MGM Resorts International Reports Second Quarter Financial And Operating Results

Date : 07/25/2019 @ 9:15PM
Source : PR Newswire (US)
Stock : MGM Resorts International (MGM)
Quote : 28.85  0.0 (0.00%) @ 9:00AM

MGM Resorts International Reports Second Quarter Financial And Operating Results

MGM Resorts (NYSE:MGM)
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LAS VEGAS, July 25, 2019 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended June 30, 2019.

Second Quarter 2019 Financial Highlights:

Consolidated Results

  • Consolidated net revenues increased 13% compared to the prior year quarter to $3.2 billion;
  • Consolidated operating income increased 2% compared to the prior year quarter to $371 million. The current quarter included $43 million in restructuring costs directly related to the operating model component of the MGM 2020 Plan;
  • Net income attributable to MGM Resorts of $43 million, compared to net income attributable to MGM Resorts of $124 million in the prior year quarter;
  • Diluted earnings per share of $0.08 in the current quarter compared to diluted earnings per share of $0.21 in the prior year quarter
  • Adjusted diluted earnings per share ("Adjusted EPS")(1) of $0.23 in the current quarter compared to Adjusted EPS of $0.26 in the prior year quarter; and
  • Consolidated Adjusted EBITDA(2) increased 9% to $756 million in the current quarter compared to $695 million in the prior year quarter.

"We are pleased with our second quarter results, which were in line with our expectations. Our consolidated net revenues increased by 13 percent and consolidated Adjusted EBITDA increased by 9 percent," said Jim Murren, Chairman and CEO of MGM Resorts International. "Our Las Vegas Strip Resorts saw an increase in revenues by 1 percent with non-gaming revenues up 5 percent thanks to a robust performance across our rooms, food and beverage and entertainment segments. This offset a 12 percent decline in gaming revenues, which was approximately two thirds driven by lower table games hold year over year and approximately one third driven by lower baccarat volumes. We continue to benefit from our diversified portfolio driven by strong growth in our Regional Operations and the continued ramp of MGM Cotai."

Mr. Murren continued, "We have the best portfolio of gaming assets in the U.S. with leading positions in most of our markets allowing us to outperform our competitors. We feel good about the remainder of 2019, given the strength in our convention bookings and entertainment calendar. In addition, we expect MGM 2020 will be an additional catalyst for second half earnings growth. Improvements to our operating model, through MGM 2020, also grant us better control over our fixed and variable costs, providing multiple levers to quickly respond to potential changes in business conditions. We are confident that we will achieve our 2020 targets of $3.6 billion to $3.9 billion in consolidated Adjusted EBITDA and significant growth in free cash flow through continued ramp up at our newer properties and further progress in executing our MGM 2020 Plan. We remain excited about our targeted growth opportunities in Japan, sports betting and interactive initiatives while maintaining a disciplined approach to capital allocation and creating long term value for shareholders. To that end, we bought back 11 million shares during the quarter."

Las Vegas Strip Resorts

  • Net revenues increased 1% compared to the prior year quarter to $1.5 billion; and
  • Adjusted Property EBITDA of $418 million, a 4% decrease compared to $436 million in the prior year quarter, due primarily to a decrease in table games revenue primarily attributable to lower table games hold, which had a $26 million negative impact to Adjusted Property EBITDA on a year over year basis. Adjusted Property EBITDA margin of 28.5%, a 145 basis point decrease compared to the prior year quarter.

Regional Operations

  • Net revenues increased $202 million or 29% compared to the prior year quarter to $911 million including $76 million in net revenues from MGM Springfield, which opened on August 24, 2018, $55 million in net revenues from Empire City Casino, which was acquired on January 29, 2019, and $68 million in net revenues from MGM Northfield Park's operations, which was acquired from MGP on April 1, 2019; and
  • Adjusted Property EBITDA of $255 million, a 34% increase compared the prior year quarter and Adjusted Property EBITDA margin of 28.0% in the current quarter, a 122 basis point increase compared to the prior year quarter.

MGM China

  • Net revenues increased 26% to $706 million primarily as a result of the continued ramp up of operations at MGM Cotai following its opening in February 2018 and an increase in main floor table games hold percentage; and
  • Adjusted Property EBITDA of $171 million, a 43% increase compared to the prior year quarter.

