2016: Q4
MGM Resorts International Reports Fourth Quarter And Full Year Financial And Operating Results; Announces Quarterly Dividend
Increased diluted earnings per share in the fourth quarter of 2016 to $0.04 from a loss per share of $1.38 in the prior year quarter
Increased diluted earnings per share in 2016 to $1.92 from a loss per share of $0.82 in 2015
Initiated a quarterly dividend program to further drive shareholder value

LAS VEGAS, Feb. 16, 2017 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter and full year ended December 31, 2016 and announced a quarterly dividend.

"In 2016, MGM Resorts produced diluted earnings per share of $1.92 and delivered the best same-store domestic Adjusted Property EBITDA and Adjusted Property EBITDA margins in nine years. The achievement of key financial and strategic milestones demonstrates our continued focus on driving profitability and shareholder value, strengthening our balance sheet, and further positioning MGM Resorts as a leading entertainment and destination-resort company," said Jim Murren, Chairman & CEO of MGM Resorts. "We are excited about the outlook for 2017, including the full year contributions from MGM National Harbor and Borgata, the continued favorable Las Vegas dynamics supported by our investments including T-Mobile Arena and the Park Theater, the opening of MGM Cotai in Macau, and our persistent drive for continuous improvement throughout all aspects of our Company."

MGM Resorts Dividend:

The Company's Board of Directors approved a quarterly dividend on February 15, 2017. The dividend of $0.11 per share will be payable on March 15, 2017 to stockholders of record at the close of business on March 10, 2017, and will equate to approximately $63 million in aggregate.

Mr. Murren continued, "The initiation of a quarterly dividend reinforces the Company's commitment to executing on our disciplined, long term strategy of maximizing value for our shareholders while demonstrating confidence in our ability to continue growing the business and maintaining a strong balance sheet."

Fourth Quarter 2016 Financial Highlights:

  • Diluted earnings per share for the fourth quarter of 2016 of $0.04, compared to diluted loss per share of $1.38 in the prior year quarter which included a $1.5 billion, or $1.33 per share, non-cash goodwill impairment charge related to the 2011 MGM China acquisition;
  • Net revenues of $1.8 billion at the Company's domestic resorts, a 17% increase over the prior year quarter, and a 2% increase on a same-store basis, excluding contributions from Borgata which the Company began consolidating in August 2016, MGM National Harbor which opened in December of 2016, and Circus Circus Reno, which the Company sold in 2015;
  • REVPAR(1)  growth of 3% over the prior year quarter at the Company's Las Vegas Strip resorts;
  • Operating income of $312 million at the Company's domestic resorts; 
  • Net income attributable to MGM Resorts of $25 million, compared to a net loss attributable to MGM Resorts of $781 million in the prior year quarter;
  • Adjusted Property EBITDA(2) of  $493 million at the Company's domestic resorts, a 14%  increase over the prior year quarter and a 1% increase on a same-store basis;
  • Profit Growth Plan contribution of approximately $30 million of year over year Adjusted Property EBITDA growth to domestic resorts and approximately $1 million of Adjusted EBITDA growth from the Company's 50% share of CityCenter, which resulted in cumulative fourth quarter contributions of $68 million and $6 million, respectively, since the start of the plan;
  • Same-store operating margin of 19.5% in the current quarter at the Company's domestic resorts compared to 19.7% in the prior year quarter;
  • Same-store Adjusted Property EBITDA margin of 27.5% at the Company's domestic resorts, for both current and prior year quarters; and
  • MGM China operating income of $72 million compared to an operating loss of $1.4 billion in the prior year quarter, which included the $1.5 billion non-cash goodwill impairment charge, and a 5% increase in MGM China's Adjusted EBITDA compared to the prior year quarter.

Full Year 2016 Financial Highlights:

  • Consolidated net revenues of $9.5 billion and domestic resorts net revenues of $7.1 billion, a 9% increase over the prior year and a 4% increase on a same-store basis;
  • REVPAR growth of 6% over the prior year at the Company's Las Vegas Strip resorts;
  • Operating income of $1.4 billion at the Company's domestic resorts;
  • Net income attributable to MGM Resorts of $1.1 billion, compared to a net loss attributable to MGM Resorts of $448 million in the prior year;
  • Adjusted Property EBITDA of $2.1 billion at the Company's domestic resorts, a 22% increase over the prior year and a 17% increase on a same-store basis;
  • Bellagio produced all-time records in net revenues, Adjusted Property EBITDA and Adjusted Property EBITDA margins;
  • Profit Growth Plan contribution of approximately $244 million of year over year Adjusted Property EBITDA growth to domestic resorts and approximately $22 million of Adjusted EBITDA growth from the Company's 50% share of CityCenter, which resulted in cumulative contributions of $315 million and $30 million, respectively, since the start of the plan; and
  • Same-store Adjusted Property EBITDA margin of 29.6% at the Company's domestic resorts, a 336 basis point increase compared to the prior year.

2016 Strategic Highlights:

  • Successful creation and $1.2 billion initial public offering of MGM Growth Properties LLC ("MGP"), a premier triple net lease REIT, which priced at the high end of the filing range and has since achieved material share price appreciation, underscoring the significant value in the Company's real estate assets;
  • CityCenter's sale of The Shops at Crystals for $1.1 billion resulting in a $540 million distribution to MGM Resorts;
  • Opening of new entertainment venues on the Las Vegas Strip with the T-Mobile Arena and Park Theater;
  • Increasing Profit Growth Plan target by 33% to $400 million;
  • Acquisition of Borgata and the subsequent contribution of the real property to MGP;
  • Increase in MGM China ownership to approximately 56%;
  • Opening of the highly anticipated MGM National Harbor in Maryland; and
  • Continued focus on balance sheet enhancement resulting in rating agencies upgrades.

