LAS VEGAS, Oct. 30, 2019 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter ended September 30,
2019.
Third Quarter 2019 Financial
Highlights:
Consolidated Results
- Consolidated net revenues increased 9% compared to the prior
year quarter to $3.3 billion;
- Consolidated operating income decreased 42% compared to the
prior year quarter to $238 million.
Excluding a non-cash impairment charge of $219 million in the current quarter related to
Circus Circus Las Vegas and adjacent land, included within property
transactions, net, consolidated operating income increased 11%
compared to the prior year quarter;
- Net loss attributable to MGM Resorts of $37 million, including the $219 million non-cash impairment charge discussed
above, compared to net income attributable to MGM Resorts of
$143 million in the prior year
quarter;
- Diluted loss per share of $0.08 in the current quarter
compared to diluted earnings per share of $0.26 in the prior year quarter;
- Adjusted diluted earnings per share ("Adjusted
EPS")(1) of $0.31 in the
current quarter compared to Adjusted EPS of $0.23 in the prior year quarter; and
- Consolidated Adjusted EBITDA(2) increased 14% to
$814 million in the current quarter
compared to $716 million in the prior
year quarter.
"We performed well in the third quarter, which came in line with
our expectations. Our consolidated net revenues increased by 9
percent and consolidated Adjusted EBITDA increased by 14 percent,"
said Jim Murren, Chairman and CEO of
MGM Resorts. "Our Las Vegas Strip Resorts saw an increase in
revenues by 4 percent with non-gaming revenues up 6 percent thanks
to a robust performance in rooms and food and beverage. Gaming
revenues at our Las Vegas Strip Resorts declined by 3 percent due
to ongoing weakness in Far East baccarat volumes, offset by
increases in slots and domestic table games play. Adjusted Property
EBITDA at our Regional Properties increased by 27 percent with
notable strength at MGM National Harbor and Borgata. We were very
pleased with the ramp up of our Cotai property, which generated
$80 million in Adjusted Property
EBITDA during the quarter, despite some challenges in the market
place."
Mr. Murren continued, "We recently announced two significant
transactions, which form part of our broader asset-light strategy
and the shift in our business model away from a capital-intensive
real estate business towards a developer, manager and operator of
leading gaming, hospitality and entertainment properties. We
entered into an agreement to sell Circus Circus Las Vegas for
consideration of $825 million and
entered into an agreement with Blackstone Real Estate Income Trust
that values the real estate of Bellagio at $4.25 billion, representing a purchase price
multiple of 17.3x rent. We expect that the agreements to sell
Circus Circus Las Vegas and to monetize the Bellagio real estate
assets will provide us with net after tax cash proceeds, including
expected debt breakage costs, of $4.3
billion, a majority of which will be used to fortify our
balance sheet and then return capital to shareholders. Following
these transactions, we will still retain several highly valuable
real estate assets including MGM Grand Las Vegas, MGM Springfield,
our 50 percent stake in CityCenter and our 68 percent economic
ownership in MGM Growth Properties LLC. I am excited about the
prospects for our business as we enter 2020. We expect the
combination of a healthy Las Vegas
market and successful implementation of MGM 2020 to drive EBITDA
and free cash flow growth. Simultaneously our asset light
transition will generate significant proceeds from real estate
monetization that can be used to strengthen our balance sheet,
meaningfully reduce our shares outstanding, and invest in select
growth initiatives. Our increased profits spread across fewer
shares outstanding will result in enhanced free cash flow per share
and generate meaningful value for our shareholders."
Las Vegas Strip Resorts
- Net revenues increased 4% compared to the prior year quarter to
$1.5 billion;
- Table Games Hold Adjusted Las Vegas Strip Resorts Net
Revenues(3) increased 4% compared to the prior year
quarter to $1.5 billion;
- Adjusted Property EBITDA of $441
million, a 5% increase compared to $420 million in the prior year quarter;
- Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted
Property EBITDA(2) of $438
million a 6% increase compared to the prior year quarter;
and
- Adjusted Property EBITDA margin of 29.3%, a 41 basis
point increase compared to the prior year quarter.
Regional Operations
- Net revenues increased $158
million or 20% compared to the prior year quarter to
$935 million, including $52 million in net revenues from Empire City
Casino, which was acquired on January 29,
2019, $64 million in net
revenues from MGM Northfield Park's operations, which was acquired
from MGP on April 1, 2019, and a full
quarter of operations at MGM Springfield, which opened on
August 24, 2018;
- Adjusted Property EBITDA of $264
million, a 27% increase compared the prior year quarter;
and
- Adjusted Property EBITDA margin of 28.2% in the current
quarter, a 152 basis point increase compared to the prior year
quarter.
MGM China
- Net revenues increased 22% compared to the prior year quarter
to $738 million;
- VIP Table Games Hold Adjusted MGM China Net
Revenues(3) of $699
million, a 19% increase compared to the prior year
quarter;
- Adjusted Property EBITDA of $182
million, a 40% increase compared to the prior year
quarter;
- VIP Table Games Hold Adjusted MGM China Adjusted Property
EBITDA(2) of $168 million,
a 36% increase compared to the prior year quarter; and
- Adjusted Property EBITDA margin of 24.7% , a 321 basis
point increase compared to the prior year quarter.
"We remain focused on achieving our 2020 targets of $3.6 billion to $3.9
billion in consolidated Adjusted EBITDA and significant
growth in free cash flow per share," said Corey Sanders, Chief Financial Officer and
Treasurer of MGM Resorts. "The key drivers remain the benefits of
our MGM 2020 plan, which is currently tracking ahead of
expectations; healthy market conditions in Las Vegas and regional markets; and the
ongoing ramp up of newly opened properties, especially MGM Cotai.
