EX-99.1

EX-99.1 2 d618753dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER RESULTS

Consolidated net revenue increases 9% year over year; 24% growth in Adjusted Property EBITDA driven by strength in Macau and Las Vegas

Las Vegas, NV, October 31, 2013 — MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended September 30, 2013. Loss per share improved to ($0.07) compared to ($0.37) in the third quarter of 2012. Comparability of the current and prior year consolidated results was affected by certain items discussed below.

“I am pleased to report another solid quarter with double digit EBITDA growth and increased margins, led by strength at MGM China and our Las Vegas Strip properties,” said Jim Murren, MGM Resorts International Chairman and CEO. “These results are reflective of the continued market share gains from programs such as M life and our focus on international marketing strategies combined with our best in class collection of resorts and amenities.”

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

•

Consolidated net revenue increased 9% over the prior year quarter to $2.5 billion;

•

Consolidated casino revenue increased 13% over the prior year quarter;

•

Rooms revenue at wholly owned domestic resorts increased 5%, with a 3% increase in REVPAR⁽¹⁾ at the Company’s Las Vegas Strip resorts;

•

Adjusted Property EBITDA⁽²⁾ was $546 million, a 24% increase compared to the prior year quarter;

•

The Company’s wholly owned domestic resorts earned Adjusted Property EBITDA of $350 million, an 8% increase compared to the prior year quarter;

•

The Company’s wholly owned Las Vegas Strip resorts earned Adjusted Property EBITDA of $280 million, a 12% increase compared to the prior year quarter;

•

MGM China’s Adjusted EBITDA increased 25% to $191 million;

•

CityCenter’s Adjusted EBITDA related to resort operations was $62 million, a 6% increase compared to the prior year quarter; and

•

Consolidated operating income increased to $248 million compared to $137 million in the prior year quarter.

Certain Items Affecting Third 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 September 30,	2013			2012
Property transactions, net	$	(0.03	)	$	(0.01	)
Income (loss) from unconsolidated affiliates:
CityCenter residential impairment charge		—			(0.02	)
CityCenter Harmon demolition cost		—			(0.02	)
Income tax provision:
Deferred tax valuation allowance		(0.06	)		(0.09	)

The current year third quarter results were affected by non-cash impairment charges of $26 million, primarily related to land holdings in Jean and Sloan, Nevada. The current year third quarter income tax provision was affected by $28 million of valuation allowance on U.S. deferred tax assets, including a valuation allowance related to tax benefit reflected in other items in the above table.

Page 1 of 12

The prior year third quarter results were affected by the Company’s share of CityCenter’s non-cash residential impairment charge related to Mandarin Oriental, estimated costs accrued for the demolition of the Harmon, and by a valuation allowance for a portion of U.S. deferred tax assets.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 3% compared to the prior year quarter. Table games revenue increased 10% and the overall table games hold percentage in the third quarter of 2013 was 21.5% compared to 20.4% for the prior year quarter. Slots revenue increased 1% with a 3% increase at the Company’s Las Vegas Strip resorts.

Rooms revenue increased 5% with a 3% increase in Las Vegas Strip REVPAR. The following table shows key hotel statistics for the Company’s Las Vegas Strip resorts:


Three months ended September 30,	2013			2012
Occupancy %		93	%		92	%
Average Daily Rate (ADR)	$	127		$	124
Revenue per Available Room (REVPAR)	$	117		$	114

Operating income for the Company’s wholly owned domestic resorts for the third quarter of 2013 was $199 million, an increase of 2% compared to the prior year quarter.

MGM China

Key results for the third quarter of 2013 for MGM China include the following:

•

MGM China earned net revenue of $808 million, a 22% increase over the prior year quarter, due primarily to increases in VIP revenues and main floor table games revenues;

•

VIP table games turnover increased 28% from the prior year quarter, while hold percentage was 2.8% in the current year quarter compared to 3.0% in the prior year quarter;

•

Main floor table games and slots win increased 31% and 4%, respectively, compared to the prior year quarter;

•

Adjusted EBITDA of $191 million, a 25% increase over the prior year quarter, including $8 million of branding fee expense in the current quarter versus $5 million in the prior year quarter; and

•

MGM China’s operating income was $114 million compared to $61 million in the prior year quarter.

