UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 3, 2012
MGM Resorts International
(Exact name of registrant as specified in its charter)
Delaware |
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001-10362 |
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88-0215232 |
(State or other jurisdiction |
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(Commission |
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(I.R.S. Employer |
of incorporation) |
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File Number) |
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Identification No.) |
3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109
(Address of principal executive offices Zip Code)
(702) 693-7120
(Registrants telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
This current report on Form 8-K is being furnished to disclose the press release issued by the Registrant on May 3, 2012. The purpose of the press release, furnished as Exhibit 99, was to announce the Registrants results of operations for the first quarter of 2012. The information in this Form 8-K and Exhibit 99 attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits:
99 Press release of the Registrant, May 3, 2012, announcing financial results for the quarter ended March 31, 2012.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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MGM Resorts International | |
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Date: May 3, 2012 |
By: |
/s/ Robert C. Selwood | |
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Robert C. Selwood, | |
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Executive Vice President Chief Accounting Officer | |
Exhibit 99
MGM RESORTS INTERNATIONAL REPORTS FIRST QUARTER RESULTS
Las Vegas, Nevada, May 3, 2012 MGM Resorts International (NYSE: MGM) today reported its first quarter 2012 results. The current year quarter included the results of MGM China Holdings, Limited (MGM China) on a consolidated basis. Key results for the first quarter of 2012 include the following:
· Consolidated net revenue increased 51% to $2.3 billion; excluding MGM China, net revenue increased 5% compared to the prior year quarter;
· Consolidated operating income was $193 million compared to $170 million in the first quarter of 2011;
· Net loss per share attributable to MGM Resorts was $0.44 compared to a loss of $0.18 per share in the prior year first quarter affected by certain items as discussed further below;
· Rooms revenue for the Companys wholly owned domestic resorts increased 3% compared to the prior year quarter with a 4% increase in REVPAR(1) at the Companys Las Vegas Strip resorts;
· The Companys wholly owned domestic resorts earned Adjusted Property EBITDA(2) of $321 million, a 7% increase compared to the prior year quarter and was affected by a lower than normal table games hold percentage in both periods;
· MGM China reported Adjusted Property EBITDA of $165 million, which included $12 million of branding fee expense; excluding branding fees, Adjusted Property EBITDA increased 21% over the prior year quarter; and
· CityCenters Adjusted Property EBITDA for resort operations was $32 million and was negatively affected by a significantly lower than normal current quarter table games hold percentage.
We continue to see growth across our domestic business fundamentals with revenues, casino volumes, REVPAR and Adjusted EBITDA all increasing year over year, while MGM China continues to report strong results, said Jim Murren, MGM Resorts International Chairman and CEO. Our forward booking pace remains strong, M life is further enhancing its capabilities, we continue to focus on online and social media initiatives, and are finalizing our build out for MGM Macau and our future Cotai plans.
Certain Items Affecting First Quarter Results
In addition to the consolidation of MGM China, the following table lists items which affect the comparability of the current and prior year quarterly results (approximate impact on loss per share attributable to MGM Resorts, net of tax; negative amounts represent charges to income):
Three months ended March 31, |
|
2012 |
|
2011 |
| ||
Non-operating items from unconsolidated affiliates: |
|
|
|
|
| ||
CityCenter loss on retirement of long-term debt |
|
$ |
(0.01 |
) |
$ |
(0.02 |
) |
Loss on retirement of long-term debt |
|
(0.08 |
) |
|
| ||
Income tax provision: |
|
|
|
|
| ||
MGM China shareholder dividend tax |
|
(0.05 |
) |
|
| ||
Valuation allowance |
|
(0.21 |
) |
|
| ||
The Company recorded a provision for income taxes of $27 million in the current year quarter compared to a benefit of $55 million in the prior year quarter. The current quarter provision was affected by a valuation allowance for a portion of U.S. deferred tax assets and a tax provision of $44 million related to a tax on the MGM China dividend. The MGM China dividend tax will be due if an anticipated annual fee arrangement with the Macanese government, similar to those in place with other operators in the market, is not in place prior to June 30, 2013.
