EX-12 5 d656757dex12.htm EX-12 EX-12

EXHIBIT 12

MGM RESORTS INTERNATIONAL

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In thousands, except ratio data)

 

     Years Ended December 31,  
     2013     2012     2011     2010     2009  
        

Earnings:

           

Income (loss) from continuing operations before income taxes and (income) loss from unconsolidated affiliates

    $ 202,550     $ (1,597,155 )    $ 2,859,550     $ (2,025,366 )    $ (1,824,415 ) 

Fixed charges (see below)

      862,417       1,117,327       1,086,865       1,113,580       1,028,673  

Distributed income from unconsolidated affiliates

      17,038       23,000       63,013       227,764       93,886  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     1,082,005       (456,828 )      4,009,428       (684,022 )      (701,856 ) 

Capitalized interest

      (5,070 )      (969 )      (33 )      —         (253,242 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     1,076,935       (457,797 )      4,009,395       (684,022 )      (955,098 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

           

Interest expense, net(a)

    $ 857,347     $ 1,116,358     $ 1,086,832     $ 1,113,580     $ 775,431  

Capitalized interest

      5,070       969       33       —         253,242  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     862,417       1,117,327       1,086,865       1,113,580       1,028,673  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      1.25x        (b )      3.69x        (b )      (b ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Deficiency

    $ —       $ 1,575,124     $ —       $ 1,797,602     $ 1,983,771  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

Interest expense does not include the interest factor of rental expense as these amounts are not material.

(b)

Earnings were inadequate to cover fixed charges.