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MGM Resorts International Reports Third Quarter Results

LAS VEGAS, Oct. 31, 2012 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported its third quarter 2012 results. Net loss per share attributable to the Company was $0.37 compared to a loss of $0.25 in the prior year third quarter. Comparability of the current and prior year quarterly consolidated results was affected by certain items discussed further below. Key results for the third quarter of 2012 include the following:

  • Consolidated net revenue increased 1% to $2.3 billion, driven by a 7% increase in MGM China's net revenue;
  • Consolidated casino revenue increased 4%, representing a 7% increase at MGM China and a 2% increase at the Company's wholly owned domestic resorts;
  • Rooms revenue decreased 3%, primarily due to a 2% decrease in REVPAR(1) at the Company's Las Vegas Strip resorts;
  • The Company's wholly owned domestic resorts earned Adjusted Property EBITDA(2) of $325 million, a 7% decrease compared to the prior year quarter;
  • MGM China reported record third quarter Adjusted EBITDA of $152 million which included $5 million of branding fee expense. Excluding branding fees, Adjusted EBITDA increased 5% compared to the prior year quarter; and
  • CityCenter reported Adjusted EBITDA from resort operations of $59 million, an 18% increase from the prior year quarter.

"Our third quarter operating results are reflective of a challenging consumer environment, but we had some bright spots with strong results from MGM Grand Las Vegas and The Mirage and record third quarters from MGM China and CityCenter," said Jim Murren, Chairman and CEO of MGM Resorts International. "We have achieved a great milestone with MGM China by accepting the formal land concession agreement and look forward to continuing to make progress towards a second resort and casino in Macau. Meanwhile, early fourth quarter trends are improving at our domestic resorts and forward convention booking pace is showing growth in 2013 and is further accelerating into 2014."

Certain Items Affecting Third 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 September 30,

2012

2011

Property transactions, net:



     Circus Circus Reno impairment charge    

$      —

$  (0.11)

     Other property transactions, net                 

(0.01)

Income (loss) from unconsolidated affiliates:



     CityCenter residential impairment charge     

(0.02)

     CityCenter Harmon demolition cost     

(0.02)

Income tax provision:



     Deferred tax valuation allowance     

(0.09)

Current quarter results were affected by a valuation allowance for a portion of U.S. deferred tax assets and the Company's share of CityCenter's non-cash residential impairment charge related to Mandarin Oriental and estimated costs accrued for the demolition of the Harmon. The prior year quarter included an impairment charge of $80 million related to Circus Circus Reno.

Wholly Owned Domestic Resorts

Net revenues related to wholly owned domestic resorts decreased 2% to $1.5 billion. Casino revenue increased 2% compared to the prior year quarter. The overall table games hold percentage in the third quarter of 2012 was 20.4% compared to 19.5% for the prior year third quarter. Table games hold at the Bellagio was significantly below normal but was offset by other Las Vegas Strip resorts. Slots revenue increased 1% compared to the prior year quarter.

Rooms revenue decreased 3% with Las Vegas Strip REVPAR down 2%.  The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended September 30,              

2012

2011

Occupancy %         

92%

95%

Average Daily Rate (ADR)    

$    124

$   124

Revenue per Available Room (REVPAR)     

$    114

$   117

Operating income for the Company's wholly owned domestic resorts for the third quarter of 2012 was $195 million compared to $130 million in the prior year quarter.  The prior year quarter included an $80 million impairment charge related to Circus Circus Reno.  Adjusted Property EBITDA for wholly owned domestic resorts decreased 7% to $325 million for the third quarter of 2012.  Corporate expense increased by approximately $19 million during the current quarter, largely as a result of approximately $17 million of costs associated with the ongoing referendum in Maryland and development efforts in Massachusetts and Toronto.

MGM China

Key third quarter results for MGM China include the following:

  • MGM China earned net revenue of $665 million, a 7% increase over the prior year quarter driven by increases in volume for main floor table games and slots of 10% and 37%, respectively. VIP table games turnover decreased 5% from the prior year quarter, while hold percentage was 3.0% in the current year quarter compared to 2.9% in the prior year quarter; and
  • MGM China's operating income was $61 million and Adjusted EBITDA was $152 million.   Branding fee expense was $5 million in the current year quarter, as the annual branding fee cap was reached in August, compared to $11 million in the prior year quarter. Adding back the branding fees in both periods, Adjusted EBITDA increased 5%.

