2016: Q3
MGM Resorts International Reports Third Quarter Financial And Operating Results
Diluted earnings per share of $0.93 compared to $0.12 in the prior year quarter
Net income attributable to MGM Resorts of $536 million, a 706% increase over the prior year quarter
Domestic resorts Adjusted Property EBITDA up 31% on a same-store basis

LAS VEGAS, Nov. 7, 2016 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended September 30, 2016.

 Key highlights include:

  • Diluted earnings per share for the third quarter of 2016 of $0.93, including $0.60 related to a $430 million gain on Borgata acquisition and a $0.20 charge related to the NV Energy exit, compared to diluted earnings per share of $0.12 in the prior year quarter;
  • Net revenues of $1.9 billion at the Company's domestic resorts, a 16% increase over the prior year quarter, and an 8% increase on a same-store basis, excluding contributions from Borgata which the Company began consolidating in August of 2016 and Circus Circus Reno, which the Company sold in 2015;
  • 11% increase in REVPAR(1) over the prior year quarter at the Company's Las Vegas Strip resorts;
  • Operating income of $301 million at the Company's domestic resorts, including the impact of $139 million of NV Energy exit expense; 
  • Net income attributable to MGM Resorts of $536 million, a 706% increase over the prior year quarter;
  • Adjusted Property EBITDA(2) of  $570 million at the Company's domestic resorts, a 39%  increase over the prior year quarter and a 31% increase on a same-store basis;
  • Profit Growth Plan contribution of approximately $73 million of year over year Adjusted Property EBITDA growth to domestic resorts and approximately $5 million of Adjusted EBITDA growth from the Company's 50% share of CityCenter's results;
  • Same-store Adjusted Property EBITDA margin of 30.6% at the Company's domestic resorts, a 527 basis point increase compared to the prior year quarter;
  • MGM China's net revenues decreased 6%, while operating income and Adjusted EBITDA increased 34% and 17%, respectively, compared to the prior year quarter, partially due to its focus on high-quality main-floor business; and
  • CityCenter's net revenues and Adjusted EBITDA related to resorts operations increased 11% and 41%, respectively, compared to the prior year quarter.

"MGM Resorts produced a tremendously strong quarter, delivering the best net revenues and Adjusted Property EBITDA at our domestic resorts since 2007. These results demonstrate the broad based commitment and contributions of the MGM Resorts team in executing the Company's strategic plan and delivering value to our shareholders," said Jim Murren, Chairman & CEO of MGM Resorts. "We have executed on numerous opportunities this year, strengthening our organization, improving our balance sheet, and positioning the Company for growth. The complexity and scale of our organizational transformation is unprecedented in our industry and has manifested itself into our superior operating performance. Looking ahead, we remain focused on organic growth through a stronger, reinvigorated Company driven by our culture of continuous improvement and are committed to expanding our distinguished brand with the opening of MGM National Harbor and the Park Theater in Las Vegas next month."

Certain Items Affecting Third 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 September 30,

 

2016

   

2015

 

NV Energy exit expense

 

$

(0.18)

   

$

 

Preopening and start-up expenses

   

(0.03)

     

(0.02)

 

Gain on Borgata transaction

   

0.60

     

 

Income from unconsolidated affiliates:

               

 CityCenter NV Energy exit expense

   

(0.02)

     

 

Non-operating expense:

               

    Loss on retirement of long-term debt

   

(0.02)

     

 

 

The current quarter included income tax benefit of $169 million resulting from the reduction of valuation allowance on foreign tax credit carryovers and income tax expense of $36 million resulting from the remeasurement of Macau deferred tax liabilities, both the result of a change in assumption concerning renewal of the exemption from the Macau complementary tax on gaming profits.

Domestic Resorts

Casino revenue for the third quarter of 2016 increased 23% compared to the prior year quarter, due primarily to the acquisition of Borgata and an increase in both table games and slots revenue. Casino revenue increased 7% on a same-store basis compared to the prior year quarter. Same-store table games hold percentage in the third quarter of 2016 was 23.7% compared to 20.4% in the prior year quarter. Slots revenue increased 19% compared to the prior year quarter due primarily to the acquisition of Borgata, and increased 3% on a same- store basis compared to the prior year quarter.

Rooms revenue increased 14% compared to the prior year quarter. On a same-store basis, rooms revenue increased 11% compared to the prior year quarter. Las Vegas Strip REVPAR increased 11%. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended September 30,

 

2016

   

2015

 

Occupancy %

   

97

%

   

96

%

Average Daily Rate (ADR)

 

$

154

   

$

141

 

Revenue per Available Room (REVPAR)

 

$

149

   

$

135

 

 

The Company expects to achieve Las Vegas Strip REVPAR growth of 3% in the fourth quarter of 2016, compared to a 12% increase in the prior year's fourth quarter.

Mr. Murren continued, "We continue to see strength in the Las Vegas market and believe that the Company can drive growth across all room segments in the fourth quarter, despite a challenging comparison. Based on these current trends, we remain confident in our ability to further increase room revenues in 2017."

Operating income at the Company's domestic resorts was $301 million for the third quarter of 2016 compared to $290 million in the prior year quarter and included $139 million of NV Energy exit expense associated with the Company's strategic decision to exit the fully bundled sales system of NV Energy and $8 million in real estate transfer taxes recorded in connection with the Borgata transaction.

Domestic resorts Adjusted Property EBITDA increased 39% to $570 million in the third quarter of 2016 and was positively impacted by approximately $73 million of Adjusted Property EBITDA growth generated from the Company's Profit Growth Plan initiatives as well as $36 million of Adjusted Property EBITDA resulting from the Borgata transaction. Same-store Adjusted Property EBITDA increased 31% compared to the prior year quarter.

