LAS VEGAS, Oct. 31, 2013 /PRNewswire/ -- MGM
Resorts International (NYSE: MGM) today reported financial results
for the quarter ended September 30,
2013. Loss per share improved to ($0.07) compared to ($0.37) in the third quarter of 2012.
Comparability of the current and prior year consolidated results
was affected by certain items discussed below.
"I am pleased to report another solid quarter with double digit
EBITDA growth and increased margins, led by strength at MGM China
and our Las Vegas Strip properties," said Jim Murren, MGM Resorts International Chairman
and CEO. "These results are reflective of the continued
market share gains from programs such as M life and our focus on
international marketing strategies combined with our best in class
collection of resorts and amenities."
Key results for the third quarter of 2013 include the
following:
- Consolidated net revenue increased 9% over the prior year
quarter to $2.5 billion;
- Consolidated casino revenue increased 13% over the prior year
quarter;
- Rooms revenue at wholly owned domestic resorts increased 5%,
with a 3% increase in REVPAR(1) at the Company's Las
Vegas Strip resorts;
- Adjusted Property EBITDA(2) was $546 million, a 24% increase compared to the
prior year quarter;
- The Company's wholly owned domestic resorts earned Adjusted
Property EBITDA of $350 million, an
8% increase compared to the prior year quarter;
- The Company's wholly owned Las Vegas Strip resorts earned
Adjusted Property EBITDA of $280
million, a 12% increase compared to the prior year
quarter;
- MGM China's Adjusted EBITDA increased 25% to $191 million;
- CityCenter's Adjusted EBITDA related to resort operations was
$62 million, a 6% increase compared
to the prior year quarter; and
- Consolidated operating income increased to $248 million compared to $137 million in the prior year quarter.
Certain Items Affecting Third Quarter Results
The following table lists 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,
|
2013
|
2012
|
Property
transactions, net
|
$
(0.03)
|
$
(0.01)
|
Income (loss) from
unconsolidated affiliates:
|
|
|
CityCenter residential impairment charge
|
—
|
(0.02)
|
CityCenter Harmon demolition
cost
|
—
|
(0.02)
|
Income tax
provision:
|
|
|
Deferred tax valuation allowance
|
(0.06)
|
(0.09)
|
The current year third quarter results were affected by non-cash
impairment charges of $26 million,
primarily related to land holdings in Jean and Sloan, Nevada. The current year third quarter income
tax provision was affected by $28
million of valuation allowance on U.S. deferred tax assets,
including a valuation allowance related to tax benefit reflected in
other items in the above table.
The prior year third quarter results were affected by the
Company's share of CityCenter's non-cash residential impairment
charge related to Mandarin Oriental, estimated costs accrued for
the demolition of the Harmon, and by a valuation allowance for a
portion of U.S. deferred tax assets.
Wholly Owned Domestic Resorts
Casino revenue related to wholly owned domestic resorts
increased 3% compared to the prior year quarter. Table games
revenue increased 10% and the overall table games hold percentage
in the third quarter of 2013 was 21.5% compared to 20.4% for the
prior year quarter. Slots revenue increased 1% with a 3%
increase at the Company's Las Vegas Strip resorts.
Rooms revenue increased 5% with a 3% increase in Las Vegas Strip
REVPAR. The following table shows key hotel statistics for the
Company's Las Vegas Strip resorts:
Three months ended
September 30,
|
2013
|
2012
|
Occupancy
%
|
93%
|
92%
|
Average Daily Rate
(ADR)
|
$
127
|
$
124
|
Revenue per Available
Room (REVPAR)
|
$
117
|
$
114
|
Operating income for the Company's wholly owned domestic resorts
for the third quarter of 2013 was $199
million, an increase of 2% compared to the prior year
quarter.
MGM China
Key results for the third quarter of 2013 for MGM China include
the following:
- MGM China earned net revenue of $808
million, a 22% increase over the prior year quarter, due
primarily to increases in VIP revenues and main floor table games
revenues;
- VIP table games turnover increased 28% from the prior year
quarter, while hold percentage was 2.8% in the current year quarter
compared to 3.0% in the prior year quarter;
- Main floor table games and slots win increased 31% and 4%,
respectively, compared to the prior year quarter;
- Adjusted EBITDA of $191 million,
a 25% increase over the prior year quarter, including $8 million of branding fee expense in the current
quarter versus $5 million in the
prior year quarter; and
- MGM China's operating income was $114
million compared to $61
million in the prior year quarter.
MGM China is currently developing a second resort and casino,
MGM Cotai, on an approximately 17.8 acre site in Cotai,
Macau. MGM Cotai will feature approximately 1,600 hotel
rooms, casino, convention and meeting space, entertainment, spa,
retail outlets and food and beverage offerings. Current plans
include introducing the Company's Mansion luxury villas.
Groundbreaking took place in February
2013 and the project continues to remain on pace for an
anticipated early 2016 opening. In May
2013, MGM China signed a deal with China State Construction
to serve as sole general contractor for the project. The total
project budget, excluding capitalized interest and land, is
$2.6 billion.
Income (Loss) from Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of operating income (loss) from unconsolidated
affiliates, adjusted for the effect of certain basis
differences:
Three months ended
September 30,
|
2013
|
|
2012
|
|
(In
thousands)
|
|
|
CityCenter
|
$
(2,881)
|
|
$
(42,814)
|
Other
|
6,809
|
|
4,871
|
|
$ 3,928
|
|
$ (37,943)
|
|
|
|
|
Key results for the third quarter of 2013 for CityCenter
Holdings, LLC include the following (see schedules accompanying
this release for further detail on CityCenter's third quarter
results):
- Net revenue from resort operations increased to $268 million, a 2% increase from the prior year
quarter;
- Adjusted EBITDA from resort operations increased 6% to
$62 million compared to the prior
year quarter;
- Aria's table games hold percentage was 22.5% in the current
year quarter compared to 29.3% in the prior year quarter; and
- Aria's occupancy percentage was 89% and its ADR was
$197, resulting in REVPAR of
$177, a 4% increase compared to the
prior year quarter.
