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MGM Resorts International Reports Second Quarter Results

LAS VEGAS, Aug. 7, 2012 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported its second quarter 2012 results. Net loss per share attributable to the Company was $0.30 compared to diluted net income per share of $6.22 in the prior year second quarter. The prior year quarter included a gain of $6.30 per share recognized on the consolidation of MGM China Holdings, Limited ("MGM China"). Comparability of the current and prior quarter consolidated results was also affected by certain impairment charges and tax provision items discussed below. Key results for the second quarter of 2012 include the following:

  • Net revenue for the Company's wholly owned domestic resorts was $1.5 billion in both the current and prior year second quarters. Casino revenue decreased 1% at the Company's wholly owned domestic resorts, while rooms revenue increased 3% with a 5% increase in REVPAR(1) at the Company's Las Vegas Strip resorts;
  • The Company's wholly owned domestic resorts earned Adjusted Property EBITDA(2) of $345 million, a 4% increase compared to the prior year quarter, which was impacted by the temporary closure of Gold Strike Tunica in May 2011;
  • MGM China reported record Adjusted Property EBITDA of $187 million, which included $12 million of branding fee expense; excluding these fees, Adjusted Property EBITDA increased 14% over MGM Macau's prior year quarter; and
  • CityCenter reported record Adjusted Property EBITDA for resort operations, increasing 11% from the prior year quarter to $71 million.

"Our wholly owned domestic resorts Adjusted Property EBITDA grew 4% year over year and we achieved record quarters for both MGM China and CityCenter," said Jim Murren, MGM Resorts International Chairman and CEO. "We continue to focus on maximizing profitability by managing costs, improving our customer relationships via M life and social media outlets such as myVEGAS, as well as exploring growth opportunities in key strategic regions across the U.S. and internationally."

Certain Items Affecting Second Quarter Results

The following table lists items that affect the comparability of the current and prior year quarterly results (approximate diluted per share impact on net income (loss) attributable to MGM Resorts International, net of tax; negative amounts represent charges to income):

Three months ended June 30,                        

2012

2011

Property transactions, net:



     Investment in Grand Victoria impairment

$  (0.11)

$      —

     Other property transactions, net

(0.01)

Gain on MGM China transaction

6.30

Income (loss) from unconsolidated affiliates:



     CityCenter residential non-cash impairment charge

(0.03)

Income tax provision:



     Macau shareholder dividend tax

0.07

     Deferred tax valuation allowance

(0.13)


Current quarter results were affected by certain tax provision items discussed below and a non-cash impairment charge of $85 million related to the Company's joint venture investment in Grand Victoria. The prior year quarter included a $3.5 billion gain recognized on consolidation of MGM China in June 2011 and a $26 million non-cash impairment charge related to the Company's share of a residential impairment charge at CityCenter.

The current quarter income tax provision was affected by a valuation allowance for a portion of U.S. deferred tax assets and by a net tax benefit resulting from entering into an annual fee arrangement with the Macau government with respect to the complementary tax on dividend distributions of MGM Macau covering the years 2007 through 2011, including the dividend distributed in the first quarter of this year.  All taxes previously accrued on MGM Macau dividends distributed in prior quarters were reversed and the cumulative agreed upon annual fee was recorded during the quarter.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts decreased 1% compared to the prior year quarter. The overall table games hold percentage in the second quarter of 2012 was 17.7% compared to 18.2% for the prior year second quarter. Slots revenue was flat compared to the prior year quarter.

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

Three months ended June 30,                             

2012

2011

Occupancy %       

94%

94%

Average Daily Rate (ADR)      

$    131

$   126

Revenue per Available Room (REVPAR)    

$    124

$   118

Operating income for the Company's wholly owned domestic resorts for the second quarter of 2012 was $214 million, an increase of 10% compared to the prior year quarter, partially due to lower depreciation and amortization expense.  Adjusted Property EBITDA for wholly owned domestic resorts increased 4% to $345 million for the second quarter of 2012.  Operating income and Adjusted Property EBITDA were negatively affected by approximately $12 million in the prior year quarter as a result of the temporary closure of Gold Strike Tunica in May 2011.

