LAS VEGAS, Feb. 16, 2017 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter and full year ended
December 31, 2016 and announced a
quarterly dividend.
"In 2016, MGM Resorts produced diluted earnings per share of
$1.92 and delivered the best
same-store domestic Adjusted Property EBITDA and Adjusted Property
EBITDA margins in nine years. The achievement of key financial and
strategic milestones demonstrates our continued focus on driving
profitability and shareholder value, strengthening our balance
sheet, and further positioning MGM Resorts as a leading
entertainment and destination-resort company," said Jim Murren, Chairman & CEO of MGM Resorts.
"We are excited about the outlook for 2017, including the full year
contributions from MGM National Harbor and Borgata, the continued
favorable Las Vegas dynamics
supported by our investments including T-Mobile Arena and the Park
Theater, the opening of MGM Cotai in Macau, and our persistent drive for continuous
improvement throughout all aspects of our Company."
MGM Resorts Dividend:
The Company's Board of Directors approved a quarterly dividend
on February 15, 2017. The dividend of
$0.11 per share will be payable on
March 15, 2017 to stockholders of
record at the close of business on March 10,
2017, and will equate to approximately $63 million in aggregate.
Mr. Murren continued, "The initiation of a quarterly dividend
reinforces the Company's commitment to executing on our
disciplined, long term strategy of maximizing value for our
shareholders while demonstrating confidence in our ability to
continue growing the business and maintaining a strong balance
sheet."
Fourth Quarter 2016 Financial Highlights:
- Diluted earnings per share for the fourth quarter of 2016 of
$0.04, compared to diluted loss per
share of $1.38 in the prior year
quarter which included a $1.5
billion, or $1.33 per share,
non-cash goodwill impairment charge related to the 2011 MGM China
acquisition;
- Net revenues of $1.8 billion at
the Company's domestic resorts, a 17% increase over the prior year
quarter, and a 2% increase on a same-store basis, excluding
contributions from Borgata which the Company began consolidating in
August 2016, MGM National Harbor
which opened in December of 2016, and Circus Circus Reno, which the
Company sold in 2015;
- REVPAR(1) growth of 3% over the prior year
quarter at the Company's Las Vegas Strip resorts;
- Operating income of $312 million
at the Company's domestic resorts;
- Net income attributable to MGM Resorts of $25 million, compared to a net loss attributable
to MGM Resorts of $781 million in the
prior year quarter;
- Adjusted Property EBITDA(2) of $493 million at the Company's domestic resorts, a
14% increase over the prior year quarter and a 1% increase on
a same-store basis;
- Profit Growth Plan contribution of approximately $30 million of year over year Adjusted Property
EBITDA growth to domestic resorts and approximately $1 million of Adjusted EBITDA growth from the
Company's 50% share of CityCenter, which resulted in cumulative
fourth quarter contributions of $68
million and $6 million,
respectively, since the start of the plan;
- Same-store operating margin of 19.5% in the current quarter at
the Company's domestic resorts compared to 19.7% in the prior year
quarter;
- Same-store Adjusted Property EBITDA margin of 27.5% at the
Company's domestic resorts, for both current and prior year
quarters; and
- MGM China operating income of $72
million compared to an operating loss of $1.4 billion in the prior year quarter, which
included the $1.5 billion non-cash
goodwill impairment charge, and a 5% increase in MGM China's
Adjusted EBITDA compared to the prior year quarter.
Full Year 2016 Financial Highlights:
- Consolidated net revenues of $9.5
billion and domestic resorts net revenues of $7.1 billion, a 9% increase over the prior year
and a 4% increase on a same-store basis;
- REVPAR growth of 6% over the prior year at the Company's Las
Vegas Strip resorts;
- Operating income of $1.4 billion
at the Company's domestic resorts;
- Net income attributable to MGM Resorts of $1.1 billion, compared to a net loss attributable
to MGM Resorts of $448 million in the
prior year;
- Adjusted Property EBITDA of $2.1
billion at the Company's domestic resorts, a 22% increase
over the prior year and a 17% increase on a same-store basis;
- Bellagio produced all-time records in net revenues, Adjusted
Property EBITDA and Adjusted Property EBITDA margins;
- Profit Growth Plan contribution of approximately $244 million of year over year Adjusted Property
EBITDA growth to domestic resorts and approximately $22 million of Adjusted EBITDA growth from the
Company's 50% share of CityCenter, which resulted in cumulative
contributions of $315 million and
$30 million, respectively, since the
start of the plan; and
- Same-store Adjusted Property EBITDA margin of 29.6% at the
Company's domestic resorts, a 336 basis point increase compared to
the prior year.
2016 Strategic Highlights:
- Successful creation and $1.2
billion initial public offering of MGM Growth Properties LLC
("MGP"), a premier triple net lease REIT, which priced at the high
end of the filing range and has since achieved material share price
appreciation, underscoring the significant value in the Company's
real estate assets;
- CityCenter's sale of The Shops at Crystals for $1.1 billion resulting in a $540 million distribution to MGM Resorts;
- Opening of new entertainment venues on the Las Vegas Strip with
the T-Mobile Arena and Park Theater;
- Increasing Profit Growth Plan target by 33% to $400 million;
- Acquisition of Borgata and the subsequent contribution of the
real property to MGP;
- Increase in MGM China ownership to approximately 56%;
- Opening of the highly anticipated MGM National Harbor in
Maryland; and
- Continued focus on balance sheet enhancement resulting in
rating agencies upgrades.
Certain Items Affecting Fourth 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
December 31,
|
|
2016
|
|
|
2015
|
|
Preopening and
start-up expenses
|
|
$
|
(0.07)
|
|
|
$
|
(0.02)
|
|
Property
transactions, net:
|
|
|
|
|
|
|
|
|
Gain on sale of
Circus Circus Reno and Silver Legacy
|
|
|
—
|
|
|
|
0.03
|
|
Grand Victoria investment
impairment
|
|
|
—
|
|
|
|
(0.02)
|
|
Other property transactions,
net
|
|
|
(0.01)
|
|
|
|
(0.03)
|
|
MGM China goodwill
impairment
|
|
|
—
|
|
|
|
(1.33)
|
|
Income (loss) from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
Gain on the sale
of Crystals
|
|
|
0.01
|
|
|
|
—
|
|
Domestic Resorts
Casino revenue for the fourth quarter of 2016 increased 33%
compared to the prior year quarter, due primarily to the
acquisition of Borgata Hotel Casino and Spa ("Borgata"), the MGM
National Harbor opening on December 8,
2016, and an increase in both table games and slots revenue.
Casino revenue increased 3% on a same-store basis compared to the
prior year quarter. Same-store table games hold percentage in the
fourth quarter of 2016 was 22.5% compared to 20.0% in the prior
year quarter. Slots revenue increased 3% on a same-store basis
compared to the prior year quarter.
Rooms revenue increased 10% compared to the prior year quarter.
On a same-store basis, rooms revenue increased 4% compared to the
prior year quarter. Las Vegas Strip REVPAR increased 3%. The
following table shows key hotel statistics for the Company's Las
Vegas Strip resorts:
Three months ended
December 31,
|
|
2016
|
|
|
2015
|
|
Occupancy
%
|
|
|
89%
|
|
|
|
89%
|
|
Average Daily Rate
(ADR)
|
|
$
|
157
|
|
|
$
|
152
|
|
Revenue per Available
Room (REVPAR)
|
|
$
|
140
|
|
|
$
|
136
|
|
Operating income at the Company's domestic resorts was
$312 million for the fourth quarter
of 2016 compared to $308 million in
the prior year quarter. Domestic resorts Adjusted Property EBITDA
increased 14% to $493 million in the
fourth quarter of 2016 and was positively impacted by approximately
$30 million of Adjusted Property
EBITDA growth generated from the Company's Profit Growth Plan
initiatives as well as $45 million of
Adjusted Property EBITDA resulting from the Borgata transaction and
$10 million of Adjusted Property
EBITDA resulting from the December
2016 opening of MGM National Harbor. Same-store Adjusted
Property EBITDA increased 1% compared to the prior year
quarter.
The Company's domestic resorts were impacted by a lower number
of convention room nights compared to the prior year quarter,
primarily driven by the October holiday calendar shift as well as
the rotation and timing of certain conventions. The reduced
convention room nights were replaced primarily with casino
room nights, which benefitted our table games and slots business
and was offset by lower catering and banquets and production
services.
