LAS VEGAS, Nov. 3, 2021 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter ended September 30,
2021.
"We delivered another strong quarter led by our domestic
operations resulting in new historical Adjusted Property EBITDAR
records for our Las Vegas Strip and U.S. regional segments. These
results demonstrate the continued robust demand for our gaming
entertainment offerings across the U.S. and the effectiveness of
our operating model," said Bill
Hornbuckle, Chief Executive Officer and President of MGM
Resorts International. "The completion of our asset light strategy
will allow us to simplify our corporate structure and bolster our
liquidity. I am also excited about our long-term growth prospects,
including: BetMGM, which continues to establish itself as a clear
leader in U.S. sports betting and iGaming; our selection as
Osaka's partner to build and
operate a large-scale integrated resort in Japan; and the announcement of our agreement
to acquire the operations of The Cosmopolitan of Las Vegas. The Company remains focused on
achieving our vision to be the world's premier gaming entertainment
company."
"Our strong liquidity position, coupled with our confidence in
the long-term recovery of our core business, has allowed us to
continue to focus on maximizing long-term shareholder value. To
that end, we continued to repurchase our stock in the third
quarter, reaching over $1 billion of
share repurchases since beginning the program this year," said
Jonathan Halkyard, Chief Financial
Officer and Treasurer of MGM Resorts International. "As we navigate
future uses of our capital, we will remain disciplined in
maintaining a strong balance sheet, pursuing targeted growth
opportunities and returning cash to shareholders."
Third Quarter 2021 Financial
Highlights:
Consolidated Results
- Consolidated net revenues of $2.7
billion, an increase of 140% compared to the prior year
quarter. While the current quarter benefited from the removal of
mandated operational and capacity restrictions as well as an
increase in travel, the prior year quarter was negatively affected
by temporary closures at certain properties and operational
restrictions due to the COVID-19 pandemic;
- Consolidated operating income was $1.9
billion compared to consolidated operating loss of
$495 million in the prior year
quarter;
- Net income attributable to MGM Resorts of $1.4 billion compared to net loss attributable to
MGM Resorts of $535 million in the
prior year quarter;
- Diluted earnings per share of $2.77 in the current quarter compared to diluted
loss per share of $1.08 in the prior
year quarter;
- Adjusted diluted earnings per share ("Adjusted
EPS")(1) of $0.03 in the
current quarter compared to an Adjusted EPS loss per share of
$1.08 in the prior year quarter;
and
- Consolidated Adjusted EBITDAR(2) of $765 million in the current quarter.
Financial Position &
Liquidity
- Consolidated cash and cash equivalents balance as of
September 30, 2021 was $5.6 billion, which included $320 million at the MGP Operating Partnership and
$331 million at MGM China;
- Total liquidity at September 30,
2021 was $9.8 billion, which
included $1.7 billion at the MGP
Operating Partnership and $1.7
billion at MGM China, which was comprised of cash and cash
equivalents and capacity under the revolving credit facilities at
the Company, MGP Operating Partnership and MGM China; and
- At September 30, 2021, principal
amount of consolidated indebtedness was $12.7 billion, including $4.2 billion at the MGP Operating Partnership and
$3.0 billion at MGM China.
Las Vegas Strip Resorts
- Net revenues of $1.4 billion, an
increase of 187% compared to the prior year quarter and a decrease
of 8% compared to the third quarter of 2019. While the current
quarter benefited from the removal of mandated operational and
capacity restrictions as well as an increase in travel, the prior
year quarter was negatively affected by temporary property closures
at certain properties and operational restrictions;
- Table Games Hold Adjusted Las Vegas Strip Resorts Net
Revenues(3) of $1.4
billion, an increase of 178% compared to the prior year
quarter and a decrease of 10% compared to the third quarter of
2019;
- Adjusted Property EBITDAR(2) of $535 million compared to $15 million in the prior year quarter, and an
increase of 21% compared to the third quarter of 2019;
- Adjusted Property EBITDAR margin(2) of 38.7% in the
current quarter, an increase of 943 basis points compared to the
third quarter of 2019 due primarily to an increase in net revenues
and realized benefits of the Company's cost savings initiatives;
and
- Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted
Property EBITDAR(2) of $514
million compared to $21
million in the prior year quarter, and an increase of 17%
compared to the third quarter of 2019.
