LAS VEGAS, Nov. 7, 2016 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter ended September 30, 2016.
Key highlights include:
- Diluted earnings per share for the third quarter of 2016 of
$0.93, including $0.60 related to a $430
million gain on Borgata acquisition and a $0.20 charge related to the NV Energy exit,
compared to diluted earnings per share of $0.12 in the prior year quarter;
- Net revenues of $1.9 billion at
the Company's domestic resorts, a 16% increase over the prior year
quarter, and an 8% increase on a same-store basis, excluding
contributions from Borgata which the Company began consolidating in
August of 2016 and Circus Circus Reno, which the Company sold in
2015;
- 11% increase in REVPAR(1) over the prior year
quarter at the Company's Las Vegas Strip resorts;
- Operating income of $301 million
at the Company's domestic resorts, including the impact of
$139 million of NV Energy exit
expense;
- Net income attributable to MGM Resorts of $536 million, a 706% increase over the prior year
quarter;
- Adjusted Property EBITDA(2) of $570 million at the Company's domestic resorts, a
39% increase over the prior year quarter and a 31% increase
on a same-store basis;
- Profit Growth Plan contribution of approximately $73 million of year over year Adjusted Property
EBITDA growth to domestic resorts and approximately $5 million of Adjusted EBITDA growth from the
Company's 50% share of CityCenter's results;
- Same-store Adjusted Property EBITDA margin of 30.6% at the
Company's domestic resorts, a 527 basis point increase compared to
the prior year quarter;
- MGM China's net revenues decreased 6%, while operating income
and Adjusted EBITDA increased 34% and 17%, respectively, compared
to the prior year quarter, partially due to its focus on
high-quality main-floor business; and
- CityCenter's net revenues and Adjusted EBITDA related to
resorts operations increased 11% and 41%, respectively, compared to
the prior year quarter.
"MGM Resorts produced a tremendously strong quarter, delivering
the best net revenues and Adjusted Property EBITDA at our domestic
resorts since 2007. These results demonstrate the broad based
commitment and contributions of the MGM Resorts team in executing
the Company's strategic plan and delivering value to our
shareholders," said Jim Murren,
Chairman & CEO of MGM Resorts. "We have executed on numerous
opportunities this year, strengthening our organization, improving
our balance sheet, and positioning the Company for growth. The
complexity and scale of our organizational transformation is
unprecedented in our industry and has manifested itself into our
superior operating performance. Looking ahead, we remain focused on
organic growth through a stronger, reinvigorated Company driven by
our culture of continuous improvement and are committed to
expanding our distinguished brand with the opening of MGM National
Harbor and the Park Theater in Las
Vegas next month."
Certain Items Affecting Third 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
September 30,
|
|
2016
|
|
|
2015
|
|
NV Energy exit
expense
|
|
$
|
(0.18)
|
|
|
$
|
—
|
|
Preopening and
start-up expenses
|
|
|
(0.03)
|
|
|
|
(0.02)
|
|
Gain on Borgata
transaction
|
|
|
0.60
|
|
|
|
—
|
|
Income from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
CityCenter NV
Energy exit expense
|
|
|
(0.02)
|
|
|
|
—
|
|
Non-operating
expense:
|
|
|
|
|
|
|
|
|
Loss on retirement of long-term debt
|
|
|
(0.02)
|
|
|
|
—
|
|
The current quarter included income tax benefit of $169 million resulting from the reduction of
valuation allowance on foreign tax credit carryovers and income tax
expense of $36 million resulting from
the remeasurement of Macau
deferred tax liabilities, both the result of a change in assumption
concerning renewal of the exemption from the Macau complementary tax on gaming profits.
Domestic Resorts
Casino revenue for the third quarter of 2016 increased 23%
compared to the prior year quarter, due primarily to the
acquisition of Borgata and an increase in both table games and
slots revenue. Casino revenue increased 7% on a same-store basis
compared to the prior year quarter. Same-store table games hold
percentage in the third quarter of 2016 was 23.7% compared to 20.4%
in the prior year quarter. Slots revenue increased 19% compared to
the prior year quarter due primarily to the acquisition of Borgata,
and increased 3% on a same- store basis compared to the prior year
quarter.
Rooms revenue increased 14% compared to the prior year quarter.
On a same-store basis, rooms revenue increased 11% compared to the
prior year quarter. Las Vegas Strip REVPAR increased 11%. The
following table shows key hotel statistics for the Company's Las
Vegas Strip resorts:
Three months ended
September 30,
|
|
2016
|
|
|
2015
|
|
Occupancy
%
|
|
|
97
|
%
|
|
|
96
|
%
|
Average Daily Rate
(ADR)
|
|
$
|
154
|
|
|
$
|
141
|
|
Revenue per Available
Room (REVPAR)
|
|
$
|
149
|
|
|
$
|
135
|
|
The Company expects to achieve Las Vegas Strip REVPAR growth of
3% in the fourth quarter of 2016, compared to a 12% increase in the
prior year's fourth quarter.
Mr. Murren continued, "We continue to see strength in the
Las Vegas market and believe that
the Company can drive growth across all room segments in the fourth
quarter, despite a challenging comparison. Based on these current
trends, we remain confident in our ability to further increase room
revenues in 2017."
Operating income at the Company's domestic resorts was
$301 million for the third quarter of
2016 compared to $290 million in the
prior year quarter and included $139
million of NV Energy exit expense associated with the
Company's strategic decision to exit the fully bundled sales system
of NV Energy and $8 million in real
estate transfer taxes recorded in connection with the Borgata
transaction.
Domestic resorts Adjusted Property EBITDA increased 39% to
$570 million in the third quarter of
2016 and was positively impacted by approximately $73 million of Adjusted Property EBITDA growth
generated from the Company's Profit Growth Plan initiatives as well
as $36 million of Adjusted Property
EBITDA resulting from the Borgata transaction. Same-store Adjusted
Property EBITDA increased 31% compared to the prior year
quarter.
Corporate Expense
Corporate expense was $88 million
in the third quarter of 2016, an increase of $14 million compared to the prior year quarter.
The current quarter included $10
million of expense related to transaction costs incurred by
MGM Growth Properties LLC ("MGP") in connection with the Borgata
transaction, $5 million related to
Profit Growth Plan implementation costs, and $11 million related to incremental
performance-based compensation expense and costs associated with a
litigation settlement. The prior year quarter included costs
incurred to implement initiatives related to the Profit Growth Plan
and costs associated with the Company's strategic review totaling
$18 million.
