2017: Q2
MGM Resorts International Reports Second Quarter Financial And Operating Results

 

LAS VEGAS, July 27, 2017 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended June 30, 2017.

"MGM Resorts continues to drive profitability and operational efficiency, as the Company produced diluted earnings per share of $0.36 in the second quarter and our domestic resorts exhibited Adjusted Property EBITDA and margin growth on a same-store basis. CityCenter reported another quarter of exceptional results driven by Aria. Our results benefited from the addition of MGM National Harbor and Borgata, which continue to lead their respective markets. In Macau, we are excited to bring world-class entertainment and diversified attractions to the marketplace with the opening of MGM Cotai in the fourth quarter," said Jim Murren, Chairman & CEO of MGM Resorts. "We remain squarely on our path to generate the best possible cash flow performance and return value to our shareholders. This quarter's results clearly demonstrate that."

 Financial Highlights:

  • Diluted earnings per share for the second quarter of 2017 of $0.36, including a benefit of $0.04 related to a Borgata property tax settlement and a benefit of $0.05 from a modification of the 2016 NV Energy exit fee, compared to $0.83 in the prior year quarter, which included $0.57 related to a gain on CityCenter's sale of Crystals;
  • Net revenues increase of 22% over the prior year quarter at the Company's domestic resorts to $2.1 billion, due to the inclusion of MGM National Harbor and Borgata, and a decrease of 1% on a same-store basis primarily due to lower year over year table games hold;
  • REVPAR(1)  growth of 1.2% over the prior year quarter at the Company's Las Vegas Strip resorts;
  • Operating income of $520 million at the Company's domestic resorts, a 33% increase over the prior year quarter, including the impact of $41 million related to the NV Energy exit fee modification and $36 million related to the Borgata property tax settlement; 
  • Net income attributable to MGM Resorts of $211 million, compared to $474 million in the prior year quarter;
  • Adjusted Property EBITDA(2) growth of 28% over the prior year quarter to $658 million at the Company's domestic resorts, and an increase of 1% on a same-store basis;
  • Same-store operating margin of 25.1% in the current quarter at the Company's domestic resorts, an increase of 205 basis points compared to the prior year quarter;
  • Same-store Adjusted Property EBITDA margin of 30.8% at the Company's domestic resorts, an increase of 44 basis points compared to the prior year quarter;
  • MGM China operating income of $43 million compared to $51 million in the prior year quarter, and Adjusted EBITDA of $116 million, a 2% decrease compared to the prior year quarter; and
  • CityCenter operating income of $57 million and Adjusted EBITDA of $105 million, a 36% increase in Adjusted EBITDA compared to the prior year quarter.

Certain Items Affecting Second 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 June 30,

 

2017

   

2016

 

Borgata property tax settlement

 

$

0.04

   

$

 

NV Energy exit expense

   

0.05

     

 

Preopening and start-up expenses

   

(0.02)

     

(0.03)

 

Property transactions, net

   

(0.01)

     

 

Income from unconsolidated affiliates:

               

       Gain on the sale of Crystals

   

     

0.57

 

 

 

 

Domestic Resorts

Casino revenue for the second quarter of 2017 increased 41% compared to the prior year quarter, due primarily to the acquisition of Borgata Hotel Casino and Spa ("Borgata") in August 2016 and the MGM National Harbor opening in December 2016, partially offset by a decrease in table games revenue. Casino revenues decreased 5% on a same-store basis compared to the prior year quarter. Same-store table games revenue decreased 20% primarily due to lower year over year table games hold. Same-store slot revenues increased 3%.

The following table shows key gaming statistics for the Company's Las Vegas Strip resorts:

Three months ended June 30,

 

2017

   

2016

 
   

(Dollars in millions)

 

Table Games Drop

 

$

872

   

$

905

 

Table Games Win %

   

20.9

%

   

25.6

%

Slot Handle

 

$

3,053

   

$

2,953

 

Slot Hold %

   

8.7

%

   

8.8

%

Domestic resorts rooms revenue increased 9% compared to the prior year quarter. On a same-store basis, rooms revenue increased 1% compared to the prior year quarter. Las Vegas Strip REVPAR increased 1.2%.

Mr. Murren added, "The evolution of our continuous improvement strategies have yielded strong profit opportunities with an emphasis on margin growth and maximizing cash flow."

The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended June 30,

 

2017

   

2016

 

Occupancy %

   

94

%

   

95

%

Average Daily Rate (ADR)

 

$

161

   

$

157

 

Revenue per Available Room (REVPAR)

 

$

151

   

$

149

 

Operating income at the Company's domestic resorts was $520 million for the second quarter of 2017 compared to $390 million in the prior year quarter and benefited from $36 million related to Borgata's share of a property tax settlement from Atlantic City, as well as $41 million related to a modification of the 2016 NV Energy exit fee. Domestic resorts Adjusted Property EBITDA increased 28% to $658 million in the second quarter of 2017 and was positively impacted by $101 million of Adjusted Property EBITDA from Borgata, which includes the property tax settlement discussed above, and $37 million of Adjusted Property EBITDA from MGM National Harbor. Same-store Adjusted Property EBITDA increased 1% compared to the prior year quarter.