As previously announced, MGM China, through its wholly owned subsidiary MGM Grand Paradise S.A. ("MGM Grand Paradise"), formally accepted a land concession contract with the Macau government in October 2012 and received approval to develop a five-star luxury resort and casino in Cotai, Macau.  The contract will not become effective until the Macau government publishes it in the Official Gazette of Macau (the "Publication Date").  The initial term of the contract is 25 years from the Publication Date and MGM Grand Paradise is required to complete the development of the land within 60 months of the Publication Date.  The total land premium payable to the Macau government is approximately $161 million.  In addition to the land premium payment, MGM Grand Paradise is required to pay an annual rent to the Macau government.

In October 2012, MGM China and MGM Grand Paradise, as co-borrowers, entered into an amended and restated credit facility agreement which consists of $550 million of term loans and a $1.45 billion revolving credit facility due October 2017.  The interest rate on the facility will fluctuate based on HIBOR plus a margin, set at 2.5% for the first six months and ranging between 1.75% and 2.5% thereafter based on MGM China's leverage ratio. The credit facility will be used for general corporate purposes and for the development of the proposed Cotai development.

Income (Loss) from Unconsolidated Affiliates

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

Three months ended September 30,

2012

2011


(In thousands)

CityCenter   

$   (42,814)

$   (7,723)

Other        

4,871

8,262


$   (37,943)

$        539

The Company's share of CityCenter's operating losses in the current year quarter includes $18 million related to a residential impairment charge and $16 million related to the accrual of estimated costs for the future demolition of the Harmon.

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

  • Net revenue from resort operations increased 3% to $263 million;
  • Adjusted EBITDA from resort operations was $59 million, an increase of 18% compared to $50 million in the prior year quarter;
  • Aria's table games hold percentage for the third quarter of 2012 was 29.3% compared to 25.5% for the prior year quarter.  The estimated effect of the increase in hold percentage compared to the prior year quarter for Adjusted EBITDA was $8 million;
  • Aria's occupancy percentage was 88% and its ADR was $192, resulting in REVPAR of $170, a 2% decrease compared to the prior year third quarter; and
  • CityCenter recorded approximately $36 million for a residential impairment charge related to the Mandarin Oriental and $32 million for accrued costs related to the future demolition of the Harmon within "Property transactions, net."

Financial Position

The Company's cash balance at September 30, 2012 was $2.4 billion, which included approximately $936 million of cash and cash equivalents related to MGM China.  At September 30, 2012, the Company had approximately $13.9 billion of indebtedness (with a carrying value of $13.8 billion) including $1.3 billion of borrowings outstanding under its senior credit facility and $539 million related to the MGM China credit facility. In September, the Company issued $1.0 billion of 6.75% senior notes due 2020, for net proceeds to the Company of approximately $986 million.

At September 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 September 30, 2012.  Interest on non-extending revolving loans remains at 7%.

"We have opportunistically accessed the capital markets enabling us to extend maturities at lower borrowing rates. Our most recent senior notes issuance was done at the lowest interest rate we have achieved since 2006.  We remain focused on executing additional transactions to further reduce our interest expense and improve free cash flow," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International.

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 1-706-758-3659 for international callers.  The conference call access code is 30530814. A replay of the call will be available through Wednesday, November 7, 2012. The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The replay access code is 30530814. 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 EBITDA for MGM China.  Adjusted EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because management believes these measures are 1) widely used measures of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies. 

Management believes that while items excluded from Adjusted EBITDA and Adjusted Property EBITDA may be recurring in nature and should not be disregarded in evaluation of the Company's earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, management believes excluded items may not relate specifically to current operating trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when the Company is developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within the Company's resorts, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period.

In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Therefore, management uses Adjusted Property EBITDA as the primary measure of the Company's operating resorts' performance.

Reconciliations of GAAP net income (loss) to Adjusted EBITDA and GAAP operating income (loss) to Adjusted Property EBITDA are included in the financial schedules in this release.