MGM China
On September 1, 2016 the Company
closed its acquisition of an additional 4.95% of the outstanding
common shares of MGM China Holdings Limited ("MGM China") and now
owns approximately 56% of MGM China's outstanding common
shares.
Key third quarter results for MGM China include:
- Net revenues of $500 million, a
6% decrease compared to the prior year quarter;
- Main floor table games revenue increased 21% compared to the
prior year quarter;
- VIP table games revenue decreased 26% due to a decrease in
turnover of 14% compared to the prior year quarter, and hold
percentage decreased to 3.0% in the current year quarter, compared
to 3.7% in the prior year quarter;
- Operating income increased 34% to $84
million, compared to operating income of $63 million in the prior year quarter;
- Adjusted EBITDA increased 17% to $150
million, compared to $128
million in the prior year quarter, including $9 million of license fee expense in the current
and prior year quarter; and
- Operating margin increased by 499 basis points compared to the
prior year quarter to 16.9%, and Adjusted EBITDA margin increased
by 575 basis points compared to the prior year quarter to 30% as a
result of an increase in main floor table games mix and continuous
efforts to reduce costs.
In August 2016, MGM China paid a
$58 million interim dividend, of
which $30 million was distributed to
MGM Resorts.
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of income from unconsolidated affiliates:
Three months ended
September 30,
|
|
2016
|
|
|
2015
|
|
|
|
(In
thousands)
|
|
Borgata (through July
31, 2016)
|
|
$
|
14,243
|
|
|
$
|
31,784
|
|
CityCenter
|
|
|
12,382
|
|
|
|
16,459
|
|
Other
|
|
|
5,952
|
|
|
|
9,107
|
|
|
|
$
|
32,577
|
|
|
$
|
57,350
|
|
Our share of CityCenter Holdings, LLC ("CityCenter") operating
results for the third quarter of 2016, including certain basis
difference adjustments, was $12
million, which included $13
million related to our share of NV Energy exit expense
representing CityCenter's share of a charge associated with the
Company's strategic decision to exit the fully bundled sales system
of NV Energy.
Results for CityCenter for the third quarter of 2016 include the
following (see schedules accompanying this release for further
detail on CityCenter's third quarter results):
- Net revenues from resort operations were $308 million, an 11% increase compared to the
prior year quarter;
- Operating income was $7 million
in the current and prior year quarters and included $26 million of NV Energy exit expense in the
current quarter as discussed above;
- Adjusted EBITDA from resort operations increased 41% to
$93 million compared to the prior
year quarter, and was positively affected by approximately
$11 million of incremental Adjusted
EBITDA attributable to Profit Growth Plan initiatives;
- Adjusted EBITDA at Aria increased 38% to $82 million compared to the prior year
quarter;
- Aria's table games volume increased 5% and table games hold
percentage was 25.4%, compared to 22.6% in the prior year
quarter;
- REVPAR at Aria increased 7% to $221 compared to the prior year quarter; and
- REVPAR at Vdara increased 15% to $189 compared to the prior year quarter, and
Adjusted EBITDA increased 50% to $10
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 Hotel Casino and Spa
("Borgata"). The acquisition closed on August 1, 2016, at which time the entity
operating Borgata became a consolidated subsidiary of the Company
and the real estate assets associated with Borgata were sold to
MGP. As a result the Company's indirect ownership percentage in MGM
Growth Properties Operating Partnership LP (the "Operating
Partnership") increased to 76.3%. 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 third quarter of 2016, the Company made rent payments
to MGP in the amount of $154 million.
On September 15, 2016, MGP's Board of
Directors declared a quarterly dividend of $0.3875 per Class A share totaling $22 million, which was paid on October 14, 2016 to holders of record on
September 30, 2016. The Company
concurrently received a $72 million
distribution attributable to its ownership of units in the
Operating Partnership.
On August 12, 2016, the Operating
Partnership issued $500 million of
4.50% senior unsecured notes due 2026. The net proceeds were used
to refinance amounts outstanding under the Operating Partnership's
revolving credit facility that were drawn in connection with the
acquisition of Borgata with the remaining proceeds used for general
corporate purposes. In addition, in October
2016, the Operating Partnership re-priced its term loan B
facility at par. As a result of the re-pricing, the term loan B
facility bears interest at LIBOR plus 2.75%, with a LIBOR floor of
0.75%, which represents a 50 basis point reduction compared to the
prior rate of LIBOR plus 3.25%, with a LIBOR floor of 0.75%.
The Operating Partnership will receive a further reduction in
pricing to LIBOR plus 2.50%, with a LIBOR floor of 0.75% so long as
it achieves minimum corporate family ratings of Ba3/BB-.
Financial Position
The Company's cash balance at September
30, 2016 was $1.4 billion,
which included $430 million at MGM
China and $340 million at MGP. At
September 30, 2016, the Company had
$250 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, $1.8
billion outstanding under the $3
billion MGM China credit facility, and $425 million outstanding under the $525 million MGM National Harbor credit
facility.
On August 19, 2016, the Company
issued $500 million of 4.625% senior
notes due 2026. The Company used the net proceeds from the
offering, together with cash on hand, to redeem the $743 million 7.625% senior notes due 2017.
"We remain committed to strengthening our balance sheet and
returning MGM Resorts to investment grade as we continue to
maximize cash flow and grow the Company in a financially prudent
manner," said Dan D'Arrigo, Executive Vice President and Chief
Financial Officer of MGM Resorts. "We believe that our strategic
actions in the third quarter are aligned with these goals including
opportunistically enhancing our capital structure through the
issuance of notes at historically low levels, acquiring the
remaining interest in Borgata, and increasing our exposure in the
largest gaming market in the world through the purchase of an
additional stake in MGM China."
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 5010970.