We are also targeting consolidated net financial leverage of 3-4x
and approximately 1x net domestic financial leverage (excluding
MGP) by the end of 2020."
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
September 30,
|
|
2019
|
|
|
|
|
2018
|
|
Diluted earnings
(loss) per share
|
|
$
|
(0.08)
|
|
|
|
|
$
|
0.26
|
|
Preopening and
start-up expenses
|
|
|
—
|
|
|
|
|
|
0.08
|
|
Property
transactions, net
|
|
|
0.48
|
|
|
|
|
|
(0.08)
|
|
Non-operating
expense:
|
|
|
|
|
|
|
|
|
|
|
Remeasurement loss on
MGM China senior notes
|
|
|
0.01
|
|
|
|
|
|
—
|
|
Items from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
|
|
CityCenter property
transactions, net
|
|
|
(0.01)
|
|
|
|
|
|
—
|
|
Gain on the sale of
Mandarin Oriental Las Vegas
|
|
|
—
|
|
|
|
|
|
(0.02)
|
|
Change in fair value
of CityCenter swaps
|
|
|
0.01
|
|
|
|
|
|
—
|
|
Income tax impact on
net income adjustments (1)
|
|
|
(0.10)
|
|
|
|
|
|
(0.01)
|
|
Adjusted diluted
earnings per share
|
|
$
|
0.31
|
|
|
|
|
$
|
0.23
|
|
(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 third quarter of 2019 decreased 3%
compared to the prior year quarter at the Company's Las Vegas Strip
Resorts, due primarily to an 11% decrease in table games win driven
by baccarat, partially offset by a 6% increase in slots win.
The following table shows key gaming statistics for the
Company's Las Vegas Strip Resorts:
Three Months Ended
September 30,
|
|
2019
|
|
|
2018
|
|
%
change
|
|
|
(Dollars in
millions)
|
|
|
Table Games
Drop
|
|
$842
|
|
|
$897
|
|
(6)
|
%
|
Table Games Win
%
|
|
24.2
|
%
|
|
25.4
|
%
|
|
|
Slots
Handle
|
|
$3,280
|
|
|
$3,143
|
|
4
|
%
|
Slots Hold
%
|
|
9.4
|
%
|
|
9.3
|
%
|
|
|
Rooms revenue increased 6% compared to the prior year quarter at
the Company's Las Vegas Strip Resorts due to a 3.6%
increase in Las Vegas Strip Resorts
REVPAR(4) compared to the prior year quarter, as
well as a 2% increase in available rooms as a result of the
completion of the rebranding and repositioning of Park MGM. Rooms
revenue at Park MGM increased 49% compared to the prior year
quarter.
The following table shows key hotel statistics for the Company's
Las Vegas Strip Resorts:
Three Months Ended
September 30,
|
|
2019
|
|
2018
|
%
change
|
Occupancy
%
|
|
92%
|
|
93%
|
|
Average Daily Rate
(ADR)
|
|
$164
|
|
$157
|
4.4%
|
Revenue per Available
Room (REVPAR)
|
|
$152
|
|
$146
|
3.6%
|
Food and beverage revenue increased 9% 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 and an increase in catering and banquets revenue which
benefited from the completion of the expansion of MGM Grand's
Conference Center in 2019.
Regional Operations
Casino revenue increased 26% compared to the prior year quarter
at the Company's Regional Operations, due primarily to the
acquisition of Empire City Casino, the acquisition of MGM
Northfield Park's operations from MGP and a full quarter of
operations at MGM Springfield.
The following table shows key gaming statistics for the
Company's Regional Operations:
Three Months Ended
September 30,
|
|
2019
|
|
|
2018
|
|
%
change
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$1,122
|
|
|
$1,054
|
|
6%
|
Table Games Win
%
|
|
19.6
|
%
|
|
19.4
|
%
|
|
Slots
Handle
|
|
$6,666
|
|
|
$5,755
|
|
16%
|
Slots Hold
%
|
|
9.4
|
%
|
|
9.0
|
%
|
|
MGM China
Key third quarter results for MGM China Holdings Limited ("MGM
China") include:
- Net revenues of $738 million, a
22% increase compared to the prior year quarter. The current
quarter included $364 million of net
revenues at MGM Cotai;
- Main floor table games win increased 47% compared to the prior
year quarter due to the addition of 25 new-to-market tables at MGM
Cotai in 2019 and a 559 basis point increase in win
percentage;
- VIP table games win increased 5% compared to the prior year
quarter due to the opening of VIP gaming areas at the end of the
third quarter of 2018 at MGM Cotai and an increase in the VIP table
games win percentage;
- Adjusted Property EBITDA increased 40% to $182 million compared to $130 million in the prior year quarter. The
current quarter included $13 million
of license fee expense compared to $11
million in the prior year quarter; and
- Adjusted Property EBITDA margin was 24.7% in the current
quarter compared to 21.5% in the prior year quarter, increasing
primarily as a result of the continued ramp up of operations at MGM
Cotai.
The following table shows key gaming statistics for MGM
China:
Three Months Ended
September 30,
|
|
2019
|
|
2018
|
%
change
|
|
|
(Dollars in
millions)
|
|
VIP Table Games
Turnover
|
|
$8,646
|
|
$9,419
|
(8)%
|
VIP Table Games Win
%
|
|
3.7%
|
|
3.2%
|
|
Main Floor Table
Games Drop
|
|
$2,117
|
|
$1,882
|
13%
|
Main Floor Table
Games Win %
|
|
23.6%
|
|
18.1%
|
|
MGM China paid the previously announced interim dividend of
$46 million in August 2019, of which MGM Resorts received
$25 million, representing its 56%
share of the dividend.
