LAS VEGAS, July 27, 2017 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter ended June 30, 2017.
"MGM Resorts continues to drive profitability and operational
efficiency, as the Company produced diluted earnings per share of
$0.36 in the second quarter and our
domestic resorts exhibited Adjusted Property EBITDA and margin
growth on a same-store basis. CityCenter reported another quarter
of exceptional results driven by Aria. Our results benefited from
the addition of MGM National Harbor and Borgata, which continue to
lead their respective markets. In Macau, we are excited to bring world-class
entertainment and diversified attractions to the marketplace with
the opening of MGM Cotai in the fourth quarter," said Jim Murren, Chairman & CEO of MGM Resorts.
"We remain squarely on our path to generate the best possible cash
flow performance and return value to our shareholders. This
quarter's results clearly demonstrate that."
Financial Highlights:
- Diluted earnings per share for the second quarter of 2017 of
$0.36, including a benefit of
$0.04 related to a Borgata property
tax settlement and a benefit of $0.05
from a modification of the 2016 NV Energy exit fee, compared to
$0.83 in the prior year quarter,
which included $0.57 related to a
gain on CityCenter's sale of Crystals;
- Net revenues increase of 22% over the prior year quarter at the
Company's domestic resorts to $2.1
billion, due to the inclusion of MGM National Harbor and
Borgata, and a decrease of 1% on a same-store basis primarily due
to lower year over year table games hold;
- REVPAR(1) growth of 1.2% over the prior year
quarter at the Company's Las Vegas Strip resorts;
- Operating income of $520 million
at the Company's domestic resorts, a 33% increase over the prior
year quarter, including the impact of $41
million related to the NV Energy exit fee modification and
$36 million related to the Borgata
property tax settlement;
- Net income attributable to MGM Resorts of $211 million, compared to $474 million in the prior year quarter;
- Adjusted Property EBITDA(2) growth of 28% over the
prior year quarter to $658 million at
the Company's domestic resorts, and an increase of 1% on a
same-store basis;
- Same-store operating margin of 25.1% in the current quarter at
the Company's domestic resorts, an increase of 205 basis points
compared to the prior year quarter;
- Same-store Adjusted Property EBITDA margin of 30.8% at the
Company's domestic resorts, an increase of 44 basis points compared
to the prior year quarter;
- MGM China operating income of $43
million compared to $51
million in the prior year quarter, and Adjusted EBITDA of
$116 million, a 2% decrease compared
to the prior year quarter; and
- CityCenter operating income of $57
million and Adjusted EBITDA of $105
million, a 36% increase in Adjusted EBITDA compared to the
prior year quarter.
Certain Items Affecting Second 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
June 30,
|
|
2017
|
|
|
2016
|
|
Borgata property tax
settlement
|
|
$
|
0.04
|
|
|
$
|
—
|
|
NV Energy exit
expense
|
|
|
0.05
|
|
|
|
—
|
|
Preopening and
start-up expenses
|
|
|
(0.02)
|
|
|
|
(0.03)
|
|
Property
transactions, net
|
|
|
(0.01)
|
|
|
|
—
|
|
Income from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
Gain on the sale
of Crystals
|
|
|
—
|
|
|
|
0.57
|
|
Domestic Resorts
Casino revenue for the second quarter of 2017 increased 41%
compared to the prior year quarter, due primarily to the
acquisition of Borgata Hotel Casino and Spa ("Borgata") in
August 2016 and the MGM National
Harbor opening in December 2016,
partially offset by a decrease in table games revenue. Casino
revenues decreased 5% on a same-store basis compared to the prior
year quarter. Same-store table games revenue decreased 20%
primarily due to lower year over year table games hold. Same-store
slot revenues increased 3%.
The following table shows key gaming statistics for the
Company's Las Vegas Strip resorts:
Three months ended
June 30,
|
|
2017
|
|
|
2016
|
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$
|
872
|
|
|
$
|
905
|
|
Table Games Win
%
|
|
|
20.9
|
%
|
|
|
25.6
|
%
|
Slot
Handle
|
|
$
|
3,053
|
|
|
$
|
2,953
|
|
Slot Hold
%
|
|
|
8.7
|
%
|
|
|
8.8
|
%
|
Domestic resorts rooms revenue increased 9% compared to the
prior year quarter. On a same-store basis, rooms revenue increased
1% compared to the prior year quarter. Las Vegas Strip REVPAR
increased 1.2%.
Mr. Murren added, "The evolution of our continuous improvement
strategies have yielded strong profit opportunities with an
emphasis on margin growth and maximizing cash flow."
The following table shows key hotel statistics for the Company's
Las Vegas Strip resorts:
Three months ended
June 30,
|
|
2017
|
|
|
2016
|
|
Occupancy
%
|
|
|
94
|
%
|
|
|
95
|
%
|
Average Daily Rate
(ADR)
|
|
$
|
161
|
|
|
$
|
157
|
|
Revenue per Available
Room (REVPAR)
|
|
$
|
151
|
|
|
$
|
149
|
|
Operating income at the Company's domestic resorts was
$520 million for the second quarter
of 2017 compared to $390 million in
the prior year quarter and benefited from $36 million related to Borgata's share of a
property tax settlement from Atlantic
City, as well as $41 million
related to a modification of the 2016 NV Energy exit fee. Domestic
resorts Adjusted Property EBITDA increased 28% to $658 million in the second quarter of 2017 and
was positively impacted by $101
million of Adjusted Property EBITDA from Borgata, which
includes the property tax settlement discussed above, and
$37 million of Adjusted Property
EBITDA from MGM National Harbor. Same-store Adjusted Property
EBITDA increased 1% compared to the prior year quarter.
Mr. Murren concluded, "As we look to the third quarter, we face
a challenging comparison at our Las Vegas Strip resorts due to
favorable table games hold of 25% and RevPAR growth of 10.7% in the
third quarter of 2016. We also continue to see higher than
anticipated disruption at Monte
Carlo as the property undergoes its transformation to Park
MGM. Despite these considerations, given our strong event calendar,
we anticipate third quarter revenues to increase slightly, with our
Strip REVPAR expected to grow 2%-3%. We anticipate our Adjusted
Property EBITDA margins to modestly increase."
