2015: Q3
MGM Resorts International Reports Third Quarter Financial Results
Wholly Owned Domestic Resorts Adjusted Property EBITDA Increased 25%
Las Vegas Strip REVPAR Increased 8%

LAS VEGASOct. 29, 2015 /PRNewswire/ --MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended September 30, 2015.

"Our strong third quarter results exemplify the power of our portfolio of assets and brands as we continue to drive growth in our Las Vegas and regional resorts. Our Profit Growth Plan is beginning to see initial success with the initiatives launched to date, and we expect these efforts to further enhance our already improving profits and margins, as we roll out many more opportunities in the coming months," said Jim Murren, Chairman & CEO of MGM Resorts International. "We are continuing to make positive strides with respect to our development pipeline and look forward to an exciting 2016 as we anticipate welcoming the new Las Vegas Arena and The Park next spring and both MGM National Harbor and MGM Cotai in late 2016. Our strategic investments are allowing us to solidify our leadership in the marketplace and further position the Company for growth."

Key results for the third quarter of 2015 include the following:

  • Net revenue at the Company's wholly owned domestic resorts was $1.6 billion, an increase of 4% compared to the prior year quarter;
  • Rooms revenue at wholly owned domestic resorts increased 8% with an 8% increase in REVPAR(1) at the Company's Las Vegas Strip resorts compared to the prior year quarter;
  • The Company's wholly owned domestic resorts earned Adjusted Property EBITDA(2) of $411 million, a 25% increase compared to the prior year quarter;
  • Adjusted Property EBITDA margin for wholly owned domestic resorts increased 435 basis points to 25.1% in the current year quarter;
  • MGM China's net revenue was $529 million and Adjusted EBITDA was $128 million, decreases of 33% and 40%, respectively, compared to the prior year quarter; and
  • CityCenter's Adjusted EBITDA related to resort operations was $76 million, a 20% increase compared to the prior year quarter.

Third Quarter Consolidated Results

Diluted earnings per share for the third quarter of 2015 was $0.12 compared to a diluted loss per share of$0.04 in the prior year quarter.

The following table lists certain 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, 

2015

2014

Preopening and start-up expenses

$ (0.02)

$ (0.01)

Property transactions, net

(0.01)

(0.01)

 

Corporate expense increased $12 million compared to the prior year quarter, and reflected costs incurred to implement initiatives related to the Profit Growth Plan and costs associated with the Company's strategic review totaling $18 million.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 4% compared to the prior year quarter due primarily to a 2% increase in slots volume. Table games volume decreased 1% and table games hold percentage in the third quarter of 2015 was 20.3% compared to 19.8% in the prior year quarter.

Rooms revenue increased 8% compared to the prior year quarter with Las Vegas Strip REVPAR up 8%. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended September 30,

2015

2014

Occupancy %

96%

95%

Average Daily Rate (ADR)

$    141

$   131

Revenue per Available Room (REVPAR)

$    135

$   124

 

Higher convention room mix in the current quarter compared to the prior year quarter resulted in increased catering business which led to a 1% increase in food and beverage revenue.  Entertainment revenue decreased 4% due to a decline in the revenue generated from in-house shows compared to the prior year quarter. Operating income for the Company's wholly owned domestic resorts increased 42% to $290 million compared to $204 million in the prior year quarter.  Operating income in the prior year quarter was negatively affected by largely nonrecurring employee benefit expenses as well as the cost and near-term revenue impacts associated with the launch of the Delano and the new Las Vegas Strip-facing food and beverage venues at Monte Carlo.

MGM China

Key third quarter results for MGM China include the following:

  • MGM China earned net revenue of $529 million, a 33% decrease compared to the prior year quarter;
  • Main floor table games revenue decreased 30% compared to the prior year quarter;
  • VIP table games revenue decreased 39% due to a decrease in VIP table games turnover of 55% compared to the prior year quarter, while hold percentage increased to 3.7% in the current year quarter compared to 2.7% in the prior year quarter;
  • MGM China's Adjusted EBITDA was $128 million, a decrease of 40% compared to the prior year quarter, including $9 million of license fee expense in the current year quarter compared to $12 million in the prior year quarter;
  • Adjusted EBITDA margin declined 268 basis points to 24.2% in the current year quarter; and
  • Operating income was $63 million compared to $140 million in the prior year quarter.