Mr. Murren added, "In the fourth quarter of 2016, we drove
growth in REVPAR and EBITDA despite a record convention business
fourth quarter in the prior year. Our convention business this year
resulted in the second highest fourth quarter in the Company's
history, and we also successfully leveraged our database and
delivered new entertainment offerings to drive customers to our
resorts. We continue to invest in our business and remain
encouraged by the opportunities we see in 2017. We expect to
achieve Las Vegas Strip REVPAR growth of 7% in the first quarter of
2017."
Corporate Expense
Corporate expense was $72 million
in the fourth quarter of 2016, a decrease of $19 million compared to the prior year quarter.
The current quarter included $3
million related to Profit Growth Plan implementation costs.
The prior year quarter included costs incurred to implement
initiatives related to the Profit Growth Plan and costs associated
with the initial public offering of MGP totaling $22 million.
MGM China
On February 16, 2017, as part of
its regular dividend policy, the Board of Directors of MGM China
Holdings Limited ("MGM China") announced it will recommend a final
dividend for 2016 of $78 million to
MGM China shareholders subject to approval at the MGM China 2017
annual shareholders meeting to be held in May, bringing the total
2016 dividend to $137 million
including the interim dividend paid in August of 2016. If approved,
MGM Resorts International will receive its 56% share or
$44 million, of which $4 million will be paid to Grand Paradise Macau
under the $50 million deferred cash
payment arrangement related to the Company's acquisition of the
additional 4.95% of MGM China shares in August of 2016.
Key fourth quarter results for MGM China include:
- Net revenues of $500 million, a
$1 million increase compared to the
prior year quarter;
- Main floor table games revenue decreased 2% compared to the
prior year quarter;
- VIP table games revenue increased 7% due to an increase in hold
percentage to 3.7% in the current year quarter, compared to 3.0% in
the prior year quarter, partially offset by a decrease in turnover
of 16% compared to the prior year quarter;
- Operating income was $72 million
compared to an operating loss of $1.4
billion in the prior year quarter, which included the
$1.5 billion non-cash impairment
charge on goodwill recognized for the 2011 MGM China
acquisition;
- Adjusted EBITDA increased 5% to $138
million, compared to $131
million in the prior year quarter, including $9 million of license fee expense in both the
current and prior year quarters; and
- Operating margin was 14.4% in the current year quarter, and
Adjusted EBITDA margin was 27.5% an increase of 127 basis points
compared to the prior year quarter.
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of income from unconsolidated affiliates:
Three months ended
December 31,
|
|
2016
|
|
|
2015
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
25,804
|
|
|
$
|
19,331
|
|
Borgata
|
|
|
—
|
|
|
|
16,230
|
|
Other
|
|
|
6,224
|
|
|
|
4,691
|
|
|
|
$
|
32,028
|
|
|
$
|
40,252
|
|
Our share of CityCenter Holdings, LLC ("CityCenter") operating
results for the fourth quarter of 2016, including certain basis
difference adjustments, was $26
million. Our share of CityCenter's operating income in the
prior year quarter was negatively impacted by $10 million due to accelerated depreciation
associated with the April 2016
closure of the Zarkana theatre.
Results for CityCenter for the fourth quarter of 2016 include
the following (see schedules accompanying this release for further
detail on CityCenter's fourth quarter results):
- Net revenues from resort operations were $301 million, a 2% decrease compared to the prior
year quarter, primarily due to a decrease in entertainment revenue
as the Zarkana show closed on April 30,
2016 and a decrease in casino revenue;
- Operating income from resorts operations was $27 million, compared to $13 million in the prior year quarter which
included $20 million of accelerated
depreciation as discussed above;
- Adjusted EBITDA from resort operations was $91 million, a 5% decrease compared to the prior
year quarter, primarily due to a decrease in entertainment revenue
related to the April 2016 Zarkana
show closure and a decrease in casino revenue;
- Aria's table games volume decreased 11% and table games hold
percentage was 29.2%, compared to 26.8% in the prior year
quarter;
- REVPAR at Aria increased 3% to $218 compared to the prior year quarter; and
- Vdara reported REVPAR of $182 in
the current year quarter, and Adjusted EBITDA increased 22% to
$9 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. 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
contributed to MGP. Prior to the acquisition, the Company held a
50% interest in Borgata, which was accounted for under the equity
method.
MGM Growth Properties
During the fourth quarter of 2016, the Company made rent
payments to MGP in the amount of $163
million and received distributions of $72 million from MGM Growth Properties Operating
Partnership LP (the "Operating Partnership"). On December 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 January 16, 2017 to holders of record on
December 30, 2016. The Company
concurrently received a $72 million
distribution attributable to its ownership of units in the
Operating Partnership.
Full Year 2016 Results
Consolidated net revenue for 2016 was $9.5 billion, a 3% increase over 2015.
Consolidated operating income was $2.1
billion, including a $430
million gain recognized on the Borgata acquisition and a
$401 million gain related to the sale
of Crystals, compared to an operating loss of $156 million in the prior year, which included
the $1.5 billion non-cash goodwill
impairment charge related to the 2011 MGM China acquisition. Net
income attributable to MGM Resorts was $1.1
billion compared to a net loss of $448 million in the prior year. Adjusted EBITDA
increased 25% compared to the prior year to $2.8 billion.
Net revenue from domestic resorts was $7.1 billion, a 9% increase over the prior year
and operating income from domestic resorts was $1.4 billion a 13% increase over the prior year.
Domestic resorts Adjusted Property EBITDA increased 22% to
$2.1 billion for 2016 and was
positively impacted by approximately $244
million of Adjusted Property EBITDA growth generated from
the Company's Profit Growth Plan initiatives as well as
$81 million of Adjusted Property
EBITDA resulting from the Borgata transaction and $10 million of Adjusted Property EBITDA resulting
from the December 2016 opening of MGM
National Harbor. Same-store Adjusted Property EBITDA increased 17%
compared to the prior year.
MGM China net revenue was $1.9
billion for 2016, a 13% decrease from 2015. MGM China
operating income was $255 million
compared to an operating loss of $1.2
billion in the prior year, which included the $1.5 billion non-cash goodwill impairment charge
described above. MGM China Adjusted EBITDA was $521 million compared to $540 million in the prior year.
CityCenter reported net revenues of $1.2
billion from resort operations, a 3% increase compared to
the prior year. Operating income from resort operations was
$7 million and included $26 million of NV Energy exit expense and
$82 million of accelerated
depreciation associated with the April
2016 closure of the Zarkana theatre, compared to operating
income of $48 million in the prior
year, which included $20 million of
accelerated depreciation associated with the Zarkana theatre
closure. Adjusted EBITDA related to resort operations was a record
$353 million compared to $305 million in the prior year and was positively
impacted by approximately $45 million
of Adjusted EBITDA growth generated from the Company's Profit
Growth Plan initiatives.
During the year ended December 31,
2016, the Company made rent payments to MGP in the amount of
$418 million. During the full year
2016 the Company received $113
million of distributions attributable to its ownership of
units in the Operating Partnership.
Diluted earnings per share was $1.92 in the current year compared to loss per
share of $0.82 in 2015. The following
table lists items that affect the comparability of the current year
and prior year annual results (approximate EPS impact shown, net of
tax, per share; negative amounts represent charges to income):
Year ended
December 31,
|
2016
|
|
|
2015
|
|
NV Energy exit
expense
|
$
|
(0.18)
|
|
|
$
|
—
|
|
Preopening and
start-up expenses
|
|
(0.15)
|
|
|
|
(0.08)
|
|
Property
transactions, net:
|
|
|
|
|
|
|
|
Gain on sale of
Circus Circus Reno and Silver Legacy
|
|
—
|
|
|
|
0.03
|
|
Grand Victoria investment
impairment
|
|
—
|
|
|
|
(0.02)
|
|
Other property transactions,
net
|
|
(0.02)
|
|
|
|
(0.05)
|
|
MGM China goodwill
impairment
|
|
—
|
|
|
|
(1.38)
|
|
Gain on Borgata
transaction
|
|
0.61
|
|
|
|
—
|
|
Income (loss) from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
Gain on the sale
of Crystals
|
|
0.56
|
|
|
|
—
|
|
CityCenter NV Energy exit
expense
|
|
(0.02)
|
|
|
|
—
|
|
Harmon-related property
transactions, net
|
|
—
|
|
|
|
0.10
|
|
Non-operating
expense:
|
|
|
|
|
|
|
|
Loss on
retirement of long-term debt
|
|
(0.10)
|
|
|
|
—
|
|
The current year results included income tax benefit of
$204 million attributable to a
decrease in valuation allowance on foreign tax credit carryovers
resulting from changes in assumptions impacting the assessment of
realizability of such carryovers and income tax expense of
$36 million attributable to the
remeasurement of Macau deferred
tax liabilities resulting from a change in assumption concerning
renewal of the exemption from the Macau complementary tax on gaming profits.