Mr. Murren concluded, "As we look to the third quarter, we face a challenging comparison at our Las Vegas Strip resorts due to favorable table games hold of 25% and RevPAR growth of 10.7% in the third quarter of 2016. We also continue to see higher than anticipated disruption at Monte Carlo as the property undergoes its transformation to Park MGM. Despite these considerations, given our strong event calendar, we anticipate third quarter revenues to increase slightly, with our Strip REVPAR expected to grow 2%-3%. We anticipate our Adjusted Property EBITDA margins to modestly increase."

 

 

 

MGM China

 

 

 

Key second quarter results for MGM China include:

  • Net revenues of $449 million, a 1% decrease compared to the prior year quarter;
  • Main floor table games revenue decreased 2% compared to the prior year quarter due to an 8% decrease in volume partially offset by an increase in hold percentage to 19.3% in the current year quarter, from 18.2% in the prior year quarter, and against 22.2% hold percentage in the first quarter of 2017;
  • VIP table games revenue increased 1% compared to the prior year quarter due to a 3% increase in turnover partially offset by a decrease in hold percentage to 2.9% in the current year quarter, from 3.1% in the prior year quarter, and against 3.4% hold percentage in the first quarter of 2017;
  • Operating income was $43 million compared to $51 million in the prior year quarter;
  • Adjusted EBITDA decreased 2% to $116 million, compared to $119 million in the prior year quarter, including $8 million of license fee expense in both the current and prior year quarters; and
  • Operating margin was 9.6% in the current year quarter, and Adjusted EBITDA margin was 25.9% compared to 26.4% in the prior year quarter.

MGM China paid the previously announced $78 million final 2016 dividend in June 2017, of which $44 million was received by MGM Resorts.

Unconsolidated Affiliates

 

 

 

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

Three months ended June 30,

 

2017

   

2016

 
   

(In thousands)

 

CityCenter

 

$

37,646

   

$

416,144

 

Borgata

   

     

27,376

 

Other

   

2,937

     

4,789

 
   

$

40,583

   

$

448,309

 

The Company's share of CityCenter Holdings, LLC ("CityCenter") operating results for the second quarter of 2017, including certain basis difference adjustments, was $38 million which included $4 million related to our share of CityCenter's portion of the NV Energy exit fee modification. In the prior year quarter, we recorded a $406 million gain related to the sale of The Shops at Crystals ("Crystals"), and CityCenter's results included $20 million of accelerated depreciation associated with the April 2016 closure of the Zarkana theatre.

Key second quarter results for CityCenter include the following (see schedules accompanying this release for further detail on CityCenter's second quarter results):

  • Net revenues from resort operations were $314 million, a 10% increase compared to the prior year quarter, due primarily to an increase in casino revenues;
  • Operating income from resort operations was $58 million and included $8 million related to the NV Energy exit fee modification discussed above, compared to operating income of $0.2 million in the prior year quarter, which included $20 million of accelerated depreciation related to the Zarkana theatre closure;
  • Adjusted EBITDA from resort operations was $106 million, a 36% increase compared to the prior year quarter;
  • Aria's table games volume increased 14% and table games hold percentage was 26.8%, compared to 19.5% in the prior year quarter;
  • REVPAR at Aria increased 3% compared to the prior year quarter to $236; and
  • Vdara reported REVPAR of $188 in the current year quarter, and Adjusted EBITDA increased 23% 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, 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 MGM Growth Properties LLC ("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 second quarter of 2017, the Company made rent payments to MGP in the amount of $165 million and received distributions of $72 million from MGM Growth Properties Operating Partnership LP (the "Operating Partnership"). On June 15, 2017, MGP's Board of Directors approved a quarterly dividend of $0.3950 per Class A share totaling $23 million and representing a 1.9% increase over the prior annual dividend rate, which was paid on July 14, 2017 to holders of record on June 30, 2017. The Company concurrently received a $73 million distribution attributable to its ownership of Operating Partnership units.

MGM Resorts Dividend

On July 26, 2017, the Company's Board of Directors approved a quarterly dividend of $0.11 per share totaling $63 million, which will be paid on September 15, 2017 to holders of record on September 11, 2017.

Financial Position

The Company's cash balance at June 30, 2017 was $1.8 billion, which included $403 million at MGM China and $377 million at MGP. At June 30, 2017, the Company had $13.3 billion of principal amount of indebtedness outstanding, including $244 million outstanding under its $1.5 billion senior secured credit facility, $2.1 billion outstanding under the $2.7 billion MGP Operating Partnership senior credit facility, $2.2 billion outstanding under the $3.0 billion MGM China credit facility, and $455 million outstanding under the $525 million MGM National Harbor credit facility.

"MGM Resorts continues to strengthen its financial and strategic position," said Dan D'Arrigo, Executive Vice President and Chief Financial Officer of MGM Resorts. "In July, we used excess cash on hand to redeem all of our outstanding $475 million 11.375% senior notes due 2018, which further enhances our capital structure and overall cost of debt. We believe our strong free cash flows will continue to allow us to concurrently return capital to our shareholders, strengthen our balance sheet and prudently grow our business through strategic investments."

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 5199705. A replay of the call will be available through Thursday, August 3, 2017. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10110178. 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, 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 compensation 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.

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

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is a global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 27 unique hotel offerings including some of the most recognizable resort brands in the industry. The company is expanding throughout the U.S. and around the world, developing MGM Springfield in Massachusetts and MGM COTAI in Macau, and debuting the first international Bellagio branded hotel in Shanghai. The 77,000 global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information visit us at www.mgmresorts.com.

Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company's expectations regarding future results and the Company's financial outlook (including REVPAR and other guidance), the payment of any future cash dividends on the Company's common stock, the Company's ability to generate future cash flow growth and to execute on future development and other projects (including the opening of MGM Cotai expected to take place in the fourth quarter of 2017) 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

 

Six Months Ended

   

June 30,

 

June 30,

 

June 30,

 

June 30,

   

2017

 

2016

 

2017

 

2016

Revenues:

                     
 

Casino

$

1,405,063

 

$

1,127,404

 

$

2,910,452

 

$

2,261,760

 

Rooms

 

542,470

   

498,904

   

1,104,737

   

988,390

 

Food and beverage

 

466,546

   

412,766

   

911,015

   

789,871

 

Entertainment

 

138,361

   

121,853

   

268,708

   

240,179

 

Retail

 

56,830

   

52,432

   

104,806

   

97,905

 

Other

 

161,367

   

134,120

   

301,942

   

251,645

 

Reimbursed costs

 

99,293

   

100,795

   

199,508

   

201,844

     

2,869,930

   

2,448,274

   

5,801,168

   

4,831,594

 

Less: Promotional allowances

 

(228,193)

   

(178,772)

   

(451,252)

   

(352,406)

     

2,641,737

   

2,269,502

   

5,349,916

   

4,479,188

Expenses:

                     
 

Casino

 

763,259

   

620,305

   

1,567,854

   

1,260,874

 

Rooms

 

152,735

   

142,252

   

307,571

   

286,994

 

Food and beverage

 

261,495

   

239,452

   

511,340

   

460,748

 

Entertainment

 

108,618

   

98,827

   

208,557

   

191,115

 

Retail

 

27,278

   

24,085

   

50,386

   

46,086

 

Other

 

96,265

   

87,253

   

185,889

   

167,021

 

Reimbursed costs

 

99,292

   

100,795

   

199,507

   

201,844

 

General and administrative

 

354,463

   

321,407

   

743,298

   

629,950

 

Corporate expense

 

79,408

   

81,803

   

152,581

   

153,051

 

NV Energy exit expense

 

(40,629)

   

-

   

(40,629)

   

-

 

Preopening and start-up expenses 

 

21,093

   

24,824

   

36,159

   

46,784

 

Property transactions, net

 

13,243

   

854

   

14,939

   

5,985

 

Depreciation and amortization

 

244,754

   

206,899

   

494,523

   

406,738

     

2,181,274

   

1,948,756

   

4,431,975

   

3,857,190

                         

Income from unconsolidated affiliates

 

40,583

   

448,309

   

80,286

   

463,011

                         

Operating income

 

501,046

   

769,055

   

998,227

   

1,085,009

                         

Non-operating income (expense):

                     
 

Interest expense, net of amounts capitalized

 

(174,058)

   

(180,352)

   

(348,117)

   

(365,021)

 

Non-operating items from unconsolidated affiliates

 

(10,556)

   

(15,885)

   

(17,477)

   

(34,097)

 

Other, net

 

(751)

   

(49,840)

   

(1,568)

   

(50,405)

     

(185,365)

   

(246,077)

   

(367,162)

   

(449,523)

                         

Income before income taxes

 

315,681

   

522,978

   

631,065

   

635,486

 

Provision for income taxes

 

(74,061)

   

(8,480)

   

(136,436)

   

(29,790)

                         

Net income

 

241,620

   

514,498

   

494,629

   

605,696

 

Less: Net income attributable to noncontrolling interests

 

(31,009)

   

(40,145)

   

(77,171)

   

(64,544)

Net income attributable to MGM Resorts International

$

210,611

 

$

474,353

 

$

417,458

 

$

541,152

                         

Per share of common stock:

                     
 

Basic:

                     
 

Net income attributable to MGM Resorts International

$

0.37

 

$

0.84

 

$

0.73

 

$

0.96

                         
 

Weighted average shares outstanding

 

574,931

   

565,459

   

574,668

   

565,257

                         
 

Diluted:

                     
 

Net income attributable to MGM Resorts International

$

0.36

 

$

0.83

 

$

0.72

 

$

0.95

                         
 

Weighted average shares outstanding

 

582,056

   

570,762

   

581,112

   

570,108

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 
 
     

June 30,

 

December 31,

     

2017

 

2016

 

      ASSETS

Current assets:

         
 

Cash and cash equivalents

$

1,757,062

 

$

1,446,581

 

Accounts receivable, net

 

469,126

   

542,924

 

Inventories

 

103,119

   

97,733

 

Income tax receivable

 

7,362

   

-

 

Prepaid expenses and other

 

148,462

   

142,349

   

Total current assets

 

2,485,131

   

2,229,587

               

Property and equipment, net

 

18,896,912

   

18,425,023

               

Other assets:

         
 

Investments in and advances to unconsolidated affiliates

 

980,885

   

1,220,443

 

Goodwill 

   

1,807,772

   

1,817,119

 

Other intangible assets, net

 

3,972,046

   

4,087,706

 

Other long-term assets, net

 

400,185

   

393,423

   

Total other assets

 

7,160,888

   

7,518,691

     

$

28,542,931

 

$

28,173,301

               
               