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):

Three months ended December 31,


2016



2015


Preopening and start-up expenses


$

(0.07)



$

(0.02)


Property transactions, net:









       Gain on sale of Circus Circus Reno and Silver Legacy






0.03


    Grand Victoria investment impairment






(0.02)


    Other property transactions, net



(0.01)




(0.03)


MGM China goodwill impairment






(1.33)


Income (loss) from unconsolidated affiliates:









       Gain on the sale of Crystals



0.01





Domestic Resorts

Casino revenue for the fourth quarter of 2016 increased 33% compared to the prior year quarter, due primarily to the acquisition of Borgata Hotel Casino and Spa ("Borgata"), the MGM National Harbor opening on December 8, 2016, and an increase in both table games and slots revenue. Casino revenue increased 3% on a same-store basis compared to the prior year quarter. Same-store table games hold percentage in the fourth quarter of 2016 was 22.5% compared to 20.0% in the prior year quarter. Slots revenue increased 3% on a same-store basis compared to the prior year quarter.

Rooms revenue increased 10% compared to the prior year quarter. On a same-store basis, rooms revenue increased 4% compared to the prior year quarter. Las Vegas Strip REVPAR increased 3%. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended December 31,


2016



2015


Occupancy %



89%




89%


Average Daily Rate (ADR)


$

157



$

152


Revenue per Available Room (REVPAR)


$

140



$

136


Operating income at the Company's domestic resorts was $312 million for the fourth quarter of 2016 compared to $308 million in the prior year quarter. Domestic resorts Adjusted Property EBITDA increased 14% to $493 million in the fourth quarter of 2016 and was positively impacted by approximately $30 million of Adjusted Property EBITDA growth generated from the Company's Profit Growth Plan initiatives as well as $45 million of Adjusted Property EBITDA resulting from the Borgata transaction and $10 million of Adjusted Property EBITDA resulting from the December 2016 opening of MGM National Harbor. Same-store Adjusted Property EBITDA increased 1% compared to the prior year quarter.

The Company's domestic resorts were impacted by a lower number of convention room nights compared to the prior year quarter, primarily driven by the October holiday calendar shift as well as the rotation and timing  of certain conventions. The reduced convention room nights were replaced primarily with casino room nights, which benefitted our table games and slots business and was offset by lower catering and banquets and production services.

Mr. Murren added, "In the fourth quarter of 2016, we drove growth in REVPAR and EBITDA despite a record convention business fourth quarter in the prior year. Our convention business this year resulted in the second highest fourth quarter in the Company's history, and we also successfully leveraged our database and delivered new entertainment offerings to drive customers to our resorts. We continue to invest in our business and remain encouraged by the opportunities we see in 2017. We expect to achieve Las Vegas Strip REVPAR growth of 7% in the first quarter of 2017."

Corporate Expense

Corporate expense was $72 million in the fourth quarter of 2016, a decrease of $19 million compared to the prior year quarter. The current quarter included $3 million related to Profit Growth Plan implementation costs. The prior year quarter included costs incurred to implement initiatives related to the Profit Growth Plan and costs associated with the initial public offering of MGP totaling $22 million.

MGM China

On February 16, 2017, as part of its regular dividend policy, the Board of Directors of MGM China Holdings Limited ("MGM China") announced it will recommend a final dividend for 2016 of $78 million to MGM China shareholders subject to approval at the MGM China 2017 annual shareholders meeting to be held in May, bringing the total 2016 dividend to $137 million including the interim dividend paid in August of 2016. If approved, MGM Resorts International will receive its 56% share or $44 million, of which $4 million will be paid to Grand Paradise Macau under the $50 million deferred cash payment arrangement related to the Company's acquisition of the additional 4.95% of MGM China shares in August of 2016.

Key fourth quarter results for MGM China include:

  • Net revenues of $500 million, a $1 million increase compared to the prior year quarter;
  • Main floor table games revenue decreased 2% compared to the prior year quarter;
  • VIP table games revenue increased 7% due to an increase in hold percentage to 3.7% in the current year quarter, compared to 3.0% in the prior year quarter, partially offset by a decrease in turnover of 16% compared to the prior year quarter;
  • Operating income was $72 million compared to an operating loss of $1.4 billion in the prior year quarter, which included the $1.5 billion non-cash impairment charge on goodwill recognized for the 2011 MGM China acquisition;
  • Adjusted EBITDA increased 5% to $138 million, compared to $131 million in the prior year quarter, including $9 million of license fee expense in both the current and prior year quarters; and
  • Operating margin was 14.4% in the current year quarter, and Adjusted EBITDA margin was 27.5% an increase of 127 basis points compared to the prior year quarter.

Unconsolidated Affiliates

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

Three months ended December 31,


2016



2015




(In thousands)


CityCenter


$

25,804



$

19,331


Borgata






16,230


Other



6,224




4,691




$

32,028



$

40,252


Our share of CityCenter Holdings, LLC ("CityCenter") operating results for the fourth quarter of 2016, including certain basis difference adjustments, was $26 million. Our share of CityCenter's operating income in the prior year quarter was negatively impacted by $10 million due to accelerated depreciation associated with the April 2016 closure of the Zarkana theatre.

