mgm-8k_20190213.htm

0001564590-19-002839.txt : 20190213 0001564590-19-002839.hdr.sgml : 20190213 20190213163044 ACCESSION NUMBER: 0001564590-19-002839 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190213 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190213 DATE AS OF CHANGE: 20190213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MGM Resorts International CENTRAL INDEX KEY: 0000789570 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 880215232 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10362 FILM NUMBER: 19597743 BUSINESS ADDRESS: STREET 1: 3600 LAS VEGAS BLVD S CITY: LAS VEGAS STATE: NV ZIP: 89109 BUSINESS PHONE: 702-693-7120 MAIL ADDRESS: STREET 1: 3600 LAS VEGAS BLVD S. CITY: LAS VEGAS STATE: NV ZIP: 89109 FORMER COMPANY: FORMER CONFORMED NAME: MGM MIRAGE DATE OF NAME CHANGE: 20000823 FORMER COMPANY: FORMER CONFORMED NAME: MGM GRAND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: GRAND NAME CO DATE OF NAME CHANGE: 19870713 8-K 1 mgm-8k_20190213.htm 8-K mgm-8k_20190213.htm

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): February 13, 2019

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

(Registrant’s 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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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 February 13, 2019. The purpose of the press release, furnished as Exhibit 99.1, was to announce the Registrant’s results of operations for the quarter and year ended December 31, 2018. The information in this Form 8-K and Exhibit 99.1 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:

99.1	Press release of the Registrant dated February 13, 2019, announcing financial results for the quarter and year ended December 31, 2018.

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.

	MGM Resorts International

Date: February 13, 2019	By:	/s/Robert C. Selwood
		Robert C. Selwood
		Executive Vice President and Chief Accounting Officer

EX-99.1 2 mgm-ex991_6.htm EX-99.1 mgm-ex991_6.htm

Exhibit 99.1

MGM RESORTS INTERNATIONAL REPORTS FOURTH QUARTER AND FULL YEAR

FINANCIAL AND OPERATING RESULTS

Announces 8% Increase to Quarterly Cash Dividend

Las Vegas, Nevada, February 13, 2019 – MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today reported financial results for the quarter and year ended December 31, 2018. On January 1, 2018, the Company adopted the new revenue recognition accounting standard (ASC 606). As such, certain previously reported 2017 numbers have been retrospectively adjusted under the new standard to assist with comparability to the prior period.

Fourth Quarter 2018 Financial and Strategic Highlights:

Consolidated Results

•

Consolidated net revenues increased 18% compared to the prior year quarter to $3.1 billion;

•

Consolidated operating income increased 50% compared to the prior year quarter to $336 million;

•

Net loss attributable to MGM Resorts of $23 million, compared to net income of $1.4 billion in the prior year quarter;

•

Diluted loss per share of $0.06 in the current quarter compared to diluted earnings per share of $2.39 in the prior year quarter;

•

The current quarter included a non-recurring, non-cash income tax expense of $92 million, $0.17 per share on a diluted basis, primarily resulting from recently issued guidance on certain international provisions of the U.S. Tax Cut and Jobs Act (“Tax Act”), including the treatment of foreign tax credits resulting from Global Intangible Low-Taxed Income and other provisions impacting foreign tax credit utilization. The prior year quarter included a non-recurring, non-cash income tax benefit of $2.50 per share on a diluted basis, due to enactment of the Tax Act at the end of 2017; and

•

Consolidated Adjusted Property EBITDA increased 21% compared to the prior year quarter to $821 million.

Las Vegas Strip Resorts

•

Net revenues increased 6% to $1.4 billion compared to the prior year quarter;

•

REVPAR⁽¹⁾increased 8.2% compared to the prior year quarter; and

•

Adjusted Property EBITDA⁽²⁾ of $401 million, a 15% increase compared to $349 million in the prior year quarter and Adjusted Property EBITDA margin of 29.1%, a 222 basis point increase compared to the prior year quarter. Excluding insurance proceeds of $24 million in the current year quarter, Adjusted Property EBITDA increased 8% and Adjusted Property EBITDA margin increased 51 basis points compared to the prior year quarter.

Regional Operations

•

Net revenues increased 18% to $782 million including contributions from the opening of MGM Springfield on August 24, 2018 of $78 million; and

•

Adjusted Property EBITDA of $195 million, a 32% increase compared the prior year quarter and Adjusted Property EBITDA margin of 24.9% in the current quarter, a 277 basis point increase compared to the prior year quarter. The prior year quarter was negatively affected by a $15 million real estate transfer tax charge at MGM National Harbor.

MGM China

•

Net revenues increased 33% to $687 million including contributions from the opening of MGM Cotai of $287 million; and

Page 1 of 17

•

Adjusted Property EBITDA of $167 million, an 11% increase compared to the prior year quarter, reflecting the opening of MGM Cotai.

Strategic Highlights

•

Distributed $63 million to shareholders via the Company’s quarterly dividend of $0.12 per share; and

•

Repurchased $150 million of the Company’s common stock in the fourth quarter.

“We had a strong finish to the year, driving growth across all Las Vegas segments in the fourth quarter. Our fourth quarter consolidated net revenues grew by 18% and our consolidated Adjusted EBITDA by 21%, before certain one-time benefits,” said Jim Murren, Chairman and CEO of MGM Resorts International. “Our Las Vegas Strip Resorts achieved the best fourth quarter Adjusted Property EBITDA since 2007. We also continued to gain share within our regional markets and realized record fourth quarter revenues and Adjusted Property EBITDA performance at MGM Grand Detroit, MGM National Harbor, Beau Rivage, and Gold Strike Tunica. Additionally, we closed out the year with the official openings of Park MGM and NoMad Las Vegas, both of which have received overwhelmingly positive responses.

