LAS VEGAS, Feb. 13, 2019 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter and year ended
December 31, 2018. On January 1, 2018, the Company
adopted the new revenue recognition accounting standard (ASC 606).
As such, certain previously reported 2017 numbers have been
retrospectively adjusted under the new standard to assist with
comparability to the prior period.
Fourth Quarter 2018 Financial and Strategic
Highlights:
Consolidated Results
- Consolidated net revenues increased 18% compared to the prior
year quarter to $3.1 billion;
- Consolidated operating income increased 50% compared to the
prior year quarter to $336
million;
- Net loss attributable to MGM Resorts of $23 million, compared to net income of
$1.4 billion in the prior year
quarter;
- Diluted loss per share of $0.06
in the current quarter compared to diluted earnings per share of
$2.39 in the prior year quarter;
- The current quarter included a non-recurring, non-cash income
tax expense of $92 million,
$0.17 per share on a diluted basis,
primarily resulting from recently issued guidance on certain
international provisions of the U.S. Tax Cut and Jobs Act ("Tax
Act"), including the treatment of foreign tax credits resulting
from Global Intangible Low-Taxed Income and other provisions
impacting foreign tax credit utilization. The prior year quarter
included a non-recurring, non-cash income tax benefit of
$2.50 per share on a diluted basis,
due to enactment of the Tax Act at the end of 2017; and
- Consolidated Adjusted Property EBITDA increased 21% compared to
the prior year quarter to $821
million.
Las Vegas Strip Resorts
- Net revenues increased 6% to $1.4
billion compared to the prior year quarter;
- REVPAR(1) increased 8.2% compared to the prior year
quarter; and
- Adjusted Property EBITDA(2) of $401 million, a 15% increase compared to
$349 million in the prior year
quarter and Adjusted Property EBITDA margin of 29.1%, a 222 basis
point increase compared to the prior year quarter. Excluding
insurance proceeds of $24 million in
the current year quarter, Adjusted Property EBITDA increased 8% and
Adjusted Property EBITDA margin increased 51 basis points compared
to the prior year quarter.
Regional Operations
- Net revenues increased 18% to $782
million including contributions from the opening of MGM
Springfield on August 24, 2018 of
$78 million; and
- Adjusted Property EBITDA of $195
million, a 32% increase compared the prior year quarter and
Adjusted Property EBITDA margin of 24.9% in the current quarter, a
277 basis point increase compared to the prior year quarter. The
prior year quarter was negatively affected by a $15 million real estate transfer tax charge at
MGM National Harbor.
MGM China
- Net revenues increased 33% to $687
million including contributions from the opening of MGM
Cotai of $287 million; and
- Adjusted Property EBITDA of $167
million, an 11% increase compared to the prior year quarter,
reflecting the opening of MGM Cotai.
Strategic Highlights
- Distributed $63 million to
shareholders via the Company's quarterly dividend of $0.12 per share; and
- Repurchased $150 million of the
Company's common stock in the fourth quarter.
"We had a strong finish to the year, driving growth across all
Las Vegas segments in the fourth
quarter. Our fourth quarter consolidated net revenues grew by 18%
and our consolidated Adjusted EBITDA by 21%, before certain
one-time benefits," said Jim Murren,
Chairman and CEO of MGM Resorts International. "Our Las Vegas Strip
Resorts achieved the best fourth quarter Adjusted Property EBITDA
since 2007. We also continued to gain share within our regional
markets and realized record fourth quarter revenues and Adjusted
Property EBITDA performance at MGM Grand Detroit, MGM National
Harbor, Beau Rivage, and Gold Strike Tunica. Additionally, we
closed out the year with the official openings of Park MGM and
NoMad Las Vegas, both of which have received overwhelmingly
positive responses.
"Looking ahead, we remain highly focused on our strategic
priorities, including maximizing the performance of our premier
properties, driving consolidated free cash flow growth and
successfully executing MGM 2020 – our recently announced plan
dedicated to improving efficiencies, reducing costs, and investing
in key technologies to position the Company for further
profitability. Through MGM 2020, we are reinvesting in our business
and we expect to begin to see the financial benefits in the back
half of 2019," Mr. Murren continued. "We also remain committed to
targeted growth opportunities such as sports betting and the
pursuit of an Integrated Resort in Japan. Importantly, we will continue to
prudently allocate capital, with a focus of returning excess cash
to shareholders."
Full Year 2018 Financial and Strategic
Highlights:
- Consolidated net revenues for 2018 of $11.8 billion, an increase of 9% compared to the
prior year; with Las Vegas Strip Resorts net revenues decreasing
1%, Regional Operations net revenues increasing 8%, and MGM China
net revenues increasing 32%;
- Consolidated operating income of $1.5
billion in 2018 compared to $1.7
billion in 2017;
- Net income attributable to MGM Resorts of $467 million, compared to $2.0 billion in the prior year;
- The current year included non-recurring, non-cash income tax
expense of $20 million for Tax Act
adjustments, including the impact of recently issued guidance on
certain international provisions mentioned above. The prior year
included a non-recurring, non-cash income tax benefit of
$1.4 billion due to enactment of the
Tax Act;
- Consolidated Adjusted Property EBITDA increased 1% compared to
the prior year to $3.3 billion;
- Las Vegas Strip Resorts Adjusted Property EBITDA of
$1.7 billion, a 4% decrease compared
to the prior year;
- Regional Operations Adjusted Property EBITDA of $759 million, a 4% increase over the prior
year;
- MGM China Adjusted Property EBITDA of $568 million, a 6% increase over the prior
year;
- Distributed $261 million to
shareholders during 2018 via the Company's quarterly dividend of
$0.12 per share; and
- Repurchased $1.3 billion of the
Company's common stock during 2018.
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,
|
|
2018
|
|
|
2017
|
|
Preopening and
start-up expenses
|
|
$
|
(0.03)
|
|
|
$
|
(0.05)
|
|
Property
transactions, net
|
|
|
(0.03)
|
|
|
|
(0.03)
|
|
Business interruption
insurance proceeds
|
|
|
0.04
|
|
|
|
—
|
|
Non-operating
expense:
|
|
|
|
|
|
|
|
|
Loss on retirement of
long-term debt
|
|
|
—
|
|
|
|
(0.02)
|
|
Non-operating items
from unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
Change in fair value
of CityCenter swaps
|
|
|
(0.01)
|
|
|
|
—
|
|
Las Vegas Strip Resorts and Regional
Operations
Casino revenue for the fourth quarter of 2018 decreased 3%
compared to the prior year quarter at the Company's Las Vegas Strip
Resorts partially due to lower table games hold, and increased 20%
at the Company's Regional Operations due primarily to the opening
of MGM Springfield and an increase in slots and table games win at
MGM National Harbor.