MGM China

The following are the key second quarter results for MGM China:

  • MGM China earned net revenue of $709 million, a 6% increase over the prior year quarter driven by increases in volume for main floor table games and slots of 7% and 39%, respectively. VIP table games turnover decreased 6% from the prior year quarter, while hold percentage was 3.3% in the current year quarter compared to 3.1% in the prior year quarter; and
  • MGM China's operating income was $90 million and Adjusted Property EBITDA was $187 million, which included $12 million of branding fee expense. Excluding branding fees, Adjusted Property EBITDA increased 14% over MGM Macau's prior year second quarter results.

MGM China completed its initial public offering of shares on The Stock Exchange of Hong Kong Limited on June 3, 2011 and the Company acquired an additional 1% interest in MGM China, which owns the MGM Macau resort and casino. This acquisition increased the Company's ownership interest to 51% and, as a result, the Company began consolidating MGM China as of June 3, 2011. Prior to June 3, 2011, the results of MGM Macau were accounted for under the equity method of accounting.

Income (Loss) from Unconsolidated Affiliates

The following table summarizes the Company's income (loss) from unconsolidated affiliates:

 Three months ended June 30,                       

2012


2011


(In thousands)

  CityCenter           

$     642


$     (32,483)

  MGM Macau


53,539

  Other           

5,344


10,971


$  5,986


$      32,027

Results for CityCenter Holdings, LLC for the second quarter of 2012 include the following (see schedules accompanying this release for further detail on CityCenter's second quarter results):

  • Net revenue from resort operations increased 3% to $282 million;
  • Adjusted Property EBITDA from resort operations was $71 million compared to $64 million in the prior year quarter;
  • Aria's table games hold percentage for the second quarter of 2012 was 24.0% compared to 29.2% for the prior year quarter.  The estimated effect of the decrease in hold percentage compared to the prior year quarter for net revenue and Adjusted Property EBITDA was $16 million and $13 million, respectively; and
  • Aria's occupancy percentage was 93% and its ADR was $201, resulting in REVPAR of $187, a 3% increase compared to the prior year second quarter.

Financial Position

The Company's cash balance at June 30, 2012 was $1.7 billion, which included approximately $658 million of cash and cash equivalents related to MGM China.  At June 30, 2012, the Company had approximately $13.4 billion of indebtedness, including $1.3 billion of borrowings outstanding under its senior credit facility and $553 million related to the MGM China credit facility.

At June 30, 2012, the Company's senior credit facility consisted of approximately $820 million in term loans and a $1.3 billion revolver (approximately $360 million of which has not been extended and matures in February 2014) and had approximately $855 million of available borrowing capacity. The interest rate on extending loans was 5% at June 30, 2012.  Interest on non-extending revolving loans remains at 7%.

"We remain focused on improving our free cash flow and deleveraging our balance sheet.  One way we expect to be able to do this is by lowering our cost of capital.  We envision an environment in the near future where we will have the opportunity to refinance some of our long-term capital at progressively lower rates," said Dan D'Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer.  "A good example of this is our recently launched five year $1.5 billion refinancing in Macau.  The reception from our lenders has been very strong and we expect to finalize this transaction at attractive rates in the near future."

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 99179146.  A replay of the call will be available through Tuesday, August 14, 2012. The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The replay access code is 99179146. The call will also be archived at www.mgmresorts.com.


1   REVPAR is hotel Revenue per Available Room.

2   "Adjusted EBITDA" is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net and the gain on the MGM China transaction.  "Adjusted Property EBITDA" is Adjusted EBITDA before corporate expense and stock compensation expense related to the MGM Resorts stock option plan, which is not allocated to each property. MGM China recognizes stock compensation expense related to its stock compensation plan which is included in the calculation of Adjusted Property EBITDA for MGM China.  Adjusted EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because management believes these measures are 1) widely used measures of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies. 