CityCenter's results for the third quarter of 2012 included
approximately $36 million for a
residential impairment charge related to Mandarin Oriental and
$32 million for accrued costs related
to the future demolition of the Harmon.
As announced earlier this month, CityCenter closed a
$1.775 billion senior secured credit
facility comprised of a $75 million
revolving facility, which matures in October
2018, and a $1.7 billion term
loan B facility, which matures in October
2020. Concurrent with the closing of the new senior
secured credit facility, CityCenter issued a notice of full
redemption with respect to its existing 7.625% senior secured
first lien notes and 10.75% senior secured second lien PIK toggle
notes and deposited sufficient funds to discharge the notes.
The new revolving facility was undrawn at closing.
Financial Position
"We continue to execute on our goals of improving the Company's
free cash flow," said Dan D'Arrigo, MGM Resorts International
Executive Vice President, CFO and Treasurer. "This is
evidenced by our year to date EBITDA growth of 17% as well as an
expected reduction in our cash interest expense this year of
approximately $220 million. We
continue to be opportunistic in accessing the capital markets as
indicated by our recent CityCenter refinancing, which will lower
its annual cash interest expense by approximately $80 million."
The Company's cash balance at September
30, 2013 was $1.4 billion,
which included $925 million at MGM
China. At September 30, 2013
the Company had $2.9 billion of
borrowings outstanding under its $4.0
billion senior credit facility and $553 million outstanding under the $2.0 billion MGM China credit facility. The
Company repaid net long-term debt of $77
million during the third quarter, bringing total net
repayments during 2013 to $553
million.
Conference Call Details
MGM Resorts International 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 1-800-560-7376 for domestic callers and 1-706-758-3659
for international callers. The conference call access code is
83280135. A replay of the call will be available through
Thursday, November 7, 2013. The
replay may be accessed by dialing 1-855-859-2056 or
1-404-537-3406. The replay access code is 83280135. 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 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 peerless
portfolio of destination resort brands, including Bellagio, MGM
Grand, Mandalay Bay and The Mirage. In addition to its 51%
interest in MGM China Holdings, Limited, which owns the MGM Macau
resort and casino and is in the process of developing a gaming
resort in Cotai, the Company has significant holdings in gaming,
hospitality and entertainment, owns and operates 15 properties
located in Nevada, Mississippi and Michigan, and has 50% investments in three
other properties in Nevada and
Illinois. One of those investments
is CityCenter, an unprecedented urban resort destination on the Las
Vegas Strip featuring its centerpiece ARIA Resort & Casino.
Leveraging MGM Resorts' unmatched amenities, the M life loyalty
program delivers one-of-a-kind experiences, insider privileges and
personalized rewards for guests at the Company's renowned
properties nationwide. Through its hospitality management
subsidiary, the Company holds a growing number of development and
management agreements for casino and non-casino resort projects
around the world. MGM Resorts International supports responsible
gaming and has implemented the American Gaming Association's Code
of Conduct for Responsible Gaming at its gaming properties. The
Company has been honored with numerous awards and recognitions for
its industry-leading Diversity Initiative, its community
philanthropy programs and the Company's commitment to sustainable
development and operations. 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,
statements regarding the development of MGM Cotai, including
related construction and development costs, and the Company's