Corporate Expense

Corporate expense was $88 million in the third quarter of 2016, an increase of $14 million compared to the prior year quarter. The current quarter included $10 million of expense related to transaction costs incurred by MGM Growth Properties LLC ("MGP") in connection with the Borgata transaction, $5 million related to Profit Growth Plan implementation costs, and $11 million related to incremental performance-based compensation expense and costs associated with a litigation settlement. The prior year quarter included costs incurred to implement initiatives related to the Profit Growth Plan and costs associated with the Company's strategic review totaling $18 million.

MGM China

On September 1, 2016 the Company closed its acquisition of an additional 4.95% of the outstanding common shares of MGM China Holdings Limited ("MGM China") and now owns approximately 56% of MGM China's outstanding common shares.

Key third quarter results for MGM China include:

  • Net revenues of $500 million, a 6% decrease compared to the prior year quarter;
  • Main floor table games revenue increased 21% compared to the prior year quarter;
  • VIP table games revenue decreased 26% due to a decrease in turnover of 14% compared to the prior year quarter, and hold percentage decreased to 3.0% in the current year quarter, compared to 3.7% in the prior year quarter;
  • Operating income increased 34% to $84 million, compared to operating income of $63 million in the prior year quarter;
  • Adjusted EBITDA increased 17% to $150 million, compared to $128 million in the prior year quarter, including $9 million of license fee expense in the current and prior year quarter; and
  • Operating margin increased by 499 basis points compared to the prior year quarter to 16.9%, and Adjusted EBITDA margin increased by 575 basis points compared to the prior year quarter to 30% as a result of an increase in main floor table games mix and continuous efforts to reduce costs.

In August 2016, MGM China paid a $58 million interim dividend, of which $30 million was distributed to MGM Resorts.

Unconsolidated Affiliates

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

Three months ended September 30,

 

2016

   

2015

 
   

(In thousands)

 

Borgata (through July 31, 2016)

 

$

14,243

   

$

31,784

 

CityCenter

   

12,382

     

16,459

 

Other

   

5,952

     

9,107

 
   

$

32,577

   

$

57,350

 

 

Our share of CityCenter Holdings, LLC ("CityCenter") operating results for the third quarter of 2016, including certain basis difference adjustments,  was $12 million, which included $13 million related to our share of NV Energy exit expense representing CityCenter's share of a charge associated with the Company's strategic decision to exit the fully bundled sales system of NV Energy.

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

  • Net revenues from resort operations were $308 million, an 11% increase compared to the prior year quarter;
  • Operating income was $7 million in the current and prior year quarters and included $26 million of NV Energy exit expense in the current quarter as discussed above;
  • Adjusted EBITDA from resort operations increased 41% to $93 million compared to the prior year quarter, and was positively affected by approximately $11 million of incremental Adjusted EBITDA attributable to Profit Growth Plan initiatives;
  • Adjusted EBITDA at Aria increased 38% to $82 million compared to the prior year quarter;
  • Aria's table games volume increased 5% and table games hold percentage was 25.4%, compared to 22.6% in the prior year quarter;
  • REVPAR at Aria increased 7% to $221 compared to the prior year quarter; and
  • REVPAR at Vdara increased 15% to $189 compared to the prior year quarter, and Adjusted EBITDA increased 50% to $10 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 Hotel Casino and Spa ("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 sold to MGP. As a result the Company's indirect ownership percentage in MGM Growth Properties Operating Partnership LP (the "Operating Partnership") increased to 76.3%.  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 third quarter of 2016, the Company made rent payments to MGP in the amount of $154 million. On September 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 October 14, 2016 to holders of record on September 30, 2016. The Company concurrently received a $72 million distribution attributable to its ownership of units in the Operating Partnership.

On August 12, 2016, the Operating Partnership issued $500 million of 4.50% senior unsecured notes due 2026. The net proceeds were used to refinance amounts outstanding under the Operating Partnership's revolving credit facility that were drawn in connection with the acquisition of Borgata with the remaining proceeds used for general corporate purposes. In addition, in October 2016, the Operating Partnership re-priced its term loan B facility at par. As a result of the re-pricing, the term loan B facility bears interest at LIBOR plus 2.75%, with a LIBOR floor of 0.75%, which represents a 50 basis point reduction compared to the prior rate of LIBOR plus 3.25%, with a LIBOR floor of 0.75%.  The Operating Partnership will receive a further reduction in pricing to LIBOR plus 2.50%, with a LIBOR floor of 0.75% so long as it achieves minimum corporate family ratings of Ba3/BB-.

Financial Position

The Company's cash balance at September 30, 2016 was $1.4 billion, which included $430 million at MGM China and $340 million at MGP. At September 30, 2016, the Company had $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, $1.8 billion outstanding under the $3 billion MGM China credit facility, and $425 million outstanding under the $525 million MGM National Harbor credit facility.

On August 19, 2016, the Company issued $500 million of 4.625% senior notes due 2026. The Company used the net proceeds from the offering, together with cash on hand, to redeem the $743 million 7.625% senior notes due 2017.

"We remain committed to strengthening our balance sheet and returning MGM Resorts to investment grade as we continue to maximize cash flow and grow the Company in a financially prudent manner," said Dan D'Arrigo, Executive Vice President and Chief Financial Officer of MGM Resorts. "We believe that our strategic actions in the third quarter are aligned with these goals including opportunistically enhancing our capital structure through the issuance of notes at historically low levels, acquiring the remaining interest in Borgata, and increasing our exposure in the largest gaming market in the world through the purchase of an additional stake in MGM China."

