LAS VEGAS, Feb. 20, 2018 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter and year ended
December 31, 2017.
"Our fourth quarter results further exhibited the strength and
durability of our organization, and I am proud of the 78,000 men
and women within our MGM family, who remain dedicated to the
continued success and evolution of our Company," said Jim Murren, Chairman & CEO of MGM Resorts.
"Over the years, our plan of instilling a culture of continuous
improvement to elevate the guest experience, drive profitability,
and enhance our financial position has allowed us to further
demonstrate our disciplined approach to capital allocation and
maximizing shareholder value. Our success in executing on this plan
continued to mark milestone achievements in 2017."
Mr. Murren continued, "We look forward to another rewarding year
in 2018. MGM COTAI, Macau's most
technologically advanced resort opened its doors last week. This
year, we will also welcome MGM Springfield in the third quarter,
the completion of Park MGM and NoMad by the end of the year, and
celebrate many more new and creative ways to entertain our guests
at our destinations worldwide."
Fourth Quarter 2017 Financial Highlights:
- Diluted earnings per share for the fourth quarter of
$2.42, including a non-recurring,
non-cash income tax benefit of $2.52
due to enactment of U.S. Tax Reform at the end of 2017, compared to
diluted earnings per share of $0.04
in the prior year quarter;
- Net revenues increased 5% over the prior year quarter at the
Company's domestic resorts to $1.9
billion and decreased 3% on a same-store basis, excluding
contributions from MGM National Harbor. Excluding Monte Carlo and MGM National Harbor, net
revenues decreased 1% compared to the prior year quarter;
- REVPAR(1) decreased 4.9% compared to the prior year
quarter at the Company's Las Vegas Strip resorts;
- Operating income of $305 million
at the Company's domestic resorts, a 2% decrease over the prior
year quarter;
- Net income attributable to MGM Resorts of $1.4 billion, including a non-recurring, non-cash
income tax benefit of $1.4 billion
due to U.S. Tax Reform, compared to $25
million in the prior year quarter;
- Adjusted Property EBITDA(2) increased 1% over the
prior year quarter to $496 million at
the Company's domestic resorts, and decreased 3% on a same-store
basis. Excluding Monte Carlo and
MGM National Harbor, Adjusted Property EBITDA increased slightly
compared to the prior year quarter;
- Same-store operating margin of 17.2% in the current quarter at
the Company's domestic resorts, a decrease of 97 basis points
compared to the prior year quarter;
- Same-store Adjusted Property EBITDA margin of 26.9% at the
Company's domestic resorts, compared to 27.0% in the prior year
quarter, and 27.5% excluding Monte
Carlo and MGM National Harbor;
- MGM China operating income of $43
million compared to $72
million in the prior year quarter, and Adjusted EBITDA of
$147 million, a 7% increase compared
to the prior year quarter; and a 25% increase compared to the third
quarter of 2017; and
- CityCenter operating income from resort operations of
$30 million and Adjusted EBITDA from
resort operations of $97 million, a
7% increase in Adjusted EBITDA compared to the prior year
quarter.
Full Year 2017 Financial Highlights:
- Consolidated net revenues of $10.8
billion and domestic resorts net revenues of $8.3 billion, an 18% increase over the prior year
at the Company's domestic resorts and a 2% increase on a same-store
basis, excluding contributions from Borgata and MGM National
Harbor;
- REVPAR growth of 2.4% over the prior year at the Company's Las
Vegas Strip resorts;
- Operating income of $1.8 billion
at the Company's domestic resorts;
- Net income attributable to MGM Resorts of $2.0 billion, including a non-recurring, non-cash
income tax benefit of $1.4 billion
due to U.S. Tax Reform, compared to $1.1
billion in the prior year;
- Adjusted Property EBITDA of $2.5
billion at the Company's domestic resorts, a 22% increase
over the prior year and a 6% increase on a same-store basis;
- Same-store Adjusted Property EBITDA margin of 31.0% at the
Company's domestic resorts, a 141 basis point increase compared to
the prior year;
- MGM China operating income of $194
million compared to $255
million in the prior year, and Adjusted EBITDA of
$525 million, a 1% increase over the
prior year;
- Record CityCenter Adjusted EBITDA related to resort operations
of $424 million compared to
$353 million in the prior year;
and
- Returned $580 million to
shareholders through buybacks and dividends during 2017.
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,
|
|
2017
|
|
|
2016
|
|
Preopening and
start-up expenses
|
|
$
|
(0.05)
|
|
|
$
|
(0.07)
|
|
Property
transactions, net
|
|
|
(0.03)
|
|
|
|
(0.01)
|
|
Income from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
Gain on the sale of
Crystals
|
|
|
—
|
|
|
|
0.01
|
|
Non-operating
expense:
|
|
|
|
|
|
|
|
|
Loss on retirement of
long-term debt
|
|
|
(0.02)
|
|
|
|
—
|
|
Results for the fourth quarter of 2017 include a non-recurring,
non-cash income tax benefit of $1.4
billion, $2.52 per share on a
fully diluted basis, resulting from the remeasurement of deferred
tax assets and liabilities required as a result of the enactment of
the U.S. Tax Cut and Jobs Act ("U.S. Tax Reform").
Domestic Resorts
Casino revenue for the fourth quarter of 2017 increased 13%
compared to the prior year quarter, due primarily to the MGM
National Harbor opening in December
2016. On a same-store basis casino revenues were flat
compared to the prior year quarter. Same-store table games revenue
increased 4% year-over-year due primarily to higher table games
hold at the Company's Las Vegas Strip resorts, partially offset by
a 3% decrease in table games drop. Same-store slots revenue
decreased 2%.
The following table shows key gaming statistics for the
Company's Las Vegas Strip resorts:
Three Months Ended
December 31,
|
|
2017
|
|
|
2016
|
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$
|
909
|
|
|
$
|
949
|
|
Table Games Win
%
|
|
|
25.3%
|
|
|
|
23.5%
|
|
Slot
Handle
|
|
$
|
3,129
|
|
|
$
|
3,315
|
|
Slot Hold
%
|
|
|
8.9%
|
|
|
|
8.8%
|
|
Domestic resorts rooms revenue decreased 5% compared to the
prior year quarter. On a same-store basis, rooms revenue decreased
6% compared to the prior year quarter. Las Vegas Strip REVPAR
decreased 4.9% compared to the prior year quarter.