MGM China is currently developing a second resort and casino, MGM Cotai, on an approximately 17.8 acre site in Cotai, Macau. MGM Cotai will feature approximately 1,600 hotel rooms, casino, convention and meeting space, entertainment, spa, retail outlets and food and beverage offerings. Current plans include introducing the Company’s Mansion luxury villas. Groundbreaking took place in February 2013 and the project continues to remain on pace for an anticipated early 2016 opening. In May 2013, MGM China signed a deal with China State Construction to serve as sole general contractor for the project. The total project budget, excluding capitalized interest and land, is $2.6 billion.

Income (Loss) from Unconsolidated Affiliates

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


Three months ended September 30,	2013			2012
	*(In thousands)*
CityCenter	$	(2,881	)	$	(42,814	)
Other		6,809			4,871

	$	3,928		$	(37,943	)

Page 2 of 12

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

•

Net revenue from resort operations increased to $268 million, a 2% increase from the prior year quarter;

•

Adjusted EBITDA from resort operations increased 6% to $62 million compared to the prior year quarter;

•

Aria’s table games hold percentage was 22.5% in the current year quarter compared to 29.3% in the prior year quarter; and

•

Aria’s occupancy percentage was 89% and its ADR was $197, resulting in REVPAR of $177, a 4% increase compared to the prior year quarter.

CityCenter’s results for the third quarter of 2012 included approximately $36 million for a residential impairment charge related to Mandarin Oriental and $32 million for accrued costs related to the future demolition of the Harmon.

As announced earlier this month, CityCenter closed a $1.775 billion senior secured credit facility comprised of a $75 million revolving facility, which matures in October 2018, and a $1.7 billion term loan B facility, which matures in October 2020. Concurrent with the closing of the new senior secured credit facility, CityCenter issued a notice of full redemption with respect to its existing 7.625% senior secured first lien notes and 10.75% senior secured second lien PIK toggle notes and deposited sufficient funds to discharge the notes. The new revolving facility was undrawn at closing.

Financial Position

“We continue to execute on our goals of improving the Company’s free cash flow,” said Dan D’Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer. “This is evidenced by our year-to-date EBITDA growth of 17% as well as an expected reduction in our cash interest expense this year of approximately $220 million. We continue to be opportunistic in accessing the capital markets as indicated by our recent CityCenter refinancing, which will lower its annual cash interest expense by approximately $80 million.”

The Company’s cash balance at September 30, 2013 was $1.4 billion, which included $925 million at MGM China. At September 30, 2013, the Company had $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. The Company repaid net long-term debt of $77 million during the third quarter, bringing total net repayments during 2013 to $553 million.

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 83280135. A replay of the call will be available through Thursday, November 7, 2013. The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The replay access code is 83280135. The call will be archived at www.mgmresorts.com.

Page 3 of 12

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 development of MGM Cotai, including related construction and development costs, and the Company’s ability to execute additional transactions to further reduce its interest expense and improve free cash flow. 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:

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

Page 4 of 12

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,
2013

September 30,
2012

September 30,
2013

September 30,
2012

Revenues:

Casino

1,460,300

1,294,318

4,304,877

3,928,548

Rooms

413,060

393,055

1,252,020

1,205,441

Food and beverage

366,988

361,252

1,121,117

1,126,096

Entertainment

145,799

123,168

380,654

364,477

Retail

52,151

51,211

149,606

149,921

Other

123,180

127,567

374,920

373,590

Reimbursed costs

92,038

87,682

275,015

269,159

2,653,516

2,438,253

7,858,209

7,417,232

Less: Promotional allowances

(190,479

)