The Company recognized a loss on retirement of debt of $59 million in the current year first quarter related to the amendment and restatement of the Companys senior credit facility and the repayment of non-extending term loans as discussed further below.
Wholly Owned Domestic Resorts
Casino revenue related to wholly owned domestic resorts increased 9% compared to the prior year quarter. Total table games volume increased 5% compared to the prior year period. The overall table games hold percentage in the first quarter of 2012 was 18.7% compared to 17.7% for the first quarter of 2011, in each case below the low end of the Companys normal range of 19% to 23%. Slots revenue increased 7% compared to the prior year quarter.
Rooms revenue increased 3% with Las Vegas Strip REVPAR up 4%. The following table shows key hotel statistics for the Companys Las Vegas Strip resorts:
Three months ended March 31, |
|
2012 |
|
2011 |
| ||
Occupancy % |
|
90 |
% |
87 |
% | ||
Average Daily Rate (ADR) |
|
$ |
131 |
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$ |
130 |
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Revenue per Available Room (REVPAR) |
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$ |
117 |
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$ |
112 |
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Operating income for the Companys wholly owned domestic resorts for the first quarter of 2012 was $195 million, a 20% increase compared to the first quarter of 2011. Adjusted Property EBITDA for wholly owned domestic resorts increased 7% to $321 million for the first quarter of 2012.
MGM China
The following are the key first quarter results for MGM China:
· MGM China earned net revenue of $702 million, an 18% increase over the prior year quarter. The increase was driven by year-over-year increases in volume measures for VIP table games, main floor table games, and slots of 6%, 13% and 27%, respectively. VIP table games hold percentage was 3.2% in the current year quarter and 2.9% in the prior year quarter; and
· MGM Chinas operating income was $68 million and Adjusted Property EBITDA was $165 million, which included $12 million of branding fee expense. Excluding branding fees, Adjusted Property EBITDA increased 21% over MGM Macaus prior year first quarter results.
MGM China completed its initial public offering of shares on The Stock Exchange of Hong Kong Limited on June 3, 2011 and the Company acquired an additional 1% interest in MGM China, which owns the MGM Macau resort and casino. This acquisition increased the Companys ownership interest to 51% and, as a result, the Company began consolidating MGM China as of June 3, 2011. Prior to June 3, 2011, the results of MGM Macau were accounted for under the equity method of accounting.
Income (Loss) from Unconsolidated Affiliates
The following table summarizes information related to the Companys share of operating income (loss) from unconsolidated affiliates:
Three months ended March 31, |
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2012 |
|
2011 |
| ||
|
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(In thousands) |
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CityCenter |
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$ |
(18,573 |
) |
$ |
(5,823 |
) |
MGM Macau |
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61,680 |
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Other |
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5,264 |
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7,486 |
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|
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$ |
(13,309 |
) |
$ |
63,343 |
|
Results for CityCenter Holdings, LLC for the first quarter of 2012 include the following (see schedules accompanying this release for further detail on CityCenters first quarter results):
· Net revenue from resort operations decreased to $234 million compared to $263 million in the prior year quarter;
· Adjusted Property EBITDA from resort operations was $32 million compared to $64 million in the prior year quarter;
· Arias table games hold percentage was significantly below the low end of its normal range in the current year quarter and above the high end in the prior year quarter. Table games hold percentage for the first quarter of 2012 was 16.0% compared to 27.4% for the prior year quarter. The effect of the change in hold percentage compared to the prior year quarter to net revenue and Adjusted Property EBITDA was approximately $33 million and $26 million, respectively; and
· Arias occupancy percentage was 86% and its ADR was $205, resulting in REVPAR of $177, a 3% increase compared to the prior year first quarter.