The following table shows key hotel statistics for the Company's
Las Vegas Strip resorts:
Three Months Ended
December 31,
|
|
2017
|
|
|
2016
|
|
Occupancy
%
|
|
|
85%
|
|
|
|
89%
|
|
Average Daily Rate
(ADR)
|
|
$
|
158
|
|
|
$
|
158
|
|
Revenue per Available
Room (REVPAR)
|
|
$
|
134
|
|
|
$
|
141
|
|
Operating income at the Company's domestic resorts was
$305 million for the fourth quarter
of 2017 and included a $15 million
charge for MGM National Harbor's share of real estate transfer
taxes recorded in connection with the MGM Growth Properties
Operating Partnership LP's (the "MGP Operating Partnership")
purchase of its long-term leasehold interests and real property
improvements and a $20 million charge
related to asset disposals at Monte
Carlo recorded in property transactions, net, compared to
$312 million in the fourth quarter of
2016.
Domestic resorts Adjusted Property EBITDA increased 1% to
$496 million in the fourth quarter of
2017 and was positively impacted by a full quarter of operations at
MGM National Harbor, partially offset by a decrease at Monte Carlo as a result of disruption related
to its transformation to Park MGM. Same-store Adjusted Property
EBITDA decreased 3% compared to the prior year quarter. Excluding
MGM National Harbor and Monte
Carlo, Adjusted Property EBITDA increased slightly compared
to the prior year quarter.
Mr. Murren continued, "Consistent with our prior guidance, after
taking into consideration the tough year-over-year citywide
convention comparison and continued construction disruption at
Monte Carlo, we expect our Las
Vegas Strip REVPAR to decrease 4 to 6 percent, and our Las Vegas
Strip net revenues to decrease 3 to 5 percent in the first quarter.
As a result, we anticipate that our Las Vegas Strip Adjusted
Property EBITDA margins will decline approximately 250 basis
points."
Mr. Murren concluded, "As we look at the underlying fundamentals
of our business, the first quarter is not reflective of our outlook
for the full year. We remain optimistic about the rest of 2018,
driven by the demand we see for our resorts, our strong group and
event calendar, and a healthy U.S. economic backdrop, which we
believe will drive year-over-year increases in Las Vegas Strip net
revenues and profitability. We expect Las Vegas Strip REVPAR for
the year to be up a healthy 2 to 4 percent."
Corporate Expense
Corporate expense was $116 million
in the fourth quarter of 2017, an increase of $44 million compared to the prior year quarter.
The current quarter included a $16
million charge for the MGP Operating Partnership's share of
real estate transfer taxes recorded in connection with the MGM
National Harbor transaction, $8
million of expenses related to the launch of the Company's
corporate brand campaign, a $5
million increase in legal expenses, and a $5 million increase in charitable
contributions.
MGM China
On February 20, 2018, 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 2017 of $47 million to
MGM China shareholders subject to approval at the MGM China 2018
annual shareholders meeting to be held in May, bringing the total
2017 dividend to $104 million
including the interim dividend paid in September of 2017. If
approved, MGM Resorts will receive $26
million, representing its 56% share of the dividend.
Key fourth quarter results for MGM China include:
- Net revenues of $549 million, a
10% increase compared to the prior year quarter;
- Net revenues increased 17% when compared to $471 million in the third quarter of 2017;
- Main floor table games revenue increased 21% compared to the
prior year quarter due to a 10% increase in volume and an increase
in hold percentage to 21.0% in the current year quarter from 19.0%
in the prior year quarter;
- VIP table games revenue decreased 5% compared to the prior year
quarter despite a 23% increase in turnover due to a decrease in
hold percentage to 3.1% in the current year quarter from 3.7% in
the prior year quarter;
- Operating income was $43 million
compared to $72 million in the prior
year quarter;
- Adjusted EBITDA increased 7% to $147
million compared to $138
million in the prior year quarter, including $10 million of license fee expense in the current
year quarter and $9 million in the
prior year quarter;
- Adjusted EBITDA increased 25% when compared to $118 million in the third quarter of 2017,
including $8 million of license fee
expense in the third quarter of 2017; and
- Operating margin was 7.8% in the current year quarter, and
Adjusted EBITDA margin was 26.9% compared to 27.5% in 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,
|
|
2017
|
|
|
2016
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
23,618
|
|
|
$
|
25,804
|
|
Other
|
|
|
4,384
|
|
|
|
6,224
|
|
|
|
$
|
28,002
|
|
|
$
|
32,028
|
|
The Company's share of CityCenter Holdings, LLC ("CityCenter")
operating results for the fourth quarter of 2017, including certain
basis difference adjustments, was $24
million.
Key fourth quarter results for CityCenter include the following
(see schedules accompanying this release for further detail on
CityCenter's fourth quarter results):
- Net revenues from resort operations were $306 million, a 1% increase compared to the prior
year quarter, due primarily to an increase in food and beverage
revenues related to catering and banquets and other revenues;
- Operating income from resort operations was $30 million compared to operating income of
$27 million in the prior year
quarter;
- Adjusted EBITDA from resort operations was $97 million, a 7% increase compared to the prior
year quarter;
- Aria's table games drop decreased 2% and table games hold
percentage was 25.4% compared to 29.2% in the prior year
quarter;
- Aria had record fourth quarter slots revenue of $47 million, an increase of 15% compared to the
prior year quarter;
- REVPAR at Aria increased 1% to $220, compared to the prior year quarter;
and
- REVPAR at Vdara decreased 5% to $173, compared to the prior year quarter, and
Adjusted EBITDA decreased 11% compared to the prior year quarter to
$8 million.
