2016: Q1
MGM Resorts International Reports Strong First Quarter Financial And Operating Results
Increases Wholly Owned Domestic Resorts Net Revenue and Adjusted Property EBITDA by 3% and 24%
Successfully Completes Largest IPO in 2016 Year-to-Date with MGM Growth Properties
Strengthens Financial Position with the Receipt of $1.6 Billion Cash from the MGM Growth Properties IPO and a Special Distribution from the Sale of The Shops at Crystals

LAS VEGAS, May 5, 2016 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended March 31, 2016.

Key achievements include:

  • Wholly owned domestic resorts Adjusted Property EBITDA increased by 24%;
  • Highest margins since 2007 for Adjusted Property EBITDA at wholly owned domestic resorts;
  • Las Vegas Strip REVPAR increased by 8%;
  • Profit Growth Plan contributed approximately $54 million of Adjusted Property EBITDA growth at wholly owned domestic resorts;
  • MGM Growth Properties ("MGP") completed its $1.2 billion initial public offering, successfully highlighting the significant value in the Company's premier real estate assets;
  • CityCenter sold The Shops at Crystals for $1.1 billion, resulting in a $540 million distribution to MGM Resorts; and
  • Completed the opening of The Park, an outdoor pedestrian area with dining and entertainment, and the T-Mobile Arena, a 20,000-seat theater venue, both on the Las Vegas Strip.

"MGM Resorts delivered an exceptional quarter, generating strong financial results while completing significant strategic achievements," said Jim Murren, Chairman & CEO of MGM Resorts. "Our wholly owned domestic resorts reported the strongest Adjusted Property EBITDA since 2007, as well as an impressive 524 basis point increase in Adjusted Property EBITDA margins, demonstrating the strength of our operations and success of our Profit Growth Plan. Our recent landmark accomplishments, including the completion of MGP's initial public offering and its concurrent debt financings, as well as the sale of CityCenter's The Shops at Crystals, underscore our ability to deliver significant shareholder value and drive sustainable, long-term growth for our company."

Key results for the first quarter of 2016 include:

  • Net revenue at the Company's wholly owned domestic resorts increased 3% compared to the prior year quarter, or 4% excluding Circus Circus Reno, Railroad Pass, and the Company's properties in Jean Nevada, which were sold during 2015;
  • Rooms revenue at wholly owned domestic resorts increased 7%, 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 $485 million, a 24% increase compared to the prior year quarter;
  • Wholly owned domestic resorts Adjusted Property EBITDA margin was 30%, a 524 basis point increase compared to the prior year quarter;
  • MGM China's net revenue of $469 million and Adjusted EBITDA of $114 million, a decrease of 26% and 23%, respectively, compared to the prior year quarter; and
  • CityCenter Adjusted EBITDA related to resort operations of $92 million, a 30% increase compared to the prior year quarter.

First Quarter Consolidated Results

Diluted earnings per share for the first quarter of 2016 was $0.12, compared to diluted earnings per share of $0.33 in the prior year quarter. Current quarter net income was impacted by an increase in the effective tax rate from a benefit of 36% in the prior year quarter to a provision of 19% in the current year quarter primarily as a result of a decrease in the amount of foreign tax credits that we expect to benefit in 2016. The prior year quarter benefited from a $0.09 per share gain related to CityCenter's final resolution of its construction litigation and remaining settlements.

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 March 31,


2016



2015


Preopening and start-up expenses


$

(0.02)



$

(0.02)


Property transactions, net



(0.01)





Income (loss) from unconsolidated affiliates:









     Harmon-related property transactions, net






0.09


     Crystals-related property transactions, net



(0.01)





Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 4%, excluding the operations sold during 2015, compared to the prior year quarter, due primarily to an increase in table games revenue. Table games hold percentage in the first quarter of 2016 was 22.4% compared to 20.1% in the prior year quarter, while table games volume decreased 6% compared to the prior year quarter. Slots revenue increased 2%, excluding the operations sold during 2015, compared to the prior year quarter.

