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
|
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