MGM China paid a $76 million interim dividend in August 2015, of which $39 million was distributed to MGM Resorts and $37 million was distributed to noncontrolling interests.

Income from Unconsolidated Affiliates

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

Three months ended September 30,

2015

2014

 

(In thousands)

Borgata

$      31,784

 

$       22,397

CityCenter

16,459

 

(6,719)

Other

9,107

 

7,325

 

$      57,350

 

$      23,003

 

The Company's income from unconsolidated affiliates related to Borgata for the third quarter of 2015 increased 42% compared to the prior year quarter due to record operating results at the property driven by increases in casino revenue.

Results for CityCenter for the third quarter of 2015 include the following (see schedules accompanying this release for further detail on CityCenter's third quarter results):

  • Net revenue from resort operations increased by 4% to $293 million compared to $280 million in the prior year quarter;
  • Adjusted EBITDA from resort operations was $76 million, an increase of 20% compared to the prior year quarter;
  • Aria's table games hold percentage was 22.6% compared to 21.7% in the prior year quarter;
  • Slots revenue at Aria increased 5% compared to the prior year quarter;
  • Aria's REVPAR was $207, a 7% increase compared to the prior year quarter;
  • Vdara reported Adjusted EBITDA of $7 million, a 30% increase compared to the prior year quarter, led by a 7% increase in REVPAR; and
  • Crystals reported Adjusted EBITDA of $11 million, an increase of 2% from the prior year quarter.

CityCenter's operating income of $12 million in the current year quarter represents a $49 million increase from the prior year quarter, benefiting from an increase in casino revenue and rooms revenue, an $8 milliondecrease in general and administrative expense related to legal and professional fees and a decrease in depreciation expense of $27 million as a result of certain furniture and equipment becoming fully depreciated in December 2014. In addition, property transactions, net declined by $4 million compared to the prior year quarter.

Financial Position

"We continue to remain focused on deleveraging our balance sheet through a combination of reducing debt and increasing cash flows," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International.  "We believe that our improving profitability, future dividends from MGM China as well as CityCenter and our other unconsolidated affiliates, along with upcoming development projects, will further allow us to enhance our financial position and provide long-term value to our shareholders."

The Company's cash and cash equivalents at September 30, 2015 was $1.8 billion, which included $808 millionat MGM China. At September 30, 2015, the Company had $2.7 billion of borrowings outstanding under its $3.9 billion senior secured credit facility and $1.6 billion outstanding under the $3.0 billion MGM China credit facility. In July 2015, the Company repaid its $875 million 6.625% senior notes at maturity with cash on hand.

Conference Call Details

MGM Resorts International will host a conference call at 8:00 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 7547909. A replay of the call will be available through Friday, November 6, 2015.  The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088.  The replay access code is 10075413. The call will be archived at www.mgmresorts.com.

1  REVPAR is hotel revenue per available room.

2  "Adjusted EBITDA" is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses 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.  Adjusted EBITDA and Adjusted Property EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because management believes these measures are 1) widely used measures of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies. 

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

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

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

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a 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.  The Company also owns 51 percent of MGM China Holdings Limited, 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. 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 ability to generate future cash flow growth and to execute on future development and other projects, such as the Profit Growth Plan, and the expected results of the Profit Growth Plan. 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,

         

2015

 

2014

 

2015

 

2014

Revenues:

                         
 

Casino

   

$

1,181,593

 

$

1,420,538

 

$

3,696,071

 

$

4,479,135

 

Rooms

     

466,032

   

433,005

   

1,415,955

   

1,348,542

 

Food and beverage

 

397,332

   

396,470

   

1,204,616

   

1,192,585

 

Entertainment

   

141,085

   

146,315

   

402,025

   

418,827

 

Retail

     

53,272

   

50,720

   