Rooms revenue increased 7%, with an increase in Las Vegas Strip REVPAR of 8%. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended March 31,


2016



2015


Occupancy %



91%




90%


Average Daily Rate (ADR)


$

162



$

152


Revenue per Available Room (REVPAR)


$

147



$

136


Wholly owned domestic resorts Adjusted Property EBITDA was $485 million in the first quarter of 2016, a 24% increase compared to the prior year quarter, and was positively affected by approximately $54 million of incremental Adjusted Property EBITDA as a result of the Company's Profit Growth Plan initiatives. Operating income for the Company's wholly owned domestic resorts increased 33% for the first quarter of 2016 compared to the prior year quarter.

Corporate Expense

Corporate expense was $71 million, an increase of $21 million compared to the prior year quarter. The current year quarter included $7 million of costs incurred to implement initiatives related to the Profit Growth Plan and $7 million of costs incurred in connection with the MGM Growth Properties transactions.

MGM China

Key first quarter results for MGM China include:

  • Net revenue of $469 million, a 26% decrease compared to the prior year quarter;
  • Main floor table games revenue decreased 8% compared to the prior year quarter;
  • VIP table games revenue decreased 41% due to a decrease in turnover of 34% compared to the prior year quarter, and hold percentage decreased to 3.0% in the current year quarter, compared to 3.3% in the prior year quarter;
  • Adjusted EBITDA of $114 million, a 23% decrease compared to the prior year quarter, including $8 million of license fee expense in the current year quarter and $11 million in the prior year quarter;
  • Adjusted EBITDA margin increased by 77 basis points compared to the prior year quarter to 24% as a result of an increase in main floor table games mix and continuous efforts to reduce costs; and
  • Operating income of $47 million, compared to operating income of $72 million in the prior year quarter.

Unconsolidated Affiliates

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

Three months ended March 31,


2016



2015




(In thousands)


CityCenter


$

(9,149)



$

101,601


Borgata



19,550




11,983


Other



4,301




3,797




$

14,702



$

117,381


On April 14, 2016, CityCenter Holdings, LLC ("CityCenter") closed the sale of The Shops at Crystals ("Crystals") for approximately $1.1 billion. CityCenter previously announced a $1.08 billion distribution consisting of a $990 million special distribution in connection with the sale and a $90 million distribution as part of its annual distribution policy.  On May 4, 2016, the Company received $540 million, its 50% share of the distributions.

CityCenter's results for the first quarter of 2016 included $61 million of accelerated depreciation associated with the April 2016 closure of the Zarkana theatre, and an $18 million charge related to obligations in connection with the sale of Crystals. Results for the first quarter of 2015 included a $160 million gain related to the final resolution of its construction litigation and remaining settlements. Excluding the impact of these items, the Company's income from unconsolidated affiliates related to CityCenter was $31 million for the first quarter of 2016, compared to $22 million in the prior year quarter.

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

  • Net revenue from resort operations of $302 million, a 6% increase compared to the prior year quarter;
  • Adjusted EBITDA from resort operations of $92 million, an increase of 30% compared to the prior year quarter; this was positively affected by approximately $10 million of incremental Adjusted EBITDA attributable to Profit Growth Plan initiatives;
  • Adjusted EBITDA at Aria of $81 million increased by 33% compared to the prior year quarter;
  • Aria's table games volume increased 5% and table games hold percentage was 23.8%, compared to 24.3% in the prior year quarter;
  • Record REVPAR at Aria of $230, a 5% increase compared to the prior year quarter; and
  • Record REVPAR at Vdara of $190, a 10% increase compared to the prior year quarter, and a 16% increase in Adjusted EBITDA compared to the prior year quarter.

CityCenter reported an operating loss of $27 million, including $61 million of accelerated depreciation as discussed above, for the first quarter of 2016, compared to operating income of $176 million in the prior year quarter, as a result of the factors described above.