A replay of the call will be available through Monday, November 14, 2016. The replay may be
accessed by dialing 1-877-344-7529 or 1-412-317-0088. The
replay access code is 10095493. 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 November 7, 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, NV Energy exit expense, 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. "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.
|
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 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 (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 named among FORTUNE® Magazine's
2016 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 (including REVPAR guidance),
its 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, its ability
to drive future growth across all room segments, 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
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
1,307,827
|
|
$
|
1,181,593
|
|
$
|
3,569,587
|
|
$
|
3,696,071
|
|
Rooms
|
|
530,331
|
|
|
466,032
|
|
|
1,518,721
|
|
|
1,415,955
|
|
Food and
beverage
|
|
448,666
|
|
|
397,332
|
|
|
1,238,537
|
|
|
1,204,616
|
|
Entertainment
|
|
140,151
|
|
|
141,085
|
|
|
380,330
|
|
|
402,025
|
|
Retail
|
|
52,724
|
|
|
53,272
|
|
|
150,629
|
|
|
153,791
|
|
Other
|
|
148,470
|
|
|
126,585
|
|
|
400,115
|
|
|
390,954
|
|
Reimbursed
costs
|
|
99,316
|
|
|
98,292
|
|
|
301,160
|
|
|
302,900
|
|
|
|
2,727,485
|
|
|
2,464,191
|
|
|
7,559,079
|
|
|
7,566,312
|
|
Less: Promotional
allowances
|
|
(212,370)
|
|
|
(183,375)
|
|
|
(564,776)
|
|
|
(568,117)
|
|
|
|
2,515,115
|
|
|
2,280,816
|
|
|
6,994,303
|
|
|
6,998,195
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
696,329
|
|
|
699,569
|
|
|
1,957,203
|
|
|
2,220,804
|
|
Rooms
|
|
148,317
|
|
|
140,806
|
|
|
435,311
|
|
|
424,184
|
|
Food and
beverage
|
|
252,108
|
|
|
236,988
|
|
|
712,856
|
|
|
701,636
|
|
Entertainment
|
|
108,464
|
|
|
107,478
|
|
|
299,579
|
|
|
308,874
|
|
Retail
|
|
27,105
|
|
|
26,767
|
|
|
73,191
|
|
|
79,261
|
|
Other
|
|
93,880
|
|
|
88,000
|
|
|
260,901
|
|
|
268,158
|
|
Reimbursed
costs
|
|
99,316
|
|
|
98,292
|
|
|
301,160
|
|
|
302,900
|
|
General and
administrative
|
|
371,950
|
|
|
340,495
|
|
|
1,001,900
|
|
|
1,002,376
|
|
Corporate
expense
|
|
87,782
|
|
|
74,019
|
|
|
240,833
|
|
|
183,977
|
|
NV Energy exit
expense
|
|
139,335
|
|
|
-
|
|
|
139,335
|
|
|
-
|
|
Preopening and
start-up expenses
|
|
31,660
|
|
|
16,510
|
|
|
78,444
|
|
|
50,270
|
|
Property
transactions, net
|
|
(1,268)
|
|
|
7,123
|
|
|
4,717
|
|
|
12,665
|
|
Gain on Borgata
transaction
|
|
(429,778)
|
|
|
-
|
|
|
(429,778)
|
|
|
-
|
|
Depreciation and
amortization
|
|
209,737
|
|
|
204,742
|
|
|
616,475
|
|
|
619,719
|
|
|
|
1,834,937
|
|
|
2,040,789
|
|
|
5,692,127
|
|
|
6,174,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
32,577
|
|
|
57,350
|
|
|
495,588
|
|
|
217,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
712,755
|
|
|
297,377
|
|
|
1,797,764
|
|
|
1,041,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(168,048)
|
|
|
(191,781)
|
|
|
(533,069)
|
|
|
(611,288)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(11,132)
|
|
|
(22,968)
|
|
|
(45,229)
|
|
|
(59,745)
|
|
Other,
net
|
|
(17,310)
|
|
|
(4,386)
|
|
|
(67,715)
|
|
|
(12,691)
|
|
|
|
(196,490)
|
|
|
(219,135)
|
|
|
(646,013)
|
|
|
(683,724)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
516,265
|
|
|
78,242
|
|
|
1,151,751
|
|
|
357,278
|
|
Benefit for income
taxes
|
|
44,995
|
|
|
16,493
|
|
|
15,205
|
|
|
76,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
561,260
|
|
|
94,735
|
|
|
1,166,956
|
|
|
433,848
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(25,641)
|
|
|
(28,310)
|
|
|
(90,185)
|
|
|
(100,114)
|
Net income
attributable to MGM Resorts International
|
$
|
535,619
|
|
$
|
66,425
|
|
$
|
1,076,771
|
|
$
|
333,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share of
common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
$
|
0.94
|
|
$
|
0.12
|
|
$
|
1.90
|
|
$
|
0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
568,125
|
|
|
563,287
|
|
|
566,220
|
|
|
535,619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
$
|
0.93
|
|
$
|
0.12
|
|
$
|
1.88
|
|
$
|
0.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
573,812
|
|
|
569,320
|
|
|
571,350
|
|
|
547,750
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,446,158
|
|
$
|
1,670,312
|
|
Accounts
receivable, net
|
|
|
492,426
|
|
|
480,559
|
|
Inventories
|
|
|
97,400
|
|
|
104,200
|
|
Income tax
receivable
|
|
|
478
|
|
|
15,993
|
|
Prepaid expenses
and other
|
|
|
177,886
|
|
|
137,685
|
|
|
Total current
assets
|
|
|
2,214,348
|
|
|
2,408,749
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
17,948,045
|
|
|
15,371,795
