LAS VEGAS, April 27, 2017 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter ended March 31, 2017.
"MGM Resorts had a strong start to the year, as evidenced by our
first quarter diluted earnings per share which tripled last year's
results, double digit same-store Adjusted Property EBITDA growth at
our domestic resorts, record results at CityCenter and solid
performance at MGM China. MGM National Harbor and Borgata, our
newest additions on the East Coast, are leading their respective
markets, and we continue to work toward expanding our footprint in
Macau with the opening of MGM
Cotai later this year," said Jim
Murren, Chairman & CEO of MGM Resorts. "Every year, we
take steps to further this Company as an innovative market leader
positioned for operational strength, financial flexibility, and
prudent growth. We remain focused on building upon this effort as
we continue to execute on our strategies to profitably grow our
Company and return value to our shareholders."
Financial Highlights:
- Diluted earnings per share for the first quarter of 2017
increased 200% to $0.36, compared to
$0.12 in the prior year quarter;
- Net revenues increase of 29% over the prior year quarter at the
Company's domestic resorts to $2.1
billion, and a 6% increase on a same-store basis, excluding
contributions from Borgata and MGM National Harbor;
- REVPAR(1) growth of 8.6% over the prior year
quarter at the Company's Las Vegas Strip resorts;
- Operating income of $477 million
at the Company's domestic resorts, a 31% increase over the prior
year quarter;
- Net income attributable to MGM Resorts of $207 million, compared to $67 million in the prior year quarter;
- Adjusted Property EBITDA(2) growth of 34% over the
prior year quarter to $648 million at
the Company's domestic resorts, and a 15% increase on a same-store
basis;
- Same-store operating margin of 25.0% in the current quarter at
the Company's domestic resorts, an increase of 245 basis points
compared to the prior year quarter;
- Same-store Adjusted Property EBITDA margin of 32.5% at the
Company's domestic resorts, an increase of 257 basis points
compared to the prior year quarter;
- MGM China operating income of $73
million compared to $47
million in the prior year quarter, and Adjusted EBITDA of
$143 million, a 25% increase compared
to the prior year quarter; and
- CityCenter operating income of $57
million and Adjusted EBITDA of $111
million, a 22% increase in Adjusted EBITDA compared to the
prior year quarter.
Strategic Highlights:
- Distributed $63 million related
to the previously announced quarterly dividend of $0.11 per share;
- On track to completing Profit Growth Plan goal of $400 million Adjusted EBITDA contribution to the
Company's domestic resorts and 50% share of CityCenter results by
the second quarter of 2017;
- CityCenter completed a $1.725
billion refinancing of its senior credit facilities, which
consisted of an upsized $1.6 billion
term loan and an upsized $125 million
revolving credit facility;
- In April 2017, CityCenter paid a
$600 million dividend, consisting of
a $350 million dividend using
proceeds from the upsized senior credit facilities and a
$250 million dividend from cash on
hand, of which $78 million was part
of its annual dividend policy. MGM Resorts received its 50% share,
or $300 million; and
- Improved MGP's Operating Partnership's term loan B facility
pricing to LIBOR plus 2.25%, a 25 basis point decrease from the
prior pricing level.
Certain Items Affecting First Quarter
Results
The following table lists certain other items that affect the
comparability of the current and prior year quarterly results
(approximate EPS impact shown, net of tax, per share; negative
amounts represent charges to income):
Three months ended
March 31,
|
|
2017
|
|
|
2016
|
|
Preopening and
start-up expenses
|
|
$
|
(0.02)
|
|
|
$
|
(0.02)
|
|
Property
transactions, net
|
|
|
—
|
|
|
|
(0.01)
|
|
Income from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
Crystals related
property transaction, net
|
|
|
—
|
|
|
|
(0.01)
|
|
Domestic Resorts
Casino revenue for the first quarter of 2017 increased 50%
compared to the prior year quarter, due primarily to the
acquisition of Borgata Hotel Casino and Spa ("Borgata"), the MGM
National Harbor opening on December 8,
2016, and an increase in both table games and slots revenue.
Casino revenue increased 4% on a same-store basis compared to the
prior year quarter. Table games revenues increased 7% on a
same-store basis and slots revenue increased 2% on a same-store
basis compared to the prior year quarter.
The following table shows key gaming statistics for the
Company's Las Vegas Strip resorts:
Three months ended
March 31,
|
|
2017
|
|
|
2016
|
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$
|
993
|
|
|
$
|
972
|
|
Table Games Win
%
|
|
|
25.2
|
%
|
|
|
23.7
|
%
|
Slot
Handle
|
|
$
|
3,003
|
|
|
$
|
3,001
|
|
Slot Hold
%
|
|
|
8.6
|
%
|
|
|
8.4
|
%
|
Domestic resorts rooms revenue increased 15% compared to the
prior year quarter. On a same-store basis, rooms revenue increased
8% compared to the prior year quarter. Las Vegas Strip REVPAR
increased 8.6%.