Management believes that while items excluded from Adjusted EBITDA and Adjusted Property EBITDA may be recurring in nature and should not be disregarded in evaluation of the 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, pre-opening and start-up expenses will be significantly different in periods when the Company is developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within the 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, 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 involving risks and/or uncertainties, including those described in the company's public filings with the Securities and Exchange Commission.  We have 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 future operating results and our ability to refinance indebtedness including the finalization of the new credit facility in Macau at attractive rates. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions in the markets in which we operate and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, 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.

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)












Three Months Ended


Six Months Ended



June 30,


June 30,


June 30,


June 30,



2012


2011


2012


2011

Revenues:









Casino

$ 1,299,196


$ 797,495


$ 2,634,230


$ 1,387,715


Rooms

418,766


396,791


812,386


765,128


Food and beverage

391,891


371,960


764,844


708,784


Entertainment

120,909


130,094


241,309


249,687


Retail

52,086


54,292


98,710


100,442


Other

132,900


128,826


246,023


243,049


Reimbursed costs

90,938


89,482


181,477


175,770



2,506,686


1,968,940


4,978,979


3,630,575


Less: Promotional allowances

(182,921)


(162,955)


(367,624)


(311,739)



2,323,765


1,805,985


4,611,355


3,318,836

Expenses:









Casino

826,211


485,965


1,693,685


836,730


Rooms

129,897


123,886


256,052


240,872


Food and beverage

222,567


215,899


434,206


414,147


Entertainment

88,559


94,505


177,347


182,716


Retail

29,241


32,479


56,824


61,638


Other

88,835


88,392


175,057


166,689


Reimbursed costs

90,938


89,482


181,477


175,770


General and administrative

309,478


301,582


612,767


571,144


Corporate expense

42,540


40,016


84,800


76,501


Preopening and start-up expenses

-


(316)


-


(316)


Property transactions, net

90,467


900


91,384


991


Gain on MGM China transaction

-


(3,496,005)


-


(3,496,005)


Depreciation and amortization

235,643


177,467


472,452


329,864



2,154,376


(1,845,748)


4,236,051


(439,259)










Income (loss) from unconsolidated affiliates

5,986


32,027


(7,323)


95,370










Operating income

175,375


3,683,760


367,981


3,853,465










Non-operating income (expense):









Interest expense

(276,323)


(270,224)


(560,665)


(540,138)


Non-operating items from unconsolidated affiliates

(20,836)


(28,002)


(47,702)


(68,292)


Other, net

46


(13,017)


(57,530)


(16,972)



(297,113)


(311,243)


(665,897)


(625,402)










Income (loss) before income taxes

(121,738)


3,372,517


(297,916)


3,228,063


Benefit for income taxes

51,304


78,174


24,175


132,757










Net income (loss)

(70,434)


3,450,691


(273,741)


3,360,820


Less: net income attributable to noncontrolling interests

(75,018)


(8,706)


(88,964)


(8,706)

Net income (loss) attributable to MGM Resorts International

$ (145,452)


$ 3,441,985


$ (362,705)


$ 3,352,114










Per share of common stock:









Basic:









Net income (loss) attributable to MGM Resorts International

$ (0.30)


$ 7.04


$ (0.74)


$ 6.86











Weighted average shares outstanding

488,931


488,609


488,896


488,574











Diluted:









Net income (loss) attributable to MGM Resorts International

$ (0.30)


$ 6.22


$ (0.74)


$ 6.09











Weighted average shares outstanding

488,931


554,890


488,896


553,690




MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)










June 30,


December 31,




2012


2011







ASSETS

Current assets:





Cash and cash equivalents

$ 1,731,921


$ 1,865,913


Accounts receivable, net

478,588


491,730


Inventories

113,316


112,735


Deferred income taxes, net

122,134


91,060


Prepaid expenses and other

231,458


251,282


            Total current assets

2,677,417


2,812,720







Property and equipment, net

14,783,177


14,866,644







Other assets:






Investments in and advances to unconsolidated affiliates

1,498,864


1,635,572


Goodwill


2,900,237


2,896,609


Other intangible assets, net

4,889,311


5,048,117


Other long-term assets, net

514,002


506,614


            Total other assets

9,802,414


10,086,912




$ 27,263,008


$ 27,766,276













LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities:





Accounts payable

$ 171,878


$ 170,994


Income taxes payable

336


7,611


Current portion of long-term debt

141,674


-


Accrued interest on long-term debt

251,373


203,422


Other accrued liabilities

1,364,123


1,362,737


            Total current liabilities

1,929,384


1,744,764







Deferred income taxes

2,513,840


2,502,096

Long-term debt


13,225,319


13,470,167

Other long-term obligations

182,258


167,027

Stockholders' equity:





Common stock, $.01 par value: authorized 1,000,000,000 shares,





     issued and outstanding 488,940,301 and 488,834,773 shares

4,889


4,888


Capital in excess of par value

4,091,166


4,094,323


Retained earnings

1,618,684


1,981,389


Accumulated other comprehensive income

11,046


5,978


            Total MGM Resorts International stockholders' equity

5,725,785


6,086,578


Noncontrolling interests

3,686,422


3,795,644


            Total stockholders' equity

9,412,207


9,882,222




$ 27,263,008


$ 27,766,276




MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)












Three Months Ended


Six Months Ended



June 30,


June 30,


June 30,


June 30,



2012


2011


2012


2011


Bellagio

$ 296,385


$ 278,058


$ 580,732


$ 530,008


MGM Grand Las Vegas

230,396


239,451


462,876


464,581


Mandalay Bay

192,465


209,025


372,391


388,359


The Mirage

146,239


144,425


294,468


292,923


Luxor

84,717


84,442


166,643


164,217


New York-New York

69,017


68,721


139,641


133,698


Excalibur

68,275


67,478


130,999


128,510


Monte Carlo

66,456


65,695


131,363


128,281


Circus Circus Las Vegas

54,115


50,441


101,799


93,135


MGM Grand Detroit

141,805


142,229


292,392


286,140


Beau Rivage

86,899


90,615


173,550


171,735


Gold Strike Tunica

35,908


30,972


76,008


68,070


Other resort operations

32,551


33,756


61,964


62,081


 Wholly owned domestic resorts

1,505,228


1,505,308


2,984,826


2,911,738


MGM China(1)

709,296


192,984


1,411,386


192,984


Management and other operations

109,241


107,693


215,143


214,114



$ 2,323,765


$ 1,805,985


$ 4,611,355


$ 3,318,836











(1) 2011 amounts represent the net revenues of MGM China Holdings Limited ("MGM China") from June 3, 2011 (the first day of the Company's majority ownership of MGM China) through June 30, 2011.




























MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)












Three Months Ended


Six Months Ended



June 30,


June 30,


June 30,


June 30,



2012


2011


2012


2011


Bellagio

$ 83,352


$ 77,370


$ 153,796


$ 131,271


MGM Grand Las Vegas

29,032


35,557


66,357


72,425


Mandalay Bay

47,399


51,601


86,213


88,045


The Mirage

25,067


24,340


52,486


56,739


Luxor

17,345


18,841


35,709


38,955


New York-New York

23,662


22,223


47,975


43,351


Excalibur

19,125


18,369


33,304


34,511


Monte Carlo

16,408


15,644


31,404


29,404


Circus Circus Las Vegas

8,148


7,053


13,289


11,626


MGM Grand Detroit

43,337


42,163


85,576


85,696


Beau Rivage

19,401


19,288


36,451


32,424


Gold Strike Tunica

11,041


(1,693)


22,621


7,755


Other resort operations

1,841


630


949


(854)


 Wholly owned domestic resorts

345,158


331,386


666,130


631,348


MGM China(1)

186,560


46,422


351,081


46,422


MGM Macau (50%)(2)

-


53,539


-


115,219


CityCenter (50%)(3)

642


(32,483)


(17,931)


(38,306)


Other unconsolidated resorts(3)

5,344


10,971


10,608


18,457


Management and other operations

10,104


913


14,803


1,522



$ 547,808


$ 410,748


$ 1,024,691


$ 774,662











(1) 2011 amounts represent the Adjusted EBITDA of MGM China from June 3, 2011 (the first day of the Company's majority ownership of MGM China) through June 30, 2011.




