EX-12 3 mgm-ex12_273.htm EX-12 mgm-ex12_273.htm

Exhibit 12

 

MGM RESORTS INTERNATIONAL

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In thousands, except ratio data)

 

  

 

Years Ended December 31,

 

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

 

2011

 

 

 

(In thousands)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes and (income) loss from unconsolidated affiliates

 

$

(1,224,189

)

 

$

435,761

 

 

$

202,550

 

 

$

(1,585,912

)

 

$

2,860,981

 

Fixed charges (see below)

 

 

862,377

 

 

 

846,321

 

 

 

862,417

 

 

 

1,117,327

 

 

 

1,086,865

 

Distributed income from unconsolidated affiliates

 

 

230,945

 

 

 

15,700

 

 

 

17,038

 

 

 

23,000

 

 

 

63,013

 

 

 

 

(130,867

)

 

 

1,297,782

 

 

 

1,082,005

 

 

 

(445,585

)

 

 

4,010,859

 

Capitalized interest

 

 

(64,798

)

 

 

(29,260

)

 

 

(5,070

)

 

 

(969

)

 

 

(33

)

 

 

 

(195,665

)

 

 

1,268,522

 

 

 

1,076,935

 

 

 

(446,554

)

 

 

4,010,826

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net (a)

 

$

797,579

 

 

$

817,061

 

 

$

857,347

 

 

$

1,116,358

 

 

$

1,086,832

 

Capitalized interest

 

 

64,798

 

 

 

29,260

 

 

 

5,070

 

 

 

969

 

 

 

33

 

 

 

 

862,377

 

 

 

846,321

 

 

 

862,417

 

 

 

1,117,327

 

 

 

1,086,865

 

Ratio of earnings to fixed charges

 

(b)

 

 

1.50x

 

 

1.25x

 

 

(b)

 

 

3.69x

 

Deficiency

 

$

1,058,042

 

 

$

–

 

 

$

–

 

 

$

1,563,881

 

 

$

–

 

 

(a)

Interest expense does not include the interest factor of rental expense as these amounts are not material. 

(b)

Earnings were inadequate to cover fixed charges.