Corporate Expense
Corporate expense, including normal share-based compensation for
corporate employees, was $109 million
in the third quarter of 2019, an increase of $10 million compared to the prior year quarter.
The current quarter included $7
million in costs incurred to implement the MGM 2020 Plan,
$6 million related to the work of the
Real Estate Committee of the Company's Board of Directors and
$3 million in finance modernization
initiative costs.
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of income from unconsolidated affiliates:
Three Months Ended
September 30,
|
|
2019
|
|
|
2018
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
39,317
|
|
|
$
|
33,232
|
|
Other
|
|
|
(3,103)
|
|
|
|
2,263
|
|
|
|
$
|
36,214
|
|
|
$
|
35,495
|
|
Key third quarter results for CityCenter Holdings, LLC
("CityCenter") include the following (see schedule accompanying
this release for further detail on CityCenter's third quarter
results):
- Net revenues were $320 million, a
9% increase compared to the prior year quarter, due to a 24%
increase in casino revenues and an increase in rooms revenues;
- Casino revenues at Aria increased 24% compared to the prior
year quarter, due primarily to a 13% increase in table games win
resulting from a 405 basis point increase in table games hold
percentage and a 13% increase in slots win;
- REVPAR at Aria increased 4% compared to the prior year quarter
to $237;
- REVPAR at Vdara increased 4% compared to the prior year quarter
to $192; and
- Adjusted EBITDA from resort operations was $110 million, a 30% increase compared to the
prior year quarter.
MGM Growth Properties
During the third 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 $93 million from the MGP Operating Partnership.
In September 2019, the Board of
Directors of MGM Growth Properties LLC ("MGP") approved a quarterly
dividend of $0.47 per Class A share
(an increase of $0.01 per share based
on a $1.88 dividend on an annualized
basis) totaling $45 million, which
was paid on October 15, 2019 to
holders of record on September 30,
2019. The Company concurrently received a $94 million distribution attributable to its
ownership of MGP Operating Partnership units.
MGM Resorts Dividend
On October 30, 2019, the Company's
Board of Directors approved a quarterly dividend of $0.13 per share totaling approximately
$67 million. The dividend will be
payable on December 16, 2019 to
holders of record on December 10,
2019.
During the current quarter, MGM Resorts repurchased
approximately 13 million shares of its common stock at an average
price of $28.33 per share for an
aggregate amount of $357 million.
Approximately $750 million remained
available under the $2.0 billion
share repurchase program as of September 30,
2019. All shares repurchased under the Company's program
have been retired.
Financial Position
The Company's cash balance at September 30, 2019 was
$1.2 billion, which included
$490 million at MGM China and
$154 million at the MGP Operating
Partnership. At September 30, 2019, the Company had
$15.1 billion of principal amount of
indebtedness outstanding, including $1.3
billion outstanding under its $2.25
billion senior secured credit facility, $2.3 billion outstanding under the $3.6 billion MGP Operating Partnership senior
secured credit facility and $776
million outstanding under the $1.25
billion MGM China revolving credit facility.
In August 2019, MGM China entered
into a new $1.25 billion senior
unsecured revolving credit facility and used the proceeds to fully
repay the borrowings outstanding under its secured credit facility.
The secured credit facility was subsequently extinguished. The new
revolving credit facility matures in May
2024 and bears interest at a fluctuating rate per annum
based on HIBOR plus 1.625% to 2.75%, as determined by MGM China's
leverage ratio.
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
2753290. A replay of the call will be available through
Wednesday, November 6, 2019.
The replay may be accessed by dialing 1-877-344-7529 or
1-412-317-0088. The replay access code is 10135301. 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.
"Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted
Property EBITDA" and "VIP Table Games Hold Adjusted MGM China
Adjusted Property EBITDA" are supplemental non-GAAP financial
measures, that, in addition to the reasons described above for the
presentation of Adjusted Property EBITDA, are presented to
adjust for the impact of certain variances in table games and VIP
table games' win percentages compared to the mid-point of the
expected ranges. Table Games Hold Adjusted Las Vegas Strip Resorts
Adjusted Property EBITDA is calculated by applying a win percentage
of 30.0% for Baccarat and 21.0% for non-Baccarat games to the
respective table games drops for the quarter, which represents the
mid-point of the expected ranges of 25.0% to 35.0% for Baccarat and
19.0% to 23.0% for non-Baccarat at the Las Vegas Strip Resorts
properties. VIP Table Games Hold Adjusted MGM China Adjusted
Property EBITDA is based on applying a VIP Rolling Chip win
percentage of 2.95% to the VIP Rolling Chip volume, which
represents the mid-point of the expected normal range of 2.6% to
3.3% for MGM China. Table Games Hold Adjusted Las Vegas Strip
Resorts Adjusted Property EBITDA and VIP Table Games Hold Adjusted
MGM China Adjusted Property EBITDA are also adjusted for the gaming
taxes, VIP commissions, bad debt expense, discounts and other
incentives that would have been incurred or avoided when applying
the win percentages noted above to the respective gaming
volumes.
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.
In addition, Table Games Hold Adjusted Las Vegas Strip Resorts
Adjusted Property EBITDA and VIP Table Games Hold Adjusted MGM
China Adjusted Property EBITDA are presented as a supplemental
disclosure to reported GAAP measures and to Adjusted Property
EBITDA because management believes these measures present a
consistent measure for evaluating the Company's operating
performance from period to period.