Financial Position
The Company's cash balance at December
31, 2016 was $1.4 billion,
which included $454 million at MGM
China and $360 million at MGP. At
December 31, 2016, the Company had
$13.1 billion of principal amount of
indebtedness outstanding, including $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, $1.9 billion outstanding
under the $3 billion MGM China credit
facility, and $450 million
outstanding under the $525 million
MGM National Harbor credit facility.
"We have taken significant steps over the past year to prudently
pursue strategic opportunities while enhancing our capital
structure, addressing near term maturities and strengthening the
financial position of our Company," said Dan D'Arrigo, Executive
Vice President and Chief Financial Officer of MGM Resorts. "We
continue to focus on maximizing our cash flows to support our
balanced approach to capital allocation including our quarterly
dividend and targeted growth opportunities while remaining
committed to returning MGM Resorts to investment grade."
Conference Call Details
MGM Resorts will host a conference call at 11:00 a.m. Eastern Time today which will include
a brief discussion of these results followed by a question and
answer period. The call will be accessible via the Internet through
www.mgmresorts.com under the Investors section or by calling
1-888-317-6003 for domestic callers and 1-412-317-6061 for
international callers. The conference call access code is 6980101.
A replay of the call will be available through Thursday, February 23, 2017. The replay may
be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The
replay access code is 10099047. The call will be archived at
www.mgmresorts.com. In addition, MGM Resorts will post supplemental
slides today on its website at www.mgmresorts.investorroom.com for
reference during the earnings call.
1
REVPAR is hotel revenue per available room.
2
"Adjusted EBITDA" is earnings before interest and other
non-operating income (expense), taxes, depreciation and
amortization, preopening and start-up expenses, NV Energy exit
expense, goodwill impairment charges, gain on Borgata transaction,
and property transactions, net. "Adjusted Property EBITDA" is
Adjusted EBITDA before corporate expense and stock compensation
expense related to the MGM Resorts and MGP stock option plans,
which are not allocated to each property. MGM China recognizes
stock compensation expense related to its stock compensation plan
which is included in the calculation of Adjusted EBITDA for MGM
China. "Same-store Adjusted Property EBITDA" is Adjusted Property
EBITDA related to operating resorts which were consolidated by the
Company for both the entire current and prior year periods
presented. Adjusted EBITDA information is presented solely as a
supplemental disclosure to reported GAAP measures because
management believes these measures are 1) widely used measures of
operating performance in the gaming industry, and 2) a principal
basis for valuation of gaming companies.
Management believes that while items excluded from Adjusted
EBITDA, Adjusted Property EBITDA, and Same-store Adjusted Property
EBITDA may be recurring in nature and should not be disregarded in
evaluation of the Company's earnings performance, it is useful to
exclude such items when analyzing current results and trends
compared to other periods because these items can vary
significantly depending on specific underlying transactions or
events that may not be comparable between the periods being
presented. Also, management believes excluded items may not relate
specifically to current operating trends or be indicative of future
results. For example, preopening and start-up expenses will be
significantly different in periods when the Company is developing
and constructing a major expansion project and will depend on where
the current period lies within the development cycle, as well as
the size and scope of the project(s). Property transactions, net
includes normal recurring disposals, gains and losses on sales of
assets related to specific assets within the Company's resorts, but
also includes gains or losses on sales of an entire operating
resort or a group of resorts and impairment charges on entire asset
groups or investments in unconsolidated affiliates, which may not
be comparable period over period.
In addition, capital allocation, tax planning, financing and
stock compensation awards are all managed at the corporate level.
Therefore, management uses Adjusted Property EBITDA and Same-store
Adjusted Property EBITDA as the primary measure of the Company's
operating resorts' performance.
Adjusted EBITDA, Adjusted Property EBITDA and Same-store
Adjusted Property EBITDA should not be construed as alternatives to
operating income or net income, as indicators of our performance;
or as alternatives to cash flows from operating activities, as
measures of liquidity; or as any other measure determined in
accordance with generally accepted accounting principles. We have
significant uses of cash flows, including capital expenditures,
interest payments, taxes and debt principal repayments, which are
not reflected in Adjusted EBITDA, Adjusted Property EBITDA or
Same-store Adjusted Property EBITDA. Also, other companies in the
gaming and hospitality industries that report Adjusted EBITDA,
Adjusted Property EBITDA or Same-store Adjusted Property EBITDA
information may calculate Adjusted EBITDA, Adjusted Property EBITDA
or Same-store Adjusted Property EBITDA in a different manner.
Reconciliations of GAAP net income (loss) to Adjusted EBITDA and
GAAP operating income (loss) to Adjusted Property EBITDA and
Same-store Adjusted Property EBITDA are included in the financial
schedules in this release.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's
leading global hospitality companies, operating a portfolio of
destination resort brands including Bellagio, MGM Grand, Mandalay
Bay and The Mirage. The Company opened MGM National Harbor