(2) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences for the approximately two and five months ended June 2, 2011.




(3) Represents the Company's 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 June 30, 2012















Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation

and

amortization


Adjusted

EBITDA



Bellagio

$ 58,322


$ -


$ 354


$ 24,676


$ 83,352



MGM Grand Las Vegas

8,072


-


803


20,157


29,032



Mandalay Bay

26,963


-


545


19,891


47,399



The Mirage

12,240


-


57


12,770


25,067



Luxor

8,406


-


185


8,754


17,345



New York-New York

18,002


-


243


5,417


23,662



Excalibur

14,769


-


3


4,353


19,125



Monte Carlo

10,930


-


553


4,925


16,408



Circus Circus Las Vegas

3,036


-


77


5,035


8,148



MGM Grand Detroit

32,431


-


884


10,022


43,337



Beau Rivage

11,727


-


8


7,666


19,401



Gold Strike Tunica

7,713


-


2


3,326


11,041



Other resort operations

1,184


-


6


651


1,841



 Wholly owned domestic resorts

213,795


-


3,720


127,643


345,158



MGM China

90,215


-


1,464


94,881


186,560



CityCenter (50%)

642


-


-


-


642



Other unconsolidated resorts

5,344


-


-


-


5,344



Management and other operations

6,855


-


-


3,249


10,104




316,851


-


5,184


225,773


547,808



Stock compensation

(8,769)


-


-


-


(8,769)



Corporate

(132,707)


-


85,283


9,870


(37,554)




$ 175,375


$ -


$ 90,467


$ 235,643


$ 501,485




Three Months Ended June 30, 2011















Operating

income (loss)


Preopening and

start-up

expenses


Gain on MGM

China transaction

and Property

transactions, net


Depreciation

and

amortization


Adjusted

EBITDA




Bellagio

$ 52,732


$ -


$ 317


$ 24,321


$ 77,370



MGM Grand Las Vegas

16,324


-


-


19,233


35,557



Mandalay Bay

29,810


-


16


21,775


51,601



The Mirage

10,395


-


11


13,934


24,340



Luxor

9,349


-


6


9,486


18,841



New York-New York

15,999


-


-


6,224


22,223



Excalibur

13,105


-


210


5,054


18,369



Monte Carlo

9,516


-


28


6,100


15,644



Circus Circus Las Vegas

2,295


-


(8)


4,766


7,053



MGM Grand Detroit

32,139


-


269


9,755


42,163



Beau Rivage

8,217


-


19


11,052


19,288



Gold Strike Tunica

(5,063)


-


-


3,370


(1,693)



Other resort operations

(601)


-


24


1,207


630



 Wholly owned domestic resorts

194,217


-


892


136,277


331,386



MGM China

19,448


-


13


26,961


46,422



MGM Macau (50%)

53,539


-


-


-


53,539



CityCenter (50%)

(32,483)


-


-


-


(32,483)



Other unconsolidated resorts

10,971


-


-


-


10,971



Management and other operations

(2,296)


(316)


(5)


3,530


913




243,396


(316)


900


166,768


410,748



Stock compensation

(8,995)


-


-


-


(8,995)



Corporate

3,449,359


-


(3,496,005)


10,699


(35,947)




$ 3,683,760


$ (316)


$ (3,495,105)


$ 177,467


$ 365,806








MGM RESORTS INTERNATIONAL AND SUBSIDIARIES


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


(In thousands)