"During the quarter, we made significant progress on phase 1 of MGM 2020 with reductions in labor and sourcing savings," said Corey Sanders, Chief Financial Officer and Treasurer of MGM Resorts. "We are transforming the company's operating model to maximize both efficiencies and guest satisfaction. We are also empowering our leaders to make faster decisions. We feel increasingly confident that we will achieve our phase 1 Adjusted EBITDA uplift target of $200 million in 2020, compared to when we started the Plan. In fact, we now expect to realize roughly $100 million in 2019 compared to our previous guidance of around $70 million."

Adjusted Diluted Earnings Per Share

The following table reconciles diluted earnings per share ("EPS") to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income):

Three Months Ended June 30,


2019


2018

Diluted earnings per share


$

0.08


$

0.21

Preopening and start-up expenses





0.03

Property transactions, net



0.01



0.03

Restructuring



0.08



Non-operating expense:







Loss on retirement of long-term debt



0.09



Currency translation gain on MGM China senior notes



(0.01)



Non-operating items from unconsolidated affiliates:







Change in fair value of CityCenter swaps



0.02



Income tax impact on net income adjustments (1)



(0.04)



(0.01)

Adjusted diluted earnings per share


$

0.23


$

0.26



(1)

The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the jurisdiction in which it occurs.

Las Vegas Strip Resorts

Casino revenue for the second quarter of 2019 decreased 12% compared to the prior year quarter at the Company's Las Vegas Strip Resorts, due primarily to a 22% decrease in table games win resulting from a 413 basis point decrease in table games hold percentage and a 7% decrease in table games drop, driven by baccarat.

The following table shows key gaming statistics for the Company's Las Vegas Strip Resorts:

Three Months Ended June 30,


2019



2018


%
change




(Dollars in millions)





Table Games Drop


$

851



$

911



(7)

%

Table Games Win %



21.1

%



25.2

%




Slots Handle


$

3,127



$

3,098



1

%

Slots Hold %



9.4

%



9.1

%




Rooms revenue increased 4% compared to the prior year quarter at the Company's Las Vegas Strip Resorts. Las Vegas Strip Resorts REVPAR(3) increased 2.3% compared to the prior year quarter.

The following table shows key hotel statistics for the Company's Las Vegas Strip Resorts:

Three Months Ended June 30,


2019


2018

%
change

Occupancy %


95%


93%


Average Daily Rate (ADR)


$163


$161

0.7%

Revenue per Available Room (REVPAR)


$154


$150

2.3%

Food and beverage revenue increased 8% at the Company's Las Vegas Strip Resorts compared to the prior year quarter due primarily to the opening of new outlets at Park MGM and NoMad Las Vegas.

Regional Operations

Casino revenue increased 35% compared to the prior year quarter at the Company's Regional Operations, due primarily to the opening of MGM Springfield, the acquisition of Empire City Casino, and the acquisition of MGM Northfield Park's operations from MGP.

The following table shows key gaming statistics for the Company's Regional Operations:

Three Months Ended June 30,


2019



2018


%
change




(Dollars in millions)





Table Games Drop


$

1,023



$

969



6

%

Table Games Win %



19.9

%



18.9

%




Slots Handle


$

6,423



$

5,274



22

%

Slots Hold %



9.5

%



9.0

%




Food and beverage revenue increased 18% compared to the prior year quarter at the Company's Regional Operations due primarily to the opening of MGM Springfield, the acquisition of Empire City Casino, and the acquisition of MGM Northfield Park's operations from MGP, partially offset by a decrease at Borgata.

MGM China

Key second quarter results for MGM China Holdings Limited ("MGM China") include:

  • Net revenues of $706 million, a 26% increase compared to the prior year quarter. The current quarter included $316 million of net revenues at MGM Cotai;
  • Main floor table games win increased 36% compared to the prior year quarter due to the addition of new-to-market tables at MGM Cotai in 2019 and a 508 basis point increase in win percentage;
  • VIP table games win increased 22% compared to the prior year quarter due to the opening of VIP gaming areas in the second half of 2018 at MGM Cotai;
  • Adjusted Property EBITDA increased 43% to $171 million compared to $120 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
  • Adjusted Property EBITDA margin was 24.2% in the current quarter compared to 21.4% in the prior year quarter, increasing primarily as a result of the continued ramp up of operations at MGM Cotai and improved casino margins at MGM Macau.