153,791

   

146,147

 

Other

     

126,585

   

132,126

   

390,954

   

391,621

 

Reimbursed costs

 

98,292

   

98,317

   

302,900

   

289,037

           

2,464,191

   

2,677,491

   

7,566,312

   

8,265,894

 

Less: Promotional allowances

 

(183,375)

   

(192,484)

   

(568,117)

   

(569,456)

           

2,280,816

   

2,485,007

   

6,998,195

   

7,696,438

Expenses:

                         
 

Casino

     

699,569

   

884,177

   

2,220,804

   

2,791,828

 

Rooms

     

140,806

   

143,993

   

424,184

   

420,644

 

Food and beverage

 

236,988

   

234,307

   

701,636

   

695,489

 

Entertainment

   

107,478

   

109,757

   

308,874

   

313,455

 

Retail

     

26,767

   

26,183

   

79,261

   

75,714

 

Other

     

88,000

   

96,324

   

268,158

   

275,978

 

Reimbursed costs

 

98,292

   

98,317

   

302,900

   

289,037

 

General and administrative

 

340,495

   

347,487

   

1,002,376

   

994,217

 

Corporate expense

 

74,019

   

61,563

   

183,977

   

169,353

 

Preopening and start-up expenses 

 

16,510

   

10,233

   

50,270

   

25,628

 

Property transactions, net

 

7,123

   

6,794

   

12,665

   

40,522

 

Depreciation and amortization

 

204,742

   

202,386

   

619,719

   

613,111

           

2,040,789

   

2,221,521

   

6,174,824

   

6,704,976

                               

Income from unconsolidated affiliates

 

57,350

   

23,003

   

217,631

   

65,963

                               

Operating income 

   

297,377

   

286,489

   

1,041,002

   

1,057,425

                               

Non-operating income (expense):

                     
 

Interest expense, net of amounts capitalized

 

(191,781)

   

(202,835)

   

(611,288)

   

(616,158)

 

Non-operating items from unconsolidated affiliates

 

(22,968)

   

(22,810)

   

(59,745)

   

(69,021)

 

Other, net

   

(4,386)

   

(254)

   

(12,691)

   

(1,997)

           

(219,135)

   

(225,899)

   

(683,724)

   

(687,176)

                               

Income before income taxes

 

78,242

   

60,590

   

357,278

   

370,249

 

Benefit (provision) for income taxes

 

16,493

   

(10,208)

   

76,570

   

44,401

                               

Net income 

     

94,735

   

50,382

   

433,848

   

414,650

 

Less: Net income attributable to noncontrolling interests

 

(28,310)

   

(70,652)

   

(100,114)

   

(222,260)

Net income (loss) attributable to MGM Resorts International

$

66,425

 

$

(20,270)

 

$

333,734

 

$

192,390

                               

Per share of common stock:

                     
 

Basic:

                         
 

Net income (loss) attributable to MGM Resorts International

$

0.12

 

$

(0.04)

 

$

0.62

 

$

0.39

                               
 

Weighted average shares outstanding

 

563,287

   

490,914

   

535,619

   

490,746

                               
 

Diluted:

                         
 

Net income (loss) attributable to MGM Resorts International

$

0.12

 

$

(0.04)

 

$

0.61

 

$

0.39

                               
 

Weighted average shares outstanding

 

569,320

   

490,914

   

547,750

   

497,228

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

                     
                     
           

September 30,

 

December 31,

           

2015

 

2014

                     

      ASSETS

Current assets:

         
 

Cash and cash equivalents

$

1,807,795

 

$

1,713,715

 

Cash deposits - original maturities longer than 90 days

 

-

   

570,000

 

Accounts receivable, net

 

470,842

   

473,345

 

Inventories

 

100,533

   

104,011

 

Income tax receivable

 

16,054

   

14,675

 

Prepaid expenses and other

 

187,050

   

151,414

   

Total current assets

   

2,582,274

   

3,027,160

                     

Property and equipment, net

 

15,014,642

   

14,441,542

                     

Other assets:

         
 

