EX-99.1 2 d351668dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

 

 

MGM RESORTS INTERNATIONAL REPORTS FIRST QUARTER FINANCIAL AND

OPERATING RESULTS

Increased diluted earnings per share in the first quarter of 2017 by 200% to $0.36 from $0.12 in the prior year quarter

Declared quarterly dividend of $0.11 per share

Las Vegas, Nevada, April 27, 2017 – MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today reported financial results for the quarter ended March 31, 2017.

“MGM Resorts had a strong start to the year, as evidenced by our first quarter diluted earnings per share which tripled last year’s results, double digit same-store Adjusted Property EBITDA growth at our domestic resorts, record results at CityCenter and solid performance at MGM China. MGM National Harbor and Borgata, our newest additions on the East Coast, are leading their respective markets, and we continue to work toward expanding our footprint in Macau with the opening of MGM Cotai later this year,” said Jim Murren, Chairman & CEO of MGM Resorts. “Every year, we take steps to further this Company as an innovative market leader positioned for operational strength, financial flexibility, and prudent growth. We remain focused on building upon this effort as we continue to execute on our strategies to profitably grow our Company and return value to our shareholders.”

Financial Highlights:

 

   

Diluted earnings per share for the first quarter of 2017 increased 200% to $0.36, compared to $0.12 in the prior year quarter;

   

Net revenues increase of 29% over the prior year quarter at the Company’s domestic resorts to $2.1 billion, and a 6% increase on a same-store basis, excluding contributions from Borgata and MGM National Harbor;

   

REVPAR(1) growth of 8.6% over the prior year quarter at the Company’s Las Vegas Strip resorts;

   

Operating income of $477 million at the Company’s domestic resorts, a 31% increase over the prior year quarter;

   

Net income attributable to MGM Resorts of $207 million, compared to $67 million in the prior year quarter;

   

Adjusted Property EBITDA(2) growth of 34% over the prior year quarter to $648 million at the Company’s domestic resorts, and a 15% increase on a same-store basis;

   

Same-store operating margin of 25.0% in the current quarter at the Company’s domestic resorts, an increase of 245 basis points compared to the prior year quarter;

   

Same-store Adjusted Property EBITDA margin of 32.5% at the Company’s domestic resorts, an increase of 257 basis points compared to the prior year quarter;

   

MGM China operating income of $73 million compared to $47 million in the prior year quarter, and Adjusted EBITDA of $143 million, a 25% increase compared to the prior year quarter; and

   

CityCenter operating income of $57 million and Adjusted EBITDA of $111 million, a 22% increase in Adjusted EBITDA compared to the prior year quarter.

Strategic Highlights:

 

   

Distributed $63 million related to the previously announced quarterly dividend of $0.11 per share;

   

On track to completing Profit Growth Plan goal of $400 million Adjusted EBITDA contribution to the Company’s domestic resorts and 50% share of CityCenter results by the second quarter of 2017;

   

CityCenter completed a $1.725 billion refinancing of its senior credit facilities, which consisted of an upsized $1.6 billion term loan and an upsized $125 million revolving credit facility;

 

Page 1 of 13

 


   

In April 2017, CityCenter paid a $600 million dividend, consisting of a $350 million dividend using proceeds from the upsized senior credit facilities and a $250 million dividend from cash on hand, of which $78 million was part of its annual dividend policy. MGM Resorts received its 50% share, or $300 million; and

   

Improved MGP’s Operating Partnership’s term loan B facility pricing to LIBOR plus 2.25%, a 25 basis point decrease from the prior pricing level.

Certain Items Affecting First 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 March 31,    2017      2016  

 

 

Preopening and start-up expenses

   $       (0.02    $       (0.02

Property transactions, net

            (0.01

Income from unconsolidated affiliates:

     

Crystals related property transaction, net

            (0.01

Domestic Resorts

Casino revenue for the first quarter of 2017 increased 50% compared to the prior year quarter, due primarily to the acquisition of Borgata Hotel Casino and Spa (“Borgata”), the MGM National Harbor opening on December 8, 2016, and an increase in both table games and slots revenue. Casino revenue increased 4% on a same-store basis compared to the prior year quarter. Table games revenues increased 7% on a same-store basis and slots revenue increased 2% on a same-store basis compared to the prior year quarter.