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a peerless portfolio of destination resort brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage.  In addition to its 51% interest in MGM China Holdings, Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, the Company has significant holdings in gaming, hospitality and entertainment, owns and operates 15 properties located in Nevada, Mississippi and Michigan, and has 50% investments in three other properties in Nevada and Illinois. One of those investments is CityCenter, an unprecedented urban resort destination on the Las Vegas Strip featuring its centerpiece ARIA Resort & Casino. Leveraging MGM Resorts' unmatched amenities, the M life loyalty program delivers one-of-a-kind experiences, insider privileges and personalized rewards for guests at the Company's renowned properties nationwide. Through its hospitality management subsidiary, the Company holds a growing number of development and management agreements for casino and non-casino resort projects around the world. MGM Resorts International supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its gaming properties. The Company has been honored with numerous awards and recognitions for its industry-leading Diversity Initiative, its community philanthropy programs and the Company's commitment to sustainable development and operations. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.

Statements in this release that are not historical facts are forward-looking statements 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 execute additional transactions to further reduce our interest expense and improve free cash flow. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions in the markets in which 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


Nine Months Ended






September 30,


September 30,


September 30,


September 30,






2012


2011


2012


2011

Revenues:











Casino



$     1,294,318


$    1,241,959


$     3,928,548


$    2,629,674


Rooms



393,055


405,173


1,205,441


1,170,301


Food and beverage

361,252


369,484


1,126,096


1,078,268


Entertainment


123,168


132,350


364,477


382,037


Retail



51,211


55,509


149,921


155,951


Other



127,567


128,204


373,590


371,253


Reimbursed costs

87,682


87,144


269,159


262,914






2,438,253


2,419,823


7,417,232


6,050,398


Less: Promotional allowances

(183,275)


(186,236)


(550,899)


(497,975)






2,254,978


2,233,587


6,866,333


5,552,423

Expenses:











Casino



826,072


795,652


2,519,757


1,632,382


Rooms



128,546


125,864


384,598


366,736


Food and beverage

209,686


214,412


643,892


628,559


Entertainment


92,888


96,889


270,235


279,605


Retail



29,064


32,641


85,888


94,279


Other



88,616


90,021


263,673


256,710


Reimbursed costs

87,682


87,144


269,159


262,914


General and administrative

319,106


304,049


931,873


875,193


Corporate expense

62,992


43,523


147,792


120,024


Preopening and start-up expenses 

765


-


765


(316)


Property transactions, net

5,803


81,837


97,187


82,828


Gain on MGM China transaction

-


-


-


(3,496,005)


Depreciation and amortization

228,414


249,520


700,866


579,384






2,079,634


2,121,552


6,315,685


1,682,293













Income (loss) from unconsolidated affiliates

(37,943)


539


(45,266)


95,909













Operating income 


137,401


112,574


505,382


3,966,039













Non-operating income (expense):









Interest expense, net of amounts capitalized

(275,771)


(272,542)


(836,436)


(812,680)


Non-operating items from unconsolidated affiliates

(20,901)


(24,692)


(68,603)


(92,984)


Other, net


2,012


(1,595)


(55,518)


(18,567)






(294,660)


(298,829)


(960,557)


(924,231)













Income (loss) before income taxes

(157,259)


(186,255)


(455,175)


3,041,808


Benefit for income taxes

2,585


79,680


26,760


212,437













Net income (loss)


(154,674)


(106,575)


(428,415)


3,254,245


Less: net income attributable to noncontrolling interests

(26,485)


(17,211)


(115,449)


(25,917)

Net income (loss) attributable to MGM Resorts International

$       (181,159)


$      (123,786)


$       (543,864)


$    3,228,328













Per share of common stock:









Basic:











Net income (loss) attributable to MGM Resorts International

$             (0.37)


$            (0.25)


$             (1.11)


$             6.61














Weighted average shares outstanding

488,945


488,636


488,913


488,595














Diluted:











Net income (loss) attributable to MGM Resorts International

$             (0.37)


$            (0.25)


$             (1.11)


$             5.83














Weighted average shares outstanding

488,945


488,636


488,913


558,544

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

























September 30,


December 31,







2012


2011














      ASSETS




Current assets:









Cash and cash equivalents


$      2,443,159


$      1,865,913


Accounts receivable, net


412,390


491,730


Inventories




107,772


112,735


Deferred income taxes, net


140,831


91,060


Prepaid expenses and other


243,665


251,282


                 Total current assets


3,347,817


2,812,720










Property and equipment, net



14,765,349


14,866,644










Other assets:









Investments in and advances to unconsolidated affiliates

1,488,662


1,635,572


Goodwill 





2,901,273


2,896,609


Other intangible assets, net


4,813,183


5,048,117


Other long-term assets, net


515,077


506,614


                 Total other assets


9,718,195


10,086,912







$    27,831,361


$    27,766,276



















LIABILITIES AND STOCKHOLDERS' EQUITY










Current liabilities:








Accounts payable



$         201,150


$         170,994


Income taxes payable



358


7,611


Accrued interest on long-term debt


249,676


203,422


Other accrued liabilities



1,574,670


1,362,737


                 Total current liabilities


2,025,854


1,744,764










Deferred income taxes 




2,527,828


2,502,096

Long-term debt





13,825,451


13,470,167

Other long-term obligations



186,725


167,027

Stockholders' equity:








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





   issued and outstanding 488,955,913 and 488,834,773 shares 

4,890


4,888


Capital in excess of par value


4,098,322


4,094,323


Retained earnings 



1,437,525


1,981,389


Accumulated other comprehensive income 

12,533


5,978


Total MGM Resorts International stockholders' equity

5,553,270


6,086,578


Noncontrolling interests



3,712,233


3,795,644


                 Total stockholders' equity

9,265,503


9,882,222







$    27,831,361


$    27,766,276




















 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)




































Three Months Ended


Nine Months Ended








September 30,


September 30,


September 30,


September 30,








2012


2011


2012


2011


Bellagio






$        259,501


$        275,884


$        840,233


$            805,892


MGM Grand Las Vegas



239,713


243,037


702,589


707,618


Mandalay Bay




183,466


199,166


555,857


587,525


The Mirage 





162,920


140,989


457,388


433,912


Luxor






81,343


88,203


247,986


252,420


New York-New York 



67,166


68,449


206,807


202,147


Excalibur






66,809


67,831


197,808


196,341


Monte Carlo





64,425


65,321


195,788


193,602


Circus Circus Las Vegas



56,807


56,559


158,606


149,694


MGM Grand Detroit



139,284


139,049


431,676


425,189


Beau Rivage





91,704


89,713


265,254


261,448


Gold Strike Tunica



39,789


40,415


115,797


108,485


Other resort operations



33,228


34,759


95,192


96,840


  Wholly owned domestic resorts


1,486,155


1,509,375


4,470,981


4,421,113


MGM China(1)




665,074


623,050


2,076,460


816,034


Management and other operations


103,749


101,162


318,892


315,276








$     2,254,978


$     2,233,587


$     6,866,333


$         5,552,423
















(1) For the nine months ended September 30, 2011, represents 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 September 30, 2011.



MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)






















Three Months Ended


Nine Months Ended








September 30,


September 30,


September 30,


September 30,








2012


2011


2012


2011


Bellagio






$          54,133


$          74,251


$        207,929


$            205,522


MGM Grand Las Vegas



48,378


42,221


114,735


114,646


Mandalay Bay




34,392


41,372


120,605


129,417


The Mirage 





39,507


25,406


91,993


82,145


Luxor






15,717


21,065


51,426


60,020


New York-New York 



20,954


22,738


68,929


66,089


Excalibur






15,394


17,463


48,698


51,974


Monte Carlo





13,150


14,466


44,554


43,870


Circus Circus Las Vegas



8,322


8,898


21,611


20,524


MGM Grand Detroit



39,264


39,897


124,840


125,593


Beau Rivage





22,722


25,501


59,173


57,925


Gold Strike Tunica



11,041


13,464


33,662


21,219


Other resort operations



1,790


852


2,739


(2)


  Wholly owned domestic resorts


324,764


347,594


990,894


978,942


MGM China(1)




152,491


139,326


503,572


185,748


MGM Macau (50%)(2)



-


-


-


115,219


CityCenter (50%)(3)



(42,814)


(7,723)


(60,745)


(46,029)


Other unconsolidated resorts(3)


4,871


8,262


15,479


26,719


Management and other operations


(409)


4,637


14,394


6,159








$        438,903


$        492,096


$     1,463,594


$         1,266,758
















(1) For the nine months ended September 30, 2011, represents the Adjusted EBITDA of MGM China Holdings Limited ("MGM China") from June 3, 2011 (the first day of the Company's majority ownership of MGM China) through September 30, 2011.