 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 5010970. A replay of the call will be available through Monday, November 14, 2016. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10095493. 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 its November 7, 2016 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 and property transactions, net. "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. "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 is in the process of developing MGM National Harbor in Maryland and 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 (HK: 2282), which owns the MGM Macau resort and casino and is developing a gaming resort in 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 (including REVPAR guidance), its ability to generate future cash flow growth and to execute on future development and other projects, such as the Profit Growth Plan, the expected results of the Profit Growth Plan, its ability to drive future growth across all room segments, 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

 

Nine Months Ended

   

September 30,

 

September 30,

 

September 30,

 

September 30,

   

2016

 

2015

 

2016

 

2015

Revenues:

                     
 

Casino

$

1,307,827

 

$

1,181,593

 

$

3,569,587

 

$

3,696,071

 

Rooms

 

530,331

   

466,032

   

1,518,721

   

1,415,955

 

Food and beverage

 

448,666

   

397,332

   

1,238,537

   

1,204,616

 

Entertainment

 

140,151

   

141,085

   

380,330

   

402,025

 

Retail

 

52,724

   

53,272

   

150,629

   

153,791

 

Other

 

148,470

   

126,585

   

400,115

   

390,954

 

Reimbursed costs

 

99,316

   

98,292

   

301,160

   

302,900

     

2,727,485

   

2,464,191

   

7,559,079

   

7,566,312

 

Less: Promotional allowances

 

(212,370)

   

(183,375)

   

(564,776)

   

(568,117)

     

2,515,115

   

2,280,816

   

6,994,303

   

6,998,195

Expenses:

                     
 

Casino

 

696,329

   

699,569

   

1,957,203

   

2,220,804

 

Rooms

 

148,317

   

140,806

   

435,311

   

424,184

 

Food and beverage

 

252,108

   

236,988

   

712,856

   

701,636

 

Entertainment

 

108,464

   

107,478

   

299,579

   

308,874

 

Retail

 

27,105

   

26,767

   

73,191

   

79,261

 

Other

 

93,880

   

88,000

   

260,901

   

268,158

 

Reimbursed costs

 

99,316

   

98,292

   

301,160

   

302,900

 

General and administrative

 

371,950

   

340,495

   

1,001,900

   

1,002,376

 

Corporate expense

 

87,782

   

74,019

   

240,833

   

183,977

 

NV Energy exit expense

 

139,335

   

-

   

139,335

   

-

 

Preopening and start-up expenses 

 

31,660

   

16,510

   

78,444

   

50,270

 

Property transactions, net

 

(1,268)

   

7,123

   

4,717

   

12,665

 

Gain on Borgata transaction

 

(429,778)

   

-

   

(429,778)

   

-

 

Depreciation and amortization

 

209,737

   

204,742

   

616,475

   

619,719

     

1,834,937

   

2,040,789

   

5,692,127

   

6,174,824

                         

Income from unconsolidated affiliates

 

32,577

   

57,350

   

495,588

   

217,631

                         

Operating income

 

712,755

   

297,377

   

1,797,764

   

1,041,002

                         

Non-operating income (expense):

                     
 

Interest expense, net of amounts capitalized

 

(168,048)

   

(191,781)

   

(533,069)

   

(611,288)

 

Non-operating items from unconsolidated affiliates

 

(11,132)

   

(22,968)

   

(45,229)

   

(59,745)

 

Other, net

 

(17,310)

   

(4,386)

   

(67,715)

   

(12,691)

     

(196,490)

   

(219,135)

   

(646,013)

   

(683,724)

                         

Income before income taxes

 

516,265

   

78,242

   

1,151,751

   

357,278

 

Benefit for income taxes

 

44,995

   

16,493

   

15,205

   

76,570

                         

Net income

 

561,260

   

94,735

   

1,166,956

   

433,848

 

Less: Net income attributable to noncontrolling interests

 

(25,641)

   

(28,310)

   

(90,185)

   

(100,114)

Net income attributable to MGM Resorts International

$

535,619

 

$

66,425

 

$

1,076,771

 

$

333,734

                         

Per share of common stock:

                     
 

Basic:

                     
 

Net income attributable to MGM Resorts International

$

0.94

 

$

0.12

 

$

1.90

 

$

0.62

                         
 

Weighted average shares outstanding

 

568,125

   

563,287

   

566,220

   

535,619

                         
 

Diluted:

                     
 

Net income attributable to MGM Resorts International

$

0.93

 

$

0.12

 

$

1.88

 

$

0.61

                         
 

Weighted average shares outstanding

 

573,812

   

569,320

   

571,350

   

547,750

 

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

                 
                 
       

September 30,

 

December 31,

       

2016

 

2015

                 

      ASSETS

Current assets:

             
 

Cash and cash equivalents

 

$

1,446,158

 

$

1,670,312

 

Accounts receivable, net

   

492,426

   

480,559

 

Inventories

   

97,400

   

104,200

 

Income tax receivable

   

478

   

15,993

 

Prepaid expenses and other

   

177,886

   

137,685

   

Total current assets

   

2,214,348

   

2,408,749

                 

Property and equipment, net

   

17,948,045

   

15,371,795

                 

Other assets:

             
 

Investments in and advances to unconsolidated affiliates

   

1,196,543

   

1,491,497

 

Goodwill 

     

1,815,209

   

1,430,767

 

Other intangible assets, net

   

4,137,475

   

4,164,781

 

Other long-term assets, net

   