Financial Position
The Companys cash balance at March 31, 2012 was $1.6 billion, which included approximately $575 million of cash and cash equivalents related to MGM China. MGM China paid a $400 million dividend in March 2012, of which approximately $204 million remained within the consolidated Company and approximately $196 million was distributed to noncontrolling interests.
At March 31, 2012, the Company had approximately $13.4 billion of indebtedness, including $1.3 billion of borrowings outstanding under its senior credit facility and $552 million related to the MGM China credit facility.
During the first quarter of 2012 the Company completed the following financing transactions:
· In January, issued $850 million of 8.625% senior notes due 2019, for net proceeds to the Company of approximately $836 million;
· In February, amended and restated its senior credit facility such that loans and revolving commitments aggregating approximately $1.8 billion were extended to February 2015; and
· In March, the Company issued $1.0 billion of 7.75% senior notes due 2022, for net proceeds to the Company of approximately $986 million. A portion of the proceeds from the issuance were used to repay the remaining non-extending term loans under the senior credit facility.
At March 31, 2012, the Companys senior credit facility consisted of approximately $820 million in term loans and a $1.3 billion revolver (approximately $360 million of which has not been extended and matures in February 2014) and had approximately $855 million of available borrowing capacity. Interest on the extending loans is subject to a LIBOR floor of 1% and a pricing grid based upon collateral coverage levels. The interest rate on extending loans was 6% at March 31, 2012 and has subsequently reduced to 5%. Interest on non-extending revolving loans remains at 7%.
The positive trends we experienced throughout 2011 continued into the first quarter. However, our financial results were negatively impacted by our table games hold percentage. Had we held at the midpoint of our normal range at our wholly owned resorts and at Aria our total Adjusted Property EBITDA would have increased by approximately $32 million, said Dan DArrigo, MGM Resorts International Executive Vice President, CFO and Treasurer. In addition, we continue to take steps to improve our financial profile. During the first quarter we issued $1.85 billion in long term senior notes and successfully completed an amendment and extension of our senior credit facility, both at progressively lower rates.
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 71146564. A replay of the call will be available through Thursday, May 10, 2012. The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The replay access code is 71146564. 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, 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 Property 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 Companys 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, pre-opening 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 Companys 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 Companys 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 worlds 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, 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 Companys 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 Associations 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 Companys commitment to sustainable development and operations. For more information about MGM Resorts International, visit the Companys website at www.mgmresorts.com.