MGM Growth Properties
During the fourth quarter of 2017, the Company made rent
payments to the MGP Operating Partnership in the amount of
$188 million and received
distributions of $73 million from the
MGP Operating Partnership. On December 15,
2017, the Board of Directors of MGP Growth Properties LLC
("MGP") approved an increased quarterly dividend to $0.42 per Class A share (based on a $1.68 dividend on an annualized basis) totaling
$30 million, which was paid on
January 16, 2018 to holders of record
on December 29, 2017. The Company concurrently received an
$82 million distribution attributable
to its ownership of MGP Operating Partnership units.
On October 5, 2017, the MGP
Operating Partnership completed the $1,187.5 billion purchase of the long-term
leasehold interest and real property improvements related to the
MGM National Harbor casino resort. Following the MGM National
Harbor transaction, subsidiaries of MGM Resorts collectively own
73.4% of the MGP Operating Partnership units.
MGM Resorts Dividend and Share
Repurchases
On February 19, 2018, the
Company's Board of Directors approved a 9% increase in the
Company's quarterly dividend from $0.11 per share to $0.12 per share totaling $68 million. The dividend will be payable on
March 15, 2018 to holders of record
on March 9, 2018.
On September 5, 2017, MGM Resorts
announced the adoption of a $1.0
billion stock repurchase program and has repurchased 10
million shares of its common stock at $32.75 per share for a total aggregate amount of
$327.5 million under such program to
date. All shares repurchased under the Company's program have been
retired.
Full Year 2017 Results
Consolidated net revenue for 2017 was $10.8 billion, a 14% increase over 2016.
Consolidated operating income was $1.7
billion compared to $2.1
billion in the prior year, which included a $430 million gain recognized on the Borgata
acquisition and a $401 million gain
related to the sale of Crystals. Net income attributable to MGM
Resorts was $2.0 billion, including a
non-recurring, non-cash income tax benefit of $1.4 billion due to U.S. Tax Reform, compared to
$1.1 billion in the prior year.
Adjusted EBITDA increased 1% compared to the prior year to
$2.8 billion.
Net revenue from domestic resorts was $8.3 billion, an 18% increase over the prior year
and a 2% increase on a same-store basis. Operating income from
domestic resorts was $1.8 billion a
35% increase over the prior year. Domestic resorts Adjusted
Property EBITDA was $2.5 billion, a
22% increase over the prior year and a 6% increase on a same-store
basis.
MGM China net revenue was $2.0
billion for 2017, a 3% increase from 2016. MGM China
operating income was $194 million
compared to $255 million in the prior
year. The current year operating income included $87 million of preopening expense related to the
MGM Cotai project compared to $28
million of preopening expense in the prior year. MGM China
Adjusted EBITDA was $525 million
compared to $521 million in the prior
year, a 1% increase from 2016.
CityCenter reported net revenues of $1.3
billion from resort operations, a 6% increase compared to
the prior year. Operating income from resort operations was
$198 million and included a benefit
of $8 million from the NV Energy exit
fee modification, compared to operating income from resort
operations of $7 million in the prior
year, which included $26 million of
NV Energy exit expense and $82
million of accelerated depreciation associated with the
April 2016 closure of the Zarkana
theatre. Adjusted EBITDA related to resort operations was a record
$424 million compared to $353 million in the prior year and was positively
impacted by increases in casino, rooms and food and beverage
revenues.
During the year ended December 31,
2017, the Company made rent payments to the MGP Operating
Partnership in the amount of $682
million. During the full year 2017 the Company received
$290 million of distributions
attributable to its ownership of units in the MGP Operating
Partnership.
Diluted earnings per share was $3.37 in the current year, including a
non-recurring, non-cash income tax benefit of $2.49 due to enactment of the U.S. Tax Reform,
compared to $1.92 in 2016.
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,
|
2017
|
|
|
2016
|
|
Borgata property tax
settlement
|
$
|
0.04
|
|
|
$
|
—
|
|
NV Energy exit
expense
|
|
0.05
|
|
|
|
(0.18)
|
|
Preopening and
start-up expenses
|
|
(0.11)
|
|
|
|
(0.15)
|
|
Property
transactions, net
|
|
(0.05)
|
|
|
|
(0.02)
|
|
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)
|
|
Non-operating
expense:
|
|
|
|
|
|
|
|
Loss on
retirement of long-term debt
|
|
(0.07)
|
|
|
|
(0.10)
|
|
Financial Position
The Company's cash balance at December 31, 2017 was
$1.5 billion, which included
$676 million at MGM China and
$260 million at the MGP Operating
Partnership. At December 31, 2017, the Company had
$13.0 billion of principal amount of
indebtedness outstanding, including $373
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 and $2.3 billion
outstanding under the $2.9 billion
MGM China credit facility.
"Our continued efforts to execute on our strategies have allowed
us to enhance our capital structure and further strengthen the
financial position of our Company," said Dan D'Arrigo, Executive
Vice President and Chief Financial Officer of MGM Resorts. "With
our development projects coming to completion in 2018, we remain
focused on maximizing our cash flows to support our balanced
approach to capital allocation, including maintaining a strong
credit profile, prudently investing in high return opportunities
and returning excess capital to shareholders."
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
http://investors.mgmresorts.com/investors/events-and-presentations/ or
by calling 1-888-317-6003 for domestic callers and 1-412-317-6061
for international callers. The conference call access code is
0077590. A replay of the call will be available through
Tuesday, February 27, 2018. The
replay may be accessed by dialing 1-877-344-7529 or
1-412-317-0088. The replay access code is 10116201. The call
will be archived at http://investors.mgmresorts.com. In addition,
MGM Resorts will post supplemental slides today on its website at
http://investors.mgmresorts.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, gain on Borgata transaction, 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
presents Adjusted Property EBITDA on a "same-store" basis as
supplemental information because management believes that providing
performance measures on a "same-store" basis is useful for
evaluating the period-to-period performance of the Company's
domestic casino resorts.