Regional Operations
- Net revenues of $925 million, an
increase of 66% compared to the prior year quarter and a decrease
of 1% compared to the third quarter of 2019. While the current
quarter benefited from the removal of mandated operational and
capacity restrictions as well as an increase in travel, the prior
year quarter was negatively affected by temporary property closures
at certain properties and operational restrictions;
- Adjusted Property EBITDAR of $348
million, an increase of 139% compared to the prior year
quarter, and an increase of 29% compared to the third quarter of
2019; and
- Adjusted Property EBITDAR margin of 37.6% in the current
quarter, an increase of 886 basis points compared to the third
quarter of 2019 due primarily to an increase in revenues and
realized benefits of the Company's costs savings initiatives.
MGM China
- Net revenues of $289 million, an
increase of 517% compared to the prior year quarter and a decrease
of 61% compared to the third quarter of 2019. The prior year
quarter was more significantly impacted by travel and entry
restrictions in Macau as well as
other operational restrictions related to the pandemic than in the
current quarter;
- VIP Table Games Hold Adjusted MGM China Net
Revenues(3) of $272
million, an increase of 403% compared to the prior year
quarter and a decrease of 61% compared to the third quarter of
2019;
- Adjusted Property EBITDAR of $7
million compared to a loss of $96
million in the prior year quarter, and a decrease of 96%
compared to the third quarter of 2019; and
- VIP Table Games Hold Adjusted MGM China Adjusted Property
EBITDAR(2) loss of $2
million compared to a loss of $93
million in the prior year quarter, and $170 million in the third quarter of 2019.
Recent Developments
On September 26, 2021, the Company
entered into an agreement to acquire the operations of The
Cosmopolitan of Las Vegas ("The
Cosmopolitan") for cash consideration of $1.625 billion, subject to customary working
capital adjustments. Additionally, at closing, the Company will
enter into a lease agreement for the real estate assets of The
Cosmopolitan. The Cosmopolitan lease will have an initial term of
30 years with three subsequent ten-year renewal periods,
exercisable at the Company's option. The initial term of the lease
provides for an initial annual cash rent of $200 million with a fixed 2% escalator for the
first fifteen years, and thereafter, an escalator equal to the
greater of 2% and the CPI increase during the prior year, subject
to a cap of 3%. The transaction is expected to close in the first
half of 2022, subject to regulatory approvals and other customary
closing conditions.
Adjusted Diluted Earnings Per Share
The following table reconciles diluted earnings (loss) per share
("EPS") to Adjusted EPS (approximate EPS impact shown, per share;
positive adjustments represent charges to income):
Three Months Ended
September 30,
|
2021
|
|
2020
|
Diluted earnings
(loss) per share
|
$
|
2.77
|
|
|
$
|
(1.08)
|
|
Property
transactions, net
|
0.01
|
|
|
0.01
|
|
Gain on consolidation
of CityCenter, net
|
(3.23)
|
|
|
—
|
|
Non-operating
items:
|
|
|
|
Loss related to equity
instrument
|
0.10
|
|
|
—
|
|
Change in fair value
of MGP swaps
|
—
|
|
|
(0.01)
|
|
Foreign currency loss
on MGM China senior notes
|
0.01
|
|
|
—
|
|
Income tax impact on
net income adjustments(1)
|
0.37
|
|
|
—
|
|
Adjusted diluted
earnings/(loss) per share
|
$
|
0.03
|
|
|
$
|
(1.08)
|
|
|
|
|
|
(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 was $423 million
for the third quarter of 2021 compared to $189 million in the prior year quarter, an
increase of 123%, due primarily to the impact of COVID-19 in the
prior year period.
The following table shows key gaming statistics for Las Vegas
Strip Resorts:
Three Months Ended
September 30,
|
2021
|
|
2020
|
|
(Dollars in
millions)
|
Table Games
Drop
|
$
|
917
|
|
|
$
|
498
|
|
Table Games
Win
|
$
|
251
|
|
|
$
|
108
|
|
Table Games Win
%
|
27.4
|
%
|
|
21.6
|
%
|
Slots
Handle
|
$
|
3,863
|
|
|
$
|
1,944
|
|
Slots Win
|
$
|
369
|
|
|
$
|
183
|
|
Slots Win
%
|
9.6
|
%
|
|
9.4
|
%
|
Rooms revenue was $403 million for
the third quarter of 2021 compared to $138
million in the prior year quarter, an increase of 192% due
primarily to an increase in REVPAR(4) as a result of
increased occupancy at our properties, the removal of mandated
capacity restrictions, and increased travel in the current
quarter.