393,666

   

347,589

   

Total other assets

   

7,542,893

   

7,434,634

       

$

27,705,286

 

$

25,215,178

                 
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

                 

Current liabilities:

           
 

Accounts payable

 

$

232,490

 

$

182,031

 

Construction payable

   

306,969

   

250,120

 

Current portion of long-term debt

   

-

   

328,442

 

Accrued interest on long-term debt

   

115,977

   

165,914

 

Other accrued liabilities

   

1,475,199

   

1,311,444

   

Total current liabilities

   

2,130,635

   

2,237,951

                 

Deferred income taxes, net 

   

2,543,815

   

2,680,576

Long-term debt

     

12,786,420

   

12,368,311

Other long-term obligations

   

320,707

   

157,663

Redeemable noncontrolling interest

   

6,250

   

6,250

Stockholders' equity:

           
 

Common stock, $.01 par value: authorized 1,000,000,000 shares,
  issued and outstanding 572,834,533 and 564,838,893 shares 

   

5,728

   

5,648

 

Capital in excess of par value

   

5,651,160

   

5,655,886

 

Retained earnings (accumulated deficit)

   

521,142

   

(555,629)

 

Accumulated other comprehensive income 

   

12,801

   

14,022

   

Total MGM Resorts International stockholders' equity

   

6,190,831

   

5,119,927

 

Noncontrolling interests

   

3,726,628

   

2,644,500

   

Total stockholders' equity

   

9,917,459

   

7,764,427

       

$

27,705,286

 

$

25,215,178

 

 

 

 

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,

   

2016

 

2015

 

2016

 

2015

 

Bellagio

$

342,952

 

$

303,494

 

$

1,005,503

 

$

924,355

 

MGM Grand Las Vegas

 

290,783

   

286,777

   

859,469

   

855,383

 

Mandalay Bay

 

266,943

   

232,172

   

735,104

   

701,109

 

The Mirage 

 

151,622

   

141,007

   

449,258

   

440,512

 

Luxor

 

104,152

   

95,358

   

292,168

   

278,075

 

New York-New York 

 

85,291

   

75,722

   

249,718

   

229,805

 

Excalibur

 

81,205

   

75,088

   

233,946

   

217,753

 

Monte Carlo

 

72,569

   

73,274

   

213,497

   

220,286

 

Circus Circus Las Vegas

 

69,514

   

62,643

   

187,706

   

177,497

 

MGM Grand Detroit

 

142,704

   

128,789

   

424,031

   

403,133

 

Beau Rivage

 

97,971

   

98,322

   

286,796

   

279,717

 

Gold Strike Tunica

 

41,942

   

42,152

   

124,166

   

121,873

 

Borgata (1)

 

151,006

   

-

   

151,006

   

-

 

Other resort operations (2)

 

-

   

21,390

   

-

   

70,065

 

  Domestic resorts

 

1,898,654

   

1,636,188

   

5,212,368

   

4,919,563

 

MGM China

 

499,822

   

529,037

   

1,420,802

   

1,715,983

 

Management and other operations

 

116,639

   

115,591

   

361,133

   

362,649

   

$

2,515,115

 

$

2,280,816

 

$

6,994,303

 

$

6,998,195

                         
                         
                         

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,

   

2016

 

2015

 

2016

 

2015

 

Bellagio

$

126,790

 

$

95,827

 

$

360,979

 

$

288,797

 

MGM Grand Las Vegas

 

82,760

   

62,182

   

261,143

   

200,038

 

Mandalay Bay

 

79,296

   

49,961

   

200,621

   

164,745

 

The Mirage 

 

38,066

   

27,182

   

112,244

   

95,801

 

Luxor

 

29,685

   

21,695

   

81,130

   

62,322

 

New York-New York 

 

30,274

   

24,831

   

91,655

   

77,040

 

Excalibur

 

27,076

   

21,273

   

75,907

   

59,598

 

Monte Carlo

 

18,764

   

21,372

   

61,884

   

63,738

 

Circus Circus Las Vegas

 

19,770

   

12,377

   

46,235

   

31,568

 

MGM Grand Detroit

 

44,024

   

33,372

   

127,856

   

109,723

 

Beau Rivage

 

25,292

   

26,679

   

76,127

   

66,784

 

Gold Strike Tunica

 

12,282

   

11,560

   

38,312

   

34,144

 

Borgata (1)

 

36,099

   

-

   

36,099

   

-

 

Other resort operations (2)

 

-

   

2,978

   

-

   

4,933

 

  Domestic resorts

 

570,178

   

411,289

   

1,570,192

   

1,259,231

 

MGM China

 

149,868

   

128,225

   

383,187

   

408,898

 

Unconsolidated resorts (3)

 

32,577

   

57,350

   

495,588

   

217,631

 

Management and other operations

 

1,301

   

5,591

   

9,788

   

29,803

   

$

753,924

 

$

602,455

 

$

2,458,755

 

$

1,915,563

                         

(1) Represents net revenues and Adjusted EBITDA of Borgata for the period from August 1, 2016 (the first day of the Company's full ownership) through September 30, 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 and nine month periods ended September 30, 2015 and the one and 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 September 30, 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

$

81,805

 

$

23,815

 

$

-

 

$

(150)

 

$

21,320

 

$

126,790

 

MGM Grand Las Vegas

 

39,251

   

25,365

   

-

   

623

   

17,521

   

82,760

 

Mandalay Bay

 

26,641

   

29,123

   

223

   

797

   

22,512

   

79,296

 

The Mirage 

 

14,438

   

13,813

   

-

   