Statements in this release that are not historical facts are forward-looking statements involving risks and/or uncertainties, including those described in the companys public filings with the Securities and Exchange Commission. We have based forward-looking statements on managements current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding future operating results. 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, 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.
MGM RESORTS CONTACTS: | ||
Investment Community |
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News Media |
DANIEL DARRIGO |
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ALAN M. FELDMAN |
Executive Vice President, CFO & Treasurer |
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Senior Vice President of Public Affairs |
(702) 693-8895 |
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(702) 891-1840 or afeldman@mgmresorts.com |
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
|
|
Three Months Ended |
| ||||
|
|
March 31, |
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March 31, |
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|
|
2012 |
|
2011 |
| ||
Revenues: |
|
|
|
|
| ||
Casino |
|
$ |
1,335,034 |
|
$ |
590,220 |
|
Rooms |
|
393,620 |
|
368,337 |
| ||
Food and beverage |
|
372,953 |
|
336,824 |
| ||
Entertainment |
|
120,400 |
|
119,593 |
| ||
Retail |
|
46,624 |
|
46,150 |
| ||
Other |
|
113,123 |
|
114,223 |
| ||
Reimbursed costs |
|
90,539 |
|
86,288 |
| ||
|
|
2,472,293 |
|
1,661,635 |
| ||
Less: Promotional allowances |
|
(184,703 |
) |
(148,784 |
) | ||
|
|
2,287,590 |
|
1,512,851 |
| ||
Expenses: |
|
|
|
|
| ||
Casino |
|
867,474 |
|
350,765 |
| ||
Rooms |
|
126,155 |
|
116,986 |
| ||
Food and beverage |
|
211,639 |
|
198,248 |
| ||
Entertainment |
|
88,788 |
|
88,211 |
| ||
Retail |
|
27,583 |
|
29,159 |
| ||
Other |
|
86,222 |
|
78,297 |
| ||
Reimbursed costs |
|
90,539 |
|
86,288 |
| ||
General and administrative |
|
303,289 |
|
269,562 |
| ||
Corporate expense |
|
42,260 |
|
36,485 |
| ||
Property transactions, net |
|
917 |
|
91 |
| ||
Depreciation and amortization |
|
236,809 |
|
152,397 |
| ||
|
|
2,081,675 |
|
1,406,489 |
| ||
|
|
|
|
|
| ||
Income (loss) from unconsolidated affiliates |
|
(13,309 |
) |
63,343 |
| ||
|
|
|
|
|
| ||
Operating income |
|
192,606 |
|
169,705 |
| ||
|
|
|
|
|
| ||
Non-operating income (expense): |
|
|
|
|
| ||
Interest expense |
|
(284,342 |
) |
(269,914 |
) | ||
Non-operating items from unconsolidated affiliates |
|
(26,866 |
) |
(40,290 |
) | ||
Other, net |
|
(57,576 |
) |
(3,955 |
) | ||
|
|
(368,784 |
) |
(314,159 |
) | ||
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|
|
|
|
| ||
Loss before income taxes |
|
(176,178 |
) |
(144,454 |
) | ||
Benefit (provision) for income taxes |
|
(27,129 |
) |
54,583 |
| ||
|
|
|
|
|
| ||
Net loss |
|
(203,307 |
) |
(89,871 |
) | ||
Less: net income attributable to noncontrolling interests |
|
(13,946 |