(2) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences for the approximately 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 September 30, 2012




Operating

income

(loss)


Preopening and

 start-up

expenses


Property 

transactions,

net


Depreciation

 and

amortization


Adjusted

EBITDA

Bellagio

$          30,454


$                     -


$                       52


$          23,627


$          54,133

MGM Grand Las Vegas

24,375


-


3,497


20,506


48,378

Mandalay Bay

15,251


-


392


18,749


34,392

The Mirage

25,949


-


541


13,017


39,507

Luxor

6,076


-


765


8,876


15,717

New York-New York

15,619


-


148


5,187


20,954

Excalibur

11,016


-


-


4,378


15,394

Monte Carlo

8,332


-


9


4,809


13,150

Circus Circus Las Vegas

3,541


-


-


4,781


8,322

MGM Grand Detroit

30,206


641


37


8,380


39,264

Beau Rivage

15,129


-


(78)


7,671


22,722

Gold Strike Tunica

7,825


-


1


3,215


11,041

Other resort operations

1,176


-


(8)


622


1,790

  Wholly owned domestic resorts

194,949


641


5,356


123,818


324,764

MGM China

60,527


-


426


91,538


152,491

CityCenter (50%)

(42,938)


124


-


-


(42,814)

Other unconsolidated resorts

4,871


-


-


-


4,871

Management and other operations

(3,574)


-


-


3,165


(409)


213,835


765


5,782


218,521


438,903

Stock compensation

(7,897)


-


-


-


(7,897)

Corporate

(68,537)


-


21


9,893


(58,623)


$        137,401


$               765


$                 5,803


$        228,414


$        372,383





















                         Three Months Ended September 30, 2011

























Operating

income 

(loss)


Preopening and

start-up

expenses


 Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA

Bellagio

$          50,943


$                     -


$                   503


$          22,805


$          74,251

MGM Grand Las Vegas

22,945


-


1


19,275


42,221

Mandalay Bay

19,313


-


53


22,006


41,372

The Mirage

6,708


-


1,291


17,407


25,406

Luxor

11,775


-


2


9,288


21,065

New York-New York

17,043


-


-


5,695


22,738

Excalibur

12,477


-


13


4,973


17,463

Monte Carlo

9,209


-


5


5,252


14,466

Circus Circus Las Vegas

4,192


-


2


4,704


8,898

MGM Grand Detroit

29,991


-


-


9,906


39,897

Beau Rivage

15,614


-


(7)


9,894


25,501

Gold Strike Tunica

10,083


-


-


3,381


13,464

Other resort operations

(79,990)


-


79,658


1,184


852

  Wholly owned domestic resorts

130,303


-


81,521


135,770


347,594

MGM China

40,788


-


294


98,244


139,326

CityCenter (50%)

(7,723)


-


-


-


(7,723)

Other unconsolidated resorts

8,262


-


-


-


8,262

Management and other operations

1,000


-


6


3,631


4,637







172,630


-


81,821


237,645


492,096

Stock compensation

(8,707)


-


-


-


(8,707)

Corporate

(51,349)


-


16


11,875


(39,458)








$        112,574


$                     -


$             81,837


$        249,520


$        443,931






















 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)

















Nine Months Ended September 30, 2012
























Operating

income

(loss)


Preopening and

start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted EBITDA

Bellagio

$          135,874


$                     -


$                     406


$          71,649


$        207,929

MGM Grand Las Vegas

50,796


-


4,627


59,312


114,735

Mandalay Bay

60,817


-


937


58,851


120,605

The Mirage

52,691


-


611


38,691


91,993

Luxor

23,691


-


950


26,785


51,426

New York-New York

52,318


-


391


16,220


68,929

Excalibur

35,407


-


3


13,288


48,698

Monte Carlo





29,235


-


567


14,752


44,554

Circus Circus Las Vegas



7,079


-


77


14,455


21,611

MGM Grand Detroit



94,975


641


921


28,303


124,840

Beau Rivage





36,252


-


(70)


22,991


59,173

Gold Strike Tunica



23,758


-


3


9,901


33,662

Other resort operations



958


-


(22)


1,803


2,739

  Wholly owned domestic resorts

603,851


641


9,401


377,001


990,894

MGM China





218,869


-


1,890


282,813


503,572

CityCenter (50%)



(60,869)


124


-


-


(60,745)

Other unconsolidated resorts


15,479


-


-


-


15,479

Management and other operations

3,692


-


-


10,702


14,394







781,022


765


11,291


670,516


1,463,594

Stock compensation



(25,998)