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
|
1,196,543
|
|
|
1,491,497
|
|
Goodwill
|
|
|
|
1,815,209
|
|
|
1,430,767
|
|
Other intangible
assets, net
|
|
|
4,137,475
|
|
|
4,164,781
|
|
Other long-term
assets, net
|
|
|
393,666
|
|
|
347,589
|
|
|
Total other
assets
|
|
|
7,542,893
|
|
|
7,434,634
|
|
|
|
|
$
|
27,705,286
|
|
$
|
25,215,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
232,490
|
|
$
|
182,031
|
|
Construction
payable
|
|
|
306,969
|
|
|
250,120
|
|
Current portion of
long-term debt
|
|
|
-
|
|
|
328,442
|
|
Accrued interest
on long-term debt
|
|
|
115,977
|
|
|
165,914
|
|
Other accrued
liabilities
|
|
|
1,475,199
|
|
|
1,311,444
|
|
|
Total current
liabilities
|
|
|
2,130,635
|
|
|
2,237,951
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
|
2,543,815
|
|
|
2,680,576
|
Long-term
debt
|
|
|
|
12,786,420
|
|
|
12,368,311
|
Other long-term
obligations
|
|
|
320,707
|
|
|
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
572,834,533 and 564,838,893 shares
|
|
|
5,728
|
|
|
5,648
|
|
Capital in excess
of par value
|
|
|
5,651,160
|
|
|
5,655,886
|
|
Retained earnings
(accumulated deficit)
|
|
|
521,142
|
|
|
(555,629)
|
|
Accumulated other
comprehensive income
|
|
|
12,801
|
|
|
14,022
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
|
6,190,831
|
|
|
5,119,927
|
|
Noncontrolling
interests
|
|
|
3,726,628
|
|
|
2,644,500
|
|
|
Total
stockholders' equity
|
|
|
9,917,459
|
|
|
7,764,427
|
|
|
|
|
$
|
27,705,286
|
|
$
|
25,215,178
|
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,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Bellagio
|
$
|
342,952
|
|
$
|
303,494
|
|
$
|
1,005,503
|
|
$
|
924,355
|
|
MGM Grand Las
Vegas
|
|
290,783
|
|
|
286,777
|
|
|
859,469
|
|
|
855,383
|
|
Mandalay
Bay
|
|
266,943
|
|
|
232,172
|
|
|
735,104
|
|
|
701,109
|
|
The
Mirage
|
|
151,622
|
|
|
141,007
|
|
|
449,258
|
|
|
440,512
|
|
Luxor
|
|
104,152
|
|
|
95,358
|
|
|
292,168
|
|
|
278,075
|
|
New York-New
York
|
|
85,291
|
|
|
75,722
|
|
|
249,718
|
|
|
229,805
|
|
Excalibur
|
|
81,205
|
|
|
75,088
|
|
|
233,946
|
|
|
217,753
|
|
Monte
Carlo
|
|
72,569
|
|
|
73,274
|
|
|
213,497
|
|
|
220,286
|
|
Circus Circus Las
Vegas
|
|
69,514
|
|
|
62,643
|
|
|
187,706
|
|
|
177,497
|
|
MGM Grand
Detroit
|
|
142,704
|
|
|
128,789
|
|
|
424,031
|
|
|
403,133
|
|
Beau
Rivage
|
|
97,971
|
|
|
98,322
|
|
|
286,796
|
|
|
279,717
|
|
Gold Strike
Tunica
|
|
41,942
|
|
|
42,152
|
|
|
124,166
|
|
|
121,873
|
|
Borgata
(1)
|
|
151,006
|
|
|
-
|
|
|
151,006
|
|
|
-
|
|
Other resort
operations (2)
|
|
-
|
|
|
21,390
|
|
|
-
|
|
|
70,065
|
|
Domestic
resorts
|
|
1,898,654
|
|
|
1,636,188
|
|
|
5,212,368
|
|
|
4,919,563
|
|
MGM
China
|
|
499,822
|
|
|
529,037
|
|
|
1,420,802
|
|
|
1,715,983
|
|
Management and
other operations
|
|
116,639
|
|
|
115,591
|
|
|
361,133
|
|
|
362,649
|
|
|
$
|
2,515,115
|
|
$
|
2,280,816
|
|
$
|
6,994,303
|
|
$
|
6,998,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Bellagio
|
$
|
126,790
|
|
$
|
95,827
|
|
$
|
360,979
|
|
$
|
288,797
|
|
MGM Grand Las
Vegas
|
|
82,760
|
|
|
62,182
|
|
|
261,143
|
|
|
200,038
|
|
Mandalay
Bay
|
|
79,296
|
|
|
49,961
|
|
|
200,621
|
|
|
164,745
|
|
The
Mirage
|
|
38,066
|
|
|
27,182
|
|
|
112,244
|
|
|
95,801
|
|
Luxor
|
|
29,685
|
|
|
21,695
|
|
|
81,130
|
|
|
62,322
|
|
New York-New
York
|
|
30,274
|
|
|
24,831
|
|
|
91,655
|
|
|
77,040
|
|
Excalibur
|
|
27,076
|
|
|
21,273
|
|
|
75,907
|
|
|
59,598
|
|
Monte
Carlo
|
|
18,764
|
|
|
21,372
|
|
|
61,884
|
|
|
63,738
|
|
Circus Circus Las
Vegas
|
|
19,770
|
|
|
12,377
|
|
|
46,235
|
|
|
31,568
|
|
MGM Grand
Detroit
|
|
44,024
|
|
|
33,372
|
|
|
127,856
|
|
|
109,723
|
|
Beau
Rivage
|
|
25,292
|
|
|
26,679
|
|
|
76,127
|
|
|
66,784
|
|
Gold Strike
Tunica
|
|
12,282
|
|
|
11,560
|
|
|
38,312
|
|
|
34,144
|
|
Borgata
(1)
|
|
36,099
|
|
|
-
|
|
|
36,099
|
|
|
-
|
|
Other resort
operations (2)
|
|
-
|
|
|
2,978
|
|
|
-
|
|
|
4,933
|
|
Domestic
resorts
|
|
570,178
|
|
|
411,289
|
|
|
1,570,192
|
|
|
1,259,231
|
|
MGM
China
|
|
149,868
|
|
|
128,225
|
|
|
383,187
|
|
|
408,898
|
|
Unconsolidated
resorts (3)
|
|
32,577
|
|
|
57,350
|
|
|
495,588
|
|
|
217,631
|
|
Management and
other operations
|
|
1,301
|
|
|
5,591
|
|
|
9,788
|
|
|
29,803
|
|
|
$
|
753,924
|
|
$
|
602,455
|
|
$
|
2,458,755
|
|
$
|
1,915,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents net
revenues and Adjusted EBITDA of Borgata for the period from August
1, 2016 (the first day of the Company's full ownership) through
September 30, 2016
|
(2) Sold in
2015
|
(3) Represents the
Company's share of operating income (loss), adjusted for the effect
of certain basis differences. Includes the Company's share of
Borgata results for the three and nine month periods ended