The following table shows key hotel statistics for the Company's
Las Vegas Strip resorts:
Three months ended
March 31,
|
|
2017
|
|
|
2016
|
|
Occupancy
%
|
|
|
91
|
%
|
|
|
91
|
%
|
Average Daily Rate
(ADR)
|
|
$
|
176
|
|
|
$
|
162
|
|
Revenue per Available
Room (REVPAR)
|
|
$
|
161
|
|
|
$
|
148
|
|
Operating income at the Company's domestic resorts was
$477 million for the first quarter of
2017 compared to $365 million in the
prior year quarter. Domestic resorts Adjusted Property EBITDA
increased 34% to $648 million in the
first quarter of 2017 and was positively impacted by $59 million of Adjusted Property EBITDA from
Borgata and $32 million of Adjusted
Property EBITDA from MGM National Harbor. Same-store Adjusted
Property EBITDA increased 15% compared to the prior year
quarter.
Mr. Murren added, "The Company's high operating efficiencies, a
robust event calendar, and modestly favorable table games hold
helped drive a very strong first quarter in Las Vegas contributing to 33% Adjusted
Property EBITDA margins at our Strip resorts. As we look to the
second quarter, our underlying business remains strong, although we
face a challenging comparison due to the Easter holiday shifting
back into April as well as favorable second quarter 2016 table
games hold. Based on these factors, we anticipate gaming revenues
to be lower and our non-gaming revenues to be up year over year. We
expect to grow Strip REVPAR by 1.5% to 2.5%. Despite the difficult
table games hold comparison, we believe our Adjusted Property
EBITDA margins will remain essentially flat at our Las Vegas Strip
resorts, compared to the prior year quarter."
Corporate Expense
Corporate expense was $73 million
in the first quarter of 2017, an increase of $2 million compared to the prior year quarter.
The current year quarter included $2
million related to MGM Growth Properties LLC ("MGP") and
$3 million in additional stock
compensation costs. The prior year quarter included costs incurred
to implement initiatives related to the Profit Growth Plan and
costs associated with the initial public offering of MGP totaling
$14 million.
MGM China
Key first quarter results for MGM China include:
- Net revenues of $502 million, a
7% increase compared to the prior year quarter;
- Main floor table games revenue increased 17% due to an increase
in hold percentage to 22.2% in the current year quarter, from 18.0%
in the prior year quarter;
- VIP table games revenue decreased 5% due to a 16% decrease in
turnover partially offset by an increase in hold percentage to 3.4%
in the current year quarter, from 3.0% in the prior year
quarter;
- Operating income was $73 million
compared to $47 million in the prior
year quarter;
- Adjusted EBITDA increased 25% to $143
million, compared to $114
million in the prior year quarter, including $9 million of license fee expense in the current
year quarter and $8 million in the
prior year quarter; and
- Operating margin was 14.6% in the current year quarter, and
Adjusted EBITDA margin was 28.5%, an increase of 413 basis points
compared to the prior year quarter.
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of income from unconsolidated affiliates:
Three months ended
March 31,
|
|
2017
|
|
|
2016
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
37,319
|
|
|
$
|
(9,149)
|
|
Borgata
|
|
|
—
|
|
|
|
19,550
|
|
Other
|
|
|
2,384
|
|
|
|
4,301
|
|
|
|
$
|
39,703
|
|
|
$
|
14,702
|
|
Our share of CityCenter Holdings, LLC ("CityCenter") operating
results for the first quarter of 2017, including certain basis
difference adjustments, was $37
million. Our share of CityCenter's operating income in the
prior year quarter was negatively impacted by $31 million due to accelerated depreciation
associated with the April 2016
closure of the Zarkana theatre and $9
million due to a charge related to the sale of Crystals.
Key first quarter results for CityCenter include the following
(see schedules accompanying this release for further detail on
CityCenter's first quarter results):
- Net revenues from resort operations were $326 million, an 8% increase compared to the
prior year quarter, due primarily to an increase in casino, rooms,
and food and beverage revenues partially offset by a decrease in
entertainment revenue as the Zarkana show closed on April 30, 2016;
- Operating income from resorts operations was $58 million, compared to an operating loss of
$27 million in the prior year quarter
which included $61 million of
accelerated depreciation related to the Zarkana theatre and an
$18 million charge associated with
the Crystals sale;
- Adjusted EBITDA from resort operations was $112 million, a 22% increase compared to the
prior year quarter;
- Aria's table games volume decreased 5% and table games hold
percentage was 25.6%, compared to 23.8% in the prior year
quarter;
- REVPAR at Aria increased 9.1% compared to the prior year
quarter to $251; and
- Vdara reported REVPAR of $202 in
the current year quarter, and Adjusted EBITDA increased 22% to
$11 million compared to the prior
year quarter.
On August 1, 2016 the Company
completed the previously announced acquisition of Boyd Gaming
Corporation's interest in Borgata, at which time the entity
operating Borgata became a consolidated subsidiary of the Company
and the real estate assets associated with Borgata were contributed
to MGP. Prior to the acquisition, the Company held a 50% interest
in Borgata, which was accounted for under the equity method.
MGM Growth Properties
During the first quarter of 2017, MGP recorded rent income of
$163 million and MGM Growth
Properties Operating Partnership LP (the "Operating Partnership")
paid distributions of $72 million to
the Company. On March 15, 2017, MGP's
Board of Directors declared a quarterly dividend of $0.3875 per Class A share totaling $22 million, which was paid on April 13, 2017 to holders of record on
March 31, 2017. The Company
concurrently received a $72 million
distribution attributable to its ownership of Operating Partnership
units.
