deferred income taxes 

2,505,000

2,473,889

Long-term debt

13,111,961

13,589,283

Other long-term obligations

149,864

179,879

Stockholders' equity:

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

         issued and outstanding 489,596,581 and 489,234,401 shares 

4,896

4,892

      Capital in excess of par value

4,145,571

4,132,655

      Retained earnings 

127,286

213,698

      Accumulated other comprehensive income 

11,308

14,303

                             Total MGM Resorts International stockholders' equity

4,289,061

4,365,548

      Noncontrolling interests

3,568,105

3,750,468

                             Total stockholders' equity

7,857,166

8,116,016

$ 25,722,137

$  26,284,738

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2013

2012

2013

2012

Bellagio

$        303,111

$        296,385

$        603,831

$            580,732

MGM Grand Las Vegas

255,426

230,396

514,316

462,876

Mandalay Bay

205,306

192,465

380,819

372,391

The Mirage 

142,383

146,239

286,936

294,468

Luxor

83,383

84,717

161,172

166,643

New York-New York 

69,070

69,017

138,338

139,641

Excalibur

69,967

68,275

131,776

130,999

Monte Carlo

68,891

66,456

135,391

131,363

Circus Circus Las Vegas

51,270

54,115

97,183

101,799

MGM Grand Detroit

132,593

141,805

273,461

292,392

Beau Rivage

85,959

86,899

166,869

173,550

Gold Strike Tunica

36,400

35,908

73,442

76,008

Other resort operations

32,237

32,551

61,650

61,964

  Wholly owned domestic resorts

1,535,996

1,505,228

3,025,184

2,984,826

MGM China

835,149

709,296

1,582,706

1,411,386

Management and other operations

110,120

109,241

225,523

215,143

$     2,481,265

$     2,323,765

$     4,833,413

$         4,611,355

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2013

2012

2013

2012

Bellagio

$          99,522

$          83,352

$        189,101

$            153,796

MGM Grand Las Vegas

49,635

29,032

111,640

66,357

Mandalay Bay

49,358

47,399

88,772

86,213

The Mirage 

24,528

25,067

54,689

52,486

Luxor

18,288

17,345

33,862

35,709

New York-New York 

23,672

23,662

47,072

47,975

Excalibur

19,771

19,125

34,880

33,304

Monte Carlo

19,883

16,408

37,369

31,404

Circus Circus Las Vegas

5,296

8,148

9,853

13,289

MGM Grand Detroit

38,662

43,337

78,315

85,576

Beau Rivage

16,466

19,401

30,339

36,451

Gold Strike Tunica

8,518

11,041

18,505

22,621

Other resort operations

2,004

1,841

2,243

949

  Wholly owned domestic resorts

375,603

345,158

736,640

666,130

MGM China

204,815

186,560

385,270

351,081

CityCenter (50%)(1)

861

642

12,556

(17,931)

Other unconsolidated resorts(1)

5,821

5,344

10,470

10,608

Management and other operations

9,060

10,104

24,821

14,803

$        596,160

$        547,808

$     1,169,757

$         1,024,691

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

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)

Three Months Ended June 30, 2013

Operatingincome (loss)

Preopening andstart-upexpenses

Propertytransactions, net

Depreciationandamortization

AdjustedEBITDA

Bellagio

$          71,386

$                     -

$                     337

$          27,799

$          99,522

MGM Grand Las Vegas

29,400

-

104

20,131

49,635

Mandalay Bay

23,414

1,078

1,854

23,012

49,358

The Mirage

11,714

-

141

12,673

24,528

Luxor

9,097

112

(252)

9,331

18,288

New York-New York

17,958

-

499

5,215

23,672

Excalibur

16,382

-

13

3,376

19,771

Monte Carlo

12,183

58

2,964

4,678

19,883

Circus Circus Las Vegas

801

-

10

4,485

5,296

MGM Grand Detroit

32,709

-

-

5,953

38,662

Beau Rivage

8,732

-

7

7,727

16,466

Gold Strike Tunica

3,966

-

1,187

3,365

8,518

Other resort operations

1,441

-

-

563

2,004

  Wholly owned domestic resorts

239,183

1,248

6,864

128,308

375,603

MGM China

126,134

2,258

150

76,273

204,815

CityCenter (50%)