Adjusted EBITDA, Adjusted Property EBITDA, Adjusted Property
EBITDA margin, Table Games Hold Adjusted Las Vegas Strip Resorts
Adjusted Property EBITDA and VIP Table Games Hold Adjusted MGM
China Adjusted Property EBITDA 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, Adjusted Property EBITDA margin, Table
Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property
EBITDA, or VIP Table Games Hold Adjusted MGM China Adjusted
Property EBITDA. Also, other companies in the gaming and
hospitality industries that report Adjusted EBITDA, Adjusted
Property EBITDA, Adjusted Property EBITDA margin, Table Games Hold
Adjusted Las Vegas Strip Resorts Adjusted Property EBITDA, or VIP
Table Games Hold Adjusted MGM China Adjusted Property EBITDA
information may calculate Adjusted EBITDA, Adjusted Property
EBITDA, Adjusted Property EBITDA margin, Table Games Hold Adjusted
Las Vegas Strip Resorts Adjusted Property EBITDA, or VIP Table
Games Hold Adjusted MGM China Adjusted Property EBITDA in a
different manner and such differences may be material.
A reconciliation of GAAP net income (loss) to Adjusted EBITDA is
included in the financial schedules in this release. This press
release also includes references to target financial measures and
goals (including targeted Adjusted EBITDA and targeted net
leverage), which are not presented as forecasts or projections of
expected future performance.
3.
"Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues"
and "VIP Table Games Hold Adjusted MGM China Net Revenues" are
additional supplemental non-GAAP financial measures that are
presented to adjust Las Vegas Strip Resorts net revenues and MGM
China net revenues for the impact of certain variances in table
games and VIP table games' win percentages compared to the
mid-point of the expected ranges, as described in footnote 2 above.
Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and
VIP Table Games Hold Adjusted MGM China Net Revenues are also
adjusted for the VIP commissions, discounts and other incentives
that would have been incurred or avoided when applying the win
percentages noted in footnote 2 above to the respective gaming
volumes. Management believes Table Games Hold Adjusted Las Vegas
Strip Resorts Net Revenues and VIP Table Games Hold Adjusted MGM
China Net Revenues present consistent measures in providing
period-to-period comparisons and are useful measures in assisting
investors evaluating the Company's operating performance. Table
Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and VIP
Table Games Hold Adjusted MGM China Net Revenues should not be
construed as alternatives to GAAP net revenues, as indicators of
the Company's performance, or as any other measure determined in
accordance with generally accepted accounting principles.
Reconciliations of GAAP net revenues to Table Games Hold Adjusted
Las Vegas Strip Resorts Net Revenues and VIP Table Games Hold
Adjusted MGM China Net Revenues are included in the financial
schedules in this release.
4.
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, the Company's ability to execute on its asset light
strategy and return capital to shareholders, the expected net cash
proceeds from the Bellagio sale-leaseback and Circus Circus Las
Vegas transactions 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
|
AARON
FISCHER
|
BRIAN
AHERN
|
Chief Strategy
Officer
|
Director of Media
Relations
|
(702) 693-7152 or
afischer@mgmresorts.com
|
media@mgmresorts.com
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
1,663,049
|
|
$
|
1,465,380
|
|
$
|
4,887,707
|
|
$
|
4,191,910
|
|
Rooms
|
|
595,636
|
|
|
566,319
|
|
|
1,756,354
|
|
|
1,669,670
|
|
Food and
beverage
|
|
560,200
|
|
|
520,773
|
|
|
1,624,973
|
|
|
1,470,992
|
|
Entertainment,
retail and other
|
|
387,596
|
|
|
370,150
|
|
|
1,114,708
|
|
|
1,063,142
|
|
Reimbursed
costs
|
|
107,901
|
|
|
106,680
|
|
|
330,794
|
|
|
314,520
|
|
|
|
3,314,382
|
|
|
3,029,302
|
|
|
9,714,536
|
|
|
8,710,234
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
915,207
|
|
|
819,334
|
|
|
2,706,356
|
|
|
2,323,514
|
|
Rooms
|
|
211,292
|
|
|
206,406
|
|
|
623,929
|
|
|
598,432
|
|
Food and
beverage
|
|
427,400
|
|
|
391,091
|
|
|
1,254,303
|
|
|
1,121,465
|
|
Entertainment,
retail and other
|
|
274,850
|
|
|
263,915
|
|
|