MGM Resorts Dividend
The Company's Board of Directors approved a quarterly dividend
on April 26, 2017. The dividend of
$0.11 per share will be payable on
June 15, 2017 to stockholders of
record at the close of business on June 9,
2017, and will equate to approximately $63 million in aggregate.
Financial Position
The Company's cash balance at March 31,
2017 was $1.4 billion, which
included $465 million at MGM China
and $368 million at MGP. At
March 31, 2017, the Company had
$13.2 billion of principal amount of
indebtedness outstanding, including $297
million outstanding under its $1.5
billion senior secured credit facility, $2.1 billion outstanding under the $2.7 billion Operating Partnership senior credit
facility, $2.0 billion outstanding
under the $3.0 billion MGM China
credit facility, and $450 million
outstanding under the $525 million
MGM National Harbor credit facility.
"Our commitment to enhancing our financial position continues
into 2017 as evidenced by the $300
million distribution from CityCenter and further
deleveraging of the MGM Resorts balance sheet," said Dan D'Arrigo,
Executive Vice President and Chief Financial Officer of MGM
Resorts. "We continue to focus on maximizing our cash flows and
improving our capital structure, while supporting a disciplined
approach to capital allocation and ultimately returning MGM Resorts
to investment grade."
Conference Call Details
MGM Resorts will host a conference call at 11:00 a.m. Eastern Time today which will include
a brief discussion of these results followed by a question and
answer period. The call will be accessible via the Internet through
www.mgmresorts.com under the Investors section or by calling
1-888-317-6003 for domestic callers and 1-412-317-6061 for
international callers. The conference call access code is 4326037.
A replay of the call will be available through Thursday, May 4, 2017. The replay may be
accessed by dialing 1-877-344-7529 or 1-412-317-0088. The
replay access code is 10103917. The call will be archived at
www.mgmresorts.com. In addition, MGM Resorts will post supplemental
slides today on its website at www.mgmresorts.investorroom.com for
reference during the earnings call.
1
REVPAR is hotel revenue per available room.
2
"Adjusted EBITDA" is earnings before interest and other
non-operating income (expense), taxes, depreciation and
amortization, preopening and start-up expenses, goodwill impairment
charges, and property transactions, net. "Adjusted Property
EBITDA" is Adjusted EBITDA before corporate expense and stock
compensation expense related to the MGM Resorts and MGP stock
compensation plans, which are not allocated to each property. MGM
China recognizes stock compensation expense related to its stock
compensation plan which is included in the calculation of Adjusted
EBITDA for MGM China. "Same-store Adjusted Property EBITDA" is
Adjusted Property EBITDA related to operating resorts which were
consolidated by the Company for both the entire current and prior
year periods presented. Adjusted EBITDA information is presented
solely as a supplemental disclosure to reported GAAP measures
because management believes these measures are 1) widely used
measures of operating performance in the gaming industry, and 2) a
principal basis for valuation of gaming companies.
Management believes that while items excluded from Adjusted
EBITDA, Adjusted Property EBITDA, and Same-store Adjusted Property
EBITDA may be recurring in nature and should not be disregarded in
evaluation of the Company's earnings performance, it is useful to
exclude such items when analyzing current results and trends
compared to other periods because these items can vary
significantly depending on specific underlying transactions or
events that may not be comparable between the periods being
presented. Also, management believes excluded items may not relate
specifically to current operating trends or be indicative of future
results. For example, preopening and start-up expenses will be
significantly different in periods when the Company is developing
and constructing a major expansion project and will depend on where
the current period lies within the development cycle, as well as
the size and scope of the project(s). Property transactions, net
includes normal recurring disposals, gains and losses on sales of
assets related to specific assets within the Company's resorts, but
also includes gains or losses on sales of an entire operating
resort or a group of resorts and impairment charges on entire asset
groups or investments in unconsolidated affiliates, which may not
be comparable period over period.
In addition, capital allocation, tax planning, financing and
stock compensation awards are all managed at the corporate level.
Therefore, management uses Adjusted Property EBITDA and Same-store
Adjusted Property EBITDA as the primary measure of the Company's
operating resorts' performance.
Adjusted EBITDA, Adjusted Property EBITDA and Same-store
Adjusted Property EBITDA should not be construed as alternatives to
operating income or net income, as indicators of our performance;
or as alternatives to cash flows from operating activities, as
measures of liquidity; or as any other measure determined in
accordance with generally accepted accounting principles. We have
significant uses of cash flows, including capital expenditures,
interest payments, taxes and debt principal repayments, which are
not reflected in Adjusted EBITDA, Adjusted Property EBITDA or
Same-store Adjusted Property EBITDA. Also, other companies in the
gaming and hospitality industries that report Adjusted EBITDA,
Adjusted Property EBITDA or Same-store Adjusted Property EBITDA
information may calculate Adjusted EBITDA, Adjusted Property EBITDA
or Same-store Adjusted Property EBITDA in a different manner.