The following table shows key hotel statistics for Las Vegas
Strip Resorts:
Three Months Ended
September 30,
|
2021
|
|
2020
|
Occupancy
%(1)
|
82
|
%
|
|
44
|
%
|
Average Daily Rate
(ADR)
|
$
|
181
|
|
|
$
|
139
|
|
Revenue per Available
Room (REVPAR)(1)
|
$
|
148
|
|
|
$
|
61
|
|
|
|
|
|
(1)
|
Rooms that were out
of service, including full and midweek closures, during the three
months ended September 30, 2020 due to the COVID-19 pandemic
were excluded from the available room count when calculating hotel
occupancy and REVPAR.
|
Regional Operations
Casino revenue was $720 million
compared to $465 million in the prior
year quarter, an increase of 55% due primarily to the impact of
COVID-19 in the prior year period.
The following table shows key gaming statistics for Regional
Operations:
Three Months Ended
September 30,
|
2021
|
|
2020
|
|
(Dollars in
millions)
|
Table Games
Drop
|
$
|
1,080
|
|
|
$
|
739
|
|
Table Games
Win
|
$
|
214
|
|
|
$
|
155
|
|
Table Games Win
%
|
19.8
|
%
|
|
21.0
|
%
|
Slots
Handle
|
$
|
6,900
|
|
|
$
|
4,360
|
|
Slots Win
|
$
|
661
|
|
|
$
|
426
|
|
Slots Win
%
|
9.6
|
%
|
|
9.8
|
%
|
MGM China
Key third quarter results for MGM China include:
- Net revenues of $289 million, an
increase of 517% compared to the prior year quarter and a decrease
of 61% compared to the third quarter of 2019;
- Main floor table games win of $222
million compared to $25
million, an increase of 792% compared to the prior year
quarter;
- VIP table games win of $72
million compared to $17
million, an increase of 313% compared to the prior year
quarter; and
- Adjusted Property EBITDAR of $7
million compared to a loss of $96
million in the prior year quarter. License fee expense was
$5 million in the current quarter and
$1 million in the prior year
quarter.
The following table shows key gaming statistics for MGM
China:
Three Months Ended
September 30,
|
2021
|
|
2020
|
|
(Dollars in
millions)
|
VIP Table Games
Turnover
|
$
|
1,800
|
|
|
$
|
929
|
|
VIP Table Games
Win
|
$
|
72
|
|
|
$
|
17
|
|
VIP Table Games Win
%
|
4.0
|
%
|
|
1.9
|
%
|
Main Floor Table
Games Drop
|
$
|
1,042
|
|
|
$
|
143
|
|
Main floor Table
Games Win
|
$
|
222
|
|
|
$
|
25
|
|
Main Floor Table
Games Win %
|
21.3
|
%
|
|
17.3
|
%
|
Corporate Expense
Corporate expense, including share-based compensation for
corporate employees, increased to $112
million in the third quarter of 2021, from $70 million in the prior year quarter, due
primarily to an increase in payroll expense as the prior year
quarter reflected the impact of temporary closures due to the
pandemic. The current quarter also included $18 million in transaction costs.
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of operating income (loss) from unconsolidated
affiliates:
Three Months Ended
September 30,
|
2021
|
|
2020
|
|
(In
thousands)
|
CityCenter (through
September 26, 2021)
|
$
|
40,747
|
|
|
$
|
(6,041)
|
|
MGP BREIT
Venture
|
38,959
|
|
|
38,976
|
|
BetMGM
|
(49,060)
|
|
|
(9,057)
|
|
Other
|
4,465
|
|
|
(3,243)
|
|
|
$
|
35,111
|
|
|
$
|
20,635
|
|
On September 27, 2021, the Company
completed its acquisition of the 50% ownership interest in
CityCenter and now owns a 100% ownership interest. Accordingly, the
Company now consolidates CityCenter in its financial statements and
no longer accounts for its interest under the equity method of
accounting.
MGM Growth Properties
During the third quarter of 2021, the Company made rent payments
to MGM Growth Properties Operating Partnership LP ("MGP Operating
Partnership") in the amount of $211
million and received distributions of $57 million from the MGP Operating Partnership.
On October 15, 2021, MGM Growth
Properties LLC ("MGP") paid a dividend of $81 million, of which the Company received
$58 million.