September 30, 2015 and the one and seven months ended July 31,
2016
|
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, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV
Energy exit
expense
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
and
gain on
Borgata
transaction
|
|
Depreciation and amortization
|
|
Adjusted EBITDA
|
|
Bellagio
|
$
|
81,805
|
|
$
|
23,815
|
|
$
|
-
|
|
$
|
(150)
|
|
$
|
21,320
|
|
$
|
126,790
|
|
MGM Grand Las
Vegas
|
|
39,251
|
|
|
25,365
|
|
|
-
|
|
|
623
|
|
|
17,521
|
|
|
82,760
|
|
Mandalay
Bay
|
|
26,641
|
|
|
29,123
|
|
|
223
|
|
|
797
|
|
|
22,512
|
|
|
79,296
|
|
The
Mirage
|
|
14,438
|
|
|
13,813
|
|
|
-
|
|
|
16
|
|
|
9,799
|
|
|
38,066
|
|
Luxor
|
|
8,827
|
|
|
11,594
|
|
|
181
|
|
|
151
|
|
|
8,932
|
|
|
29,685
|
|
New York-New
York
|
|
17,983
|
|
|
7,439
|
|
|
105
|
|
|
79
|
|
|
4,668
|
|
|
30,274
|
|
Excalibur
|
|
13,366
|
|
|
9,083
|
|
|
-
|
|
|
618
|
|
|
4,009
|
|
|
27,076
|
|
Monte
Carlo
|
|
3,937
|
|
|
8,409
|
|
|
363
|
|
|
54
|
|
|
6,001
|
|
|
18,764
|
|
Circus Circus Las
Vegas
|
|
4,923
|
|
|
10,694
|
|
|
-
|
|
|
104
|
|
|
4,049
|
|
|
19,770
|
|
MGM Grand
Detroit
|
|
38,183
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,841
|
|
|
44,024
|
|
Beau
Rivage
|
|
18,822
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
6,467
|
|
|
25,292
|
|
Gold Strike
Tunica
|
|
9,788
|
|
|
-
|
|
|
-
|
|
|
10
|
|
|
2,484
|
|
|
12,282
|
|
Borgata
(1)
|
|
22,830
|
|
|
-
|
|
|
51
|
|
|
79
|
|
|
13,139
|
|
|
36,099
|
|
Other resort
operations (2)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Domestic
resorts
|
|
300,794
|
|
|
139,335
|
|
|
923
|
|
|
2,384
|
|
|
126,742
|
|
|
570,178
|
|
MGM
China
|
|
84,304
|
|
|
-
|
|
|
8,298
|
|
|
(1,148)
|
|
|
58,414
|
|
|
149,868
|
|
Unconsolidated
resorts (3)
|
|
32,496
|
|
|
-
|
|
|
81
|
|
|
-
|
|
|
-
|
|
|
32,577
|
|
Management and
other operations
|
|
(324)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,625
|
|
|
1,301
|
|
|
|
417,270
|
|
|
139,335
|
|
|
9,302
|
|
|
1,236
|
|
|
186,781
|
|
|
753,924
|
|
Stock
compensation
|
|
(11,123)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(11,123)
|
|
Corporate
|
|
306,608
|
|
|
-
|
|
|
22,358
|
|
|
(432,282)
|
|
|
22,956
|
|
|
(80,360)
|
|
|
$
|
712,755
|
|
$
|
139,335
|
|
$
|
31,660
|
|
$
|
(431,046)
|
|
$
|
209,737
|
|
$
|
662,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV
Energy exit
expense
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation and amortization
|
|
Adjusted EBITDA
|
|
Bellagio
|
$
|
72,646
|
|
$
|
-
|
|
$
|
-
|
|
$
|
153
|
|
$
|
23,028
|
|
$
|
95,827
|
|
MGM Grand Las
Vegas
|
|
43,889
|
|
|
-
|
|
|
-
|
|
|
17
|
|
|
18,276
|
|
|
62,182
|
|
Mandalay
Bay
|
|
29,180
|
|
|
-
|
|
|
-
|
|
|
1,506
|
|
|
19,275
|
|
|
49,961
|
|
The
Mirage
|
|
16,390
|
|
|
-
|
|
|
-
|
|
|
2
|
|
|
10,790
|
|
|
27,182
|
|
Luxor
|
|
12,490
|
|
|
-
|
|
|
(1)
|
|
|
36
|
|
|
9,170
|
|
|
21,695
|
|
New York-New
York
|
|
19,023
|
|
|
-
|
|
|
1
|
|
|
878
|
|
|
4,929
|
|
|
24,831
|
|
Excalibur
|
|
17,606
|
|
|
-
|
|
|
-
|
|
|
46
|
|
|
3,621
|
|
|
21,273
|
|
Monte
Carlo
|
|
11,345
|
|
|
-
|
|
|
1
|
|
|
1,070
|
|
|
8,956
|
|
|
21,372
|
|
Circus Circus Las
Vegas
|
|
8,504
|
|
|
-
|
|
|
-
|
|
|
9
|
|
|
3,864
|
|
|
12,377
|
|
MGM Grand
Detroit
|
|
27,254
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
6,118
|
|
|
33,372
|
|
Beau
Rivage
|
|
20,161
|
|
|
-
|
|
|
-
|
|
|
7
|
|
|
6,511
|
|
|
26,679
|
|
Gold Strike
Tunica
|
|
8,617
|
|
|
-
|
|
|
-
|
|
|
5
|
|
|
2,938
|
|
|
11,560
|
|
Other resort
operations
|
|
2,963
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
15
|
|
|
2,978
|
|
Domestic
resorts
|
|
290,068
|
|
|
-
|
|
|
1
|
|
|
3,729
|
|
|
117,491
|
|
|
411,289
|
|
MGM
China
|
|
62,833
|
|
|
-
|
|
|
3,491
|
|
|
139
|
|
|
61,762
|
|
|
128,225
|
|
Unconsolidated
resorts (3)
|
|
56,380
|
|
|
-
|
|
|
970
|
|
|
-
|
|
|
-
|
|
|
57,350
|
|
Management and
other operations
|
|
3,238
|
|
|
-
|
|
|
298
|
|
|
123
|
|
|
1,932
|
|
|
5,591
|
|
|
|
412,519
|
|
|
-
|
|
|
4,760
|
|
|
3,991
|
|
|
181,185
|
|
|
602,455
|
|
Stock
compensation
|
|
(7,386)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(7,386)
|
|
Corporate
|
|
(107,756)
|
|
|
-
|
|
|
11,750
|
|
|
3,132
|
|
|
23,557
|
|
|
(69,317)
|
|
|
$
|
297,377
|
|
$
|
-
|
|
$
|
16,510
|
|
$
|
7,123
|
|
$
|
204,742
|
|
$
|
525,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents
operating results of Borgata for the period from August 1, 2016
(the first day of the Company's full ownership) through September
30, 2016
|
(2) Sold in
2015
|
(3) Represents the
Company's share of operating income (loss), adjusted for the effect
of certain basis differences. Includes the Company's share of
Borgata results for the three months ended September 30, 2015 and
the one month ended July 31, 2016
|