The Company's income from unconsolidated affiliates related to Borgata for the first quarter of 2016 increased 63%, compared to the prior year quarter, due to higher casino revenue as well as lower property tax expense due to the application of credits from a prior tax court judgment to Borgata's first quarter property tax payment.

MGM Growth Properties

"This was an exciting quarter for MGM Resorts, in part because of the successful initial public offering of MGM Growth Properties," said Mr. Murren. "Not only did the offering price at the top of the price range, it was the largest IPO in 2016 to-date. Importantly, this transaction provided MGM Resorts' shareholders with numerous strategic and financial benefits, including enhancements to our balance sheet."

On April 25, 2016, MGP, a subsidiary of the Company, completed its initial public offering of 57,500,000 Class A shares (inclusive of the full exercise by the underwriters of their option to purchase 7,500,000 Class A shares) at a price to the public of $21.00 per share (the "IPO") for proceeds of approximately $1.1 billion, after deducting underwriting discounts and offering expenses. The proceeds of the IPO were used by MGP to purchase operating partnership units in the operating partnership that holds the real estate associated with Mandalay Bay, The Mirage, New York-New York, Luxor, Monte Carlo, Excalibur, The Park, MGM Grand Detroit, Beau Rivage and Gold Strike Tunica. A subsidiary of MGP is the general partner of the operating partnership.

The Company will continue to hold a controlling interest in MGP through its ownership of MGP's Class B share. In addition, certain of the Company's subsidiaries will directly hold a majority economic interest in, and will participate in distributions made by, the operating partnership, through their ownership of approximately 73% of the partnership units of the operating partnership.

In connection with the transactions described above, the operating partnership assumed approximately $4 billion of bridge facility indebtedness from the Company, which was repaid by the operating partnership with the proceeds of the IPO and concurrent bank and bond debt financing transactions.

Financial Position

The Company's cash balance at March 31, 2016 was $1.7 billion, which included $595 million at MGM China. At March 31, 2016, the Company had $2.7 billion of borrowings outstanding under its $3.9 billion senior secured credit facility, $1.6 billion outstanding under the MGM China credit facility and $250 million outstanding under the MGM National Harbor credit facility.

In connection with the MGP IPO and related transactions, the Company entered into an amended and restated senior secured facility comprised of a $1.25 billion revolving facility and a $250 million term loan A facility. After giving effect to the repayment of its 6.875% senior notes at maturity in April 2016, the pending redemption of the Company's 10% senior notes due 2016 and its 7.5% senior notes due 2016, and the amendment and restatement of the senior secured credit facility, the Company had approximately $12.3 billion principal amount of indebtedness outstanding, including $250 million outstanding under its senior secured credit facility, $250 million outstanding under the MGM National Harbor facility, $3.2 billion of indebtedness at MGP, and $1.6 billion at MGM China.

"We continue to make significant progress in improving our balance sheet through our strong performance in the first quarter and the continued execution of our strategic plan," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International. "We remain committed to strengthening our financial flexibility, as highlighted by Moody's in its recent two-notch upgrade of MGM Resorts International's corporate family rating, bringing us closer to our goal of returning to investment grade."

Conference Call Details

MGM Resorts will host a conference call at 11:00 a.m. Eastern Time today which will include a brief discussion of these results followed by a question and answer period. The call will be accessible via the Internet through www.mgmresorts.com under the Investors section or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 6743176. A replay of the call will be available through Friday, May 13, 2016. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10085058. 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 May 5, 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, 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. Adjusted EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because management believes these measures are 1) widely used measures of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies.