in Maryland on December 8, 2016, and is in the
process of developing MGM Springfield in Massachusetts. MGM
Resorts controls and holds a 76 percent economic interest in the
operating partnership of MGM Growth Properties LLC (NYSE: MGP), a
premier triple-net lease real estate investment trust engaged in
the acquisition, ownership and leasing of large-scale destination
entertainment and leisure resorts. The Company also owns 56 percent
of MGM China Holdings Limited (SEHK: 2282), which owns
MGM MACAU and is developing MGM COTAI, and 50 percent of
CityCenter in Las Vegas, which features ARIA Resort &
Casino. MGM Resorts is named among FORTUNE® Magazine's 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 and the Company's financial
outlook (including REVPAR guidance), the payment of any future cash
dividends on the Company's common stock (which dividends will be
subject to the discretion of the Company's Board of Directors
taking into account any factors it deems relevant), its ability to
generate future cash flow growth and to execute on future
development and other projects 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
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
1,366,903
|
|
$
|
1,146,765
|
|
$
|
4,936,490
|
|
$
|
4,842,836
|
|
|
Rooms
|
|
505,120
|
|
|
460,778
|
|
|
2,023,841
|
|
|
1,876,733
|
|
|
Food and
beverage
|
|
401,373
|
|
|
370,880
|
|
|
1,639,910
|
|
|
1,575,496
|
|
|
Entertainment
|
|
137,103
|
|
|
137,293
|
|
|
517,433
|
|
|
539,318
|
|
|
Retail
|
|
49,711
|
|
|
47,897
|
|
|
200,340
|
|
|
201,688
|
|
|
Other
|
|
133,413
|
|
|
115,980
|
|
|
533,528
|
|
|
506,934
|
|
|
Reimbursed
costs
|
|
95,992
|
|
|
95,936
|
|
|
397,152
|
|
|
398,836
|
|
|
|
|
2,689,615
|
|
|
2,375,529
|
|
|
10,248,694
|
|
|
9,941,841
|
|
|
Less: Promotional
allowances
|
|
(228,795)
|
|
|
(183,656)
|
|
|
(793,571)
|
|
|
(751,773)
|
|
|
|
|
2,460,820
|
|
|
2,191,873
|
|
|
9,455,123
|
|
|
9,190,068
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
761,280
|
|
|
661,948
|
|
|
2,718,483
|
|
|
2,882,752
|
|
|
Rooms
|
|
141,115
|
|
|
139,910
|
|
|
576,426
|
|
|
564,094
|
|
|
Food and
beverage
|
|
230,947
|
|
|
216,357
|
|
|
943,803
|
|
|
917,993
|
|
|
Entertainment
|
|
112,078
|
|
|
101,410
|
|
|
411,657
|
|
|
410,284
|
|
|
Retail
|
|
23,737
|
|
|
23,643
|
|
|
96,928
|
|
|
102,904
|
|
|
Other
|
|
90,314
|
|
|
80,355
|
|
|
351,215
|
|
|
348,513
|
|
|
Reimbursed
costs
|
|
95,992
|
|
|
95,936
|
|
|
397,152
|
|
|
398,836
|
|
|
General and
administrative
|
|
376,717
|
|
|
306,728
|
|
|
1,378,617
|
|
|
1,309,104
|
|
|
Corporate
expense
|
|
71,941
|
|
|
90,574
|
|
|
312,774
|
|
|
274,551
|
|
|
NV Energy exit
expense
|
|
-
|
|
|
-
|
|
|
139,335
|
|
|
-
|
|
|
Preopening and
start-up expenses
|
|
61,631
|
|
|
21,057
|
|
|
140,075
|
|
|
71,327
|
|
|
Property
transactions, net
|
|
12,361
|
|
|
23,286
|
|
|
17,078
|
|
|
35,951
|
|
|
Goodwill
impairment
|
|
-
|
|
|
1,467,991
|
|
|
-
|
|
|
1,467,991
|
|
|
Gain on Borgata
transaction
|
|
(340)
|
|
|
-
|
|
|
(430,118)
|
|
|
-
|
|
|
Depreciation and
amortization
|
|
233,052
|
|
|
200,164
|
|
|
849,527
|
|
|
819,883
|
|
|
|
|
|
|
|
2,210,825
|
|
|
3,429,359
|
|
|
7,902,952
|
|
|
9,604,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
32,028
|
|
|
40,252
|
|
|
527,616
|
|
|
257,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
282,023
|
|
|
(1,197,234)
|
|
|
2,079,787
|
|
|
(156,232)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
|
(161,704)
|
|
|
(186,291)
|
|
|
(694,773)
|
|
|
(797,579)
|
|
|
Non-operating
items from unconsolidated affiliates
|
|
|
(7,910)
|
|
|
(16,717)
|
|
|
(53,139)
|
|
|
(76,462)
|
|
|
Other,
net
|
|
|
(4,983)
|
|
|
(3,279)
|
|
|
(72,698)
|
|
|
(15,970)
|
|
|
|
|
|
|
|
(174,597)
|
|
|
(206,287)
|
|
|
(820,610)
|
|
|
(890,011)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
|
107,426
|
|
|
(1,403,521)
|
|
|
1,259,177
|
|
|
(1,046,243)
|
|
|
Benefit
(provision) for income taxes
|
|
(37,504)
|
|
|
(69,976)
|
|
|
(22,299)
|
|
|
6,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
69,922
|
|
|
(1,473,497)
|
|
|
1,236,878
|
|
|
(1,039,649)
|
|
|
Less: Net (income)
loss attributable to noncontrolling interests
|
|
(45,253)
|
|
|
692,043
|
|
|
(135,438)
|
|
|
591,929
|
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
24,669
|
|
$
|
(781,454)
|
|
$
|
1,101,440
|
|
$
|
(447,720)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share of
common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
0.04
|
|
$
|
(1.38)
|
|
$
|
1.94
|
|
$
|
(0.82)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
573,833
|
|
|
564,398
|
|
|
568,134
|
|
|
542,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
0.04
|
|
$
|
(1.38)
|
|
$
|
1.92
|
|
$
|
(0.82)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
579,176
|
|
|
564,398
|
|
|
573,317
|
|
|
542,873
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2016
|
|
|
2015
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,446,581
|
|
$
|
1,670,312
|
|
Accounts
receivable, net
|
|
|
542,924
|
|
|
480,559
|
|
Inventories
|
|
|
97,733
|
|
|
104,200
|
|
Income tax
receivable
|
|
|
-
|
|
|
15,993
|
|
Prepaid expenses
and other
|
|
|
142,349
|
|
|
137,685
|
|
Total current
assets
|
|
|
2,229,587
|
|
|
2,408,749
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
18,425,023
|
|
|
15,371,795
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
|
1,220,443
|
|
|
1,491,497
|
|
Goodwill
|
|
|
1,817,119
|
|
|
1,430,767
|
|
Other intangible
assets, net
|
|
|
4,087,706
|
|
|
4,164,781
|
|
Other long-term
assets, net
|
|
|
393,423
|
|
|
347,589
|
|
Total other
assets
|
|
|
7,518,691
|
|
|
7,434,634
|
|
|
|
$
|
28,173,301
|
|
$
|
25,215,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
250,477
|
|
$
|
182,031
|
|
Construction
payable
|
|
|
270,361
|
|
|
250,120
|
|
Income taxes
payable
|
|
|
10,654
|
|
|
-
|
|
Current portion of
long-term debt
|
|
|
8,375
|
|
|
328,442
|
|
Accrued interest
on long-term debt
|
|
|
159,028
|
|
|
165,914
|
|
Other accrued
liabilities
|
|
|
1,594,526
|
|
|
1,311,444
|
|
Total current