The following table shows key gaming statistics for the
Company's Las Vegas Strip Resorts:
Three Months Ended
December 31,
|
|
2018
|
|
|
2017
|
|
%
change
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
Table Games
Drop
|
|
$
|
1,010
|
|
|
$
|
909
|
|
|
11
|
%
|
Table Games Win
%
|
|
|
22.0
|
%
|
|
|
25.3
|
%
|
|
|
|
Slots
Handle
|
|
$
|
3,343
|
|
|
$
|
3,129
|
|
|
7
|
%
|
Slots Hold
%
|
|
|
9.1
|
%
|
|
|
8.9
|
%
|
|
|
|
The following table shows key gaming statistics for the
Company's Regional Operations:
Three Months Ended
December 31,
|
|
2018
|
|
|
2017
|
|
%
change
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
Table Games
Drop
|
|
$
|
1,093
|
|
|
$
|
958
|
|
|
14
|
%
|
Table Games Win
%
|
|
|
20.6
|
%
|
|
|
18.5
|
%
|
|
|
|
Slots
Handle
|
|
$
|
5,525
|
|
|
$
|
4,846
|
|
|
14
|
%
|
Slots Hold
%
|
|
|
9.2
|
%
|
|
|
9.0
|
%
|
|
|
|
Rooms revenue increased 10% compared to the prior year quarter
at the Company's Las Vegas Strip Resorts. Las Vegas Strip Resorts
REVPAR increased 8.2% 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,
|
|
2018
|
|
|
2017
|
|
%
change
|
Occupancy
%
|
|
|
89
|
%
|
|
|
85
|
%
|
|
|
|
Average Daily Rate
(ADR)
|
|
$
|
159
|
|
|
$
|
153
|
|
|
4
|
%
|
Revenue per Available
Room (REVPAR)
|
|
$
|
141
|
|
|
$
|
130
|
|
|
8
|
%
|
Food and beverage revenue increased 11% at the Company's Las
Vegas Strip Resorts compared to the prior year quarter due to an
increase in catering and banquets revenues and the opening of new
outlets at Park MGM. Food and beverage revenue increased 17% at the
Company's Regional Operations due primarily to the opening of MGM
Springfield.
Operating income at the Company's Las Vegas Strip Resorts was
$282 million, compared to
$211 million in the prior year
quarter. The current year quarter benefited from increases in rooms
and food and beverage revenues discussed above, included business
interruption insurance proceeds of $24
million primarily at Mandalay Bay and was negatively
impacted by $14 million of preopening
expenses at Park MGM. Las Vegas Strip Resorts operating income in
the prior year quarter included a $20
million asset disposal charge related to the repositioning
and rebranding at Park MGM. Las Vegas Strip Resorts Adjusted
Property EBITDA was $401 million, a
15% increase compared to $349 million
in the prior year quarter. Excluding business interruption
insurance proceeds discussed above, Adjusted Property EBITDA
increased 8% compared to the prior year quarter.
Operating income at the Company's Regional Operations was
$133 million in the current quarter
and benefited from an increase in casino revenues at MGM National
Harbor discussed above. Operating income was $94 million in the prior year
quarter, which was impacted by a $15
million real estate transfer tax charge at MGM National
Harbor. Regional Operations Adjusted Property EBITDA was
$195 million, a 32% increase compared
to $147 million in the prior year
quarter.
Corporate Expense
Corporate expense, including share-based compensation for
corporate employees, was $118 million
in the fourth quarter of 2018, an increase of $2 million compared to the prior year quarter.
The current quarter included $8
million in costs incurred to implement MGM 2020 and finance
modernization initiatives and $5
million of MGM China corporate expense.
MGM China
Key fourth quarter results for MGM China include:
- Net revenues of $687 million, a
33% increase compared to the prior year quarter. The current
quarter benefited from the opening of MGM Cotai in February 2018, which contributed $287 million of net revenues;
- Main floor table games win increased 31% compared to the prior
year quarter due to the opening of MGM Cotai;
- VIP table games win increased 18% compared to the prior year
quarter due to the opening of VIP junket rooms in September 2018 at MGM Cotai;
- Operating income was $62 million
in the current quarter compared to $45
million in the prior year quarter;
- Adjusted Property EBITDA increased 11% to $167 million compared to $150 million in the prior year quarter. The
current quarter included $12 million
of license fee expense compared to $10
million in the prior year quarter; and
- Operating margin was 9.0% in the current year quarter, and
Adjusted Property EBITDA margin was 24.3% in the current quarter
compared to 29.1% in the prior year quarter, due primarily to the
ramp up of operations at MGM Cotai.
The following table shows key gaming statistics for MGM
China:
Three Months Ended
December 31,
|
|
2018
|
|
|
2017
|
|
%
change
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
VIP Table Games
Turnover
|
|
$
|
10,981
|
|
|
$
|
9,839
|
|
|
12
|
%
|
VIP Table Games Win
%
|
|
|
3.3
|
%
|
|
|
3.1
|
%
|
|
|
|
Main Floor Table
Games Drop
|
|
$
|
2,034
|
|
|
$
|
1,400
|
|
|
45
|
%
|
Main Floor Table
Games Win %
|
|
|
19.0
|
%
|
|
|
21.0
|
%
|
|
|
|
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of income from unconsolidated affiliates:
Three Months Ended
December 31,
|
|
2018
|
|
|
2017
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
31,089
|
|
|
$
|
23,643
|
|
Other
|
|
|
1,400
|
|
|
|
4,384
|
|
|
|
$
|
32,489
|
|
|
$
|
28,027
|
|
Key fourth quarter results for CityCenter Holdings, LLC
("CityCenter") include the following (see schedules accompanying
this release for further detail on CityCenter's fourth quarter
results):
- Net revenues were $335 million, a
13% increase compared to the prior year quarter, due to an increase
in casino, rooms and food and beverage revenues;
- Aria's table games win increased 16%, due to a 22% increase in
table games drop partially offset by a decrease in table games hold
percentage to 24.0% in the current quarter compared to 25.4% in the
prior year quarter;
- Aria's slots win increased 6% compared to the prior year
quarter due primarily to an increase in slots handle;
- REVPAR at Aria increased 12% compared to the prior year quarter
to $238;
- REVPAR at Vdara increased 14% compared to the prior year
quarter to $192;
- Operating income from resort operations was $46 million compared to operating income of
$32 million in the prior year
quarter; and
- Adjusted EBITDA from resort operations was $111 million, a 15% increase compared to the
prior year quarter.
MGM Growth Properties
During the fourth quarter of 2018, the Company made rent
payments to MGM Growth Properties Operating Partnership LP ("MGP
Operating Partnership") in the amount of $193 million and received distributions of
$85 million from the MGP Operating
Partnership. In December 2018, the
Board of Directors of MGM Growth Properties LLC ("MGP") approved a
quarterly dividend of $0.4475 per
Class A share (based on a $1.79
dividend on an annualized basis) totaling $32 million, which represents an increase
of $0.11 per share year to date, and a total increase of
6.5% year to date, which was paid on January
15, 2019 to holders of record on December 31, 2018. The Company concurrently
received an $87 million distribution
attributable to its ownership of MGP Operating Partnership
units.
In the current quarter, the Company recorded within Management
and other operations $67 million in
net revenues and $23 million in
Adjusted Property EBITDA related to MGP's Northfield casino.
MGM Resorts Dividend and Share
Repurchases
On February 13, 2019, the
Company's Board of Directors approved a quarterly dividend of
$0.13 per share totaling
approximately $70 million. The
dividend will be payable on March 15,
2019 to holders of record on March 8,
2019.
During the fourth quarter, MGM Resorts repurchased approximately
6 million shares of its common stock at an average price of
$25.13 per share for an aggregate
amount of $150 million. Approximately
$1.4 billion remains available under
the $2.0 billion share repurchase
program. All shares repurchased under the Company's program have
been retired.
Full Year 2018 Results
Consolidated net revenue for 2018 was $11.8 billion, a 9% increase over 2017.
Consolidated operating income was $1.5
billion compared to $1.7
billion in the prior year. Net income attributable to MGM
Resorts was $467 million, which
included non-recurring, non-cash income tax expense of $20 million for Tax Act adjustments, including
the impact of recently issued guidance on certain international
provisions mentioned above, compared to $2.0
billion in the prior year which included a non-recurring,
non-cash income tax benefit of $1.4
billion due to the Tax Act. Consolidated Adjusted Property
EBITDA was $3.3 billion in the
current year, a 1% increase compared to the prior year.