861

-

-

-

861

Other unconsolidated resorts

5,821

-

-

-

5,821

Management and other operations

6,111

-

(4)

2,953

9,060

378,110

3,506

7,010

207,534

596,160

Stock compensation

(6,246)

-

-

-

(6,246)

Corporate

(140,262)

-

81,121

10,617

(48,524)

$        231,602

$            3,506

$               88,131

$        218,151

$        541,390

Three Months Ended June 30, 2012

Operatingincome (loss)

Preopening andstart-upexpenses

Propertytransactions, net

Depreciationandamortization

AdjustedEBITDA

Bellagio

$          58,322

$                     -

$                     354

$          24,676

$          83,352

MGM Grand Las Vegas

8,072

-

803

20,157

29,032

Mandalay Bay

26,963

-

545

19,891

47,399

The Mirage

12,240

-

57

12,770

25,067

Luxor

8,406

-

185

8,754

17,345

New York-New York

18,002

-

243

5,417

23,662

Excalibur

14,769

-

3

4,353

19,125

Monte Carlo

10,930

-

553

4,925

16,408

Circus Circus Las Vegas

3,036

-

77

5,035

8,148

MGM Grand Detroit

32,431

-

884

10,022

43,337

Beau Rivage

11,727

-

8

7,666

19,401

Gold Strike Tunica

7,713

-

2

3,326

11,041

Other resort operations

1,184

-

6

651

1,841

  Wholly owned domestic resorts

213,795

-

3,720

127,643

345,158

MGM China

90,215

-

1,464

94,881

186,560

CityCenter (50%)

642

-

-

-

642

Other unconsolidated resorts

5,344

-

-

-

5,344

Management and other operations

6,855

-

-

3,249

10,104

316,851

-

5,184

225,773

547,808

Stock compensation

(8,769)

-

-

-

(8,769)

Corporate

(132,707)

-

85,283

9,870

(37,554)

$        175,375

$                     -

$               90,467

$        235,643

$        501,485

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)

Six Months Ended June 30, 2013

Operatingincome (loss)

Preopening andstart-upexpenses

Propertytransactions, net

Depreciationandamortization

AdjustedEBITDA

Bellagio

$        137,778

$                     -

$                     341

$          50,982

$        189,101

MGM Grand Las Vegas

70,372

-

770

40,498

111,640

Mandalay Bay

44,236

474

2,436

41,626

88,772

The Mirage

25,264

-

4,295

25,130

54,689

Luxor

12,872

112

2,927

17,951

33,862

New York-New York

35,695

-

530

10,847

47,072

Excalibur

27,544

-

13

7,323

34,880

Monte Carlo

25,041

58

2,952

9,318

37,369

Circus Circus Las Vegas

412

-

10

9,431

9,853

MGM Grand Detroit

67,080

-

-

11,235

78,315

Beau Rivage

15,159

-

(291)

15,471

30,339

Gold Strike Tunica

10,786

-

1,174

6,545

18,505

Other resort operations

1,113

-

(1)

1,131

2,243

  Wholly owned domestic resorts

473,352

644

15,156

247,488

736,640

MGM China

225,251

4,632

345

155,042

385,270

CityCenter (50%)

12,180

376

-

-

12,556

Other unconsolidated resorts

10,470

-

-

-

10,470

Management and other operations

18,894

-

-

5,927

24,821

740,147

5,652

15,501

408,457

1,169,757

Stock compensation

(13,189)

-

-

-

(13,189)

Corporate

(193,539)

-

81,121

21,612

(90,806)

$        533,419

$            5,652

$               96,622

$        430,069

$     1,065,762

Six Months Ended June 30, 2012

Operatingincome (loss)

Preopening andstart-upexpenses

Propertytransactions, net

Depreciationandamortization

AdjustedEBITDA

Bellagio

$        105,420

$                     -

$                     354

$          48,022

$        153,796

MGM Grand Las Vegas

26,421

-

1,130

38,806

66,357

Mandalay Bay

45,566

-

545

40,102

86,213

The Mirage

26,742

-

70

25,674

52,486

Luxor

17,615

-

185

17,909

35,709

New York-New York

36,699

-

243

11,033

47,975

Excalibur

24,391

-

3

8,910

33,304

Monte Carlo

20,903

-

558

9,943

31,404

Circus Circus Las Vegas

3,538

-

77

9,674

13,289

MGM Grand Detroit

64,769

-

884

19,923

85,576

Beau Rivage

21,123

-

8

15,320

36,451

Gold Strike Tunica

15,933

-

2

6,686

22,621

Other resort operations

(218)