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


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


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

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a 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 73 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 51 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 a FORTUNE Magazine World's Most Admired Company. 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, the expected results of the Profit Growth Plan, the realization of any benefits from the MGP transactions 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




March 31,


March 31,




2016


2015

Revenues:








Casino


$

1,134,356


$

1,278,502


Rooms



489,486



459,425


Food and beverage



377,105



384,101


Entertainment



118,326



125,968


Retail



45,473



45,037


Other



117,525



126,550


Reimbursed costs



101,049



101,060





2,383,320



2,520,643


Less: Promotional allowances



(173,634)



(188,399)





2,209,686



2,332,244

Expenses:








Casino



640,569



782,808


Rooms



144,742



141,313


Food and beverage



221,296



221,521


Entertainment



92,288



96,999


Retail



22,001



24,096


Other



79,768



84,323


Reimbursed costs



101,049



101,060


General and administrative



308,543



328,173


Corporate expense



71,248



50,356


Preopening and start-up expenses 



21,960



15,871


Property transactions, net



5,131



1,589


Depreciation and amortization



199,839



206,412





1,908,434



2,054,521









Income from unconsolidated affiliates



14,702



117,381









Operating income



315,954



395,104









Non-operating income (expense):








Interest expense, net of amounts capitalized



(184,669)



(216,262)


Non-operating items from unconsolidated affiliates



(18,212)



(19,011)


Other, net



(565)



(3,490)





(203,446)



(238,763)









Income before income taxes



112,508



156,341


Benefit (provision) for income taxes



(21,310)



56,305









Net income



91,198



212,646


Less: Net income attributable to noncontrolling interests



(24,399)



(42,796)

Net income attributable to MGM Resorts International


$

66,799


$

169,850









Per share of common stock:








Basic:








Net income attributable to MGM Resorts International


$

0.12


$

0.35










Weighted average shares outstanding



565,056



491,422










Diluted:








Net income attributable to MGM Resorts International


$

0.12


$

0.33










Weighted average shares outstanding



569,455



575,312

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)




















March 31,


December 31,




2016


2015









      ASSETS

Current assets:







Cash and cash equivalents

$

1,664,905


$

1,670,312


Accounts receivable, net


452,751



480,559


Inventories


97,584



104,200


Income tax receivable


9,148



15,993


Prepaid expenses and other


177,256



137,685



Total current assets


2,401,644



2,408,749









Property and equipment, net


15,692,731



15,371,795









Other assets:







Investments in and advances to unconsolidated affiliates


1,478,501



1,491,497


Goodwill 


1,429,547



1,430,767


Other intangible assets, net


4,116,904



4,164,781


Other long-term assets, net


377,963



347,589



Total other assets


7,402,915



7,434,634




$

25,497,290


$

25,215,178

















LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:







Accounts payable

$

183,777


$

182,031


Construction payable


285,479



250,120


Current portion of long-term debt


242,900



328,442


Accrued interest on long-term debt


143,110



165,914


Other accrued liabilities


1,233,045



1,311,444



Total current liabilities


2,088,311



2,237,951









Deferred income taxes, net 


2,687,946



2,680,576

Long-term debt


12,686,381



12,368,311

Other long-term obligations


163,392



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 565,144,008 and 564,838,893 shares


5,651



5,648


Capital in excess of par value


5,671,456



5,655,886


Accumulated deficit


(488,830)



(555,629)


Accumulated other comprehensive income 


11,622



14,022



Total MGM Resorts International stockholders' equity


5,199,899



5,119,927


Noncontrolling interests


2,665,111



2,644,500



Total stockholders' equity


7,865,010



7,764,427




$

25,497,290


$

25,215,178

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)








Three Months Ended


March 31,


March 31,


2016


2015

Bellagio

$

329,739


$

301,936

MGM Grand Las Vegas


268,454



264,826

Mandalay Bay


230,181



226,935

The Mirage 


144,595



142,505

Luxor


92,872



86,955

New York-New York 


81,371



75,884

Excalibur


74,288



67,261

Monte Carlo


69,720



71,867

Circus Circus Las Vegas


56,957



51,384

MGM Grand Detroit


140,865



133,315

Beau Rivage


89,437



86,940

Gold Strike Tunica


40,744



39,835

Other resort operations(1)


-



28,252

  Wholly owned domestic resorts


1,619,223



1,577,895

MGM China


469,029



630,087

Management and other operations


121,434



124,262


$

2,209,686


$

2,332,244



















MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)