ability to execute additional transactions to further reduce its
interest expense and improve free cash flow. 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 our 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,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
1,460,300
|
|
$
|
1,294,318
|
|
$
|
4,304,877
|
|
$
|
3,928,548
|
|
Rooms
|
|
413,060
|
|
|
393,055
|
|
|
1,252,020
|
|
|
1,205,441
|
|
Food and
beverage
|
|
366,988
|
|
|
361,252
|
|
|
1,121,117
|
|
|
1,126,096
|
|
Entertainment
|
|
145,799
|
|
|
123,168
|
|
|
380,654
|
|
|
364,477
|
|
Retail
|
|
52,151
|
|
|
51,211
|
|
|
149,606
|
|
|
149,921
|
|
Other
|
|
123,180
|
|
|
127,567
|
|
|
374,920
|
|
|
373,590
|
|
Reimbursed
costs
|
|
92,038
|
|
|
87,682
|
|
|
275,015
|
|
|
269,159
|
|
|
|
2,653,516
|
|
|
2,438,253
|
|
|
7,858,209
|
|
|
7,417,232
|
|
Less: Promotional
allowances
|
|
(190,479)
|
|
|
(183,275)
|
|
|
(561,759)
|
|
|
(550,899)
|
|
|
|
2,463,037
|
|
|
2,254,978
|
|
|
7,296,450
|
|
|
6,866,333
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
913,137
|
|
|
826,072
|
|
|
2,705,190
|
|
|
2,519,757
|
|
Rooms
|
|
132,386
|
|
|
128,546
|
|
|
394,096
|
|
|
384,598
|
|
Food and
beverage
|
|
214,683
|
|
|
209,686
|
|
|
645,119
|
|
|
643,892
|
|
Entertainment
|
|
107,939
|
|
|
92,888
|
|
|
281,604
|
|
|
270,235
|
|
Retail
|
|
28,053
|
|
|
29,064
|
|
|
81,884
|
|
|
85,888
|
|
Other
|
|
91,841
|
|
|
88,616
|
|
|
270,633
|
|
|
263,673
|
|
Reimbursed
costs
|
|
92,038
|
|
|
87,682
|
|
|
275,015
|
|
|
269,159
|
|
General and
administrative
|
|
342,847
|
|
|
319,106
|
|
|
961,072
|
|
|
931,873
|
|
Corporate
expense
|
|
54,190
|
|
|
62,992
|
|
|
153,178
|
|
|
147,792
|
|
Preopening and
start-up expenses
|
|
4,279
|
|
|
765
|
|
|
9,931
|
|
|
765
|
|
Property
transactions, net
|
|
26,127
|
|
|
5,803
|
|
|
122,749
|
|
|
97,187
|
|
Depreciation and
amortization
|
|
211,682
|
|
|
228,414
|
|
|
641,751
|
|
|
700,866
|
|
|
|
2,219,202
|
|
|
2,079,634
|
|
|
6,542,222
|
|
|
6,315,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
unconsolidated affiliates
|
|
3,928
|
|
|
(37,943)
|
|
|
26,954
|
|
|
(45,266)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
247,763
|
|
|
137,401
|
|
|
781,182
|
|
|
505,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(208,939)
|
|
|
(275,771)
|
|
|
(648,886)
|
|
|
(836,436)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(22,673)
|
|
|
(20,901)
|
|
|
(83,616)
|
|
|
(68,603)
|
|
Other,
net
|
|
(676)
|
|
|
2,012
|
|
|
(6,909)
|
|
|
(55,518)
|
|
|
|
(232,288)
|
|
|
(294,660)
|
|
|
(739,411)
|
|
|
(960,557)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
15,475
|
|
|
(157,259)
|
|
|
41,771
|
|
|
(455,175)
|
|
Benefit
(provision) for income taxes
|
|
8,150
|
|
|
2,585
|
|
|
(26,146)
|
|
|
26,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
23,625
|
|
|
(154,674)
|
|
|
15,625
|
|
|
(428,415)
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(55,484)
|
|
|
(26,485)
|
|
|
(133,896)
|
|
|
(115,449)
|
Net loss
attributable to MGM Resorts International
|
$
|
(31,859)
|
|
$
|
(181,159)
|
|
$
|
(118,271)
|
|
$
|
(543,864)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share of
common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to MGM Resorts International
|
$
|
(0.07)
|
|
$
|
(0.37)
|
|
$
|
(0.24)
|
|
$
|
(1.11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
489,672
|
|
|
488,945
|
|
|
489,484
|
|
|
488,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to MGM Resorts International
|
$
|
(0.07)
|
|
$
|
(0.37)
|
|
$
|
(0.24)
|
|
$
|
(1.11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
489,672
|
|
|
488,945
|
|
|
489,484
|
|
|
488,913
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,375,403
|
|
$
|
1,543,509
|
|
Accounts
receivable, net
|
|
411,077
|
|
|
443,677
|
|
Inventories
|
|
98,330
|
|
|
107,577
|
|
Deferred income
taxes, net
|
|
126,396
|
|
|
179,431
|
|
Prepaid expenses
and other
|
|
272,809
|
|
|
232,898
|
|
|
Total current
assets