Results for CityCenter for the fourth quarter of 2016 include the following (see schedules accompanying this release for further detail on CityCenter's fourth quarter results):

  • Net revenues from resort operations were $301 million, a 2% decrease compared to the prior year quarter, primarily due to a decrease in entertainment revenue as the Zarkana show closed on April 30, 2016 and a decrease in casino revenue;
  • Operating income from resorts operations was $27 million, compared to $13 million in the prior year quarter which included $20 million of accelerated depreciation as discussed above;
  • Adjusted EBITDA from resort operations was $91 million, a 5% decrease compared to the prior year quarter, primarily due to a decrease in entertainment revenue related to the April 2016 Zarkana show closure and a decrease in casino revenue;
  • Aria's table games volume decreased 11% and table games hold percentage was 29.2%, compared to 26.8% in the prior year quarter;
  • REVPAR at Aria increased 3% to $218 compared to the prior year quarter; and
  • Vdara reported REVPAR of $182 in the current year quarter, and Adjusted EBITDA increased 22% to $9 million compared to the prior year quarter.

On August 1, 2016 the Company completed the previously announced acquisition of Boyd Gaming Corporation's interest in Borgata. The acquisition closed on August 1, 2016, at which time the entity operating Borgata became a consolidated subsidiary of the Company and the real estate assets associated with Borgata were contributed to MGP. Prior to the acquisition, the Company held a 50% interest in Borgata, which was accounted for under the equity method.

MGM Growth Properties

During the fourth quarter of 2016, the Company made rent payments to MGP in the amount of $163 million and received distributions of $72 million from MGM Growth Properties Operating Partnership LP (the "Operating Partnership"). On December 15, 2016, MGP's Board of Directors declared a quarterly dividend of $0.3875 per Class A share totaling $22 million, which was paid on January 16, 2017 to holders of record on December 30, 2016. The Company concurrently received a $72 million distribution attributable to its ownership of units in the Operating Partnership.

Full Year 2016 Results

Consolidated net revenue for 2016 was $9.5 billion, a 3% increase over 2015. Consolidated operating income was $2.1 billion, including a $430 million gain recognized on the Borgata acquisition and a $401 million gain related to the sale of Crystals, compared to an operating loss of $156 million in the prior year, which included the $1.5 billion non-cash goodwill impairment charge related to the 2011 MGM China acquisition. Net income attributable to MGM Resorts was $1.1 billion compared to a net loss of $448 million in the prior year. Adjusted EBITDA increased 25% compared to the prior year to $2.8 billion.

Net revenue from domestic resorts was $7.1 billion, a 9% increase over the prior year and operating income from domestic resorts was $1.4 billion a 13% increase over the prior year. Domestic resorts Adjusted Property EBITDA increased 22% to $2.1 billion for 2016 and was positively impacted by approximately $244 million of Adjusted Property EBITDA growth generated from the Company's Profit Growth Plan initiatives as well as $81 million of Adjusted Property EBITDA resulting from the Borgata transaction and $10 million of Adjusted Property EBITDA resulting from the December 2016 opening of MGM National Harbor. Same-store Adjusted Property EBITDA increased 17% compared to the prior year.

MGM China net revenue was $1.9 billion for 2016, a 13% decrease from 2015. MGM China operating income was $255 million compared to an operating loss of $1.2 billion in the prior year, which included the $1.5 billion non-cash goodwill impairment charge described above. MGM China Adjusted EBITDA was $521 million compared to $540 million in the prior year.

CityCenter reported net revenues of $1.2 billion from resort operations, a 3% increase compared to the prior year. Operating income from resort operations was $7 million and included $26 million of NV Energy exit expense and $82 million of accelerated depreciation associated with the April 2016 closure of the Zarkana theatre, compared to operating income of $48 million in the prior year, which included $20 million of accelerated depreciation associated with the Zarkana theatre closure. Adjusted EBITDA related to resort operations was a record $353 million compared to $305 million in the prior year and was positively impacted by approximately $45 million of Adjusted EBITDA growth generated from the Company's Profit Growth Plan initiatives.

During the year ended December 31, 2016, the Company made rent payments to MGP in the amount of $418 million. During the full year 2016 the Company received $113 million of distributions attributable to its ownership of units in the Operating Partnership.

Diluted earnings per share was $1.92 in the current year compared to loss per share of $0.82 in 2015. 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,

2016



2015


NV Energy exit expense

$

(0.18)



$


Preopening and start-up expenses


(0.15)




(0.08)


Property transactions, net:








       Gain on sale of Circus Circus Reno and Silver Legacy





0.03


     Grand Victoria investment impairment





(0.02)


     Other property transactions, net


(0.02)




(0.05)


MGM China goodwill impairment





(1.38)


Gain on Borgata transaction


0.61





Income (loss) from unconsolidated affiliates:








       Gain on the sale of Crystals


0.56





    CityCenter NV Energy exit expense


(0.02)





    Harmon-related property transactions, net





0.10


Non-operating expense:








       Loss on retirement of long-term debt


(0.10)





The current year results included income tax benefit of $204 million attributable to a decrease in valuation allowance on foreign tax credit carryovers resulting from changes in assumptions impacting the assessment of realizability of such carryovers and income tax expense of $36 million attributable to the remeasurement of Macau deferred tax liabilities resulting from a change in assumption concerning renewal of the exemption from the Macau complementary tax on gaming profits.

Financial Position

The Company's cash balance at December 31, 2016 was $1.4 billion, which included $454 million at MGM China and $360 million at MGP. At December 31, 2016, the Company had $13.1 billion of principal amount of indebtedness outstanding, including $250 million outstanding under its $1.5 billion senior secured credit facility, $2.1 billion outstanding under the $2.7 billion Operating Partnership senior credit facility, $1.9 billion outstanding under the $3 billion MGM China credit facility, and $450 million outstanding under the $525 million MGM National Harbor credit facility.