-

(14)

1,181

949

  Wholly owned domestic resorts

408,902

-

4,045

253,183

666,130

MGM China

158,342

-

1,464

191,275

351,081

CityCenter (50%)

(17,931)

-

-

-

(17,931)

Other unconsolidated resorts

10,608

-

-

-

10,608

Management and other operations

7,266

-

-

7,537

14,803

567,187

-

5,509

451,995

1,024,691

Stock compensation

(18,101)

-

-

-

(18,101)

Corporate

(181,105)

-

85,875

20,457

(74,773)

$        367,981

$                     -

$               91,384

$        472,452

$        931,817

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2013

2012

2013

2012

Adjusted EBITDA

$        541,390

$        501,485

$     1,065,762

$        931,817

  Preopening and start-up expenses

(3,506)

-

(5,652)

-

  Property transactions, net

(88,131)

(90,467)

(96,622)

(91,384)

  Depreciation and amortization

(218,151)

(235,643)

(430,069)

(472,452)

Operating income

231,602

175,375

533,419

367,981

Non-operating income (expense):

  Interest expense, net of amounts capitalized

(214,500)

(276,323)

(439,947)

(560,665)

  Other, net

(43,815)

(20,790)

(67,176)

(105,232)

(258,315)

(297,113)

(507,123)

(665,897)

Income (loss) before income taxes

(26,713)

(121,738)

26,296

(297,916)

  Benefit (provision) for income taxes

(3,865)

51,304

(34,296)

24,175

Net loss

(30,578)

(70,434)

(8,000)

(273,741)

  Less: Net income attributable to noncontrolling interests

(62,380)

(75,018)

(78,412)

(88,964)

Net loss attributable to MGM Resorts International

$         (92,958)

$      (145,452)

$         (86,412)

$      (362,705)

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2013

2012

2013

2012

Bellagio

   Occupancy %

95.9%

96.9%

94.3%

95.0%

   Average daily rate (ADR)

$247

$237

$244

$234

   Revenue per available room (REVPAR)

$237

$230

$230

$223

MGM Grand Las Vegas

   Occupancy %

96.4%

96.3%

94.7%

94.9%

   ADR

$143

$141

$144

$141

   REVPAR

$138

$136

$137

$134

Mandalay Bay 

   Occupancy %

94.2%

95.4%

91.5%

92.7%

   ADR

$192

$183

$187

$184

   REVPAR

$181

$174

$171

$171

The Mirage

   Occupancy %

96.3%

98.4%

95.7%

95.6%

   ADR

$152

$151

$151

$153

   REVPAR

$147

$149

$144

$146

Luxor 

   Occupancy %

95.2%

93.3%

92.9%

92.0%

   ADR

$90

$91

$88

$90

   REVPAR

$86

$85

$82

$83

New York-New York

   Occupancy %

98.3%

97.1%

97.8%

96.0%

   ADR

$115

$112

$113

$111

   REVPAR

$113

$109

$111

$106

Excalibur 

   Occupancy %

95.5%

94.0%

90.6%

90.7%

   ADR

$74

$72

$73

$72

   REVPAR

$71

$68

$66

$65

Monte Carlo 

   Occupancy %

98.0%

97.5%

96.9%

95.6%

   ADR

$107

$106

$105

$104

   REVPAR

$105

$104

$102

$99

Circus Circus Las Vegas

   Occupancy %

85.5%

83.2%

79.5%

79.6%

   ADR

$55

$56

$55

$55

   REVPAR

$47

$47

$43

$44

 

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2013

2012

2013

2012

Aria

$  226,102

$ 233,634

$  484,612

$  421,466

Vdara

24,355

23,114

46,414

44,563

Crystals

15,494

13,133

29,451

25,460

Mandarin Oriental

13,774

12,022

27,494

24,723

 Resort operations

279,725

281,903

587,971

516,212

Residential operations

53,449

8,242

60,345

12,850

$  333,174

$ 290,145

$  648,316

$  529,062

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2013

2012

2013

2012

Adjusted EBITDA

$    72,666

$   65,195

$  159,653

$    93,790

  Preopening and start-up expenses

-

-

(752)