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, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV
Energy exit
expense
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
and
gain on
Borgata
transaction
|
|
Depreciation and
amortization
|
|
Adjusted EBITDA
|
|
Bellagio
|
$
|
271,058
|
|
$
|
23,815
|
|
$
|
-
|
|
$
|
(89)
|
|
$
|
66,195
|
|
$
|
360,979
|
|
MGM Grand Las
Vegas
|
|
180,806
|
|
|
25,365
|
|
|
-
|
|
|
1,123
|
|
|
53,849
|
|
|
261,143
|
|
Mandalay
Bay
|
|
102,125
|
|
|
29,123
|
|
|
252
|
|
|
1,955
|
|
|
67,166
|
|
|
200,621
|
|
The
Mirage
|
|
68,564
|
|
|
13,813
|
|
|
-
|
|
|
(397)
|
|
|
30,264
|
|
|
112,244
|
|
Luxor
|
|
39,873
|
|
|
11,594
|
|
|
1,625
|
|
|
524
|
|
|
27,514
|
|
|
81,130
|
|
New York-New
York
|
|
68,476
|
|
|
7,439
|
|
|
477
|
|
|
179
|
|
|
15,084
|
|
|
91,655
|
|
Excalibur
|
|
51,076
|
|
|
9,083
|
|
|
-
|
|
|
3,587
|
|
|
12,161
|
|
|
75,907
|
|
Monte
Carlo
|
|
30,208
|
|
|
8,409
|
|
|
508
|
|
|
206
|
|
|
22,553
|
|
|
61,884
|
|
Circus Circus Las
Vegas
|
|
23,211
|
|
|
10,694
|
|
|
-
|
|
|
234
|
|
|
12,096
|
|
|
46,235
|
|
MGM Grand
Detroit
|
|
110,029
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
17,827
|
|
|
127,856
|
|
Beau
Rivage
|
|
56,472
|
|
|
-
|
|
|
-
|
|
|
(59)
|
|
|
19,714
|
|
|
76,127
|
|
Gold Strike
Tunica
|
|
30,892
|
|
|
-
|
|
|
-
|
|
|
103
|
|
|
7,317
|
|
|
38,312
|
|
Borgata
(1)
|
|
22,830
|
|
|
-
|
|
|
51
|
|
|
79
|
|
|
13,139
|
|
|
36,099
|
|
Other resort
operations (2)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Domestic
resorts
|
|
1,055,620
|
|
|
139,335
|
|
|
2,913
|
|
|
7,445
|
|
|
364,879
|
|
|
1,570,192
|
|
MGM
China
|
|
183,209
|
|
|
-
|
|
|
20,746
|
|
|
123
|
|
|
179,109
|
|
|
383,187
|
|
Unconsolidated
resorts (3)
|
|
492,420
|
|
|
-
|
|
|
3,168
|
|
|
-
|
|
|
-
|
|
|
495,588
|
|
Management and
other operations
|
|
3,261
|
|
|
-
|
|
|
1,150
|
|
|
-
|
|
|
5,377
|
|
|
9,788
|
|
|
|
1,734,510
|
|
|
139,335
|
|
|
27,977
|
|
|
7,568
|
|
|
549,365
|
|
|
2,458,755
|
|
Stock
compensation
|
|
(31,432)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(31,432)
|
|
Corporate
|
|
94,686
|
|
|
-
|
|
|
50,467
|
|
|
(432,629)
|
|
|
67,110
|
|
|
(220,366)
|
|
|
$
|
1,797,764
|
|
$
|
139,335
|
|
$
|
78,444
|
|
$
|
(425,061)
|
|
$
|
616,475
|
|
$
|
2,206,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV
Energy exit
expense
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation and
amortization
|
|
Adjusted EBITDA
|
|
Bellagio
|
$
|
220,097
|
|
$
|
-
|
|
$
|
-
|
|
$
|
337
|
|
$
|
68,363
|
|
$
|
288,797
|
|
MGM Grand Las
Vegas
|
|
144,505
|
|
|
-
|
|
|
-
|
|
|
99
|
|
|
55,434
|
|
|
200,038
|
|
Mandalay
Bay
|
|
104,064
|
|
|
-
|
|
|
-
|
|
|
2,662
|
|
|
58,019
|
|
|
164,745
|
|
The
Mirage
|
|
59,970
|
|
|
-
|
|
|
50
|
|
|
1,302
|
|
|
34,479
|
|
|
95,801
|
|
Luxor
|
|
33,993
|
|
|
-
|
|
|
(2)
|
|
|
88
|
|
|
28,243
|
|
|
62,322
|
|
New York-New
York
|
|
60,932
|
|
|
-
|
|
|
(74)
|
|
|
1,142
|
|
|
15,040
|
|
|
77,040
|
|
Excalibur
|
|
48,514
|
|
|
-
|
|
|
-
|
|
|
128
|
|
|
10,956
|
|
|
59,598
|
|
Monte
Carlo
|
|
41,289
|
|
|
-
|
|
|
2
|
|
|
1,599
|
|
|
20,848
|
|
|
63,738
|
|
Circus Circus Las
Vegas
|
|
19,582
|
|
|
-
|
|
|
281
|
|
|
9
|
|
|
11,696
|
|
|
31,568
|
|
MGM Grand
Detroit
|
|
91,799
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
17,924
|
|
|
109,723
|
|
Beau
Rivage
|
|
47,217
|
|
|
-
|
|
|
-
|
|
|
7
|
|
|
19,560
|
|
|
66,784
|
|
Gold Strike
Tunica
|
|
25,280
|
|
|
-
|
|
|
-
|
|
|
14
|
|
|
8,850
|
|
|
34,144
|
|
Other resort
operations
|
|
4,467
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
466
|
|
|
4,933
|
|
Domestic
resorts
|
|
901,709
|
|
|
-
|
|
|
257
|
|
|
7,387
|
|
|
349,878
|
|
|
1,259,231
|
|
MGM
China
|
|
192,805
|
|
|
-
|
|
|
10,332
|
|
|
968
|
|
|
204,793
|
|
|
408,898
|
|
Unconsolidated
resorts (3)
|
|
215,218
|
|
|
-
|
|
|
2,413
|
|
|
-
|
|
|
-
|
|
|
217,631
|
|
Management and
other operations
|
|
22,104
|
|
|
-
|
|
|
842
|
|
|
1,079
|
|
|
5,778
|
|
|
29,803
|
|
|
|
1,331,836
|
|
|
-
|
|
|
13,844
|
|
|
9,434
|
|
|
560,449
|
|
|
1,915,563
|
|
Stock
compensation
|
|
(22,280)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(22,280)
|
|
Corporate
|
|
(268,554)
|
|
|
-
|
|
|
36,426
|
|
|
3,231
|
|
|
59,270
|
|
|
(169,627)
|
|
|
$
|
1,041,002
|
|
$
|
-
|
|
$
|
50,270
|
|
$
|
12,665
|
|
$
|
619,719
|
|
$
|
1,723,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents
operating results of Borgata for the period from August 1, 2016
(the first day of the Company's full ownership) through September
30, 2016
|
(2) Sold in
2015
|
(3) Represents the
Company's share of operating income (loss), adjusted for the effect
of certain basis differences. Includes the Company's share of
Borgata results for the nine months ended September 30, 2015 and
the seven months ended July 31, 2016