) |
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Net loss attributable to MGM Resorts International |
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$ |
(217,253 |
) |
$ |
(89,871 |
) |
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|
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Per share of common stock: |
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|
|
|
| ||
Basic: |
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|
|
|
| ||
Net loss attributable to MGM Resorts International |
|
$ |
(0.44 |
) |
$ |
(0.18 |
) |
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|
|
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|
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Weighted average shares outstanding |
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488,861 |
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488,539 |
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|
|
|
|
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Diluted: |
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|
|
|
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Net loss attributable to MGM Resorts International |
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$ |
(0.44 |
) |
$ |
(0.18 |
) |
|
|
|
|
|
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Weighted average shares outstanding |
|
488,861 |
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488,539 |
|
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
|
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March 31, |
|
December 31, |
| ||
|
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2012 |
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2011 |
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|
|
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|
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ASSETS |
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Current assets: |
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|
|
|
| ||
Cash and cash equivalents |
|
$ |
1,634,892 |
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$ |
1,865,913 |
|
Accounts receivable, net |
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477,484 |
|
491,730 |
| ||
Inventories |
|
110,674 |
|
112,735 |
| ||
Deferred income taxes |
|
99,935 |
|
91,060 |
| ||
Prepaid expenses and other |
|
270,692 |
|
251,282 |
| ||
Total current assets |
|
2,593,677 |
|
2,812,720 |
| ||
|
|
|
|
|
| ||
Property and equipment, net |
|
14,786,820 |
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14,866,644 |
| ||
|
|
|
|
|
| ||
Other assets: |
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|
|
|
| ||
Investments in and advances to unconsolidated affiliates |
|
1,589,915 |
|
1,635,572 |
| ||
Goodwill |
|
2,897,049 |
|
2,896,609 |
| ||
Other intangible assets, net |
|
4,965,587 |
|
5,048,117 |
| ||
Other long-term assets, net |
|
557,980 |
|
506,614 |
| ||
Total other assets |
|
10,010,531 |
|
10,086,912 |
| ||
|
|
$ |
27,391,028 |
|
$ |
27,766,276 |
|
|
|
|
|
|
| ||
LIABILITIES AND STOCKHOLDERS EQUITY |
| ||||||
|
|
|
|
|
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Current liabilities: |
|
|
|
|
| ||
Accounts payable |
|
$ |
163,626 |
|
$ |
170,994 |
|
Income taxes payable |
|
62,179 |
|
7,611 |
| ||