16

   

9,799

   

38,066

 

Luxor

 

8,827

   

11,594

   

181

   

151

   

8,932

   

29,685

 

New York-New York 

 

17,983

   

7,439

   

105

   

79

   

4,668

   

30,274

 

Excalibur

 

13,366

   

9,083

   

-

   

618

   

4,009

   

27,076

 

Monte Carlo

 

3,937

   

8,409

   

363

   

54

   

6,001

   

18,764

 

Circus Circus Las Vegas

 

4,923

   

10,694

   

-

   

104

   

4,049

   

19,770

 

MGM Grand Detroit

 

38,183

   

-

   

-

   

-

   

5,841

   

44,024

 

Beau Rivage

 

18,822

   

-

   

-

   

3

   

6,467

   

25,292

 

Gold Strike Tunica

 

9,788

   

-

   

-

   

10

   

2,484

   

12,282

 

Borgata (1)

 

22,830

   

-

   

51

   

79

   

13,139

   

36,099

 

Other resort operations (2)

 

-

   

-

   

-

   

-

   

-

   

-

 

  Domestic resorts

 

300,794

   

139,335

   

923

   

2,384

   

126,742

   

570,178

 

MGM China

 

84,304

   

-

   

8,298

   

(1,148)

   

58,414

   

149,868

 

Unconsolidated resorts (3)

 

32,496

   

-

   

81

   

-

   

-

   

32,577

 

Management and other operations

 

(324)

   

-

   

-

   

-

   

1,625

   

1,301

     

417,270

   

139,335

   

9,302

   

1,236

   

186,781

   

753,924

 

Stock compensation

 

(11,123)

   

-

   

-

   

-

   

-

   

(11,123)

 

Corporate 

 

306,608

   

-

   

22,358

   

(432,282)

   

22,956

   

(80,360)

   

$

712,755

 

$

139,335

 

$

31,660

 

$

(431,046)

 

$

209,737

 

$

662,441

                                     
                                     
                                     

Three Months Ended September 30, 2015

                                     
   

Operating

income (loss)

 

NV Energy exit

expense

 

Preopening and

start-up

expenses

 

Property

transactions, net

 

Depreciation
and
amortization

 

Adjusted EBITDA

 

Bellagio

$

72,646

 

$

-

 

$

-

 

$

153

 

$

23,028

 

$

95,827

 

MGM Grand Las Vegas

 

43,889

   

-

   

-

   

17

   

18,276

   

62,182

 

Mandalay Bay

 

29,180

   

-

   

-

   

1,506

   

19,275

   

49,961

 

The Mirage 

 

16,390

   

-

   

-

   

2

   

10,790

   

27,182

 

Luxor

 

12,490

   

-

   

(1)

   

36

   

9,170

   

21,695

 

New York-New York 

 

19,023

   

-

   

1

   

878

   

4,929

   

24,831

 

Excalibur

 

17,606

   

-

   

-

   

46

   

3,621

   

21,273

 

Monte Carlo

 

11,345

   

-

   

1

   

1,070

   

8,956

   

21,372

 

Circus Circus Las Vegas

 

8,504

   

-

   

-

   

9

   

3,864

   

12,377

 

MGM Grand Detroit

 

27,254

   

-

   

-

   

-

   

6,118

   

33,372

 

Beau Rivage

 

20,161

   

-

   

-

   

7

   

6,511

   

26,679

 

Gold Strike Tunica

 

8,617

   

-

   

-

   

5

   

2,938

   

11,560

 

Other resort operations

 

2,963

   

-

   

-

   

-

   

15

   

2,978

 

  Domestic resorts

 

290,068

   

-

   

1

   

3,729

   

117,491

   

411,289

 

MGM China

 

62,833

   

-

   

3,491

   

139

   

61,762

   

128,225

 

Unconsolidated resorts (3)

 

56,380

   

-

   

970

   

-

   

-

   

57,350

 

Management and other operations

 

3,238

   

-

   

298

   

123

   

1,932

   

5,591

     

412,519

   

-

   

4,760

   

3,991

   

181,185

   

602,455

 

Stock compensation

 

(7,386)

   

-

   

-

   

-

   

-

   

(7,386)

 

Corporate 

 

(107,756)

   

-

   

11,750

   

3,132

   

23,557

   

(69,317)

   

$

297,377

 

$

-

 

$

16,510

 

$

7,123

 

$

204,742

 

$

525,752

                                     

(1) Represents operating results of Borgata for the period from August 1, 2016 (the first day of the Company's full ownership) through September 30, 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 September 30, 2015 and the one month ended July 31, 2016

 

 

 

 

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, 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

$

271,058

 

$

23,815

 

$

-

 

$

(89)

 

$

66,195

 

$

360,979

 

MGM Grand Las Vegas

 

180,806

   

25,365

   

-

   

1,123

   

53,849

   

261,143

 

Mandalay Bay

 

102,125

   

29,123

   

252

   

1,955

   

67,166

   

200,621

 

The Mirage 

 

68,564

   

13,813

   

-

   

(397)

   

30,264

   

112,244

 

Luxor

 

39,873

   

11,594

   

1,625

   

524

   

27,514

   

81,130

 

New York-New York 

 

68,476

   

7,439

   

477

   

179

   

15,084

   

91,655

 

Excalibur

 

51,076

   

9,083

   

-

   

3,587

   

12,161

   

75,907

 

Monte Carlo

 

30,208

   

8,409

   

508

   

206

   

22,553

   

61,884

 

Circus Circus Las Vegas

 

23,211

   

10,694

   

-

   

234

   

12,096

   