MGM Resorts Dividend and Share
Repurchases
On November 3, 2021, the Company's
Board of Directors approved a quarterly dividend of $0.0025 per share. The dividend will be payable
on December 15, 2021 to holders of
record on December 10, 2021.
During the third quarter of 2021, the Company repurchased
approximately 17 million shares of its common stock at an average
price of $39.89 per share for an
aggregate amount of $687 million,
pursuant to the February 2020
$3.0 billion stock repurchase plan.
The remaining availability under the February 2020 $3.0
billion stock repurchase program was $2.0 billion as of September 30, 2021. All shares repurchased under
the Company's program have been retired.
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
session. In addition, supplemental slides will be posted prior to
the start of the call on MGM's Investor Relations website
at http://investors.mgmresorts.com.
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
3239200.
A replay of the call will be available through November 10, 2021. The replay may be accessed by
dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is
10160477. The call will be archived at
http://investors.mgmresorts.com.
1."Adjusted EPS" is diluted earnings or loss per share adjusted
to exclude preopening and start-up expenses, property transactions,
net, gain on consolidation of City Center, net, loss related to
equity instrument, foreign currency loss related to MGM China's
U.S. dollar-denominated debt, and mark-to-market adjustments
related to MGP's unhedged interest rate swaps.
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, 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 this release.
2."Adjusted EBITDAR" is earnings before interest and other
non-operating income (expense), taxes, depreciation and
amortization, preopening and start-up expenses, gain on REIT
transactions, net, gain on consolidation of CityCenter, net, CEO
transition expense, October 1
litigation settlement, 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 related to CityCenter's sale of
Harmon land recorded within income from unconsolidated affiliates,
rent expense associated with triple net operating and ground
leases, income from unconsolidated affiliates related to
investments in real estate ventures, and property transactions,
net.
"Adjusted Property EBITDAR" is the Company's reportable segment
GAAP measure, which management utilizes as the primary profit
measure for its reportable segments and underlying operating
segments. Adjusted Property EBITDAR is a measure defined as
earnings before interest and other non-operating income (expense),
taxes, depreciation and amortization, preopening and start-up
expenses, gain on REIT 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), rent expense
associated with triple-net operating and ground leases, income from
unconsolidated affiliates related to investments in real estate
ventures, and property transactions, net, and also excludes gain on
consolidation of CityCenter, net, gain related to CityCenter's sale
of Harmon land recorded within income from unconsolidated
affiliates and corporate expense (which includes CEO transition
expense and October 1 litigation
settlement) and stock compensation expense, which are not allocated
to each operating segment, and rent expense related to the master
lease with MGP that eliminates in consolidation.
"Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted
Property EBITDAR" and "VIP Table Games Hold Adjusted MGM China
Adjusted Property EBITDAR" are supplemental non-GAAP financial
measures, that, in addition to the reasons described above for the
presentation of Adjusted Property EBITDAR, 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 EBITDAR 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 EBITDAR 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 EBITDAR and VIP Table Games Hold Adjusted
MGM China Adjusted Property EBITDAR 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 EBITDAR information is a valuation metric, should not
be used as an operating metric, and is presented solely as a
supplemental disclosure to reported GAAP measures because
management believes this measure is widely used by analysts,
lenders, financial institutions, and investors as a principal basis
for the valuation of gaming companies. Management believes that
while items excluded from Adjusted EBITDAR 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. Also, management believes
excluded items may not relate specifically to current 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, management excludes rent expense associated
with triple net operating leases and ground leases. Management
believes excluding rent expense associated with triple net
operating leases and ground leases provides useful information to
analysts, lenders, financial institutions, and investors when
valuing the Company, as well as comparing the Company's results to
other gaming companies, without regard to differences in capital
structure and leasing arrangements since the operations of other
gaming companies may or may not include triple net operating leases
or ground leases. However, as discussed herein, Adjusted EBITDAR
should not be viewed as a measure of overall operating performance,
considered in isolation, or as an alternative to net income,
because this measure is not presented on a GAAP basis and excludes
certain expenses, including the rent expense associated with the
Company's triple net operating and ground leases, and are provided
for the limited purposes discussed herein.