Las Vegas Strip Resorts net revenue was $5.7 billion in both the current and prior year
periods. Operating income of $1.2
billion at the Company's Las Vegas Strip Resorts was
negatively affected by disruption related to the repositioning and
rebranding at Park MGM. The prior year benefited from $41 million related to the NV Energy exit fee
modification. Las Vegas Strip Resorts Adjusted Property EBITDA was
$1.7 billion, a 4% decrease compared
to the prior year.
Regional Operations net revenue increased 8% to $2.9 billion including contributions from the
opening of MGM Springfield in August
2018 of $120 million, compared
to $2.7 billion in the prior year.
Operating income at the Company's Regional Operations was
$518 million in the current year
compared to $517 million in the prior
year, and Adjusted Property EBITDA was $759
million, a 4% increase compared to the prior year.
MGM China net revenue was $2.4
billion for 2018, a 32% increase from 2017. The current year
benefited from the opening of MGM Cotai in February 2018, which contributed $729 million of net revenues. MGM China operating
income was $216 million compared to
$204 million in the prior year. MGM
China Adjusted EBITDA was $568
million compared to $536
million in the prior year, a 6% increase from 2017.
CityCenter reported net revenues of $1.3
billion, a 4% increase compared to the prior year. Operating
income from resort operations was $191
million compared to $204
million in the prior year, which included a benefit of
$8 million from the NV Energy exit
fee modification. Adjusted EBITDA related to resort operations was
$419 million compared to $417 million in the prior year. During 2018,
CityCenter sold the Mandarin Oriental Las Vegas and adjacent retail
parcels for $214 million in cash and recorded a loss on sale
of $133 million, the majority of
which was recognized during the first quarter. MGM Resorts recorded
a $12 million gain related to the
reversal of basis differences in excess of its share of the loss
recorded by CityCenter. CityCenter paid dividends of $625 million during 2018, of which MGM Resorts
received its 50% share, or $312.5
million.
During the year ended December 31,
2018, the Company made rent payments to the MGP Operating
Partnership in the amount of $767
million. During the year ended December 31, 2018 the Company received
$333 million of distributions
attributable to its ownership of units in the MGP Operating
Partnership.
Diluted earnings per share was $0.81 in the current year, compared to
$3.34 in 2017. The current year
included non-recurring, non-cash income tax expense of $20 million, or $0.04 per share on a diluted basis for Tax Act
adjustments, including the impact of recently issued guidance on
certain international provisions mentioned above. The prior year
included a non-recurring, non-cash income tax benefit of
$1.4 billion, or $2.47 per share on a diluted basis, due to
enactment of the Tax Act.
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,
|
2018
|
|
|
|
|
2017
|
|
Borgata property tax
settlement
|
$
|
—
|
|
|
|
|
$
|
0.04
|
|
NV Energy exit
expense
|
|
—
|
|
|
|
|
|
0.05
|
|
Preopening and
start-up expenses
|
|
(0.18)
|
|
|
|
|
|
(0.11)
|
|
Property
transactions, net
|
|
(0.06)
|
|
|
|
|
|
(0.05)
|
|
Gain on sale of Grand
Victoria
|
|
0.06
|
|
|
|
|
|
—
|
|
Business interruption
insurance proceeds
|
|
0.03
|
|
|
|
|
|
—
|
|
Income from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
|
Gain on the sale of
Mandarin Oriental Las Vegas
|
|
0.02
|
|
|
|
|
|
—
|
|
Non-operating
expense:
|
|
|
|
|
|
|
|
|
|
Loss on retirement of
long-term debt
|
|
—
|
|
|
|
|
|
(0.07)
|
|
Non-operating items
from unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
|
Change in fair value
of CityCenter swaps
|
|
(0.01)
|
|
|
|
|
|
—
|
|
Financial Position
The Company's cash balance at December 31, 2018 was
$1.5 billion, which included
$510 million at MGM China and
$60 million at the MGP Operating
Partnership. At December 31, 2018, the Company had
$15.3 billion of principal amount of
indebtedness outstanding, including $750
million outstanding under its $2.3
billion senior secured credit facility, $2.8 billion outstanding under the $3.6 billion MGP Operating Partnership senior
secured credit facility and $2.4
billion outstanding under the $2.8
billion MGM China credit facility.
In December 2018, MGM Resorts amended its credit facility
for an increase in the total revolving credit commitments to
$1.5 billion and an increase in the
total term loan A commitment to $750
million and extended the maturity date to 2023. In addition,
the revolving and term loan A facilities were repriced at LIBOR
plus 1.50% to 2.25% determined by reference to a net leverage ratio
pricing grid.
"In 2018, we were active in the debt capital markets, extending
MGM Resorts' and MGM China's maturities, returned $1.5 billion to shareholders, announced two
accretive transactions that provide entry into New York and Ohio, and announced the Park MGM transaction
with MGP," said Dan D'Arrigo, Executive Vice President and Chief
Financial Officer of MGM Resorts. "We remain focused on enhancing
our free cash flow generation and managing our balance sheet to
achieve our consolidated net leverage target of 3 to 4 times by
year end 2020."
Conference Call Details
MGM Resorts will host a conference call at 5:00 p.m. Eastern Time today which will include a
brief discussion of the 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
3924102. A replay of the call will be available through
Wednesday, February 20,
2019. The replay may be accessed by dialing 1-877-344-7529 or
1-412-317-0088. The replay access code is 10127989. 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 and property transactions, net. "Adjusted Property
EBITDA" is Adjusted EBITDA before corporate expense and stock
compensation expense, which are not allocated to each property.
"Adjusted Property EBITDA margin" is Adjusted Property EBITDA
divided by net revenues. 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 Adjusted Property EBITDA
margin 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 as the primary measure of the Company's operating
resorts' performance.
Adjusted EBITDA, Adjusted Property EBITDA and Adjusted Property
EBITDA margin 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 Adjusted Property
EBITDA margin. Also, other companies in the gaming and hospitality
industries that report Adjusted EBITDA, Adjusted Property EBITDA,
or Adjusted Property EBITDA margin information may calculate
Adjusted EBITDA, Adjusted Property EBITDA, or Adjusted Property
EBITDA margin in a different manner.
Reconciliations of GAAP net income (loss) to Adjusted EBITDA and
GAAP operating income (loss) to 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 Adjusted Property EBITDA margin 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 Adjusted Property EBITDA margin.