LIABILITIES AND STOCKHOLDERS' EQUITY

               

Current liabilities:

         
 

Accounts payable

$

206,144

 

$

250,477

 

Construction payable

 

254,324

   

270,361

 

Income tax payable

 

-

   

10,654

 

Current portion of long-term debt

 

472,590

   

8,375

 

Accrued interest on long-term debt

 

147,438

   

159,028

 

Other accrued liabilities

 

1,599,072

   

1,594,526

   

Total current liabilities

 

2,679,568

   

2,293,421

               

Deferred income taxes, net 

 

2,560,127

   

2,551,228

Long-term debt, net

 

12,725,268

   

12,979,220

Other long-term obligations

 

289,630

   

325,981

Redeemable noncontrolling interest

 

57,341

   

54,139

Stockholders' equity:

         
 

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

         
 

   issued and outstanding 575,008,760 and 574,123,706 shares 

 

5,750

   

5,741

 

Capital in excess of par value

 

5,677,966

   

5,653,575

 

Retained earnings

 

836,840

   

545,811

 

Accumulated other comprehensive income (loss)

 

(9,148)

   

15,053

   

Total MGM Resorts International stockholders' equity

 

6,511,408

   

6,220,180

 

Noncontrolling interests

 

3,719,589

   

3,749,132

   

Total stockholders' equity

 

10,230,997

   

9,969,312

     

$

28,542,931

 

$

28,173,301

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

 
   

Three Months Ended

 

Six Months Ended

   

June 30,

 

June 30,

 

June 30,

 

June 30,

   

2017

 

2016

 

2017

 

2016

 

Bellagio

$

312,722

 

$

332,812

 

$

653,976

 

$

662,551

 

MGM Grand Las Vegas

 

298,289

   

300,232

   

565,815

   

568,686

 

Mandalay Bay

 

245,295

   

237,980

   

498,328

   

468,161

 

The Mirage 

 

147,620

   

153,041

   

319,951

   

297,636

 

Luxor

 

101,573

   

95,144

   

203,200

   

188,016

 

New York-New York 

 

88,729

   

83,056

   

178,668

   

164,427

 

Excalibur

 

82,793

   

78,453

   

161,773

   

152,741

 

Monte Carlo

 

65,318

   

71,208

   

137,851

   

140,928

 

Circus Circus Las Vegas

 

62,102

   

61,235

   

120,823

   

118,192

 

MGM Grand Detroit

 

142,675

   

140,462

   

286,907

   

281,327

 

Beau Rivage

 

94,393

   

99,388

   

183,570

   

188,825

 

Gold Strike Tunica

 

42,189

   

41,480

   

85,011

   

82,224

 

Borgata

 

209,427

   

-

   

410,508

   

-

 

National Harbor

 

177,788

   

-

   

350,947

   

-

 

  Domestic resorts

 

2,070,913

   

1,694,491

   

4,157,328

   

3,313,714

 

MGM China

 

448,743

   

451,951

   

951,117

   

920,980

 

Management and other operations

 

122,081

   

123,060

   

241,471

   

244,494

   

$

2,641,737

 

$

2,269,502

 

$

5,349,916

 

$

4,479,188

                         
                         
                         

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)

                         
   

Three Months Ended

 

Six Months Ended

   

June 30,

 

June 30,

 

June 30,

 

June 30,

   

2017

 

2016

 

2017

 

2016

 

Bellagio

$

110,953

 

$

117,538

 

$

240,060

 

$

234,189

 

MGM Grand Las Vegas

 

94,074

   

97,489

   

167,724

   

178,383

 

Mandalay Bay

 

68,272

   

63,203

   

146,389

   

121,325

 

The Mirage 

 

38,374

   

35,848

   

100,469

   

74,178

 

Luxor

 

32,911

   

26,054

   

65,715

   

51,445

 

New York-New York 

 

33,224

   

30,478

   

67,136

   

61,381

 

Excalibur

 

28,653

   

24,954

   

57,451

   

48,831

 

Monte Carlo

 

16,784

   

21,820

   

39,238

   

43,120

 

Circus Circus Las Vegas

 

16,239

   

13,172

   

32,197

   

26,465

 

MGM Grand Detroit

 

45,413

   

43,790

   

90,017

   

83,832

 

Beau Rivage

 

21,105

   

28,036

   

41,592

   

50,835

 

Gold Strike Tunica

 

13,261

   

12,701

   

27,987

   

26,030

 

Borgata

 

101,419

   

-

   

160,342

   

-

 

National Harbor

 

36,980

   

-

   

69,120

   

-

 

  Domestic resorts

 

657,662

   

515,083

   

1,305,437

   

1,000,014

 

MGM China

 

116,320

   

119,196

   

259,302

   

233,319

 

Unconsolidated resorts (1)

 

40,583

   

448,309

   

80,286

   

463,011

 

Management and other operations

 

9,097

   

4,372

   

20,013

   

8,487

   

$

823,662

 

$

1,086,960

 

$

1,665,038

 

$

1,704,831

                         
   
 

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

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

 

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

 

(In thousands)

 

(Unaudited)

 
   

Three Months Ended June 30, 2017

 
   
   

Operating
income (loss)

 

NV Energy exit
expense

 

Preopening and
start-up
expenses

 

Property
transactions,
net

 

Depreciation
and
amortization

 

Adjusted
EBITDA

 
 