(Unaudited)














Six Months Ended June 30, 2012















Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation

and

amortization


Adjusted

EBITDA



Bellagio

$ 105,420


$ -


$ 354


$ 48,022


$ 153,796



MGM Grand Las Vegas

26,421


-


1,130


38,806


66,357



Mandalay Bay

45,566


-


545


40,102


86,213



The Mirage

26,742


-


70


25,674


52,486



Luxor

17,615


-


185


17,909


35,709



New York-New York

36,699


-


243


11,033


47,975



Excalibur

24,391


-


3


8,910


33,304



Monte Carlo

20,903


-


558


9,943


31,404



Circus Circus Las Vegas

3,538


-


77


9,674


13,289



MGM Grand Detroit

64,769


-


884


19,923


85,576



Beau Rivage

21,123


-


8


15,320


36,451



Gold Strike Tunica

15,933


-


2


6,686


22,621



Other resort operations

(218)


-


(14)


1,181


949



 Wholly owned domestic resorts

408,902


-


4,045


253,183


666,130



MGM China

158,342


-


1,464


191,275


351,081



CityCenter (50%)

(17,931)


-


-


-


(17,931)



Other unconsolidated resorts

10,608


-


-


-


10,608



Management and other operations

7,266


-


-


7,537


14,803




567,187


-


5,509


451,995


1,024,691



Stock compensation

(18,101)


-


-


-


(18,101)



Corporate

(181,105)


-


85,875


20,457


(74,773)




$ 367,981


$ -


$ 91,384


$ 472,452


$ 931,817




Six Months Ended June 30, 2011















Operating

income (loss)


Preopening and

start-up

expenses


Gain on MGM

China transaction

and Property

transactions, net


Depreciation

and

amortization


Adjusted

EBITDA




Bellagio

$ 81,546


$ -


$ 317


$ 49,408


$ 131,271



MGM Grand Las Vegas

33,892


-


-


38,533


72,425



Mandalay Bay

44,052


-


16


43,977


88,045



The Mirage

28,415


-


39


28,285


56,739



Luxor

19,824


-


6


19,125


38,955



New York-New York

31,282


-


(85)


12,154


43,351



Excalibur

24,053


-


210


10,248


34,511



Monte Carlo

17,481


-


28


11,895


29,404



Circus Circus Las Vegas

2,151


-


(8)


9,483


11,626



MGM Grand Detroit

65,829


-


372


19,495


85,696



Beau Rivage

10,150


-


58


22,216


32,424



Gold Strike Tunica

945


-


-


6,810


7,755



Other resort operations

(3,333)


-


17


2,462


(854)



 Wholly owned domestic resorts

356,287


-


970


274,091


631,348



MGM China

19,448


-


13


26,961


46,422



MGM Macau (50%)

115,219


-


-


-


115,219



CityCenter (50%)

(38,306)


-


-


-


(38,306)



Other unconsolidated resorts

18,457


-


-


-


18,457



Management and other operations

(5,289)


(316)


(5)


7,132


1,522




465,816


(316)


978


308,184


774,662



Stock compensation

(18,205)


-


-


-


(18,205)



Corporate

3,405,854


-


(3,495,992)


21,680


(68,458)




$ 3,853,465


$ (316)


$ (3,495,014)


$ 329,864


$ 687,999








MGM RESORTS INTERNATIONAL AND SUBSIDIARIES


RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)


(In thousands)


(Unaudited)














Three Months Ended


Six Months Ended







June 30,


June 30,


June 30,


June 30,




2012


2011


2012


2011


Adjusted EBITDA

$ 501,485


$ 365,806


$ 931,817


$ 687,999


  Preopening and start-up expenses

-


316


-


316


  Property transactions, net

(90,467)


(900)


(91,384)


(991)


  Gain on MGM China transaction

-


3,496,005


-


3,496,005


  Depreciation and amortization

(235,643)


(177,467)


(472,452)