(183,275

)

(561,759

)

(550,899

)

2,463,037

2,254,978

7,296,450

6,866,333

Expenses:

Casino

913,137

826,072

2,705,190

2,519,757

Rooms

132,386

128,546

394,096

384,598

Food and beverage

214,683

209,686

645,119

643,892

Entertainment

107,939

92,888

281,604

270,235

Retail

28,053

29,064

81,884

85,888

Other

91,841

88,616

270,633

263,673

Reimbursed costs

92,038

87,682

275,015

269,159

General and administrative

342,847

319,106

961,072

931,873

Corporate expense

54,190

62,992

153,178

147,792

Preopening and start-up expenses

4,279

765

9,931

765

Property transactions, net

26,127

5,803

122,749

97,187

Depreciation and amortization

211,682

228,414

641,751

700,866

2,219,202

2,079,634

6,542,222

6,315,685

Income (loss) from unconsolidated affiliates

3,928

(37,943

)

26,954

(45,266

)

Operating income

247,763

137,401

781,182

505,382

Non-operating income (expense):

Interest expense, net of amounts capitalized

(208,939

)

(275,771

)

(648,886

)

(836,436

)

Non-operating items from unconsolidated affiliates

(22,673

)

(20,901

)

(83,616

)

(68,603

)

Other, net

(676

)

2,012

(6,909

)

(55,518

)

(232,288

)

(294,660

)

(739,411

)

(960,557

)

Income (loss) before income taxes

15,475

(157,259

)

41,771

(455,175

)

Benefit (provision) for income taxes

8,150

2,585

(26,146

)

26,760

Net income (loss)

23,625

(154,674

)

15,625

(428,415

)

Less: Net income attributable to noncontrolling interests

(55,484

)

(26,485

)

(133,896

)

(115,449

)

Net loss attributable to MGM Resorts International

(31,859

)

(181,159

)

(118,271

)

(543,864

)

Per share of common stock:

Basic:

Net loss attributable to MGM Resorts International

(0.07

)

(0.37

)

(0.24

)

(1.11

)

Weighted average shares outstanding

489,672

488,945

489,484

488,913

Diluted:

Net loss attributable to MGM Resorts International

(0.07

)

(0.37

)

(0.24

)

(1.11

)

Weighted average shares outstanding

489,672

488,945

489,484

488,913

Page 5 of 12

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)


	September 30, 2013		December 31, 2012
ASSETS
Current assets:
Cash and cash equivalents	$	1,375,403	$	1,543,509
Accounts receivable, net		411,077		443,677
Inventories		98,330		107,577
Deferred income taxes, net		126,396		179,431
Prepaid expenses and other		272,809		232,898

Total current assets		2,284,015		2,507,092


Property and equipment, net		13,969,293		14,194,652

Other assets:
Investments in and advances to unconsolidated affiliates		1,416,462		1,444,547
Goodwill		2,900,758		2,902,847
Other intangible assets, net		4,548,415		4,737,833
Other long-term assets, net		539,892		497,767

Total other assets		9,405,527		9,582,994

	$	25,658,835	$	26,284,738


LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	202,792	$	199,620
Income taxes payable		2,500		1,350
Accrued interest on long-term debt		183,958		206,736
Other accrued liabilities		1,772,220		1,517,965

Total current liabilities		2,161,470		1,925,671


Deferred income taxes		2,478,063		2,473,889
Long-term debt		13,034,518		13,589,283
Other long-term obligations		157,613		179,879
Stockholders’ equity:
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 489,814,210 and 489,234,401 shares		4,898		4,892
Capital in excess of par value		4,150,413		4,132,655
Retained earnings		95,427		213,698
Accumulated other comprehensive income		11,619		14,303

Total MGM Resorts International stockholders’ equity		4,262,357		4,365,548
Noncontrolling interests		3,564,814		3,750,468