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 29 unique hotel and
destination gaming offerings including some of the most
recognizable resort brands in the industry. Expanding throughout
the U.S. and around the world, the company acquired the operations
of Empire City Casino in New York
in 2019, and in 2018, opened MGM Springfield in Massachusetts, MGM COTAI in Macau, and the first Bellagio-branded hotel in
Shanghai. The over 82,000 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 any guidance), the Company's ability to generate
free cash flow growth, return capital to shareholders and further
de-lever, and the Company's ability to execute its strategic plan,
capital allocations strategy, and deliver on its 2020 goals. 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,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$
|
1,561,240
|
|
$
|
1,289,145
|
|
$
|
5,753,150
|
|
$
|
5,016,426
|
|
Rooms
|
|
|
542,903
|
|
|
479,180
|
|
|
2,212,573
|
|
|
2,152,741
|
|
Food and
beverage
|
|
|
488,029
|
|
|
413,912
|
|
|
1,959,021
|
|
|
1,871,969
|
|
Entertainment,
retail and other
|
|
|
349,718
|
|
|
315,214
|
|
|
1,412,860
|
|
|
1,354,301
|
|
Reimbursed
costs
|
|
|
110,972
|
|
|
100,154
|
|
|
425,492
|
|
|
402,042
|
|
|
|
|
3,052,862
|
|
|
2,597,605
|
|
|
11,763,096
|
|
|
10,797,479
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
876,261
|
|
|
704,142
|
|
|
3,199,775
|
|
|
2,673,397
|
|
Rooms
|
|
|
193,329
|
|
|
180,499
|
|
|
791,761
|
|
|
748,947
|
|
Food and
beverage
|
|
|
380,403
|
|
|
324,482
|
|
|
1,501,868
|
|
|
1,414,611
|
|
Entertainment,
retail and other
|
|
|
265,860
|
|
|
232,787
|
|
|
999,979
|
|
|
954,125
|
|
Reimbursed
costs
|
|
|
110,972
|
|
|
100,154
|
|
|
425,492
|
|
|
402,042
|
|
General and
administrative
|
|
|
444,878
|
|
|
414,415
|
|
|
1,764,638
|
|
|
1,559,575
|
|
Corporate
expense
|
|
|
118,168
|
|
|
115,786
|
|
|
419,204
|
|
|
356,872
|
|
Preopening and
start-up expenses
|
|
|
18,508
|
|
|
52,967
|
|
|
151,392
|
|
|
118,475
|
|
Property
transactions, net
|
|
|
28,679
|
|
|
27,629
|
|
|
9,147
|
|
|
50,279
|
|
NV Energy exit
expense
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(40,629)
|
|
Depreciation and
amortization
|
|
|
312,542
|
|
|
249,357
|
|
|
1,178,044
|
|
|
993,480
|
|
|
|
|
2,749,600
|
|
|
2,402,218
|
|
|
10,441,300
|
|
|
9,231,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
|
32,489
|
|
|
28,027
|
|
|
147,690
|
|
|
146,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
335,751
|
|
|
223,414
|
|
|
1,469,486
|
|
|
1,712,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
|
(214,538)
|
|
|
(157,341)
|
|
|
(769,513)
|
|
|
(668,745)
|
|
Non-operating
items from unconsolidated affiliates
|
|
|
(16,166)
|
|
|
(8,449)
|
|
|
(47,827)
|
|
|
(34,751)
|
|
Other,
net
|
|
|
(6,552)
|
|
|
(16,535)
|
|
|
(18,140)
|
|
|
(48,241)
|
|
|
|
|
(237,256)
|
|
|
(182,325)
|
|
|
(835,480)
|
|
|
(751,737)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
98,495
|
|
|
41,089
|
|
|
634,006
|
|
|
960,790
|
|
Benefit
(provision) for income taxes
|
|
|
(92,735)
|
|
|
1,377,904
|
|
|
(50,112)
|
|
|
1,127,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
5,760
|
|
|
1,418,993
|
|
|
583,894
|
|
|
2,088,184
|
|
Less: Net income
attributable to noncontrolling interests
|
|
|
(29,087)
|
|
|
(31,580)
|
|
|
(117,122)
|
|
|
(136,132)
|
Net income (loss)
attributable to MGM Resorts International
|
|
$
|
(23,327)
|
|
$
|
1,387,413
|
|
$
|
466,772
|
|
$
|
1,952,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.06)
|
|
$
|
2.42
|
|
$
|
0.82
|
|
$
|
3.38
|
|
Diluted
|
|
$
|
(0.06)
|
|
$
|
2.39
|
|
$
|
0.81
|
|
$
|
3.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
528,922
|
|
|
566,289
|
|
|
544,253
|
|
|
572,253
|
|
Diluted
|
|
|
528,922
|
|
|
572,420
|
|
|
549,536
|
|
|
578,795
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,526,762
|
|
$
|
1,499,995
|
|
Accounts
receivable, net
|
|
|
657,206
|
|
|
542,273
|
|
Inventories
|
|
|
110,831
|
|
|
102,292
|
|
Income tax
receivable
|
|
|
28,431
|
|
|
42,551
|
|
Prepaid expenses
and other
|
|
|
203,548
|
|
|
189,244
|
|
Total current
assets
|
|
|
2,526,778
|
|
|
2,376,355
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
20,729,888
|
|
|
19,635,459
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
|
732,867
|
|
|
1,033,297
|
|
Goodwill
|
|
|
1,821,392
|
|
|
1,806,531
|
|
Other intangible
assets, net
|
|
|
3,944,463
|
|
|
3,877,960
|
|
Other long-term
assets, net
|
|
|
455,318
|
|
|
430,440
|
|
Total other
assets
|
|
|
6,954,040
|
|
|
7,148,228
|
|
|
|
|
|
|
$
|
30,210,706
|
|
$
|
29,160,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
302,578
|
|
$
|
255,028
|
|
Construction
payable
|
|
|
311,793
|
|
|
474,807
|
|
Current portion of
long-term debt
|
|
|
43,411
|
|
|
158,042
|
|
Accrued interest
on long-term debt
|
|
|
140,046
|
|
|
135,785
|
|
Other accrued
liabilities
|
|
|
2,151,054
|
|
|
2,114,635
|
|
Total current
liabilities
|
|
|
2,948,882
|
|
|
3,138,297
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
|
1,342,538
|
|
|
1,295,375
|
Long-term debt,
net
|
|
|
15,088,005
|
|
|
12,751,052
|
Other long-term
obligations
|
|
|
259,240
|
|
|
284,416
|
Redeemable
noncontrolling interest
|
|
|
102,250
|
|
|
79,778
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $.01 par value:
authorized 1,000,000,000 shares,
issued and outstanding 527,479,528 and
566,275,789 shares
|
|
|
5,275
|
|
|
5,663
|
|
Capital in excess
of par value
|
|
|
4,092,085
|
|
|
5,357,709
|
|
Retained
earnings
|
|
|
2,423,479
|
|
|
2,217,299
|
|
Accumulated other
comprehensive loss
|
|
|
(8,556)
|
|
|
(3,610)
|
|
Total MGM Resorts
International stockholders' equity
|
|
|
6,512,283
|
|
|
7,577,061
|
|
Noncontrolling
interests
|
|
|
3,957,508
|
|
|
4,034,063
|
|
Total stockholders'
equity
|
|
|
10,469,791
|
|
|
11,611,124
|
|
|
|
|
$
|
30,210,706
|
|
$
|
29,160,042
|
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,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Bellagio
|
|
$
|
338,612
|
|
$
|
319,328
|
|
$
|
1,367,835
|
|
$
|
1,365,571
|
MGM Grand Las
Vegas
|
|
|
281,156
|
|
|
290,660
|
|
|
1,226,105
|
|
|
1,179,681
|
Mandalay
Bay
|
|
|
222,677
|
|
|
191,604
|
|
|
965,435
|
|
|
982,280
|
The
Mirage
|
|
|
146,431
|
|
|
140,898
|
|
|
597,404
|
|
|
629,497
|
Luxor
|
|
|
89,753
|
|
|
88,852
|
|
|
394,034
|
|
|
405,057
|
New York-New
York
|
|
|
94,205
|
|
|
89,994
|
|
|
373,266
|
|
|
362,964
|
Excalibur
|
|
|
80,081
|
|
|
73,853
|
|
|
327,572
|
|
|
325,654
|
Park
MGM
|
|
|
62,954
|
|
|
44,457
|
|
|
213,205
|
|
|
241,578
|
Circus Circus Las
Vegas
|
|
|
59,829
|
|
|
56,666
|
|
|
251,816
|
|
|
253,841
|
Las Vegas
Strip Resorts
|
|
|
1,375,698
|
|
|
1,296,312
|
|
|
5,716,672
|
|
|
5,746,123
|
MGM Grand
Detroit
|
|
|
152,281
|
|
|
143,403
|
|
|
601,499
|
|
|
570,329
|
Beau
Rivage
|
|
|
102,169
|
|
|
92,150
|
|
|
410,237
|
|
|
381,274
|
Gold Strike
Tunica
|
|
|
44,277
|
|
|
42,065
|
|
|
173,953
|
|
|
173,051
|
Borgata
|
|
|
192,130
|
|
|
199,680
|
|
|
827,616
|
|
|
864,996
|
MGM National
Harbor
|
|
|
213,606
|
|
|
187,899
|
|
|
800,777
|
|
|
720,070
|
MGM Springfield
(1)
|
|
|
77,890
|
|
|
-
|
|
|
120,439
|
|
|
-
|
Regional
Operations
|
|
|
782,353
|
|
|
665,197
|
|
|
2,934,521
|
|
|
2,709,720
|
MGM
Macau
|
|
|
399,456
|
|
|
516,768
|
|
|
1,721,199
|
|
|
1,858,160
|
MGM
Cotai
|
|
|
287,276
|
|
|
-
|
|
|
728,758
|
|
|
-
|
MGM
China
|
|
|
686,732
|
|
|
516,768
|
|
|
2,449,957
|
|
|
1,858,160
|
Management and
other operations
|
|
|
208,079
|
|
|
119,328
|
|
|
661,946
|
|
|
483,476
|
|
|
$
|
3,052,862
|
|
$
|
2,597,605
|
|
$
|
11,763,096
|
|
$
|
10,797,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Bellagio
|
|
$
|
118,150
|
|
$
|
107,885
|
|
$
|
489,866
|
|
$
|
505,736
|
MGM Grand Las
Vegas
|
|
|
72,720
|
|
|
90,671
|
|
|
371,566
|
|
|
344,685
|
Mandalay
Bay
|
|
|
71,326
|
|
|
27,955
|
|
|
265,741
|
|
|
258,471
|
The
Mirage
|
|
|
32,149
|
|
|
30,016
|
|
|
131,864
|
|
|
176,996
|
Luxor
|
|
|
26,219
|
|
|
23,945
|
|
|
120,749
|
|
|
126,650
|
New York-New
York
|
|
|
35,158
|
|
|
32,226
|
|
|
137,622
|
|
|
135,036
|
Excalibur
|
|
|
27,149
|
|
|
22,989
|
|
|
111,255
|
|
|
113,561
|
Park
MGM
|
|
|
4,514
|
|
|
575
|
|
|
14,290
|
|
|
49,191
|
Circus Circus Las
Vegas
|
|
|
13,336
|
|
|
12,554
|
|
|
62,526
|
|
|
70,274
|
Las Vegas
Strip Resorts
|
|
|
400,721
|
|
|
348,816
|
|
|
1,705,479
|
|
|
1,780,600
|
MGM Grand
Detroit
|
|
|
48,851
|
|
|
45,088
|
|
|
195,817
|
|
|
176,280
|
Beau
Rivage
|
|
|
27,000
|
|
|
18,752
|
|
|
103,906
|
|
|
87,778
|
Gold Strike
Tunica
|
|
|
12,604
|
|
|
11,794
|
|
|
52,081
|
|
|
52,882
|
Borgata
|
|
|
43,439
|
|
|
43,920
|
|
|
198,394
|
|
|
281,170
|
MGM National
Harbor
|
|
|
56,780
|
|
|
27,675
|
|
|
195,109
|
|
|
133,806
|
MGM Springfield
(1)
|
|
|
6,145
|
|
|
-
|
|
|
13,789
|
|
|
-
|
Regional
Operations
|
|
|
194,819
|
|
|
147,229
|
|
|
759,096
|
|
|
731,916
|
MGM Macau
(2)
|
|
|
114,262
|
|
|
150,305
|
|
|
478,121
|
|
|
535,524
|
MGM
Cotai
|
|
|
52,360
|
|
|
-
|
|
|
90,173
|
|
|
-
|
MGM
China
|
|
|
166,622
|
|
|
150,305
|
|
|
568,294
|
|
|
535,524
|
Unconsolidated
resorts (3)
|
|
|
32,489
|
|
|
28,027
|
|
|
147,690
|
|
|
146,222
|
Management and
other operations
|
|
|
26,476
|
|
|
3,087
|
|
|
74,790
|
|
|
26,838
|
|
|
$
|
821,127
|
|
$
|
677,464
|
|
$
|
3,255,349
|
|
$
|
3,221,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the twelve
months ended December 31, 2018, represents net revenues and
Adjusted Property EBITDA of MGM Springfield for the period August
1-December 31
only.
|
(2) In 2017, MGM
Macau included certain expenses classified as corporate expense in
2018.
|
(3) 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
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
|
|
$
|
101,122
|
|
$
|
-
|
|
$
|
-
|
|
$
|
829
|
|
$
|
16,199
|
|
$
|
118,150
|
MGM Grand Las
Vegas
|
|
|
|
55,528
|
|
|
-
|
|
|
-
|
|
|
106
|
|
|
17,086
|
|
|
72,720
|
Mandalay
Bay
|
|
|
|
47,697
|
|
|
-
|
|
|
-
|
|
|
834
|
|
|
22,795
|
|
|
71,326
|
The
Mirage
|
|
|
|
23,358
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
8,788
|
|
|
32,149
|
Luxor
|
|
|
|
16,729
|
|
|
-
|
|
|
114
|
|
|
283
|
|
|
9,093
|
|
|
26,219
|
New York-New
York
|
|
|
|
28,772
|
|
|
-
|
|
|
-
|
|
|
70
|
|
|
6,316
|
|
|
35,158
|
Excalibur
|
|
|
|
22,195
|
|
|
-
|
|
|
-
|
|
|
10
|
|
|
4,944
|
|
|
27,149
|
Park
MGM
|
|
|
|
(21,193)
|
|
|
-
|
|
|
14,092
|
|
|
343
|
|
|
11,272
|
|
|
4,514
|
Circus Circus Las
Vegas
|
|
|
|
8,179
|
|
|
-
|
|
|
-
|
|
|
43
|
|
|
5,114
|
|
|
13,336
|
Las Vegas
Strip Resorts
|
|
|
|
282,387
|
|
|
-
|
|
|
14,206
|
|
|
2,521
|
|
|
101,607
|
|
|
400,721
|
MGM Grand
Detroit
|
|
|