Bellagio

$

95,886

 

$

(6,970)

 

$

-

 

$

38

 

$

21,999

 

$

110,953

 
 

MGM Grand Las Vegas

 

82,456

   

(7,424)

   

-

   

611

   

18,431

   

94,074

 
 

Mandalay Bay

 

52,255

   

(8,524)

   

-

   

(10)

   

24,551

   

68,272

 
 

The Mirage 

 

32,495

   

(4,043)

   

-

   

117

   

9,805

   

38,374

 
 

Luxor

 

25,819

   

(3,394)

   

-

   

1,165

   

9,321

   

32,911

 
 

New York-New York 

 

28,845

   

(2,025)

   

-

   

54

   

6,350

   

33,224

 
 

Excalibur

 

26,521

   

(2,658)

   

-

   

203

   

4,587

   

28,653

 
 

Monte Carlo

 

(2,082)

   

(2,461)

   

439

   

9,959

   

10,929

   

16,784

 
 

Circus Circus Las Vegas

 

14,264

   

(3,130)

   

450

   

496

   

4,159

   

16,239

 
 

MGM Grand Detroit

 

39,719

   

-

   

-

   

-

   

5,694

   

45,413

 
 

Beau Rivage

 

15,148

   

-

   

-

   

5

   

5,952

   

21,105

 
 

Gold Strike Tunica

 

10,983

   

-

   

-

   

6

   

2,272

   

13,261

 
 

Borgata

 

80,093

   

-

   

1,242

   

416

   

19,668

   

101,419

 
 

National Harbor

 

17,991

   

-

   

153

   

-

   

18,836

   

36,980

 
 

  Domestic resorts

 

520,393

   

(40,629)

   

2,284

   

13,060

   

162,554

   

657,662

 
 

MGM China

 

43,039

   

-

   

13,334

   

183

   

59,764

   

116,320

 
 

Unconsolidated resorts (1)

 

40,583

   

-

   

-

   

-

   

-

   

40,583

 
 

Management and other operations

 

7,307

   

-

   

-

   

-

   

1,790

   

9,097

 
     

611,322

   

(40,629)

   

15,618

   

13,243

   

224,108

   

823,662

 
 

Stock compensation

 

(12,046)

   

-

   

-

   

-

   

-

   

(12,046)

 
 

Corporate 

 

(98,230)

   

-

   

5,475

   

-

   

20,646

   

(72,109)

 
   

$

501,046

 

$

(40,629)

 

$

21,093

 

$

13,243

 

$

244,754

 

$

739,507

 
                                       

Three Months Ended June 30, 2016

 
                                     
   

Operating
income (loss)

 

NV Energy exit
expense

 

Preopening and
start-up
expenses

 

Property
transactions,
net

 

Depreciation
and
amortization

 

Adjusted
EBITDA

 
 

Bellagio

$

95,085

 

$

-

 

$

-

 

$

60

 

$

22,393

 

$

117,538

 
 

MGM Grand Las Vegas

 

79,293

   

-

   

-

   

(263)

   

18,459

   

97,489

 
 

Mandalay Bay

 

40,629

   

-

   

15

   

284

   

22,275

   

63,203

 
 

The Mirage 

 

26,132

   

-

   

-

   

(413)

   

10,129

   

35,848

 
 

Luxor

 

15,161

   

-

   

1,444

   

86

   

9,363

   

26,054

 
 

New York-New York 

 

25,006

   

-

   

372

   

97

   

5,003

   

30,478

 
 

Excalibur

 

20,741

   

-

   

-

   

203

   

4,010

   

24,954

 
 

Monte Carlo

 

9,494

   

-

   

145

   

61

   

12,120

   

21,820

 
 

Circus Circus Las Vegas

 

9,199

   

-

   

-

   

(4)

   

3,977

   

13,172

 
 

MGM Grand Detroit

 

37,815

   

-

   

-

   

-

   

5,975

   

43,790

 
 

Beau Rivage

 

21,460

   

-

   

-

   

(72)

   

6,648

   

28,036

 
 

Gold Strike Tunica

 

10,273

   

-

   

-

   

(4)

   

2,432

   

12,701

 
 

  Domestic resorts

 

390,288

   

-

   

1,976

   

35

   

122,784

   

515,083

 
 

MGM China

 

51,453

   

-

   

6,540

   

1,281

   

59,922

   

119,196

 
 

Unconsolidated resorts (1)

 

447,504

   

-

   

805

   

-

   

-

   

448,309

 
 

Management and other operations

 

2,521

   

-

   

-

   

-

   

1,851

   

4,372

 
     

891,766

   

-

   

9,321

   

1,316

   

184,557

   

1,086,960

 
 

Stock compensation

 

(10,440)

   

-

   

-

   

-

   

-

   

(10,440)

 
 

Corporate 

 

(112,271)

   

-

   

15,503

   

(462)

   

22,342

   

(74,888)

 
   

$

769,055

 

$

-

 

$

24,824

 

$

854

 

$

206,899

 

$

1,001,632

 
                                       
   
 

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

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)

 

Six Months Ended June 30, 2017

 
   

Operating
income (loss)

 

NV Energy exit
expense

 

Preopening and
start-up
expenses

 

Property
transactions,
net

 

Depreciation
and
amortization

 

Adjusted
EBITDA

 