Adjusted EBITDAR, Table Games Hold Adjusted Las Vegas Strip
Resorts Adjusted Property EBITDAR and VIP Table Games Hold Adjusted
MGM China Adjusted Property EBITDAR 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, real
estate triple net lease and ground lease payments, and debt
principal repayments, which are not reflected in Adjusted EBITDAR,
Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property
EBITDAR, or VIP Table Games Hold Adjusted MGM China Adjusted
Property EBITDAR. Also, other companies in the gaming and
hospitality industries that report Adjusted EBITDAR, Table Games
Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR, or
VIP Table Games Hold Adjusted MGM China Adjusted Property EBITDAR
information may calculate Adjusted EBITDAR, Table Games Hold
Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR, or VIP
Table Games Hold Adjusted MGM China Adjusted Property EBITDAR in a
different manner and such differences may be material.
A reconciliation of GAAP net income (loss) to Adjusted EBITDAR
is included in the financial schedules in this release.
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 31 unique hotel and destination gaming
offerings in the United States and
Macau, including some of the most
recognizable resort brands in the industry such as Bellagio, MGM
Grand, ARIA and Park MGM. The Company's 50/50 venture, BetMGM, LLC,
offers U.S. sports betting and online gaming through market-leading
brands, including BetMGM and partypoker. The Company is currently
pursuing targeted expansion in Asia through the integrated resort opportunity
in Japan. Through its "Focused on
What Matters: Embracing Humanity and Protecting the Planet"
philosophy, MGM Resorts commits to creating a more sustainable
future, while striving to make a bigger difference in the lives of
its employees, guests, and in the communities where it operates.
The 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, please visit us at
www.mgmresorts.com. Please also connect with us @MGMResortsIntl on
Twitter as well as Facebook and Instagram.
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 the closing of its recently announced
transactions and any benefits expected to be received from such
transactions, future results, including the continued impact of
COVID-19 on its results of operations and the duration of such
impact, expectations regarding the benefits to be achieved from the
changes to the Company's operating model (including any projected
cost savings), expectations regarding the Company's liquidity
position, the Company's ability to execute on its strategic plans,
including the development of an integrated resort in Japan and positioning BetMGM as a leader in
sports betting and iGaming, and the Company's ability to return
capital to shareholders (including the timing and amount of any
share repurchases or dividends). 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 the
continued impact of the COVID-19 pandemic on the Company's
business, the 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
CATHERINE PARK
Executive Director of Investor Relations
(702) 693-8711 or cpark@mgmresorts.com
News Media
BRIAN AHERN
Director of Communications
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,
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
$
|
1,400,337
|
|
$
|
690,218
|
|
$
|
3,835,094
|
|
$
|
1,907,893
|
|
|
Rooms
|
|
|
|
490,460
|
|
|
175,450
|
|
|
1,053,907
|
|
|
641,024
|
|
|
Food and
beverage
|
|
416,478
|
|
|
126,317
|
|
|
876,556
|
|
|
552,797
|
|
|
Entertainment,
retail and other
|
|
315,693
|
|
|
101,618
|