"We have taken significant steps over the past year to prudently pursue strategic opportunities while enhancing our capital structure, addressing near term maturities and strengthening the financial position of our Company," said Dan D'Arrigo, Executive Vice President and Chief Financial Officer of MGM Resorts. "We continue to focus on maximizing our cash flows to support our balanced approach to capital allocation including our quarterly dividend and targeted growth opportunities while remaining committed to returning MGM Resorts to investment grade."

Conference Call Details

MGM Resorts 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 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 6980101. A replay of the call will be available through Thursday, February 23, 2017. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10099047. The call will be archived at www.mgmresorts.com. In addition, MGM Resorts will post supplemental slides today on its website at www.mgmresorts.investorroom.com for reference during the earnings call.

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, NV Energy exit expense, goodwill impairment charges, gain on Borgata transaction, and property transactions, net. "Adjusted Property EBITDA" is Adjusted EBITDA before corporate expense and stock compensation expense related to the MGM Resorts and MGP stock option plans, which are 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. "Same-store Adjusted Property EBITDA" is Adjusted Property EBITDA related to operating resorts which were consolidated by the Company for both the entire current and prior year periods presented. 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 Same-store 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 and Same-store Adjusted Property EBITDA as the primary measure of the Company's operating resorts' performance.

Adjusted EBITDA, Adjusted Property EBITDA and Same-store Adjusted Property EBITDA 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 Same-store Adjusted Property EBITDA. Also, other companies in the gaming and hospitality industries that report Adjusted EBITDA, Adjusted Property EBITDA or Same-store Adjusted Property EBITDA information may calculate Adjusted EBITDA, Adjusted Property EBITDA or Same-store Adjusted Property EBITDA in a different manner.

Reconciliations of GAAP net income (loss) to Adjusted EBITDA and GAAP operating income (loss) to Adjusted Property EBITDA and Same-store 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 portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company opened MGM National Harbor in Maryland on December 8, 2016, and is in the process of developing MGM Springfield in Massachusetts. MGM Resorts controls and holds a 76 percent economic interest in the operating partnership of MGM Growth Properties LLC (NYSE: MGP), a premier triple-net lease real estate investment trust engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts. The Company also owns 56 percent of MGM China Holdings Limited (SEHK: 2282), which owns MGM MACAU and is developing MGM COTAI, and 50 percent of CityCenter in Las Vegas, which features ARIA Resort & Casino. MGM Resorts is named among FORTUNE® Magazine's 2016 list of World's Most Admired Companies®. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.

Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company's expectations regarding future results and the Company's financial outlook (including REVPAR guidance), the payment of any future cash dividends on the Company's common stock (which dividends will be subject to the discretion of the Company's Board of Directors taking into account any factors it deems relevant), its ability to generate future cash flow growth and to execute on future development and other projects and the Company's ability to execute its strategic plan and improve its financial flexibility. 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 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,




2016


2015


2016


2015


Revenues:














Casino

$

1,366,903


$

1,146,765


$

4,936,490


$

4,842,836



Rooms


505,120



460,778



2,023,841



1,876,733



Food and beverage


401,373



370,880



1,639,910



1,575,496



Entertainment


137,103



137,293



517,433



539,318



Retail


49,711



47,897



200,340



201,688



Other


133,413



115,980



533,528



506,934



Reimbursed costs


95,992



95,936



397,152



398,836





2,689,615



2,375,529



10,248,694



9,941,841



Less: Promotional allowances


(228,795)



(183,656)



(793,571)



(751,773)





2,460,820



2,191,873



9,455,123



9,190,068


Expenses:














Casino


761,280



661,948



2,718,483



2,882,752



Rooms


141,115



139,910



576,426



564,094



Food and beverage


230,947



216,357



943,803



917,993



Entertainment


112,078



101,410



411,657



410,284



Retail


23,737



23,643



96,928



102,904



Other


90,314



80,355



351,215



348,513



Reimbursed costs


95,992



95,936



397,152



398,836



General and administrative


376,717



306,728



1,378,617



1,309,104



Corporate expense


71,941



90,574



312,774



274,551



NV Energy exit expense


-



-



139,335



-



Preopening and start-up expenses 


61,631



21,057



140,075



71,327



Property transactions, net


12,361



23,286



17,078



35,951



Goodwill impairment


-



1,467,991



-



1,467,991



Gain on Borgata transaction


(340)



-



(430,118)



-



Depreciation and amortization


233,052



200,164



849,527



819,883








2,210,825



3,429,359



7,902,952



9,604,183



















Income from unconsolidated affiliates


32,028



40,252



527,616



257,883



















Operating income (loss)


282,023



(1,197,234)



2,079,787



(156,232)



















Non-operating income (expense):















Interest expense, net of amounts capitalized



(161,704)



(186,291)



(694,773)



(797,579)



Non-operating items from unconsolidated affiliates



(7,910)



(16,717)



(53,139)



(76,462)



Other, net



(4,983)



(3,279)



(72,698)



(15,970)








(174,597)



(206,287)



(820,610)



(890,011)



















Income (loss) before income taxes



107,426



(1,403,521)



1,259,177



(1,046,243)



Benefit (provision) for income taxes


(37,504)



(69,976)



(22,299)



6,594



















Net income (loss)



69,922



(1,473,497)



1,236,878



(1,039,649)



Less: Net (income) loss attributable to noncontrolling interests


(45,253)



692,043



(135,438)



591,929


Net income (loss) attributable to MGM Resorts International

$

24,669


$

(781,454)