Reconciliations of GAAP net income (loss) to Adjusted EBITDA and
GAAP operating income (loss) to Adjusted Property EBITDA and
Same-store Adjusted Property EBITDA are included in the financial
schedules in this release.
The Company does not provide reconciliations of Adjusted EBITDA,
Adjusted Property EBITDA or Same-store Adjusted Property EBITDA to
net income on a forward-looking basis because the Company is unable
to forecast the amount or significance of certain items required to
develop meaningful comparable GAAP financial measures without
unreasonable efforts. These items include gains or losses on sale
or consolidation transactions, accelerated depreciation, impairment
charges, gains or losses on retirement of debt and variations in
effective tax rate, which are difficult to predict and estimate and
are primarily dependent on future events, but which are excluded
from the Company's calculations of Adjusted EBITDA, Adjusted
Property EBITDA and Same-store Adjusted Property EBITDA.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's
leading global hospitality companies, operating a portfolio of
destination resort brands including Bellagio, MGM Grand, Mandalay
Bay and The Mirage. The Company opened MGM National Harbor
in Maryland on December 8, 2016, and is in the
process of developing MGM Springfield in Massachusetts. MGM
Resorts controls and holds a 76 percent economic interest in the
operating partnership of MGM Growth Properties LLC (NYSE: MGP), a
premier triple-net lease real estate investment trust engaged in
the acquisition, ownership and leasing of large-scale destination
entertainment and leisure resorts. The Company also owns 56 percent
of MGM China Holdings Limited (SEHK: 2282), which owns
MGM MACAU and is developing MGM COTAI, and 50 percent of
CityCenter in Las Vegas, which features ARIA Resort &
Casino. MGM Resorts is named among FORTUNE® Magazine's 2017 list of
World's Most Admired Companies®. For more information about MGM
Resorts International, visit the Company's website
at www.mgmresorts.com.
Statements in this release that are not historical facts are
forward-looking statements, within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve risks and/or
uncertainties, including those described in the Company's public
filings with the Securities and Exchange Commission. The Company
has based forward-looking statements on management's current
expectations and assumptions and not on historical facts. Examples
of these statements include, but are not limited to, the Company's
expectations regarding future results and the Company's financial
outlook (including REVPAR and other guidance), the payment of any
future cash dividends on the Company's common stock, the Company's
ability to generate future cash flow growth and to execute on
future development and other projects (including the opening of MGM
Cotai later this year) and the Company's ability to execute its
strategic plan and improve its financial flexibility. These
forward-looking statements involve a number of risks and
uncertainties. Among the important factors that could cause actual
results to differ materially from those indicated in such
forward-looking statements include effects of economic conditions
and market conditions in the markets in which the Company operates
and competition with other destination travel locations throughout
the United States and the world,
the design, timing and costs of expansion projects, risks relating
to international operations, permits, licenses, financings,
approvals and other contingencies in connection with growth in new
or existing jurisdictions and additional risks and uncertainties
described in the Company's Form 10-K, Form 10-Q and Form 8-K
reports (including all amendments to those reports). In providing
forward-looking statements, the Company is not undertaking any duty
or obligation to update these statements publicly as a result of
new information, future events or otherwise, except as required by