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 an S&P 500® 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 28 unique hotel
offerings including some of the most recognizable resort brands in
the industry. Expanding throughout the U.S. and around the world,
the company opened MGM Cotai in Macau in February
2018. It is also developing MGM Springfield
in Massachusetts and debuting the first international Bellagio
branded hotel in Shanghai. The 78,000 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 maximize
shareholder value and the Company's ability to execute its
strategic plan (including the execution of the Company's
development projects) 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,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
1,530,190
|
|
$
|
1,366,903
|
|
$
|
5,984,335
|
|
$
|
4,936,490
|
|
Rooms
|
|
482,167
|
|
|
505,120
|
|
|
2,151,380
|
|
|
2,023,841
|
|
Food and
beverage
|
|
397,616
|
|
|
401,373
|
|
|
1,790,287
|
|
|
1,639,910
|
|
Entertainment
|
|
124,462
|
|
|
137,103
|
|
|
542,706
|
|
|
517,433
|
|
Retail
|
|
50,384
|
|
|
49,711
|
|
|
214,331
|
|
|
200,340
|
|
Other
|
|
141,572
|
|
|
133,413
|
|
|
605,832
|
|
|
533,528
|
|
Reimbursed
costs
|
|
100,154
|
|
|
95,992
|
|
|
402,042
|
|
|
397,152
|
|
|
|
2,826,545
|
|
|
2,689,615
|
|
|
11,690,913
|
|
|
10,248,694
|
|
Less: Promotional
allowances
|
|
(229,297)
|
|
|
(228,795)
|
|
|
(917,009)
|
|
|
(793,571)
|
|
|
|
2,597,248
|
|
|
2,460,820
|
|
|
10,773,904
|
|
|
9,455,123
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
851,223
|
|
|
761,280
|
|
|
3,241,180
|
|
|
2,718,483
|
|
Rooms
|
|
143,239
|
|
|
141,115
|
|
|
608,103
|
|
|
576,426
|
|
Food and
beverage
|
|
224,439
|
|
|
230,947
|
|
|
1,004,949
|
|
|
943,803
|
|
Entertainment
|
|
104,190
|
|
|
112,078
|
|
|
430,981
|
|
|
411,657
|
|
Retail
|
|
24,371
|
|
|
23,737
|
|
|
102,886
|
|
|
96,928
|
|
Other
|
|
94,006
|
|
|
90,314
|
|
|
375,865
|
|
|
351,215
|
|
Reimbursed
costs
|
|
100,154
|
|
|
95,992
|
|
|
402,042
|
|
|
397,152
|
|
General and
administrative
|
|
414,483
|
|
|
376,717
|
|
|
1,559,915
|
|
|
1,378,617
|
|
Corporate
expense
|
|
115,788
|
|
|
71,941
|
|
|
356,875
|
|
|
312,774
|
|
NV Energy exit
expense
|
|
-
|
|
|
-
|
|
|
(40,629)
|
|
|
139,335
|
|
Preopening and
start-up expenses
|
|
52,967
|
|
|
61,631
|
|
|
118,475
|
|
|
140,075
|
|
Property
transactions, net
|
|
27,629
|
|
|
12,361
|
|
|
50,279
|
|
|
17,078
|
|
Gain on Borgata
transaction
|
|
-
|
|
|
(340)
|
|
|
-
|
|
|
(430,118)
|
|
Depreciation and
amortization
|
|
249,357
|
|
|
233,052
|
|
|
993,480
|
|
|
849,527
|
|
|
|
2,401,846
|
|
|
2,210,825
|
|
|
9,204,401
|
|
|
7,902,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
28,002
|
|
|
32,028
|
|
|
145,989
|
|
|
527,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
223,404
|
|
|
282,023
|
|
|
1,715,492
|
|
|
2,079,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(157,341)
|
|
|
(161,704)
|
|
|
(668,745)
|
|
|
(694,773)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(8,449)
|
|
|
(7,910)
|
|
|
(34,751)
|
|
|
(53,139)
|
|
Other,
net
|
|
(16,535)
|
|
|
(4,983)
|
|
|
(48,241)
|
|
|
(72,698)
|
|
|
|
(182,325)
|
|
|
(174,597)
|
|
|
(751,737)
|
|
|
(820,610)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
41,079
|
|
|
107,426
|
|
|
963,755
|
|
|
1,259,177
|
|
Benefit
(provision) for income taxes
|
|
1,395,274
|
|
|
(37,504)
|
|
|
1,143,723
|
|
|
(22,299)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
1,436,353
|
|
|
69,922
|
|
|
2,107,478
|
|
|
1,236,878
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(31,580)
|
|
|
(45,253)
|
|
|
(136,132)
|
|
|
(135,438)
|
Net income
attributable to MGM Resorts International
|
$
|
1,404,773
|
|
$
|
24,669
|
|
$
|
1,971,346
|
|
$
|
1,101,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
2.45
|
|
$
|
0.04
|
|
$
|
3.41
|
|
$
|
1.94
|
|
Diluted
|
$
|
2.42
|
|
$
|
0.04
|
|
$
|
3.37
|
|
$
|
1.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
566,289
|
|
|
573,833
|
|
|
572,253
|
|
|
568,134
|
|
Diluted
|
|
572,420
|
|
|
579,176
|
|
|
578,795
|
|
|
573,317
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,499,995
|
|
$
|
1,446,581
|
|
Accounts
receivable, net
|
|
540,545
|
|
|
542,924
|
|
Inventories
|
|
102,292
|
|
|
97,733
|
|
Income tax
receivable
|
|
42,551
|
|
|
-
|
|
Prepaid expenses
and other
|
|
189,244
|
|
|
142,349
|
|
|
Total current
assets
|
|
2,374,627
|
|
|
2,229,587