MGM China
Key second quarter results for MGM China include:
- Net revenues of $449 million, a
1% decrease compared to the prior year quarter;
- Main floor table games revenue decreased 2% compared to the
prior year quarter due to an 8% decrease in volume partially offset
by an increase in hold percentage to 19.3% in the current year
quarter, from 18.2% in the prior year quarter, and against 22.2%
hold percentage in the first quarter of 2017;
- VIP table games revenue increased 1% compared to the prior year
quarter due to a 3% increase in turnover partially offset by a
decrease in hold percentage to 2.9% in the current year quarter,
from 3.1% in the prior year quarter, and against 3.4% hold
percentage in the first quarter of 2017;
- Operating income was $43 million
compared to $51 million in the prior
year quarter;
- Adjusted EBITDA decreased 2% to $116
million, compared to $119
million in the prior year quarter, including $8 million of license fee expense in both the
current and prior year quarters; and
- Operating margin was 9.6% in the current year quarter, and
Adjusted EBITDA margin was 25.9% compared to 26.4% in the prior
year quarter.
MGM China paid the previously announced $78 million final 2016 dividend in June 2017, of which $44
million was received by MGM Resorts.
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of income from unconsolidated affiliates:
Three months ended
June 30,
|
|
2017
|
|
|
2016
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
37,646
|
|
|
$
|
416,144
|
|
Borgata
|
|
|
—
|
|
|
|
27,376
|
|
Other
|
|
|
2,937
|
|
|
|
4,789
|
|
|
|
$
|
40,583
|
|
|
$
|
448,309
|
|
The Company's share of CityCenter Holdings, LLC ("CityCenter")
operating results for the second quarter of 2017, including certain
basis difference adjustments, was $38
million which included $4
million related to our share of CityCenter's portion of the
NV Energy exit fee modification. In the prior year quarter, we
recorded a $406 million gain related
to the sale of The Shops at Crystals ("Crystals"), and CityCenter's
results included $20 million of
accelerated depreciation associated with the April 2016 closure of the Zarkana theatre.
Key second quarter results for CityCenter include the following
(see schedules accompanying this release for further detail on
CityCenter's second quarter results):
- Net revenues from resort operations were $314 million, a 10% increase compared to the
prior year quarter, due primarily to an increase in casino
revenues;
- Operating income from resort operations was $58 million and included $8 million related to the NV Energy exit fee
modification discussed above, compared to operating income of
$0.2 million in the prior year
quarter, which included $20 million
of accelerated depreciation related to the Zarkana theatre
closure;
- Adjusted EBITDA from resort operations was $106 million, a 36% increase compared to the
prior year quarter;
- Aria's table games volume increased 14% and table games hold
percentage was 26.8%, compared to 19.5% in the prior year
quarter;
- REVPAR at Aria increased 3% compared to the prior year quarter
to $236; and
- Vdara reported REVPAR of $188 in
the current year quarter, and Adjusted EBITDA increased 23% to
$10 million compared to the prior
year quarter.
On August 1, 2016 the Company
completed the previously announced acquisition of Boyd Gaming
Corporation's interest in Borgata, 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 MGM Growth Properties LLC ("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 second quarter of 2017, the Company made rent
payments to MGP in the amount of $165
million and received distributions of $72 million from MGM Growth Properties Operating
Partnership LP (the "Operating Partnership"). On June 15, 2017, MGP's Board of Directors approved
a quarterly dividend of $0.3950 per
Class A share totaling $23 million
and representing a 1.9% increase over the prior annual dividend
rate, which was paid on July 14, 2017
to holders of record on June 30,
2017. The Company concurrently received a $73 million distribution attributable to its
ownership of Operating Partnership units.
MGM Resorts Dividend
On July 26, 2017, the Company's
Board of Directors approved a quarterly dividend of $0.11 per share totaling $63 million, which will be paid on September 15, 2017 to holders of record on
September 11, 2017.
Financial Position
The Company's cash balance at June 30,
2017 was $1.8 billion, which
included $403 million at MGM China
and $377 million at MGP. At
June 30, 2017, the Company had
$13.3 billion of principal amount of
indebtedness outstanding, including $244
million outstanding under its $1.5
billion senior secured credit facility, $2.1 billion outstanding under the $2.7 billion MGP Operating Partnership senior
credit facility, $2.2 billion
outstanding under the $3.0 billion
MGM China credit facility, and $455
million outstanding under the $525
million MGM National Harbor credit facility.
"MGM Resorts continues to strengthen its financial and strategic
position," said Dan D'Arrigo, Executive Vice President and Chief
Financial Officer of MGM Resorts. "In July, we used excess cash on
hand to redeem all of our outstanding $475
million 11.375% senior notes due 2018, which further
enhances our capital structure and overall cost of debt. We believe
our strong free cash flows will continue to allow us to
concurrently return capital to our shareholders, strengthen our
balance sheet and prudently grow our business through strategic
investments."
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 5199705.
A replay of the call will be available through Thursday, August 3, 2017. The replay may be
accessed by dialing 1-877-344-7529 or 1-412-317-0088. The
replay access code is 10110178. 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.
- REVPAR is hotel revenue per available room.