|
|
639,926
|
|
|
420,132
|
|
|
Reimbursed
costs
|
|
84,571
|
|
|
32,317
|
|
|
217,765
|
|
|
146,700
|
|
|
|
|
|
|
|
2,707,539
|
|
|
1,125,920
|
|
|
6,623,248
|
|
|
3,668,546
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
|
640,041
|
|
|
368,310
|
|
|
1,808,849
|
|
|
1,197,373
|
|
|
Rooms
|
|
|
|
160,864
|
|
|
107,361
|
|
|
402,364
|
|
|
321,221
|
|
|
Food and
beverage
|
|
301,963
|
|
|
133,937
|
|
|
651,349
|
|
|
533,879
|
|
|
Entertainment,
retail and other
|
|
204,742
|
|
|
87,592
|
|
|
385,293
|
|
|
342,878
|
|
|
Reimbursed
costs
|
|
84,571
|
|
|
32,317
|
|
|
217,765
|
|
|
146,700
|
|
|
General and
administrative
|
|
623,275
|
|
|
543,293
|
|
|
1,759,891
|
|
|
1,591,163
|
|
|
Corporate
expense
|
|
112,114
|
|
|
70,437
|
|
|
287,021
|
|
|
356,823
|
|
|
Preopening and
start-up expenses
|
|
1,547
|
|
|
11
|
|
|
1,642
|
|
|
51
|
|
|
Property
transactions, net
|
|
3,677
|
|
|
4,116
|
|
|
842
|
|
|
85,440
|
|
|
Gain on REIT
transactions, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,491,945)
|
|
|
Gain on
consolidation of CityCenter, net
|
|
(1,562,329)
|
|
|
-
|
|
|
(1,562,329)
|
|
|
-
|
|
|
Depreciation and
amortization
|
|
279,403
|
|
|
294,363
|
|
|
853,579
|
|
|
911,859
|
|
|
|
|
|
|
|
849,868
|
|
|
1,641,737
|
|
|
4,806,266
|
|
|
3,995,442
|
|
Income from
unconsolidated affiliates
|
|
35,111
|
|
|
20,635
|
|
|
92,870
|
|
|
48,030
|
|
Operating income
(loss)
|
|
1,892,782
|
|
|
(495,182)
|
|
|
1,909,852
|
|
|
(278,866)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(200,049)
|
|
|
(173,808)
|
|
|
(598,116)
|
|
|
(487,701)
|
|
|
Non-operating
items from unconsolidated affiliates
|
|
(23,421)
|
|
|
(23,604)
|
|
|
(67,473)
|
|
|
(79,986)
|
|
|
Other,
net
|
|
|
(49,241)
|
|
|
13,889
|
|
|
70,302
|
|
|
(102,054)
|
|
|
|
|
|
|
|
(272,711)
|
|
|
(183,523)
|
|
|
(595,287)
|
|
|
(669,741)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
1,620,071
|
|
|
(678,705)
|
|
|
1,314,565
|
|
|
(948,607)
|
|
|
Benefit
(provision) for income taxes
|
|
(282,135)
|
|
|
76,734
|
|
|
(222,263)
|
|
|
84,668
|
|
Net income
(loss)
|
|
|
1,337,936
|
|
|
(601,971)
|
|
|
1,092,302
|
|
|
(863,939)
|
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
12,497
|
|
|
67,240
|
|
|
31,055
|
|
|
278,820
|
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
1,350,433
|
|
$
|
(534,731)
|
|
$
|
1,123,357
|
|
$
|
(585,119)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
2.81
|
|
$
|
(1.08)
|
|
$
|
2.19
|
|
$
|
(1.10)
|
|
|
Diluted
|
|
|
$
|
2.77
|
|
$
|
(1.08)
|
|
$
|
2.17
|
|
$
|
(1.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
478,405
|
|
|
493,517
|
|
|
487,509
|
|
|
494,126
|
|
|
Diluted
|
|
|
|
484,215
|
|
|
493,517
|
|
|
493,184
|
|
|
494,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
5,570,833
|
|
$
|
5,101,637
|
|
Accounts
receivable, net
|
|
|
532,298
|
|
|
316,502
|
|
Inventories
|
|
|
|
94,198
|
|
|
88,323
|
|
Income tax
receivable
|
|
|
199,010
|
|
|
243,415
|
|
Prepaid expenses
and other
|
|
273,982
|
|
|
200,782
|
|
|
Total current
assets
|
|
|
6,670,321
|
|
|
5,950,659
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
14,528,041
|
|
|
14,632,091
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
941,145
|
|
|
1,447,043
|
|
Goodwill
|
|
|
|
3,484,966
|
|
|
2,091,278
|
|
Other intangible
assets, net
|
|
3,669,107
|
|
|
3,643,748
|
|
Operating lease
right-of-use assets, net
|
|
11,551,415
|
|
|
8,286,694
|
|
Other long-term
assets, net
|
|
493,328
|
|
|
443,421
|
|
|
Total other
assets
|
|
|
20,139,961
|
|
|
15,912,184
|
|
|
|
|
|
|
$
|
41,338,323
|
|
$
|
36,494,934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