“Looking ahead, we remain highly focused on our strategic priorities, including maximizing the performance of our premier properties, driving consolidated free cash flow growth and successfully executing MGM 2020 – our recently announced plan dedicated to improving efficiencies, reducing costs, and investing in key technologies to position the Company for further profitability. Through MGM 2020, we are reinvesting in our business and we expect to begin to see the financial benefits in the back half of 2019,” Mr. Murren continued. “We also remain committed to targeted growth opportunities such as sports betting and the pursuit of an Integrated Resort in Japan. Importantly, we will continue to prudently allocate capital, with a focus of returning excess cash to shareholders.”

Full Year 2018 Financial and Strategic Highlights:

•

Consolidated net revenues for 2018 of $11.8 billion, an increase of 9% compared to the prior year; with Las Vegas Strip Resorts net revenues decreasing 1%, Regional Operations net revenues increasing 8%, and MGM China net revenues increasing 32%;

•

Consolidated operating income of $1.5 billion in 2018 compared to $1.7 billion in 2017;

•

Net income attributable to MGM Resorts of $467 million, compared to $2.0 billion in the prior year;

•

The current year included non-recurring, non-cash income tax expense of $20 million for Tax Act adjustments, including the impact of recently issued guidance on certain international provisions mentioned above. The prior year included a non-recurring, non-cash income tax benefit of $1.4 billion due to enactment of the Tax Act;

•

Consolidated Adjusted Property EBITDA increased 1% compared to the prior year to $3.3 billion;

•

Las Vegas Strip Resorts Adjusted Property EBITDA of $1.7 billion, a 4% decrease compared to the prior year;

•

Regional Operations Adjusted Property EBITDA of $759 million, a 4% increase over the prior year;

•

MGM China Adjusted Property EBITDA of $568 million, a 6% increase over the prior year;

•

Distributed $261 million to shareholders during 2018 via the Company’s quarterly dividend of $0.12 per share; and

•

Repurchased $1.3 billion of the Company’s common stock during 2018.

Certain Items Affecting Fourth Quarter Results

The following table lists certain other 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):

Page 2 of 17

Three Months Ended December 31,	2018			2017
Preopening and start-up expenses	$	(0.03	)	$	(0.05	)
Property transactions, net		(0.03	)		(0.03	)
Business interruption insurance proceeds		0.04			—
Non-operating expense:
Loss on retirement of long-term debt		—			(0.02	)
Non-operating items from unconsolidated affiliates:
Change in fair value of CityCenter swaps		(0.01	)		—

Las Vegas Strip Resorts and Regional Operations

Casino revenue for the fourth quarter of 2018 decreased 3% compared to the prior year quarter at the Company’s Las Vegas Strip Resorts partially due to lower table games hold, and increased 20% at the Company’s Regional Operations due primarily to the opening of MGM Springfield and an increase in slots and table games win at MGM National Harbor.

The following table shows key gaming statistics for the Company’s Las Vegas Strip Resorts:

Three Months Ended December 31,	2018			2017			% change
	(Dollars in millions)
Table Games Drop	$	1,010		$	909			11	%
Table Games Win %		22.0	%		25.3	%
Slots Handle	$	3,343		$	3,129			7	%
Slots Hold %		9.1	%		8.9	%

The following table shows key gaming statistics for the Company’s Regional Operations:

Three Months Ended December 31,	2018			2017			% change
	(Dollars in millions)
Table Games Drop	$	1,093		$	958			14	%
Table Games Win %		20.6	%		18.5	%
Slots Handle	$	5,525		$	4,846			14	%
Slots Hold %		9.2	%		9.0	%

Rooms revenue increased 10% compared to the prior year quarter at the Company’s Las Vegas Strip Resorts. Las Vegas Strip Resorts REVPAR increased 8.2% compared to the prior year quarter.

The following table shows key hotel statistics for the Company’s Las Vegas Strip Resorts:

Three Months Ended December 31,	2018			2017			% change
Occupancy %		89	%		85	%
Average Daily Rate (ADR)	$	159		$	153			4	%
Revenue per Available Room (REVPAR)	$	141		$	130			8	%

Food and beverage revenue increased 11% at the Company’s Las Vegas Strip Resorts compared to the prior year quarter due to an increase in catering and banquets revenues and the opening of new outlets at Park MGM. Food and beverage revenue increased 17% at the Company’s Regional Operations due primarily to the opening of MGM Springfield.

Operating income at the Company’s Las Vegas Strip Resorts was $282 million, compared to $211 million in the prior year quarter. The current year quarter benefited from increases in rooms and food and beverage revenues

Page 3 of 17

discussed above, included business interruption insurance proceeds of $24 million primarily at Mandalay Bay and was negatively impacted by $14 million of preopening expenses at Park MGM. Las Vegas Strip Resorts operating income in the prior year quarter included a $20 million asset disposal charge related to the repositioning and rebranding at Park MGM. Las Vegas Strip Resorts Adjusted Property EBITDA was $401 million, a 15% increase compared to $349 million in the prior year quarter. Excluding business interruption insurance proceeds discussed above, Adjusted Property EBITDA increased 8% compared to the prior year quarter.

Operating income at the Company’s Regional Operations was $133 million in the current quarter and benefited from an increase in casino revenues at MGM National Harbor discussed above. Operating income was $94 million in the prior year quarter, which was impacted by a $15 million real estate transfer tax charge at MGM National Harbor. Regional Operations Adjusted Property EBITDA was $195 million, a 32% increase compared to $147 million in the prior year quarter.

Corporate Expense

Corporate expense, including share-based compensation for corporate employees, was $118 million in the fourth quarter of 2018, an increase of $2 million compared to the prior year quarter. The current quarter included $8 million in costs incurred to implement MGM 2020 and finance modernization initiatives and $5 million of MGM China corporate expense.