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

 

Three months ended March 31,    2017         2016      

 

 
     (Dollars in millions)  

Table Games Drop

   $       993     $       972     

Table Games Win %

     25.2     23.7%  

Slot Handle

   $       3,003     $       3,001     

Slot Hold %

     8.6     8.4%  

Domestic resorts rooms revenue increased 15% compared to the prior year quarter. On a same-store basis, rooms revenue increased 8% compared to the prior year quarter. Las Vegas Strip REVPAR increased 8.6%.

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

 

Three months ended March 31,    2017         2016      

 

 

Occupancy %

     91     91%  

Average Daily Rate (ADR)

   $       176       $      162     

Revenue per Available Room (REVPAR)

   $       161       $      148     

Operating income at the Company’s domestic resorts was $477 million for the first quarter of 2017 compared to $365 million in the prior year quarter. Domestic resorts Adjusted Property EBITDA increased 34% to $648 million in the first quarter of 2017 and was positively impacted by $59 million of Adjusted Property EBITDA from Borgata and $32 million of Adjusted Property EBITDA from MGM National Harbor. Same-store Adjusted Property EBITDA increased 15% compared to the prior year quarter.

 

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Mr. Murren added, “The Company’s high operating efficiencies, a robust event calendar, and modestly favorable table games hold helped drive a very strong first quarter in Las Vegas contributing to 33% Adjusted Property EBITDA margins at our Strip resorts. As we look to the second quarter, our underlying business remains strong, although we face a challenging comparison due to the Easter holiday shifting back into April as well as favorable second quarter 2016 table games hold. Based on these factors, we anticipate gaming revenues to be lower and our non-gaming revenues to be up year over year. We expect to grow Strip REVPAR by 1.5% to 2.5%. Despite the difficult table games hold comparison, we believe our Adjusted Property EBITDA margins will remain essentially flat at our Las Vegas Strip resorts, compared to the prior year quarter.”

Corporate Expense

Corporate expense was $73 million in the first quarter of 2017, an increase of $2 million compared to the prior year quarter. The current year quarter included $2 million related to MGM Growth Properties LLC (“MGP”) and $3 million in additional stock compensation costs. The prior year quarter included costs incurred to implement initiatives related to the Profit Growth Plan and costs associated with the initial public offering of MGP totaling $14 million.

MGM China

Key first quarter results for MGM China include:

 

   

Net revenues of $502 million, a 7% increase compared to the prior year quarter;

   

Main floor table games revenue increased 17% due to an increase in hold percentage to 22.2% in the current year quarter, from 18.0% in the prior year quarter;

   

VIP table games revenue decreased 5% due to a 16% decrease in turnover partially offset by an increase in hold percentage to 3.4% in the current year quarter, from 3.0% in the prior year quarter;

   

Operating income was $73 million compared to $47 million in the prior year quarter;

   

Adjusted EBITDA increased 25% to $143 million, compared to $114 million in the prior year quarter, including $9 million of license fee expense in the current year quarter and $8 million in the prior year quarter; and

   

Operating margin was 14.6% in the current year quarter, and Adjusted EBITDA margin was 28.5%, an increase of 413 basis points compared to the prior year quarter.

Unconsolidated Affiliates

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

 

Three months ended March 31,    2017      2016  

 

 
     (In thousands)  

CityCenter

   $               37,319      $               (9,149

Borgata

            19,550  

Other

     2,384        4,301  
  

 

 

    

 

 

 
   $ 39,703      $ 14,702  
  

 

 

    

 

 

 

Our share of CityCenter Holdings, LLC (“CityCenter”) operating results for the first quarter of 2017, including certain basis difference adjustments, was $37 million. Our share of CityCenter’s operating income in the prior year quarter was negatively impacted by $31 million due to accelerated depreciation associated with the April 2016 closure of the Zarkana theatre and $9 million due to a charge related to the sale of Crystals.

 

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

 

   

Net revenues from resort operations were $326 million, an 8% increase compared to the prior year quarter, due primarily to an increase in casino, rooms, and food and beverage revenues partially offset by a decrease in entertainment revenue as the Zarkana show closed on April 30, 2016;

   

Operating income from resorts operations was $58 million, compared to an operating loss of $27 million in the prior year quarter which included $61 million of accelerated depreciation related to the Zarkana theatre and an $18 million charge associated with the Crystals sale;

   

Adjusted EBITDA from resort operations was $112 million, a 22% increase compared to the prior year quarter;

   

Aria’s table games volume decreased 5% and table games hold percentage was 25.6%, compared to 23.8% in the prior year quarter;

   

REVPAR at Aria increased 9.1% compared to the prior year quarter to $251; and

   

Vdara reported REVPAR of $202 in the current year quarter, and Adjusted EBITDA increased 22% to $11 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 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 first quarter of 2017, MGP recorded rent income of $163 million and MGM Growth Properties Operating Partnership LP (the “Operating Partnership”) paid distributions of $72 million to the Company. On March 15, 2017, MGP’s Board of Directors declared a quarterly dividend of $0.3875 per Class A share totaling $22 million, which was paid on April 13, 2017 to holders of record on March 31, 2017. The Company concurrently received a $72 million distribution attributable to its ownership of Operating Partnership units.