- "Adjusted EBITDA" is earnings before interest and other
non-operating income (expense), taxes, depreciation and
amortization, preopening and start-up expenses, NV Energy exit
expense, goodwill impairment charges, and property transactions,
net. "Adjusted Property EBITDA" is Adjusted EBITDA before
corporate expense and stock compensation expense related to the MGM
Resorts 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 a global entertainment
company with national and international locations featuring
best-in-class hotels and casinos, state-of-the-art meetings and
conference spaces, incredible live and theatrical entertainment
experiences, and an extensive array of restaurant, nightlife and
retail offerings. MGM Resorts creates immersive, iconic experiences
through its suite of Las
Vegas-inspired brands. The MGM Resorts portfolio encompasses
27 unique hotel offerings including some of the most recognizable
resort brands in the industry. The company is expanding throughout
the U.S. and around the world, developing MGM Springfield in
Massachusetts and MGM COTAI in
Macau, and debuting the first
international Bellagio branded hotel in Shanghai. The 77,000 global employees of MGM
Resorts are proud of their company for being recognized as one of
FORTUNE® Magazine's World's Most Admired Companies®. For more
information visit us 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 expected to take place in the fourth quarter of 2017) 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
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
1,405,063
|
|
$
|
1,127,404
|
|
$
|
2,910,452
|
|
$
|
2,261,760
|
|
Rooms
|
|
542,470
|
|
|
498,904
|
|
|
1,104,737
|
|
|
988,390
|
|
Food and
beverage
|
|
466,546
|
|
|
412,766
|
|
|
911,015
|
|
|
789,871
|
|
Entertainment
|
|
138,361
|
|
|
121,853
|
|
|
268,708
|
|
|
240,179
|
|
Retail
|
|
56,830
|
|
|
52,432
|
|
|
104,806
|
|
|
97,905
|
|
Other
|
|
161,367
|
|
|
134,120
|
|
|
301,942
|
|
|
251,645
|
|
Reimbursed
costs
|
|
99,293
|
|
|
100,795
|
|
|
199,508
|
|
|
201,844
|
|
|
|
2,869,930
|
|
|
2,448,274
|
|
|
5,801,168
|
|
|
4,831,594
|
|
Less: Promotional
allowances
|
|
(228,193)
|
|
|
(178,772)
|
|
|
(451,252)
|
|
|
(352,406)
|
|
|
|
2,641,737
|
|
|
2,269,502
|
|
|
5,349,916
|
|
|
4,479,188
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
763,259
|
|
|
620,305
|
|
|
1,567,854
|
|
|
1,260,874
|
|
Rooms
|
|
152,735
|
|
|
142,252
|
|
|
307,571
|
|
|
286,994
|
|
Food and
beverage
|
|
261,495
|
|
|
239,452
|
|
|
511,340
|
|
|
460,748
|
|
Entertainment
|
|
108,618
|
|
|
98,827
|
|
|
208,557
|
|
|
191,115
|
|
Retail
|
|
27,278
|
|
|
24,085
|
|
|
50,386
|
|
|
46,086
|
|
Other
|
|
96,265
|
|
|
87,253
|
|
|
185,889
|
|
|
167,021
|
|
Reimbursed
costs
|
|
99,292
|
|
|
100,795
|
|
|
199,507
|
|
|
201,844
|
|
General and
administrative
|
|
354,463
|
|
|
321,407
|
|
|
743,298
|
|
|
629,950
|
|
Corporate
expense
|
|
79,408
|
|
|
81,803
|
|
|
152,581
|
|
|
153,051
|
|
NV Energy exit
expense
|
|
(40,629)
|
|
|
-
|
|
|
(40,629)
|
|
|
-
|
|
Preopening and
start-up expenses
|
|
21,093
|
|
|
24,824
|
|
|
36,159
|
|
|
46,784
|
|
Property
transactions, net
|
|
13,243
|
|
|
854
|
|
|
14,939
|
|
|
5,985
|
|
Depreciation and
amortization
|
|
244,754
|
|
|
206,899
|
|
|
494,523
|
|
|
406,738
|
|
|
|
2,181,274
|
|
|
1,948,756
|
|
|
4,431,975
|
|
|
3,857,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
40,583
|
|
|
448,309
|
|
|
80,286
|
|
|
463,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
501,046
|
|
|
769,055
|
|
|
998,227
|
|
|
1,085,009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(174,058)
|
|
|
(180,352)
|
|
|
(348,117)
|
|
|
(365,021)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(10,556)
|
|
|
(15,885)
|
|
|
(17,477)
|
|
|
(34,097)
|
|
Other,
net
|
|
(751)
|
|
|
(49,840)
|
|
|
(1,568)
|
|
|
(50,405)
|
|
|
|
(185,365)
|
|
|
(246,077)
|
|
|
(367,162)
|
|
|
(449,523)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
315,681
|
|
|
522,978
|
|
|
631,065
|
|
|
635,486
|
|
Provision for
income taxes
|
|
(74,061)
|
|
|
(8,480)
|
|
|
(136,436)
|
|
|
(29,790)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
241,620
|
|
|
514,498
|
|
|
494,629
|
|
|
605,696
