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 2, 2013
MGM Resorts International |
(Exact name of registrant as specified in its charter) |
Delaware |
001-10362 |
|
88-0215232 |
(State or other jurisdiction |
(Commission |
|
(I.R.S. Employer |
of incorporation) |
File Number) |
|
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:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] 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 2, 2013. The purpose of the press release, furnished as Exhibit 99, was to announce the Registrants results of operations for the first quarter 2013. 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 dated May 2, 2013, announcing financial results for the quarter ended March 31, 2013.
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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| |
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| |
|
| |
Date: May 2, 2013 |
By: |
/s/ Robert C. Selwood |
|
|
Robert C. Selwood, |
|
|
Executive Vice President and Chief Accounting Officer |
Exhibit 99.1
MGM RESORTS INTERNATIONAL REPORTS FIRST QUARTER RESULTS
Strongest Quarterly Results Since 2008
Las Vegas, Nevada, May 2, 2013 -- 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 Companys Las Vegas Strip resorts;
· Adjusted Property EBITDA(2) was $574 million, a 20% increase compared to the prior year quarter;
· The Companys wholly owned domestic resorts earned Adjusted Property EBITDA of $361 million, a 12% increase compared to the prior year quarter;
· MGM Chinas Adjusted EBITDA was $180 million, which included $13 million of branding fee expense, a 10% increase compared to the prior year quarter;
· CityCenters 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 Companys 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 Companys regional resorts, while the Companys 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 Companys 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 Companys 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 Chinas 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 Companys 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 CityCenters 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;
· Arias table games hold percentage was 28.3% in the current year quarter compared to 16.0% in the prior year quarter; and
· Arias 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 DArrigo, MGM Resorts International Executive Vice President, CFO and Treasurer. In addition, quarterly results were enhanced by the Companys December 2012 debt refinancing, as interest expense was reduced by almost $60 million compared to the prior year first quarter.
The Companys 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 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, 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 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 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 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, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the companys public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on managements 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 CONTACTS: |
|
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Investment Community |
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News Media |
DANIEL DARRIGO |
|
ALAN M. FELDMAN |
Executive Vice President, CFO & Treasurer |
|
Senior Vice President of Public Affairs |
(702) 693-8895 |
|
(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, |
| ||
|
|
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 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, 2013
|
|
Operating |
|
Preopening |
|
Property |
|
Depreciation |
|
Adjusted |
| |||||
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
|
|
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 |
|
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, LLC
SUPPLEMENTAL 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 |
|
Preopening |
|
Property |
|
Depreciation |
|
Adjusted |
| |||||
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 |
|
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 |
|