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME ATTRIBUTABLE TO MGM RESORTS
INTERNATIONAL
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Adjusted
EBITDA
|
|
|
|
$
|
662,441
|
|
$
|
525,752
|
|
$
|
2,206,957
|
|
$
|
1,723,656
|
|
NV Energy
exit expense
|
|
|
(139,335)
|
|
|
-
|
|
|
(139,335)
|
|
|
-
|
|
Preopening
and start-up expenses
|
|
|
(31,660)
|
|
|
(16,510)
|
|
|
(78,444)
|
|
|
(50,270)
|
|
Property
transactions, net
|
|
|
1,268
|
|
|
(7,123)
|
|
|
(4,717)
|
|
|
(12,665)
|
|
Gain on
Borgata transaction
|
|
|
429,778
|
|
|
-
|
|
|
429,778
|
|
|
-
|
|
Depreciation and amortization
|
|
|
(209,737)
|
|
|
(204,742)
|
|
|
(616,475)
|
|
|
(619,719)
|
|
Operating
income
|
|
|
|
|
712,755
|
|
|
297,377
|
|
|
1,797,764
|
|
|
1,041,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
(168,048)
|
|
|
(191,781)
|
|
|
(533,069)
|
|
|
(611,288)
|
|
Other,
net
|
|
|
|
|
(28,442)
|
|
|
(27,354)
|
|
|
(112,944)
|
|
|
(72,436)
|
|
|
|
|
|
|
|
(196,490)
|
|
|
(219,135)
|
|
|
(646,013)
|
|
|
(683,724)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
516,265
|
|
|
78,242
|
|
|
1,151,751
|
|
|
357,278
|
|
Benefit for
income taxes
|
|
|
44,995
|
|
|
16,493
|
|
|
15,205
|
|
|
76,570
|
|
Net
income
|
|
|
|
|
561,260
|
|
|
94,735
|
|
|
1,166,956
|
|
|
433,848
|
|
Less: Net
income attributable to noncontrolling interests
|
|
(25,641)
|
|
|
(28,310)
|
|
|
(90,185)
|
|
|
(100,114)
|
|
Net income
attributable to MGM Resorts International
|
$
|
535,619
|
|
$
|
66,425
|
|
$
|
1,076,771
|
|
$
|
333,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Domestic resorts
Adjusted Property EBITDA
|
|
$
|
570,178
|
|
$
|
411,289
|
|
$
|
1,570,192
|
|
$
|
1,259,231
|
|
Adjusted
Property EBITDA related to Borgata
|
|
(36,099)
|
|
|
-
|
|
|
(36,099)
|
|
|
-
|
|
Adjusted
Property EBITDA related to other resort operations
|
|
-
|
|
|
(2,978)
|
|
|
-
|
|
|
(4,933)
|
|
Domestic resorts
same-store Adjusted Property EBITDA
|
$
|
534,079
|
|
$
|
408,311
|
|
$
|
1,534,093
|
|
$
|
1,254,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
96.7%
|
|
|
96.6%
|
|
|
94.4%
|
|
|
93.9%
|
|
|
Average daily rate (ADR)
|
|
|
$267
|
|
|
$245
|
|
|
$274
|
|
|
$259
|
|
|
Revenue per available room (REVPAR)
|
|
$258
|
|
|
$237
|
|
|
$259
|
|
|
$243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
97.9%
|
|
|
98.0%
|
|
|
94.8%
|
|
|
95.8%
|
|
|
ADR
|
|
|
|
|
$169
|
|
|
$154
|
|
|
$176
|
|
|
$164
|
|
|
REVPAR
|
|
|
|
|
$166
|
|
|
$151
|
|
|
$167
|
|
|
$157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
95.6%
|
|
|
94.3%
|
|
|
93.4%
|
|
|
92.5%
|
|
|
ADR
|
|
|
|
|
$207
|
|
|
$192
|
|
|
$213
|
|
|
$203
|
|
|
REVPAR
|
|
|
|
|
$198
|
|
|
$181
|
|
|
$199
|
|
|
$188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
97.9%
|
|
|
97.0%
|
|
|
95.9%
|
|
|
94.5%
|
|
|
ADR
|
|
|
|
|
$161
|
|
|
$155
|
|
|
$171
|
|
|
$165
|
|
|
REVPAR
|
|
|
|
|
$157
|
|
|
$151
|
|
|
$164
|
|
|
$156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
98.5%
|
|
|
96.8%
|
|
|
96.8%
|
|
|
95.1%
|
|
|
ADR
|
|
|
|
|
$112
|
|
|
$99
|
|
|
$111
|
|
|
$104
|
|
|
REVPAR
|
|
|
|
|
$110
|
|
|
$96
|
|
|
$107
|
|
|
$99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
99.4%
|
|
|
98.7%
|
|
|
98.3%
|
|
|
98.6%
|
|
|
ADR
|
|
|
|
|
$137
|
|
|
$122
|
|
|
$138
|
|
|
$128
|
|
|
REVPAR
|
|
|
|
|
$136
|
|
|
$121
|
|
|
$136
|
|
|
$126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
96.6%
|
|
|
95.5%
|
|
|
95.1%
|
|
|
94.3%
|
|
|
ADR
|
|
|
|
|
$98
|
|
|
$88
|
|
|
$96
|
|
|
$87
|
|
|
REVPAR
|
|
|
|
|
$95
|
|
|
$84
|
|
|
$91
|
|
|
$82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
98.4%
|
|
|
98.2%
|
|
|
97.7%
|
|
|
97.3%
|
|
|
ADR
|
|
|
|
|
$125
|
|
|
$113
|
|
|
$125
|
|
|
$118
|
|
|
REVPAR
|
|
|
|
|
$123
|
|
|
$111
|
|
|
$122
|
|
|
$115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
91.4%
|
|
|
88.0%
|
|
|
85.0%
|
|
|
85.0%
|
|
|
ADR
|
|
|
|
|
$81
|
|
|
$71
|
|
|
$79
|
|
|
$69
|
|
|
REVPAR
|
|
|
|
|
$74
|
|
|
$62
|
|
|
$67
|
|
|
$59
|
|
|
CITYCENTER
HOLDINGS, LLC
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
$
|
261,052
|
|
$
|
235,929
|
|
$
|
756,577
|
|
$
|
727,012
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
30,918
|
|
|
26,769
|
|
|
90,552
|
|
|
83,491
|
|
|
|
|
|
|
|
|
|
Mandarin
Oriental
|
|
16,002
|
|
|
14,126
|
|
|
49,221
|
|
|
45,735
|
|
|
|
|
|
|
|
|
|
Resort
operations
|
|
307,972
|
|
|
276,824
|
|
|
896,350
|
|
|
856,238
|
|
|
|
|
|
|
|
|
|
Residential and
other operations
|
|
495
|
|
|
1,598
|
|
|
2,644
|
|
|
29,989
|
|
|
|
|
|
|
|
|
|
|
$
|
308,467
|
|
$
|
278,422
|
|
$
|
898,994
|
|
$
|
886,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
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,
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
92,179
|
|
$
|
64,965
|
|
$
|
260,301
|
|
$
|
213,457
|
|
|
|
|
|
|
|
|
|
NV Energy
exit expense