law. If the Company updates one or more forward-looking statements,
no inference should be drawn that it will make additional updates
with respect to those other forward-looking statements.
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
2017
|
|
2016
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
|
$
|
1,505,389
|
|
$
|
1,134,356
|
|
Rooms
|
|
|
|
|
562,267
|
|
|
489,486
|
|
Food and
beverage
|
|
|
444,469
|
|
|
377,105
|
|
Entertainment
|
|
|
|
130,347
|
|
|
118,326
|
|
Retail
|
|
|
|
|
47,976
|
|
|
45,473
|
|
Other
|
|
|
|
|
140,575
|
|
|
117,525
|
|
Reimbursed
costs
|
|
|
100,215
|
|
|
101,049
|
|
|
|
|
|
|
|
2,931,238
|
|
|
2,383,320
|
|
Less: Promotional
allowances
|
|
|
(223,059)
|
|
|
(173,634)
|
|
|
|
|
|
|
|
2,708,179
|
|
|
2,209,686
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
|
|
804,595
|
|
|
640,569
|
|
Rooms
|
|
|
|
|
154,836
|
|
|
144,742
|
|
Food and
beverage
|
|
|
249,845
|
|
|
221,296
|
|
Entertainment
|
|
|
|
99,939
|
|
|
92,288
|
|
Retail
|
|
|
|
|
23,108
|
|
|
22,001
|
|
Other
|
|
|
|
|
89,624
|
|
|
79,768
|
|
Reimbursed
costs
|
|
|
100,215
|
|
|
101,049
|
|
General and
administrative
|
|
|
388,835
|
|
|
308,543
|
|
Corporate
expense
|
|
|
73,173
|
|
|
71,248
|
|
Preopening and
start-up expenses
|
|
|
15,066
|
|
|
21,960
|
|
Property
transactions, net
|
|
|
1,696
|
|
|
5,131
|
|
Depreciation and
amortization
|
|
|
249,769
|
|
|
199,839
|
|
|
|
|
|
|
|
2,250,701
|
|
|
1,908,434
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
|
39,703
|
|
|
14,702
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
|
497,181
|
|
|
315,954
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
|
(174,059)
|
|
|
(184,669)
|
|
Non-operating
items from unconsolidated affiliates
|
|
|
(6,921)
|
|
|
(18,212)
|
|
Other,
net
|
|
|
|
(817)
|
|
|
(565)
|
|
|
|
|
|
|
|
(181,797)
|
|
|
(203,446)
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
315,384
|
|
|
112,508
|
|
Provision for
income taxes
|
|
|
(62,375)
|
|
|
(21,310)
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
253,009
|
|
|
91,198
|
|
Less: Net income
attributable to noncontrolling interests
|
|
|
(46,162)
|
|
|
(24,399)
|
Net income
attributable to MGM Resorts International
|
|
$
|
206,847
|
|
$
|
66,799
|
|
|
|
|
|
|
|
|
|
|
|
Per share of
common stock:
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
|
$
|
0.36
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
574,403
|
|
|
565,056
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
|
$
|
0.36
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
580,165
|
|
|
569,455
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
|
1,395,444
|
|
$
|
1,446,581
|
|
Accounts receivable, net
|
|
|
493,765
|
|
|
542,924
|
|
Inventories
|
|
|
|
|
100,502
|
|
|
97,733
|
|
Prepaid expenses and other
|
|
|
183,007
|
|
|
142,349
|
|
Total current assets
|
|
|
2,172,718
|
|
|
2,229,587
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
|
18,619,666
|
|
|
18,425,023
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
|
|
|
Investments in and advances to unconsolidated
affiliates
|
|
1,252,432
|
|
|
1,220,443
|
|
Goodwill
|
|
|
|
|
|
1,814,028
|
|
|
1,817,119
|
|
Other intangible assets, net
|
|
|
4,033,756
|
|
|
4,087,706
|
|
Other long-term assets, net
|
|
|
410,492
|
|
|
393,423
|
|
Total other assets
|
|
|
7,510,708
|
|
|
7,518,691
|
|
|
|
|
|
|
$
|
28,303,092
|
|
$
|
28,173,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
204,835
|
|
$
|
250,477
|
|
Construction payable
|
|
|
|
214,861
|
|
|
270,361
|
|
Income taxes payable
|
|
|
|
77,348
|
|
|
10,654
|
|
Current portion of long-term debt
|
|
|
-
|
|
|
8,375
|
|
Accrued interest on long-term debt
|
|
|
112,096
|
|
|
159,028
|
|
Other accrued liabilities
|
|
|
|
1,515,624
|
|
|
1,594,526
|
|
Total current liabilities
|
|
|
2,124,764
|
|
|
2,293,421
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
|
|
2,541,746
|
|
|
2,551,228
|
Long-term debt,
net
|
|
|
|
|
13,099,190
|
|
|
12,979,220