Investments in and advances to unconsolidated affiliates

 

1,536,531

   

1,559,034

 

Goodwill 

 

2,898,996

   

2,897,110

 

Other intangible assets, net

 

4,212,660

   

4,364,856

 

Other long-term assets, net

 

435,163

   

412,809

   

Total other assets

 

9,083,350

   

9,233,809

           

$

26,680,266

 

$

26,702,511

                     
                     

LIABILITIES AND STOCKHOLDERS' EQUITY

                     

Current liabilities:

         
 

Accounts payable

$

168,651

 

$

164,252

 

Construction payable

 

188,246

   

170,439

 

Current portion of long-term debt

 

-

   

1,245,320

 

Deferred income taxes, net

 

89,834

   

62,142

 

Accrued interest on long-term debt

 

143,361

   

191,155

 

Other accrued liabilities

 

1,362,763

   

1,574,617

   

Total current liabilities

 

1,952,855

   

3,407,925

                     

Deferred income taxes, net 

 

2,496,294

   

2,621,860

Long-term debt

 

12,821,037

   

12,913,882

Other long-term obligations

 

165,358

   

130,570

Redeemable noncontrolling interest

 

5,000

   

-

Stockholders' equity:

         
 

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

         
 

  issued and outstanding 563,212,549 and 491,292,117 shares

 

5,632

   

4,913

 

Capital in excess of par value

 

5,655,340

   

4,180,922

 

Retained earnings (accumulated deficit)

 

225,825

   

(107,909)

 

Accumulated other comprehensive income 

 

14,447

   

12,991

   

Total MGM Resorts International stockholders' equity

 

5,901,244

   

4,090,917

 

Noncontrolling interests

 

3,338,478

   

3,537,357

   

Total stockholders' equity

 

9,239,722

   

7,628,274

           

$

26,680,266

 

$

26,702,511

 

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,

           

2015

 

2014

 

2015

 

2014

 

Bellagio

       

$

303,494

 

$

302,024

 

$

924,355

 

$

954,093

 

MGM Grand Las Vegas

   

286,777

   

273,272

   

855,383

   

806,611

 

Mandalay Bay

     

232,172

   

216,956

   

701,109

   

669,846

 

The Mirage 

       

141,007

   

136,199

   

440,512

   

431,117

 

Luxor

         

95,358

   

92,395

   

278,075

   

267,155

 

New York-New York 

   

75,722

   

70,658

   

229,805

   

215,491

 

Excalibur

         

75,088

   

67,238

   

217,753

   

206,936

 

Monte Carlo

       

73,274

   

69,198

   

220,286

   

210,141

 

Circus Circus Las Vegas

   

62,643

   

57,741

   

177,497

   

160,408

 

MGM Grand Detroit

   

128,789

   

127,703

   

403,133

   

397,201

 

Beau Rivage

       

98,322

   

89,049

   

279,717

   

259,063

 

Gold Strike Tunica

   

42,152

   

43,196

   

121,873

   

119,615

 

Other resort operations

   

21,390

   

32,507

   

70,065

   

89,963

 

  Wholly owned domestic resorts

 

1,636,188

   

1,578,136

   

4,919,563

   

4,787,640

 

MGM China

       

529,037

   

794,265

   

1,715,983

   

2,563,641

 

Management and other operations

 

115,591

   

112,606

   

362,649

   

345,157

           

$

2,280,816

 

$

2,485,007

 

$

6,998,195

 

$

7,696,438

                                 
                                 
                                 

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,

           

2015

 

2014

 

2015

 

2014

 

Bellagio

       

$

95,827

 

$

88,420

 

$

288,797

 

$

309,188

 

MGM Grand Las Vegas

   

62,182

   

53,847

   

200,038

   

170,451

 

Mandalay Bay

     

49,961

   

29,796

   

164,745

   

138,799

 

The Mirage 

       

27,182

   

17,844

   

95,801

   

82,173

 

Luxor

         

21,695

   

17,563

   

62,322

   

56,863

 

New York-New York 

   

24,831

   

20,521

   

77,040

   

70,626

 