788,463
|
|
|
734,119
|
|
Reimbursed
costs
|
|
107,901
|
|
|
106,680
|
|
|
330,794
|
|
|
314,520
|
|
General and
administrative
|
|
494,228
|
|
|
463,417
|
|
|
1,543,764
|
|
|
1,319,760
|
|
Corporate
expense
|
|
108,545
|
|
|
98,089
|
|
|
346,042
|
|
|
301,036
|
|
Preopening and
start-up expenses
|
|
925
|
|
|
46,890
|
|
|
5,091
|
|
|
132,884
|
|
Property
transactions, net
|
|
249,858
|
|
|
(42,400)
|
|
|
264,424
|
|
|
(19,532)
|
|
Depreciation and
amortization
|
|
322,009
|
|
|
300,472
|
|
|
973,211
|
|
|
865,502
|
|
|
|
3,112,215
|
|
|
2,653,894
|
|
|
8,836,377
|
|
|
7,691,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
36,214
|
|
|
35,495
|
|
|
101,967
|
|
|
115,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
238,381
|
|
|
410,903
|
|
|
980,126
|
|
|
1,133,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(215,503)
|
|
|
(205,573)
|
|
|
(647,452)
|
|
|
(554,975)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(14,669)
|
|
|
(11,583)
|
|
|
(54,311)
|
|
|
(31,661)
|
|
Other,
net
|
|
(9,381)
|
|
|
(3,291)
|
|
|
(53,964)
|
|
|
(11,588)
|
|
|
|
(239,553)
|
|
|
(220,447)
|
|
|
(755,727)
|
|
|
(598,224)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
(1,172)
|
|
|
190,456
|
|
|
224,399
|
|
|
535,511
|
|
Benefit
(provision) for income taxes
|
|
7,276
|
|
|
(19,046)
|
|
|
(75,969)
|
|
|
42,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
6,104
|
|
|
171,410
|
|
|
148,430
|
|
|
578,134
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(43,237)
|
|
|
(28,532)
|
|
|
(110,861)
|
|
|
(88,035)
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
(37,133)
|
|
$
|
142,878
|
|
$
|
37,569
|
|
$
|
490,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.08)
|
|
$
|
0.26
|
|
$
|
0.06
|
|
$
|
0.87
|
|
Diluted
|
$
|
(0.08)
|
|
$
|
0.26
|
|
$
|
0.06
|
|
$
|
0.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
518,983
|
|
|
535,130
|
|
|
528,429
|
|
|
549,418
|
|
Diluted
|
|
518,983
|
|
|
540,396
|
|
|
531,873
|
|
|
555,521
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,233,569
|
|
$
|
1,526,762
|
|
Accounts
receivable, net
|
|
550,345
|
|
|
657,206
|
|
Inventories
|
|
104,206
|
|
|
110,831
|
|
Income tax
receivable
|
|
23,877
|
|
|
28,431
|
|
October 1
litigation insurance receivable
|
|
735,000
|
|
|
-
|
|
Prepaid expenses
and other
|
|
233,749
|
|
|
203,548
|
|
|
Total current
assets
|
|
2,880,746
|
|
|
2,526,778
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
20,603,978
|
|
|
20,729,888
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
758,992
|
|
|
732,867
|
|
Goodwill
|
|
2,076,431
|
|
|
1,821,392
|
|
Other intangible
assets, net
|
|
3,866,536
|
|
|
3,944,463
|
|
Operating lease
right-of-use assets, net
|
|
650,990
|
|
|
-
|
|
Other long-term
assets, net
|
|
331,198
|
|
|
455,318
|
|
|
Total other
assets
|
|
7,684,147
|
|
|
6,954,040
|
|
|
|
$
|
31,168,871
|
|
$
|
30,210,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
253,637
|
|
$
|
302,578
|
|
Construction
payable
|
|
144,504
|
|
|
311,793
|
|
Current portion of
long-term debt
|
|
-
|
|
|
43,411
|
|
Accrued interest
on long-term debt
|
|
159,760
|
|
|
140,046
|
|
October 1
litigation liability
|
|
735,000
|
|
|
-
|
|
Other accrued
liabilities
|
|
2,000,343
|
|
|
2,151,054
|
|
|
Total current
liabilities
|
|
3,293,244
|
|
|
2,948,882
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
1,536,426
|
|
|
1,342,538
|
Long-term debt,
net
|
|
14,943,874
|
|
|
15,088,005
|
Other long-term
obligations
|
|
250,368
|
|
|
259,240
|
Operating lease
liabilities
|
|
518,365
|
|
|
-
|
Redeemable
noncontrolling interest
|
|
105,976
|
|
|
102,250
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued and outstanding 513,913,791 and 527,479,528
shares
|
|
5,139
|
|
|
5,275
|
|
Capital in excess
of par value
|
|
3,846,369
|
|
|
4,092,085
|
|
Retained
earnings
|
|
2,255,885
|
|
|
2,423,479
|
|
Accumulated other
comprehensive loss
|
|
(46,841)
|
|
|
(8,556)
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
6,060,552
|
|
|
6,512,283
|
|
Noncontrolling
interests
|
|
4,460,066
|
|
|
3,957,508
|
|
|
Total
stockholders' equity
|
|
10,520,618
|
|
|
10,469,791
|
|
|
|
$
|
31,168,871
|
|
$
|
30,210,706
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Bellagio
|
$
|
333,752
|
|
$
|
322,058
|
|
$
|
1,010,450
|
|
$
|
1,029,223
|
|