$

1,101,440


$

(447,720)



















Per share of common stock:














Basic:














Net income (loss) attributable to MGM Resorts International

$

0.04


$

(1.38)


$

1.94


$

(0.82)




















Weighted average shares outstanding


573,833



564,398



568,134



542,873




















Diluted:














Net income (loss) attributable to MGM Resorts International

$

0.04


$

(1.38)


$

1.92


$

(0.82)




















Weighted average shares outstanding


579,176



564,398



573,317



542,873


 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)





December 31,



December 31,




2016



2015

ASSETS







Current assets:








Cash and cash equivalents


$

1,446,581


$

1,670,312


Accounts receivable, net



542,924



480,559


Inventories



97,733



104,200


Income tax receivable



-



15,993


Prepaid expenses and other



142,349



137,685


Total current assets



2,229,587



2,408,749









Property and equipment, net



18,425,023



15,371,795









Other assets:








Investments in and advances to unconsolidated affiliates



1,220,443



1,491,497


Goodwill 



1,817,119



1,430,767


Other intangible assets, net



4,087,706



4,164,781


Other long-term assets, net



393,423



347,589


Total other assets



7,518,691



7,434,634




$

28,173,301


$

25,215,178

















LIABILITIES AND STOCKHOLDERS' EQUITY













Current liabilities:








Accounts payable


$

250,477


$

182,031


Construction payable



270,361



250,120


Income taxes payable



10,654



-


Current portion of long-term debt



8,375



328,442


Accrued interest on long-term debt



159,028



165,914


Other accrued liabilities



1,594,526



1,311,444


Total current liabilities



2,293,421



2,237,951









Deferred income taxes, net 



2,551,228



2,680,576

Long-term debt



12,979,220



12,368,311

Other long-term obligations



325,981



157,663

Redeemable noncontrolling interest



54,139



6,250

Stockholders' equity:








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








   issued and outstanding 574,123,706 and 564,838,893 shares 



5,741



5,648


Capital in excess of par value



5,653,575



5,655,886


Retained earnings (accumulated deficit)



545,811



(555,629)


Accumulated other comprehensive income 



15,053



14,022


Total MGM Resorts International stockholders' equity



6,220,180



5,119,927


Noncontrolling interests



3,749,132



2,644,500


Total stockholders' equity



9,969,312



7,764,427




$

28,173,301


$

25,215,178

 

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,







2016


2015


2016


2015


Bellagio





$

333,123


$

311,893


$

1,338,626


$

1,236,248


MGM Grand Las Vegas



262,911



283,086



1,122,380



1,138,469


Mandalay Bay




199,006



205,134



934,110



906,243


The Mirage 





137,487



128,095



586,745



568,607


Luxor






99,466



94,351



391,634



372,426


New York-New York 



86,432



78,514



336,150



308,319


Excalibur






75,605



71,571



309,551



289,324


Monte Carlo





67,338



69,954



280,835



290,240


Circus Circus Las Vegas



60,607



55,347



248,313



232,844


MGM Grand Detroit



140,945



144,266



564,976



547,399


Beau Rivage





90,600



87,870



377,396



367,587


Gold Strike Tunica



39,369



38,990



163,535



160,863


Borgata (1)





197,456



-



348,462



-


National Harbor (2)



53,005



-



53,005



-


Other resort operations (3)



-



8,727



-



78,792


  Domestic resorts



1,843,350



1,577,798



7,055,718



6,497,361


MGM China





499,685



498,784



1,920,487



2,214,767


Management and other operations


117,785



115,291



478,918



477,940







$

2,460,820


$

2,191,873


$

9,455,123


$

9,190,068




















































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,







2016


2015


2016


2015


Bellagio





$

118,280


$

106,588


$

479,259


$

395,385


MGM Grand Las Vegas



69,538



80,228



330,681



280,266


Mandalay Bay




34,988



38,729



235,609



203,474


The Mirage 





27,183



16,674



139,427



112,475


Luxor






27,062



24,847



108,192



87,169


New York-New York 



30,074



29,417



121,729



106,457


Excalibur






25,618



22,649



101,525



82,247


Monte Carlo





16,978



22,224



78,862



85,962


Circus Circus Las Vegas



15,754



11,677



61,989



43,245


MGM Grand Detroit



43,558



45,256



171,414



154,979


Beau Rivage





17,635



22,059



93,762



88,843


Gold Strike Tunica



11,378



11,879



49,690



46,023


Borgata (1)





45,182



-



81,281



-


National Harbor (2)



9,596



-



9,596



-


Other resort operations (3)



-



(1,492)



-



3,441


  Domestic resorts



492,824



430,735



2,063,016



1,689,966


MGM China





137,549



130,983



520,736



539,881


Unconsolidated resorts (4)



32,028



40,252



527,616



257,883


Management and other operations


3,212



7,616



13,000



37,419







$

665,613


$

609,586


$

3,124,368


$

2,525,149


















(1) For the twelve months ended December 31, 2016, represents net revenues and Adjusted Property EBITDA of Borgata for the period from August 1, 2016 (the first day of the Company's full ownership) through December 31, 2016

(2) Represents net revenues and Adjusted Property EBITDA of National Harbor for the month ended December 31, 2016 only

(3) Sold in 2015

(4) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences. Includes the Company's share of Borgata results for the three and twelve month periods ended December 31, 2015 and the seven months ended July 31, 2016

 


























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, 2016
































Operating

income (loss)