46,235

 

MGM Grand Detroit

 

110,029

   

-

   

-

   

-

   

17,827

   

127,856

 

Beau Rivage

 

56,472

   

-

   

-

   

(59)

   

19,714

   

76,127

 

Gold Strike Tunica

 

30,892

   

-

   

-

   

103

   

7,317

   

38,312

 

Borgata (1)

 

22,830

   

-

   

51

   

79

   

13,139

   

36,099

 

Other resort operations (2)

 

-

   

-

   

-

   

-

   

-

   

-

 

  Domestic resorts

 

1,055,620

   

139,335

   

2,913

   

7,445

   

364,879

   

1,570,192

 

MGM China

 

183,209

   

-

   

20,746

   

123

   

179,109

   

383,187

 

Unconsolidated resorts (3)

 

492,420

   

-

   

3,168

   

-

   

-

   

495,588

 

Management and other operations

 

3,261

   

-

   

1,150

   

-

   

5,377

   

9,788

     

1,734,510

   

139,335

   

27,977

   

7,568

   

549,365

   

2,458,755

 

Stock compensation

 

(31,432)

   

-

   

-

   

-

   

-

   

(31,432)

 

Corporate 

 

94,686

   

-

   

50,467

   

(432,629)

   

67,110

   

(220,366)

   

$

1,797,764

 

$

139,335

 

$

78,444

 

$

(425,061)

 

$

616,475

 

$

2,206,957

                                     
                                     
                                     

Nine Months Ended September 30, 2015

                                     
   

Operating

income (loss)

 

NV Energy exit

expense

 

Preopening and

start-up

expenses

 

Property

transactions, net

 

Depreciation
and
amortization

 

Adjusted EBITDA

 

Bellagio

$

220,097

 

$

-

 

$

-

 

$

337

 

$

68,363

 

$

288,797

 

MGM Grand Las Vegas

 

144,505

   

-

   

-

   

99

   

55,434

   

200,038

 

Mandalay Bay

 

104,064

   

-

   

-

   

2,662

   

58,019

   

164,745

 

The Mirage 

 

59,970

   

-

   

50

   

1,302

   

34,479

   

95,801

 

Luxor

 

33,993

   

-

   

(2)

   

88

   

28,243

   

62,322

 

New York-New York 

 

60,932

   

-

   

(74)

   

1,142

   

15,040

   

77,040

 

Excalibur

 

48,514

   

-

   

-

   

128

   

10,956

   

59,598

 

Monte Carlo

 

41,289

   

-

   

2

   

1,599

   

20,848

   

63,738

 

Circus Circus Las Vegas

 

19,582

   

-

   

281

   

9

   

11,696

   

31,568

 

MGM Grand Detroit

 

91,799

   

-

   

-

   

-

   

17,924

   

109,723

 

Beau Rivage

 

47,217

   

-

   

-

   

7

   

19,560

   

66,784

 

Gold Strike Tunica

 

25,280

   

-

   

-

   

14

   

8,850

   

34,144

 

Other resort operations

 

4,467

   

-

   

-

   

-

   

466

   

4,933

 

  Domestic resorts

 

901,709

   

-

   

257

   

7,387

   

349,878

   

1,259,231

 

MGM China

 

192,805

   

-

   

10,332

   

968

   

204,793

   

408,898

 

Unconsolidated resorts (3)

 

215,218

   

-

   

2,413

   

-

   

-

   

217,631

 

Management and other operations

 

22,104

   

-

   

842

   

1,079

   

5,778

   

29,803

     

1,331,836

   

-

   

13,844

   

9,434

   

560,449

   

1,915,563

 

Stock compensation

 

(22,280)

   

-

   

-

   

-

   

-

   

(22,280)

 

Corporate 

 

(268,554)

   

-

   

36,426

   

3,231

   

59,270

   

(169,627)

   

$

1,041,002

 

$

-

 

$

50,270

 

$

12,665

 

$

619,719

 

$

1,723,656

                                     
   

(1) Represents operating results of Borgata for the period from August 1, 2016 (the first day of the Company's full ownership) through September 30, 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 nine months ended September 30, 2015 and the seven months ended July 31, 2016

 

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL

(In thousands)

(Unaudited)

                                 
         

Three Months Ended

 

Nine Months Ended

 
         

September 30,

 

September 30,

 

September 30,

 

September 30,

 
         

2016

 

2015

 

2016

 

2015

 

Adjusted EBITDA

     

$

662,441

 

$

525,752

 

$

2,206,957

 

$

1,723,656

 

  NV Energy exit expense

   

(139,335)

   

-

   

(139,335)

   

-

 

  Preopening and start-up expenses

   

(31,660)

   

(16,510)

   

(78,444)

   

(50,270)

 

  Property transactions, net

   

1,268

   

(7,123)

   

(4,717)

   

(12,665)

 

  Gain on Borgata transaction

   

429,778

   

-

   

429,778

   

-

 

  Depreciation and amortization

   

(209,737)

   

(204,742)

   

(616,475)

   

(619,719)

 

Operating income

       

712,755

   

297,377

   

1,797,764

   

1,041,002

 
                                 

Non-operating income (expense):

                         

  Interest expense, net of amounts capitalized

 

(168,048)

   

(191,781)

   

(533,069)

   

(611,288)

 

  Other, net

       

(28,442)

   

(27,354)

   

(112,944)

   

(72,436)

 
           

(196,490)

   

(219,135)

   

(646,013)

   

(683,724)

 
                                 

Income before income taxes

   

516,265

   

78,242

   

1,151,751

   

357,278

 