|
|
2,284,015
|
|
|
2,507,092
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
13,969,293
|
|
|
14,194,652
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
1,416,462
|
|
|
1,444,547
|
|
Goodwill
|
|
2,900,758
|
|
|
2,902,847
|
|
Other intangible
assets, net
|
|
4,548,415
|
|
|
4,737,833
|
|
Other long-term
assets, net
|
|
539,892
|
|
|
497,767
|
|
|
Total other
assets
|
|
9,405,527
|
|
|
9,582,994
|
|
|
|
$
|
25,658,835
|
|
$
|
26,284,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
202,792
|
|
$
|
199,620
|
|
Income taxes
payable
|
|
2,500
|
|
|
1,350
|
|
Accrued interest
on long-term debt
|
|
183,958
|
|
|
206,736
|
|
Other accrued
liabilities
|
|
1,772,220
|
|
|
1,517,965
|
|
|
Total current
liabilities
|
|
2,161,470
|
|
|
1,925,671
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
2,478,063
|
|
|
2,473,889
|
Long-term
debt
|
|
13,034,518
|
|
|
13,589,283
|
Other long-term
obligations
|
|
157,613
|
|
|
179,879
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01 par value: authorized
1,000,000,000 shares,
issued and outstanding 489,814,210
and 489,234,401 shares
|
|
4,898
|
|
|
4,892
|
|
Capital in excess
of par value
|
|
4,150,413
|
|
|
4,132,655
|
|
Retained
earnings
|
|
95,427
|
|
|
213,698
|
|
Accumulated other
comprehensive income
|
|
11,619
|
|
|
14,303
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
4,262,357
|
|
|
4,365,548
|
|
Noncontrolling
interests
|
|
3,564,814
|
|
|
3,750,468
|
|
|
Total
stockholders' equity
|
|
7,827,171
|
|
|
8,116,016
|
|
|
|
$
|
25,658,835
|
|
$
|
26,284,738
|
|
|
|
|
|
|
|
|
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,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Bellagio
|
$
|
274,812
|
|
$
|
259,501
|
|
$
|
878,643
|
|
$
|
840,233
|
|
MGM Grand Las
Vegas
|
|
274,265
|
|
|
239,713
|
|
|
788,581
|
|
|
702,589
|
|
Mandalay
Bay
|
|
214,289
|
|
|
183,466
|
|
|
595,108
|
|
|
555,857
|
|
The
Mirage
|
|
146,290
|
|
|
162,920
|
|
|
433,226
|
|
|
457,388
|
|
Luxor
|
|
85,903
|
|
|
81,343
|
|
|
247,075
|
|
|
247,986
|
|
New York-New
York
|
|
66,485
|
|
|
67,166
|
|
|
204,823
|
|
|
206,807
|
|
Excalibur
|
|
67,807
|
|
|
66,809
|
|
|
199,583
|
|
|
197,808
|
|
Monte
Carlo
|
|
64,971
|
|
|
64,425
|
|
|
200,362
|
|
|
195,788
|
|
Circus Circus Las
Vegas
|
|
55,044
|
|
|
56,807
|
|
|
152,227
|
|
|
158,606
|
|
MGM Grand
Detroit
|
|
133,764
|
|
|
139,284
|
|
|
407,225
|
|
|
431,676
|
|
Beau
Rivage
|
|
91,968
|
|
|
91,704
|
|
|
258,837
|
|
|
265,254
|
|
Gold Strike
Tunica
|
|
39,525
|
|
|
39,789
|
|
|
112,967
|
|
|
115,797
|
|
Other resort
operations
|
|
32,990
|
|
|
33,228
|
|
|
94,640
|
|
|
95,192
|
|
Wholly
owned domestic resorts
|
|
1,548,113
|
|
|
1,486,155
|
|
|
4,573,297
|
|
|
4,470,981
|
|
MGM
China
|
|
808,471
|
|
|
665,074
|
|
|
2,391,177
|
|
|
2,076,460
|
|
Management and
other operations
|
|
106,453
|
|
|
103,749
|
|
|
331,976
|
|
|
318,892
|
|
|
$
|
2,463,037
|
|
$
|
2,254,978
|
|
$
|
7,296,450
|
|
$
|
6,866,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Bellagio
|
$
|
70,111
|
|
$
|
54,133
|
|
$
|
259,212
|
|
$
|
207,929
|
|
MGM Grand Las
Vegas
|
|
66,098
|
|
|
48,378
|
|
|
177,738
|
|
|
114,735
|
|
Mandalay
Bay
|
|
42,036
|
|
|
34,392
|
|
|
130,808
|
|
|
120,605
|
|
The
Mirage
|
|
29,775
|
|
|
39,507
|
|
|
84,464
|
|
|
91,993
|
|
Luxor
|
|
15,285
|
|
|
15,717
|
|
|
49,147
|
|
|
51,426
|
|
New York-New
York
|
|
20,709
|
|
|
20,954
|
|
|
67,781
|
|
|
68,929
|
|
Excalibur
|
|
15,336
|
|
|
15,394
|
|
|
50,216
|
|
|
48,698
|
|
Monte
Carlo
|
|
15,245
|
|
|
13,150
|
|
|
52,614
|
|
|
44,554
|
|
Circus Circus Las
Vegas
|
|
5,848
|
|
|
8,322
|
|
|
15,701
|
|
|
21,611
|
|
MGM Grand
Detroit
|
|
36,855
|
|
|
39,264
|
|
|
115,170
|
|
|
124,840
|
|
Beau
Rivage
|
|
21,258
|
|
|
22,722
|
|
|
51,597
|
|
|
59,173
|
|
Gold Strike
Tunica
|
|
9,502
|
|
|
11,041
|
|
|
28,007
|
|
|
33,662
|
|
Other resort
operations
|
|
2,002
|
|
|
1,790
|
|
|
4,245
|
|
|
2,739
|
|
Wholly
owned domestic resorts
|
|
350,060
|
|
|
324,764
|
|