|
43,109
|
|
|
-
|
|
|
-
|
|
|
(3)
|
|
|
5,745
|
|
|
48,851
|
Beau
Rivage
|
|
|
|
19,885
|
|
|
-
|
|
|
-
|
|
|
484
|
|
|
6,631
|
|
|
27,000
|
Gold Strike
Tunica
|
|
|
|
10,271
|
|
|
-
|
|
|
4
|
|
|
25
|
|
|
2,304
|
|
|
12,604
|
Borgata
|
|
|
|
28,980
|
|
|
-
|
|
|
-
|
|
|
(77)
|
|
|
14,536
|
|
|
43,439
|
MGM National
Harbor
|
|
|
|
36,415
|
|
|
-
|
|
|
4
|
|
|
185
|
|
|
20,176
|
|
|
56,780
|
MGM
Springfield
|
|
|
|
(5,290)
|
|
|
-
|
|
|
1,102
|
|
|
-
|
|
|
10,333
|
|
|
6,145
|
Regional
Operations
|
|
|
|
133,370
|
|
|
-
|
|
|
1,110
|
|
|
614
|
|
|
59,725
|
|
|
194,819
|
MGM
Macau
|
|
|
|
96,577
|
|
|
-
|
|
|
-
|
|
|
43
|
|
|
17,642
|
|
|
114,262
|
MGM
Cotai
|
|
|
|
(34,556)
|
|
|
-
|
|
|
3,192
|
|
|
24,218
|
|
|
59,506
|
|
|
52,360
|
MGM
China
|
|
|
|
62,021
|
|
|
-
|
|
|
3,192
|
|
|
24,261
|
|
|
77,148
|
|
|
166,622
|
Unconsolidated
resorts (1)
|
|
|
|
32,489
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
32,489
|
Management and
other operations
|
|
|
|
18,040
|
|
|
-
|
|
|
-
|
|
|
178
|
|
|
8,258
|
|
|
26,476
|
|
|
|
|
528,307
|
|
|
-
|
|
|
18,508
|
|
|
27,574
|
|
|
246,738
|
|
|
821,127
|
Stock
compensation
|
|
|
|
(18,690)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(18,690)
|
Corporate
|
|
|
|
(173,866)
|
|
|
-
|
|
|
-
|
|
|
1,105
|
|
|
65,804
|
|
|
(106,957)
|
|
|
|
$
|
335,751
|
|
$
|
-
|
|
$
|
18,508
|
|
$
|
28,679
|
|
$
|
312,542
|
|
$
|
695,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
$
|
84,527
|
|
$
|
-
|
|
$
|
-
|
|
$
|
79
|
|
$
|
23,279
|
|
$
|
107,885
|
MGM Grand Las
Vegas
|
|
|
|
73,003
|
|
|
-
|
|
|
-
|
|
|
515
|
|
|
17,153
|
|
|
90,671
|
Mandalay
Bay
|
|
|
|
1,598
|
|
|
-
|
|
|
-
|
|
|
329
|
|
|
26,028
|
|
|
27,955
|
The
Mirage
|
|
|
|
19,344
|
|
|
-
|
|
|
-
|
|
|
91
|
|
|
10,581
|
|
|
30,016
|
Luxor
|
|
|
|
12,916
|
|
|
-
|
|
|
-
|
|
|
956
|
|
|
10,073
|
|
|
23,945
|
New York-New
York
|
|
|
|
25,543
|
|
|
-
|
|
|
-
|
|
|
415
|
|
|
6,268
|
|
|
32,226
|
Excalibur
|
|
|
|
17,880
|
|
|
-
|
|
|
-
|
|
|
66
|
|
|
5,043
|
|
|
22,989
|
Park
MGM
|
|
|
|
(31,560)
|
|
|
-
|
|
|
3,628
|
|
|
19,507
|
|
|
9,000
|
|
|
575
|
Circus Circus Las
Vegas
|
|
|
|
8,018
|
|
|
-
|
|
|
-
|
|
|
175
|
|
|
4,361
|
|
|
12,554
|
Las Vegas
Strip Resorts
|
|
|
|
211,269
|
|
|
-
|
|
|
3,628
|
|
|
22,133
|
|
|
111,786
|
|
|
348,816
|
MGM Grand
Detroit
|
|
|
|
39,422
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,666
|
|
|
45,088
|
Beau
Rivage
|
|
|
|
12,192
|
|
|
-
|
|
|
-
|
|
|
10
|
|
|
6,550
|
|
|
18,752
|
Gold Strike
Tunica
|
|
|
|
9,493
|
|
|
-
|
|
|
-
|
|
|
113
|
|
|
2,188
|
|
|
11,794
|
Borgata
|
|
|
|
28,124
|
|
|
-
|
|
|
-
|
|
|
106
|
|
|
15,690
|
|
|
43,920
|
MGM National
Harbor
|
|
|
|
4,724
|
|
|
-
|
|
|
115
|
|
|
-
|
|
|
22,836
|
|
|
27,675
|
Regional
Operations
|
|
|
|
93,955
|
|
|
-
|
|
|
115
|
|
|
229
|
|
|
52,930
|
|
|
147,229
|
MGM
China
|
|
|
|
45,426
|
|
|
-
|
|
|
41,782
|
|
|
5,078
|
|
|
58,019
|
|
|
150,305
|
Unconsolidated
resorts (1)
|
|
|
|
28,027
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
28,027
|
Management and
other operations
|
|
|
|
1,167
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,920
|
|
|
3,087
|
|
|
|
|
379,844
|
|
|
-
|
|
|
45,525
|
|
|
27,440
|
|
|
224,655
|
|
|
677,464
|
Stock
compensation
|
|
|
|
(15,748)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(15,748)
|
Corporate
|
|
|
|
(140,682)
|
|
|
-
|
|
|
7,442
|
|
|
189
|
|
|
24,702
|
|
|
(108,349)
|
|
|
|
$
|
223,414
|
|
$
|
-
|
|
$
|
52,967
|
|
$
|
27,629
|
|
$
|
249,357
|
|
$
|
553,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
Twelve Months
Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Preopening and
start-up
expenses
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
Bellagio
|
|
|
$
|
405,221
|
|
$
|
-
|
|
$
|
-
|
|
$
|
1,661
|
|
$
|
82,984
|
|
$
|
489,866
|
MGM Grand Las
Vegas
|
|
|
|
304,590
|
|
|
-
|
|
|
-
|
|
|
750
|
|
|
66,226
|
|
|
371,566
|
Mandalay
Bay
|
|
|
|
174,268
|
|
|
-
|
|
|
-
|
|
|
787
|
|
|
90,686
|
|
|
265,741
|
The
Mirage
|
|
|
|
94,226
|
|
|
-
|
|
|
-
|
|
|
1,677
|
|
|
35,961
|
|
|
131,864
|
Luxor
|
|
|
|
81,197
|
|
|
-
|
|
|
114
|
|
|
562
|
|
|
38,876
|
|
|
120,749
|
New York-New
York
|
|
|
|
112,570
|
|
|
-
|
|
|
-
|
|
|
250
|
|
|
24,802
|
|
|
137,622
|
Excalibur
|
|
|
|
91,394
|
|
|
-
|
|
|
-
|
|
|
68
|
|
|
19,793
|
|
|
111,255
|
Park
MGM
|
|
|
|
(75,060)
|
|
|
-
|
|
|
22,569
|
|
|
19,901
|
|
|
46,880
|
|
|
14,290
|
Circus Circus Las
Vegas
|
|
|
|
43,592
|
|
|
-
|
|
|
-
|
|
|
402
|
|
|
18,532
|
|
|
62,526
|
Las Vegas
Strip Resorts
|
|
|
|
1,231,998
|
|
|
-
|
|
|
22,683
|
|
|
26,058
|
|
|
424,740
|
|
|
1,705,479
|
MGM Grand
Detroit
|
|
|
|
173,515
|
|
|
-
|
|
|
-
|
|
|
(95)
|
|
|
22,397
|
|
|
195,817
|
Beau
Rivage
|
|
|
|
76,855
|
|
|
-
|
|
|
51
|
|
|
510
|
|
|
26,490
|
|
|
103,906
|
Gold Strike
Tunica
|
|
|
|
43,066
|
|
|
-
|
|
|
45
|
|
|
71
|
|
|
8,899
|
|
|
52,081
|
Borgata
|
|
|
|
139,935
|
|
|
-
|
|
|
-
|
|
|
936
|
|
|
57,523
|
|
|
198,394
|
MGM National
Harbor
|
|
|
|
119,383
|
|
|
-
|
|
|
163
|
|
|
271
|
|
|
75,292
|
|
|
195,109
|
MGM Springfield
(1)
|
|
|
|
(34,757)
|
|
|
-
|
|
|
32,435
|
|
|
-
|
|
|
16,111
|
|
|
13,789
|
Regional
Operations
|
|
|
|
517,997
|
|
|
-
|
|
|
32,694
|
|
|
1,693
|
|
|
206,712
|
|
|
759,096
|
MGM
Macau
|
|
|
|
406,763
|
|
|
-
|
|
|
-
|
|
|
630
|
|
|
70,728
|
|
|
478,121
|
MGM