MGM Grand Las
Vegas
|
|
318,334
|
|
|
340,053
|
|
|
886,108
|
|
|
944,949
|
|
Mandalay
Bay
|
|
248,928
|
|
|
246,303
|
|
|
715,503
|
|
|
742,758
|
|
The
Mirage
|
|
153,976
|
|
|
147,433
|
|
|
463,886
|
|
|
450,973
|
|
Luxor
|
|
98,892
|
|
|
103,822
|
|
|
291,448
|
|
|
304,281
|
|
New York-New
York
|
|
93,205
|
|
|
90,000
|
|
|
284,109
|
|
|
279,061
|
|
Excalibur
|
|
85,692
|
|
|
83,836
|
|
|
252,953
|
|
|
247,491
|
|
Park
MGM
|
|
103,355
|
|
|
50,649
|
|
|
301,006
|
|
|
150,251
|
|
Circus Circus Las
Vegas
|
|
71,314
|
|
|
70,202
|
|
|
196,517
|
|
|
191,987
|
|
Las Vegas
Strip Resorts
|
|
1,507,448
|
|
|
1,454,356
|
|
|
4,401,980
|
|
|
4,340,974
|
|
MGM Grand
Detroit
|
|
145,769
|
|
|
148,472
|
|
|
453,318
|
|
|
449,218
|
|
Beau
Rivage
|
|
108,509
|
|
|
108,580
|
|
|
317,553
|
|
|
308,068
|
|
Gold Strike
Tunica
|
|
47,693
|
|
|
45,756
|
|
|
144,486
|
|
|
129,676
|
|
Borgata
|
|
234,459
|
|
|
235,186
|
|
|
621,064
|
|
|
635,486
|
|
MGM National
Harbor
|
|
206,083
|
|
|
196,568
|
|
|
608,065
|
|
|
587,171
|
|
MGM Springfield
(1)
|
|
75,994
|
|
|
42,549
|
|
|
230,076
|
|
|
42,549
|
|
Empire City Casino
(2)
|
|
52,103
|
|
|
-
|
|
|
143,275
|
|
|
-
|
|
MGM Northfield
Park (3)
|
|
64,408
|
|
|
-
|
|
|
132,079
|
|
|
-
|
|
Regional
Operations
|
|
935,018
|
|
|
777,111
|
|
|
2,649,916
|
|
|
2,152,168
|
|
MGM
Macau
|
|
374,035
|
|
|
434,263
|
|
|
1,197,591
|
|
|
1,321,743
|
|
MGM
Cotai
|
|
363,720
|
|
|
171,751
|
|
|
980,457
|
|
|
441,482
|
|
MGM
China
|
|
737,755
|
|
|
606,014
|
|
|
2,178,048
|
|
|
1,763,225
|
|
Management and
other operations
|
|
134,161
|
|
|
191,821
|
|
|
484,592
|
|
|
453,867
|
|
|
$
|
3,314,382
|
|
$
|
3,029,302
|
|
$
|
9,714,536
|
|
$
|
8,710,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDA and ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Bellagio
|
$
|
117,589
|
|
$
|
104,715
|
|
$
|
355,914
|
|
$
|
371,716
|
|
MGM Grand Las
Vegas
|
|
85,694
|
|
|
116,647
|
|
|
219,055
|
|
|
298,846
|
|
Mandalay
Bay
|
|
66,256
|
|
|
58,649
|
|
|
184,998
|
|
|
194,415
|
|
The
Mirage
|
|
41,186
|
|
|
27,098
|
|
|
119,153
|
|
|
99,715
|
|
Luxor
|
|
32,560
|
|
|
31,985
|
|
|
94,201
|
|
|
94,530
|
|
New York-New
York
|
|
34,790
|
|
|
32,128
|
|
|
109,011
|
|
|
102,464
|
|
Excalibur
|
|
29,576
|
|
|
28,478
|
|
|
86,960
|
|
|
84,106
|
|
Park
MGM
|
|
15,739
|
|
|
1,403
|
|
|
45,589
|
|
|
9,776
|
|
Circus Circus Las
Vegas
|
|
17,765
|
|
|
18,596
|
|
|
47,998
|
|
|
49,190
|
|
Las Vegas
Strip Resorts
|
|
441,155
|
|
|
419,699
|
|
|
1,262,879
|
|
|
1,304,758
|
|
MGM Grand
Detroit
|
|
45,569
|
|
|
48,440
|
|
|
145,254
|
|
|
146,966
|
|
Beau
Rivage
|
|
29,863
|
|
|
29,438
|
|
|
84,226
|
|
|
76,906
|
|
Gold Strike
Tunica
|
|
15,506
|
|
|
14,668
|
|
|
50,808
|
|
|
39,477
|
|
Borgata
|
|
67,168
|
|
|
60,806
|
|
|
159,431
|
|
|
154,955
|
|
MGM National
Harbor
|
|
52,879
|
|
|
46,253
|
|
|
150,978
|
|
|
138,329
|
|
MGM Springfield
(1)
|
|
9,228
|
|
|
7,644
|
|
|
31,090
|
|
|
7,644
|
|
Empire City Casino
(2)
|
|
19,980
|
|
|
-
|
|
|
56,333
|
|
|
-
|
|
MGM Northfield
Park (3)
|
|
23,423
|
|
|
-
|
|
|
47,223
|
|
|
-
|
|
Regional
Operations
|
|
263,616
|
|
|
207,249
|
|
|
725,343
|
|
|
564,277
|
|
MGM
Macau
|
|
102,216
|
|
|
118,211
|
|
|
347,780
|
|
|
363,859
|
|
MGM
Cotai
|
|
79,794
|
|
|
11,835
|
|
|
195,848
|
|
|
37,813
|
|
MGM
China
|
|
182,010
|
|
|
130,046
|
|
|
543,628
|
|
|
401,672
|
|
Unconsolidated
resorts (4)
|
|
36,192
|
|
|
35,495
|
|
|
105,031
|
|
|
115,201
|
|
Management and
other operations
|
|
2,232
|
|
|
27,978
|
|
|
24,279
|
|
|
48,314
|
|
Stock
compensation
|
|
(14,419)
|
|
|
(16,618)
|
|
|
(45,280)
|
|
|
(49,521)
|
|
Corporate
|
|
(97,122)
|
|
|
(87,984)
|
|
|
(306,449)
|
|
|
(272,112)
|
|
|
$
|
813,664
|
|
$
|
715,865
|
|
$
|
2,309,431
|
|
$
|
2,112,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the three
and nine months ended September 30, 2018, represents net revenues
and Adjusted Property EBITDA of MGM Springfield for the period
August 1-September 30 only.
|
|
(2) For the nine
months ended September 30, 2019, represents net revenues and
Adjusted Property EBITDA of Empire City Casino for the period
January 29-September 30 only.
|
|
(3) For the nine
months ended September 30, 2019, represents net revenues and
Adjusted Property EBITDA of MGM Northfield Park for the period
April 1-September 30 only.