MGM China

Key fourth quarter results for MGM China include:

•

Net revenues of $687 million, a 33% increase compared to the prior year quarter. The current quarter benefited from the opening of MGM Cotai in February 2018, which contributed $287 million of net revenues;

•

Main floor table games win increased 31% compared to the prior year quarter due to the opening of MGM Cotai;

•

VIP table games win increased 18% compared to the prior year quarter due to the opening of VIP junket rooms in September 2018 at MGM Cotai;

•

Operating income was $62 million in the current quarter compared to $45 million in the prior year quarter;

•

Adjusted Property EBITDA increased 11% to $167 million compared to $150 million in the prior year quarter. The current quarter included $12 million of license fee expense compared to $10 million in the prior year quarter; and

•

Operating margin was 9.0% in the current year quarter, and Adjusted Property EBITDA margin was 24.3% in the current quarter compared to 29.1% in the prior year quarter, due primarily to the ramp up of operations at MGM Cotai.

The following table shows key gaming statistics for MGM China:

Three Months Ended December 31,	2018			2017			% change
	(Dollars in millions)
VIP Table Games Turnover	$	10,981		$	9,839			12	%
VIP Table Games Win %		3.3	%		3.1	%
Main Floor Table Games Drop	$	2,034		$	1,400			45	%
Main Floor Table Games Win %		19.0	%		21.0	%

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Unconsolidated Affiliates

The following table summarizes information related to the Company’s share of income from unconsolidated affiliates:

Three Months Ended December 31,	2018		2017
	(In thousands)
CityCenter	$	31,089	$	23,643
Other		1,400		4,384
	$	32,489	$	28,027

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

•

Net revenues were $335 million, a 13% increase compared to the prior year quarter, due to an increase in casino, rooms and food and beverage revenues;

•

Aria’s table games win increased 16%, due to a 22% increase in table games drop partially offset by a decrease in table games hold percentage to 24.0% in the current quarter compared to 25.4% in the prior year quarter;

•

Aria’s slots win increased 6% compared to the prior year quarter due primarily to an increase in slots handle;

•

REVPAR at Aria increased 12% compared to the prior year quarter to $238;

•

REVPAR at Vdara increased 14% compared to the prior year quarter to $192;

•

Operating income from resort operations was $46 million compared to operating income of $32 million in the prior year quarter; and

•

Adjusted EBITDA from resort operations was $111 million, a 15% increase compared to the prior year quarter.

MGM Growth Properties

During the fourth quarter of 2018, the Company made rent payments to MGM Growth Properties Operating Partnership LP (“MGP Operating Partnership”) in the amount of $193 million and received distributions of $85 million from the MGP Operating Partnership. In December 2018, the Board of Directors of MGM Growth Properties LLC (“MGP”) approved a quarterly dividend of $0.4475 per Class A share (based on a $1.79 dividend on an annualized basis) totaling $32 million, which represents an increase of $0.11 per share year to date, and a total increase of 6.5% year to date, which was paid on January 15, 2019 to holders of record on December 31, 2018. The Company concurrently received an $87 million distribution attributable to its ownership of MGP Operating Partnership units.

In the current quarter, the Company recorded within Management and other operations $67 million in net revenues and $23 million in Adjusted Property EBITDA related to MGP’s Northfield casino.

MGM Resorts Dividend and Share Repurchases

On February 13, 2019, the Company’s Board of Directors approved a quarterly dividend of $0.13 per share totaling approximately $70 million. The dividend will be payable on March 15, 2019 to holders of record on March 8, 2019.

During the fourth quarter, MGM Resorts repurchased approximately 6 million shares of its common stock at an average price of $25.13 per share for an aggregate amount of $150 million. Approximately $1.4 billion remains available under the $2.0 billion share repurchase program. All shares repurchased under the Company’s program have been retired.

Full Year 2018 Results

Consolidated net revenue for 2018 was $11.8 billion, a 9% increase over 2017. Consolidated operating income was $1.5 billion compared to $1.7 billion in the prior year. Net income attributable to MGM Resorts was $467 million, which included non-recurring, non-cash income tax expense of $20 million for Tax Act adjustments, including the

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impact of recently issued guidance on certain international provisions mentioned above, compared to $2.0 billion in the prior year which included a non-recurring, non-cash income tax benefit of $1.4 billion due to the Tax Act. Consolidated Adjusted Property EBITDA was $3.3 billion in the current year, a 1% increase compared to the prior year.

Las Vegas Strip Resorts net revenue was $5.7 billion in both the current and prior year periods. Operating income of $1.2 billion at the Company’s Las Vegas Strip Resorts was negatively affected by disruption related to the repositioning and rebranding at Park MGM. The prior year benefited from $41 million related to the NV Energy exit fee modification. Las Vegas Strip Resorts Adjusted Property EBITDA was $1.7 billion, a 4% decrease compared to the prior year.

Regional Operations net revenue increased 8% to $2.9 billion including contributions from the opening of MGM Springfield in August 2018 of $120 million, compared to $2.7 billion in the prior year. Operating income at the Company’s Regional Operations was $518 million in the current year compared to $517 million in the prior year, and Adjusted Property EBITDA was $759 million, a 4% increase compared to the prior year.

MGM China net revenue was $2.4 billion for 2018, a 32% increase from 2017. The current year benefited from the opening of MGM Cotai in February 2018, which contributed $729 million of net revenues. MGM China operating income was $216 million compared to $204 million in the prior year. MGM China Adjusted EBITDA was $568 million compared to $536 million in the prior year, a 6% increase from 2017.