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
19,635,459
|
|
|
18,425,023
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
1,034,161
|
|
|
1,220,443
|
|
Goodwill
|
|
|
1,806,531
|
|
|
1,817,119
|
|
Other intangible
assets, net
|
|
3,877,960
|
|
|
4,087,706
|
|
Other long-term
assets, net
|
|
430,440
|
|
|
393,423
|
|
|
Total other
assets
|
|
7,149,092
|
|
|
7,518,691
|
|
|
|
$
|
29,159,178
|
|
$
|
28,173,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
255,028
|
|
$
|
250,477
|
|
Construction
payable
|
|
474,807
|
|
|
270,361
|
|
Income tax
payable
|
|
-
|
|
|
10,654
|
|
Current portion of
long-term debt
|
|
158,042
|
|
|
8,375
|
|
Accrued interest
on long-term debt
|
|
135,785
|
|
|
159,028
|
|
Other accrued
liabilities
|
|
2,068,720
|
|
|
1,594,526
|
|
|
Total current
liabilities
|
|
3,092,382
|
|
|
2,293,421
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
1,321,426
|
|
|
2,551,228
|
Long-term debt,
net
|
|
12,751,052
|
|
|
12,979,220
|
Other long-term
obligations
|
|
284,416
|
|
|
325,981
|
Redeemable
noncontrolling interest
|
|
79,778
|
|
|
54,139
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued and
outstanding 566,275,789 and 574,123,706 shares
|
|
5,663
|
|
|
5,741
|
|
Capital in excess
of par value
|
|
5,330,058
|
|
|
5,653,575
|
|
Retained
earnings
|
|
2,263,950
|
|
|
545,811
|
|
Accumulated other
comprehensive income (loss)
|
|
(3,610)
|
|
|
15,053
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
7,596,061
|
|
|
6,220,180
|
|
Noncontrolling
interests
|
|
4,034,063
|
|
|
3,749,132
|
|
|
Total
stockholders' equity
|
|
11,630,124
|
|
|
9,969,312
|
|
|
|
$
|
29,159,178
|
|
$
|
28,173,301
|
|
|
|
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,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Bellagio
|
$
|
313,361
|
|
$
|
333,123
|
|
$
|
1,342,801
|
|
$
|
1,338,626
|
MGM Grand Las
Vegas
|
|
285,660
|
|
|
262,911
|
|
|
1,156,689
|
|
|
1,122,380
|
Mandalay
Bay
|
|
185,593
|
|
|
199,006
|
|
|
951,703
|
|
|
934,110
|
The
Mirage
|
|
137,919
|
|
|
137,487
|
|
|
617,647
|
|
|
586,745
|
Luxor
|
|
87,924
|
|
|
99,466
|
|
|
401,051
|
|
|
391,634
|
New York-New
York
|
|
89,032
|
|
|
86,432
|
|
|
359,050
|
|
|
336,150
|
Excalibur
|
|
73,010
|
|
|
75,605
|
|
|
321,921
|
|
|
309,551
|
Monte
Carlo
|
|
44,084
|
|
|
67,338
|
|
|
239,369
|
|
|
280,835
|
Circus Circus Las
Vegas
|
|
56,055
|
|
|
60,607
|
|
|
251,696
|
|
|
248,313
|
MGM Grand
Detroit
|
|
143,260
|
|
|
140,945
|
|
|
570,208
|
|
|
564,976
|
Beau
Rivage
|
|
89,583
|
|
|
90,600
|
|
|
371,208
|
|
|
377,396
|
Gold Strike
Tunica
|
|
41,366
|
|
|
39,369
|
|
|
170,858
|
|
|
163,535
|
Borgata
(1)
|
|
196,180
|
|
|
197,456
|
|
|
850,766
|
|
|
348,462
|
MGM National
Harbor (2)
|
|
186,883
|
|
|
53,005
|
|
|
717,436
|
|
|
53,005
|
Domestic
resorts
|
|
1,929,910
|
|
|
1,843,350
|
|
|
8,322,403
|
|
|
7,055,718
|
MGM
China
|
|
548,602
|
|
|
499,685
|
|
|
1,970,494
|
|
|
1,920,487
|
Management and
other operations
|
|
118,736
|
|
|
117,785
|
|
|
481,007
|
|
|
478,918
|
|
$
|
2,597,248
|
|
$
|
2,460,820
|
|
$
|
10,773,904
|
|
$
|
9,455,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Bellagio
|
$
|
107,764
|
|
$
|
118,280
|
|
$
|
504,855
|
|
$
|
479,259
|
MGM Grand Las
Vegas
|
|
90,478
|
|
|
69,538
|
|
|
344,049
|
|
|
330,681
|
Mandalay
Bay
|
|
27,965
|
|
|
34,988
|
|
|
258,321
|
|
|
235,609
|
The
Mirage
|
|
29,762
|
|
|
27,183
|
|
|
176,478
|
|
|
139,427
|
Luxor
|
|
23,923
|
|
|
27,062
|
|
|
126,568
|
|
|
108,192
|
New York-New
York
|
|
32,297
|
|
|
30,074
|
|
|
135,185
|
|
|
121,729
|
Excalibur
|
|
22,983
|
|
|
25,618
|
|
|
113,510
|
|
|
101,525
|
Monte
Carlo
|
|
595
|
|
|
16,978
|
|
|
49,253
|
|
|
78,862
|
Circus Circus Las
Vegas
|
|
12,517
|
|
|
15,754
|
|
|
70,257
|
|
|
61,989
|
MGM Grand
Detroit
|
|
45,219
|
|
|
43,558
|
|
|
177,548
|
|
|
171,414
|
Beau
Rivage
|
|
18,595
|
|
|
17,635
|
|
|
87,587
|
|
|
93,762
|
Gold Strike
Tunica
|
|
11,813
|
|
|
11,378
|
|
|
53,562
|
|
|
49,690
|
Borgata
(1)
|
|
44,158
|
|
|
45,182
|
|
|
283,353
|
|
|
81,281
|
MGM National
Harbor (2)
|
|
27,724
|
|
|
9,596
|
|
|
134,293
|
|
|
9,596
|
Domestic
resorts
|
|
495,793
|
|
|
492,824
|
|
|
2,514,819
|
|
|
2,063,016
|
MGM
China
|
|
147,414
|
|
|
137,549
|
|
|
524,953
|
|
|
520,736
|
Unconsolidated
resorts (3)
|
|
28,002
|
|
|
32,028
|
|
|
145,989
|
|
|
527,616
|
Management and
other operations
|
|
3,359
|
|
|
3,212
|
|
|
27,737
|
|
|
13,000
|
|
$
|
674,568
|
|
$
|
665,613
|
|
$
|
3,213,498