-


-


-


(25,998)

Corporate





(249,642)


-


85,896


30,350


(133,396)







$          505,382


$               765


$               97,187


$        700,866


$     1,304,200



Nine Months Ended September 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






$          132,489


$                     -


$                     820


$          72,213


$        205,522

MGM Grand Las Vegas



56,837


-


1


57,808


114,646

Mandalay Bay




63,365


-


69


65,983


129,417

The Mirage





35,123


-


1,330


45,692


82,145

Luxor






31,599


-


8


28,413


60,020

New York-New York



48,325


-


(85)


17,849


66,089

Excalibur






36,530


-


223


15,221


51,974

Monte Carlo





26,690


-


33


17,147


43,870

Circus Circus Las Vegas



6,343


-


(6)


14,187


20,524

MGM Grand Detroit



95,820


-


372


29,401


125,593

Beau Rivage





25,764


-


51


32,110


57,925

Gold Strike Tunica



11,028


-


-


10,191


21,219

Other resort operations



(83,323)


-


79,675


3,646


(2)

  Wholly owned domestic resorts

486,590


-


82,491


409,861


978,942

MGM China





60,236


-


307


125,205


185,748

MGM Macau (50%)



115,219


-


-


-


115,219

CityCenter (50%)



(46,029)


-


-


-


(46,029)

Other unconsolidated resorts


26,719


-


-


-


26,719

Management and other operations

(4,289)


(316)


1


10,763


6,159








638,446


(316)


82,799


545,829


1,266,758

Stock compensation



(26,912)


-


-


-


(26,912)

Corporate




3,354,505


-


(3,495,976)


33,555


(107,916)








$       3,966,039


$              (316)


$        (3,413,177)


$        579,384


$     1,131,930

















 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)

(Unaudited)








Three Months Ended


Nine Months Ended







September 30,


September 30,


September 30,


September 30,





2012


2011


2012


2011

Adjusted EBITDA



$        372,383


$        443,931


$     1,304,200


$     1,131,930

  Preopening and start-up expenses


(765)


-


(765)


316

  Property transactions, net


(5,803)


(81,837)


(97,187)


(82,828)

  Gain on MGM China transaction


-


-


-


3,496,005

  Depreciation and amortization


(228,414)


(249,520)


(700,866)


(579,384)

Operating income



137,401


112,574


505,382


3,966,039













Non-operating income (expense):









  Interest expense, net of amounts capitalized



(275,771)


(272,542)


(836,436)


(812,680)

  Other, net




(18,889)


(26,287)


(124,121)


(111,551)






(294,660)


(298,829)


(960,557)


(924,231)













Income (loss) before income taxes


(157,259)


(186,255)


(455,175)


3,041,808

  Benefit for income taxes


2,585


79,680


26,760


212,437

Net income (loss)



(154,674)


(106,575)


(428,415)


3,254,245

  Less: net income attributable to noncontrolling interests


(26,485)


(17,211)


(115,449)


(25,917)

Net income (loss) attributable to MGM Resorts International

$      (181,159)


$      (123,786)


$      (543,864)


$     3,228,328















MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)




















Three Months Ended


Nine Months Ended







September 30,


September 30,


September 30,


September 30,







2012


2011


2012


2011


Bellagio













   Occupancy %



92.7%


96.8%


94.2%


94.7%


   Average daily rate (ADR)


$232


$230


$234


$226


   Revenue per available room (REVPAR)


$215


$222


$220


$214















MGM Grand Las Vegas










   Occupancy %



94.1%


95.4%


94.6%


94.3%


   ADR





$135


$129


$139


$130


   REVPAR





$127


$123


$131


$123















Mandalay Bay











   Occupancy %



93.4%


95.7%


92.9%


93.5%


   ADR





$168


$175


$178


$176


   REVPAR





$157


$168


$166


$165















The Mirage












   Occupancy %



96.4%


96.7%


95.9%


95.8%


   ADR





$139


$140


$148


$145


   REVPAR





$134


$136


$142


$138















Luxor













   Occupancy %



91.0%


94.6%


91.7%


91.8%


   ADR





$86


$87


$88


$90


   REVPAR





$78


$83


$81


$83















New York-New York










   Occupancy %



94.5%


95.3%


95.5%


94.5%


   ADR





$108


$108


$110


$108


   REVPAR





$102


$103


$105


$102















Excalibur













   Occupancy %



91.2%


92.4%


90.9%


90.0%


   ADR





$71


$70


$72


$72


   REVPAR





$64


$65


$65


$65















Monte Carlo












   Occupancy %



93.4%


97.2%


94.9%


94.8%


   ADR





$102


$99


$103


$98


   REVPAR





$96


$96


$98


$93















Circus Circus Las Vegas










   Occupancy %



83.9%


88.1%


81.1%


76.2%


   ADR





$52


$52


$54


$54


   REVPAR





$44


$46


$44


$41

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)






