liabilities
|
|
|
2,293,421
|
|
|
2,237,951
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
|
2,551,228
|
|
|
2,680,576
|
Long-term
debt
|
|
|
12,979,220
|
|
|
12,368,311
|
Other long-term
obligations
|
|
|
325,981
|
|
|
157,663
|
Redeemable
noncontrolling interest
|
|
|
54,139
|
|
|
6,250
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
|
issued and outstanding 574,123,706 and 564,838,893
shares
|
|
|
5,741
|
|
|
5,648
|
|
Capital in excess
of par value
|
|
|
5,653,575
|
|
|
5,655,886
|
|
Retained earnings
(accumulated deficit)
|
|
|
545,811
|
|
|
(555,629)
|
|
Accumulated other
comprehensive income
|
|
|
15,053
|
|
|
14,022
|
|
Total MGM Resorts
International stockholders' equity
|
|
|
6,220,180
|
|
|
5,119,927
|
|
Noncontrolling
interests
|
|
|
3,749,132
|
|
|
2,644,500
|
|
Total stockholders'
equity
|
|
|
9,969,312
|
|
|
7,764,427
|
|
|
|
$
|
28,173,301
|
|
$
|
25,215,178
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Bellagio
|
|
|
|
|
$
|
333,123
|
|
$
|
311,893
|
|
$
|
1,338,626
|
|
$
|
1,236,248
|
|
MGM Grand Las
Vegas
|
|
|
262,911
|
|
|
283,086
|
|
|
1,122,380
|
|
|
1,138,469
|
|
Mandalay
Bay
|
|
|
|
199,006
|
|
|
205,134
|
|
|
934,110
|
|
|
906,243
|
|
The
Mirage
|
|
|
|
|
137,487
|
|
|
128,095
|
|
|
586,745
|
|
|
568,607
|
|
Luxor
|
|
|
|
|
|
99,466
|
|
|
94,351
|
|
|
391,634
|
|
|
372,426
|
|
New York-New
York
|
|
|
86,432
|
|
|
78,514
|
|
|
336,150
|
|
|
308,319
|
|
Excalibur
|
|
|
|
|
|
75,605
|
|
|
71,571
|
|
|
309,551
|
|
|
289,324
|
|
Monte
Carlo
|
|
|
|
|
67,338
|
|
|
69,954
|
|
|
280,835
|
|
|
290,240
|
|
Circus Circus Las
Vegas
|
|
|
60,607
|
|
|
55,347
|
|
|
248,313
|
|
|
232,844
|
|
MGM Grand
Detroit
|
|
|
140,945
|
|
|
144,266
|
|
|
564,976
|
|
|
547,399
|
|
Beau
Rivage
|
|
|
|
|
90,600
|
|
|
87,870
|
|
|
377,396
|
|
|
367,587
|
|
Gold Strike
Tunica
|
|
|
39,369
|
|
|
38,990
|
|
|
163,535
|
|
|
160,863
|
|
Borgata
(1)
|
|
|
|
|
197,456
|
|
|
-
|
|
|
348,462
|
|
|
-
|
|
National Harbor
(2)
|
|
|
53,005
|
|
|
-
|
|
|
53,005
|
|
|
-
|
|
Other resort
operations (3)
|
|
|
-
|
|
|
8,727
|
|
|
-
|
|
|
78,792
|
|
Domestic
resorts
|
|
|
1,843,350
|
|
|
1,577,798
|
|
|
7,055,718
|
|
|
6,497,361
|
|
MGM
China
|
|
|
|
|
499,685
|
|
|
498,784
|
|
|
1,920,487
|
|
|
2,214,767
|
|
Management and
other operations
|
|
117,785
|
|
|
115,291
|
|
|
478,918
|
|
|
477,940
|
|
|
|
|
|
|
$
|
2,460,820
|
|
$
|
2,191,873
|
|
$
|
9,455,123
|
|
$
|
9,190,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Bellagio
|
|
|
|
|
$
|
118,280
|
|
$
|
106,588
|
|
$
|
479,259
|
|
$
|
395,385
|
|
MGM Grand Las
Vegas
|
|
|
69,538
|
|
|
80,228
|
|
|
330,681
|
|
|
280,266
|
|
Mandalay
Bay
|
|
|
|
34,988
|
|
|
38,729
|
|
|
235,609
|
|
|
203,474
|
|
The
Mirage
|
|
|
|
|
27,183
|
|
|
16,674
|
|
|
139,427
|
|
|
112,475
|
|
Luxor
|
|
|
|
|
|
27,062
|
|
|
24,847
|
|
|
108,192
|
|
|
87,169
|
|
New York-New
York
|
|
|
30,074
|
|
|
29,417
|
|
|
121,729
|
|
|
106,457
|
|
Excalibur
|
|
|
|
|
|
25,618
|
|
|
22,649
|
|
|
101,525
|
|
|
82,247
|
|
Monte
Carlo
|
|
|
|
|
16,978
|
|
|
22,224
|
|
|
78,862
|
|
|
85,962
|
|
Circus Circus Las
Vegas
|
|
|
15,754
|
|
|
11,677
|
|
|
61,989
|
|
|
43,245
|
|
MGM Grand
Detroit
|
|
|
43,558
|
|
|
45,256
|
|
|
171,414
|
|
|
154,979
|
|
Beau
Rivage
|
|
|
|
|
17,635
|
|
|
22,059
|
|
|
93,762
|
|
|
88,843
|
|
Gold Strike
Tunica
|
|
|
11,378
|
|
|
11,879
|
|
|
49,690
|
|
|
46,023
|
|
Borgata
(1)
|
|
|
|
|
45,182
|
|
|
-
|
|
|
81,281
|
|
|
-
|
|
National Harbor
(2)
|
|
|
9,596
|
|
|
-
|
|
|
9,596
|
|
|
-
|
|
Other resort
operations (3)
|
|
|
-
|
|
|
(1,492)
|
|
|
-
|
|
|
3,441
|
|
Domestic
resorts
|
|
|
492,824
|
|
|
430,735
|
|
|
2,063,016
|
|
|
1,689,966
|
|
MGM
China
|
|
|
|
|
137,549
|
|
|
130,983
|
|
|
520,736
|
|
|
539,881
|
|
Unconsolidated
resorts (4)
|
|
|
32,028
|
|
|
40,252
|
|
|
527,616
|
|
|
257,883
|
|
Management and
other operations
|
|
3,212
|
|
|
7,616
|
|
|
13,000
|
|
|
37,419
|
|
|
|
|
|
|
$
|
665,613
|
|
$
|
609,586
|
|
$
|
3,124,368
|
|
$
|
2,525,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the twelve
months ended December 31, 2016, represents net revenues and
Adjusted Property EBITDA of Borgata for the period from August 1,
2016 (the first day of the Company's full ownership) through
December 31, 2016
|
(2) Represents net
revenues and Adjusted Property EBITDA of National Harbor for the
month ended December 31, 2016 only
|
(3) Sold in
2015
|
(4) 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 twelve month periods ended
December 31, 2015 and the 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
December 31, 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
|
|
|
|
|
|
$
|
95,485
|
|
$
|
-
|
|
$
|
-
|
|
$
|
207
|
|
$
|
22,588
|
|
$
|
118,280
|
|
MGM Grand Las
Vegas
|
|
|
|
50,521
|
|
|
-
|
|
|
82
|
|
|
596
|
|
|
18,339
|
|
|
69,538
|
|
Mandalay
Bay
|
|
|
|
|
12,077
|
|
|
-
|
|
|
-
|
|
|
422
|
|
|
22,489
|
|
|
34,988
|
|
The
Mirage
|
|
|
|
|
|
16,736
|
|
|
-
|
|
|
-
|
|
|
441
|
|
|
10,006
|
|
|
27,183
|
|
Luxor
|
|
|
|
|
|
|
17,780
|
|
|
-
|
|
|
-
|
|
|
184
|
|
|
9,098
|
|
|
27,062
|
|
New York-New
York
|
|
|
|
24,693
|
|
|
-
|
|
|
2
|
|
|
31
|
|
|
5,348
|
|
|
30,074
|
|
Excalibur
|
|
|
|
|
|
|
20,809
|
|
|
-
|
|
|
-
|
|
|
818
|
|
|
3,991
|
|
|
25,618
|
|
Monte
Carlo
|
|
|
|
|
|
3,083
|
|
|
-
|
|
|
1,421
|
|
|
925
|
|
|
11,549
|
|
|
16,978
|
|
Circus Circus Las
Vegas
|
|
|
|
10,305
|
|
|
-
|
|
|
-
|
|
|
582
|
|
|
4,867
|
|
|
15,754
|
|
MGM Grand
Detroit
|
|
|
|
37,836
|
|
|
-
|
|
|
-
|
|
|
(59)
|
|
|
5,781
|
|
|
43,558
|
|
Beau
Rivage
|
|
|
|
|
|
11,582
|
|
|
-
|
|
|
-
|
|
|
(113)
|
|
|
6,166
|
|
|
17,635
|
|
Gold Strike
Tunica
|
|
|
|
8,939
|
|
|
-
|
|
|
-
|
|
|
(36)
|
|
|
2,475
|
|
|
11,378
|
|
Borgata
|
|
|
|
|
|
|
15,786
|
|
|
-
|
|
|
39
|
|
|
8,573
|
|
|
20,784
|
|
|
45,182
|
|
National Harbor
(1)
|
|
|
|
(13,626)
|
|
|
-
|
|
|
17,986
|
|
|
-
|
|
|
5,236
|
|
|
9,596
|
|
Other resort
operations (2)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Domestic
resorts
|
|
|
|
312,006
|
|
|
-
|
|
|
19,530
|
|
|
12,571
|
|
|
148,717
|
|
|