MGM Resorts Dividend

The Company’s Board of Directors approved a quarterly dividend on April 26, 2017. The dividend of $0.11 per share will be payable on June 15, 2017 to stockholders of record at the close of business on June 9, 2017, and will equate to approximately $63 million in aggregate.

Financial Position

The Company’s cash balance at March 31, 2017 was $1.4 billion, which included $465 million at MGM China and $368 million at MGP. At March 31, 2017, the Company had $13.2 billion of principal amount of indebtedness outstanding, including $297 million outstanding under its $1.5 billion senior secured credit facility, $2.1 billion outstanding under the $2.7 billion Operating Partnership senior credit facility, $2.0 billion outstanding under the $3.0 billion MGM China credit facility, and $450 million outstanding under the $525 million MGM National Harbor credit facility.

“Our commitment to enhancing our financial position continues into 2017 as evidenced by the $300 million distribution from CityCenter and further deleveraging of the MGM Resorts balance sheet,” said Dan D’Arrigo, Executive Vice President and Chief Financial Officer of MGM Resorts. “We continue to focus on maximizing our cash flows and improving our capital structure, while supporting a disciplined approach to capital allocation and ultimately returning MGM Resorts to investment grade.”

 

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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 4326037. A replay of the call will be available through Thursday, May 4, 2017. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10103917. 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, 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.

 

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*    *    *

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is one of the world’s leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company opened MGM National Harbor in Maryland on December 8, 2016, and is in the process of developing MGM Springfield in Massachusetts. MGM Resorts controls and holds a 76 percent economic interest in the operating partnership of MGM Growth Properties LLC (NYSE: MGP), a premier triple-net lease real estate investment trust engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts. The Company also owns 56 percent of MGM China Holdings Limited (SEHK: 2282), which owns MGM MACAU and is developing MGM COTAI, and 50 percent of CityCenter in Las Vegas, which features ARIA Resort & Casino. MGM Resorts is named among FORTUNE® Magazine’s 2017 list of World’s Most Admired Companies®. For more information about MGM Resorts International, visit the Company’s website at www.mgmresorts.com.

Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company’s public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management’s current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company’s expectations regarding future results and the Company’s financial outlook (including REVPAR 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 later this year) 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 CONTACTS:      
Investment Community       News Media
CATHERINE PARK       GORDON ABSHER
Executive Director of Investor Relations       Vice President of Corporate Communications
(702) 693-8711 or cpark@mgmresorts.com       (702) 692-6767 or gabsher@mgmresorts.com

 

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MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

     Three Months Ended  
       March 31,         March 31,    
     2017     2016  

Revenues:

    

  Casino

   $ 1,505,389     $ 1,134,356  

  Rooms

     562,267       489,486  

  Food and beverage

     444,469       377,105  

  Entertainment

     130,347       118,326  

  Retail

     47,976       45,473  

  Other

     140,575       117,525  

  Reimbursed costs

     100,215       101,049  
  

 

 

   

 

 

 
     2,931,238       2,383,320  

  Less: Promotional allowances

     (223,059     (173,634
  

 

 

   

 

 

 
     2,708,179       2,209,686  
  

 

 

   

 

 

 

Expenses:

    

  Casino

     804,595       640,569  

  Rooms

     154,836       144,742  

  Food and beverage

     249,845       221,296  

  Entertainment

     99,939       92,288  

  Retail

     23,108       22,001  

  Other

     89,624       79,768  

  Reimbursed costs

     100,215       101,049  

  General and administrative

     388,835       308,543  

  Corporate expense

     73,173       71,248  

  Preopening and start-up expenses

     15,066       21,960  

  Property transactions, net

     1,696       5,131  

  Depreciation and amortization

     249,769       199,839  
  

 

 

   

 

 