Excalibur

         

21,273

   

13,690

   

59,598

   

53,286

 

Monte Carlo

       

21,372

   

14,150

   

63,738

   

54,044

 

Circus Circus Las Vegas

   

12,377

   

6,093

   

31,568

   

18,615

 

MGM Grand Detroit

   

33,372

   

34,583

   

109,723

   

107,602

 

Beau Rivage

       

26,679

   

20,053

   

66,784

   

53,183

 

Gold Strike Tunica

   

11,560

   

10,514

   

34,144

   

30,266

 

Other resort operations

   

2,978

   

904

   

4,933

   

126

 

  Wholly owned domestic resorts

 

411,289

   

327,978

   

1,259,231

   

1,145,222

 

MGM China

       

128,225

   

213,796

   

408,898

   

665,009

 

Unconsolidated resorts(1)

   

57,350

   

23,003

   

217,631

   

65,963

 

Management and other operations

 

5,591

   

5,184

   

29,803

   

37,138

           

$

602,455

 

$

569,961

 

$

1,915,563

 

$

1,913,332

                                 
 

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

 

View News Release Full Screen

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, 2015

 
             

Operating

 income (loss)

 

Preopeningand

start-up

expenses

 

Property

transactions,net

 

Depreciationand

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

 

  Wholly owned domestic resorts

 

290,068

   

1

   

3,729

   

117,491

   

411,289

 

MGM China

         

62,833

   

3,491

   

139

   

61,762

   

128,225

 

Unconsolidated resorts

     

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

                                         
                                         
                                         

Three Months Ended September 30, 2014

 
             

Operating

income (loss)

 

Preopeningand

start-up

expenses

 

Property

transactions,net

 

Depreciationand

amortization

 

Adjusted

EBITDA

 

Bellagio

         

$

65,589

 

$

-

 

$

284

 

$

22,547

 

$

88,420

 

MGM Grand Las Vegas

     

33,236

   

-

   

44

   

20,567

   

53,847

 

Mandalay Bay

       

10,478

   

-

   

1,606

   

17,712

   

29,796

 

The Mirage 

         

4,896

   

416

   

288

   

12,244

   

17,844

 

Luxor

           

8,018

   

2

   

50

   

9,493

   

17,563

 

New York-New York 

     

15,854

   

-

   

84

   

4,583

   

20,521

 

Excalibur

           

9,828

   

-

   

28

   

3,834

   

13,690

 

Monte Carlo

         

8,646

   

107

   

19

   

5,378

   

14,150

 

Circus Circus Las Vegas

     

2,133

   

42

   

69

   

3,849

   

6,093

 

MGM Grand Detroit

     

26,164

   

-

   

2,411

   

6,008

   

34,583

 

Beau Rivage

         

13,049

   

-

   

392

   

6,612

   

20,053

 

Gold Strike Tunica

     

7,462

   

-

   

-

   

3,052

   

10,514

 

Other resort operations

     

(1,107)

   

-

   

1,468

   

543

   

904

 

  Wholly owned domestic resorts

 

204,246

   

567

   

6,743

   

116,422

   

327,978

 

MGM China

         

140,257

   

1,467

   

52

   

72,020

   

213,796

 

Unconsolidated resorts

     

22,986

   

17

   

-

   

-

   

23,003

 

Management and other operations

 

3,138

   

-

   

-

   

2,046

   

5,184

               

370,627

   

2,051

   

6,795

   

190,488

   

569,961

 

Stock compensation

     

(7,275)

   

-

   

-

   

-

   

(7,275)

 

Corporate 

           

(76,863)

   

8,182

   

(1)

   

11,898

   

(56,784)

             

$

286,489

 

$

10,233

 

$

6,794

 

$

202,386

 

$

505,902

 

View News Release Full Screen

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, 2015

 
             

Operating

income (loss)

 

Preopeningand

start-up

expenses

 

Property

transactions,net

 

Depreciationand

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

 

  Wholly owned 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

     

215,218

   

2,413

   

-

   

-

   

217,631

 

Management and other operations

 

22,104

   

842