Accrued interest on long-term debt |
|
253,075 |
|
203,422 |
| ||
Other accrued liabilities |
|
1,413,507 |
|
1,362,737 |
| ||
Total current liabilities |
|
1,892,387 |
|
1,744,764 |
| ||
|
|
|
|
|
| ||
Deferred income taxes |
|
2,471,425 |
|
2,502,096 |
| ||
Long-term debt |
|
13,359,953 |
|
13,470,167 |
| ||
Other long-term obligations |
|
176,028 |
|
167,027 |
| ||
Stockholders equity: |
|
|
|
|
| ||
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 488,917,278 and 488,834,773 shares |
|
4,889 |
|
4,888 |
| ||
Capital in excess of par value |
|
4,102,545 |
|
4,094,323 |
| ||
Retained earnings |
|
1,764,136 |
|
1,981,389 |
| ||
Accumulated other comprehensive income |
|
6,837 |
|
5,978 |
| ||
Total MGM Resorts International stockholders equity |
|
5,878,407 |
|
6,086,578 |
| ||
Noncontrolling interests |
|
3,612,828 |
|
3,795,644 |
| ||
Total stockholders equity |
|
9,491,235 |
|
9,882,222 |
| ||
|
|
$ |
27,391,028 |
|
$ |
27,766,276 |
|
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
|
|
Three Months Ended |
| ||||
|
|
March 31, |
|
March 31, |
| ||
|
|
2012 |
|
2011 |
| ||
Bellagio |
|
$ |
284,347 |
|
$ |
251,950 |
|
MGM Grand Las Vegas |
|
232,480 |
|
225,130 |
| ||
Mandalay Bay |
|
179,926 |
|
179,334 |
| ||
The Mirage |
|
148,229 |
|
148,498 |
| ||
Luxor |
|
81,926 |
|
79,775 |
| ||
New York-New York |
|
70,624 |
|
64,977 |
| ||
Excalibur |
|
62,724 |
|
61,032 |
| ||
Monte Carlo |
|
64,907 |
|
62,586 |
| ||
Circus Circus Las Vegas |
|
47,684 |
|
42,694 |
| ||
MGM Grand Detroit |
|
150,587 |
|
143,911 |
| ||
Beau Rivage |
|
86,651 |
|
81,120 |
| ||
Gold Strike Tunica |
|
40,100 |
|
37,098 |
| ||
Other resort operations |
|
29,413 |
|
28,325 |
| ||
Wholly owned domestic resorts |
|
1,479,598 |
|
1,406,430 |
| ||
MGM China |
|
702,090 |
|
|
| ||
Management and other operations |
|
105,902 |
|
106,421 |
| ||
|
|
$ |
2,287,590 |
|
$ |
1,512,851 |
|
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA
(In thousands)
(Unaudited)
|
|
Three Months Ended |
| ||||
|
|
March 31, |
|
March 31, |
| ||
|
|
2012 |
|
2011 |
| ||
Bellagio |
|
$ |
70,444 |
|
$ |
53,901 |
|
MGM Grand Las Vegas |
|
37,325 |
|
36,868 |
| ||
Mandalay Bay |
|
38,814 |
|
36,444 |
| ||
The Mirage |
|
27,419 |
|
32,399 |
| ||
Luxor |
|
18,364 |
|
20,114 |
| ||
New York-New York |
|
24,313 |
|
21,128 |
| ||
Excalibur |
|
14,179 |
|
16,142 |
| ||
Monte Carlo |
|
14,996 |
|
13,760 |
| ||
Circus Circus Las Vegas |
|
5,141 |
|
4,573 |
| ||
MGM Grand Detroit |
|
42,239 |
|
43,533 |
| ||
Beau Rivage |
|
17,050 |
|
13,136 |
| ||
Gold Strike Tunica |
|
11,580 |
|
9,448 |
| ||
Other resort operations |
|
(892 |
) |
(1,484 |
) | ||
Wholly owned domestic resorts |
|
320,972 |
|
299,962 |
| ||
MGM China |
|
164,521 |
|
|
| ||
MGM Macau (50%)(1) |
|
|
|
61,680 |
| ||
CityCenter (50%)(1) |
|
(18,573 |
) |
(5,823 |
) | ||
Other unconsolidated resorts(1) |
|
5,264 |
|
7,486 |
| ||
Management and other operations |
|
4,699 |
|
609 |
| ||
|
|
$ |
476,883 |
|
$ |
363,914 |
|
(1) Represents the Companys 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, 2012
|
|
Operating |
|
Preopening |
|
Property |
|
Depreciation |
|
Adjusted |
| |||||
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 |
|
Three Months Ended March 31, 2011
|
|
Operating |
|
Preopening |
|
Property |
|
Depreciation |