|
|
(4) 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
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income (loss)
attributable to MGM Resorts International
|
|
$
|
(37,133)
|
|
$
|
142,878
|
|
$
|
37,569
|
|
$
|
490,099
|
Plus: Net
income attributable to noncontrolling interests
|
|
|
43,237
|
|
|
28,532
|
|
|
110,861
|
|
|
88,035
|
Net
income
|
|
|
6,104
|
|
|
171,410
|
|
|
148,430
|
|
|
578,134
|
(Benefit)
provision for income taxes
|
|
|
(7,276)
|
|
|
19,046
|
|
|
75,969
|
|
|
(42,623)
|
Income (loss)
before income taxes
|
|
|
(1,172)
|
|
|
190,456
|
|
|
224,399
|
|
|
535,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
|
215,503
|
|
|
205,573
|
|
|
647,452
|
|
|
554,975
|
Other,
net
|
|
|
24,050
|
|
|
14,874
|
|
|
108,275
|
|
|
43,249
|
|
|
|
239,553
|
|
|
220,447
|
|
|
755,727
|
|
|
598,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
238,381
|
|
|
410,903
|
|
|
980,126
|
|
|
1,133,735
|
Preopening
and start-up expenses
|
|
|
925
|
|
|
46,890
|
|
|
5,091
|
|
|
132,884
|
Property
transactions, net
|
|
|
249,858
|
|
|
(42,400)
|
|
|
264,424
|
|
|
(19,532)
|
Depreciation and amortization
|
|
|
322,009
|
|
|
300,472
|
|
|
973,211
|
|
|
865,502
|
Restructuring
|
|
|
2,491
|
|
|
-
|
|
|
86,579
|
|
|
-
|
Adjusted
EBITDA
|
|
$
|
813,664
|
|
$
|
715,865
|
|
$
|
2,309,431
|
|
$
|
2,112,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATIONS OF
LAS VEGAS STRIP RESORTS NET REVENUES AND LAS VEGAS STRIP RESORTS
ADJUSTED PROPERTY EBITDA TO TABLE GAMES HOLD
ADJUSTED
|
LAS VEGAS
STRIP RESORTS NET REVENUES AND TABLE GAMES HOLD ADJUSTED LAS VEGAS
STRIP RESORTS ADJUSTED PROPERTY EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Las Vegas Strip
Resorts net revenues
|
|
$
|
1,507,448
|
|
$
|
1,454,356
|
|
$
|
4,401,980
|
|
$
|
4,340,974
|
Hold adjustment
(1)
|
|
|
(3,691)
|
|
|
(8,313)
|
|
|
15,882
|
|
|
(28,502)
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Net Revenues
|
|
$
|
1,503,757
|
|
$
|
1,446,043
|
|
$
|
4,417,862
|
|
$
|
4,312,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Strip
Resorts Adjusted Property EBITDA
|
|
$
|
441,155
|
|
$
|
419,699
|
|
$
|
1,262,879
|
|
$
|
1,304,758
|
Hold adjustment
(2)
|
|
|
(3,184)
|
|
|
(7,083)
|
|
|
13,512
|
|
|
(24,352)
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Adjusted Property
EBITDA
|
|
$
|
437,971
|
|
$
|
412,616
|
|
$
|
1,276,391
|
|
$
|
1,280,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the Las
Vegas Strip Resorts, hold adjustment represents the estimated
incremental table games win or loss had the Company's win
percentage equaled the mid-point of the expected normal range of
25.0% to 35.0% for Baccarat and 19.0% to 23.0% for non-Baccarat.
Amounts include estimated discounts and other incentives related to
increases or decreases in table games
win.
|
(2) These amounts
include estimated incremental expenses (gaming taxes and bad debt
expense) that would have been incurred or avoided on the
incremental table games win or loss calculated in (1)
above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATIONS OF
MGM CHINA NET REVENUES AND MGM CHINA ADJUSTED PROPERTY EBITDA TO
VIP TABLE GAMES HOLD ADJUSTED MGM CHINA NET REVENUES
|
AND VIP
TABLE GAMES HOLD ADJUSTED MGM CHINA ADJUSTED PROPERTY
EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
MGM China net
revenues
|
|
$
|
737,755
|
|
$
|
606,014
|
|
$
|
2,178,048
|
|
$
|
1,763,225
|
Hold adjustment
(3)
|
|
|
(38,642)
|
|
|
(16,753)
|
|
|
(49,126)
|
|
|
(2,721)
|
VIP Table Games
Hold Adjusted MGM China Net Revenues
|
|
$
|
699,113
|
|
$
|
589,261
|
|
$
|
2,128,922
|
|
$
|
1,760,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM China Adjusted
Property EBITDA
|
|
$
|
182,010
|
|
$
|
130,046
|
|
$
|
543,628
|
|
$
|
401,672
|
Hold adjustment
(4)
|
|
|
(14,117)
|
|
|
(6,529)
|
|
|
(19,793)
|
|
|
(1,991)
|
VIP Table Games
Hold Adjusted MGM China Adjusted Property EBITDA
|
|
$
|
167,893
|
|
$
|
123,517
|
|
$
|
523,835
|
|
$
|
399,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) For MGM China,
hold adjustment represents the estimated incremental VIP table
games win or loss related to VIP Rolling Chip volume play had the
Company's win percentage equaled the mid-point of the expected
normal range of 2.6% to 3.3%. Amounts include estimated commissions
and other incentives related to increases or decreases in VIP table
games win.
|
(4) These amounts
include estimated incremental expenses (gaming taxes and bad debt
expense) that would have been incurred or avoided on the
incremental VIP table games win or loss calculated in (3)
above.