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(31,009)
|
|
|
(40,145)
|
|
|
(77,171)
|
|
|
(64,544)
|
Net income
attributable to MGM Resorts International
|
$
|
210,611
|
|
$
|
474,353
|
|
$
|
417,458
|
|
$
|
541,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share of
common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
$
|
0.37
|
|
$
|
0.84
|
|
$
|
0.73
|
|
$
|
0.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
574,931
|
|
|
565,459
|
|
|
574,668
|
|
|
565,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to MGM Resorts International
|
$
|
0.36
|
|
$
|
0.83
|
|
$
|
0.72
|
|
$
|
0.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
582,056
|
|
|
570,762
|
|
|
581,112
|
|
|
570,108
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2017
|
|
2016
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,757,062
|
|
$
|
1,446,581
|
|
Accounts
receivable, net
|
|
469,126
|
|
|
542,924
|
|
Inventories
|
|
103,119
|
|
|
97,733
|
|
Income tax
receivable
|
|
7,362
|
|
|
-
|
|
Prepaid expenses
and other
|
|
148,462
|
|
|
142,349
|
|
|
Total current
assets
|
|
2,485,131
|
|
|
2,229,587
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
18,896,912
|
|
|
18,425,023
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
980,885
|
|
|
1,220,443
|
|
Goodwill
|
|
|
1,807,772
|
|
|
1,817,119
|
|
Other intangible
assets, net
|
|
3,972,046
|
|
|
4,087,706
|
|
Other long-term
assets, net
|
|
400,185
|
|
|
393,423
|
|
|
Total other
assets
|
|
7,160,888
|
|
|
7,518,691
|
|
|
|
$
|
28,542,931
|
|
$
|
28,173,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
206,144
|
|
$
|
250,477
|
|
Construction
payable
|
|
254,324
|
|
|
270,361
|
|
Income tax
payable
|
|
-
|
|
|
10,654
|
|
Current portion of
long-term debt
|
|
472,590
|
|
|
8,375
|
|
Accrued interest
on long-term debt
|
|
147,438
|
|
|
159,028
|
|
Other accrued
liabilities
|
|
1,599,072
|
|
|
1,594,526
|
|
|
Total current
liabilities
|
|
2,679,568
|
|
|
2,293,421
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
2,560,127
|
|
|
2,551,228
|
Long-term debt,
net
|
|
12,725,268
|
|
|
12,979,220
|
Other long-term
obligations
|
|
289,630
|
|
|
325,981
|
Redeemable
noncontrolling interest
|
|
57,341
|
|
|
54,139
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued and outstanding 575,008,760 and 574,123,706
shares
|
|
5,750
|
|
|
5,741
|
|
Capital in excess
of par value
|
|
5,677,966
|
|
|
5,653,575
|
|
Retained
earnings
|
|
836,840
|
|
|
545,811
|
|
Accumulated other
comprehensive income (loss)
|
|
(9,148)
|
|
|
15,053
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
6,511,408
|
|
|
6,220,180
|
|
Noncontrolling
interests
|
|
3,719,589
|
|
|
3,749,132
|
|
|
Total
stockholders' equity
|
|
10,230,997
|
|
|
9,969,312
|
|
|
|
$
|
28,542,931
|
|
$
|
28,173,301
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Bellagio
|
$
|
312,722
|
|
$
|
332,812
|
|
$
|
653,976
|
|
$
|
662,551
|
|
MGM Grand Las
Vegas
|
|
298,289
|
|
|
300,232
|
|
|
565,815
|
|
|
568,686
|
|
Mandalay
Bay
|
|
245,295
|
|
|
237,980
|
|
|
498,328
|
|
|
468,161
|
|
The
Mirage
|
|
147,620
|
|
|
153,041
|
|
|
319,951
|
|
|
297,636
|
|
Luxor
|
|
101,573
|
|
|
95,144
|
|
|
203,200
|
|
|
188,016
|
|
New York-New
York
|
|
88,729
|
|
|
83,056
|
|
|
178,668
|
|
|
164,427
|
|
Excalibur
|
|
82,793
|
|
|
78,453
|
|
|
161,773
|
|
|
152,741
|
|
Monte
Carlo
|
|
65,318
|
|
|
71,208
|
|
|
137,851
|
|
|
140,928
|
|
Circus Circus Las
Vegas
|
|
62,102
|
|
|
61,235
|
|
|
120,823
|
|
|
118,192
|
|
MGM Grand
Detroit
|
|
142,675
|
|
|
140,462
|
|
|
286,907
|
|
|
281,327
|
|
Beau
Rivage
|
|
94,393
|
|
|
99,388
|
|
|
183,570
|
|
|
188,825
|
|
Gold Strike
Tunica
|
|
42,189
|
|
|
41,480
|
|
|
85,011
|
|
|
82,224
|
|
Borgata
|
|
209,427
|
|
|
-
|
|
|
410,508
|
|
|
-
|
|
National
Harbor
|
|
177,788
|
|
|
-
|
|
|
350,947
|
|
|
-
|
|
Domestic
resorts
|
|
2,070,913
|
|
|
1,694,491
|
|
|
4,157,328
|
|
|
3,313,714
|
|
MGM
China
|
|
448,743
|
|
|
451,951
|
|
|
951,117
|
|
|
920,980
|
|
Management and
other operations
|
|
122,081
|
|
|
123,060
|
|
|
241,471
|
|
|
244,494
|
|
|
$
|
2,641,737
|
|
$
|
2,269,502
|
|
$
|
5,349,916
|
|
$
|
4,479,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Bellagio
|
$
|
110,953
|
|
$
|
117,538
|
|
$
|
240,060
|
|
$
|
234,189