The following table shows key gaming statistics for MGM China:

Three Months Ended June 30,


2019


2018

%
change



(Dollars in millions)


VIP Table Games Turnover


$10,962


$10,296

6%

VIP Table Games Win %


2.6%


2.3%


Main Floor Table Games Drop


$2,037


$1,931

5%

Main Floor Table Games Win %


22.5%


17.4%


MGM China paid the previously announced final dividend for 2018 of $16 million in June 2019, of which MGM Resorts received $9 million, representing its 56% share of the dividend.

Corporate Expense

Corporate expense, including normal share-based compensation for corporate employees, was $108 million in the second quarter of 2019, an increase of $5 million compared to the prior year quarter. The current quarter included $9 million in costs incurred to implement the MGM 2020 Plan and $3 million in finance modernization initiative costs. The prior year quarter included $12 million of corporate brand campaign expenses.

Unconsolidated Affiliates

The following table summarizes information related to the Company's share of income from unconsolidated affiliates:

Three Months Ended June 30,


2019



2018




(In thousands)


CityCenter


$

31,506



$

46,070


Other



(4,502)




1,870




$

27,004



$

47,940


Key second quarter results for CityCenter Holdings, LLC ("CityCenter") include the following (see schedule accompanying this release for further detail on CityCenter's second quarter results):

  • Net revenues were $329 million, a 4% decrease compared to the prior year quarter, due to a decrease in casino revenue partially offset by increases in rooms and food and beverage revenues;
  • Casino revenues at Aria decreased 23% compared to the prior year quarter, due primarily to a 27% decrease in table games win resulting from a 431 basis point decrease in table games hold percentage and a 15% decrease in table games drop;
  • REVPAR at Aria increased 6% compared to the prior year quarter to $252;
  • REVPAR at Vdara increased 2% compared to the prior year quarter to $196; and
  • Adjusted EBITDA from resort operations was $112 million, a 14% decrease compared to the prior year quarter.

MGM Growth Properties

During the second quarter of 2019, the Company made rent payments to MGM Growth Properties Operating Partnership LP ("MGP Operating Partnership") in the amount of $237 million and received distributions of $97 million from the MGP Operating Partnership. In June 2019, the Board of Directors of MGM Growth Properties LLC ("MGP") approved a quarterly dividend of $0.4675 per Class A share (an increase of $0.01 per share based on a $1.87 dividend on an annualized basis) totaling $43 million, which was paid on July 15, 2019 to holders of record on June 28, 2019. The Company concurrently received a $93 million distribution attributable to its ownership of MGP Operating Partnership units.

MGM Resorts Dividend

On July 25, 2019, the Company's Board of Directors approved a quarterly dividend of $0.13 per share totaling approximately $68 million. The dividend will be payable on September 16, 2019 to holders of record on September 10, 2019.

During the current quarter, MGM Resorts repurchased approximately 11 million shares of its common stock at an average price of $25.61 per share for an aggregate amount of $282 million. Approximately $1.1 billion remained available under the $2.0 billion share repurchase program as of June 30, 2019. All shares repurchased under the Company's program have been retired.

Financial Position

The Company's cash balance at June 30, 2019 was $1.2 billion, which included $437 million at MGM China and $54 million at the MGP Operating Partnership. At June 30, 2019, the Company had $14.8 billion of principal amount of indebtedness outstanding, including $1.1 billion outstanding under its $2.3 billion senior secured credit facility, $2.3 billion outstanding under the $3.6 billion MGP Operating Partnership senior secured credit facility and $701 million outstanding under the $1.6 billion MGM China credit facility.

In May 2019, MGM China issued $750 million in aggregate principal amount of 5.375% senior notes due 2024 and $750 million in aggregate principal amount of 5.875% senior notes due 2026 and used the proceeds to permanently repay approximately $1.0 billion on its term loan facility with the remainder used to pay down its revolving credit facility.