Three Months Ended


March 31,


March 31,


2016


2015

Bellagio

$

116,651


$

89,167

MGM Grand Las Vegas


80,894



65,206

Mandalay Bay


58,122



53,988

The Mirage 


38,330



30,520

Luxor


25,391



17,299

New York-New York 


30,903



24,593

Excalibur


23,877



16,542

Monte Carlo


21,300



20,056

Circus Circus Las Vegas


13,293



7,833

MGM Grand Detroit


40,042



33,612

Beau Rivage


22,799



18,390

Gold Strike Tunica


13,329



11,550

Other resort operations(1)


-



1,123

  Wholly owned domestic resorts


484,931



389,879

MGM China


114,123



148,456

Unconsolidated resorts(2)


14,702



117,381

Management and other operations


4,115



16,317


$

617,871


$

672,033







(1) Sold in 2015

(2) 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 March 31, 2016



















Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA

Bellagio


$

94,168


$

-


$

1


$

22,482


$

116,651

MGM Grand Las Vegas



62,262



-



763



17,869



80,894

Mandalay Bay



34,855



14



874



22,379



58,122

The Mirage 



27,994



-



-



10,336



38,330

Luxor



15,885



-



287



9,219



25,391

New York-New York 



25,487



-



3



5,413



30,903

Excalibur



16,969



-



2,766



4,142



23,877

Monte Carlo



16,777



-



91



4,432



21,300

Circus Circus Las Vegas



9,089



-



134



4,070



13,293

MGM Grand Detroit



34,031



-



-



6,011



40,042

Beau Rivage



16,190



-



10



6,599



22,799

Gold Strike Tunica



10,831



-



97



2,401



13,329

Other resort operations(1)



-



-



-



-



-

  Wholly owned domestic resorts



364,538



14



5,026



115,353



484,931

MGM China



47,452



5,908



(10)



60,773



114,123

Unconsolidated resorts



12,420



2,282



-



-



14,702

Management and other operations



1,064



1,150



-



1,901



4,115




425,474



9,354



5,016



178,027



617,871

Stock compensation



(9,869)



-



-



-



(9,869)

Corporate 



(99,651)



12,606



115



21,812



(65,118)



$

315,954


$

21,960


$

5,131


$

199,839


$

542,884

















































Three Months Ended March 31, 2015



















Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA

Bellagio


$

66,337


$

-


$

197


$

22,633


$

89,167

MGM Grand Las Vegas



46,726



-



(10)



18,490



65,206

Mandalay Bay



35,321



-



259



18,408



53,988

The Mirage 



17,874



54



(1)



12,593



30,520

Luxor



7,762



(1)



50



9,488



17,299

New York-New York 



19,672



(307)



264



4,964



24,593

Excalibur



12,909



-



(19)



3,652



16,542

Monte Carlo



14,314



-



517



5,225



20,056

Circus Circus Las Vegas



3,802



231



-



3,800



7,833

MGM Grand Detroit



27,739



-



-



5,873



33,612

Beau Rivage



11,859



-



-



6,531



18,390

Gold Strike Tunica



8,622



-



-



2,928



11,550

Other resort operations



893



-



-



230



1,123

  Wholly owned domestic resorts



273,830



(23)



1,257



114,815



389,879

MGM China



72,366



3,071



332



72,687



148,456

Unconsolidated resorts



116,708



673



-



-



117,381

Management and other operations



14,114



267



-



1,936



16,317




477,018



3,988



1,589



189,438



672,033

Stock compensation



(7,579)



-



-



-



(7,579)

Corporate 



(74,335)



11,883



-



16,974



(45,478)



$

395,104


$

15,871


$

1,589


$

206,412


$

618,976

















(1) Sold in 2015

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)








Three Months Ended


March 31,


March 31,


2016


2015

Adjusted EBITDA

$

542,884


$

618,976

  Preopening and start-up expenses


(21,960)



(15,871)

  Property transactions, net


(5,131)



(1,589)

  Depreciation and amortization


(199,839)



(206,412)