Three Months Ended


Nine Months Ended








September 30,


September 30,


September 30,


September 30,








2012


2011


2012


2011
















Aria






$        217,306


$        214,347


$        638,772


$        672,810


Vdara






20,969


20,060


65,532


55,230


Crystals






13,534


11,345


38,994


34,229


Mandarin Oriental



11,222


9,064


35,945


30,309


 Resort operations



263,031


254,816


779,243


792,578


Residential operations



3,399


5,186


16,249


20,328








$        266,430


$        260,002


$        795,492


$        812,906












































CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)






















Three Months Ended


Nine Months Ended








September 30,


September 30,


September 30,


September 30,








2012


2011


2012


2011















Adjusted EBITDA




$          52,762


$          46,090


$        146,552


$        157,978

  Preopening and start-up expenses


(248)


-


(248)


-

  Property transactions, net



(71,257)


(6)


(73,336)


(53,362)

  Depreciation and amortization


(91,110)


(86,093)


(267,262)


(271,270)

Operating loss





(109,853)


(40,009)


(194,294)


(166,654)















Non-operating income (expense):









  Interest expense - sponsor notes


(23,346)


(20,092)


(67,197)


(57,699)

  Interest expense - other



(42,681)


(47,665)


(131,649)


(142,714)

  Other, net






808


1,129


(5,832)


(20,566)








(65,219)


(66,628)


(204,678)


(220,979)

Net loss






$      (175,072)


$      (106,637)


$      (398,972)


$      (387,633)






























CITYCENTER HOLDINGS, LLC


RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA


(In thousands)


(Unaudited)


Three Months Ended September 30, 2012














































Operating

income

(loss)


Preopening and
start-up
expenses


Property transactions, net


Depreciation and amortization


Adjusted EBITDA




Aria






$         (25,512)


$               248


$            3,577


$          68,879


$          47,192




Vdara






(6,055)


-


-


10,370


4,315




Crystals






1,522


-


-


6,310


7,832




Mandarin Oriental



(5,156)


-


-


4,529


(627)




 Resort operations



(35,201)


248


3,577


90,088


58,712




Residential operations



(38,072)


-


35,690


977


(1,405)




Development and administration


(36,580)


-


31,990


45


(4,545)










$      (109,853)


$               248


$          71,257


$          91,110


$          52,762





















Three Months Ended September 30, 2011














































Operating

income

(loss)


Preopening and
start-up
expenses


Property transactions, net


Depreciation and amortization


Adjusted EBITDA




Aria






$         (23,147)


$                     -


$                     -


$          63,566


$          40,419




Vdara






(5,387)


-


-


10,173


4,786




Crystals






(648)


-


-


6,619


5,971




Mandarin Oriental



(5,782)


-


-


4,449


(1,333)




 Resort operations



(34,964)


-


-


84,807


49,843




Residential operations



(976)


-


-


1,198


222




Development and administration


(4,069)


-


6


88


(3,975)










$         (40,009)


$                     -


$                    6


$          86,093


$          46,090



 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)


Nine Months Ended September 30, 2012








































Operating

income

(loss)


Preopening and
start-up

expenses


Property

transactions,

net


Depreciation

and

amortization


Adjusted

EBITDA


Aria






$         (84,697)


$               248


$            5,563


$        200,529


$        121,643


Vdara






(14,664)


-


-


31,056


16,392


Crystals






4,183


-


-


19,021


23,204


Mandarin Oriental



(12,946)


-


-


13,568


622


 Resort operations



(108,124)


248


5,563


264,174


161,861


Residential operations



(39,836)


-


35,690


2,929


(1,217)


Development and administration


(46,334)


-


32,083


159


(14,092)








$      (194,294)


$               248


$          73,336


$        267,262


$        146,552

































Nine Months Ended September 30, 2011








































Operating

income

(loss)