|
|
MGM Grand Las
Vegas
|
|
94,074
|
|
|
97,489
|
|
|
167,724
|
|
|
178,383
|
|
Mandalay
Bay
|
|
68,272
|
|
|
63,203
|
|
|
146,389
|
|
|
121,325
|
|
The
Mirage
|
|
38,374
|
|
|
35,848
|
|
|
100,469
|
|
|
74,178
|
|
Luxor
|
|
32,911
|
|
|
26,054
|
|
|
65,715
|
|
|
51,445
|
|
New York-New
York
|
|
33,224
|
|
|
30,478
|
|
|
67,136
|
|
|
61,381
|
|
Excalibur
|
|
28,653
|
|
|
24,954
|
|
|
57,451
|
|
|
48,831
|
|
Monte
Carlo
|
|
16,784
|
|
|
21,820
|
|
|
39,238
|
|
|
43,120
|
|
Circus Circus Las
Vegas
|
|
16,239
|
|
|
13,172
|
|
|
32,197
|
|
|
26,465
|
|
MGM Grand
Detroit
|
|
45,413
|
|
|
43,790
|
|
|
90,017
|
|
|
83,832
|
|
Beau
Rivage
|
|
21,105
|
|
|
28,036
|
|
|
41,592
|
|
|
50,835
|
|
Gold Strike
Tunica
|
|
13,261
|
|
|
12,701
|
|
|
27,987
|
|
|
26,030
|
|
Borgata
|
|
101,419
|
|
|
-
|
|
|
160,342
|
|
|
-
|
|
National
Harbor
|
|
36,980
|
|
|
-
|
|
|
69,120
|
|
|
-
|
|
Domestic
resorts
|
|
657,662
|
|
|
515,083
|
|
|
1,305,437
|
|
|
1,000,014
|
|
MGM
China
|
|
116,320
|
|
|
119,196
|
|
|
259,302
|
|
|
233,319
|
|
Unconsolidated
resorts (1)
|
|
40,583
|
|
|
448,309
|
|
|
80,286
|
|
|
463,011
|
|
Management and
other operations
|
|
9,097
|
|
|
4,372
|
|
|
20,013
|
|
|
8,487
|
|
|
$
|
823,662
|
|
$
|
1,086,960
|
|
$
|
1,665,038
|
|
$
|
1,704,831
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
June 30, 2017
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
$
|
95,886
|
|
$
|
(6,970)
|
|
$
|
-
|
|
$
|
38
|
|
$
|
21,999
|
|
$
|
110,953
|
|
|
MGM Grand Las
Vegas
|
|
82,456
|
|
|
(7,424)
|
|
|
-
|
|
|
611
|
|
|
18,431
|
|
|
94,074
|
|
|
Mandalay
Bay
|
|
52,255
|
|
|
(8,524)
|
|
|
-
|
|
|
(10)
|
|
|
24,551
|
|
|
68,272
|
|
|
The
Mirage
|
|
32,495
|
|
|
(4,043)
|
|
|
-
|
|
|
117
|
|
|
9,805
|
|
|
38,374
|
|
|
Luxor
|
|
25,819
|
|
|
(3,394)
|
|
|
-
|
|
|
1,165
|
|
|
9,321
|
|
|
32,911
|
|
|
New York-New
York
|
|
28,845
|
|
|
(2,025)
|
|
|
-
|
|
|
54
|
|
|
6,350
|
|
|
33,224
|
|
|
Excalibur
|
|
26,521
|
|
|
(2,658)
|
|
|
-
|
|
|
203
|
|
|
4,587
|
|
|
28,653
|
|
|
Monte
Carlo
|
|
(2,082)
|
|
|
(2,461)
|
|
|
439
|
|
|
9,959
|
|
|
10,929
|
|
|
16,784
|
|
|
Circus Circus Las
Vegas
|
|
14,264
|
|
|
(3,130)
|
|
|
450
|
|
|
496
|
|
|
4,159
|
|
|
16,239
|
|
|
MGM Grand
Detroit
|
|
39,719
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,694
|
|
|
45,413
|
|
|
Beau
Rivage
|
|
15,148
|
|
|
-
|
|
|
-
|
|
|
5
|
|
|
5,952
|
|
|
21,105
|
|
|
Gold Strike
Tunica
|
|
10,983
|
|
|
-
|
|
|
-
|
|
|
6
|
|
|
2,272
|
|
|
13,261
|
|
|
Borgata
|
|
80,093
|
|
|
-
|
|
|
1,242
|
|
|
416
|
|
|
19,668
|
|
|
101,419
|
|
|
National
Harbor
|
|
17,991
|
|
|
-
|
|
|
153
|
|
|
-
|
|
|
18,836
|
|
|
36,980
|
|
|
Domestic
resorts
|
|
520,393
|
|
|
(40,629)
|
|
|
2,284
|
|
|
13,060
|
|
|
162,554
|
|
|
657,662
|
|
|
MGM
China
|
|
43,039
|
|
|
-
|
|
|
13,334
|
|
|
183
|
|
|
59,764
|
|
|
116,320
|
|
|
Unconsolidated
resorts (1)
|
|
40,583
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
40,583
|
|
|
Management and
other operations
|
|
7,307
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,790
|
|
|
9,097
|
|
|
|
|
611,322
|
|
|
(40,629)
|
|
|
15,618
|
|
|
13,243
|
|
|
224,108
|
|
|
823,662
|
|
|
Stock
compensation
|
|
(12,046)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(12,046)
|
|
|
Corporate
|
|
(98,230)
|
|
|
-
|
|
|
5,475
|
|
|
-
|
|
|
20,646
|
|
|
(72,109)
|
|
|
|
$
|
501,046
|
|
$
|
(40,629)
|
|
$
|
21,093
|
|
$
|
13,243
|
|
$
|
244,754
|
|
$
|
739,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
|
Bellagio
|
$
|
95,085
|
|
$
|
-
|
|
$
|
-
|
|
$
|
60
|
|
$
|
22,393
|
|
$
|
117,538
|
|
|
MGM Grand Las
Vegas
|
|
79,293
|
|
|
-
|
|
|
-
|
|
|
(263)
|
|
|
18,459
|
|
|
97,489
|
|
|
Mandalay
Bay
|
|
40,629
|
|
|
-
|
|
|
15
|
|
|
284
|
|
|
22,275
|
|
|
63,203
|
|
|
The
Mirage
|
|
26,132
|
|
|
-
|
|
|
-
|
|
|
(413)
|
|
|
10,129
|
|
|
35,848
|
|
|
Luxor
|
|
15,161
|
|
|
-
|
|
|
1,444
|
|
|
86
|
|
|
9,363
|
|
|
26,054
|
|
|
New York-New
York
|
|
25,006
|
|
|
-
|
|
|
372
|
|
|
97
|
|
|
5,003
|
|
|
30,478
|
|
|
Excalibur
|
|
20,741
|
|
|
-
|
|
|
-
|
|
|
203
|
|
|
4,010
|
|
|
24,954
|
|
|
Monte
Carlo
|
|
9,494
|
|
|
-
|
|
|
145
|
|
|
61
|
|
|
12,120
|
|
|
21,820
|
|
|
Circus Circus Las
Vegas
|
|
9,199
|
|
|
-
|
|
|
-
|
|
|
(4)
|
|
|
3,977
|
|
|
13,172
|