|
Other long-term
obligations
|
|
|
|
340,906
|
|
|
325,981
|
Redeemable
noncontrolling interest
|
|
|
55,769
|
|
|
54,139
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
Common stock, $.01 par value: authorized 1,000,000,000 shares,
issued and outstanding 574,466,085 and
574,123,706 shares
|
|
|
|
|
|
|
|
5,745
|
|
|
5,741
|
|
Capital in excess of par value
|
|
|
5,674,057
|
|
|
5,653,575
|
|
Retained earnings
|
|
|
|
689,476
|
|
|
545,811
|
|
Accumulated other comprehensive income
|
|
7,217
|
|
|
15,053
|
|
Total MGM Resorts International stockholders' equity
|
|
6,376,495
|
|
|
6,220,180
|
|
Noncontrolling interests
|
|
|
|
3,764,222
|
|
|
3,749,132
|
|
Total stockholders' equity
|
|
10,140,717
|
|
|
9,969,312
|
|
|
|
|
|
|
$
|
28,303,092
|
|
$
|
28,173,301
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
Bellagio
|
|
|
|
|
$
|
341,254
|
|
$
|
329,739
|
|
MGM Grand Las
Vegas
|
|
|
267,526
|
|
|
268,454
|
|
Mandalay
Bay
|
|
|
|
253,033
|
|
|
230,181
|
|
The
Mirage
|
|
|
|
|
172,331
|
|
|
144,595
|
|
Luxor
|
|
|
|
|
|
101,627
|
|
|
92,872
|
|
New York-New
York
|
|
|
89,939
|
|
|
81,371
|
|
Excalibur
|
|
|
|
|
|
78,980
|
|
|
74,288
|
|
Monte
Carlo
|
|
|
|
|
72,533
|
|
|
69,720
|
|
Circus Circus Las
Vegas
|
|
|
58,721
|
|
|
56,957
|
|
MGM Grand
Detroit
|
|
|
144,232
|
|
|
140,865
|
|
Beau
Rivage
|
|
|
|
|
89,177
|
|
|
89,437
|
|
Gold Strike
Tunica
|
|
|
42,822
|
|
|
40,744
|
|
Borgata
|
|
|
|
|
|
201,081
|
|
|
-
|
|
National
Harbor
|
|
|
|
173,159
|
|
|
-
|
|
Domestic
resorts
|
|
|
2,086,415
|
|
|
1,619,223
|
|
MGM
China
|
|
|
|
|
502,374
|
|
|
469,029
|
|
Management and
other operations
|
|
119,390
|
|
|
121,434
|
|
|
|
|
|
|
$
|
2,708,179
|
|
$
|
2,209,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
Bellagio
|
|
|
|
|
$
|
129,107
|
|
$
|
116,651
|
|
MGM Grand Las
Vegas
|
|
|
73,650
|
|
|
80,894
|
|
Mandalay
Bay
|
|
|
|
78,117
|
|
|
58,122
|
|
The
Mirage
|
|
|
|
|
62,095
|
|
|
38,330
|
|
Luxor
|
|
|
|
|
|
32,804
|
|
|
25,391
|
|
New York-New
York
|
|
|
33,912
|
|
|
30,903
|
|
Excalibur
|
|
|
|
|
|
28,798
|
|
|
23,877
|
|
Monte
Carlo
|
|
|
|
|
22,454
|
|
|
21,300
|
|
Circus Circus Las
Vegas
|
|
|
15,958
|
|
|
13,293
|
|
MGM Grand
Detroit
|
|
|
44,604
|
|
|
40,042
|
|
Beau
Rivage
|
|
|
|
|
20,487
|
|
|
22,799
|
|
Gold Strike
Tunica
|
|
|
14,726
|
|
|
13,329
|
|
Borgata
|
|
|
|
|
|
58,923
|
|
|
-
|
|
National
Harbor
|
|
|
|
32,140
|
|
|
-
|
|
Domestic
resorts
|
|
|
647,775
|
|
|
484,931
|
|
MGM
China
|
|
|
|
|
142,982
|
|
|
114,123
|
|
Unconsolidated
resorts (1)
|
|
|
39,703
|
|
|
14,702
|
|
Management and
other operations
|
|
10,916
|
|
|
4,115
|
|
|
|
|
|
|
$
|
841,376
|
|
$
|
617,871
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the
Company's share of operating income (loss), adjusted for the effect
of certain basis differences.
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2017
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
|
|
|
|
|
$
|
106,876
|
|
$
|
-
|
|
$
|
85
|
|
$
|
22,146
|
|
$
|
129,107
|
|
MGM Grand Las
Vegas
|
|
|
|
55,822
|
|
|
7
|
|
|
233
|
|
|
17,588
|
|
|
73,650
|
|
Mandalay
Bay
|
|
|
|
|
53,490
|
|
|
-
|
|
|
-
|
|
|
24,627
|
|
|
78,117
|
|
The
Mirage
|
|
|
|
|
|
52,760
|
|
|
-
|
|
|
-
|
|
|
9,335
|
|
|
62,095
|
|
Luxor
|
|
|
|
|
|
|
23,083
|
|
|
-
|
|
|
(1)
|
|
|
9,722
|
|
|
32,804
|
|
New York-New
York
|
|
|
|
24,600
|
|
|
(8)
|
|
|
129
|
|
|
9,191
|
|
|
33,912
|
|
Excalibur
|
|
|
|
|
|
|
24,541
|
|
|
-
|
|
|
55
|
|
|
4,202
|
|
|
28,798
|
|
Monte
Carlo
|
|
|
|
|
|
8,817
|
|
|
610
|
|
|
31
|
|
|
12,996
|
|
|
22,454
|
|
Circus Circus Las
Vegas
|
|
|
|
11,718
|
|
|
-
|
|
|
239
|
|
|
4,001
|
|
|
15,958
|
|
MGM Grand
Detroit
|
|
|
|
38,825
|
|
|
-
|
|
|
-
|
|
|
5,779
|
|
|
44,604
|
|
Beau
Rivage
|
|
|
|
|
|
14,450
|
|
|
-
|
|
|
-
|
|
|
6,037
|
|
|
20,487
|
|
Gold Strike
Tunica
|
|
|
|
12,413
|
|
|
-
|
|
|
(28)
|
|
|
2,341
|
|
|
14,726
|
|
Borgata
|
|
|
|
|
|
|
38,884
|
|
|
35
|
|
|
804
|
|
|
19,200
|
|
|
58,923
|
|
National
Harbor
|
|
|
|
|
10,608
|
|
|