Total stockholders’ equity		7,827,171		8,116,016

	$	25,658,835	$	26,284,738

Page 6 of 12

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,
2013

September 30,
2012

September 30,
2013

September 30,
2012

Bellagio

274,812

259,501

878,643

840,233

MGM Grand Las Vegas

274,265

239,713

788,581

702,589

Mandalay Bay

214,289

183,466

595,108

555,857

The Mirage

146,290

162,920

433,226

457,388

Luxor

85,903

81,343

247,075

247,986

New York-New York

66,485

67,166

204,823

206,807

Excalibur

67,807

66,809

199,583

197,808

Monte Carlo

64,971

64,425

200,362

195,788

Circus Circus Las Vegas

55,044

56,807

152,227

158,606

MGM Grand Detroit

133,764

139,284

407,225

431,676

Beau Rivage

91,968

91,704

258,837

265,254

Gold Strike Tunica

39,525

39,789

112,967

115,797

Other resort operations

32,990

33,228

94,640

95,192

Wholly owned domestic resorts

1,548,113

1,486,155

4,573,297

4,470,981

MGM China

808,471

665,074

2,391,177

2,076,460

Management and other operations

106,453

103,749

331,976

318,892

2,463,037

2,254,978

7,296,450

6,866,333

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,
2013

September 30,
2012

September 30,
2013

September 30,
2012

Bellagio

70,111

54,133

259,212

207,929

MGM Grand Las Vegas

66,098

48,378

177,738

114,735

Mandalay Bay

42,036

34,392

130,808

120,605

The Mirage

29,775

39,507

84,464

91,993

Luxor

15,285

15,717

49,147

51,426

New York-New York

20,709

20,954

67,781

68,929

Excalibur

15,336

15,394

50,216

48,698

Monte Carlo

15,245

13,150

52,614

44,554

Circus Circus Las Vegas

5,848

8,322

15,701

21,611

MGM Grand Detroit

36,855

39,264

115,170

124,840

Beau Rivage

21,258

22,722

51,597

59,173

Gold Strike Tunica

9,502

11,041

28,007

33,662

Other resort operations

2,002

1,790

4,245

2,739

Wholly owned domestic resorts

350,060

324,764

1,086,700

990,894

MGM China

190,772

152,491

576,042

503,572

CityCenter (50%)(1)

(2,881

)

(42,814

)

9,675

(60,745

)

Other unconsolidated resorts(1)

6,809

4,871

17,279

15,479

Management and other operations

1,644

(409

)

26,465

14,394

546,404

438,903

1,716,161

1,463,594

(1)

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

Page 7 of 12

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)

Three Months Ended September 30, 2013

Operating
income
(loss)

Preopening
and
start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

47,576

—

(69)

22,604

70,111

MGM Grand Las Vegas

43,059

—

422

22,617

66,098

Mandalay Bay

19,209

1,076

21,734

42,036

The Mirage

17,198

—

12,547

29,775

Luxor

5,708

646

(373

)

9,304

15,285

New York-New York

13,631

—

1,886

5,192

20,709

Excalibur

11,732

—

3,582

15,336

Monte Carlo

10,025

554

4,584

15,245

Circus Circus Las Vegas

863

—

1,037

3,948

5,848

MGM Grand Detroit

31,265

—

5,590

36,855

Beau Rivage

14,004

—

(14

)

7,268

21,258

Gold Strike Tunica

6,038

—

3,464

9,502

Other resort operations

(21,107

)

—

22,553

556

2,002

Wholly owned domestic resorts

199,201

1,804

26,065

122,990

350,060

MGM China

114,071

2,286

74,395

190,772

CityCenter (50%)

(2,881

)

—

(2,881

)

Other unconsolidated resorts

6,809

—

6,809

Management and other operations

(1,511

)

189

2,962

1,644

315,689

4,279

26,089

200,347

546,404

Stock compensation

(5,968

)

—

(5,968

)

Corporate

(61,958

)

—

11,335

(50,585

)