|
|
$
|
3,124,368
|
|
(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) For the three
and twelve months ended December 31, 2016, represents net revenues
and Adjusted Property EBITDA of MGM National Harbor for the month
ended December 31, 2016 only
|
(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 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, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy
exit
expense
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
84,406
|
|
$
|
-
|
|
$
|
-
|
|
$
|
79
|
|
$
|
23,279
|
|
$
|
107,764
|
MGM Grand Las
Vegas
|
|
72,810
|
|
|
-
|
|
|
-
|
|
|
515
|
|
|
17,153
|
|
|
90,478
|
Mandalay
Bay
|
|
1,608
|
|
|
-
|
|
|
-
|
|
|
329
|
|
|
26,028
|
|
|
27,965
|
The
Mirage
|
|
19,090
|
|
|
-
|
|
|
-
|
|
|
91
|
|
|
10,581
|
|
|
29,762
|
Luxor
|
|
12,894
|
|
|
-
|
|
|
-
|
|
|
956
|
|
|
10,073
|
|
|
23,923
|
New York-New
York
|
|
25,614
|
|
|
-
|
|
|
-
|
|
|
415
|
|
|
6,268
|
|
|
32,297
|
Excalibur
|
|
17,874
|
|
|
-
|
|
|
-
|
|
|
66
|
|
|
5,043
|
|
|
22,983
|
Monte
Carlo
|
|
(31,540)
|
|
|
-
|
|
|
3,628
|
|
|
19,507
|
|
|
9,000
|
|
|
595
|
Circus Circus Las
Vegas
|
|
7,981
|
|
|
-
|
|
|
-
|
|
|
175
|
|
|
4,361
|
|
|
12,517
|
MGM Grand
Detroit
|
|
39,553
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,666
|
|
|
45,219
|
Beau
Rivage
|
|
12,035
|
|
|
-
|
|
|
-
|
|
|
10
|
|
|
6,550
|
|
|
18,595
|
Gold Strike
Tunica
|
|
9,512
|
|
|
-
|
|
|
-
|
|
|
113
|
|
|
2,188
|
|
|
11,813
|
Borgata
|
|
28,362
|
|
|
-
|
|
|
-
|
|
|
106
|
|
|
15,690
|
|
|
44,158
|
MGM National
Harbor
|
|
4,773
|
|
|
-
|
|
|
115
|
|
|
-
|
|
|
22,836
|
|
|
27,724
|
Domestic
resorts
|
|
304,972
|
|
|
-
|
|
|
3,743
|
|
|
22,362
|
|
|
164,716
|
|
|
495,793
|
MGM
China
|
|
42,535
|
|
|
-
|
|
|
41,782
|
|
|
5,078
|
|
|
58,019
|
|
|
147,414
|
Unconsolidated
resorts (1)
|
|
28,002
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
28,002
|
Management and
other operations
|
|
1,439
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,920
|
|
|
3,359
|
|
|
376,948
|
|
|
-
|
|
|
45,525
|
|
|
27,440
|
|
|
224,655
|
|
|
674,568
|
Stock
compensation
|
|
(12,857)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(12,857)
|
Corporate
|
|
(140,687)
|
|
|
-
|
|
|
7,442
|
|
|
189
|
|
|
24,702
|
|
|
(108,354)
|
|
$
|
223,404
|
|
$
|
-
|
|
$
|
52,967
|
|
$
|
27,629
|
|
$
|
249,357
|
|
$
|
553,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
(2)
|
|
(13,626)
|
|
|
-
|
|
|
17,986
|
|
|
-
|
|
|
5,236
|
|
|
9,596
|
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 (1)
|
|
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
|
|
(1) Represents the
Company's share of operating income (loss), adjusted for the effect
of certain basis differences
|
(2) Represents
operating results of MGM National Harbor for the month ended
December 31, 2016
|
|
|
|
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, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy
exit
expense
|
|
Preopening
and
start-up
expenses
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
$
|
418,581
|
|
$
|
(6,970)
|
|
$
|
-
|
|
$
|
924
|
|
$
|
92,320
|
|
$
|
504,855
|
MGM Grand Las
Vegas
|
|
279,205
|
|
|
(7,424)
|
|
|
6
|
|
|
1,752
|
|
|
70,510
|
|
|
344,049
|
Mandalay
Bay
|
|
169,678
|
|
|
(8,524)
|
|
|
-
|
|
|
590
|
|
|
96,577
|
|
|
258,321
|
The
Mirage
|
|
140,363
|
|
|
(4,043)
|
|
|
-
|
|
|
304
|
|
|
39,854
|
|
|
176,478
|
Luxor
|
|
89,045
|
|
|
(3,394)
|
|
|
-
|
|
|
2,428
|
|
|
38,489
|
|
|
126,568
|
New York-New
York
|
|
108,102
|
|
|
(2,025)
|
|
|
(162)
|
|
|
720
|
|
|
28,550
|
|
|
135,185
|
Excalibur
|
|
97,331
|
|
|
(2,658)
|
|
|
-
|
|
|
485
|
|
|
18,352
|
|
|
113,510
|
Monte
Carlo
|
|
(30,597)
|
|
|
(2,461)
|
|
|
6,532
|
|
|
33,510
|
|
|
42,269
|
|
|
49,253
|
Circus Circus Las
Vegas
|
|
55,239
|
|
|
(3,130)
|
|
|
452
|
|
|
940
|
|
|
16,756
|
|
|
70,257
|
MGM Grand
Detroit
|
|
154,801
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
22,747
|
|
|
177,548
|
Beau
Rivage
|
|
62,352
|
|
|
-
|
|
|
-
|
|
|
370
|
|
|
24,865
|
|
|
87,587
|
Gold Strike
Tunica
|
|
44,402
|
|
|
-
|
|
|
-
|
|
|
91
|
|
|
9,069
|
|
|
53,562
|
Borgata
|
|
208,628
|
|
|
-
|
|
|
1,430
|
|
|
1,417
|
|
|
71,878
|
|
|
283,353
|
MGM National
Harbor
|
|
51,183
|
|
|
-
|
|
|
366
|
|
|
-
|
|
|
82,744
|
|
|
134,293
|
Domestic
resorts
|
|
1,848,313
|
|
|
(40,629)
|
|
|
8,624
|
|
|
43,531
|
|
|
654,980
|
|
|
2,514,819
|
MGM
China
|
|
193,619
|
|
|
-
|
|
|
86,970
|
|
|
6,286
|
|
|
238,078