492,824
|
|
MGM
China
|
|
|
|
|
|
72,055
|
|
|
-
|
|
|
7,102
|
|
|
(339)
|
|
|
58,731
|
|
|
137,549
|
|
Unconsolidated
resorts
|
|
|
|
32,028
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
32,028
|
|
Management and
other operations
|
|
1,055
|
|
|
-
|
|
|
-
|
|
|
29
|
|
|
2,128
|
|
|
3,212
|
|
|
|
|
|
|
|
|
417,144
|
|
|
-
|
|
|
26,632
|
|
|
12,261
|
|
|
209,576
|
|
|
665,613
|
|
Stock
compensation
|
|
|
|
(13,525)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(13,525)
|
|
Corporate
|
|
|
|
|
|
|
(121,596)
|
|
|
-
|
|
|
34,999
|
|
|
(240)
|
|
|
23,476
|
|
|
(63,361)
|
|
|
|
|
|
|
|
$
|
282,023
|
|
$
|
-
|
|
$
|
61,631
|
|
$
|
12,021
|
|
$
|
233,052
|
|
$
|
588,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy
exit
expense
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
and
goodwill
impairment
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
|
|
|
|
|
$
|
83,761
|
|
$
|
-
|
|
$
|
-
|
|
$
|
748
|
|
$
|
22,079
|
|
$
|
106,588
|
|
MGM Grand Las
Vegas
|
|
|
|
62,391
|
|
|
-
|
|
|
-
|
|
|
11
|
|
|
17,826
|
|
|
80,228
|
|
Mandalay
Bay
|
|
|
|
|
16,078
|
|
|
-
|
|
|
-
|
|
|
937
|
|
|
21,714
|
|
|
38,729
|
|
The
Mirage
|
|
|
|
|
|
6,099
|
|
|
-
|
|
|
65
|
|
|
427
|
|
|
10,083
|
|
|
16,674
|
|
Luxor
|
|
|
|
|
|
|
15,376
|
|
|
-
|
|
|
-
|
|
|
6
|
|
|
9,465
|
|
|
24,847
|
|
New York-New
York
|
|
|
|
20,686
|
|
|
-
|
|
|
-
|
|
|
3,789
|
|
|
4,942
|
|
|
29,417
|
|
Excalibur
|
|
|
|
|
|
|
19,031
|
|
|
-
|
|
|
-
|
|
|
(17)
|
|
|
3,635
|
|
|
22,649
|
|
Monte
Carlo
|
|
|
|
|
|
14,305
|
|
|
-
|
|
|
(2)
|
|
|
1,620
|
|
|
6,301
|
|
|
22,224
|
|
Circus Circus Las
Vegas
|
|
|
|
7,723
|
|
|
-
|
|
|
(1)
|
|
|
12
|
|
|
3,943
|
|
|
11,677
|
|
MGM Grand
Detroit
|
|
|
|
39,217
|
|
|
-
|
|
|
-
|
|
|
(36)
|
|
|
6,075
|
|
|
45,256
|
|
Beau
Rivage
|
|
|
|
|
|
15,396
|
|
|
-
|
|
|
-
|
|
|
(12)
|
|
|
6,675
|
|
|
22,059
|
|
Gold Strike
Tunica
|
|
|
|
9,082
|
|
|
-
|
|
|
-
|
|
|
207
|
|
|
2,590
|
|
|
11,879
|
|
Other resort
operations
|
|
|
|
(1,492)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,492)
|
|
Domestic
resorts
|
|
|
|
307,653
|
|
|
-
|
|
|
62
|
|
|
7,692
|
|
|
115,328
|
|
|
430,735
|
|
MGM
China
|
|
|
|
|
|
(1,405,182)
|
|
|
-
|
|
|
3,531
|
|
|
1,471,160
|
|
|
61,474
|
|
|
130,983
|
|
Unconsolidated
resorts (3)
|
|
|
39,190
|
|
|
-
|
|
|
1,062
|
|
|
-
|
|
|
-
|
|
|
40,252
|
|
Management and
other operations
|
|
5,291
|
|
|
-
|
|
|
337
|
|
|
1
|
|
|
1,987
|
|
|
7,616
|
|
|
|
|
|
|
|
|
(1,053,048)
|
|
|
-
|
|
|
4,992
|
|
|
1,478,853
|
|
|
178,789
|
|
|
609,586
|
|
Stock
compensation
|
|
|
|
(9,845)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(9,845)
|
|
Corporate
|
|
|
|
|
|
|
(134,341)
|
|
|
-
|
|
|
16,065
|
|
|
12,424
|
|
|
21,375
|
|
|
(84,477)
|
|
|
|
|
|
|
|
$
|
(1,197,234)
|
|
$
|
-
|
|
$
|
21,057
|
|
$
|
1,491,277
|
|
$
|
200,164
|
|
$
|
515,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents
operating results of National Harbor for the month ended December
31, 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 December 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 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
|
|
|
|
|
|
$
|
366,543
|
|
$
|
23,815
|
|
$
|
-
|
|
$
|
118
|
|
$
|
88,783
|
|
$
|
479,259
|
|
MGM Grand Las
Vegas
|
|
|
|
231,327
|
|
|
25,365
|
|
|
82
|
|
|
1,719
|
|
|
72,188
|
|
|
330,681
|
|
Mandalay
Bay
|
|
|
|
|
114,202
|
|
|
29,123
|
|
|
252
|
|
|
2,377
|
|
|
89,655
|
|
|
235,609
|
|
The
Mirage
|
|
|
|
|
|
85,300
|
|
|
13,813
|
|
|
-
|
|
|
44
|
|
|
40,270
|
|
|
139,427
|
|
Luxor
|
|
|
|
|
|
|
57,653
|
|
|
11,594
|
|
|
1,625
|
|
|
708
|
|
|
36,612
|
|
|
108,192
|
|
New York-New
York
|
|
|
|
93,169
|
|
|
7,439
|
|
|
479
|
|
|
210
|
|
|
20,432
|
|
|
121,729
|
|
Excalibur
|
|
|
|
|
|
|
71,885
|
|
|
9,083
|
|
|
-
|
|
|
4,405
|
|
|
16,152
|
|
|
101,525
|
|
Monte
Carlo
|
|
|
|
|
|
33,291
|
|
|
8,409
|
|
|
1,929
|
|
|
1,131
|
|
|
34,102
|
|
|
78,862
|
|
Circus Circus Las
Vegas
|
|
|
|
33,516
|
|
|
10,694
|
|
|
-
|
|
|
816
|
|
|
16,963
|
|
|
61,989
|
|
MGM Grand
Detroit
|
|
|
|
147,865
|
|
|
-
|
|
|
-
|
|
|
(59)
|
|
|
23,608
|
|
|
171,414
|
|
Beau
Rivage
|
|
|
|
|
|
68,054
|
|
|
-
|
|
|
-
|
|
|
(172)
|
|
|
25,880
|
|
|
93,762
|
|
Gold Strike
Tunica
|
|
|
|
39,831
|
|
|
-
|
|
|
-
|
|
|
67
|
|
|
9,792
|
|
|
49,690
|
|
Borgata
(1)
|
|
|
|
|
|
38,616
|
|
|
-
|
|
|
90
|
|
|
8,652
|
|
|
33,923
|
|
|
81,281
|
|
National Harbor
(2)
|
|
|
|
(13,626)
|
|
|
-
|
|
|
17,986
|
|
|
-
|
|
|
5,236
|
|
|
9,596
|
|
Other resort
operations (3)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Domestic
resorts
|
|
|
|
1,367,626
|
|
|
139,335
|
|
|
22,443
|
|
|
20,016
|
|
|
513,596
|
|
|
2,063,016
|
|
MGM
China
|
|
|
|
|
|
255,264
|
|
|
-
|
|
|
27,848
|
|
|
(216)
|
|
|
237,840
|
|
|
520,736
|
|
Unconsolidated
resorts (4)
|
|
|
524,448
|
|
|
-
|
|
|
3,168
|
|
|
-
|
|
|
-
|
|
|
527,616
|
|
Management and
other operations
|
|
4,316
|
|
|
-
|
|
|
1,150
|
|
|
29
|
|
|
7,505
|
|
|
13,000
|
|
|
|
|
|
|
|
|
2,151,654
|
|
|
139,335
|
|
|
54,609
|
|
|
19,829
|
|
|
758,941
|
|
|
3,124,368
|
|
Stock
compensation
|
|
|
|
(44,957)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(44,957)
|
|
Corporate
|
|
|
|
|
|
|
(26,910)
|
|
|
-
|
|
|
85,466
|
|
|
(432,869)
|
|
|
90,586
|
|
|
(283,727)
|
|
|
|
|
|
|
|
$
|
2,079,787
|
|
$
|
139,335
|
|
$
|
140,075
|
|
$
|
(413,040)
|
|
$
|
849,527
|
|
$
|
2,795,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy
exit
expense
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
and
goodwill
impairment
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
|
|
|
|
|
$
|
303,858
|
|
$
|
-
|
|
$
|
-
|
|
$
|
1,085
|
|
$
|
90,442
|
|
$
|
395,385
|
|
MGM Grand Las
Vegas
|
|
|
|
206,896
|
|
|
-
|
|
|
-
|
|
|
110
|
|
|
73,260
|
|
|
280,266
|
|
Mandalay
Bay
|
|
|
|
|
120,142
|
|
|
-
|
|
|
-
|
|
|
3,599
|
|
|
79,733
|
|
|
203,474
|
|
The
Mirage
|
|
|
|
|
|
66,069
|
|
|
-
|
|
|
115
|
|
|
1,729
|
|
|
44,562
|
|
|
112,475
|
|
Luxor
|
|
|
|
|
|
|
49,369
|
|
|
-
|
|
|
(2)
|
|
|
94
|
|
|
37,708
|
|
|
87,169
|
|
New York-New
York
|
|
|
|
81,618
|
|