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 5931413. A replay of the call will be available through Thursday August 1, 2019. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10133186. 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.             "Adjusted EPS" is diluted earnings per share adjusted to exclude preopening and start-up expenses, property transactions, net, restructuring costs (which represents costs related to severance, accelerated stock compensation expense, and consulting fees directly related to the operating model component of the MGM 2020 Plan), gain or loss on retirement of long-term debt, currency translation gain or loss related to MGM China's U.S. dollar-denominated debt and the Company's share of mark-to-market adjustments related to CityCenter's interest rate swaps recorded within non-operating items from unconsolidated affiliates.

Adjusted EPS is a non-GAAP measure and is presented solely as a supplemental disclosure to reported GAAP measures because management believes this measure is useful in providing period-to-period comparisons of the results of the Company's continuing operations to assist investors in reviewing the Company's operating performance over time. Management believes that while certain items excluded from Adjusted EPS may be recurring in nature and should not be disregarded in evaluating the Company's earnings performance, it is useful to exclude such items when comparing current performance to prior periods because these items can vary significantly depending on specific underlying transactions or events. Also, management believes certain excluded items, such as restructuring costs and items further discussed in footnote 2 below, may not relate specifically to current operating trends or be indicative of future results. Adjusted EPS should not be construed as an alternative to GAAP earnings per share as an indicator of the Company's performance. In addition, Adjusted EPS may not be defined in the same manner by all companies and, as a result, may not be comparable to similarly-titled non-GAAP financial measures of other companies. A reconciliation of Adjusted EPS to diluted earnings per share can be found under "Adjusted Diluted Earnings Per Share" included in the earnings release.

2.             "Adjusted EBITDA" is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, restructuring costs (which represents costs related to severance, accelerated stock compensation expense, and consulting fees directly related to the operating model component of the MGM 2020 Plan), and property transactions, net. Management utilizes "Adjusted Property EBITDA" as the primary profit measures for its reportable segments and underlying operating segments. Adjusted Property EBITDA is a measure defined as Adjusted EBITDA before corporate expense and stock compensation expense, which are not allocated to each operating segment, and before rent expense related to the master lease with MGM Growth Properties that eliminates in consolidation. "Adjusted Property EBITDA margin" is Adjusted Property EBITDA divided by related segment 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 the Company's 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. The Company has 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.

A reconciliation of GAAP net income (loss) to Adjusted EBITDA is included in the financial schedules in this release. This presentation also includes references to target financial measures and achievement goals (including targeted Adjusted EBITDA and targeted net leverage), which are not presented as forecasts or projections of expected future performance.

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.

3.             REVPAR is hotel revenue per available room.

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 30 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 recently acquired the operations of Empire City Casino in New York and Hard Rock Rocksino in Ohio, which was rebranded as MGM Northfield Park. In 2018, MGM Resorts opened MGM Springfield in Massachusetts, MGM COTAI in Macau, and the first Bellagio-branded hotel in Shanghai. The 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 and the Company's ability to deliver on its 2020 targets and goals (including its Adjusted EBITDA, free cash flow and leverage targets). 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 CONTACTS:

Investment Community

News Media

CATHERINE PARK

BRIAN AHERN

Executive Director of Investor Relations

Director of Media Relations

(702) 693-8711 or cpark@mgmresorts.com

media@mgmresorts.com

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)
















Three Months Ended


Six Months Ended



June 30,


June 30,


June 30,


June 30,



2019


2018


2019


2018

Revenues:













Casino

$

1,598,312


$

1,332,214


$

3,224,658


$

2,726,530


Rooms


586,503



563,871



1,160,718



1,103,351


Food and beverage


544,552



494,808



1,064,773



950,219


Entertainment, retail and other


382,738



363,242



727,112



692,992


Reimbursed costs


111,138



104,560



222,893



207,840




3,223,243



2,858,695



6,400,154



5,680,932

Expenses:













Casino


888,392



741,531



1,791,149



1,504,180


Rooms


208,643



202,968



412,637



392,026


Food and beverage


426,664



376,985



826,903



730,374


Entertainment, retail and other


269,983



243,370



513,613



470,204


Reimbursed costs


111,138



104,560



222,893



207,840


General and administrative


524,424



438,453



1,049,536



856,343


Corporate expense


108,061



103,438



237,497



202,947


Preopening and start-up expenses 


879



19,077



4,166



85,994


Property transactions, net


5,790



16,970



14,566



22,868


Depreciation and amortization


334,788



296,208



651,202



565,030




2,878,762



2,543,560



5,724,162



5,037,806














Income from unconsolidated affiliates


27,004



47,940



65,753



79,706














Operating income


371,485



363,075



741,745



722,832














Non-operating income (expense):