|
1,086,700
|
|
|
990,894
|
|
MGM
China
|
|
190,772
|
|
|
152,491
|
|
|
576,042
|
|
|
503,572
|
|
CityCenter
(50%)(1)
|
|
(2,881)
|
|
|
(42,814)
|
|
|
9,675
|
|
|
(60,745)
|
|
Other
unconsolidated resorts(1)
|
|
6,809
|
|
|
4,871
|
|
|
17,279
|
|
|
15,479
|
|
Management and
other operations
|
|
1,644
|
|
|
(409)
|
|
|
26,465
|
|
|
14,394
|
|
|
$
|
546,404
|
|
$
|
438,903
|
|
$
|
1,716,161
|
|
$
|
1,463,594
|
|
|
|
|
(1)
|
Represents the
Company's share of operating income (loss), adjusted for the effect
of certain basis differences.
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
$
|
47,576
|
|
$
|
-
|
|
$
|
(69)
|
|
$
|
22,604
|
|
$
|
70,111
|
|
|
MGM Grand Las
Vegas
|
|
43,059
|
|
|
-
|
|
|
422
|
|
|
22,617
|
|
|
66,098
|
|
|
Mandalay
Bay
|
|
19,209
|
|
|
1,076
|
|
|
17
|
|
|
21,734
|
|
|
42,036
|
|
|
The
Mirage
|
|
17,198
|
|
|
-
|
|
|
30
|
|
|
12,547
|
|
|
29,775
|
|
|
Luxor
|
|
5,708
|
|
|
646
|
|
|
(373)
|
|
|
9,304
|
|
|
15,285
|
|
|
New York-New
York
|
|
13,631
|
|
|
-
|
|
|
1,886
|
|
|
5,192
|
|
|
20,709
|
|
|
Excalibur
|
|
11,732
|
|
|
-
|
|
|
22
|
|
|
3,582
|
|
|
15,336
|
|
|
Monte
Carlo
|
|
10,025
|
|
|
82
|
|
|
554
|
|
|
4,584
|
|
|
15,245
|
|
|
Circus Circus Las
Vegas
|
|
863
|
|
|
-
|
|
|
1,037
|
|
|
3,948
|
|
|
5,848
|
|
|
MGM Grand
Detroit
|
|
31,265
|
|
|
-
|
|
|
-
|
|
|
5,590
|
|
|
36,855
|
|
|
Beau
Rivage
|
|
14,004
|
|
|
-
|
|
|
(14)
|
|
|
7,268
|
|
|
21,258
|
|
|
Gold Strike
Tunica
|
|
6,038
|
|
|
-
|
|
|
-
|
|
|
3,464
|
|
|
9,502
|
|
|
Other resort
operations
|
|
(21,107)
|
|
|
-
|
|
|
22,553
|
|
|
556
|
|
|
2,002
|
|
|
Wholly
owned domestic resorts
|
|
199,201
|
|
|
1,804
|
|
|
26,065
|
|
|
122,990
|
|
|
350,060
|
|
|
MGM
China
|
|
114,071
|
|
|
2,286
|
|
|
20
|
|
|
74,395
|
|
|
190,772
|
|
|
CityCenter
(50%)
|
|
(2,881)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2,881)
|
|
|
Other
unconsolidated resorts
|
|
6,809
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
6,809
|
|
|
Management and
other operations
|
|
(1,511)
|
|
|
189
|
|
|
4
|
|
|
2,962
|
|
|
1,644
|
|
|
|
|
315,689
|
|
|
4,279
|
|
|
26,089
|
|
|
200,347
|
|
|
546,404
|
|
|
Stock
compensation
|
|
(5,968)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(5,968)
|
|
|
Corporate
|
|
(61,958)
|
|
|
-
|
|
|
38
|
|
|
11,335
|
|
|
(50,585)
|
|
|
|
$
|
247,763
|
|
$
|
4,279
|
|
$
|
26,127
|
|
$
|
211,682
|
|
$
|
489,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
$
|
30,454
|
|
$
|
-
|
|
$
|
52
|
|
$
|
23,627
|
|
$
|
54,133
|
|
|
MGM Grand Las
Vegas
|
|
24,375
|
|
|
-
|
|
|
3,497
|
|
|
20,506
|
|
|
48,378
|
|
|
Mandalay
Bay
|
|
15,251
|
|
|
-
|
|
|
392
|
|
|
18,749
|
|
|
34,392
|
|
|
The
Mirage
|
|
25,949
|
|
|
-
|
|
|
541
|
|
|
13,017
|
|
|
39,507
|
|
|
Luxor
|
|
6,076
|
|
|
-
|
|
|
765
|
|
|
8,876
|
|
|
15,717
|
|
|
New York-New
York
|
|
15,619
|
|
|
-
|
|
|
148
|
|
|
5,187
|
|
|
20,954
|
|
|
Excalibur
|
|
11,016
|
|
|
-
|
|
|
-
|
|
|
4,378
|
|
|
15,394
|
|
|
Monte
Carlo
|
|
8,332
|
|
|
-
|
|
|
9
|
|
|
4,809
|
|
|
13,150
|
|
|
Circus Circus Las
Vegas
|
|
3,541
|
|
|
-
|
|
|
-
|
|
|
4,781
|
|
|
8,322
|
|
|
MGM Grand
Detroit
|
|
30,206
|
|
|
641
|
|
|
37
|
|
|
8,380
|
|
|
39,264
|
|
|
Beau
Rivage
|
|
15,129
|
|
|
-
|
|
|
(78)
|
|
|
7,671
|
|
|
22,722
|
|
|
Gold Strike
Tunica
|
|
7,825
|
|
|
-
|
|
|
1
|
|
|
3,215
|
|
|
11,041
|
|
|
Other resort
operations
|
|
1,176
|
|
|
-
|
|
|
(8)
|
|
|
622
|
|
|
1,790
|
|
|
Wholly
owned domestic resorts
|
|
194,949
|
|
|
641
|
|
|
5,356
|
|
|
123,818
|
|
|
324,764
|
|
|
MGM
China
|
|
60,527
|
|
|
-
|
|
|
426
|
|
|
91,538
|
|
|
152,491
|
|
|
CityCenter
(50%)
|
|
(42,938)
|
|
|
124
|
|
|
-
|
|
|
-
|
|
|
(42,814)
|
|
|
Other
unconsolidated resorts
|
|
4,871
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4,871
|
|
|
Management and
other operations
|
|
(3,574)
|
|
|
-
|
|
|
-
|
|
|
3,165
|
|
|
(409)
|
|
|
|
|
213,835
|
|
|
765
|
|
|
5,782
|
|
|
218,521
|
|
|
438,903
|
|
|
Stock
compensation
|
|
(7,897)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(7,897)