|
-
|
|
|
(74)
|
|
|
4,931
|
|
|
19,982
|
|
|
106,457
|
|
Excalibur
|
|
|
|
|
|
|
67,545
|
|
|
-
|
|
|
-
|
|
|
111
|
|
|
14,591
|
|
|
82,247
|
|
Monte
Carlo
|
|
|
|
|
|
55,594
|
|
|
-
|
|
|
-
|
|
|
3,219
|
|
|
27,149
|
|
|
85,962
|
|
Circus Circus Las
Vegas
|
|
|
|
27,305
|
|
|
-
|
|
|
280
|
|
|
21
|
|
|
15,639
|
|
|
43,245
|
|
MGM Grand
Detroit
|
|
|
|
131,016
|
|
|
-
|
|
|
-
|
|
|
(36)
|
|
|
23,999
|
|
|
154,979
|
|
Beau
Rivage
|
|
|
|
|
|
62,613
|
|
|
-
|
|
|
-
|
|
|
(5)
|
|
|
26,235
|
|
|
88,843
|
|
Gold Strike
Tunica
|
|
|
|
34,362
|
|
|
-
|
|
|
-
|
|
|
221
|
|
|
11,440
|
|
|
46,023
|
|
Other resort
operations
|
|
|
|
2,975
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
466
|
|
|
3,441
|
|
Domestic
resorts
|
|
|
|
1,209,362
|
|
|
-
|
|
|
319
|
|
|
15,079
|
|
|
465,206
|
|
|
1,689,966
|
|
MGM
China
|
|
|
|
|
|
(1,212,377)
|
|
|
-
|
|
|
13,863
|
|
|
1,472,128
|
|
|
266,267
|
|
|
539,881
|
|
Unconsolidated
resorts (4)
|
|
|
254,408
|
|
|
-
|
|
|
3,475
|
|
|
-
|
|
|
-
|
|
|
257,883
|
|
Management and
other operations
|
|
27,395
|
|
|
-
|
|
|
1,179
|
|
|
1,080
|
|
|
7,765
|
|
|
37,419
|
|
|
|
|
|
|
|
|
278,788
|
|
|
-
|
|
|
18,836
|
|
|
1,488,287
|
|
|
739,238
|
|
|
2,525,149
|
|
Stock
compensation
|
|
|
|
(32,125)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(32,125)
|
|
Corporate
|
|
|
|
|
|
|
(402,895)
|
|
|
-
|
|
|
52,491
|
|
|
15,655
|
|
|
80,645
|
|
|
(254,104)
|
|
|
|
|
|
|
|
$
|
(156,232)
|
|
$
|
-
|
|
$
|
71,327
|
|
$
|
1,503,942
|
|
$
|
819,883
|
|
$
|
2,238,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents
operating results of Borgata for the period from August 1, 2016
(the first day of the Company's full ownership) through December
31, 2016
|
(2) Represents
operating results of National Harbor for the month ended December
31, 2016
|
(3) Sold in
2015
|
(4) 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 twelve months ended December 31, 2015 and
the seven months ended July 31, 2016
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO
ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net income (loss)
attributable to MGM Resorts International
|
|
$
|
24,669
|
|
$
|
(781,454)
|
|
$
|
1,101,440
|
|
$
|
(447,720)
|
Plus: Net
income (loss) attributable to noncontrolling
interests
|
|
|
45,253
|
|
|
(692,043)
|
|
|
135,438
|
|
|
(591,929)
|
Net income
(loss)
|
|
|
|
|
|
69,922
|
|
|
(1,473,497)
|
|
|
1,236,878
|
|
|
(1,039,649)
|
Provision
(benefit) for income taxes
|
|
|
37,504
|
|
|
69,976
|
|
|
22,299
|
|
|
(6,594)
|
Income (loss)
before income taxes
|
|
|
107,426
|
|
|
(1,403,521)
|
|
|
1,259,177
|
|
|
(1,046,243)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
|
161,704
|
|
|
186,291
|
|
|
694,773
|
|
|
797,579
|
Other,
net
|
|
|
|
|
|
12,893
|
|
|
19,996
|
|
|
125,837
|
|
|
92,432
|
|
|
|
|
|
|
|
174,597
|
|
|
206,287
|
|
|
820,610
|
|
|
890,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
|
282,023
|
|
|
(1,197,234)
|
|
|
2,079,787
|
|
|
(156,232)
|
NV Energy
exit expense
|
|
|
|
-
|
|
|
-
|
|
|
139,335
|
|
|
-
|
Preopening
and start-up expenses
|
|
|
61,631
|
|
|
21,057
|
|
|
140,075
|
|
|
71,327
|
Property
transactions, net
|
|
|
12,361
|
|
|
23,286
|
|
|
17,078
|
|
|
35,951
|
Goodwill
impairment
|
|
|
|
|
|
-
|
|
|
1,467,991
|
|
|
-
|
|
|
1,467,991
|
Gain on
Borgata transaction
|
|
|
(340)
|
|
|
-
|
|
|
(430,118)
|
|
|
-
|
Depreciation and amortization
|
|
|
233,052
|
|
|
200,164
|
|
|
849,527
|
|
|
819,883
|
Adjusted
EBITDA
|
|
|
|
|
$
|
588,727
|
|
$
|
515,264
|
|
$
|
2,795,684
|
|
$
|
2,238,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Domestic resorts
Adjusted Property EBITDA
|
|
$
|
492,824
|
|
$
|
430,735
|
|
$
|
2,063,016
|
|
$
|
1,689,966
|
Adjusted
Property EBITDA related to Borgata
|
|
|
(45,182)
|
|
|
-
|
|
|
(81,281)
|
|
|
-
|
Adjusted
Property EBITDA related to National Harbor
|
|
|
(9,596)
|
|
|
-
|
|
|
(9,596)
|
|
|
-
|
Adjusted
Property EBITDA related to other resort operations
|
|
|
-
|
|
|
1,492
|
|
|
-
|
|
|
(3,441)
|
Domestic resorts
same-store Adjusted Property EBITDA
|
|
$
|
438,046
|
|
$
|
432,227
|
|
$
|
1,972,139
|
|
$
|
1,686,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS - LAS VEGAS STRIP
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
91.0%
|
|
|
91.1%
|
|
|
93.5%
|
|
|
93.2%
|
|
Average daily rate (ADR)
|
|
|
$278
|
|
|
$270
|
|
|
$275
|
|
|
$262
|
|
Revenue per available room (REVPAR)
|
|
|
$253
|
|
|
$246
|
|
|
$257
|
|
|
$244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
89.8%
|
|
|
89.2%
|
|
|
93.5%
|
|
|
94.1%
|
|
ADR
|
|
|
|
|
|
$171
|
|
|
$170
|
|
|
$175
|
|
|
$165
|
|
REVPAR
|
|
|
|
|
|
$153
|
|
|
$152
|
|
|
$164
|
|
|
$156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
85.8%
|
|
|
84.9%
|
|
|
91.5%
|
|
|
90.6%
|
|
ADR
|
|
|
|
|
|
$199
|
|
|
$201
|
|
|
$209
|
|
|
$203
|
|
REVPAR
|
|
|
|
|
|
$170
|
|
|
$171
|
|
|
$192
|
|
|
$184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
92.6%
|
|
|
93.3%
|
|
|
95.1%
|
|
|
94.2%
|
|
ADR
|
|
|
|
|
|
$168
|
|
|
$169
|
|
|
$170
|
|
|
$166
|
|
REVPAR
|
|
|
|
|
|
$156
|
|
|
$158
|
|
|
$162
|
|
|
$157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
90.9%
|
|
|
91.4%
|
|
|
95.3%
|
|
|
94.2%
|
|
ADR
|
|
|
|
|
|
$115
|
|
|
$108
|
|
|
$112
|
|
|
$105
|
|
REVPAR
|
|
|
|
|
|
$105
|
|
|
$99
|
|
|
$106
|
|
|
$99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
95.1%
|
|
|
94.8%
|
|
|
97.5%
|
|
|
97.6%
|
|
ADR
|
|
|
|
|
|
$141
|
|
|
$133
|
|
|
$139
|
|
|
$129
|
|
REVPAR
|
|
|
|
|
|
$134
|
|
|
$126
|
|
|
$136
|
|
|
$126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
89.5%
|
|
|
90.0%
|
|
|
93.7%
|
|
|
93.2%
|
|
ADR
|
|
|
|
|
|
$100
|
|
|
$92
|
|
|
$97
|
|
|
$88
|
|
REVPAR
|
|
|
|
|
|
$89
|
|
|
$83
|
|
|
$91
|
|
|
$82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
91.3%
|
|
|
93.5%
|
|
|
96.1%
|
|
|
96.4%
|
|
ADR
|
|
|
|
|
|
$129
|
|
|
$122
|
|
|
$126
|
|
|
$119
|
|
REVPAR
|
|
|
|
|
|
$118
|
|
|
$114
|
|
|
$121
|
|
|
$115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
81.6%
|
|
|
80.2%
|
|
|
84.2%
|
|
|
83.8%
|
|
ADR