|
Adjusted |
| |||||
Bellagio |
|
$ |
28,814 |
|
$ |
|
|
$ |
|
|
$ |
25,087 |
|
$ |
53,901 |
|
MGM Grand Las Vegas |
|
17,568 |
|
|
|
|
|
19,300 |
|
36,868 |
| |||||
Mandalay Bay |
|
14,242 |
|
|
|
|
|
22,202 |
|
36,444 |
| |||||
The Mirage |
|
18,020 |
|
|
|
28 |
|
14,351 |
|
32,399 |
| |||||
Luxor |
|
10,475 |
|
|
|
|
|
9,639 |
|
20,114 |
| |||||
New York-New York |
|
15,283 |
|
|
|
(85 |
) |
5,930 |
|
21,128 |
| |||||
Excalibur |
|
10,948 |
|
|
|
|
|
5,194 |
|
16,142 |
| |||||
Monte Carlo |
|
7,965 |
|
|
|
|
|
5,795 |
|
13,760 |
| |||||
Circus Circus Las Vegas |
|
(144 |
) |
|
|
|
|
4,717 |
|
4,573 |
| |||||
MGM Grand Detroit |
|
33,690 |
|
|
|
103 |
|
9,740 |
|
43,533 |
| |||||
Beau Rivage |
|
1,933 |
|
|
|
39 |
|
11,164 |
|
13,136 |
| |||||
Gold Strike Tunica |
|
6,008 |
|
|
|
|
|
3,440 |
|
9,448 |
| |||||
Other resort operations |
|
(2,732 |
) |
|
|
(7 |
) |
1,255 |
|
(1,484 |
) | |||||
Wholly owned domestic resorts |
|
162,070 |
|
|
|
78 |
|
137,814 |
|
299,962 |
| |||||
MGM Macau (50%) |
|
61,680 |
|
|
|
|
|
|
|
61,680 |
| |||||
CityCenter (50%) |
|
(5,823 |
) |
|
|
|
|
|
|
(5,823 |
) | |||||
Other unconsolidated resorts |
|
7,486 |
|
|
|
|
|
|
|
7,486 |
| |||||
Management and other operations |
|
(2,993 |
) |
|
|
|
|
3,602 |
|
609 |
| |||||
|
|
222,420 |
|
|
|
78 |
|
141,416 |
|
363,914 |
| |||||
Stock compensation |
|
(9,210 |
) |
|
|
|
|
|
|
(9,210 |
) | |||||
Corporate |
|
(43,505 |
) |
|
|
13 |
|
10,981 |
|
(32,511 |
) | |||||
|
|
$ |
169,705 |
|
$ |
|
|
$ |
91 |
|
$ |
152,397 |
|
$ |
322,193 |
|
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS
(In thousands)
(Unaudited)
|
|
Three Months Ended |
| ||||
|
|
March 31, |
|
March 31, |
| ||
|
|
2012 |
|
2011 |
| ||
Adjusted EBITDA |
|
$ |
430,332 |
|
$ |
322,193 |
|
Property transactions, net |
|
(917 |
) |
(91 |
) | ||
Depreciation and amortization |
|
(236,809 |
) |
(152,397 |
) | ||
Operating income |
|
192,606 |
|
169,705 |
| ||
|
|
|
|
|
| ||
Non-operating income (expense): |
|
|
|
|
| ||
Interest expense |
|
(284,342 |
) |
(269,914 |
) | ||
Other, net |
|
(84,442 |
) |
(44,245 |
) | ||
|
|
(368,784 |
) |
(314,159 |
) | ||
|
|
|
|
|
| ||
Loss before income taxes |
|
(176,178 |
) |
(144,454 |
) | ||
Benefit (provision) for income taxes |
|
(27,129 |
) |
54,583 |
| ||
Net loss |
|
(203,307 |
) |
(89,871 |
) | ||
Less: net income attributable to noncontrolling interests |
|
(13,946 |
) |
|
| ||
Net loss attributable to MGM Resorts International |
|
$ |
(217,253 |
) |
$ |
(89,871 |
) |
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP
(Unaudited)
|
|
Three Months Ended |
| ||||
|
|
March 31, |
|
March 31, |
| ||
|
|
2012 |
|
2011 |
| ||
Bellagio |
|
|
|
|
| ||
Occupancy % |
|
93.0 |
% |
90.8 |
% | ||
Average daily rate (ADR) |
|
$ |
231 |
|
$ |
225 |
|
Revenue per available room (REVPAR) |
|
$ |
215 |
|
$ |
205 |
|
|
|
|
|
|
| ||
MGM Grand Las Vegas |
|
|
|
|
| ||
Occupancy % |
|
93.5 |
% |
90.6 |
% | ||
ADR |
|
$ |
140 |
|
$ |
136 |
|
REVPAR |
|
$ |
131 |
|
$ |
123 |
|
|
|
|
|
|
| ||
Mandalay Bay |
|
|
|
|
| ||
Occupancy % |
|
90.0 |
% |
89.4 |
% | ||
ADR |
|
$ |
185 |
|
$ |
175 |
|
REVPAR |
|
$ |
167 |
|
$ |
157 |
|
|
|
|
|
|
| ||
The Mirage |
|
|
|
|
| ||
Occupancy % |
|
92.7 |
% |
93.1 |
% | ||
ADR |
|
$ |
155 |
|
$ |
149 |
|
REVPAR |
|
$ |
143 |
|
$ |
138 |
|
|