CityCenter reported net revenues of $1.3 billion, a 4% increase compared to the prior year. Operating income from resort operations was $191 million compared to $204 million in the prior year, which included a benefit of $8 million from the NV Energy exit fee modification. Adjusted EBITDA related to resort operations was $419 million compared to $417 million in the prior year. During 2018, CityCenter sold the Mandarin Oriental Las Vegas and adjacent retail parcels for $214 million in cash and recorded a loss on sale of $133 million, the majority of which was recognized during the first quarter. MGM Resorts recorded a $12 million gain related to the reversal of basis differences in excess of its share of the loss recorded by CityCenter. CityCenter paid dividends of $625 million during 2018, of which MGM Resorts received its 50% share, or $312.5 million.

During the year ended December 31, 2018, the Company made rent payments to the MGP Operating Partnership in the amount of $767 million. During the year ended December 31, 2018 the Company received $333 million of distributions attributable to its ownership of units in the MGP Operating Partnership.

Diluted earnings per share was $0.81 in the current year, compared to $3.34 in 2017. The current year included non-recurring, non-cash income tax expense of $20 million, or $0.04 per share on a diluted basis for Tax Act adjustments, including the impact of recently issued guidance on certain international provisions mentioned above. The prior year included a non-recurring, non-cash income tax benefit of $1.4 billion, or $2.47 per share on a diluted basis, due to enactment of the Tax Act.

The following table lists items that affect the comparability of the current year and prior year annual results (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):

Year ended December 31,	2018			2017
Borgata property tax settlement	$	—		$	0.04
NV Energy exit expense		—			0.05
Preopening and start-up expenses		(0.18	)		(0.11	)
Property transactions, net		(0.06	)		(0.05	)
Gain on sale of Grand Victoria		0.06			—
Business interruption insurance proceeds		0.03			—
Income from unconsolidated affiliates:
Gain on the sale of Mandarin Oriental Las Vegas		0.02			—
Non-operating expense:
Loss on retirement of long-term debt		—			(0.07	)
Non-operating items from unconsolidated affiliates:
Change in fair value of CityCenter swaps		(0.01	)		—

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Financial Position

The Company’s cash balance at December 31, 2018 was $1.5 billion, which included $510 million at MGM China and $60 million at the MGP Operating Partnership. At December 31, 2018, the Company had $15.3 billion of principal amount of indebtedness outstanding, including $750 million outstanding under its $2.3 billion senior secured credit facility, $2.8 billion outstanding under the $3.6 billion MGP Operating Partnership senior secured credit facility and $2.4 billion outstanding under the $2.8 billion MGM China credit facility.

In December 2018, MGM Resorts amended its credit facility for an increase in the total revolving credit commitments to $1.5 billion and an increase in the total term loan A commitment to $750 million and extended the maturity date to 2023. In addition, the revolving and term loan A facilities were repriced at LIBOR plus 1.50% to 2.25% determined by reference to a net leverage ratio pricing grid.

“In 2018, we were active in the debt capital markets, extending MGM Resorts’ and MGM China’s maturities, returned $1.5 billion to shareholders, announced two accretive transactions that provide entry into New York and Ohio, and announced the Park MGM transaction with MGP,” said Dan D'Arrigo, Executive Vice President and Chief Financial Officer of MGM Resorts. “We remain focused on enhancing our free cash flow generation and managing our balance sheet to achieve our consolidated net leverage target of 3 to 4 times by year end 2020.”

Conference Call Details

MGM Resorts will host a conference call at 5:00 p.m. Eastern Time today which will include a brief discussion of the results followed by a question and answer period. The call will be accessible via the Internet through http://investors.mgmresorts.com/investors/events-and-presentations/ or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 3924102. A replay of the call will be available through Wednesday, February 20, 2019. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10127989. The call will be archived at http://investors.mgmresorts.com. In addition, MGM Resorts will post supplemental slides today on its website at http://investors.mgmresorts.com for reference during the earnings call.

1REVPAR 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, NV Energy exit expense and property transactions, net. “Adjusted Property EBITDA” is Adjusted EBITDA before corporate expense and stock compensation expense, which are not allocated to each property. “Adjusted Property EBITDA margin” is Adjusted Property EBITDA divided by net revenues. 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, Adjusted Property EBITDA, and Adjusted Property EBITDA margin 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.

Adjusted EBITDA, Adjusted Property EBITDA and Adjusted Property EBITDA margin should not be construed as alternatives to operating income or net income, as indicators of our performance; or as alternatives to cash flows from operating activities, as measures of liquidity; or as any other measure determined in accordance with generally accepted accounting principles. We have significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in Adjusted EBITDA, Adjusted Property EBITDA, or Adjusted Property EBITDA margin. Also, other companies in the gaming and hospitality industries that report Adjusted EBITDA, Adjusted Property EBITDA, or Adjusted Property EBITDA margin

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information may calculate Adjusted EBITDA, Adjusted Property EBITDA, or Adjusted Property EBITDA margin in a different manner.

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.

The Company does not provide reconciliations of Adjusted EBITDA, Adjusted Property EBITDA, or Adjusted Property EBITDA margin to net income on a forward-looking basis because the Company is unable to forecast the amount or significance of certain items required to develop meaningful comparable GAAP financial measures without unreasonable efforts. These items include gains or losses on sale or consolidation transactions, accelerated depreciation, impairment charges, gains or losses on retirement of debt and variations in effective tax rate, which are difficult to predict and estimate and are primarily dependent on future events, but which are excluded from the Company’s calculations of Adjusted EBITDA, Adjusted Property EBITDA, and Adjusted Property EBITDA margin.