|
|
|
|
|
|
$83
|
|
|
$75
|
|
|
$80
|
|
|
$71
|
|
REVPAR
|
|
|
|
|
|
$68
|
|
|
$60
|
|
|
$67
|
|
|
$59
|
CITYCENTER
HOLDINGS, LLC
|
|
|
|
|
SUPPLEMENTAL DATA
- NET REVENUES
|
|
|
|
|
(In
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
|
|
|
|
|
$
|
255,682
|
|
$
|
263,463
|
|
$
|
1,012,259
|
|
$
|
990,475
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
28,815
|
|
|
27,515
|
|
|
119,367
|
|
|
111,006
|
|
|
|
|
|
|
|
|
|
Mandarin
Oriental
|
|
|
|
|
|
16,542
|
|
|
15,806
|
|
|
65,763
|
|
|
61,541
|
|
|
|
|
|
|
|
|
|
Resort
operations
|
|
|
|
|
|
301,039
|
|
|
306,784
|
|
|
1,197,389
|
|
|
1,163,022
|
|
|
|
|
|
|
|
|
|
Residential and
other operations
|
|
|
|
32
|
|
|
3,369
|
|
|
2,676
|
|
|
33,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
301,071
|
|
$
|
310,153
|
|
$
|
1,200,065
|
|
$
|
1,196,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
|
|
|
RECONCILIATION OF
NET INCOME (LOSS) TO ADJUSTED EBITDA
|
|
|
|
|
(In
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
|
|
|
$
|
18,933
|
|
$
|
(4)
|
|
$
|
348,373
|
|
$
|
161,833
|
|
|
|
|
|
|
|
|
Less: Income
from discontinued operations
|
|
(7,673)
|
|
|
(5,326)
|
|
|
(407,187)
|
|
|
(22,681)
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
|
11,260
|
|
|
(5,330)
|
|
|
(58,814)
|
|
|
139,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
14,510
|
|
|
18,179
|
|
|
61,032
|
|
|
72,791
|
|
|
|
|
|
|
|
|
Other,
net
|
|
|
|
|
|
|
106
|
|
|
(163)
|
|
|
3,323
|
|
|
(280)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,616
|
|
|
18,016
|
|
|
64,355
|
|
|
72,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
|
|
|
|
25,876
|
|
|
12,686
|
|
|
5,541
|
|
|
211,663
|
|
|
|
|
|
|
|
|
NV Energy
exit expense
|
|
|
|
|
-
|
|
|
-
|
|
|
26,089
|
|
|
-
|
|
|
|
|
|
|
|
|
Property
transactions, net
|
|
|
|
6,468
|
|
|
4,274
|
|
|
4,529
|
|
|
(154,788)
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
57,301
|
|
|
78,305
|
|
|
313,787
|
|
|
251,847
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
$
|
89,645
|
|
$
|
95,265
|
|
$
|
349,946
|
|
$
|
308,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
|
|
(In
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy
exit
expense
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
|
|
|
|
|
$
|
25,875
|
|
$
|
-
|
|
$
|
-
|
|
$
|
6,468
|
|
$
|
47,178
|
|
$
|
79,521
|
|
|
|
Vdara
|
|
|
|
|
|
|
2,023
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
6,996
|
|
|
9,019
|
|
|
|
Mandarin
Oriental
|
|
|
|
|
|
(1,027)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,127
|
|
|
2,100
|
|
|
|
Resort
operations
|
|
|
|
|
|
26,871
|
|
|
-
|
|
|
-
|
|
|
6,468
|
|
|
57,301
|
|
|
90,640
|
|
|
|
Residential,
administration and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
operations
|
|
|
|
|
|
|
(995)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(995)
|
|
|
|
|
|
|
|
|
|
$
|
25,876
|
|
$
|
-
|
|
$
|
-
|
|
$
|
6,468
|
|
$
|
57,301
|
|
$
|
89,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy
exit
expense
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
|
Aria
|
|
|
|
|
|
$
|
13,119
|
|
$
|
-
|
|
$
|
-
|
|
$
|
4,271
|
|
$
|
68,242
|
|
$
|
85,632
|
|
|
|
Vdara
|
|
|
|
|
|
|
426
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
6,974
|
|
|
7,403
|
|
|
|
Mandarin
Oriental
|
|
|
|
|
|
(914)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,085
|
|
|
2,171
|
|
|
|
Resort
operations
|
|
|
|
|
|
12,631
|
|
|
-
|
|
|
-
|
|
|
4,274
|
|
|
78,301
|
|
|
95,206
|
|
|
|
Residential,
administration and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
operations
|
|
|
|
|
|
|
55
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4
|
|
|
59
|
|
|
|
|
|
|
|
|
|
$
|
12,686
|
|
$
|
-
|
|
$
|
-
|
|
$
|
4,274
|
|
$
|
78,305
|
|
$
|
95,265
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy
exit
expense
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
|
|
|
|
$
|
7,920
|
|
$
|
23,320
|
|
$
|
-
|
|
$
|
5,993
|
|
$
|
273,465
|
|
$
|
310,698
|
|
Vdara
|
|
|
|
|
|
|
6,672
|
|
|
1,676
|
|
|
-
|
|
|
(253)
|
|
|
27,861
|
|
|
35,956
|
|
Mandarin
Oriental
|
|
|
|
(7,094)
|
|
|
1,093
|
|
|
-
|
|
|
-
|
|
|
12,461
|
|
|
6,460
|
|
Resort
operations
|
|
|
|
7,498
|
|
|
26,089
|
|
|
-
|
|
|
5,740
|
|
|
313,787
|
|
|
353,114
|
|
Residential,
administration and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
operations
|
|
|
|
(1,957)
|
|
|
-
|
|
|
-
|
|
|
(1,211)
|
|
|
-
|
|
|
(3,168)
|
|
|
|
|
|
|
|
$
|
5,541
|
|
$
|
26,089
|
|
$
|
-
|
|
$
|
4,529
|
|
$
|
313,787
|
|
$
|
349,946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy
exit
expense
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
|
|
|
|
$
|
54,909
|
|
$
|
-
|
|
$
|
-
|
|
$
|
5,189
|
|
$
|
209,356
|
|
$
|
269,454
|
|
Vdara
|
|
|
|
|
|
|
(726)
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
30,389
|
|
|
29,666
|
|
Mandarin
Oriental
|
|
|
|
(6,569)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
12,254
|
|
|
5,685
|
|
Resort
operations
|
|
|
|
47,614
|
|
|
-
|
|
|
-
|
|
|
5,192
|
|
|
251,999
|
|
|
304,805
|
|
Residential,
administration and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other
operations
|
|
|
|
164,049
|
|
|
-
|
|
|
-
|
|
|
(159,980)
|
|
|
(152)
|
|
|
3,917
|
|
|
|
|
|
|
|
$
|
211,663
|
|
$
|
-
|
|
$
|
-
|
|
$
|
(154,788)
|
|
$
|
251,847
|
|
$
|
308,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
|
|
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
|
91.2%
|
|
|
90.2%
|
|
|
92.7%
|
|
|
92.3%
|
|
|
|
|
|
|
|
ADR
|
|
|
|
|
|
|
$239
|
|
|
$235
|
|
|
$242
|
|
|
$233
|
|
|
|
|
|
|
|
REVPAR
|
|
|
|
|
|
|
$218
|
|
|
$212
|
|
|
$224
|
|
|
$215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
|
85.5%
|
|
|
86.7%
|
|
|
90.8%
|
|
|
91.7%
|
|
|
|
|
|
|
|
ADR
|
|
|
|
|
|
|
$213
|
|
|
$202
|
|
|
$205
|
|
|
$189
|
|
|
|
|
|
|
|
REVPAR
|
|
|
|
|
|
|
$182
|
|
|
$175
|
|
|
$186
|
|
|
$173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-fourth-quarter-and-full-year-financial-and-operating-results-announces-quarterly-dividend-300408646.html
SOURCE MGM Resorts International