(329,864)


Operating income

175,375


3,683,760


367,981


3,853,465












Non-operating income (expense):









  Interest expense

(276,323)


(270,224)


(560,665)


(540,138)


  Other, net

(20,790)


(41,019)


(105,232)


(85,264)




(297,113)


(311,243)


(665,897)


(625,402)












Income (loss) before income taxes

(121,738)


3,372,517


(297,916)


3,228,063


  Benefit for income taxes

51,304


78,174


24,175


132,757


Net income (loss)

(70,434)


3,450,691


(273,741)


3,360,820


  Less: net income attributable to noncontrolling interests

(75,018)


(8,706)


(88,964)


(8,706)


Net income (loss) attributable to MGM Resorts International

$ (145,452)


$ 3,441,985


$ (362,705)


$ 3,352,114
































MGM RESORTS INTERNATIONAL AND SUBSIDIARIES





SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP





(Unaudited)




















Three Months Ended


Six Months Ended







June 30,


June 30,


June 30,


June 30,







2012


2011


2012


2011






Bellagio













  Occupancy %

96.9%


96.6%


95.0%


93.7%






  Average daily rate (ADR)

$237


$224


$234


$224






  Revenue per available room (REVPAR)

$230


$216


$223


$210



















MGM Grand Las Vegas













  Occupancy %

96.3%


96.8%


94.9%


93.7%






  ADR

$141


$125


$141


$130






  REVPAR

$136


$121


$134


$122



















Mandalay Bay













  Occupancy %

95.4%


95.3%


92.7%


92.3%






  ADR

$183


$178


$184


$177






  REVPAR

$174


$170


$171


$163



















The Mirage













  Occupancy %

98.4%


97.5%


95.6%


95.3%






  ADR

$151


$145


$153


$147






  REVPAR

$149


$141


$146


$140



















Luxor













  Occupancy %

93.3%


93.7%


92.0%


90.4%






  ADR 

$91


$91


$90


$92






  REVPAR

$85


$85


$83


$83



















New York-New York













  Occupancy %

97.1%


96.0%


96.0%


94.0%






  ADR

$112


$107


$111


$108






  REVPAR

$109


$103


$106


$102



















Excalibur













  Occupancy %

94.0%


92.9%


90.7%


88.7%






  ADR

$72


$72


$72


$73






  REVPAR

$68


$67


$65


$65



















Monte Carlo













  Occupancy %

97.5%


95.2%


95.6%


93.5%






  ADR

$106


$98


$104


$98






  REVPAR

$104


$94


$99


$92



















Circus Circus Las Vegas













  Occupancy %

83.2%


78.3%


79.6%


70.5%






  ADR

$56


$54


$55


$56






  REVPAR

$47


$42


$44


$39











CITYCENTER HOLDINGS, LLC


SUPPLEMENTAL DATA - NET REVENUES


(In thousands)


(Unaudited)

















Three Months Ended


Six Months Ended







June 30,


June 30,


June 30,


June 30,







2012


2011


2012


2011



















Aria

$ 233,634


$ 233,001


$ 421,466


$ 458,463






Vdara

23,114


19,764


44,563


35,170






Crystals

13,133


11,171


25,460


22,884






Mandarin Oriental

12,022


10,924


24,723


21,245






 Resort operations

281,903


274,860


516,212


537,762






Residential operations

8,242


6,421


12,850


15,142







$ 290,145


$ 281,281


$ 529,062


$ 552,904












































CITYCENTER HOLDINGS, LLC


RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS


(In thousands)


(Unaudited)

















Three Months Ended


Six Months Ended







June 30,


June 30,


June 30,


June 30,







2012


2011


2012


2011


















Adjusted EBITDA

$ 65,195


$ 57,006


$ 93,790


$ 111,888





  Property transactions, net

(70)


(53,338)


(2,079)


(53,356)





  Depreciation and amortization

(88,109)


(93,421)


(176,152)


(185,177)





Operating loss

(22,984)