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* * *

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 29 unique hotel and destination gaming offerings including some of the most recognizable resort brands in the industry. Expanding throughout the U.S. and around the world, the company acquired the operations of Empire City Casino in New York in 2019, and in 2018, opened MGM Springfield in Massachusetts, MGM COTAI in Macau, and the first Bellagio-branded hotel in Shanghai. The over 82,000 global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information visit us 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, the Company’s expectations regarding future results and the Company’s financial outlook (including any guidance), the Company’s ability to generate free cash flow growth, return capital to shareholders and further de-lever, and the Company’s ability to execute its strategic plan, capital allocations strategy, and deliver on its 2020 goals. 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 the Company’s 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
CATHERINE PARK	BRIAN AHERN
Executive Director of Investor Relations	Director of Communications
(702) 693-8711 or cpark@mgmresorts.com	media@mgmresorts.com

Page 9 of 17

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,			December 31,
	2018			2017			2018			2017
Revenues:
Casino	$	1,561,240		$	1,289,145		$	5,753,150		$	5,016,426
Rooms		542,903			479,180			2,212,573			2,152,741
Food and beverage		488,029			413,912			1,959,021			1,871,969
Entertainment, retail and other		349,718			315,214			1,412,860			1,354,301
Reimbursed costs		110,972			100,154			425,492			402,042
		3,052,862			2,597,605			11,763,096			10,797,479
Expenses:
Casino		876,261			704,142			3,199,775			2,673,397
Rooms		193,329			180,499			791,761			748,947
Food and beverage		380,403			324,482			1,501,868			1,414,611
Entertainment, retail and other		265,860			232,787			999,979			954,125
Reimbursed costs		110,972			100,154			425,492			402,042
General and administrative		444,878			414,415			1,764,638			1,559,575
Corporate expense		118,168			115,786			419,204			356,872
Preopening and start-up expenses		18,508			52,967			151,392			118,475
Property transactions, net		28,679			27,629			9,147			50,279
NV Energy exit expense		—			—			—			(40,629	)
Depreciation and amortization		312,542			249,357			1,178,044			993,480
		2,749,600			2,402,218			10,441,300			9,231,174
Income from unconsolidated affiliates		32,489			28,027			147,690			146,222
Operating income		335,751			223,414			1,469,486			1,712,527

Non-operating income (expense):
Interest expense, net of amounts capitalized		(214,538	)		(157,341	)		(769,513	)		(668,745	)
Non-operating items from unconsolidated affiliates		(16,166	)		(8,449	)		(47,827	)		(34,751	)
Other, net		(6,552	)		(16,535	)		(18,140	)		(48,241	)
		(237,256	)		(182,325	)		(835,480	)		(751,737	)

Income before income taxes		98,495			41,089			634,006			960,790
Benefit (provision) for income taxes		(92,735	)		1,377,904			(50,112	)		1,127,394
Net income		5,760			1,418,993			583,894			2,088,184
Less: Net income attributable to noncontrolling interests		(29,087	)		(31,580	)		(117,122	)		(136,132	)
Net income (loss) attributable to MGM Resorts International	$	(23,327	)	$	1,387,413		$	466,772		$	1,952,052
Earnings (loss) per share:
Basic	$	(0.06	)	$	2.42		$	0.82		$	3.38
Diluted	$	(0.06	)	$	2.39		$	0.81		$	3.34

Weighted average common shares outstanding:
Basic		528,922			566,289			544,253			572,253
Diluted		528,922			572,420			549,536			578,795

Page 10 of 17

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

	December 31,			December 31,
	2018			2017
ASSETS
Current assets:
Cash and cash equivalents	$	1,526,762		$	1,499,995
Accounts receivable, net		657,206			542,273
Inventories		110,831			102,292
Income tax receivable		28,431			42,551
Prepaid expenses and other		203,548			189,244
Total current assets		2,526,778			2,376,355

Property and equipment, net		20,729,888			19,635,459

Other assets:
Investments in and advances to unconsolidated affiliates		732,867			1,033,297
Goodwill		1,821,392			1,806,531
Other intangible assets, net		3,944,463			3,877,960
Other long-term assets, net		455,318			430,440
Total other assets		6,954,040			7,148,228
	$	30,210,706		$	29,160,042

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	302,578		$	255,028
Construction payable		311,793			474,807
Current portion of long-term debt		43,411			158,042
Accrued interest on long-term debt		140,046			135,785
Other accrued liabilities		2,151,054			2,114,635
Total current liabilities		2,948,882			3,138,297

Deferred income taxes, net		1,342,538			1,295,375
Long-term debt, net		15,088,005			12,751,052
Other long-term obligations		259,240			284,416
Redeemable noncontrolling interest		102,250			79,778
Stockholders' equity:
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 527,479,528 and 566,275,789 shares		5,275			5,663
Capital in excess of par value		4,092,085			5,357,709
Retained earnings		2,423,479			2,217,299
Accumulated other comprehensive loss		(8,556	)		(3,610	)
Total MGM Resorts International stockholders' equity		6,512,283			7,577,061
Noncontrolling interests		3,957,508			4,034,063
Total stockholders' equity		10,469,791			11,611,124
	$	30,210,706		$	29,160,042

Page 11 of 17

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

	Three Months Ended				Twelve Months Ended
	December 31,		December 31,		December 31,		December 31,
	2018		2017		2018		2017
Bellagio	$	338,612	$	319,328	$	1,367,835	$	1,365,571
MGM Grand Las Vegas		281,156		290,660		1,226,105		1,179,681
Mandalay Bay		222,677		191,604		965,435		982,280
The Mirage		146,431		140,898		597,404		629,497
Luxor		89,753		88,852		394,034		405,057
New York-New York		94,205		89,994		373,266		362,964
Excalibur		80,081		73,853		327,572		325,654
Park MGM		62,954		44,457		213,205		241,578
Circus Circus Las Vegas		59,829		56,666		251,816		253,841
Las Vegas Strip Resorts		1,375,698		1,296,312		5,716,672		5,746,123
MGM Grand Detroit		152,281		143,403		601,499		570,329
Beau Rivage		102,169		92,150		410,237		381,274
Gold Strike Tunica		44,277		42,065		173,953		173,051
Borgata		192,130		199,680		827,616		864,996
MGM National Harbor		213,606		187,899		800,777		720,070
MGM Springfield (1)		77,890		—		120,439		—
Regional Operations		782,353		665,197		2,934,521		2,709,720
MGM Macau		399,456		516,768		1,721,199		1,858,160
MGM Cotai		287,276		—		728,758		—
MGM China		686,732		516,768		2,449,957		1,858,160
Management and other operations		208,079		119,328		661,946		483,476
	$	3,052,862	$	2,597,605	$	11,763,096	$	10,797,479