|
|
|
Corporate
|
|
(68,537)
|
|
|
-
|
|
|
21
|
|
|
9,893
|
|
|
(58,623)
|
|
|
|
$
|
137,401
|
|
$
|
765
|
|
$
|
5,803
|
|
$
|
228,414
|
|
$
|
372,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
|
$
|
185,354
|
|
$
|
-
|
|
$
|
272
|
|
$
|
73,586
|
|
$
|
259,212
|
|
MGM Grand Las
Vegas
|
|
|
113,431
|
|
|
-
|
|
|
1,192
|
|
|
63,115
|
|
|
177,738
|
|
Mandalay
Bay
|
|
|
63,445
|
|
|
1,550
|
|
|
2,453
|
|
|
63,360
|
|
|
130,808
|
|
The
Mirage
|
|
|
42,462
|
|
|
-
|
|
|
4,325
|
|
|
37,677
|
|
|
84,464
|
|
Luxor
|
|
|
18,580
|
|
|
758
|
|
|
2,554
|
|
|
27,255
|
|
|
49,147
|
|
New York-New
York
|
|
|
49,326
|
|
|
-
|
|
|
2,416
|
|
|
16,039
|
|
|
67,781
|
|
Excalibur
|
|
|
39,276
|
|
|
-
|
|
|
35
|
|
|
10,905
|
|
|
50,216
|
|
Monte
Carlo
|
|
|
35,066
|
|
|
140
|
|
|
3,506
|
|
|
13,902
|
|
|
52,614
|
|
Circus Circus Las
Vegas
|
|
|
1,275
|
|
|
-
|
|
|
1,047
|
|
|
13,379
|
|
|
15,701
|
|
MGM Grand
Detroit
|
|
|
98,345
|
|
|
-
|
|
|
-
|
|
|
16,825
|
|
|
115,170
|
|
Beau
Rivage
|
|
|
29,163
|
|
|
-
|
|
|
(305)
|
|
|
22,739
|
|
|
51,597
|
|
Gold Strike
Tunica
|
|
|
16,824
|
|
|
-
|
|
|
1,174
|
|
|
10,009
|
|
|
28,007
|
|
Other resort
operations
|
|
|
(19,994)
|
|
|
-
|
|
|
22,552
|
|
|
1,687
|
|
|
4,245
|
|
Wholly
owned domestic resorts
|
|
|
672,553
|
|
|
2,448
|
|
|
41,221
|
|
|
370,478
|
|
|
1,086,700
|
|
MGM
China
|
|
|
339,322
|
|
|
6,918
|
|
|
365
|
|
|
229,437
|
|
|
576,042
|
|
CityCenter
(50%)
|
|
|
9,299
|
|
|
376
|
|
|
-
|
|
|
-
|
|
|
9,675
|
|
Other
unconsolidated resorts
|
|
|
17,279
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
17,279
|
|
Management and
other operations
|
|
|
17,383
|
|
|
189
|
|
|
4
|
|
|
8,889
|
|
|
26,465
|
|
|
|
|
1,055,836
|
|
|
9,931
|
|
|
41,590
|
|
|
608,804
|
|
|
1,716,161
|
|
Stock
compensation
|
|
|
(19,157)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(19,157)
|
|
Corporate
|
|
|
(255,497)
|
|
|
-
|
|
|
81,159
|
|
|
32,947
|
|
|
(141,391)
|
|
|
|
$
|
781,182
|
|
$
|
9,931
|
|
$
|
122,749
|
|
$
|
641,751
|
|
$
|
1,555,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
|
$
|
135,874
|
|
$
|
-
|
|
$
|
406
|
|
$
|
71,649
|
|
$
|
207,929
|
|
MGM Grand Las
Vegas
|
|
|
50,796
|
|
|
-
|
|
|
4,627
|
|
|
59,312
|
|
|
114,735
|
|
Mandalay
Bay
|
|
|
60,817
|
|
|
-
|
|
|
937
|
|
|
58,851
|
|
|
120,605
|
|
The
Mirage
|
|
|
52,691
|
|
|
-
|
|
|
611
|
|
|
38,691
|
|
|
91,993
|
|
Luxor
|
|
|
23,691
|
|
|
-
|
|
|
950
|
|
|
26,785
|
|
|
51,426
|
|
New York-New
York
|
|
|
52,318
|
|
|
-
|
|
|
391
|
|
|
16,220
|
|
|
68,929
|
|
Excalibur
|
|
|
35,407
|
|
|
-
|
|
|
3
|
|
|
13,288
|
|
|
48,698
|
|
Monte
Carlo
|
|
|
29,235
|
|
|
-
|
|
|
567
|
|
|
14,752
|
|
|
44,554
|
|
Circus Circus Las
Vegas
|
|
|
7,079
|
|
|
-
|
|
|
77
|
|
|
14,455
|
|
|
21,611
|
|
MGM Grand
Detroit
|
|
|
94,975
|
|
|
641
|
|
|
921
|
|
|
28,303
|
|
|
124,840
|
|
Beau
Rivage
|
|
|
36,252
|
|
|
-
|
|
|
(70)
|
|
|
22,991
|
|
|
59,173
|
|
Gold Strike
Tunica
|
|
|
23,758
|
|
|
-
|
|
|
3
|
|
|
9,901
|
|
|
33,662
|
|
Other resort
operations
|
|
|
958
|
|
|
-
|
|
|
(22)
|
|
|
1,803
|
|
|
2,739
|
|
Wholly
owned domestic resorts
|
|
|
603,851
|
|
|
641
|
|
|
9,401
|
|
|
377,001
|
|
|
990,894
|
|
MGM
China
|
|
|
218,869
|
|
|
-
|
|
|
1,890
|
|
|
282,813
|
|
|
503,572
|
|
CityCenter
(50%)
|
|
|
(60,869)
|
|
|
124
|
|
|
-
|
|
|
-
|
|
|
(60,745)
|
|
Other
unconsolidated resorts
|
|
|
15,479
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
15,479
|
|
Management and
other operations
|
|
|
3,692
|
|
|
-
|
|
|
-
|
|
|
10,702
|
|
|
14,394
|
|
|
|
|
781,022
|
|
|
765
|
|
|
11,291
|
|
|
670,516
|
|
|
1,463,594
|
|
Stock
compensation
|
|
|
(25,998)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(25,998)
|
|
Corporate
|
|
|
(249,642)
|
|
|
-
|
|
|
85,896
|
|
|
30,350
|
|
|
(133,396)
|
|
|
|
$
|
505,382
|
|
$
|
765
|
|
$
|
97,187
|
|
$
|
700,866
|
|
$
|
1,304,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME (LOSS)
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Adjusted
EBITDA