|
|
|
|
| ||
Luxor |
|
|
|
|
| ||
Occupancy % |
|
90.8 |
% |
87.1 |
% | ||
ADR |
|
$ |
89 |
|
$ |
93 |
|
REVPAR |
|
$ |
81 |
|
$ |
81 |
|
|
|
|
|
|
| ||
New York-New York |
|
|
|
|
| ||
Occupancy % |
|
94.9 |
% |
92.0 |
% | ||
ADR |
|
$ |
110 |
|
$ |
109 |
|
REVPAR |
|
$ |
104 |
|
$ |
100 |
|
|
|
|
|
|
| ||
Excalibur |
|
|
|
|
| ||
Occupancy % |
|
87.5 |
% |
84.5 |
% | ||
ADR |
|
$ |
72 |
|
$ |
74 |
|
REVPAR |
|
$ |
63 |
|
$ |
63 |
|
|
|
|
|
|
| ||
Monte Carlo |
|
|
|
|
| ||
Occupancy % |
|
93.7 |
% |
91.9 |
% | ||
ADR |
|
$ |
102 |
|
$ |
98 |
|
REVPAR |
|
$ |
95 |
|
$ |
90 |
|
|
|
|
|
|
| ||
Circus Circus Las Vegas |
|
|
|
|
| ||
Occupancy % |
|
76.0 |
% |
62.7 |
% | ||
ADR |
|
$ |
54 |
|
$ |
58 |
|
REVPAR |
|
$ |
41 |
|
$ |
36 |
|
CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
|
|
Three Months Ended |
| ||||
|
|
March 31, |
|
March 31, |
| ||
|
|
2012 |
|
2011 |
| ||
|
|
|
|
|
| ||
Aria |
|
$ |
187,832 |
|
$ |
225,460 |
|
Vdara |
|
21,449 |
|
15,406 |
| ||
Crystals |
|
12,327 |
|
11,713 |
| ||
Mandarin Oriental |
|
12,701 |
|
10,321 |
| ||
Resort operations |
|
234,309 |
|
262,900 |
| ||
Residential operations |
|
4,608 |
|
8,721 |
| ||
|
|
$ |
238,917 |
|
$ |
271,621 |
|
CITYCENTER HOLDINGS, LLC
RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS
(In thousands)
(Unaudited)
|
|
Three Months Ended |
| ||||
|
|
March 31, |
|
March 31, |
| ||
|
|
2012 |
|
2011 |
| ||
|
|
|
|
|
| ||
Adjusted EBITDA |
|
$ |
28,595 |
|
$ |
54,882 |
|
Property transactions, net |
|
(2,009 |
) |
(18 |
) | ||
Depreciation and amortization |
|
(88,043 |
) |
(91,756 |
) | ||
Operating loss |
|
(61,457 |
) |
(36,892 |
) | ||
|
|
|
|
|
| ||
Non-operating income (expense): |
|
|
|
|
| ||
Interest expense - sponsor notes |
|
(21,553 |
) |
(18,436 |
) | ||
Interest expense - other |
|
(46,042 |
) |
(47,057 |
) | ||
Other, net |
|
(7,783 |
) |
(22,642 |
) | ||
|
|
(75,378 |
) |
(88,135 |
) | ||
Net loss |
|
$ |
(136,835 |
) |
$ |
(125,027 |
) |
CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - HOTEL STATISTICS
(Unaudited)
|
|
Three Months Ended |
| ||||
|
|
March 31, |
|
March 31, |
| ||
|
|
2012 |
|
2011 |
| ||
Aria |
|
|
|
|
| ||
Occupancy % |
|
86.4 |
% |
85.7 |
% | ||
ADR |
|
$ |
205 |
|
$ |
201 |
|
REVPAR |
|
$ |
177 |
|
$ |
172 |
|
|
|
|
|
|
| ||
Vdara |
|
|
|
|
| ||
Occupancy % |
|
81.0 |
% |
83.2 |
% | ||
ADR |
|
$ |
163 |
|
$ |
159 |
|
REVPAR |
|
$ |
132 |
|
$ |
132 |
|
CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended March 31, 2012
|
|
Operating |
|
Preopening |
|
Property |
|
Depreciation |
|
Adjusted |
| |||||
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 |
|
Three Months Ended March 31, 2011
|
|
Operating |
|
Preopening |
|
Property |
|
Depreciation |
|
Adjusted |
| |||||
Aria |
|
$ |
(12,818 |
) |
$ |
|
|
$ |
|
|
$ |
67,827 |
|
$ |
55,009 |
|
Vdara |
|
(7,245 |
) |
|
|
|
|
10,463 |
|
3,218 |
| |||||
Crystals |
|
(2,287 |
) |
|
|
|
|
7,918 |
|
5,631 |
| |||||
Mandarin Oriental |
|
(4,453 |
) |
|
|
|
|
4,968 |
|
515 |
| |||||
Resort operations |
|
(26,803 |
) |
|
|
|
|
91,176 |
|
64,373 |
| |||||
Residential operations |
|
(5,591 |
) |
|
|
|
|
481 |
|
(5,110 |
) | |||||
Development and administration |
|
(4,498 |
) |
|
|
18 |
|
99 |
|
(4,381 |
) | |||||
|
|
$ |
(36,892 |
) |
$ |
|
|
$ |
18 |
|
$ |
91,756 |
|
$ |
54,882 |
|