NV Energy exit

expense


Preopening and

start-up

expenses


Property

transactions, net

and gain on

Borgata

transaction


Depreciation and

amortization


Adjusted EBITDA


Bellagio






$

95,485


$

-


$

-


$

207


$

22,588


$

118,280


MGM Grand Las Vegas




50,521



-



82



596



18,339



69,538


Mandalay Bay





12,077



-



-



422



22,489



34,988


The Mirage 






16,736



-



-



441



10,006



27,183


Luxor







17,780



-



-



184



9,098



27,062


New York-New York 




24,693



-



2



31



5,348



30,074


Excalibur







20,809



-



-



818



3,991



25,618


Monte Carlo






3,083



-



1,421



925



11,549



16,978


Circus Circus Las Vegas




10,305



-



-



582



4,867



15,754


MGM Grand Detroit




37,836



-



-



(59)



5,781



43,558


Beau Rivage






11,582



-



-



(113)



6,166



17,635


Gold Strike Tunica




8,939



-



-



(36)



2,475



11,378


Borgata







15,786



-



39



8,573



20,784



45,182


National Harbor (1)




(13,626)



-



17,986



-



5,236



9,596


Other resort operations (2)



-



-



-



-



-



-


  Domestic resorts




312,006



-



19,530



12,571



148,717



492,824


MGM China






72,055



-



7,102



(339)



58,731



137,549


Unconsolidated resorts 




32,028



-



-



-



-



32,028


Management and other operations


1,055



-



-



29



2,128



3,212









417,144



-



26,632



12,261



209,576



665,613


Stock compensation




(13,525)



-



-



-



-



(13,525)


Corporate 







(121,596)



-



34,999



(240)



23,476



(63,361)








$

282,023


$

-


$

61,631


$

12,021


$

233,052


$

588,727









































































Three Months Ended December 31, 2015
































Operating

income (loss)


NV Energy exit

expense


Preopening and

start-up

expenses


Property

transactions, net

and goodwill

impairment


Depreciation and

amortization


Adjusted EBITDA


Bellagio






$

83,761


$

-


$

-


$

748


$

22,079


$

106,588


MGM Grand Las Vegas




62,391



-



-



11



17,826



80,228


Mandalay Bay





16,078



-



-



937



21,714



38,729


The Mirage 






6,099



-



65



427



10,083



16,674


Luxor







15,376



-



-



6



9,465



24,847


New York-New York 




20,686



-



-



3,789



4,942



29,417


Excalibur







19,031



-



-



(17)



3,635



22,649


Monte Carlo






14,305



-



(2)



1,620



6,301



22,224


Circus Circus Las Vegas




7,723



-



(1)



12



3,943



11,677


MGM Grand Detroit




39,217



-



-



(36)



6,075



45,256


Beau Rivage






15,396



-



-



(12)



6,675



22,059


Gold Strike Tunica




9,082



-



-



207



2,590



11,879


Other resort operations




(1,492)



-



-



-



-



(1,492)


  Domestic resorts




307,653



-



62



7,692



115,328



430,735


MGM China






(1,405,182)



-



3,531



1,471,160



61,474



130,983


Unconsolidated resorts (3)



39,190



-



1,062



-



-



40,252


Management and other operations


5,291



-



337



1



1,987



7,616









(1,053,048)



-



4,992



1,478,853



178,789



609,586


Stock compensation




(9,845)



-



-



-



-



(9,845)


Corporate 







(134,341)



-



16,065



12,424



21,375



(84,477)








$

(1,197,234)


$

-


$

21,057


$

1,491,277


$

200,164


$

515,264

























(1) Represents operating results of National Harbor for the month ended December 31, 2016

(2) Sold in 2015

(3) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences. Includes the Company's share of Borgata results for the three months ended December 31, 2015 

 


























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, 2016
































Operating

income (loss)


NV Energy exit

expense


Preopening and

start-up

expenses


Property

transactions, net

and gain on

Borgata

transaction


Depreciation and

amortization


Adjusted EBITDA


Bellagio






$

366,543


$

23,815


$

-


$

118


$

88,783


$

479,259


MGM Grand Las Vegas




231,327



25,365



82



1,719



72,188



330,681


Mandalay Bay





114,202



29,123



252



2,377



89,655



235,609


The Mirage 






85,300



13,813



-



44



40,270



139,427


Luxor







57,653



11,594



1,625



708



36,612



108,192


New York-New York 




93,169



7,439



479



210



20,432



121,729


Excalibur







71,885



9,083



-



4,405



16,152



101,525


Monte Carlo






33,291



8,409



1,929



1,131



34,102



78,862


Circus Circus Las Vegas




33,516



10,694



-



816



16,963



61,989


MGM Grand Detroit




147,865



-



-



(59)



23,608



171,414


Beau Rivage






68,054



-



-



(172)



25,880



93,762


Gold Strike Tunica




39,831



-



-



67



9,792



49,690


Borgata (1)






38,616



-



90



8,652



33,923



81,281


National Harbor (2)




(13,626)



-



17,986



-



5,236



9,596


Other resort operations (3)



-



-



-



-



-



-


  Domestic resorts




1,367,626



139,335



22,443



20,016



513,596



2,063,016


MGM China






255,264



-



27,848



(216)



237,840



520,736


Unconsolidated resorts (4)



524,448



-



3,168



-



-



527,616


Management and other operations


4,316



-



1,150



29



7,505



13,000









2,151,654



139,335



54,609



19,829



758,941



3,124,368


Stock compensation




(44,957)



-



-



-



-



(44,957)


Corporate 







(26,910)



-



85,466



(432,869)



90,586



(283,727)








$

2,079,787


$

139,335


$

140,075


$

(413,040)