 
     2,250,701       1,908,434  
  

 

 

   

 

 

 

Income from unconsolidated affiliates

     39,703       14,702  
  

 

 

   

 

 

 

Operating income

     497,181       315,954  
  

 

 

   

 

 

 

Non-operating income (expense):

    

  Interest expense, net of amounts capitalized

     (174,059     (184,669

  Non-operating items from unconsolidated affiliates

     (6,921     (18,212

  Other, net

     (817     (565
  

 

 

   

 

 

 
     (181,797     (203,446
  

 

 

   

 

 

 

Income before income taxes

     315,384       112,508  

  Provision for income taxes

     (62,375     (21,310
  

 

 

   

 

 

 

Net income

     253,009       91,198  

  Less: Net income attributable to noncontrolling interests

     (46,162     (24,399
  

 

 

   

 

 

 

Net income attributable to MGM Resorts International

   $ 206,847     $ 66,799  
  

 

 

   

 

 

 

Per share of common stock:

    

  Basic:

    

  Net income attributable to MGM Resorts International

   $ 0.36     $ 0.12  
  

 

 

   

 

 

 

  Weighted average shares outstanding

     574,403       565,056  
  

 

 

   

 

 

 

  Diluted:

    

  Net income attributable to MGM Resorts International

   $ 0.36     $ 0.12  
  

 

 

   

 

 

 

  Weighted average shares outstanding

     580,165       569,455  
  

 

 

   

 

 

 

 

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MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

     March 31,
2017
     December 31,
2016
 
ASSETS  

Current assets:

     

   Cash and cash equivalents

    $ 1,395,444        $ 1,446,581    

   Accounts receivable, net

     493,765          542,924    

   Inventories

     100,502          97,733    

   Prepaid expenses and other

     183,007          142,349    
  

 

 

    

 

 

 

          Total current assets

     2,172,718          2,229,587    
  

 

 

    

 

 

 

Property and equipment, net

     18,619,666          18,425,023    

Other assets:

     

  Investments in and advances to unconsolidated affiliates

     1,252,432          1,220,443    

  Goodwill

     1,814,028          1,817,119    

  Other intangible assets, net

     4,033,756          4,087,706    

  Other long-term assets, net

     410,492          393,423    
  

 

 

    

 

 

 

          Total other assets

     7,510,708          7,518,691    
  

 

 

    

 

 

 
    $         28,303,092         $         28,173,301    
  

 

 

    

 

 

 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:      

   Accounts payable

    $ 204,835        $ 250,477    

   Construction payable

     214,861          270,361    

   Income taxes payable

     77,348          10,654    

   Current portion of long-term debt

     -           8,375    

   Accrued interest on long-term debt

     112,096          159,028    

   Other accrued liabilities

     1,515,624          1,594,526    
  

 

 

    

 

 

 

          Total current liabilities

     2,124,764          2,293,421    
  

 

 

    

 

 

 
Deferred income taxes, net      2,541,746          2,551,228    
Long-term debt, net      13,099,190          12,979,220    
Other long-term obligations      340,906          325,981    
Redeemable noncontrolling interest      55,769          54,139    
Stockholders’ equity:      

   Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 574,466,085 and 574,123,706 shares

     5,745          5,741    

   Capital in excess of par value

     5,674,057          5,653,575    

   Retained earnings

     689,476          545,811    

   Accumulated other comprehensive income

     7,217          15,053    
  

 

 

    

 

 

 

          Total MGM Resorts International stockholders’ equity

     6,376,495          6,220,180    

   Noncontrolling interests

     3,764,222          3,749,132    
  

 

 

    

 

 

 

          Total stockholders’ equity

     10,140,717          9,969,312    
  

 

 

    

 

 

 
    $ 28,303,092         $ 28,173,301    
  

 

 

    

 

 

 

 

Page 8 of 13

 


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

 

     Three Months Ended  
         March 31,              March 31,      
         2017              2016      

Bellagio

    $               341,254         $               329,739    

MGM Grand Las Vegas

     267,526          268,454    

Mandalay Bay

     253,033          230,181    

The Mirage

     172,331          144,595    

Luxor

     101,627          92,872    

New York-New York

     89,939          81,371    

Excalibur

     78,980          74,288    

Monte Carlo

     72,533          69,720    

Circus Circus Las Vegas

     58,721          56,957    

MGM Grand Detroit

     144,232          140,865    

Beau Rivage

     89,177          89,437    

Gold Strike Tunica

     42,822          40,744    

Borgata

     201,081          -    

National Harbor

     173,159          -    
  

 