74
|
|
|
-
|
|
|
21,458
|
|
|
32,140
|
|
Domestic
resorts
|
|
|
|
476,887
|
|
|
718
|
|
|
1,547
|
|
|
168,623
|
|
|
647,775
|
|
MGM
China
|
|
|
|
|
|
73,190
|
|
|
9,824
|
|
|
149
|
|
|
59,819
|
|
|
142,982
|
|
Unconsolidated
resorts (1)
|
|
|
39,703
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
39,703
|
|
Management and
other operations
|
|
9,114
|
|
|
-
|
|
|
-
|
|
|
1,802
|
|
|
10,916
|
|
|
|
|
|
|
|
|
598,894
|
|
|
10,542
|
|
|
1,696
|
|
|
230,244
|
|
|
841,376
|
|
Stock
compensation
|
|
|
|
(13,363)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(13,363)
|
|
Corporate
|
|
|
|
|
|
|
(88,350)
|
|
|
4,524
|
|
|
-
|
|
|
19,525
|
|
|
(64,301)
|
|
|
|
|
|
|
|
$
|
497,181
|
|
$
|
15,066
|
|
$
|
1,696
|
|
$
|
249,769
|
|
$
|
763,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening
and start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
|
|
|
|
|
$
|
94,168
|
|
$
|
-
|
|
$
|
1
|
|
$
|
22,482
|
|
$
|
116,651
|
|
MGM Grand Las
Vegas
|
|
|
|
62,262
|
|
|
-
|
|
|
763
|
|
|
17,869
|
|
|
80,894
|
|
Mandalay
Bay
|
|
|
|
|
34,855
|
|
|
14
|
|
|
874
|
|
|
22,379
|
|
|
58,122
|
|
The
Mirage
|
|
|
|
|
|
27,994
|
|
|
-
|
|
|
-
|
|
|
10,336
|
|
|
38,330
|
|
Luxor
|
|
|
|
|
|
|
15,885
|
|
|
-
|
|
|
287
|
|
|
9,219
|
|
|
25,391
|
|
New York-New
York
|
|
|
|
25,487
|
|
|
-
|
|
|
3
|
|
|
5,413
|
|
|
30,903
|
|
Excalibur
|
|
|
|
|
|
|
16,969
|
|
|
-
|
|
|
2,766
|
|
|
4,142
|
|
|
23,877
|
|
Monte
Carlo
|
|
|
|
|
|
16,777
|
|
|
-
|
|
|
91
|
|
|
4,432
|
|
|
21,300
|
|
Circus Circus Las
Vegas
|
|
|
|
9,089
|
|
|
-
|
|
|
134
|
|
|
4,070
|
|
|
13,293
|
|
MGM Grand
Detroit
|
|
|
|
34,031
|
|
|
-
|
|
|
-
|
|
|
6,011
|
|
|
40,042
|
|
Beau
Rivage
|
|
|
|
|
|
16,190
|
|
|
-
|
|
|
10
|
|
|
6,599
|
|
|
22,799
|
|
Gold Strike
Tunica
|
|
|
|
10,831
|
|
|
-
|
|
|
97
|
|
|
2,401
|
|
|
13,329
|
|
Domestic
resorts
|
|
|
|
364,538
|
|
|
14
|
|
|
5,026
|
|
|
115,353
|
|
|
484,931
|
|
MGM
China
|
|
|
|
|
|
47,452
|
|
|
5,908
|
|
|
(10)
|
|
|
60,773
|
|
|
114,123
|
|
Unconsolidated
resorts (1)
|
|
|
12,420
|
|
|
2,282
|
|
|
-
|
|
|
-
|
|
|
14,702
|
|
Management and
other operations
|
|
1,064
|
|
|
1,150
|
|
|
-
|
|
|
1,901
|
|
|
4,115
|
|
|
|
|
|
|
|
|
425,474
|
|
|
9,354
|
|
|
5,016
|
|
|
178,027
|
|
|
617,871
|
|
Stock
compensation
|
|
|
|
(9,869)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(9,869)
|
|
Corporate
|
|
|
|
|
|
|
(99,651)
|
|
|
12,606
|
|
|
115
|
|
|
21,812
|
|
|
(65,118)
|
|
|
|
|
|
|
|
$
|
315,954
|
|
$
|
21,960
|
|
$
|
5,131
|
|
$
|
199,839
|
|
$
|
542,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the
Company's share of operating income (loss), adjusted for the effect
of certain basis differences.
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO ADJUSTED
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2017
|
|
2016
|
Net income
attributable to MGM Resorts International
|
|
$
|
206,847
|
|
$
|
66,799
|
|
|
|
Plus: Net
income attributable to noncontrolling interests
|
|
|
46,162
|
|
|
24,399
|
|
|
|
Net
income
|
|
|
253,009
|
|
|
91,198
|
Provision
for income taxes
|
|
|
62,375
|
|
|
21,310
|
Income before
income taxes
|
|
|
315,384
|
|
|
112,508
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
|
174,059
|
|
|
184,669
|
Other,
net
|
|
|
7,738
|
|
|
18,777
|
|
|
|
|
181,797
|
|
|
203,446
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
497,181
|
|
|
315,954
|
Preopening
and start-up expenses
|
|
|
15,066
|
|
|
21,960
|
Property
transactions, net
|
|
|
1,696
|
|
|
5,131
|
Depreciation and amortization
|
|
|
249,769
|
|
|
199,839
|
Adjusted
EBITDA
|
|
$
|
763,712
|
|
$
|
542,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
DOMESTIC RESORTS ADJUSTED PROPERTY EBITDA TO DOMESTIC RESORTS
SAME-STORE ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2017
|
|
2016
|
Domestic resorts
Adjusted Property EBITDA
|
|
$
|
647,775
|
|
$
|
484,931
|
Adjusted
Property EBITDA related to Borgata
|
|
|
(58,923)
|
|
|
-
|
Adjusted
Property EBITDA related to National Harbor
|
|
|
(32,140)