$

849,527


$

2,795,684









































































Twelve Months Ended December 31, 2015
































Operating

income (loss)


NV Energy exit

expense


Preopening and

start-up

expenses


Property

transactions, net

and goodwill

impairment


Depreciation and

amortization


Adjusted EBITDA


Bellagio






$

303,858


$

-


$

-


$

1,085


$

90,442


$

395,385


MGM Grand Las Vegas




206,896



-



-



110



73,260



280,266


Mandalay Bay





120,142



-



-



3,599



79,733



203,474


The Mirage 






66,069



-



115



1,729



44,562



112,475


Luxor







49,369



-



(2)



94



37,708



87,169


New York-New York 




81,618



-



(74)



4,931



19,982



106,457


Excalibur







67,545



-



-



111



14,591



82,247


Monte Carlo






55,594



-



-



3,219



27,149



85,962


Circus Circus Las Vegas




27,305



-



280



21



15,639



43,245


MGM Grand Detroit




131,016



-



-



(36)



23,999



154,979


Beau Rivage






62,613



-



-



(5)



26,235



88,843


Gold Strike Tunica




34,362



-



-



221



11,440



46,023


Other resort operations




2,975



-



-



-



466



3,441


  Domestic resorts




1,209,362



-



319



15,079



465,206



1,689,966


MGM China






(1,212,377)



-



13,863



1,472,128



266,267



539,881


Unconsolidated resorts (4)



254,408



-



3,475



-



-



257,883


Management and other operations


27,395



-



1,179



1,080



7,765



37,419









278,788



-



18,836



1,488,287



739,238



2,525,149


Stock compensation




(32,125)



-



-



-



-



(32,125)


Corporate 







(402,895)



-



52,491



15,655



80,645



(254,104)








$

(156,232)


$

-


$

71,327


$

1,503,942


$

819,883


$

2,238,920

























(1) Represents operating results of Borgata for the period from August 1, 2016 (the first day of the Company's full ownership) through December 31, 2016

(2) Represents operating results of National Harbor for the month ended December 31, 2016

(3) Sold in 2015

(4) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences. Includes the Company's share of Borgata results for the twelve months ended December 31, 2015 and the seven months ended July 31, 2016

 

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,







2016


2015


2016


2015

Net income (loss) attributable to MGM Resorts International


$

24,669


$

(781,454)


$

1,101,440


$

(447,720)

  Plus: Net income (loss) attributable to noncontrolling interests



45,253



(692,043)



135,438



(591,929)

Net income (loss)






69,922



(1,473,497)



1,236,878



(1,039,649)

  Provision (benefit) for income taxes



37,504



69,976



22,299



(6,594)

Income (loss) before income taxes



107,426



(1,403,521)



1,259,177



(1,046,243)


















Non-operating (income) expense:













  Interest expense, net of amounts capitalized



161,704



186,291



694,773



797,579

  Other, net






12,893



19,996



125,837



92,432








174,597



206,287



820,610



890,011


















Operating income (loss)





282,023



(1,197,234)



2,079,787



(156,232)

  NV Energy exit expense




-



-



139,335



-

  Preopening and start-up expenses



61,631



21,057



140,075



71,327

  Property transactions, net



12,361



23,286



17,078



35,951

  Goodwill impairment






-



1,467,991



-



1,467,991

  Gain on Borgata transaction



(340)



-



(430,118)



-

  Depreciation and amortization



233,052



200,164



849,527



819,883

Adjusted EBITDA





$

588,727


$

515,264


$

2,795,684


$

2,238,920



































MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF DOMESTIC RESORTS ADJUSTED PROPERTY EBITDA TO DOMESTIC RESORTS SAME-STORE ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)
























Three Months Ended


Twelve Months Ended







December 31,


December 31,


December 31,


December 31,







2016


2015


2016


2015

Domestic resorts Adjusted Property EBITDA


$

492,824


$

430,735


$

2,063,016


$

1,689,966

  Adjusted Property EBITDA related to Borgata



(45,182)



-



(81,281)



-

  Adjusted Property EBITDA related to National Harbor 



(9,596)



-



(9,596)



-

  Adjusted Property EBITDA related to other resort operations



-



1,492



-



(3,441)

Domestic resorts same-store Adjusted Property EBITDA


$

438,046


$

432,227


$

1,972,139


$

1,686,525



































MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)
























Three Months Ended


Twelve Months Ended







December 31,


December 31,


December 31,


December 31,







2016


2015


2016


2015


Bellagio

















   Occupancy %




91.0%



91.1%



93.5%



93.2%


   Average daily rate (ADR)



$278



$270



$275



$262


   Revenue per available room (REVPAR)



$253



$246



$257



$244



















MGM Grand Las Vegas














   Occupancy %




89.8%



89.2%



93.5%



94.1%


   ADR






$171



$170



$175



$165


   REVPAR






$153



$152



$164



$156



















Mandalay Bay 















   Occupancy %




85.8%



84.9%



91.5%



90.6%


   ADR






$199



$201



$209



$203


   REVPAR






$170



$171



$192



$184



















The Mirage
















   Occupancy %




92.6%



93.3%



95.1%



94.2%


   ADR






$168



$169



$170



$166


   REVPAR






$156



$158



$162



$157



















Luxor 

















   Occupancy %




90.9%



91.4%



95.3%



94.2%


   ADR






$115



$108



$112



$105


   REVPAR






$105



$99



$106



$99



















New York-New York














   Occupancy %




95.1%



94.8%



97.5%



97.6%


   ADR






$141



$133



$139



$129


   REVPAR






$134



$126



$136



$126



















Excalibur 

















   Occupancy %




89.5%



90.0%



93.7%



93.2%


   ADR






$100



$92



$97



$88


   REVPAR






$89



$83



$91



$82



















Monte Carlo 
















   Occupancy %




91.3%



93.5%



96.1%



96.4%


   ADR






$129



$122



$126



$119


   REVPAR






$118



$114



$121



$115



















Circus Circus Las Vegas














   Occupancy %




81.6%



80.2%



84.2%



83.8%


   ADR






$83



$75



$80



$71


   REVPAR






$68



$60



$67



$59

 