(89,753)


(84,441)


(126,645)


















Non-operating income (expense):












  Interest expense - sponsor notes

(22,298)


(19,171)


(43,851)


(37,607)





  Interest expense - other

(42,926)


(47,992)


(88,968)


(95,049)





  Other, net

1,143


947


(6,640)


(21,695)







(64,081)


(66,216)


(139,459)


(154,351)





Net loss

$ (87,065)


$ (155,969)


$ (223,900)


$ (280,996)












































CITYCENTER HOLDINGS, LLC


RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA


(In thousands)


(Unaudited)















Three Months Ended June 30, 2012

















Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA




Aria

$ (10,004)


$ -


$ (9)


$ 65,935


$ 55,922




Vdara

(3,667)


-


-


10,308


6,641




Crystals

1,961


-


-


6,305


8,266




Mandarin Oriental

(4,245)


-


-


4,524


279




 Resort operations

(15,955)


-


(9)


87,072


71,108




Residential operations

(299)


-


-


984


685




Development and administration

(6,730)


-


79


53


(6,598)





$ (22,984)


$ -


$ 70


$ 88,109


$ 65,195





























Three Months Ended June 30, 2011

















Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA




Aria

$ (21,035)


$ -


$ -


$ 74,080


$ 53,045




Vdara

(2,495)


-


-


7,911


5,416




Crystals

(102)


-


-


5,785


5,683




Mandarin Oriental

(4,733)


-


-


4,549


(184)




 Resort operations

(28,365)


-


-


92,325


63,960




Residential operations

(56,477)


-


52,624


949


(2,904)




Development and administration

(4,911)


-


714


147


(4,050)





$ (89,753)


$ -


$ 53,338


$ 93,421


$ 57,006









CITYCENTER HOLDINGS, LLC


RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA


(In thousands)


(Unaudited)









Six Months Ended June 30, 2012

















Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA




Aria

$ (59,185)


$ -


$ 1,986


$ 131,650


$ 74,451




Vdara

(8,609)


-


-


20,686


12,077




Crystals

2,661


-


-


12,711


15,372




Mandarin Oriental

(7,790)


-


-


9,039


1,249




 Resort operations

(72,923)


-


1,986


174,086


103,149




Residential operations

(1,764)


-


-


1,952


188




Development and administration

(9,754)


-


93


114


(9,547)





$ (84,441)


$ -


$ 2,079


$ 176,152


$ 93,790





























Six Months Ended June 30, 2011

















Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA




Aria

$ (33,853)


$ -


$ -


$ 141,907


$ 108,054




Vdara

(9,740)


-


-


18,374


8,634




Crystals

(2,389)


-


-


13,703


11,314




Mandarin Oriental

(9,186)


-


-


9,517


331




 Resort operations

(55,168)


-


-


183,501


128,333




Residential operations

(62,068)


-


52,624


1,430


(8,014)




Development and administration

(9,409)


-


732


246


(8,431)





$ (126,645)


$ -


$ 53,356


$ 185,177


$ 111,888









































CITYCENTER HOLDINGS, LLC


SUPPLEMENTAL DATA - HOTEL STATISTICS


(Unaudited)

















Three Months Ended


Six Months Ended







June 30,


June 30,


June 30,


June 30,







2012


2011


2012


2011






Aria













  Occupancy %

92.7%


89.7%


89.6%


87.7%






  ADR

$201


$202


$203


$201






  REVPAR

$187


$181


$182


$177



















Vdara













  Occupancy %

89.0%


91.0%


85.0%


87.4%






  ADR

$161


$159


$162


$159






  REVPAR

$143


$144


$137


$139







SOURCE MGM Resorts International

For further information: MGM RESORTS: Investment Community: DANIEL D'ARRIGO, Executive Vice President, CFO & Treasurer, +1-702-693-8895; or News Media, ALAN M. FELDMAN, Senior Vice President of Public Affairs, +1-702-891-1840, afeldman@mgmresorts.com


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