-

  Property transactions, net

(10,113)

(70)

(10,113)

(2,079)

  Depreciation and amortization

(86,327)

(88,109)

(172,730)

(176,152)

Operating loss

(23,774)

(22,984)

(23,942)

(84,441)

Non-operating income (expense):

  Interest expense - sponsor notes

(25,935)

(22,298)

(50,883)

(43,851)

  Interest expense - other

(42,984)

(42,926)

(86,454)

(88,968)

  Other, net

(33,073)

1,143

(32,330)

(6,640)

(101,992)

(64,081)

(169,667)

(139,459)

Net loss

$ (125,766)

$ (87,065)

$ (193,609)

$ (223,900)

 

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended June 30, 2013

Operatingincome (loss)

Preopeningand start-upexpenses

Propertytransactions,net

Depreciationandamortization

AdjustedEBITDA

Aria

$         (14,713)

$                     -

$               278

$          64,018

$          49,583

Vdara

(3,894)

-

-

10,394

6,500

Crystals

3,156

-

-

6,876

10,032

Mandarin Oriental

(3,601)

-

-

4,676

1,075

 Resort operations

(19,052)

-

278

85,964

67,190

Residential operations

(410)

-

9,835

355

9,780

Development and administration

(4,312)

-

-

8

(4,304)

$         (23,774)

$                     -

$          10,113

$          86,327

$          72,666

Three Months Ended June 30, 2012

Operatingincome (loss)

Preopeningand start-upexpenses

Propertytransactions,net

Depreciationandamortization

AdjustedEBITDA

Aria

$         (10,004)

$                     -

$                  (9)

$          65,935

$          55,922

Vdara

(3,667)

-

-

10,308

6,641

Crystals

1,961

-

-

6,305

8,266

Mandarin Oriental

(4,245)

-

-

4,524

279

 Resort operations

(15,955)

-

(9)

87,072

71,108

Residential operations

(299)

-

-

984

685

Development and administration

(6,730)

-

79

53

(6,598)

$         (22,984)

$                     -

$                  70

$          88,109

$          65,195

 

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Six Months Ended June 30, 2013

Operatingincome (loss)

Preopeningand start-upexpenses

Propertytransactions,net

Depreciationandamortization

AdjustedEBITDA

Aria

$           (1,614)

$               694

$               278

$        127,788

$        127,146

Vdara

(9,190)

-

-

21,209

12,019

Crystals

5,159

58

-

13,320

18,537

Mandarin Oriental

(7,346)

-

-

9,686

2,340

 Resort operations

(12,991)

752

278

172,003

160,042

Residential operations

(1,454)

-

9,835

711

9,092

Development and administration

(9,497)

-

-

16

(9,481)

$         (23,942)

$               752

$          10,113

$        172,730

$        159,653

Six Months Ended June 30, 2012

Operatingincome (loss)

Preopeningand start-upexpenses

Propertytransactions,net

Depreciationandamortization

AdjustedEBITDA

Aria

$         (59,185)

$                     -

$            1,986

$        131,650

$          74,451

Vdara

(8,609)

-

-

20,686

12,077

Crystals

2,661

-

-

12,711

15,372

Mandarin Oriental

(7,790)

-

-

9,039

1,249

 Resort operations

(72,923)

-

1,986

174,086

103,149

Residential operations

(1,764)

-

-

1,952

188

Development and administration

(9,754)

-

93

114

(9,547)

$         (84,441)

$                     -

$            2,079

$        176,152

$          93,790

 

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2013

2012

2013

2012

Aria

   Occupancy %

91.7%

92.7%

90.3%

89.6%

   ADR

$212

$201

$210

$203

   REVPAR

$194

$187

$190

$182

Vdara

   Occupancy %

91.4%

89.0%

88.6%

85.0%

   ADR

$165

$161

$162

$162

   REVPAR

$150

$143

$144

$137

 

SOURCE MGM Resorts International

For further information: Investment Community, DANIEL D'ARRIGO, Executive Vice President, CFO & Treasurer, (702) 693-8895; or News Media, CLARK DUMONT, Senior Vice President of Corporate Communications, (702) 891-1836, cdumont@mgmresorts.com

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