|
|
MGM Grand
Detroit
|
|
37,815
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,975
|
|
|
43,790
|
|
|
Beau
Rivage
|
|
21,460
|
|
|
-
|
|
|
-
|
|
|
(72)
|
|
|
6,648
|
|
|
28,036
|
|
|
Gold Strike
Tunica
|
|
10,273
|
|
|
-
|
|
|
-
|
|
|
(4)
|
|
|
2,432
|
|
|
12,701
|
|
|
Domestic
resorts
|
|
390,288
|
|
|
-
|
|
|
1,976
|
|
|
35
|
|
|
122,784
|
|
|
515,083
|
|
|
MGM
China
|
|
51,453
|
|
|
-
|
|
|
6,540
|
|
|
1,281
|
|
|
59,922
|
|
|
119,196
|
|
|
Unconsolidated
resorts (1)
|
|
447,504
|
|
|
-
|
|
|
805
|
|
|
-
|
|
|
-
|
|
|
448,309
|
|
|
Management and
other operations
|
|
2,521
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,851
|
|
|
4,372
|
|
|
|
|
891,766
|
|
|
-
|
|
|
9,321
|
|
|
1,316
|
|
|
184,557
|
|
|
1,086,960
|
|
|
Stock
compensation
|
|
(10,440)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(10,440)
|
|
|
Corporate
|
|
(112,271)
|
|
|
-
|
|
|
15,503
|
|
|
(462)
|
|
|
22,342
|
|
|
(74,888)
|
|
|
|
$
|
769,055
|
|
$
|
-
|
|
$
|
24,824
|
|
$
|
854
|
|
$
|
206,899
|
|
$
|
1,001,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
Six Months Ended
June 30, 2017
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
$
|
202,762
|
|
$
|
(6,970)
|
|
$
|
-
|
|
$
|
123
|
|
$
|
44,145
|
|
$
|
240,060
|
|
MGM Grand Las
Vegas
|
|
138,278
|
|
|
(7,424)
|
|
|
7
|
|
|
844
|
|
|
36,019
|
|
|
167,724
|
|
Mandalay
Bay
|
|
105,745
|
|
|
(8,524)
|
|
|
-
|
|
|
(10)
|
|
|
49,178
|
|
|
146,389
|
|
The
Mirage
|
|
85,255
|
|
|
(4,043)
|
|
|
-
|
|
|
117
|
|
|
19,140
|
|
|
100,469
|
|
Luxor
|
|
48,902
|
|
|
(3,394)
|
|
|
-
|
|
|
1,164
|
|
|
19,043
|
|
|
65,715
|
|
New York-New
York
|
|
53,445
|
|
|
(2,025)
|
|
|
(8)
|
|
|
183
|
|
|
15,541
|
|
|
67,136
|
|
Excalibur
|
|
51,062
|
|
|
(2,658)
|
|
|
-
|
|
|
258
|
|
|
8,789
|
|
|
57,451
|
|
Monte
Carlo
|
|
6,735
|
|
|
(2,461)
|
|
|
1,049
|
|
|
9,990
|
|
|
23,925
|
|
|
39,238
|
|
Circus Circus Las
Vegas
|
|
25,982
|
|
|
(3,130)
|
|
|
450
|
|
|
735
|
|
|
8,160
|
|
|
32,197
|
|
MGM Grand
Detroit
|
|
78,544
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
11,473
|
|
|
90,017
|
|
Beau
Rivage
|
|
29,598
|
|
|
-
|
|
|
-
|
|
|
5
|
|
|
11,989
|
|
|
41,592
|
|
Gold Strike
Tunica
|
|
23,396
|
|
|
-
|
|
|
-
|
|
|
(22)
|
|
|
4,613
|
|
|
27,987
|
|
Borgata
|
|
118,977
|
|
|
-
|
|
|
1,277
|
|
|
1,220
|
|
|
38,868
|
|
|
160,342
|
|
National
Harbor
|
|
28,599
|
|
|
-
|
|
|
227
|
|
|
-
|
|
|
40,294
|
|
|
69,120
|
|
Domestic
resorts
|
|
997,280
|
|
|
(40,629)
|
|
|
3,002
|
|
|
14,607
|
|
|
331,177
|
|
|
1,305,437
|
|
MGM
China
|
|
116,229
|
|
|
-
|
|
|
23,158
|
|
|
332
|
|
|
119,583
|
|
|
259,302
|
|
Unconsolidated
resorts (1)
|
|
80,286
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
80,286
|
|
Management and
other operations
|
|
16,421
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,592
|
|
|
20,013
|
|
|
|
1,210,216
|
|
|
(40,629)
|
|
|
26,160
|
|
|
14,939
|
|
|
454,352
|
|
|
1,665,038
|
|
Stock
compensation
|
|
(25,409)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(25,409)
|
|
Corporate
|
|
(186,580)
|
|
|
-
|
|
|
9,999
|
|
|
-
|
|
|
40,171
|
|
|
(136,410)
|
|
|
$
|
998,227
|
|
$
|
(40,629)
|
|
$
|
36,159
|
|
$
|
14,939
|
|
$
|
494,523
|
|
$
|
1,503,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Preopening and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Bellagio
|
$
|
189,253
|
|
$
|
-
|
|
$
|
-
|
|
$
|
61
|
|
$
|
44,875
|
|
$
|
234,189
|
|
MGM Grand Las
Vegas
|
|
141,555
|
|
|
-
|
|
|
-
|
|
|
500
|
|
|
36,328
|
|
|
178,383
|
|
Mandalay
Bay
|
|
75,484
|
|
|
-
|
|
|
29
|
|
|
1,158
|
|
|
44,654
|
|
|
121,325
|
|
The
Mirage
|
|
54,126
|
|
|
-
|
|
|
-
|
|
|
(413)
|
|
|
20,465
|
|
|
74,178
|
|
Luxor
|
|
31,046
|
|
|
-
|
|
|
1,444
|
|
|
373
|
|
|
18,582
|
|
|
51,445
|
|
New York-New
York
|
|
50,493
|
|
|
-
|
|
|
372
|
|
|
100
|
|
|
10,416
|
|
|
61,381
|
|
Excalibur
|
|
37,710
|
|
|
-
|
|
|
-
|
|
|
2,969
|
|
|
8,152
|
|
|
48,831
|
|
Monte
Carlo
|
|
26,271
|
|
|
-
|
|
|
145
|
|
|
152
|
|
|
16,552
|
|
|
43,120
|
|
Circus Circus Las
Vegas
|
|
18,288
|
|
|
-
|
|
|
-
|
|
|
130
|
|
|
8,047
|
|
|
26,465
|
|
MGM Grand
Detroit
|
|
71,846
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
11,986
|
|
|
83,832
|
|
Beau
Rivage
|
|
37,650
|
|
|
-
|
|
|
-
|
|
|
(62)
|
|
|
13,247