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)

	Three Months Ended				Twelve Months Ended
	December 31,		December 31,		December 31,		December 31,
	2018		2017		2018		2017
Bellagio	$	118,150	$	107,885	$	489,866	$	505,736
MGM Grand Las Vegas		72,720		90,671		371,566		344,685
Mandalay Bay		71,326		27,955		265,741		258,471
The Mirage		32,149		30,016		131,864		176,996
Luxor		26,219		23,945		120,749		126,650
New York-New York		35,158		32,226		137,622		135,036
Excalibur		27,149		22,989		111,255		113,561
Park MGM		4,514		575		14,290		49,191
Circus Circus Las Vegas		13,336		12,554		62,526		70,274
Las Vegas Strip Resorts		400,721		348,816		1,705,479		1,780,600
MGM Grand Detroit		48,851		45,088		195,817		176,280
Beau Rivage		27,000		18,752		103,906		87,778
Gold Strike Tunica		12,604		11,794		52,081		52,882
Borgata		43,439		43,920		198,394		281,170
MGM National Harbor		56,780		27,675		195,109		133,806
MGM Springfield (1)		6,145		—		13,789		—
Regional Operations		194,819		147,229		759,096		731,916
MGM Macau (2)		114,262		150,305		478,121		535,524
MGM Cotai		52,360		—		90,173		—
MGM China		166,622		150,305		568,294		535,524
Unconsolidated resorts (3)		32,489		28,027		147,690		146,222
Management and other operations		26,476		3,087		74,790		26,838
	$	821,127	$	677,464	$	3,255,349	$	3,221,100

(1)

For the twelve months ended December 31, 2018, represents net revenues and Adjusted Property EBITDA of MGM Springfield for the period August 1-December 31 only.

(2)

In 2017, MGM Macau included certain expenses classified as corporate expense in 2018.

(3)

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

Page 12 of 17

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)

Three Months Ended December 31, 2018

	Operating income (loss)			NV Energy exit expense		Preopening and start-up expenses		Property transactions, net			Depreciation and amortization		Adjusted EBITDA
Bellagio	$	101,122		$	—	$	—	$	829		$	16,199	$	118,150
MGM Grand Las Vegas		55,528			—		—		106			17,086		72,720
Mandalay Bay		47,697			—		—		834			22,795		71,326
The Mirage		23,358			—		—		3			8,788		32,149
Luxor		16,729			—		114		283			9,093		26,219
New York-New York		28,772			—		—		70			6,316		35,158
Excalibur		22,195			—		—		10			4,944		27,149
Park MGM		(21,193	)		—		14,092		343			11,272		4,514
Circus Circus Las Vegas		8,179			—		—		43			5,114		13,336
Las Vegas Strip Resorts		282,387			—		14,206		2,521			101,607		400,721
MGM Grand Detroit		43,109			—		—		(3	)		5,745		48,851
Beau Rivage		19,885			—		—		484			6,631		27,000
Gold Strike Tunica		10,271			—		4		25			2,304		12,604
Borgata		28,980			—		—		(77	)		14,536		43,439
MGM National Harbor		36,415			—		4		185			20,176		56,780
MGM Springfield		(5,290	)		—		1,102		—			10,333		6,145
Regional Operations		133,370			—		1,110		614			59,725		194,819
MGM Macau		96,577			—		—		43			17,642		114,262
MGM Cotai		(34,556	)		—		3,192		24,218			59,506		52,360
MGM China		62,021			—		3,192		24,261			77,148		166,622
Unconsolidated resorts (1)		32,489			—		—		—			—		32,489
Management and other operations		18,040			—		—		178			8,258		26,476
		528,307			—		18,508		27,574			246,738		821,127
Stock compensation		(18,690	)		—		—		—			—		(18,690	)
Corporate		(173,866	)		—		—		1,105			65,804		(106,957	)
	$	335,751		$	—	$	18,508	$	28,679		$	312,542	$	695,480

Three Months Ended December 31, 2017

	Operating income (loss)			NV Energy exit expense		Preopening and start-up expenses		Property transactions, net		Depreciation and amortization		Adjusted EBITDA
Bellagio	$	84,527		$	—	$	—	$	79	$	23,279	$	107,885
MGM Grand Las Vegas		73,003			—		—		515		17,153		90,671
Mandalay Bay		1,598			—		—		329		26,028		27,955
The Mirage		19,344			—		—		91		10,581		30,016
Luxor		12,916			—		—		956		10,073		23,945
New York-New York		25,543			—		—		415		6,268		32,226
Excalibur		17,880			—		—		66		5,043		22,989
Park MGM		(31,560	)		—		—		19,507		9,000		(3,053	)
Circus Circus Las Vegas		8,018			—		3,628		175		4,361		16,182
Las Vegas Strip Resorts		211,269			—		3,628		22,133		111,786		348,816
MGM Grand Detroit		39,422			—		—		—		5,666		45,088
Beau Rivage		12,192			—		—		10		6,550		18,752
Gold Strike Tunica		9,493			—		—		113		2,188		11,794
Borgata		28,124			—		—		106		15,690		43,920
MGM National Harbor		4,724			—		115		—		22,836		27,675
Regional Operations		93,955			—		115		229		52,930		147,229
MGM China		45,426			—		41,782		5,078		58,019		150,305
Unconsolidated resorts (1)		28,027			—		—		—		—		28,027
Management and other operations		1,167			—		—		—		1,920		3,087
		379,844			—		45,525		27,440		224,655		677,464
Stock compensation		(15,748	)		—		—		—		—		(15,748	)
Corporate		(140,682	)		—		7,442		189		24,702		(108,349	)
	$	223,414		$	—	$	52,967	$	27,629	$	249,357	$	553,367