  Benefit for income taxes

   

44,995

   

16,493

   

15,205

   

76,570

 

Net income

       

561,260

   

94,735

   

1,166,956

   

433,848

 

  Less: Net income attributable to noncontrolling interests

 

(25,641)

   

(28,310)

   

(90,185)

   

(100,114)

 

Net income attributable to MGM Resorts International

$

535,619

 

$

66,425

 

$

1,076,771

 

$

333,734

 
                                 
                                 

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

 

Nine Months Ended

 
         

September 30,

 

September 30,

 

September 30,

 

September 30,

 
         

2016

 

2015

 

2016

 

2015

 

Domestic resorts Adjusted Property EBITDA

 

$

570,178

 

$

411,289

 

$

1,570,192

 

$

1,259,231

 

  Adjusted Property EBITDA related to Borgata

 

(36,099)

   

-

   

(36,099)

   

-

 

  Adjusted Property EBITDA related to other resort operations

 

-

   

(2,978)

   

-

   

(4,933)

 

Domestic resorts same-store Adjusted Property EBITDA

$

534,079

 

$

408,311

 

$

1,534,093

 

$

1,254,298

 
                                 
                                 

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,

 
         

2016

 

2015

 

2016

 

2015

 
 

Bellagio

                             
 

   Occupancy %

   

96.7%

   

96.6%

   

94.4%

   

93.9%

 
 

   Average daily rate (ADR)

   

$267

   

$245

   

$274

   

$259

 
 

   Revenue per available room (REVPAR)

 

$258

   

$237

   

$259

   

$243

 
                                 
 

MGM Grand Las Vegas

                         
 

   Occupancy %

   

97.9%

   

98.0%

   

94.8%

   

95.8%

 
 

   ADR

       

$169

   

$154

   

$176

   

$164

 
 

   REVPAR

       

$166

   

$151

   

$167

   

$157

 
                                 
 

Mandalay Bay 

                         
 

   Occupancy %

   

95.6%

   

94.3%

   

93.4%

   

92.5%

 
 

   ADR

       

$207

   

$192

   

$213

   

$203

 
 

   REVPAR

       

$198

   

$181

   

$199

   

$188

 
                                 
 

The Mirage

                         
 

   Occupancy %

   

97.9%

   

97.0%

   

95.9%

   

94.5%

 
 

   ADR

       

$161

   

$155

   

$171

   

$165

 
 

   REVPAR

       

$157

   

$151

   

$164

   

$156

 
                                 
 

Luxor 

                             
 

   Occupancy %

   

98.5%

   

96.8%

   

96.8%

   

95.1%

 
 

   ADR

       

$112

   

$99

   

$111

   

$104

 
 

   REVPAR

       

$110

   

$96

   

$107

   

$99

 
                                 
 

New York-New York

                         
 

   Occupancy %

   

99.4%

   

98.7%

   

98.3%

   

98.6%

 
 

   ADR

       

$137

   

$122

   

$138

   

$128

 
 

   REVPAR

       

$136

   

$121

   

$136

   

$126

 
                                 
 

Excalibur 

                             
 

   Occupancy %

   

96.6%

   

95.5%

   

95.1%

   

94.3%

 
 

   ADR

       

$98

   

$88

   

$96

   

$87

 
 

   REVPAR

       

$95

   

$84

   

$91

   

$82

 
                                 
 

Monte Carlo 

                         
 

   Occupancy %

   

98.4%

   

98.2%

   

97.7%

   

97.3%

 
 

   ADR

       

$125

   

$113

   

$125

   

$118

 
 

   REVPAR

       

$123

   

$111

   

$122

   

$115

 
                                 
 

Circus Circus Las Vegas

                         
 

   Occupancy %

   

91.4%

   

88.0%

   

85.0%

   

85.0%

 
 

   ADR

       

$81

   

$71

   

$79

   

$69

 
 

   REVPAR

       

$74

   

$62

   

$67

   

$59

 

 

 

 

 

 

CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)

               
                                         
   

Three Months Ended

 

Nine Months Ended

         
   

September 30,

 

September 30,

 

September 30,

 

September 30,

               
   

2016

 

2015

 

2016

 

2015

               
                                         
 

Aria

$

261,052

 

$

235,929

 

$

756,577

 

$

727,012

               
 

Vdara

 

30,918

   

26,769

   

90,552

   

83,491

               
 

Mandarin Oriental

 

16,002

   

14,126

   

49,221

   

45,735

               
 

 Resort operations

 

307,972

   

276,824

   

896,350

   

856,238

               
 

Residential and other operations

 

495

   

1,598

   

2,644

   

29,989

               
   

$

308,467

 

$

278,422

 

$

898,994

 

$

886,227

               
                                         
                                         
                                         
 

CITYCENTER HOLDINGS, LLC
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,

               
   

2016

 

2015

 

2016

 

2015

               
                                         
 

Adjusted EBITDA

$

92,179

 

$

64,965

 

$

260,301

 

$

213,457

               
 

  NV Energy exit expense

 

(26,089)

   

-

   

(26,089)

   

-

               
 

  Property transactions, net

 

(73)

   

30

   

1,939

   

159,062

               
 

  Depreciation and amortization

 

(58,790)

   

(57,897)

   

(256,486)

   

(173,542)

               
 

Operating income (loss)

 

7,227

   

7,098

   

(20,335)

   

198,977

               
                                         
 

Non-operating income (expense):

                                     
 

  Interest expense, net of amounts capitalized

 

(14,518)

   

(18,262)

   

(46,522)

   

(54,612)

               
 

  Other, net

 