|
|
|
50,835
|
|
Gold Strike
Tunica
|
|
21,104
|
|
|
-
|
|
|
-
|
|
|
93
|
|
|
4,833
|
|
|
26,030
|
|
Domestic
resorts
|
|
754,826
|
|
|
-
|
|
|
1,990
|
|
|
5,061
|
|
|
238,137
|
|
|
1,000,014
|
|
MGM
China
|
|
98,905
|
|
|
-
|
|
|
12,448
|
|
|
1,271
|
|
|
120,695
|
|
|
233,319
|
|
Unconsolidated
resorts (1)
|
|
459,924
|
|
|
-
|
|
|
3,087
|
|
|
-
|
|
|
-
|
|
|
463,011
|
|
Management and
other operations
|
|
3,585
|
|
|
-
|
|
|
1,150
|
|
|
-
|
|
|
3,752
|
|
|
8,487
|
|
|
|
1,317,240
|
|
|
-
|
|
|
18,675
|
|
|
6,332
|
|
|
362,584
|
|
|
1,704,831
|
|
Stock
compensation
|
|
(20,309)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(20,309)
|
|
Corporate
|
|
(211,922)
|
|
|
-
|
|
|
28,109
|
|
|
(347)
|
|
|
44,154
|
|
|
(140,006)
|
|
|
$
|
1,085,009
|
|
$
|
-
|
|
$
|
46,784
|
|
$
|
5,985
|
|
$
|
406,738
|
|
$
|
1,544,516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income
attributable to MGM Resorts International
|
$
|
210,611
|
|
$
|
474,353
|
|
$
|
417,458
|
|
$
|
541,152
|
Plus: Net
income attributable to noncontrolling interests
|
|
31,009
|
|
|
40,145
|
|
|
77,171
|
|
|
64,544
|
Net
income
|
|
241,620
|
|
|
514,498
|
|
|
494,629
|
|
|
605,696
|
Provision
for income taxes
|
|
74,061
|
|
|
8,480
|
|
|
136,436
|
|
|
29,790
|
Income before
income taxes
|
|
315,681
|
|
|
522,978
|
|
|
631,065
|
|
|
635,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
174,058
|
|
|
180,352
|
|
|
348,117
|
|
|
365,021
|
Other,
net
|
|
11,307
|
|
|
65,725
|
|
|
19,045
|
|
|
84,502
|
|
|
|
185,365
|
|
|
246,077
|
|
|
367,162
|
|
|
449,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
501,046
|
|
|
769,055
|
|
|
998,227
|
|
|
1,085,009
|
NV Energy
exit expense
|
|
(40,629)
|
|
|
-
|
|
|
(40,629)
|
|
|
-
|
Preopening
and start-up expenses
|
|
21,093
|
|
|
24,824
|
|
|
36,159
|
|
|
46,784
|
Property
transactions, net
|
|
13,243
|
|
|
854
|
|
|
14,939
|
|
|
5,985
|
Depreciation and amortization
|
|
244,754
|
|
|
206,899
|
|
|
494,523
|
|
|
406,738
|
Adjusted
EBITDA
|
$
|
739,507
|
|
$
|
1,001,632
|
|
$
|
1,503,219
|
|
$
|
1,544,516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Domestic resorts
Adjusted Property EBITDA
|
$
|
657,662
|
|
$
|
515,083
|
|
$
|
1,305,437
|
|
$
|
1,000,014
|
Adjusted
Property EBITDA related to Borgata
|
|
(101,419)
|
|
|
-
|
|
|
(160,342)
|
|
|
-
|
Adjusted
Property EBITDA related to National Harbor
|
|
(36,980)
|
|
|
-
|
|
|
(69,120)
|
|
|
-
|
Domestic resorts
same-store Adjusted Property EBITDA
|
$
|
519,263
|
|
$
|
515,083
|
|
$
|
1,075,975
|
|
$
|
1,000,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS - LAS VEGAS STRIP
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.3%
|
|
|
94.8%
|
|
|
93.7%
|
|
|
93.2%
|
|
Average daily rate (ADR)
|
|
$281
|
|
|
$275
|
|
|
$287
|
|
|
$278
|
|
Revenue per available room (REVPAR)
|
|
$265
|
|
|
$261
|
|
|
$269
|
|
|
$259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
93.9%
|
|
|
94.8%
|
|
|
92.6%
|
|
|
92.8%
|
|
ADR
|
|
$188
|
|
|
$184
|
|
|
$195
|
|
|
$185
|
|
REVPAR
|
|
$177
|
|
|
$175
|
|
|
$180
|
|
|
$172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
93.9%
|
|
|
94.1%
|
|
|
92.5%
|
|
|
92.3%
|
|
ADR
|
|
$212
|
|
|
$209
|
|
|
$225
|
|
|
$216
|
|
REVPAR
|
|
$199
|
|
|
$197
|
|
|
$208
|
|
|
$199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
96.7%
|
|
|
96.9%
|
|
|
94.3%
|
|
|
94.9%
|
|
ADR
|
|
$173
|
|
|
$171
|
|
|
$183
|
|
|
$176
|
|
REVPAR
|
|
$168
|
|
|
$166
|
|
|
$173
|
|
|
$167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
96.1%
|
|
|
97.6%
|
|
|
94.7%
|
|
|
95.9%
|
|
ADR
|
|
$114
|
|
|
$110
|
|
|
$120
|
|
|
$110
|
|
REVPAR
|
|
$110
|
|
|
$107
|
|
|
$114
|
|
|
$106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
97.1%
|
|
|
98.7%
|
|
|
96.2%
|
|
|
97.8%
|
|
ADR
|
|
$143
|
|
|
$134
|
|
|
$149
|
|
|
$139
|
|
REVPAR
|
|
$138
|
|
|
$132
|
|
|
$143
|
|
|
$136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
95.5%
|
|
|
96.9%
|
|
|
93.0%
|
|
|
94.3%
|
|
ADR
|
|
$97
|
|
|
$94
|
|
|
$103
|
|
|
$95
|
|
REVPAR
|
|
$93
|
|
|
$91
|
|
|
$96
|
|
|
$90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.4%
|
|
|
98.7%
|
|
|
95.0%
|
|
|
97.3%
|
|
ADR
|
|
$119
|
|
|
$122
|
|
|
$126
|
|
|
$124
|
|
REVPAR
|
|
$112
|
|
|
$120
|
|
|
$120