|
|
$
|
489,851
|
|
$
|
372,383
|
|
$
|
1,555,613
|
|
$
|
1,304,200
|
Preopening
and start-up expenses
|
|
|
(4,279)
|
|
|
(765)
|
|
|
(9,931)
|
|
|
(765)
|
Property
transactions, net
|
|
|
(26,127)
|
|
|
(5,803)
|
|
|
(122,749)
|
|
|
(97,187)
|
Depreciation and amortization
|
|
|
(211,682)
|
|
|
(228,414)
|
|
|
(641,751)
|
|
|
(700,866)
|
Operating
income
|
|
|
247,763
|
|
|
137,401
|
|
|
781,182
|
|
|
505,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
|
(208,939)
|
|
|
(275,771)
|
|
|
(648,886)
|
|
|
(836,436)
|
Other,
net
|
|
|
(23,349)
|
|
|
(18,889)
|
|
|
(90,525)
|
|
|
(124,121)
|
|
|
|
|
(232,288)
|
|
|
(294,660)
|
|
|
(739,411)
|
|
|
(960,557)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
|
15,475
|
|
|
(157,259)
|
|
|
41,771
|
|
|
(455,175)
|
Benefit
(provision) for income taxes
|
|
|
8,150
|
|
|
2,585
|
|
|
(26,146)
|
|
|
26,760
|
Net income
(loss)
|
|
|
23,625
|
|
|
(154,674)
|
|
|
15,625
|
|
|
(428,415)
|
Less: Net
income attributable to noncontrolling interests
|
|
|
(55,484)
|
|
|
(26,485)
|
|
|
(133,896)
|
|
|
(115,449)
|
Net loss
attributable to MGM Resorts International
|
|
$
|
(31,859)
|
|
$
|
(181,159)
|
|
$
|
(118,271)
|
|
$
|
(543,864)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS - LAS VEGAS STRIP
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
93.2%
|
|
|
92.7%
|
|
|
93.9%
|
|
|
94.2%
|
|
Average daily rate (ADR)
|
|
|
$232
|
|
|
$232
|
|
|
$240
|
|
|
$234
|
|
Revenue per available room (REVPAR)
|
|
|
$216
|
|
|
$215
|
|
|
$225
|
|
|
$220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
95.2%
|
|
|
94.1%
|
|
|
94.9%
|
|
|
94.6%
|
|
ADR
|
|
|
$135
|
|
|
$135
|
|
|
$141
|
|
|
$139
|
|
REVPAR
|
|
|
$129
|
|
|
$127
|
|
|
$134
|
|
|
$131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
91.5%
|
|
|
93.4%
|
|
|
91.5%
|
|
|
92.9%
|
|
ADR
|
|
|
$176
|
|
|
$168
|
|
|
$184
|
|
|
$178
|
|
REVPAR
|
|
|
$161
|
|
|
$157
|
|
|
$168
|
|
|
$166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
96.1%
|
|
|
96.4%
|
|
|
95.9%
|
|
|
95.9%
|
|
ADR
|
|
|
$144
|
|
|
$139
|
|
|
$148
|
|
|
$148
|
|
REVPAR
|
|
|
$138
|
|
|
$134
|
|
|
$142
|
|
|
$142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
92.9%
|
|
|
91.0%
|
|
|
92.9%
|
|
|
91.7%
|
|
ADR
|
|
|
$87
|
|
|
$86
|
|
|
$88
|
|
|
$88
|
|
REVPAR
|
|
|
$81
|
|
|
$78
|
|
|
$81
|
|
|
$81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
96.9%
|
|
|
94.5%
|
|
|
97.5%
|
|
|
95.5%
|
|
ADR
|
|
|
$108
|
|
|
$108
|
|
|
$112
|
|
|
$110
|
|
REVPAR
|
|
|
$105
|
|
|
$102
|
|
|
$109
|
|
|
$105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
92.2%
|
|
|
91.2%
|
|
|
91.2%
|
|
|
90.9%
|
|
ADR
|
|
|
$73
|
|
|
$71
|
|
|
$73
|
|
|
$72
|
|
REVPAR
|
|
|
$67
|
|
|
$64
|
|
|
$66
|
|
|
$65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
95.3%
|
|
|
93.4%
|
|
|
96.3%
|
|
|
94.9%
|
|
ADR
|
|
|
$103
|
|
|
$102
|
|
|
$104
|
|
|
$103
|
|
REVPAR
|
|
|
$98
|
|
|
$96
|
|
|
$100
|
|
|
$98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
83.3%
|
|
|
83.9%
|
|
|
80.8%
|
|
|
81.1%
|
|
ADR
|
|
|
$55
|
|
|
$52
|
|
|
$55
|
|
|
$54
|
|
REVPAR
|
|
|
$45
|
|
|
$44
|
|
|
$44
|
|
|
$44
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
$
|
217,495
|
|
$
|
217,306
|
|
$
|
702,107
|
|
$
|
638,772
|
|
|
|
|
|
Vdara
|
|
21,865
|
|
|
20,969
|
|
|
68,279
|
|
|
65,532
|
|
|
|
|
|
Crystals
|
|
15,620
|
|
|
13,534
|
|
|
45,071
|
|
|
38,994
|
|
|
|
|
|
Mandarin
Oriental
|
|
12,690
|
|
|
11,222
|
|
|
40,184
|
|
|
35,945
|
|
|
|
|
|
Resort
operations
|
|
267,670
|
|
|
263,031
|
|
|
855,641
|
|
|
779,243
|
|
|
|
|
|
Residential
operations
|
|
26,660
|
|
|
3,399
|
|
|
87,005
|
|
|
16,249
|
|
|
|
|
|
|
$
|
294,330
|
|
$
|
266,430
|
|
$
|
942,646
|
|
$
|
795,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET LOSS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
61,261
|
|
$
|
52,762
|
|
$
|
220,914
|
|
$
|
146,552
|
|
|
|
|
Preopening
and start-up expenses
|
|
-
|
|
|
(248)
|
|
|
(752)
|
|
|
(248)
|
|
|
|
|
Property
transactions, net