Bellagio

$

202,762

 

$

(6,970)

 

$

-

 

$

123

 

$

44,145

 

$

240,060

 

MGM Grand Las Vegas

 

138,278

   

(7,424)

   

7

   

844

   

36,019

   

167,724

 

Mandalay Bay

 

105,745

   

(8,524)

   

-

   

(10)

   

49,178

   

146,389

 

The Mirage 

 

85,255

   

(4,043)

   

-

   

117

   

19,140

   

100,469

 

Luxor

 

48,902

   

(3,394)

   

-

   

1,164

   

19,043

   

65,715

 

New York-New York 

 

53,445

   

(2,025)

   

(8)

   

183

   

15,541

   

67,136

 

Excalibur

 

51,062

   

(2,658)

   

-

   

258

   

8,789

   

57,451

 

Monte Carlo

 

6,735

   

(2,461)

   

1,049

   

9,990

   

23,925

   

39,238

 

Circus Circus Las Vegas

 

25,982

   

(3,130)

   

450

   

735

   

8,160

   

32,197

 

MGM Grand Detroit

 

78,544

   

-

   

-

   

-

   

11,473

   

90,017

 

Beau Rivage

 

29,598

   

-

   

-

   

5

   

11,989

   

41,592

 

Gold Strike Tunica

 

23,396

   

-

   

-

   

(22)

   

4,613

   

27,987

 

Borgata

 

118,977

   

-

   

1,277

   

1,220

   

38,868

   

160,342

 

National Harbor

 

28,599

   

-

   

227

   

-

   

40,294

   

69,120

 

  Domestic resorts

 

997,280

   

(40,629)

   

3,002

   

14,607

   

331,177

   

1,305,437

 

MGM China

 

116,229

   

-

   

23,158

   

332

   

119,583

   

259,302

 

Unconsolidated resorts (1)

 

80,286

   

-

   

-

   

-

   

-

   

80,286

 

Management and other operations

 

16,421

   

-

   

-

   

-

   

3,592

   

20,013

     

1,210,216

   

(40,629)

   

26,160

   

14,939

   

454,352

   

1,665,038

 

Stock compensation

 

(25,409)

   

-

   

-

   

-

   

-

   

(25,409)

 

Corporate 

 

(186,580)

   

-

   

9,999

   

-

   

40,171

   

(136,410)

   

$

998,227

 

$

(40,629)

 

$

36,159

 

$

14,939

 

$

494,523

 

$

1,503,219

                                     

Six Months Ended June 30, 2016

                                     
   

Operating
income (loss)

 

NV Energy exit
expense

 

Preopening and
start-up
expenses

 

Property
transactions,
net

 

Depreciation
and
amortization

 

Adjusted
EBITDA

 

Bellagio

$

189,253

 

$

-

 

$

-

 

$

61

 

$

44,875

 

$

234,189

 

MGM Grand Las Vegas

 

141,555

   

-

   

-

   

500

   

36,328

   

178,383

 

Mandalay Bay

 

75,484

   

-

   

29

   

1,158

   

44,654

   

121,325

 

The Mirage 

 

54,126

   

-

   

-

   

(413)

   

20,465

   

74,178

 

Luxor

 

31,046

   

-

   

1,444

   

373

   

18,582

   

51,445

 

New York-New York 

 

50,493

   

-

   

372

   

100

   

10,416

   

61,381

 

Excalibur

 

37,710

   

-

   

-

   

2,969

   

8,152

   

48,831

 

Monte Carlo

 

26,271

   

-

   

145

   

152

   

16,552

   

43,120

 

Circus Circus Las Vegas

 

18,288

   

-

   

-

   

130

   

8,047

   

26,465

 

MGM Grand Detroit

 

71,846

   

-

   

-

   

-

   

11,986

   

83,832

 

Beau Rivage

 

37,650

   

-

   

-

   

(62)

   

13,247

   

50,835

 

Gold Strike Tunica

 

21,104

   

-

   

-

   

93

   

4,833

   

26,030

 

  Domestic resorts

 

754,826

   

-

   

1,990

   

5,061

   

238,137

   

1,000,014

 

MGM China

 

98,905

   

-

   

12,448

   

1,271

   

120,695

   

233,319

 

Unconsolidated resorts (1)

 

459,924

   

-

   

3,087

   

-

   

-

   

463,011

 

Management and other operations

 

3,585

   

-

   

1,150

   

-

   

3,752

   

8,487

     

1,317,240

   

-

   

18,675

   

6,332

   

362,584

   

1,704,831

 

Stock compensation

 

(20,309)

   

-

   

-

   

-

   

-

   

(20,309)

 

Corporate 

 

(211,922)

   

-

   

28,109

   

(347)

   

44,154

   

(140,006)

   

$

1,085,009

 

$

-

 

$

46,784

 

$

5,985

 

$

406,738

 

$

1,544,516

                                     
   
 

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

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)

 
   

Three Months Ended

 

Six Months Ended

   

June 30,

 

June 30,

 

June 30,

 

June 30,

   

2017

 

2016

 

2017

 

2016

Net income attributable to MGM Resorts International

$

210,611

 

$

474,353

 

$

417,458

 

$

541,152

  Plus: Net income attributable to noncontrolling interests

 

31,009

   

40,145

   

77,171

   

64,544

Net income

 

241,620

   

514,498

   