|
|
|
524,953
|
Unconsolidated
resorts (1)
|
|
145,989
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
145,989
|
Management and
other operations
|
|
19,812
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
7,925
|
|
|
27,737
|
|
|
2,207,733
|
|
|
(40,629)
|
|
|
95,594
|
|
|
49,817
|
|
|
900,983
|
|
|
3,213,498
|
Stock
compensation
|
|
(50,365)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(50,365)
|
Corporate
|
|
(441,876)
|
|
|
-
|
|
|
22,881
|
|
|
462
|
|
|
92,497
|
|
|
(326,036)
|
|
$
|
1,715,492
|
|
$
|
(40,629)
|
|
$
|
118,475
|
|
$
|
50,279
|
|
$
|
993,480
|
|
$
|
2,837,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
(2)
|
|
38,616
|
|
|
-
|
|
|
90
|
|
|
8,652
|
|
|
33,923
|
|
|
81,281
|
National Harbor
(3)
|
|
(13,626)
|
|
|
-
|
|
|
17,986
|
|
|
-
|
|
|
5,236
|
|
|
9,596
|
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 (1) (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
|
|
(1) Represents the
Company's share of operating income (loss), adjusted for the effect
of certain basis differences
|
(2) 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
|
(3) Represents
operating results of MGM National Harbor for the month ended
December 31, 2016
|
(4) Includes the
Company's share of Borgata results for the seven months ended July
31, 2016
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME 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,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income
attributable to MGM Resorts International
|
$
|
1,404,773
|
|
$
|
24,669
|
|
$
|
1,971,346
|
|
$
|
1,101,440
|
Plus: Net
income attributable to noncontrolling interests
|
|
31,580
|
|
|
45,253
|
|
|
136,132
|
|
|
135,438
|
Net
income
|
|
1,436,353
|
|
|
69,922
|
|
|
2,107,478
|
|
|
1,236,878
|
Provision
(benefit) for income taxes
|
|
(1,395,274)
|
|
|
37,504
|
|
|
(1,143,723)
|
|
|
22,299
|
Income before
income taxes
|
|
41,079
|
|
|
107,426
|
|
|
963,755
|
|
|
1,259,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
157,341
|
|
|
161,704
|
|
|
668,745
|
|
|
694,773
|
Other,
net
|
|
24,984
|
|
|
12,893
|
|
|
82,992
|
|
|
125,837
|
|
|
|
182,325
|
|
|
174,597
|
|
|
751,737
|
|
|
820,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
223,404
|
|
|
282,023
|
|
|
1,715,492
|
|
|
2,079,787
|
NV Energy
exit expense
|
|
-
|
|
|
-
|
|
|
(40,629)
|
|
|
139,335
|
Preopening
and start-up expenses
|
|
52,967
|
|
|
61,631
|
|
|
118,475
|
|
|
140,075
|
Property
transactions, net
|
|
27,629
|
|
|
12,361
|
|
|
50,279
|
|
|
17,078
|
Gain on
Borgata transaction
|
|
-
|
|
|
(340)
|
|
|
-
|
|
|
(430,118)
|
Depreciation and amortization
|
|
249,357
|
|
|
233,052
|
|
|
993,480
|
|
|
849,527
|
Adjusted
EBITDA
|
$
|
553,357
|
|
$
|
588,727
|
|
$
|
2,837,097
|
|
$
|
2,795,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Domestic resorts
Adjusted Property EBITDA
|
$
|
495,793
|
|
$
|
492,824
|
|
$
|
2,514,819
|
|
$
|
2,063,016
|
Adjusted
Property EBITDA related to Borgata
|
|
-
|
|
|
-
|
|
|
(283,353)
|
|
|
(81,281)
|
Adjusted
Property EBITDA related to MGM National Harbor
|
|
(27,724)
|
|
|
(9,596)
|
|
|
(134,293)
|
|
|
(9,596)
|
Domestic resorts
same-store Adjusted Property EBITDA
|
$
|
468,069
|
|
$
|
483,228
|
|
$
|
2,097,173
|
|
$
|
1,972,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
88.1%
|
|
|
91.0%
|
|
|
92.9%
|
|
|
93.5%
|
|
Average daily rate (ADR)
|
|
$280
|
|
|
$278
|
|
|
$283
|
|
|
$275
|
|
Revenue per available room (REVPAR)
|
|
$247
|
|
|
$253
|
|
|
$263
|
|
|
$257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
87.5%
|
|
|
89.5%
|
|
|
92.1%
|
|
|
93.2%
|
|
ADR
|
|
$177
|
|
|
$179
|
|
|
$189
|
|
|
$181
|
|
REVPAR
|
|
$155
|
|
|
$160
|
|
|
$174
|
|
|
$169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
80.5%
|
|
|
85.8%
|
|
|
90.0%
|
|
|
91.5%
|
|
ADR
|
|
$195
|
|
|
$199
|
|
|
$215
|
|
|
$209
|
|
REVPAR
|
|
$157
|
|
|
$170
|
|
|
$193
|
|
|
$192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
90.5%
|
|
|
92.6%
|
|
|
94.2%
|
|
|
95.1%
|
|
ADR
|
|
$178
|
|
|
$168
|
|
|
$178
|
|
|
$170
|
|
REVPAR
|
|
$161
|
|
|
$156
|
|
|
$168
|
|
|
$162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
89.7%
|
|
|
90.9%
|
|
|
93.9%
|
|
|
95.3%
|
|
ADR
|
|
$109
|
|
|
$115
|
|
|
$118
|
|
|
$112
|
|
REVPAR
|
|
$98
|
|
|
$105
|
|
|
$111
|
|
|
$106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.8%
|
|
|
95.1%
|
|
|
96.2%
|
|
|
97.5%
|
|
ADR
|
|
$141
|
|
|
$141
|
|
|
$147
|
|
|
$139
|
|