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS - LAS VEGAS STRIP RESORTS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.7%
|
|
|
96.4%
|
|
|
95.1%
|
|
|
95.2%
|
|
Average daily rate (ADR)
|
|
$271
|
|
|
$265
|
|
|
$281
|
|
|
$277
|
|
Revenue per available room (REVPAR)
|
|
$256
|
|
|
$256
|
|
|
$268
|
|
|
$264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
93.2%
|
|
|
93.8%
|
|
|
92.5%
|
|
|
93.5%
|
|
ADR
|
|
$191
|
|
|
$181
|
|
|
$190
|
|
|
$183
|
|
REVPAR
|
|
$178
|
|
|
$170
|
|
|
$175
|
|
|
$171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.8%
|
|
|
92.3%
|
|
|
93.4%
|
|
|
90.3%
|
|
ADR
|
|
$204
|
|
|
$200
|
|
|
$206
|
|
|
$210
|
|
REVPAR
|
|
$193
|
|
|
$185
|
|
|
$193
|
|
|
$189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
95.9%
|
|
|
96.9%
|
|
|
94.6%
|
|
|
94.5%
|
|
ADR
|
|
$166
|
|
|
$159
|
|
|
$178
|
|
|
$172
|
|
REVPAR
|
|
$159
|
|
|
$154
|
|
|
$169
|
|
|
$163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
94.7%
|
|
|
96.7%
|
|
|
95.0%
|
|
|
95.5%
|
|
ADR
|
|
$119
|
|
|
$114
|
|
|
$119
|
|
|
$116
|
|
REVPAR
|
|
$113
|
|
|
$110
|
|
|
$113
|
|
|
$111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
95.7%
|
|
|
97.5%
|
|
|
95.5%
|
|
|
97.0%
|
|
ADR
|
|
$146
|
|
|
$139
|
|
|
$151
|
|
|
$144
|
|
REVPAR
|
|
$140
|
|
|
$135
|
|
|
$144
|
|
|
$139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
93.6%
|
|
|
94.2%
|
|
|
93.1%
|
|
|
93.3%
|
|
ADR
|
|
$103
|
|
|
$98
|
|
|
$103
|
|
|
$99
|
|
REVPAR
|
|
$96
|
|
|
$92
|
|
|
$96
|
|
|
$93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Park
MGM
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
87.7%
|
|
|
84.5%
|
|
|
88.4%
|
|
|
84.3%
|
|
ADR
|
|
$149
|
|
|
$132
|
|
|
$149
|
|
|
$132
|
|
REVPAR
|
|
$130
|
|
|
$111
|
|
|
$131
|
|
|
$111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
81.7%
|
|
|
85.0%
|
|
|
82.6%
|
|
|
83.0%
|
|
ADR
|
|
$92
|
|
|
$85
|
|
|
$91
|
|
|
$84
|
|
REVPAR
|
|
$76
|
|
|
$73
|
|
|
$75
|
|
|
$70
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
|
$
|
287,993
|
|
$
|
262,777
|
|
$
|
894,365
|
|
$
|
846,456
|
|
Vdara
|
|
|
32,359
|
|
|
31,610
|
|
|
98,850
|
|
|
96,415
|
|
|
|
$
|
320,352
|
|
$
|
294,387
|
|
$
|
993,215
|
|
$
|
942,871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
90.8%
|
|
|
91.9%
|
|
|
91.8%
|
|
|
91.3%
|
|
ADR
|
|
|
$262
|
|
|
$248
|
|
|
$272
|
|
|
$259
|
|
REVPAR
|
|
|
$237
|
|
|
$228
|
|
|
$250
|
|
|
$237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
|
91.8%
|
|
|
92.5%
|
|
|
92.4%
|
|
|
92.7%
|
|
ADR
|
|
|
$209
|
|
|
$199
|
|
|
$213
|
|
|
$207
|
|
REVPAR
|
|
|
$192
|
|
|
$184
|
|
|
$196
|
|
|
$192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
NET INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2019
|
|
|
2018
|
|
2019
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
33,082
|
|
$
|
(1,227)
|
|
$
|
56,079
|
|
$
|
(52,899)
|
Plus: Loss
from discontinued operations
|
|
|
-
|
|
|
6,069
|
|
|
-
|
|
|
134,617
|
Net income from
continuing operations
|
|
|
33,082
|
|
|
4,842
|
|
|
56,079
|
|
|
81,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
|
23,117
|
|
|
21,214
|
|
|
69,777
|
|
|
58,361
|
Other,
net
|
|
|
5,265
|
|
|
49
|
|
|
33,975
|
|
|
(102)
|
|
|
|
|
28,382
|
|
|
21,263
|
|
|
103,752
|
|
|
58,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
61,464
|
|
|
26,105
|
|
|
159,831
|
|
|
139,977
|
Property
transactions, net
|
|
|
(10,601)
|
|
|
1,480
|
|
|
(9,352)
|
|
|
(449)
|
Depreciation and amortization
|
|
|
57,709
|
|
|
55,732
|
|
|
172,113
|
|
|
164,447
|
Restructuring
|
|
|
(44)
|
|
|
-
|
|
|
6,128
|
|
|
-
|
Adjusted
EBITDA
|
|
$
|
108,528
|
|
$
|
83,317
|
|
$
|
328,720
|
|
$
|
303,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Aria
|
|
$
|
101,209
|
|
$
|
76,594
|
|
$
|
307,927
|
|
$
|
278,961
|
|
Vdara
|
|
|
8,708
|
|
|
8,238
|
|
|
29,770
|
|
|
29,160
|
|
Resort
Operations
|
|
|
109,917
|
|
|
84,832
|
|
|
337,697
|
|
|
308,121
|
|
Other
|
|
|
(1,389)
|
|
|
(1,515)
|
|
|
(8,977)
|
|
|
(4,146)
|
|
|
|
$
|
108,528
|
|
$
|
83,317
|
|
$
|
328,720
|
|
$
|
303,975
|
View original
content:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-third-quarter-financial-and-operating-results-300948550.html
SOURCE MGM Resorts International