494,629

   

605,696

  Provision for income taxes

 

74,061

   

8,480

   

136,436

   

29,790

Income before income taxes

 

315,681

   

522,978

   

631,065

   

635,486

                         

Non-operating (income) expense:

                     

  Interest expense, net of amounts capitalized

 

174,058

   

180,352

   

348,117

   

365,021

  Other, net

 

11,307

   

65,725

   

19,045

   

84,502

     

185,365

   

246,077

   

367,162

   

449,523

                         

Operating income

 

501,046

   

769,055

   

998,227

   

1,085,009

  NV Energy exit expense

 

(40,629)

   

-

   

(40,629)

   

-

  Preopening and start-up expenses

 

21,093

   

24,824

   

36,159

   

46,784

  Property transactions, net

 

13,243

   

854

   

14,939

   

5,985

  Depreciation and amortization

 

244,754

   

206,899

   

494,523

   

406,738

Adjusted EBITDA

$

739,507

 

$

1,001,632

 

$

1,503,219

 

$

1,544,516

                         
                         

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

 

Six Months Ended

   

June 30,

 

June 30,

 

June 30,

 

June 30,

   

2017

 

2016

 

2017

 

2016

Domestic resorts Adjusted Property EBITDA

$

657,662

 

$

515,083

 

$

1,305,437

 

$

1,000,014

  Adjusted Property EBITDA related to Borgata

 

(101,419)

   

-

   

(160,342)

   

-

  Adjusted Property EBITDA related to National Harbor 

 

(36,980)

   

-

   

(69,120)

   

-

Domestic resorts same-store Adjusted Property EBITDA

$

519,263

 

$

515,083

 

$

1,075,975

 

$

1,000,014

                         
                         

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)

                         
   

Three Months Ended

 

Six Months Ended

   

June 30,

 

June 30,

 

June 30,

 

June 30,

   

2017

 

2016

 

2017

 

2016

 

Bellagio

                     
 

   Occupancy %

 

94.3%

   

94.8%

   

93.7%

   

93.2%

 

   Average daily rate (ADR)

 

$281

   

$275

   

$287

   

$278

 

   Revenue per available room (REVPAR)

 

$265

   

$261

   

$269

   

$259

                         
 

MGM Grand Las Vegas

                     
 

   Occupancy %

 

93.9%

   

94.8%

   

92.6%

   

92.8%

 

   ADR

 

$188

   

$184

   

$195

   

$185

 

   REVPAR

 

$177

   

$175

   

$180

   

$172

                         
 

Mandalay Bay 

                     
 

   Occupancy %

 

93.9%

   

94.1%

   

92.5%

   

92.3%

 

   ADR

 

$212

   

$209

   

$225

   

$216

 

   REVPAR

 

$199

   

$197

   

$208

   

$199

                         
 

The Mirage

                     
 

   Occupancy %

 

96.7%

   

96.9%

   

94.3%

   

94.9%

 

   ADR

 

$173

   

$171

   

$183

   

$176

 

   REVPAR

 

$168

   

$166

   

$173

   

$167

                         
 

Luxor 

                     
 

   Occupancy %

 

96.1%

   

97.6%

   

94.7%

   

95.9%

 

   ADR

 

$114

   

$110

   

$120

   

$110

 

   REVPAR

 

$110

   

$107

   

$114

   

$106

                         
 

New York-New York

                     
 

   Occupancy %

 

97.1%

   

98.7%

   

96.2%

   

97.8%

 

   ADR

 

$143

   

$134

   

$149

   

$139

 

   REVPAR

 

$138

   

$132

   

$143

   

$136

                         
 

Excalibur 

                     
 

   Occupancy %

 

95.5%

   

96.9%

   

93.0%

   

94.3%

 

   ADR

 

$97

   

$94

   

$103

   

$95

 

   REVPAR

 

$93

   

$91

   

$96

   

$90

                         
 

Monte Carlo 

                     
 

   Occupancy %

 

94.4%

   

98.7%

   

95.0%

   

97.3%

 

   ADR

 

$119

   

$122

   

$126

   

$124

 

   REVPAR

 

$112

   

$120

   

$120

   

$121

                         
 

Circus Circus Las Vegas

                     
 

   Occupancy %

 

85.7%

   

84.8%

   

83.1%

   

81.8%

 

   ADR

 

$79

   

$76

   

$85

   

$77

 

   REVPAR

 

$68

   

$64

   

$70

   

$63

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

 
   

Three Months Ended

 

Six Months Ended

     
   

June 30,

 

June 30,

 

June 30,

 

June 30,

     
   

2017

 

2016

 

2017

 

2016

     
                               
 

Aria

$

267,074

 

$

240,800

 

$

541,957

 

$

495,525

     
 

Vdara

 

30,955

   

29,846

   

63,211

   

59,634

     
 

Mandarin Oriental

 

16,135

   

16,191

   

34,588

   

33,219

     
 

 Resort operations

 

314,164

   

286,837

   

639,756

   

588,378

     
 

Other

 

-

   

2,149

   

-

   

2,149

     
   

$

314,164

 

$

288,986

 

$

639,756

 

$

590,527

     
                               
                               
                               

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

                               
   

Three Months Ended

 

Six Months Ended

     
   

June 30,

 

June 30,

 

June 30,

 

June 30,

     
   

2017

 

2016

 