Interest expense, net of amounts capitalized


(215,829)



(181,493)



(431,949)



(349,402)


Non-operating items from unconsolidated affiliates


(21,477)



(11,068)



(39,642)



(20,078)


Other, net


(46,276)



(6,381)



(44,583)



(8,297)




(283,582)



(198,942)



(516,174)



(377,777)














Income before income taxes


87,903



164,133



225,571



345,055


Benefit (provision) for income taxes


(11,734)



(23,710)



(83,245)



61,669














Net income 


76,169



140,423



142,326



406,724


Less: Net income attributable to noncontrolling interests


(32,764)



(16,646)



(67,624)



(59,503)

Net income attributable to MGM Resorts International

$

43,405


$

123,777


$

74,702


$

347,221














Earnings per share:













Basic

$

0.08


$

0.21


$

0.13


$

0.60


Diluted

$

0.08


$

0.21


$

0.13


$

0.60














Weighted average common shares outstanding:













Basic


532,365



548,433



533,286



556,586


Diluted


535,417



554,339



536,456



563,108

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)




















June 30,


December 31,




2019


2018









      ASSETS

Current assets:








Cash and cash equivalents

$

1,160,591


$

1,526,762


Accounts receivable, net


562,772



657,206


Inventories


106,707



110,831


Income tax receivable


20,994



28,431


Prepaid expenses and other


188,970



203,548



Total current assets


2,040,034



2,526,778









Property and equipment, net


21,054,337



20,729,888









Other assets:








Investments in and advances to unconsolidated affiliates


746,733



732,867


Goodwill 



2,080,904



1,821,392


Other intangible assets, net


3,922,684



3,944,463


Operating lease right-of-use assets, net


664,817



-


Other long-term assets, net


304,206



455,318



Total other assets


7,719,344



6,954,040




$

30,813,715


$

30,210,706

















LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:







Accounts payable

$

277,591


$

302,578


Construction payable


231,740



311,793


Current portion of long-term debt


-



43,411


Accrued interest on long-term debt


136,790



140,046


Other accrued liabilities


2,140,418



2,151,054



Total current liabilities


2,786,539



2,948,882









Deferred income taxes, net 


1,552,552



1,342,538

Long-term debt, net


14,661,695



15,088,005

Other long-term obligations


228,451



259,240

Operating lease liabilities


529,171



-

Redeemable noncontrolling interest


100,586



102,250

Stockholders' equity:







Common stock, $.01 par value: authorized 1,000,000,000 shares,







   issued and outstanding 526,333,157 and 527,479,528 shares 


5,263



5,275


Capital in excess of par value


4,181,585



4,092,085


Retained earnings


2,359,966



2,423,479


Accumulated other comprehensive loss


(26,330)



(8,556)



Total MGM Resorts International stockholders' equity


6,520,484



6,512,283


Noncontrolling interests


4,434,237



3,957,508



Total stockholders' equity


10,954,721



10,469,791




$

30,813,715


$

30,210,706

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)














Three Months Ended


Six Months Ended


June 30,


June 30,


June 30,


June 30,


2019


2018


2019


2018

Bellagio

$

338,572


$

346,377


$

676,698


$

707,165

MGM Grand Las Vegas


283,026



311,090



567,774



604,896

Mandalay Bay


241,002



251,890



466,575



496,455

The Mirage 


153,923



157,881



309,910



303,540

Luxor


98,342



103,708



192,556



200,459

New York-New York 


95,726



92,947



190,904



189,061

Excalibur


86,386



84,233



167,261



163,655

Park MGM


103,454



43,345



197,651



99,602

Circus Circus Las Vegas


65,913



63,043



125,203



121,785

  Las Vegas Strip Resorts


1,466,344



1,454,514



2,894,532



2,886,618

MGM Grand Detroit


153,310



153,211



307,549



300,746

Beau Rivage


106,252



102,793



209,044



199,488

Gold Strike Tunica


48,580



42,273



96,793



83,920

Borgata


201,976



207,859



386,605



400,300

MGM National Harbor


202,356



202,353



401,982



390,603

MGM Springfield


76,205



-



154,082



-

Empire City Casino (1)