(1)

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

Page 13 of 17

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)

Twelve Months Ended December 31, 2018

	Operating income (loss)			NV Energy exit expense		Preopening and start-up expenses		Property transactions, net			Depreciation and amortization		Adjusted EBITDA
Bellagio	$	405,221		$	—	$	—	$	1,661		$	82,984	$	489,866
MGM Grand Las Vegas		304,590			—		—		750			66,226		371,566
Mandalay Bay		174,268			—		—		787			90,686		265,741
The Mirage		94,226			—		—		1,677			35,961		131,864
Luxor		81,197			—		114		562			38,876		120,749
New York-New York		112,570			—		—		250			24,802		137,622
Excalibur		91,394			—		—		68			19,793		111,255
Park MGM		(75,060	)		—		22,569		19,901			46,880		14,290
Circus Circus Las Vegas		43,592			—		—		402			18,532		62,526
Las Vegas Strip Resorts		1,231,998			—		22,683		26,058			424,740		1,705,479
MGM Grand Detroit		173,515			—		—		(95	)		22,397		195,817
Beau Rivage		76,855			—		51		510			26,490		103,906
Gold Strike Tunica		43,066			—		45		71			8,899		52,081
Borgata		139,935			—		—		936			57,523		198,394
MGM National Harbor		119,383			—		163		271			75,292		195,109
MGM Springfield (1)		(34,757	)		—		32,435		—			16,111		13,789
Regional Operations		517,997			—		32,694		1,693			206,712		759,096
MGM Macau		406,763			—		—		630			70,728		478,121
MGM Cotai		(190,959	)		—		64,341		24,224			192,567		90,173
MGM China		215,804			—		64,341		24,854			263,295		568,294
Unconsolidated resorts (2)		144,369			—		3,321		—			—		147,690
Management and other operations		55,465			—		—		178			19,147		74,790
		2,165,633			—		123,039		52,783			913,894		3,255,349
Stock compensation		(68,211	)		—		—		—			—		(68,211	)
Corporate		(627,936	)		—		28,353		(43,636	)		264,150		(379,069	)
	$	1,469,486		$	—	$	151,392	$	9,147		$	1,178,044	$	2,808,069

Twelve Months Ended December 31, 2017

	Operating income (loss)			NV Energy exit expense			Preopening and start-up expenses			Property transactions, net		Depreciation and amortization		Adjusted EBITDA
Bellagio	$	419,462		$	(6,970	)	$	—		$	924	$	92,320	$	505,736
MGM Grand Las Vegas		279,841			(7,424	)		6			1,752		70,510		344,685
Mandalay Bay		169,828			(8,524	)		—			590		96,577		258,471
The Mirage		140,881			(4,043	)		—			304		39,854		176,996
Luxor		89,127			(3,394	)		—			2,428		38,489		126,650
New York-New York		107,953			(2,025	)		(162	)		720		28,550		135,036
Excalibur		97,382			(2,658	)		—			485		18,352		113,561
Park MGM		(30,659	)		(2,461	)		6,532			33,510		42,269		49,191
Circus Circus Las Vegas		55,256			(3,130	)		452			940		16,756		70,274
Las Vegas Strip Resorts		1,329,071			(40,629	)		6,828			41,653		443,677		1,780,600
MGM Grand Detroit		153,533			—			—			—		22,747		176,280
Beau Rivage		62,543			—			—			370		24,865		87,778
Gold Strike Tunica		43,722			—			—			91		9,069		52,882
Borgata		206,445			—			1,430			1,417		71,878		281,170
MGM National Harbor		50,696			—			366			—		82,744		133,806
Regional Operations		516,939			—			1,796			1,878		211,303		731,916
MGM China		204,190			—			86,970			6,286		238,078		535,524
Unconsolidated resorts (2)		146,222			—			—			—		—		146,222
Management and other operations		18,913			—			—			—		7,925		26,838
		2,215,335			(40,629	)		95,594			49,817		900,983		3,221,100
Stock compensation		(60,936	)		—			—			—		—		(60,936	)
Corporate		(441,872	)		—			22,881			462		92,497		(326,032	)
	$	1,712,527		$	(40,629	)	$	118,475		$	50,279	$	993,480	$	2,834,132

(1)

For the twelve months ended December 31, 2018, represents the operating results of MGM Springfield for the period August 1-December 31 only.

(2)

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

Page 14 of 17

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,			December 31,			December 31,		December 31,
	2018			2017			2018		2017
Net income (loss) attributable to MGM Resorts International	$	(23,327	)	$	1,387,413		$	466,772	$	1,952,052
Plus: Net income attributable to noncontrolling interests		29,087			31,580			117,122		136,132
Net income		5,760			1,418,993			583,894		2,088,184
(Benefit) provision for income taxes		92,735			(1,377,904	)		50,112		(1,127,394	)
Income before income taxes		98,495			41,089			634,006		960,790
Non-operating (income) expense:
Interest expense, net of amounts capitalized		214,538			157,341			769,513		668,745
Other, net		22,718			24,984			65,967		82,992
		237,256			182,325			835,480		751,737
Operating income		335,751			223,414			1,469,486		1,712,527
NV Energy exit expense		—			—			—		(40,629	)
Preopening and start-up expenses		18,508			52,967			151,392		118,475
Property transactions, net		28,679			27,629			9,147		50,279
Depreciation and amortization		312,542			249,357			1,178,044		993,480
Adjusted EBITDA	$	695,480		$	553,367		$	2,808,069	$	2,834,132