|
|
|
-
|
|
|
|
|
Domestic resorts
same-store Adjusted Property EBITDA
|
|
$
|
556,712
|
|
$
|
484,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS - LAS VEGAS STRIP
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2017
|
|
2016
|
|
Bellagio
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
93.0%
|
|
|
91.5%
|
|
Average daily rate (ADR)
|
|
|
$294
|
|
|
$281
|
|
Revenue per available room (REVPAR)
|
|
|
$274
|
|
|
$257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
91.2%
|
|
|
90.9%
|
|
ADR
|
|
|
$201
|
|
|
$186
|
|
REVPAR
|
|
|
$184
|
|
|
$169
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
91.0%
|
|
|
90.4%
|
|
ADR
|
|
|
$238
|
|
|
$223
|
|
REVPAR
|
|
|
$217
|
|
|
$201
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
91.9%
|
|
|
92.8%
|
|
ADR
|
|
|
$193
|
|
|
$180
|
|
REVPAR
|
|
|
$178
|
|
|
$167
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
93.2%
|
|
|
94.1%
|
|
ADR
|
|
|
$127
|
|
|
$110
|
|
REVPAR
|
|
|
$118
|
|
|
$104
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
95.4%
|
|
|
96.8%
|
|
ADR
|
|
|
$155
|
|
|
$144
|
|
REVPAR
|
|
|
$148
|
|
|
$140
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
90.4%
|
|
|
91.6%
|
|
ADR
|
|
|
$110
|
|
|
$96
|
|
REVPAR
|
|
|
$99
|
|
|
$88
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
95.5%
|
|
|
96.0%
|
|
ADR
|
|
|
$133
|
|
|
$126
|
|
REVPAR
|
|
|
$127
|
|
|
$121
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
80.5%
|
|
|
78.9%
|
|
ADR
|
|
|
$90
|
|
|
$79
|
|
REVPAR
|
|
|
$73
|
|
|
$62
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
|
|
|
|
|
$
|
274,883
|
|
$
|
254,725
|
|
Vdara
|
|
|
|
|
|
|
32,256
|
|
|
29,788
|
|
Mandarin
Oriental
|
|
|
|
18,453
|
|
|
17,028
|
|
|
|
|
|
|
|
$
|
325,592
|
|
$
|
301,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
NET INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
|
$
|
44,437
|
|
$
|
(59,726)
|
Less: Income
from discontinued operations
|
|
-
|
|
|
11,557
|
Income (loss) from
continuing operations
|
|
44,437
|
|
|
(48,169)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
12,760
|
|
|
17,444
|
Other,
net
|
|
|
|
|
|
|
(618)
|
|
|
3,582
|
|
|
|
|
|
|
|
|
12,142
|
|
|
21,026
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
56,579
|
|
|
(27,143)
|
Property
transactions, net
|
|
|
|
(410)
|
|
|
(1,438)
|
Depreciation and amortization
|
|
|
55,135
|
|
|
119,596
|
Adjusted
EBITDA
|
|
|
|
$
|
111,304
|
|
$
|
91,015
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
|
91.4%
|
|
|
90.4%
|
|
ADR
|
|
|
|
|
|
|
$275
|
|
|
$255
|
|
REVPAR
|
|
|
|
|
|
|
$251
|
|
|
$230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
|
90.1%
|
|
|
89.7%
|
|
ADR
|
|
|
|
|
|
|
$224
|
|
|
$209
|
|
REVPAR
|
|
|
|
|
|
|
$202
|
|
|
$188
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2017
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
|
|
|
|
$
|
54,114
|
|
$
|
-
|
|
$
|
(411)
|
|
$
|
45,119
|
|
$
|
98,822
|
|
Vdara
|
|
|
|
|
|
|
3,894
|
|
|
-
|
|
|
1
|
|
|
6,928
|
|
|
10,823
|
|
Mandarin
Oriental
|
|
(392)
|
|
|
-
|
|
|
-
|
|
|
3,088
|
|
|
2,696
|
|
Resort
operations
|
|
57,616
|
|
|
-
|
|
|
(410)
|
|
|
55,135
|
|
|
112,341
|
|
General and
administrative
|
|
(1,037)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,037)
|
|
|
|
|
|
|
|
$
|
56,579
|
|
$
|
-
|
|
$
|
(410)
|
|
$
|
55,135
|
|
$
|
111,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
|
|
|
|
$
|
(28,327)
|
|
$
|
-
|
|
$
|
109
|
|
$
|
109,561
|
|
$
|
81,343
|
|
Vdara
|
|
|
|
|
|
|
2,263
|
|
|
-
|
|
|
(336)
|
|
|
6,936
|
|
|
8,863
|
|
Mandarin
Oriental
|
|
(1,238)
|
|
|
-
|
|
|
-
|
|
|
3,099
|
|
|
1,861
|
|
Resort
operations
|
|
(27,302)
|
|
|
-
|
|
|
(227)
|
|
|
119,596
|
|
|
92,067
|
|
General and
administrative
|
|
159
|
|
|
-
|
|
|
(1,211)
|
|
|
-
|
|
|
(1,052)
|
|
|
|
|
|
|
|
$
|
(27,143)
|
|
$
|
-
|
|
$
|
(1,438)
|
|
$
|
119,596
|
|
$
|
91,015
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-first-quarter-financial-and-operating-results-300447020.html
SOURCE MGM Resorts International