54,603



-



91,172



-

MGM Northfield Park (2)


67,671



-



67,671



-

 Regional Operations


910,953



708,489



1,714,898



1,375,057

MGM Macau


390,170



376,610



823,556



887,480

MGM Cotai


315,919



184,740



616,737



269,731

  MGM China


706,089



561,350



1,440,293



1,157,211

Management and other operations 


139,857



134,342



350,431



262,046


$

3,223,243


$

2,858,695


$

6,400,154


$

5,680,932













(1) For the six months ended June 30, 2019, represents net revenues of Empire City Casino for the period January 29-June 30 only.


(2) For the six months ended June 30, 2019, represents net revenues of MGM Northfield Park for the period April 1-June 30 only.













MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP RESORTS

(Unaudited)














Three Months Ended


Six Months Ended


June 30,


June 30,


June 30,


June 30,


2019


2018


2019


2018

Bellagio












   Occupancy %


96.8%



95.6%



95.2%



94.5%

   Average daily rate (ADR)


$280



$280



$287



$283

   Revenue per available room (REVPAR)


$271



$268



$273



$268













MGM Grand Las Vegas












   Occupancy %


94.5%



95.3%



92.2%



93.3%

   ADR


$183



$179



$189



$183

   REVPAR


$173



$170



$174



$171













Mandalay Bay 












   Occupancy %


94.5%



93.4%



92.7%



89.3%

   ADR


$204



$211



$207



$215

   REVPAR


$192



$197



$192



$191













The Mirage












   Occupancy %


96.5%



96.0%



94.0%



93.2%

   ADR


$177



$178



$185



$179

   REVPAR


$171



$170



$174



$167













Luxor 












   Occupancy %


97.1%



96.1%



95.2%



94.9%

   ADR


$116



$116



$119



$118

   REVPAR


$113



$111



$113



$112













New York-New York












   Occupancy %


97.9%



97.1%



95.4%



96.7%

   ADR


$146



$139



$153



$146

   REVPAR


$143



$135



$146



$142













Excalibur 












   Occupancy %


96.4%



95.1%



92.9%



92.9%

   ADR


$101



$97



$103



$100

   REVPAR


$97



$93



$96



$93













Park MGM












   Occupancy %


91.1%



80.3%



88.7%



84.2%

   ADR


$141



$131



$148



$132

   REVPAR


$128



$105



$132



$111













Circus Circus Las Vegas












   Occupancy %


87.4%



85.1%



83.1%



81.9%

   ADR


$88



$81



$90



$83

   REVPAR


$77



$69



$75



$68

 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO ADJUSTED EBITDA

(In thousands)

(Unaudited)
















Three Months Ended


Six Months Ended



June 30,


June 30,


June 30,


June 30,



2019


2018


2019


2018

Net income attributable to MGM Resorts International

$

43,405


$

123,777


$

74,702


$

347,221

  Plus: Net income attributable to noncontrolling interests


32,764



16,646



67,624



59,503

Net income 


76,169



140,423



142,326



406,724

  (Benefit) provision for income taxes


11,734



23,710



83,245



(61,669)

Income before income taxes


87,903



164,133



225,571



345,055














Non-operating (income) expense:












  Interest expense, net of amounts capitalized


215,829



181,493



431,949



349,402

  Other, net


67,753



17,449



84,225



28,375




283,582



198,942



516,174



377,777














Operating income


371,485



363,075



741,745



722,832

  Preopening and start-up expenses


879



19,077



4,166



85,994

  Property transactions, net


5,790



16,970



14,566



22,868

  Depreciation and amortization


334,788



296,208



651,202



565,030

  Restructuring


42,990



-



84,088



-

Adjusted EBITDA

$

755,932


$

695,330


$

1,495,767


$

1,396,724



























MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA and ADJUSTED EBITDA

(In thousands)

(Unaudited)
















Three Months Ended


Six Months Ended



June 30,


June 30,


June 30,


June 30,



2019


2018


2019


2018


Bellagio

$

121,542


$

126,604


$

238,325


$

267,001


MGM Grand Las Vegas


62,687



92,118



133,361



182,199


Mandalay Bay


63,021



66,983



118,742



135,766


The Mirage 


37,752



39,768



77,967



72,617


Luxor


32,246



33,556



61,641



62,545


New York-New York 


37,027



33,425



74,221



70,336


Excalibur


30,353



28,578



57,384



55,628


Park MGM


15,874



(830)