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP RESORTS

(Unaudited)

	Three Months Ended				Twelve Months Ended
	December 31,		December 31,		December 31,		December 31,
	2018		2017		2018		2017
Bellagio
Occupancy %		94.2%		88.1%		94.9%		92.9%
Average daily rate (ADR)		$282		$273		$278		$276
Revenue per available room (REVPAR)		$266		$240		$264		$257
MGM Grand Las Vegas
Occupancy %		90.3%		87.5%		92.7%		92.1%
ADR		$180		$170		$182		$182
REVPAR		$163		$149		$169		$167
Mandalay Bay
Occupancy %		89.9%		80.5%		90.2%		90.0%
ADR		$187		$185		$204		$206
REVPAR		$168		$149		$184		$186
The Mirage
Occupancy %		92.1%		90.5%		93.9%		94.2%
ADR		$170		$173		$172		$173
REVPAR		$156		$157		$161		$163
Luxor
Occupancy %		91.3%		89.7%		94.5%		93.9%
ADR		$111		$107		$115		$115
REVPAR		$101		$96		$109		$108
New York-New York
Occupancy %		93.0%		94.8%		96.0%		96.2%
ADR		$146		$139		$144		$145
REVPAR		$135		$132		$138		$139
Excalibur
Occupancy %		89.0%		87.4%		92.2%		92.4%
ADR		$97		$92		$99		$100
REVPAR		$86		$81		$91		$92
Park MGM
Occupancy %		82.4%		73.3%		83.8%		89.5%
ADR		$133		$125		$132		$123
REVPAR		$109		$92		$111		$110
Circus Circus Las Vegas
Occupancy %		76.5%		76.5%		81.3%		84.0%
ADR		$85		$78		$84		$84
REVPAR		$65		$60		$68		$71

Page 15 of 17

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

	Three Months Ended				Twelve Months Ended
	December 31,		December 31,		December 31,		December 31,
	2018		2017		2018		2017
Aria	$	302,569	$	267,823	$	1,149,025	$	1,102,393
Vdara		32,305		28,771		128,720		125,340
	$	334,874	$	296,594	$	1,277,745	$	1,227,733

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

	Three Months Ended					Twelve Months Ended
	December 31,		December 31,			December 31,			December 31,
	2018		2017			2018			2017
Net income (loss)	$	14,988	$	13,847		$	(37,911	)	$	131,683
Plus: Loss from discontinued operations		385		2,237			135,002			5,543
Net income from continuing operations		15,373		16,084			97,091			137,226
Non-operating (income) expense:
Interest expense, net of amounts capitalized		22,150		15,887			80,511			60,094
Other, net		7,868		(506	)		7,766			2,789
		30,018		15,381			88,277			62,883
Operating income		45,391		31,465			185,368			200,109
NV Energy exit expense		—		—			—			(8,250	)
Property transactions, net		7,644		8,378			7,195			9,541
Depreciation and amortization		57,117		55,797			221,564			211,897
Adjusted EBITDA	$	110,152	$	95,640		$	414,127		$	413,297

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended December 31, 2018

	Operating income (loss)			NV Energy exit expense		Property transactions, net		Depreciation and amortization		Adjusted EBITDA
Aria	$	43,908		$	—	$	7,633	$	50,104	$	101,645
Vdara		2,471			—		11		7,013		9,495
Resort operations		46,379			—		7,644		57,117		111,140
Other		(988	)		—		—		—		(988	)
	$	45,391		$	—	$	7,644	$	57,117	$	110,152

Three Months Ended December 31, 2017

	Operating income (loss)			NV Energy exit expense		Property transactions, net		Depreciation and amortization		Adjusted EBITDA
Aria	$	31,981		$	—	$	7,876	$	48,656	$	88,513
Vdara		425			—		502		7,141		8,068
Resort operations		32,406			—		8,378		55,797		96,581
Other		(941	)		—		—		—		(941	)
	$	31,465		$	—	$	8,378	$	55,797	$	95,640

Page 16 of 17

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Twelve Months Ended December 31, 2018

	Operating income (loss)			NV Energy exit expense		Property transactions, net		Depreciation and amortization		Adjusted EBITDA
Aria	$	179,791		$	—	$	6,956	$	193,859	$	380,606
Vdara		10,711			—		239		27,705		38,655
Resort operations		190,502			—		7,195		221,564		419,261
Other		(5,134	)		—		—		—		(5,134	)
	$	185,368		$	—	$	7,195	$	221,564	$	414,127

Twelve Months Ended December 31, 2017

	Operating income (loss)			NV Energy exit expense			Property transactions, net		Depreciation and amortization		Adjusted EBITDA
Aria	$	192,888		$	(8,250	)	$	8,881	$	184,124	$	377,643
Vdara		11,344			—			660		27,773		39,777
Resort operations		204,232			(8,250	)		9,541		211,897		417,420
Other		(4,123	)		—			—		—		(4,123	)
	$	200,109		$	(8,250	)	$	9,541	$	211,897	$	413,297

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)

	Three Months Ended		Twelve Months Ended
	December 31,	December 31,	December 31,	December 31,
	2018	2017	2018	2017
Aria
Occupancy %	89.6%	87.0%	90.9%	91.4%
ADR	$265	$244	$261	$251
REVPAR	$238	$212	$237	$229
Vdara
Occupancy %	90.0%	85.4%	92.0%	89.5%
ADR	$213	$196	$209	$208
REVPAR	$192	$168	$192	$186

Page 17 of 17

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