REVPAR
|
|
$134
|
|
|
$134
|
|
|
$142
|
|
|
$136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
87.4%
|
|
|
89.5%
|
|
|
92.4%
|
|
|
93.7%
|
|
ADR
|
|
$94
|
|
|
$100
|
|
|
$102
|
|
|
$97
|
|
REVPAR
|
|
$82
|
|
|
$89
|
|
|
$94
|
|
|
$91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monte
Carlo
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
73.3%
|
|
|
91.3%
|
|
|
89.5%
|
|
|
96.1%
|
|
ADR
|
|
$129
|
|
|
$129
|
|
|
$127
|
|
|
$126
|
|
REVPAR
|
|
$95
|
|
|
$118
|
|
|
$114
|
|
|
$121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
76.5%
|
|
|
81.6%
|
|
|
84.0%
|
|
|
84.2%
|
|
ADR
|
|
$79
|
|
|
$83
|
|
|
$85
|
|
|
$80
|
|
REVPAR
|
|
$60
|
|
|
$68
|
|
|
$71
|
|
|
$67
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
$
|
261,288
|
|
$
|
255,682
|
|
$
|
1,076,102
|
|
$
|
1,012,259
|
|
|
|
|
Vdara
|
|
28,432
|
|
|
28,815
|
|
|
123,907
|
|
|
119,367
|
|
|
|
|
Mandarin
Oriental
|
|
15,806
|
|
|
16,542
|
|
|
67,544
|
|
|
65,763
|
|
|
|
|
Resort
operations
|
|
305,526
|
|
|
301,039
|
|
|
1,267,553
|
|
|
1,197,389
|
|
|
|
|
Other
|
|
-
|
|
|
32
|
|
|
-
|
|
|
2,676
|
|
|
|
|
|
$
|
305,526
|
|
$
|
301,071
|
|
$
|
1,267,553
|
|
$
|
1,200,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
Net
income
|
$
|
13,796
|
|
$
|
18,933
|
|
$
|
131,216
|
|
$
|
348,373
|
|
|
|
Less: Income
from discontinued operations
|
|
-
|
|
|
(7,673)
|
|
|
-
|
|
|
(407,187)
|
|
|
|
Income (loss) from
continuing operations
|
|
13,796
|
|
|
11,260
|
|
|
131,216
|
|
|
(58,814)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
15,887
|
|
|
14,510
|
|
|
60,094
|
|
|
61,032
|
|
|
|
Other,
net
|
|
(506)
|
|
|
106
|
|
|
2,789
|
|
|
3,323
|
|
|
|
|
|
|
15,381
|
|
|
14,616
|
|
|
62,883
|
|
|
64,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
29,177
|
|
|
25,876
|
|
|
194,099
|
|
|
5,541
|
|
|
|
NV Energy
exit expense
|
|
-
|
|
|
-
|
|
|
(8,250)
|
|
|
26,089
|
|
|
|
Property
transactions, net
|
|
8,378
|
|
|
6,468
|
|
|
9,541
|
|
|
4,529
|
|
|
|
Depreciation and amortization
|
|
58,922
|
|
|
57,301
|
|
|
224,358
|
|
|
313,787
|
|
|
|
Adjusted
EBITDA
|
$
|
96,477
|
|
$
|
89,645
|
|
$
|
419,748
|
|
$
|
349,946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy
exit
expense
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
$
|
31,949
|
|
$
|
-
|
|
$
|
7,876
|
|
$
|
48,656
|
|
$
|
88,481
|
|
Vdara
|
|
406
|
|
|
-
|
|
|
502
|
|
|
7,141
|
|
|
8,049
|
|
Mandarin
Oriental
|
|
(2,237)
|
|
|
-
|
|
|
-
|
|
|
3,125
|
|
|
888
|
|
Resort
operations
|
|
30,118
|
|
|
-
|
|
|
8,378
|
|
|
58,922
|
|
|
97,418
|
|
Other
|
|
(941)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(941)
|
|
|
$
|
29,177
|
|
$
|
-
|
|
$
|
8,378
|
|
$
|
58,922
|
|
$
|
96,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy
exit
expense
|
|
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
|
|
Other
|
|
(995)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(995)
|
|
|
$
|
25,876
|
|
$
|
-
|
|
$
|
6,468
|
|
$
|
57,301
|
|
$
|
89,645
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy
exit
expense
|
|
Property
transactions,
net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Aria
|
$
|
192,497
|
|
$
|
(8,250)
|
|
$
|
8,881
|
|
$
|
184,124
|
|
$
|
377,252
|
Vdara
|
|
11,268
|
|
|
-
|
|
|
660
|
|
|
27,773
|
|
|
39,701
|
Mandarin
Oriental
|
|
(5,543)
|
|
|
-
|
|
|
-
|
|
|
12,461
|
|
|
6,918
|
Resort
operations
|
|
198,222
|
|
|
(8,250)
|
|
|
9,541
|
|
|
224,358
|
|
|
423,871
|
Other
|
|
(4,123)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(4,123)
|
|
$
|
194,099
|
|
$
|
(8,250)
|
|
$
|
9,541
|
|
$
|
224,358
|
|
$
|
419,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
(loss)
|
|
NV Energy
exit
expense
|
|
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
|
Other
|
|
(1,957)
|
|
|
-
|
|
|
(1,211)
|
|
|
-
|
|
|
(3,168)
|
|
$
|
5,541
|
|
$
|
26,089
|
|
$
|
4,529
|
|
$
|
313,787
|
|
$
|
349,946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
87.0%
|
|
|
91.2%
|
|
|
91.4%
|
|
|
92.7%
|
|
|
|
ADR
|
|
$253
|
|
|
$239
|
|
|
$258
|
|
|
$242
|
|
|
|
REVPAR
|
|
$220
|
|
|
$218
|
|
|
$236
|
|
|
$224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
85.4%
|
|
|
85.5%
|
|
|
89.5%
|
|
|
90.8%
|
|
|
|
ADR
|
|
$203
|
|
|
$213
|
|
|
$212
|
|
|
$205
|
|
|
|
REVPAR
|
|
$173
|
|
|
$182
|
|
|
$190
|
|
|
$186
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-fourth-quarter-and-full-year-financial-and-operating-results-300600985.html
SOURCE MGM Resorts International