(64)

   

(103)

   

(3,217)

   

117

               
     

(14,582)

   

(18,365)

   

(49,739)

   

(54,495)

               
 

Net income (loss) from continuing operations

 

(7,355)

   

(11,267)

   

(70,074)

   

144,482

               
 

Discontinued operations

                                     
 

  Income (loss) from operations of discontinued

                                     
 

   component

 

(521)

   

5,349

   

399,514

   

17,355

               
 

Net income (loss)

$

(7,876)

 

$

(5,918)

 

$

329,440

 

$

161,837

               
                                         
                                         

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

 
                                         

Three Months Ended September 30, 2016

   
                                         
   

Operating income (loss)

 

NV Energy exit
expense

 

Preopening and
start-up
expenses

 

Property
transactions, net

 

Depreciation
and

amortization

 

Adjusted EBITDA

   
 

Aria

$

9,604

 

$

23,320

 

$

-

 

$

(3)

 

$

48,698

 

$

81,619

   
 

Vdara

 

1,189

   

1,676

   

-

   

76

   

6,957

   

9,898

   
 

Mandarin Oriental

 

(3,083)

   

1,093

   

-

   

-

   

3,135

   

1,145

   
 

 Resort operations

 

7,710

   

26,089

   

-

   

73

   

58,790

   

92,662

   
 

Residential, administration and other operations

 

(483)

   

-

   

-

   

-

   

-

   

(483)

   
   

$

7,227

 

$

26,089

 

$

-

 

$

73

 

$

58,790

 

$

92,179

   
                                         
                                         
                                         

Three Months Ended September 30, 2015

   
                                         
   

Operating income (loss)

 

NV Energy exit
expense

 

Preopening and
start-up expenses

 

Property transactions, net

 

Depreciation
and
amortization

 

Adjusted EBITDA

   
 

Aria

$

11,949

 

$

-

 

$

-

 

$

(30)

 

$

47,061

 

$

58,980

   
 

Vdara

 

(1,168)

   

-

   

-

   

-

   

7,753

   

6,585

   
 

Mandarin Oriental

 

(2,698)

   

-

   

-

   

-

   

3,075

   

377

   
 

 Resort operations

 

8,083

   

-

   

-

   

(30)

   

57,889

   

65,942

   
 

Residential, administration and other operations

 

(985)

   

-

   

-

   

-

   

8

   

(977)

   
   

$

7,098

 

$

-

 

$

-

 

$

(30)

 

$

57,897

 

$

64,965

   
 
 

CITYCENTER HOLDINGS, LLC

 

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

                                     

Nine Months Ended September 30, 2016

                                     
   

Operating
income (loss)

 

NV Energy exit
expense

 

Preopening and
start-up
expenses

 

Property
transactions,
net

 

Depreciation
and
amortization

 

Adjusted EBITDA

 

Aria

$

(17,955)

 

$

23,320

 

$

-

 

$

(475)

 

$

226,287

 

$

231,177

 

Vdara

 

4,649

   

1,676

   

-

   

(253)

   

20,865

   

26,937

 

Mandarin Oriental

 

(6,067)

   

1,093

   

-

   

-

   

9,334

   

4,360

 

 Resort operations

 

(19,373)

   

26,089

   

-

   

(728)

   

256,486

   

262,474

 

Residential, administration and other operations

 

(962)

   

-

   

-

   

(1,211)

   

-

   

(2,173)

   

$

(20,335)

 

$

26,089

 

$

-

 

$

(1,939)

 

$

256,486

 

$

260,301

                                     
                                     
                                     

Nine Months Ended September 30, 2015

                                     
   

Operating income (loss)

 

NV Energy exit
expense

 

Preopening and
start-up
expenses

 

Property
transactions,
net

 

Depreciation
and
amortization

 

Adjusted EBITDA

 

Aria

$

41,790

 

$

-

 

$

-

 

$

918

 

$

141,114

 

$

183,822

 

Vdara

 

(1,152)

   

-

   

-

   

-

   

23,415

   

22,263

 

Mandarin Oriental

 

(5,655)

   

-

   

-

   

-

   

9,169

   

3,514

 

 Resort operations

 

34,983

   

-

   

-

   

918

   

173,698

   

209,599

 

Residential, administration and other operations

 

163,994

   

-

   

-

   

(159,980)

   

(156)

   

3,858

   

$

198,977

 

$

-

 

$

-

 

$

(159,062)

 

$

173,542

 

$

213,457

                                     
                                     
               
               
   

CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - HOTEL STATISTICS
(Unaudited)

         
               
   

Three Months Ended

 

Nine Months Ended

           
   

September 30,

 

September 30,

 

September 30,

 

September 30,

           
   

2016

 

2015

 

2016

 

2015

           
 

Aria

                                 
 

   Occupancy %

 

95.5%

   

94.5%

   

93.2%

   

93.0%

           
 

   ADR

 

$231

   

$219

   

$243

   

$232

           
 

   REVPAR

 

$221

   

$207

   

$226

   

$216

           
                                     
 

Vdara

                                 
 

   Occupancy %

 

95.9%

   

92.8%

   

93.8%

   

93.3%

           
 

   ADR

 

$197

   

$176

   

$202

   

$185

           
 

   REVPAR

 

$189

   

$164

   

$190

   

$172

           
                                     

 

SOURCE MGM Resorts International

For further information: Investment Community, CATHERINE PARK, Executive Director of Investor Relations, (702) 693-8711, or News Media, CLARK DUMONT, Senior Vice President of Corporate Communications, (702) 692-6888, cdumont@mgmresorts.com

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