 

    

 

 

 

  Domestic resorts

     2,086,415          1,619,223    
  

 

 

    

 

 

 

MGM China

     502,374          469,029    

Management and other operations

     119,390          121,434    
  

 

 

    

 

 

 
    $             2,708,179         $             2,209,686    
  

 

 

    

 

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)

 

     Three Months Ended  
         March 31,              March 31,      
         2017              2016      

Bellagio

    $               129,107         $               116,651    

MGM Grand Las Vegas

     73,650          80,894    

Mandalay Bay

     78,117          58,122    

The Mirage

     62,095          38,330    

Luxor

     32,804          25,391    

New York-New York

     33,912          30,903    

Excalibur

     28,798          23,877    

Monte Carlo

     22,454          21,300    

Circus Circus Las Vegas

     15,958          13,293    

MGM Grand Detroit

     44,604          40,042    

Beau Rivage

     20,487          22,799    

Gold Strike Tunica

     14,726          13,329    

Borgata

     58,923          -    

National Harbor

     32,140          -    
  

 

 

    

 

 

 

  Domestic resorts

     647,775          484,931    
  

 

 

    

 

 

 

MGM China

     142,982          114,123    

Unconsolidated resorts (1)

     39,703          14,702    

Management and other operations

     10,916          4,115    
  

 

 

    

 

 

 
    $ 841,376         $ 617,871    
  

 

 

    

 

 

 

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

 

Page 9 of 13

 


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, 2017

 

   
    Operating
  income (loss)  
      Preopening and  
start-up

expenses
    Property
  transactions, net  
      Depreciation and  
amortization
    Adjusted
EBITDA
 
Bellagio     $ 106,876         $ -         $ 85         $ 22,146         $ 129,107    
MGM Grand Las Vegas     55,822         7         233         17,588         73,650    
Mandalay Bay     53,490         -         -         24,627         78,117    
The Mirage     52,760         -         -         9,335         62,095    
Luxor     23,083         -         (1)        9,722         32,804    
New York-New York     24,600         (8)        129         9,191         33,912    
Excalibur     24,541         -         55         4,202         28,798    
Monte Carlo     8,817         610         31         12,996         22,454    
Circus Circus Las Vegas     11,718         -         239         4,001         15,958    
MGM Grand Detroit     38,825         -         -         5,779         44,604    
Beau Rivage     14,450         -         -         6,037         20,487    
Gold Strike Tunica     12,413         -         (28)        2,341         14,726    
Borgata     38,884         35         804         19,200         58,923    
National Harbor     10,608         74         -         21,458         32,140    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  Domestic resorts     476,887         718         1,547         168,623         647,775    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
MGM China     73,190         9,824         149         59,819         142,982    
Unconsolidated resorts (1)     39,703         -         -         -         39,703    
Management and other operations     9,114         -         -         1,802         10,916    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
    598,894         10,542         1,696         230,244         841,376    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Stock compensation     (13,363)        -         -         -         (13,363)   

Corporate

    (88,350)        4,524         -         19,525         (64,301)   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
    $         497,181         $              15,066         $              1,696         $         249,769         $         763,712    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

  Domestic resorts

    364,538         14         5,026         115,353         484,931    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

MGM China

    47,452         5,908         (10)        60,773         114,123    

Unconsolidated resorts (1)

    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    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

 

Page 10 of 13

 


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)

 

     Three Months Ended  
       March 31,          March 31,    
     2017      2016  

Net income attributable to MGM Resorts International

    $  206,847        $ 66,799    

  Plus: Net income attributable to noncontrolling interests

     46,162          24,399    
  

 

 

    

 

 

 

Net income

     253,009          91,198    

  Provision for income taxes

     62,375          21,310    
  

 

 

    

 

 

 

Income before income taxes

     315,384          112,508    
  

 

 

    

 

 

 

Non-operating (income) expense:

     

  Interest expense, net of amounts capitalized

     174,059          184,669    

  Other, net

     7,738          18,777    
  

 

 

    

 

 

 
     181,797          203,446    
  

 

 

    

 

 

 

Operating income

     497,181          315,954    

  Preopening and start-up expenses

     15,066          21,960    

  Property transactions, net

     1,696          5,131    

  Depreciation and amortization

     249,769          199,839    
  

 

 

    

 

 

 