|
|
(26,089)
|
|
|
-
|
|
|
(26,089)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Property
transactions, net
|
|
(73)
|
|
|
30
|
|
|
1,939
|
|
|
159,062
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
(58,790)
|
|
|
(57,897)
|
|
|
(256,486)
|
|
|
(173,542)
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
7,227
|
|
|
7,098
|
|
|
(20,335)
|
|
|
198,977
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
(14,518)
|
|
|
(18,262)
|
|
|
(46,522)
|
|
|
(54,612)
|
|
|
|
|
|
|
|
|
|
Other,
net
|
|
(64)
|
|
|
(103)
|
|
|
(3,217)
|
|
|
117
|
|
|
|
|
|
|
|
|
|
|
|
(14,582)
|
|
|
(18,365)
|
|
|
(49,739)
|
|
|
(54,495)
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
(7,355)
|
|
|
(11,267)
|
|
|
(70,074)
|
|
|
144,482
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations of discontinued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
component
|
|
(521)
|
|
|
5,349
|
|
|
399,514
|
|
|
17,355
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(7,876)
|
|
$
|
(5,918)
|
|
$
|
329,440
|
|
$
|
161,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
NV
Energy exit expense
|
|
Preopening and start-up expenses
|
|
Property transactions, net
|
|
Depreciation
and amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
$
|
9,604
|
|
$
|
23,320
|
|
$
|
-
|
|
$
|
(3)
|
|
$
|
48,698
|
|
$
|
81,619
|
|
|
|
Vdara
|
|
1,189
|
|
|
1,676
|
|
|
-
|
|
|
76
|
|
|
6,957
|
|
|
9,898
|
|
|
|
Mandarin
Oriental
|
|
(3,083)
|
|
|
1,093
|
|
|
-
|
|
|
-
|
|
|
3,135
|
|
|
1,145
|
|
|
|
Resort
operations
|
|
7,710
|
|
|
26,089
|
|
|
-
|
|
|
73
|
|
|
58,790
|
|
|
92,662
|
|
|
|
Residential,
administration and other operations
|
|
(483)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(483)
|
|
|
|
|
$
|
7,227
|
|
$
|
26,089
|
|
$
|
-
|
|
$
|
73
|
|
$
|
58,790
|
|
$
|
92,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
NV
Energy exit expense
|
|
Preopening and start-up expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
$
|
11,949
|
|
$
|
-
|
|
$
|
-
|
|
$
|
(30)
|
|
$
|
47,061
|
|
$
|
58,980
|
|
|
|
Vdara
|
|
(1,168)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
7,753
|
|
|
6,585
|
|
|
|
Mandarin
Oriental
|
|
(2,698)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,075
|
|
|
377
|
|
|
|
Resort
operations
|
|
8,083
|
|
|
-
|
|
|
-
|
|
|
(30)
|
|
|
57,889
|
|
|
65,942
|
|
|
|
Residential,
administration and other operations
|
|
(985)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
8
|
|
|
(977)
|
|
|
|
|
$
|
7,098
|
|
$
|
-
|
|
$
|
-
|
|
$
|
(30)
|
|
$
|
57,897
|
|
$
|
64,965
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
NV
Energy exit expense
|
|
Preopening and start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation and amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
(17,955)
|
|
$
|
23,320
|
|
$
|
-
|
|
$
|
(475)
|
|
$
|
226,287
|
|
$
|
231,177
|
|
Vdara
|
|
4,649
|
|
|
1,676
|
|
|
-
|
|
|
(253)
|
|
|
20,865
|
|
|
26,937
|
|
Mandarin
Oriental
|
|
(6,067)
|
|
|
1,093
|
|
|
-
|
|
|
-
|
|
|
9,334
|
|
|
4,360
|
|
Resort
operations
|
|
(19,373)
|
|
|
26,089
|
|
|
-
|
|
|
(728)
|
|
|
256,486
|
|
|
262,474
|
|
Residential, administration and other
operations
|
|
(962)
|
|
|
-
|
|
|
-
|
|
|
(1,211)
|
|
|
-
|
|
|
(2,173)
|
|
|
$
|
(20,335)
|
|
$
|
26,089
|
|
$
|
-
|
|
$
|
(1,939)
|
|
$
|
256,486
|
|
$
|
260,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
NV
Energy exit expense
|
|
Preopening and start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation and amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
41,790
|
|
$
|
-
|
|
$
|
-
|
|
$
|
918
|
|
$
|
141,114
|
|
$
|
183,822
|
|
Vdara
|
|
(1,152)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
23,415
|
|
|
22,263
|
|
Mandarin
Oriental
|
|
(5,655)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
9,169
|
|
|
3,514
|
|
Resort
operations
|
|
34,983
|
|
|
-
|
|
|
-
|
|
|
918
|
|
|
173,698
|
|
|
209,599
|
|
Residential, administration and other
operations
|
|
163,994
|
|
|
-
|
|
|
-
|
|
|
(159,980)
|
|
|
(156)
|
|
|
3,858
|
|
|
$
|
198,977
|
|
$
|
-
|
|
$
|
-
|
|
$
|
(159,062)
|
|
$
|
173,542
|
|
$
|
213,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
SUPPLEMENTAL DATA - HOTEL STATISTICS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
95.5%
|
|
|
94.5%
|
|
|
93.2%
|
|
|
93.0%
|
|
|
|
|
|
|
|
ADR
|
|
$231
|
|
|
$219
|
|
|
$243
|
|
|
$232
|
|
|
|
|
|
|
|
REVPAR
|
|
$221
|
|
|
$207
|
|
|
$226
|
|
|
$216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
95.9%
|
|
|
92.8%
|
|
|
93.8%
|
|
|
93.3%
|
|
|
|
|
|
|
|
ADR
|
|
$197
|
|
|
$176
|
|
|
$202
|
|
|
$185
|
|
|
|
|
|
|
|
REVPAR
|
|
$189
|
|
|
$164
|
|
|
$190
|
|
|
$172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-third-quarter-financial-and-operating-results-300358148.html
SOURCE MGM Resorts International