247,763

4,279

26,127

211,682

489,851

Three Months Ended September 30, 2012

Operating
income
(loss)

Preopening
and
start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

30,454

—

23,627

54,133

MGM Grand Las Vegas

24,375

—

3,497

20,506

48,378

Mandalay Bay

15,251

—

392

18,749

34,392

The Mirage

25,949

—

541

13,017

39,507

Luxor

6,076

—

765

8,876

15,717

New York-New York

15,619

—

148

5,187

20,954

Excalibur

11,016

—

4,378

15,394

Monte Carlo

8,332

—

4,809

13,150

Circus Circus Las Vegas

3,541

—

4,781

8,322

MGM Grand Detroit

30,206

641

8,380

39,264

Beau Rivage

15,129

—

(78

)

7,671

22,722

Gold Strike Tunica

7,825

—

3,215

11,041

Other resort operations

1,176

—

)

622

1,790

Wholly owned domestic resorts

194,949

641

5,356

123,818

324,764

MGM China

60,527

—

426

91,538

152,491

CityCenter (50%)

(42,938

)

124

—

(42,814

)

Other unconsolidated resorts

4,871

—

4,871

Management and other operations

(3,574

)

—

3,165

(409

)

213,835

765

5,782

218,521

438,903

Stock compensation

(7,897

)

—

(7,897

)

Corporate

(68,537

)

—

9,893

(58,623

)

137,401

765

5,803

228,414

372,383

Page 8 of 12

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)

Nine Months Ended September 30, 2013

Operating
income
(loss)

Preopening
and
start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

185,354

—

272

73,586

259,212

MGM Grand Las Vegas

113,431

—

1,192

63,115

177,738

Mandalay Bay

63,445

1,550

2,453

63,360

130,808

The Mirage

42,462

—

4,325

37,677

84,464

Luxor

18,580

758

2,554

27,255

49,147

New York-New York

49,326

—

2,416

16,039

67,781

Excalibur

39,276

—

10,905

50,216

Monte Carlo

35,066

140

3,506

13,902

52,614

Circus Circus Las Vegas

1,275

—

1,047

13,379

15,701

MGM Grand Detroit

98,345

—

16,825

115,170

Beau Rivage

29,163

—

(305

)

22,739

51,597

Gold Strike Tunica

16,824

—

1,174

10,009

28,007

Other resort operations

(19,994

)

—

22,552

1,687

4,245

Wholly owned domestic resorts

672,553

2,448

41,221

370,478

1,086,700

MGM China

339,322

6,918

365

229,437

576,042

CityCenter (50%)

9,299

376

—

9,675

Other unconsolidated resorts

17,279

—

17,279

Management and other operations

17,383

189

8,889

26,465

1,055,836

9,931

41,590

608,804

1,716,161

Stock compensation

(19,157

)

—

(19,157

)

Corporate

(255,497

)

—

81,159

32,947

(141,391

)

781,182

9,931

122,749

641,751

1,555,613

Nine Months Ended September 30, 2012

Operating
income
(loss)

Preopening
and
start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

135,874

—

406

71,649

207,929

MGM Grand Las Vegas

50,796

—

4,627

59,312

114,735

Mandalay Bay

60,817

—

937

58,851

120,605

The Mirage

52,691

—

611

38,691

91,993

Luxor

23,691

—

950

26,785

51,426

New York-New York

52,318

—

391

16,220

68,929

Excalibur

35,407

—

13,288

48,698

Monte Carlo

29,235

—

567

14,752

44,554

Circus Circus Las Vegas

7,079

—

14,455

21,611

MGM Grand Detroit

94,975

641

921

28,303

124,840

Beau Rivage

36,252

—

(70

)

22,991

59,173

Gold Strike Tunica

23,758

—

9,901

33,662

Other resort operations

958

—

(22

)

1,803

2,739

Wholly owned domestic resorts

603,851

641

9,401

377,001

990,894

MGM China

218,869

—

1,890

282,813

503,572

CityCenter (50%)