Adjusted EBITDA

    $ 763,712         $ 542,884    
  

 

 

    

 

 

 

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  
       March 31,          March 31,    
     2017      2016  

Domestic resorts Adjusted Property EBITDA

    $ 647,775         $ 484,931    

  Adjusted Property EBITDA related to Borgata

     (58,923)         -    

  Adjusted Property EBITDA related to National Harbor

     (32,140)         -    
  

 

 

    

 

 

 

Domestic resorts same-store Adjusted Property EBITDA

   $  556,712        $  484,931    
  

 

 

    

 

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)

 

     Three Months Ended  
       March 31,          March 31,    
     2017      2016  

Bellagio

     

  Occupancy %

     93.0%         91.5%   

  Average daily rate (ADR)

     $294         $281   

  Revenue per available room (REVPAR)

     $274         $257   

MGM Grand Las Vegas

     

  Occupancy %

     91.2%         90.9%   

  ADR

     $201         $186   

  REVPAR

     $184         $169   

Mandalay Bay

     

  Occupancy %

     91.0%         90.4%   

  ADR

     $238         $223   

  REVPAR

     $217         $201   

The Mirage

     

  Occupancy %

     91.9%         92.8%   

  ADR

     $193         $180   

  REVPAR

     $178         $167   

Luxor

     

  Occupancy %

     93.2%         94.1%   

  ADR

     $127         $110   

  REVPAR

     $118         $104   

New York-New York

     

  Occupancy %

     95.4%         96.8%   

  ADR

     $155         $144   

  REVPAR

     $148         $140   

Excalibur

     

  Occupancy %

     90.4%         91.6%   

  ADR

     $110         $96   

  REVPAR

     $99         $88   

Monte Carlo

     

  Occupancy %

     95.5%         96.0%   

  ADR

     $133         $126   

  REVPAR

     $127         $121   

Circus Circus Las Vegas

     

  Occupancy %

     80.5%         78.9%   

  ADR

     $90         $79   

  REVPAR

     $73         $62   

 

Page 11 of 13

 


CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

 

     Three Months Ended  
       March 31,          March 31,    
     2017      2016  

Aria

    $ 274,883         $ 254,725    

Vdara

     32,256          29,788    

Mandarin Oriental

     18,453          17,028    
  

 

 

    

 

 

 
    $ 325,592         $ 301,541    
  

 

 

    

 

 

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

 

    Three Months Ended  
      March 31,         March 31,    
    2017     2016  

Net income (loss)

  $ 44,437        $ (59,726)   

  Less: Income from discontinued operations

    -         11,557    
 

 

 

   

 

 

 

Income (loss) from continuing operations

    44,437         (48,169)   
 

 

 

   

 

 

 

 

Non-operating (income) expense:

   

  Interest expense, net of amounts capitalized

    12,760         17,444    

  Other, net

    (618)        3,582    
 

 

 

   

 

 

 
    12,142         21,026    
 

 

 

   

 

 

 

 

Operating income (loss)

    56,579         (27,143)   

  Property transactions, net

    (410)        (1,438)   

  Depreciation and amortization

    55,135         119,596    
 

 

 

   

 

 

 

Adjusted EBITDA

  $ 111,304       $ 91,015    
 

 

 

   

 

 

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)

 

     Three Months Ended  
     March 31,      March 31,  
     2017      2016  

Aria

     

  Occupancy %

     91.4%         90.4%   

  ADR

     $275         $255   

  REVPAR

     $251         $230   

Vdara

     

  Occupancy %

     90.1%         89.7%   

  ADR

     $224         $209   

  REVPAR

     $202         $188   

 

Page 12 of 13

 


CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended March 31, 2017

 

     Operating
    income (loss)    
    Preopening and
start-up
expenses
    Property
 transactions, net 
     Depreciation and 
amortization
     Adjusted EBITDA   

Aria

     $             54,114         $                     -         $                 (411)        $                 45,119         $                 98,822    

Vdara

     3,894         -         1         6,928         10,823    

Mandarin Oriental

     (392)        -         -         3,088         2,696    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resort operations

     57,616         -         (410)        55,135         112,341    

General and administrative

     (1,037)        -         -         -         (1,037)   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   $ 56,579       $ -       $ (410)      $ 55,135       $ 111,304    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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    

General and administrative

    159         -         (1,211)        -         (1,052)   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
    $             (27,143)      $ -       $                   (1,438)        $             119,596         $             91,015    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Page 13 of 13