Cotai
|
|
|
|
(190,959)
|
|
|
-
|
|
|
64,341
|
|
|
24,224
|
|
|
192,567
|
|
|
90,173
|
MGM
China
|
|
|
|
215,804
|
|
|
-
|
|
|
64,341
|
|
|
24,854
|
|
|
263,295
|
|
|
568,294
|
Unconsolidated
resorts (2)
|
|
|
|
144,369
|
|
|
-
|
|
|
3,321
|
|
|
-
|
|
|
-
|
|
|
147,690
|
Management and
other operations
|
|
|
|
55,465
|
|
|
-
|
|
|
-
|
|
|
178
|
|
|
19,147
|
|
|
74,790
|
|
|
|
|
2,165,633
|
|
|
-
|
|
|
123,039
|
|
|
52,783
|
|
|
913,894
|
|
|
3,255,349
|
Stock
compensation
|
|
|
|
(68,211)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(68,211)
|
Corporate
|
|
|
|
(627,936)
|
|
|
-
|
|
|
28,353
|
|
|
(43,636)
|
|
|
264,150
|
|
|
(379,069)
|
|
|
|
$
|
1,469,486
|
|
$
|
-
|
|
$
|
151,392
|
|
$
|
9,147
|
|
$
|
1,178,044
|
|
$
|
2,808,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
$
|
419,462
|
|
$
|
(6,970)
|
|
$
|
-
|
|
$
|
924
|
|
$
|
92,320
|
|
$
|
505,736
|
MGM Grand Las
Vegas
|
|
|
|
279,841
|
|
|
(7,424)
|
|
|
6
|
|
|
1,752
|
|
|
70,510
|
|
|
344,685
|
Mandalay
Bay
|
|
|
|
169,828
|
|
|
(8,524)
|
|
|
-
|
|
|
590
|
|
|
96,577
|
|
|
258,471
|
The
Mirage
|
|
|
|
140,881
|
|
|
(4,043)
|
|
|
-
|
|
|
304
|
|
|
39,854
|
|
|
176,996
|
Luxor
|
|
|
|
89,127
|
|
|
(3,394)
|
|
|
-
|
|
|
2,428
|
|
|
38,489
|
|
|
126,650
|
New York-New
York
|
|
|
|
107,953
|
|
|
(2,025)
|
|
|
(162)
|
|
|
720
|
|
|
28,550
|
|
|
135,036
|
Excalibur
|
|
|
|
97,382
|
|
|
(2,658)
|
|
|
-
|
|
|
485
|
|
|
18,352
|
|
|
113,561
|
Park
MGM
|
|
|
|
(30,659)
|
|
|
(2,461)
|
|
|
6,532
|
|
|
33,510
|
|
|
42,269
|
|
|
49,191
|
Circus Circus Las
Vegas
|
|
|
|
55,256
|
|
|
(3,130)
|
|
|
452
|
|
|
940
|
|
|
16,756
|
|
|
70,274
|
Las Vegas
Strip Resorts
|
|
|
|
1,329,071
|
|
|
(40,629)
|
|
|
6,828
|
|
|
41,653
|
|
|
443,677
|
|
|
1,780,600
|
MGM Grand
Detroit
|
|
|
|
153,533
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
22,747
|
|
|
176,280
|
Beau
Rivage
|
|
|
|
62,543
|
|
|
-
|
|
|
-
|
|
|
370
|
|
|
24,865
|
|
|
87,778
|
Gold Strike
Tunica
|
|
|
|
43,722
|
|
|
-
|
|
|
-
|
|
|
91
|
|
|
9,069
|
|
|
52,882
|
Borgata
|
|
|
|
206,445
|
|
|
-
|
|
|
1,430
|
|
|
1,417
|
|
|
71,878
|
|
|
281,170
|
MGM National
Harbor
|
|
|
|
50,696
|
|
|
-
|
|
|
366
|
|
|
-
|
|
|
82,744
|
|
|
133,806
|
Regional
Operations
|
|
|
|
516,939
|
|
|
-
|
|
|
1,796
|
|
|
1,878
|
|
|
211,303
|
|
|
731,916
|
MGM
China
|
|
|
|
204,190
|
|
|
-
|
|
|
86,970
|
|
|
6,286
|
|
|
238,078
|
|
|
535,524
|
Unconsolidated
resorts (2)
|
|
|
|
146,222
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
146,222
|
Management and
other operations
|
|
|
|
18,913
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
7,925
|
|
|
26,838
|
|
|
|
|
2,215,335
|
|
|
(40,629)
|
|
|
95,594
|
|
|
49,817
|
|
|
900,983
|
|
|
3,221,100
|
Stock
compensation
|
|
|
|
(60,936)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(60,936)
|
Corporate
|
|
|
|
(441,872)
|
|
|
-
|
|
|
22,881
|
|
|
462
|
|
|
92,497
|
|
|
(326,032)
|
|
|
|
$
|
1,712,527
|
|
$
|
(40,629)
|
|
$
|
118,475
|
|
$
|
50,279
|
|
$
|
993,480
|
|
$
|
2,834,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the twelve
months ended December 31, 2018, represents the operating results of
MGM Springfield for the period August 1-December 31
only.
|
(2) 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 (LOSS) ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO
ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net income (loss)
attributable to MGM Resorts International
|
|
$
|
(23,327)
|
|
$
|
1,387,413
|
|
$
|
466,772
|
|
$
|
1,952,052
|
Plus: Net
income attributable to noncontrolling interests
|
|
|
29,087
|
|
|
31,580
|
|
|
117,122
|
|
|
136,132
|
Net
income
|
|
|
5,760
|
|
|
1,418,993
|
|
|
583,894
|
|
|
2,088,184
|
(Benefit)
provision for income taxes
|
|
|
92,735
|
|
|
(1,377,904)
|
|
|
50,112
|
|
|
(1,127,394)
|
Income before
income taxes
|
|
|
98,495
|
|
|
41,089
|
|
|
634,006
|
|
|
960,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
|
214,538
|
|
|
157,341
|
|
|
769,513
|
|
|
668,745
|
Other,
net
|
|
|
22,718
|
|
|
24,984
|
|
|
65,967
|
|
|
82,992
|
|
|
|
|
237,256
|
|
|
182,325
|
|
|
835,480
|
|
|
751,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
335,751
|
|
|
223,414
|
|
|
1,469,486
|
|
|
1,712,527
|
NV Energy
exit expense
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(40,629)
|
Preopening
and start-up expenses
|
|
|
18,508
|
|
|
52,967
|
|
|
151,392
|
|
|
118,475
|
Property
transactions, net
|
|
|
28,679
|
|
|
27,629
|
|
|
9,147
|
|
|
50,279
|
Depreciation and amortization
|
|
|
312,542
|
|
|
249,357
|
|
|
1,178,044
|
|
|
993,480
|
Adjusted
EBITDA
|
|
$
|
695,480
|
|
$
|
553,367
|
|
$
|
2,808,069
|
|
$
|
2,834,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS - LAS VEGAS STRIP RESORTS
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
94.2%
|
|
|
88.1%
|
|
|
94.9%
|
|
|
92.9%
|
|
Average daily rate (ADR)
|
|
|
$282
|
|
|
$273
|
|
|
$278
|
|
|
$276
|
|
Revenue per available room (REVPAR)
|
|
|
$266
|
|
|
$240
|
|
|
$264
|
|
|
$257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
90.3%
|
|
|
87.5%
|
|
|
92.7%
|
|
|
92.1%
|
|
ADR
|
|
|
$180
|
|
|
$170
|
|
|
$182
|
|
|
$182
|
|
REVPAR
|
|
|
$163
|
|
|
$149
|
|
|
$169
|
|
|
$167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
89.9%
|
|
|
80.5%
|
|
|
90.2%
|
|
|
90.0%
|
|
ADR
|
|
|
$187
|
|
|
$185
|
|
|
$204
|
|