(60,869

)

124

—

(60,745

)

Other unconsolidated resorts

15,479

—

15,479

Management and other operations

3,692

—

10,702

14,394

781,022

765

11,291

670,516

1,463,594

Stock compensation

(25,998

)

—

(25,998

)

Corporate

(249,642

)

—

85,896

30,350

(133,396

)

505,382

765

97,187

700,866

1,304,200

Page 9 of 12

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,
2013

September 30,
2012

September 30,
2013

September 30,
2012

Adjusted EBITDA

489,851

372,383

1,555,613

1,304,200

Preopening and start-up expenses

(4,279

)

(765

)

(9,931

)

(765

)

Property transactions, net

(26,127

)

(5,803

)

(122,749

)

(97,187

)

Depreciation and amortization

(211,682

)

(228,414

)

(641,751

)

(700,866

)

Operating income

247,763

137,401

781,182

505,382

Non-operating expense:

Interest expense, net of amounts capitalized

(208,939

)

(275,771

)

(648,886

)

(836,436

)

Other, net

(23,349

)

(18,889

)

(90,525

)

(124,121

)

(232,288

)

(294,660

)

(739,411

)

(960,557

)

Income (loss) before income taxes

15,475

(157,259

)

41,771

(455,175

)

Benefit (provision) for income taxes

8,150

2,585

(26,146

)

26,760

Net income (loss)

23,625

(154,674

)

15,625

(428,415

)

Less: Net income attributable to noncontrolling interests

(55,484

)

(26,485

)

(133,896

)

(115,449

)

Net loss attributable to MGM Resorts International

(31,859

)

(181,159

)

(118,271

)

(543,864

)

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)


	Three Months Ended						Nine Months Ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Bellagio
Occupancy %		93.2	%		92.7	%		93.9	%		94.2	%
Average daily rate (ADR)	$	232		$	232		$	240		$	234
Revenue per available room (REVPAR)	$	216		$	215		$	225		$	220

MGM Grand Las Vegas
Occupancy %		95.2	%		94.1	%		94.9	%		94.6	%
ADR	$	135		$	135		$	141		$	139
REVPAR	$	129		$	127		$	134		$	131

Mandalay Bay
Occupancy %		91.5	%		93.4	%		91.5	%		92.9	%
ADR	$	176		$	168		$	184		$	178
REVPAR	$	161		$	157		$	168		$	166

The Mirage
Occupancy %		96.1	%		96.4	%		95.9	%		95.9	%
ADR	$	144		$	139		$	148		$	148
REVPAR	$	138		$	134		$	142		$	142

Luxor
Occupancy %		92.9	%		91.0	%		92.9	%		91.7	%
ADR	$	87		$	86		$	88		$	88
REVPAR	$	81		$	78		$	81		$	81

New York-New York
Occupancy %		96.9	%		94.5	%		97.5	%		95.5	%
ADR	$	108		$	108		$	112		$	110
REVPAR	$	105		$	102		$	109		$	105

Excalibur
Occupancy %		92.2	%		91.2	%		91.2	%		90.9	%
ADR	$	73		$	71		$	73		$	72
REVPAR	$	67		$	64		$	66		$	65

Monte Carlo
Occupancy %		95.3	%		93.4	%		96.3	%		94.9	%
ADR	$	103		$	102		$	104		$	103
REVPAR	$	98		$	96		$	100		$	98

Circus Circus Las Vegas
Occupancy %		83.3	%		83.9	%		80.8	%		81.1	%
ADR	$	55		$	52		$	55		$	54
REVPAR	$	45		$	44		$	44		$	44

Page 10 of 12

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

2013

2012

2013

2012

Aria

217,495

217,306

702,107

638,772

Vdara

21,865

20,969

68,279

65,532

Crystals

15,620

13,534

45,071

38,994

Mandarin Oriental

12,690

11,222

40,184

35,945

Resort operations

267,670

263,031

855,641

779,243

Residential operations

26,660

3,399

87,005

16,249

294,330

266,430

942,646

795,492

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

2013

2012

2013

2012

Adjusted EBITDA

61,261

52,762

220,914

146,552

Preopening and start-up expenses

—

(248

)