29,850



8,373


Circus Circus Las Vegas


17,695



15,703



30,233



30,594


  Las Vegas Strip Resorts


418,197



435,905



821,724



885,059


MGM Grand Detroit


50,334



52,135



99,685



98,526


Beau Rivage


27,305



24,393



54,363



47,468


Gold Strike Tunica


18,176



12,400



35,302



24,809


Borgata


53,426



50,917



92,263



94,149


MGM National Harbor


47,710



49,970



98,099



92,076


MGM Springfield


12,476



-



21,862



-


Empire City Casino (1)


21,926



-



36,353



-


MGM Northfield Park (2)


23,800



-



23,800



-


 Regional Operations


255,153



189,815



461,727



357,028


MGM Macau


116,496



99,813



245,564



245,648


MGM Cotai


54,332



20,062



116,054



25,978


  MGM China


170,828



119,875



361,618



271,626


Unconsolidated resorts (3)


28,357



47,940



68,839



79,706


Management and other operations 


(8,084)



12,491



22,047



20,336


Stock compensation


(14,566)



(17,286)



(30,861)



(32,903)


Corporate 


(93,953)



(93,410)



(209,327)



(184,128)



$

755,932


$

695,330


$

1,495,767


$

1,396,724

















(1) For the six months ended June 30, 2019, represents Adjusted Property EBITDA of Empire City Casino for the period January 29-June 30 only.




(2) For the six months ended June 30, 2019, represents Adjusted Property EBITDA of MGM Northfield Park for the period April 1-June 30 only.




(3) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences. 

 

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)


















Three Months Ended


Six Months Ended




June 30, 


June 30, 


June 30, 


June 30, 




2019


2018


2019


2018
















Aria


$

296,067


$

311,798


$

606,372


$

583,679


Vdara



33,276



32,336



66,491



64,805




$

329,343


$

344,134


$

672,863


$

648,484















CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)


















Three Months Ended


Six Months Ended




June 30, 


June 30, 


June 30, 


June 30, 




2019


2018


2019


2018


Aria














   Occupancy %



93.9%



92.7%



92.4%



91.0%


   ADR



$269



$257



$277



$265


   REVPAR



$252



$238



$256



$241
















Vdara














   Occupancy %



95.6%



94.0%



92.7%



92.8%


   ADR



$205



$205



$215



$212


   REVPAR



$196



$193



$199



$196





























CITYCENTER HOLDINGS, LLC

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)


















Three Months Ended


Six Months Ended




June 30, 


June 30, 


June 30, 


June 30, 




2019


2018


2019

2018















Net income (loss)


$

5,025


$

54,395


$

22,997


$

(51,672)

 Plus: Loss from discontinued operations



-



38



-



128,548

Net income from continuing operations



5,025



54,433



22,997



76,876















Non-operating (income) expense:













  Interest expense, net of amounts capitalized



23,406



19,922



46,660



37,147

  Other, net



17,410



567



28,710



(151)





40,816



20,489



75,370



36,996















Operating income



45,841



74,922



98,367



113,872

  Property transactions, net



353



(883)



1,249



(1,929)

  Depreciation and amortization



56,900



55,105



114,404



108,715

  Restructuring



2,707



-



6,172



-

Adjusted EBITDA


$

105,801


$

129,144


$

220,192


$

220,658





























CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - ADJUSTED EBITDA

(In thousands)

(Unaudited)





Three Months Ended


Six Months Ended




June 30, 


June 30, 


June 30, 


June 30, 




2019


2018


2019


2018


Aria


$

101,550


$

120,561


$

206,718


$

202,367


Vdara



10,610



10,131



21,062



20,922


 Resort Operations



112,160



130,692



227,780



223,289


Other



(6,359)



(1,548)



(7,588)



(2,631)




$

105,801


$

129,144


$

220,192


$

220,658

 

 

Cision View original content:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-second-quarter-financial-and-operating-results-300891393.html

SOURCE MGM Resorts International

Copyright 2019 PR Newswire

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