|
|
(4,413)
|
|
|
(71,257)
|
|
|
(14,526)
|
|
|
(73,336)
|
|
|
|
|
Depreciation and amortization
|
|
(86,638)
|
|
|
(91,110)
|
|
|
(259,368)
|
|
|
(267,262)
|
|
|
|
|
Operating
loss
|
|
(29,790)
|
|
|
(109,853)
|
|
|
(53,732)
|
|
|
(194,294)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense - sponsor notes
|
|
(27,128)
|
|
|
(23,346)
|
|
|
(78,011)
|
|
|
(67,197)
|
|
|
|
|
Interest
expense - other
|
|
(43,015)
|
|
|
(42,681)
|
|
|
(129,469)
|
|
|
(131,649)
|
|
|
|
|
Other,
net
|
|
(1,095)
|
|
|
808
|
|
|
(33,425)
|
|
|
(5,832)
|
|
|
|
|
|
|
|
(71,238)
|
|
|
(65,219)
|
|
|
(240,905)
|
|
|
(204,678)
|
|
|
|
|
Net
loss
|
$
|
(101,028)
|
|
$
|
(175,072)
|
|
$
|
(294,637)
|
|
$
|
(398,972)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
$
|
(15,808)
|
|
$
|
-
|
|
$
|
1
|
|
$
|
64,645
|
|
$
|
48,838
|
|
|
Vdara
|
|
(6,513)
|
|
|
-
|
|
|
49
|
|
|
10,377
|
|
|
3,913
|
|
|
Crystals
|
|
2,893
|
|
|
-
|
|
|
57
|
|
|
6,901
|
|
|
9,851
|
|
|
Mandarin
Oriental
|
|
(4,814)
|
|
|
-
|
|
|
-
|
|
|
4,698
|
|
|
(116)
|
|
|
Resort
operations
|
|
(24,242)
|
|
|
-
|
|
|
107
|
|
|
86,621
|
|
|
62,486
|
|
|
Residential
operations
|
|
643
|
|
|
-
|
|
|
4,306
|
|
|
7
|
|
|
4,956
|
|
|
Development and
administration
|
|
(6,191)
|
|
|
-
|
|
|
-
|
|
|
10
|
|
|
(6,181)
|
|
|
|
$
|
(29,790)
|
|
$
|
-
|
|
$
|
4,413
|
|
$
|
86,638
|
|
$
|
61,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Aria
|
$
|
(25,512)
|
|
$
|
248
|
|
$
|
3,577
|
|
$
|
68,879
|
|
$
|
47,192
|
|
|
Vdara
|
|
(6,055)
|
|
|
-
|
|
|
-
|
|
|
10,370
|
|
|
4,315
|
|
|
Crystals
|
|
1,522
|
|
|
-
|
|
|
-
|
|
|
6,310
|
|
|
7,832
|
|
|
Mandarin
Oriental
|
|
(5,156)
|
|
|
-
|
|
|
-
|
|
|
4,529
|
|
|
(627)
|
|
|
Resort
operations
|
|
(35,201)
|
|
|
248
|
|
|
3,577
|
|
|
90,088
|
|
|
58,712
|
|
|
Residential
operations
|
|
(38,072)
|
|
|
-
|
|
|
35,690
|
|
|
977
|
|
|
(1,405)
|
|
|
Development and
administration
|
|
(36,580)
|
|
|
-
|
|
|
31,990
|
|
|
45
|
|
|
(4,545)
|
|
|
|
$
|
(109,853)
|
|
$
|
248
|
|
$
|
71,257
|
|
$
|
91,110
|
|
$
|
52,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
Nine Months Ended
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
$
|
(17,422)
|
|
$
|
694
|
|
$
|
279
|
|
$
|
192,433
|
|
$
|
175,984
|
|
|
|
Vdara
|
|
(15,703)
|
|
|
-
|
|
|
49
|
|
|
31,586
|
|
|
15,932
|
|
|
|
Crystals
|
|
8,052
|
|
|
58
|
|
|
57
|
|
|
20,221
|
|
|
28,388
|
|
|
|
Mandarin
Oriental
|
|
(12,160)
|
|
|
-
|
|
|
-
|
|
|
14,384
|
|
|
2,224
|
|
|
|
Resort
operations
|
|
(37,233)
|
|
|
752
|
|
|
385
|
|
|
258,624
|
|
|
222,528
|
|
|
|
Residential
operations
|
|
(811)
|
|
|
-
|
|
|
14,141
|
|
|
718
|
|
|
14,048
|
|
|
|
Development and
administration
|
|
(15,688)
|
|
|
-
|
|
|
-
|
|
|
26
|
|
|
(15,662)
|
|
|
|
|
$
|
(53,732)
|
|
$
|
752
|
|
$
|
14,526
|
|
$
|
259,368
|
|
$
|
220,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
$
|
(84,697)
|
|
$
|
248
|
|
$
|
5,563
|
|
$
|
200,529
|
|
$
|
121,643
|
|
|
|
Vdara
|
|
(14,664)
|
|
|
-
|
|
|
-
|
|
|
31,056
|
|
|
16,392
|
|
|
|
Crystals
|
|
4,183
|
|
|
-
|
|
|
-
|
|
|
19,021
|
|
|
23,204
|
|
|
|
Mandarin
Oriental
|
|
(12,946)
|
|
|
-
|
|
|
-
|
|
|
13,568
|
|
|
622
|
|
|
|
Resort
operations
|
|
(108,124)
|
|
|
248
|
|
|
5,563
|
|
|
264,174
|
|
|
161,861
|
|
|
|
Residential
operations
|
|
(39,836)
|
|
|
-
|
|
|
35,690
|
|
|
2,929
|
|
|
(1,217)
|
|
|
|
Development and
administration
|
|
(46,334)
|
|
|
-
|
|
|
32,083
|
|
|
159
|
|
|
(14,092)
|
|
|
|
|
$
|
(194,294)
|
|
$
|
248
|
|
$
|
73,336
|
|
$
|
267,262
|
|
$
|
146,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
89.5%
|
|
|
88.5%
|
|
|
90.0%
|
|
|
89.2%
|
|
|
|
|
|
|
ADR
|
|
$197
|
|
|
$192
|
|
|
$206
|
|
|
$199
|
|
|
|
|
|
|
REVPAR
|
|
$177
|
|
|
$170
|
|
|
$185
|
|
|
$178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
87.7%
|
|
|
83.2%
|
|
|
88.3%
|
|
|
84.4%
|
|
|
|
|
|
|
ADR
|
|
$155
|
|
|
$153
|
|
|
$160
|
|
|
$159
|
|
|
|
|
|
|
REVPAR
|
|
$136
|
|
|
$127
|
|
|
$141
|
|
|
$134
|
|
|
|
|
|
SOURCE MGM Resorts International