(752

)

(248

)

Property transactions, net

(4,413

)

(71,257

)

(14,526

)

(73,336

)

Depreciation and amortization

(86,638

)

(91,110

)

(259,368

)

(267,262

)

Operating loss

(29,790

)

(109,853

)

(53,732

)

(194,294

)

Non-operating income (expense):

Interest expense - sponsor notes

(27,128

)

(23,346

)

(78,011

)

(67,197

)

Interest expense - other

(43,015

)

(42,681

)

(129,469

)

(131,649

)

Other, net

(1,095

)

808

(33,425

)

(5,832

)

(71,238

)

(65,219

)

(240,905

)

(204,678

)

Net loss

(101,028

)

(175,072

)

(294,637

)

(398,972

)

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended September 30, 2013


	Operating income (loss)			Preopening and start-up expenses		Property transactions, net		Depreciation and amortization		Adjusted EBITDA
Aria	$	(15,808	)	$	—	$	1	$	64,645	$	48,838
Vdara		(6,513	)		—		49		10,377		3,913
Crystals		2,893			—		57		6,901		9,851
Mandarin Oriental		(4,814	)		—		—		4,698		(116	)

Resort operations		(24,242	)		—		107		86,621		62,486
Residential operations		643			—		4,306		7		4,956
Development and administration		(6,191	)		—		—		10		(6,181	)

	$	(29,790	)	$	—	$	4,413	$	86,638	$	61,261


Three Months Ended September 30, 2012

	Operating income (loss)			Preopening and start-up expenses		Property transactions, net		Depreciation and amortization		Adjusted EBITDA
Aria	$	(25,512	)	$	248	$	3,577	$	68,879	$	47,192
Vdara		(6,055	)		—		—		10,370		4,315
Crystals		1,522			—		—		6,310		7,832
Mandarin Oriental		(5,156	)		—		—		4,529		(627	)

Resort operations		(35,201	)		248		3,577		90,088		58,712
Residential operations		(38,072	)		—		35,690		977		(1,405	)
Development and administration		(36,580	)		—		31,990		45		(4,545	)

	$	(109,853	)	$	248	$	71,257	$	91,110	$	52,762

Page 11 of 12

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Nine Months Ended September 30, 2013

Operating
income
(loss)

Preopening
and
start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Aria

(17,422

)

694

279

192,433

175,984

Vdara

(15,703

)

—

31,586

15,932

Crystals

8,052

20,221

28,388

Mandarin Oriental

(12,160

)

—

14,384

2,224

Resort operations

(37,233

)

752

385

258,624

222,528

Residential operations

(811

)

—

14,141

718

14,048

Development and administration

(15,688

)

—

(15,662

)

(53,732

)

752

14,526

259,368

220,914

Nine Months Ended September 30, 2012

Operating
income
(loss)

Preopening
and
start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Aria

(84,697

)

248

5,563

200,529

121,643

Vdara

(14,664

)

—

31,056

16,392

Crystals

4,183

—

19,021

23,204

Mandarin Oriental

(12,946

)

—

13,568

622

Resort operations

(108,124

)

248

5,563

264,174

161,861

Residential operations

(39,836

)

—

35,690

2,929

(1,217

)

Development and administration

(46,334

)

—

32,083

159

(14,092

)

(194,294

)

248

73,336

267,262

146,552

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,
2013

September 30,
2012

September 30,
2013

September 30,
2012

Aria

Occupancy %

89.5

88.5

90.0

89.2

ADR

197

192

206

199

REVPAR

177

170

185

178

Vdara

Occupancy %

87.7

83.2

88.3

84.4

ADR

155

153

160

159

REVPAR

136

127

141

134

Page 12 of 12