2017

 

2016

     

Net income

$

37,845

 

$

397,042

 

$

82,282

 

$

337,316

     

  Less: Income from discontinued operations

 

-

   

(411,592)

   

-

   

(400,035)

     

Income (loss) from continuing operations

 

37,845

   

(14,550)

   

82,282

   

(62,719)

     
                               

Non-operating (income) expense:

                           

  Interest expense, net of amounts capitalized

 

15,066

   

14,560

   

27,826

   

32,004

     

  Other, net

 

4,323

   

(429)

   

3,705

   

3,153

     
     

19,389

   

14,131

   

31,531

   

35,157

     
                               

Operating income (loss)

 

57,234

   

(419)

   

113,813

   

(27,562)

     

  NV Energy exit expense 

 

(8,250)

   

-

   

(8,250)

   

-

     

  Property transactions, net

 

636

   

(574)

   

226

   

(2,012)

     

  Depreciation and amortization

 

54,882

   

78,100

   

110,017

   

197,696

     

Adjusted EBITDA

$

104,502

 

$

77,107

 

$

215,806

 

$

168,122

     
                               

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

                               

Three Months Ended June 30, 2017

                               
   

Operating income
(loss)

 

NV Energy exit
expense

 

Property
transactions, net

 

Depreciation
and amortization

 

Adjusted EBITDA

 

Aria

$

56,903

 

$

(8,250)

 

$

636

 

$

44,921

 

$

94,210

 

Vdara

 

3,218

   

-

   

-

   

6,845

   

10,063

 

Mandarin Oriental

 

(1,713)

   

-

   

-

   

3,116

   

1,403

 

 Resort operations

 

58,408

   

(8,250)

   

636

   

54,882

   

105,676

 

Other

 

(1,174)

   

-

   

-

   

-

   

(1,174)

   

$

57,234

 

$

(8,250)

 

$

636

 

$

54,882

 

$

104,502

                               
                               
                               

Three Months Ended June 30, 2016

                               
   

Operating income
(loss)

 

NV Energy exit
expense

 

Property
transactions, net

 

Depreciation
and amortization

 

Adjusted EBITDA

 

Aria

$

769

 

$

-

 

$

(581)

 

$

68,028

 

$

68,216

 

Vdara

 

1,197

   

-

   

7

   

6,972

   

8,176

 

Mandarin Oriental

 

(1,748)

   

-

   

-

   

3,100

   

1,352

 

 Resort operations

 

218

   

-

   

(574)

   

78,100

   

77,744

 

Other

 

(637)

   

-

   

-

   

-

   

(637)

   

$

(419)

 

$

-

 

$

(574)

 

$

78,100

 

$

77,107

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

 

Six Months Ended June 30, 2017

                               
   

Operating
income (loss)

 

NV Energy exit
expense

 

Property
transactions, net

 

Depreciation and
amortization

 

Adjusted EBITDA

 

Aria

$

111,017

 

$

(8,250)

 

$

225

 

$

90,040

 

$

193,032

 

Vdara

 

7,112

   

-

   

1

   

13,773

   

20,886

 

Mandarin Oriental

 

(2,105)

   

-

   

-

   

6,204

   

4,099

 

 Resort operations

 

116,024

   

(8,250)

   

226

   

110,017

   

218,017

 

Other

 

(2,211)

   

-

   

-

   

-

   

(2,211)

   

$

113,813

 

$

(8,250)

 

$

226

 

$

110,017

 

$

215,806

                               
                               
                               

Six Months Ended June 30, 2016

                               
   

Operating
income (loss)

 

NV Energy exit
expense

 

Property
transactions, net

 

Depreciation and
amortization

 

Adjusted EBITDA

 

Aria

$

(27,559)

 

$

-

 

$

(472)

 

$

177,589

 

$

149,558

 

Vdara

 

3,460

   

-

   

(329)

   

13,908

   

17,039

 

Mandarin Oriental

 

(2,984)

   

-

   

-

   

6,199

   

3,215

 

 Resort operations

 

(27,083)

   

-

   

(801)

   

197,696

   

169,812

 

Other

 

(479)

   

-

   

(1,211)

   

-

   

(1,690)

   

$

(27,562)

 

$

-

 

$

(2,012)

 

$

197,696

 

$

168,122

                               
                               
                               

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)

                               
   

Three Months Ended

 

Six Months Ended

     
   

June 30,

 

June 30,

 

June 30,

 

June 30,

     
   

2017

 

2016

 

2017

 

2016

     
 

Aria

                           
 

   Occupancy %

 

94.3%

   

93.8%

   

92.9%

   

92.1%

     
 

   ADR

 

$250

   

$243

   

$262

   

$249

     
 

   REVPAR

 

$236

   

$228

   

$243

   

$229

     
                               
 

Vdara

                           
 

   Occupancy %

 

90.6%

   

93.0%

   

90.3%

   

91.3%

     
 

   ADR

 

$207

   

$201

   

$216

   

$205

     
 

   REVPAR

 

$188

   

$187

   

$195

   

$187

     

 

SOURCE MGM Resorts International

For further information: Investment Community, CATHERINE PARK, Executive Director of Investor Relations, (702) 693-8711 or cpark@mgmresorts.com; News Media, MARY HYNES, Director of Corporate Communications, (702) 692-6801 or mhynes@mgmresorts.com

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