Operating income


315,954



395,104







Non-operating income (expense):






  Interest expense, net of amounts capitalized


(184,669)



(216,262)

  Other, net


(18,777)



(22,501)



(203,446)



(238,763)







Income before income taxes


112,508



156,341

  Benefit (provision) for income taxes


(21,310)



56,305

Net income


91,198



212,646

  Less: Net income attributable to noncontrolling interests


(24,399)



(42,796)

Net income attributable to MGM Resorts International

$

66,799


$

169,850

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)






Three Months Ended


March 31,


March 31,


2016


2015

Bellagio




   Occupancy %

91.5%


88.2%

   Average daily rate (ADR)

$281


$268

   Revenue per available room (REVPAR)

$257


$236





MGM Grand Las Vegas




   Occupancy %

91.2%


91.9%

   ADR

$181


$171

   REVPAR

$165


$157





Mandalay Bay 




   Occupancy %

90.4%


90.2%

   ADR

$223


$210

   REVPAR

$201


$189





The Mirage




   Occupancy %

92.8%


90.0%

   ADR

$180


$173

   REVPAR

$167


$155





Luxor 




   Occupancy %

94.1%


92.2%

   ADR

$110


$105

   REVPAR

$104


$97





New York-New York




   Occupancy %

96.8%


97.6%

   ADR

$144


$134

   REVPAR

$140


$131





Excalibur 




   Occupancy %

91.6%


89.9%

   ADR

$96


$85

   REVPAR

$88


$77





Monte Carlo 




   Occupancy %

96.0%


95.1%

   ADR

$126


$122

   REVPAR

$121


$116





Circus Circus Las Vegas




   Occupancy %

78.9%


76.8%

   ADR

$79


$69

   REVPAR

$62


$53

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)











Three Months Ended




March 31,


March 31,




2016


2015










Aria


$

254,725


$

240,150


Vdara



29,788



27,842


Mandarin Oriental



17,028



16,011


 Resort operations



301,541



284,003


Residential and other operations



-



18,174




$

301,541


$

302,177


 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)

(Unaudited)











Three Months Ended




March 31,


March 31,




2016


2015










Adjusted EBITDA


$

91,015


$

74,052


  Property transactions, net



1,438



159,693


  Depreciation and amortization



(119,596)



(57,938)


Operating income



(27,143)



175,807










Non-operating income (expense):








  Interest expense - other



(17,192)



(18,034)


  Other, net



(3,834)



(33)





(21,026)



(18,067)


Net income (loss) from continuing operations



(48,169)



157,740


Discontinued operations








  Income from operations of discontinued component



(11,557)



5,861


Net income (loss)


$

(59,726)


$

163,601


 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)










Three Months Ended



March 31,


March 31,



2016


2015

Aria







   Occupancy %



90.4%



89.8%

   ADR



$255



$244

   REVPAR



$230



$219








Vdara







   Occupancy %



91.0%



91.1%

   ADR



$209



$190

   REVPAR



$190



$174

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)


















Three Months Ended March 31, 2016






Operating income

(loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA


Aria


$

(28,327)


$

-


$

109


$

109,561


$

81,343


Vdara



2,263



-



(336)



6,936



8,863


Mandarin Oriental



(1,238)



-



-



3,099



1,861


 Resort operations



(27,302)



-



(227)



119,596



92,067


Residential, administration and other operations



159



-



(1,211)



-



(1,052)




$

(27,143)


$

-


$

(1,438)


$

119,596


$

91,015





















































Three Months Ended March 31, 2015






Operating income

(loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA


Aria


$

13,817


$

-


$

287


$

47,243


$

61,347


Vdara



(195)



-



-



7,835



7,640


Mandarin Oriental



(1,407)



-



-



3,040



1,633


 Resort operations



12,215



-



287



58,118



70,620


Residential, administration and other operations



163,592



-



(159,980)



(180)



3,432




$

175,807


$

-


$

(159,693)


$

57,938


$

74,052


 

 

SOURCE MGM Resorts International

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

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