273,447
|
|
$
|
142,523
|
|
Construction
payable
|
|
|
27,921
|
|
|
30,149
|
|
Current portion of
long-term debt
|
|
1,000,000
|
|
|
-
|
|
Accrued interest
on long-term debt
|
|
185,502
|
|
|
138,832
|
|
Other accrued
liabilities
|
|
|
1,923,590
|
|
|
1,545,079
|
|
|
Total current
liabilities
|
|
|
3,410,460
|
|
|
1,856,583
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
|
2,389,277
|
|
|
2,153,016
|
Long-term debt,
net
|
|
|
11,618,913
|
|
|
12,376,684
|
Other long-term
obligations
|
|
|
362,823
|
|
|
472,084
|
Operating lease
liabilities
|
|
|
11,775,109
|
|
|
8,390,117
|
Redeemable
noncontrolling interest
|
|
120,764
|
|
|
66,542
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued and outstanding 469,728,258 and 494,317,865
shares
|
|
4,697
|
|
|
4,943
|
|
Capital in excess
of par value
|
|
2,639,804
|
|
|
3,439,453
|
|
Retained
earnings
|
|
|
4,210,726
|
|
|
3,091,007
|
|
Accumulated other
comprehensive loss
|
|
(25,273)
|
|
|
(30,677)
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
6,829,954
|
|
|
6,504,726
|
|
Noncontrolling
interests
|
|
|
4,831,023
|
|
|
4,675,182
|
|
|
Total
stockholders' equity
|
|
11,660,977
|
|
|
11,179,908
|
|
|
|
|
|
|
$
|
41,338,323
|
|
$
|
36,494,934
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Las Vegas Strip
Resorts (1)
|
|
|
|
|
$
|
1,380,967
|
|
$
|
481,418
|
|
$
|
2,930,499
|
|
$
|
1,766,035
|
Regional
Operations
|
|
|
|
|
|
|
925,123
|
|
|
556,826
|
|
|
2,492,756
|
|
|
1,371,750
|
MGM
China
|
|
|
|
|
|
|
289,059
|
|
|
46,867
|
|
|
896,044
|
|
|
351,952
|
Management and
other operations
|
|
|
|
|
112,390
|
|
|
40,809
|
|
|
303,949
|
|
|
178,809
|
|
|
|
|
|
|
$
|
2,707,539
|
|
$
|
1,125,920
|
|
$
|
6,623,248
|
|
$
|
3,668,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDAR and ADJUSTED EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Las Vegas Strip
Resorts (1)
|
|
|
|
|
$
|
534,548
|
|
$
|
15,125
|
|
$
|
1,039,472
|
|
$
|
178,277
|
Regional
Operations
|
|
|
|
|
|
|
348,234
|
|
|
145,734
|
|
|
908,564
|
|
|
185,369
|
MGM
China
|
|
|
|
|
|
|
6,996
|
|
|
(96,446)
|
|
|
20,352
|
|
|
(234,724)
|
Unconsolidated
affiliates (2)
|
|
|
|
|
|
(6,559)
|
|
|
(21,053)
|
|
|
(81,892)
|
|
|
(58,121)
|
Management and
other operations
|
|
|
|
|
(1,787)
|
|
|
(15,621)
|
|
|
13,679
|
|
|
(38,467)
|
Stock
compensation
|
|
|
|
|
|
|
(10,952)
|
|
|
(21,391)
|
|
|
(37,490)
|
|
|
(53,057)
|
Corporate
|
|
|
|
|
|
|
(105,447)
|
|
|
(55,125)
|
|
|
(263,010)
|
|
|
(225,124)
|
|
|
|
|
|
|
$
|
765,033
|
|
|
|
|
$
|
1,599,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes the
results of Aria (including Vdara) commencing September 27,
2021.
|
(2) Represents the
Company's share of operating income (loss) excluding investments in
real estate ventures, adjusted for the effect of certain basis
differences and excluding impact
of gain on sale of Harmon land. Includes the
results of CityCenter through September 26,
2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO
ADJUSTED EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net income (loss)
attributable to MGM Resorts International
|
|
$
|
1,350,433
|
|
$
|
(534,731)
|
|
$
|
1,123,357
|
|
$
|
(585,119)
|
Plus: Net
loss attributable to noncontrolling interests
|
|
|
(12,497)
|
|
|
(67,240)
|
|
|
(31,055)
|
|
|
(278,820)
|
Net income
(loss)
|
|
|
|
|
|
|
1,337,936
|
|
|
(601,971)
|
|
|
1,092,302
|
|
|
(863,939)
|
(Benefit)
provision for income taxes
|
|
|
|
|
282,135
|
|
|
(76,734)
|
|
|
222,263
|
|
|
(84,668)
|
Income (loss)
before income taxes
|
|
|
|
|
1,620,071
|
|
|
(678,705)
|
|
|
1,314,565
|
|
|