CITYCENTER HOLDINGS, LLC





SUPPLEMENTAL DATA - NET REVENUES





(In thousands)





(Unaudited)






































Three Months Ended


Twelve Months Ended













December 31,


December 31,


December 31,


December 31,
















2016


2015


2016


2015




































Aria






$

255,682


$

263,463


$

1,012,259


$

990,475










Vdara







28,815



27,515



119,367



111,006










Mandarin Oriental






16,542



15,806



65,763



61,541










 Resort operations






301,039



306,784



1,197,389



1,163,022










Residential and other operations




32



3,369



2,676



33,358
















$

301,071


$

310,153


$

1,200,065


$

1,196,380























































































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,
















2016


2015


2016


2015









Net income (loss)






$

18,933


$

(4)


$

348,373


$

161,833









 Less: Income from discontinued operations


(7,673)



(5,326)



(407,187)



(22,681)









Income (loss) from continuing operations



11,260



(5,330)



(58,814)



139,152



































Non-operating (income) expense:






















  Interest expense, net of amounts capitalized


14,510



18,179



61,032



72,791









  Other, net







106



(163)



3,323



(280)

















14,616



18,016



64,355



72,511



































Operating income







25,876



12,686



5,541



211,663









  NV Energy exit expense





-



-



26,089



-









  Property transactions, net




6,468



4,274



4,529



(154,788)









  Depreciation and amortization




57,301



78,305



313,787



251,847









Adjusted EBITDA






$

89,645


$

95,265


$

349,946


$

308,722



































CITYCENTER HOLDINGS, LLC



RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA



(In thousands)



(Unaudited)





























Three Months Ended December 31, 2016




































Operating income

(loss)


NV Energy exit

expense


Preopening and

start-up

expenses


Property

transactions, net


Depreciation

and

amortization


Adjusted

EBITDA




Aria






$

25,875


$

-


$

-


$

6,468


$

47,178


$

79,521




Vdara







2,023



-



-



-



6,996



9,019




Mandarin Oriental






(1,027)



-



-



-



3,127



2,100




 Resort operations






26,871



-



-



6,468



57,301



90,640




Residential, administration and























other operations







(995)



-



-



-



-



(995)










$

25,876


$

-


$

-


$

6,468


$

57,301


$

89,645

















































































Three Months Ended December 31, 2015




































Operating income

(loss)


NV Energy exit

expense


Preopening and

start-up

expenses


Property

transactions, net


Depreciation

and

amortization


Adjusted

EBITDA




Aria






$

13,119


$

-


$

-


$

4,271


$

68,242


$

85,632




Vdara







426



-



-



3



6,974



7,403




Mandarin Oriental






(914)



-



-



-



3,085



2,171




 Resort operations






12,631



-



-



4,274



78,301



95,206




Residential, administration and























other operations







55



-



-



-



4



59










$

12,686


$

-


$

-


$

4,274


$

78,305


$

95,265



 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

























Twelve Months Ended December 31, 2016
































Operating

income (loss)


NV Energy exit

expense


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA


Aria






$

7,920


$

23,320


$

-


$

5,993


$

273,465


$

310,698


Vdara







6,672



1,676



-



(253)



27,861



35,956


Mandarin Oriental




(7,094)



1,093



-



-



12,461



6,460


 Resort operations




7,498



26,089



-



5,740



313,787



353,114


Residential, administration and




















other operations




(1,957)



-



-



(1,211)



-



(3,168)








$

5,541


$

26,089


$

-


$

4,529


$

313,787


$

349,946









































































Twelve Months Ended December 31, 2015
































Operating

income (loss)


NV Energy exit

expense


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA


Aria






$

54,909


$

-


$

-


$

5,189


$

209,356


$

269,454


Vdara







(726)



-



-



3



30,389



29,666


Mandarin Oriental




(6,569)



-



-



-



12,254



5,685


 Resort operations




47,614



-



-



5,192



251,999



304,805


Residential, administration and




















other operations




164,049



-



-



(159,980)



(152)



3,917








$

211,663


$

-


$

-


$

(154,788)


$

251,847


$

308,722









































































CITYCENTER HOLDINGS, LLC




SUPPLEMENTAL DATA - HOTEL STATISTICS




(Unaudited)



































Three Months Ended


Twelve Months Ended














December 31,


December 31,


December 31,


December 31,














2016


2015


2016


2015








Aria
























   Occupancy %





91.2%



90.2%



92.7%



92.3%








   ADR







$239



$235



$242



$233








   REVPAR







$218



$212



$224



$215
































Vdara
























   Occupancy %





85.5%



86.7%



90.8%



91.7%








   ADR







$213



$202



$205



$189








   REVPAR







$182



$175



$186



$173























































 

 

SOURCE MGM Resorts International

For further information: Investment Community, CATHERINE PARK, Executive Director of Investor Relations, (702) 693-8711 or cpark@mgmresorts.com; or News Media, GORDON ABSHER, Vice President of Corporate Communications, (702) 692-6767 or gabsher@mgmresorts.com

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