|
$206
|
|
REVPAR
|
|
|
$168
|
|
|
$149
|
|
|
$184
|
|
|
$186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
92.1%
|
|
|
90.5%
|
|
|
93.9%
|
|
|
94.2%
|
|
ADR
|
|
|
$170
|
|
|
$173
|
|
|
$172
|
|
|
$173
|
|
REVPAR
|
|
|
$156
|
|
|
$157
|
|
|
$161
|
|
|
$163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
91.3%
|
|
|
89.7%
|
|
|
94.5%
|
|
|
93.9%
|
|
ADR
|
|
|
$111
|
|
|
$107
|
|
|
$115
|
|
|
$115
|
|
REVPAR
|
|
|
$101
|
|
|
$96
|
|
|
$109
|
|
|
$108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
93.0%
|
|
|
94.8%
|
|
|
96.0%
|
|
|
96.2%
|
|
ADR
|
|
|
$146
|
|
|
$139
|
|
|
$144
|
|
|
$145
|
|
REVPAR
|
|
|
$135
|
|
|
$132
|
|
|
$138
|
|
|
$139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
89.0%
|
|
|
87.4%
|
|
|
92.2%
|
|
|
92.4%
|
|
ADR
|
|
|
$97
|
|
|
$92
|
|
|
$99
|
|
|
$100
|
|
REVPAR
|
|
|
$86
|
|
|
$81
|
|
|
$91
|
|
|
$92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Park
MGM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
82.4%
|
|
|
73.3%
|
|
|
83.8%
|
|
|
89.5%
|
|
ADR
|
|
|
$133
|
|
|
$125
|
|
|
$132
|
|
|
$123
|
|
REVPAR
|
|
|
$109
|
|
|
$92
|
|
|
$111
|
|
|
$110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
76.5%
|
|
|
76.5%
|
|
|
81.3%
|
|
|
84.0%
|
|
ADR
|
|
|
$85
|
|
|
$78
|
|
|
$84
|
|
|
$84
|
|
REVPAR
|
|
|
$65
|
|
|
$60
|
|
|
$68
|
|
|
$71
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
|
|
|
|
|
$
|
302,569
|
|
$
|
267,823
|
|
$
|
1,149,025
|
|
$
|
1,102,393
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
32,305
|
|
|
28,771
|
|
|
128,720
|
|
|
125,340
|
|
|
|
|
|
|
|
|
|
|
$
|
334,874
|
|
$
|
296,594
|
|
$
|
1,277,745
|
|
$
|
1,227,733
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
NET INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
|
$
|
14,988
|
|
$
|
13,847
|
|
$
|
(37,911)
|
|
$
|
131,683
|
|
|
|
Plus: Loss
from discontinued operations
|
|
|
385
|
|
|
2,237
|
|
|
135,002
|
|
|
5,543
|
|
|
|
Net income from
continuing operations
|
|
|
15,373
|
|
|
16,084
|
|
|
97,091
|
|
|
137,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
|
22,150
|
|
|
15,887
|
|
|
80,511
|
|
|
60,094
|
|
|
|
Other,
net
|
|
|
|
|
|
|
7,868
|
|
|
(506)
|
|
|
7,766
|
|
|
2,789
|
|
|
|
|
|
|
|
|
|
|
|
30,018
|
|
|
15,381
|
|
|
88,277
|
|
|
62,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
|
|
45,391
|
|
|
31,465
|
|
|
185,368
|
|
|
200,109
|
|
|
|
NV Energy
exit expense
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(8,250)
|
|
|
|
Property
transactions, net
|
|
|
|
7,644
|
|
|
8,378
|
|
|
7,195
|
|
|
9,541
|
|
|
|
Depreciation and amortization
|
|
|
57,117
|
|
|
55,797
|
|
|
221,564
|
|
|
211,897
|
|
|
|
Adjusted
EBITDA
|
|
|
|
$
|
110,152
|
|
$
|
95,640
|
|
$
|
414,127
|
|
$
|
413,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
|
|
|
|
$
|
43,908
|
|
$
|
-
|
|
$
|
7,633
|
|
$
|
50,104
|
|
$
|
101,645
|
|
Vdara
|
|
|
|
|
|
|
2,471
|
|
|
-
|
|
|
11
|
|
|
7,013
|
|
|
9,495
|
|
Resort
operations
|
|
|
|
46,379
|
|
|
-
|
|
|
7,644
|
|
|
57,117
|
|
|
111,140
|
|
Other
|
|
|
|
|
|
|
(988)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(988)
|
|
|
|
|
|
|
|
$
|
45,391
|
|
$
|
-
|
|
$
|
7,644
|
|
$
|
57,117
|
|
$
|
110,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
|
|
|
|
$
|
31,981
|
|
$
|
-
|
|
$
|
7,876
|
|
$
|
48,656
|
|
$
|
88,513
|
|
Vdara
|
|
|
|
|
|
|
425
|
|
|
-
|
|
|
502
|
|
|
7,141
|
|
|
8,068
|
|
Resort
operations
|
|
|
|
32,406
|
|
|
-
|
|
|
8,378
|
|
|
55,797
|
|
|
96,581
|
|
Other
|
|
|
|
|
|
|
(941)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(941)
|
|
|
|
|
|
|
|
$
|
31,465
|
|
$
|
-
|
|
$
|
8,378
|
|
$
|
55,797
|
|
$
|
95,640
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
|
|
|
|
$
|
179,791
|
|
$
|
-
|
|
$
|
6,956
|
|
$
|
193,859
|
|
$
|
380,606
|
|
Vdara
|
|
|
|
|
|
|
10,711
|
|
|
-
|
|
|
239
|
|
|
27,705
|
|
|
38,655
|
|
Resort
operations
|
|
|
|
190,502
|
|
|
-
|
|
|
7,195
|
|
|
221,564
|
|
|
419,261
|
|
Other
|
|
|
|
|
|
|
(5,134)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(5,134)
|
|
|
|
|
|
|
|
$
|
185,368
|
|
$
|
-
|
|
$
|
7,195
|
|
$
|
221,564
|
|
$
|
414,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
NV Energy exit
expense
|
|
Property
transactions, net
|
|
Depreciation
and
amortization
|
|
Adjusted
EBITDA
|
|
Aria
|
|
|
|
|
|
$
|
192,888
|
|
$
|
(8,250)
|
|
$
|
8,881
|
|
$
|
184,124
|
|
$
|
377,643
|
|
Vdara
|
|
|
|
|
|
|
11,344
|
|
|
-
|
|
|
660
|
|
|
27,773
|
|
|
39,777
|
|
Resort
operations
|
|
|
|
204,232
|
|
|
(8,250)
|
|
|
9,541
|
|
|
211,897
|
|
|
417,420
|
|
Other
|
|
|
|
|
|
|
(4,123)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(4,123)
|
|
|
|
|
|
|
|
$
|
200,109
|
|
$
|
(8,250)
|
|
$
|
9,541
|
|
$
|
211,897
|
|
$
|
413,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
|
89.6%
|
|
|
87.0%
|
|
|
90.9%
|
|
|
91.4%
|
|
|
|
|
ADR
|
|
|
|
|
$265
|
|
|
$244
|
|
|
$261
|
|
|
$251
|
|
|
|
|
REVPAR
|
|
|
|
|
$238
|
|
|
$212
|
|
|
$237
|
|
|
$229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
|
|
90.0%
|
|
|
85.4%
|
|
|
92.0%
|
|
|
89.5%
|
|
|
|
|
ADR
|
|
|
|
|
$213
|
|
|
$196
|
|
|
$209
|
|
|
$208
|
|
|
|
|
REVPAR
|
|
|
|
|
$192
|
|
|
$168
|
|
|
$192
|
|
|
$186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-fourth-quarter-and-full-year-financial-and-operating-results-300795329.html
SOURCE MGM Resorts International