(948,607)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
|
|
200,049
|
|
|
173,808
|
|
|
598,116
|
|
|
487,701
|
Other,
net
|
|
|
|
|
|
|
72,662
|
|
|
9,715
|
|
|
(2,829)
|
|
|
182,040
|
|
|
|
|
|
|
|
272,711
|
|
|
183,523
|
|
|
595,287
|
|
|
669,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
|
|
1,892,782
|
|
|
(495,182)
|
|
|
1,909,852
|
|
|
(278,866)
|
Preopening
and start-up expenses
|
|
|
|
|
1,547
|
|
|
11
|
|
|
1,642
|
|
|
51
|
Property
transactions, net
|
|
|
|
|
|
3,677
|
|
|
4,116
|
|
|
842
|
|
|
85,440
|
Gain on
REIT transactions, net
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,491,945)
|
Gain on
consolidation of CityCenter, net
|
|
|
|
|
(1,562,329)
|
|
|
-
|
|
|
(1,562,329)
|
|
|
-
|
Depreciation and amortization
|
|
|
|
|
|
279,403
|
|
|
294,363
|
|
|
853,579
|
|
|
911,859
|
CEO
transition expense
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
44,401
|
October 1
litigation settlement
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
49,000
|
Restructuring
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
19,882
|
Triple net
operating lease and ground lease rent expense
|
|
|
191,622
|
|
|
189,602
|
|
|
570,851
|
|
|
521,087
|
Gain
related to sale of Harmon land - unconsolidated
affiliate
|
|
|
-
|
|
|
-
|
|
|
(49,755)
|
|
|
-
|
Income from
unconsolidated affiliates related to real estate
ventures
|
|
(41,669)
|
|
|
(41,687)
|
|
|
(125,007)
|
|
|
(106,756)
|
Adjusted
EBITDAR
|
|
|
|
|
|
$
|
765,033
|
|
|
|
|
$
|
1,599,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATIONS OF
LAS VEGAS STRIP RESORTS NET REVENUES AND LAS VEGAS STRIP RESORTS
ADJUSTED PROPERTY EBITDAR TO TABLE GAMES HOLD
ADJUSTED
|
LAS VEGAS
STRIP RESORTS NET REVENUES AND TABLE GAMES HOLD ADJUSTED LAS VEGAS
STRIP RESORTS ADJUSTED PROPERTY EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Las Vegas Strip
Resorts net revenues
|
|
|
|
|
$
|
1,380,967
|
|
$
|
481,418
|
|
$
|
2,930,499
|
|
$
|
1,766,035
|
Hold adjustment
(1)
|
|
|
|
|
|
|
(23,543)
|
|
|
7,440
|
|
|
(17,629)
|
|
|
5,150
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Net Revenues
|
|
|
|
$
|
1,357,424
|
|
$
|
488,858
|
|
$
|
2,912,870
|
|
$
|
1,771,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Strip
Resorts Adjusted Property EBITDAR
|
|
|
|
$
|
534,548
|
|
$
|
15,125
|
|
$
|
1,039,472
|
|
$
|
178,277
|
Hold adjustment
(2)
|
|
|
|
|
|
|
(20,076)
|
|
|
6,297
|
|
|
(15,054)
|
|
|
4,272
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Adjusted Property
EBITDAR
|
|
|
$
|
514,472
|
|
$
|
21,422
|
|
$
|
1,024,418
|
|
$
|
182,549
|
|
|
(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 EBITDAR TO
VIP TABLE GAMES HOLD ADJUSTED MGM CHINA NET REVENUES
|
AND VIP
TABLE GAMES HOLD ADJUSTED MGM CHINA ADJUSTED PROPERTY
EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
MGM China net
revenues
|
|
|
|
|
|
$
|
289,059
|
|
$
|
46,867
|
|
$
|
896,044
|
|
$
|
351,952
|
Hold adjustment
(3)
|
|
|
|
|
|
|
(17,223)
|
|
|
7,134
|
|
|
(13,495)
|
|
|
8,696
|
VIP Table Games
Hold Adjusted MGM China Net Revenues
|
|
|
|
$
|
271,836
|
|
$
|
54,001
|
|
$
|
882,549
|
|
$
|
360,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM China Adjusted
Property EBITDAR
|
|
|
|
|
$
|
6,996
|
|
$
|
(96,446)
|
|
$
|
20,352
|
|
$
|
(234,724)
|
Hold adjustment
(4)
|
|
|
|
|
|
|
(9,448)
|
|
|
3,148
|
|
|
(4,969)
|
|
|
6,646
|
VIP Table Games
Hold Adjusted MGM China Adjusted Property EBITDAR
|
|
|
$
|
(2,452)
|
|
$
|
(93,298)
|
|
$
|
15,383
|
|
$
|
(228,078)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
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SOURCE MGM Resorts International