|
|
|
$121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
85.7%
|
|
|
84.8%
|
|
|
83.1%
|
|
|
81.8%
|
|
ADR
|
|
$79
|
|
|
$76
|
|
|
$85
|
|
|
$77
|
|
REVPAR
|
|
$68
|
|
|
$64
|
|
|
$70
|
|
|
$63
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
$
|
267,074
|
|
$
|
240,800
|
|
$
|
541,957
|
|
$
|
495,525
|
|
|
|
|
Vdara
|
|
30,955
|
|
|
29,846
|
|
|
63,211
|
|
|
59,634
|
|
|
|
|
Mandarin
Oriental
|
|
16,135
|
|
|
16,191
|
|
|
34,588
|
|
|
33,219
|
|
|
|
|
Resort
operations
|
|
314,164
|
|
|
286,837
|
|
|
639,756
|
|
|
588,378
|
|
|
|
|
Other
|
|
-
|
|
|
2,149
|
|
|
-
|
|
|
2,149
|
|
|
|
|
|
$
|
314,164
|
|
$
|
288,986
|
|
$
|
639,756
|
|
$
|
590,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
Net
income
|
$
|
37,845
|
|
$
|
397,042
|
|
$
|
82,282
|
|
$
|
337,316
|
|
|
|
Less:
Income from discontinued operations
|
|
-
|
|
|
(411,592)
|
|
|
-
|
|
|
(400,035)
|
|
|
|
Income (loss) from
continuing operations
|
|
37,845
|
|
|
(14,550)
|
|
|
82,282
|
|
|
(62,719)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
15,066
|
|
|
14,560
|
|
|
27,826
|
|
|
32,004
|
|
|
|
Other,
net
|
|
4,323
|
|
|
(429)
|
|
|
3,705
|
|
|
3,153
|
|
|
|
|
|
|
19,389
|
|
|
14,131
|
|
|
31,531
|
|
|
35,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
57,234
|
|
|
(419)
|
|
|
113,813
|
|
|
(27,562)
|
|
|
|
NV Energy
exit expense
|
|
(8,250)
|
|
|
-
|
|
|
(8,250)
|
|
|
-
|
|
|
|
Property
transactions, net
|
|
636
|
|
|
(574)
|
|
|
226
|
|
|
(2,012)
|
|
|
|
Depreciation and amortization
|
|
54,882
|
|
|
78,100
|
|
|
110,017
|
|
|
197,696
|
|
|
|
Adjusted
EBITDA
|
$
|
104,502
|
|
$
|
77,107
|
|
$
|
215,806
|
|
$
|
168,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
56,903
|
|
$
|
(8,250)
|
|
$
|
636
|
|
$
|
44,921
|
|
$
|
94,210
|
|
Vdara
|
|
3,218
|
|
|
-
|
|
|
-
|
|
|
6,845
|
|
|
10,063
|
|
Mandarin
Oriental
|
|
(1,713)
|
|
|
-
|
|
|
-
|
|
|
3,116
|
|
|
1,403
|
|
Resort
operations
|
|
58,408
|
|
|
(8,250)
|
|
|
636
|
|
|
54,882
|
|
|
105,676
|
|
Other
|
|
(1,174)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,174)
|
|
|
$
|
57,234
|
|
$
|
(8,250)
|
|
$
|
636
|
|
$
|
54,882
|
|
$
|
104,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
769
|
|
$
|
-
|
|
$
|
(581)
|
|
$
|
68,028
|
|
$
|
68,216
|
|
Vdara
|
|
1,197
|
|
|
-
|
|
|
7
|
|
|
6,972
|
|
|
8,176
|
|
Mandarin
Oriental
|
|
(1,748)
|
|
|
-
|
|
|
-
|
|
|
3,100
|
|
|
1,352
|
|
Resort
operations
|
|
218
|
|
|
-
|
|
|
(574)
|
|
|
78,100
|
|
|
77,744
|
|
Other
|
|
(637)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(637)
|
|
|
$
|
(419)
|
|
$
|
-
|
|
$
|
(574)
|
|
$
|
78,100
|
|
$
|
77,107
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
Six Months Ended
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
111,017
|
|
$
|
(8,250)
|
|
$
|
225
|
|
$
|
90,040
|
|
$
|
193,032
|
|
Vdara
|
|
7,112
|
|
|
-
|
|
|
1
|
|
|
13,773
|
|
|
20,886
|
|
Mandarin
Oriental
|
|
(2,105)
|
|
|
-
|
|
|
-
|
|
|
6,204
|
|
|
4,099
|
|
Resort
operations
|
|
116,024
|
|
|
(8,250)
|
|
|
226
|
|
|
110,017
|
|
|
218,017
|
|
Other
|
|
(2,211)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2,211)
|
|
|
$
|
113,813
|
|
$
|
(8,250)
|
|
$
|
226
|
|
$
|
110,017
|
|
$
|
215,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
(27,559)
|
|
$
|
-
|
|
$
|
(472)
|
|
$
|
177,589
|
|
$
|
149,558
|
|
Vdara
|
|
3,460
|
|
|
-
|
|
|
(329)
|
|
|
13,908
|
|
|
17,039
|
|
Mandarin
Oriental
|
|
(2,984)
|
|
|
-
|
|
|
-
|
|
|
6,199
|
|
|
3,215
|
|
Resort
operations
|
|
(27,083)
|
|
|
-
|
|
|
(801)
|
|
|
197,696
|
|
|
169,812
|
|
Other
|
|
(479)
|
|
|
-
|
|
|
(1,211)
|
|
|
-
|
|
|
(1,690)
|
|
|
$
|
(27,562)
|
|
$
|
-
|
|
$
|
(2,012)
|
|
$
|
197,696
|
|
$
|
168,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.3%
|
|
|
93.8%
|
|
|
92.9%
|
|
|
92.1%
|
|
|
|
|
ADR
|
|
$250
|
|
|
$243
|
|
|
$262
|
|
|
$249
|
|
|
|
|
REVPAR
|
|
$236
|
|
|
$228
|
|
|
$243
|
|
|
$229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
90.6%
|
|
|
93.0%
|
|
|
90.3%
|
|
|
91.3%
|
|
|
|
|
ADR
|
|
$207
|
|
|
$201
|
|
|
$216
|
|
|
$205
|
|
|
|
|
REVPAR
|
|
$188
|
|
|
$187
|
|
|
$195
|
|
|
$187
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-second-quarter-financial-and-operating-results-300495107.html
SOURCE MGM Resorts International