LAS VEGAS, April 30, 2020 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter ended March 31,
2020.
"The year started strong with results ahead of expectations,
however the COVID-19 pandemic resulted in the closure of our
properties which had a material negative impact on our first
quarter results," said Bill
Hornbuckle, Acting CEO and President of MGM Resorts. "It is
still premature to predict the opening dates of our domestic
properties. In the meantime, we are collaborating with public
health officials, experts in epidemiology and biosafety, and both
state and federal government to come up with a set of protocols
that will help deliver a safe, secure environment for our employees
and guests. We are aggressively managing our cash outflows and
strengthening our liquidity position to make certain that despite a
lack of revenue, we are able to advance our longer term strategic
initiatives such as a new integrated resort in Japan, growing our business in Macau, and establishing a leading
presence in sports betting and on-line gaming. With premier assets
in most of the markets in which we operate, we are confident we
will emerge from the crisis in a strong position."
First Quarter 2020 Financial
Highlights:
Consolidated Results
- Consolidated net revenues decreased 29% compared to the prior
year quarter to $2.3 billion,
primarily driven by the temporary suspension of the Company's
domestic and Macau casino
operations and continued travel restrictions which resulted in a
63% decrease in net revenues at MGM China;
- Consolidated operating income increased to $1.3 billion compared to $370 million in the prior year quarter. The
current year quarter included a $1.5
billion gain related to the MGM Grand Las Vegas and Mandalay
Bay real estate transaction;
- Net income attributable to MGM Resorts of $807 million, including the gain discussed above
net of tax, compared to net income attributable to MGM Resorts of
$31 million in the prior year
quarter;
- Diluted earnings per share of $1.64 in the current quarter compared to diluted
earnings per share of $0.05 in the
prior year quarter;
- Adjusted diluted earnings per share ("Adjusted
EPS")(1) was a loss per share of $0.45 in the current quarter compared to Adjusted
EPS of $0.14 in the prior year
quarter; and
- Consolidated Adjusted EBITDAR(2) decreased 61% to
$295 million in the current quarter
compared to $748 million in the prior
year quarter, primarily attributable to the temporary suspension of
casino operations discussed above.
"During this unprecedented crisis MGM Resorts maintains a strong
liquidity position. We have benefitted from the Bellagio, MGM Grand
Las Vegas, and Circus Circus Las Vegas real estate transactions,
which generated approximately $6.9
billion of cash. In addition to $4.6
billion of cash on the balance sheet as of March 31, 2020, excluding MGP and MGM China and
adjusted for the recent bond offering, the Company also has access
to $1.4 billion of additional
liquidity upon the redemption of its operating partnership units in
MGP. Furthermore, we have recently cut our dividend to maintain
maximum flexibility and allow us to continue to invest in our
business," said Paul Salem, Chairman
of MGM Resorts. "As I have watched Bill and the team move swiftly
to address the challenges of the COVID-19 crisis, I have tremendous
confidence in their ability to manage the Company through these
challenging times. I look forward to working with management and
the rest of the Board of Directors to create long term shareholder
value by executing on our key strategic initiatives and increasing
returns on investment through disciplined capital allocation."
"We continue to implement an extensive number of initiatives to
optimize our cash position, and currently estimate that while all
of our properties are closed in the U.S., our domestic cash
outflows, including interest, taxes, and rent (net of dividends
received from MGP), are approximately $270
million per month," said Corey
Sanders, Chief Financial Officer and Treasurer of MGM
Resorts. "After the quarter end, we accessed the debt capital
markets to bolster our liquidity position and amended our credit
agreement to provide for additional flexibility with respect to our
financial covenants. As such, our balance sheet remains sound."
Financial Position &
Liquidity
- Cash and cash equivalents balance at March 31, 2020 was
$6.0 billion, which included
$1.8 billion at the MGP Operating
Partnership and $381 million at MGM
China;
- At March 31, 2020, principal amount of indebtedness
outstanding was $11.8 billion,
including $4.0 billion outstanding at
MGP Operating Partnership and $2.3
billion outstanding at MGM China;
- At March 31, 2020, $1.5
billion was drawn on the Company's $1.5 billion revolving facility, $1.35 billion was drawn on the $1.35 billion MGP Operating Partnership revolving
credit facility, and $826 million was
drawn on the $1.25 billion MGM China
revolving credit facility;
- Excluding MGP and MGM China, the Company has no debt maturing
prior to 2022 and the Company estimates that while all of the
Company's domestic properties are closed, cash outflows inclusive
of net rent, interest, corporate and operating expenses and
expected capital expenditures, are approximately $270 million per month; and
- On April 23, 2020, the Company
commenced an offering for $750
million in aggregate principal amount of 6.750% senior notes
due 2025. The transaction is scheduled to close on May 4, 2020, subject to customary closing
conditions.
Las Vegas Strip Resorts
- Net revenues decreased 21% compared to the prior year quarter
to $1.1 billion. Excluding Circus
Circus Las Vegas, which was sold in December
2019, net revenues decreased 17% compared to the prior year
quarter;
- Table Games Hold Adjusted Las Vegas Strip Resorts Net
Revenues(3) decreased 20% compared to the prior year
quarter to $1.1 billion and decreased
17% excluding Circus Circus Las Vegas;
- REVPAR(4) increased 3.3% compared to the prior
year quarter. Excluding Circus Circus Las Vegas, REVPAR decreased
3.3% compared to the prior year quarter;
- Adjusted Property EBITDAR of $268
million, a 34% decrease compared to $404 million in the prior year quarter. Excluding
Circus Circus Las Vegas, Adjusted Property EBITDAR decreased 32%
compared to the prior year quarter;
- Adjusted Property EBITDAR increased 24% for the first two
months of the quarter compared to the same period in the prior year
quarter, and when excluding Circus Circus Las Vegas, increased 27%
for the first two months of the quarter compared to the same period
in the prior year quarter;
- Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted
Property EBITDAR(2) of $273
million a 33% decrease compared to the prior year quarter.
Excluding Circus Circus Las Vegas, Table Games Hold Adjusted Las
Vegas Strip Resorts Adjusted Property EBITDAR decreased 31%
compared to the prior year quarter; and
- Adjusted Property EBITDAR margin of 23.6%, a 466 basis
point decrease compared to the prior year quarter. Excluding
Circus Circus Las Vegas, margins decreased 497 basis points
compared to the prior year quarter.
Regional Operations
- Net revenues decreased 10% compared to the prior year quarter
to $726 million, the current quarter
included $57 million in net revenues
from MGM Northfield Park's operations, which were acquired from MGP
on April 1, 2019;
- Adjusted Property EBITDAR decreased 28% compared the prior year
quarter to $152 million;
- Adjusted Property EBITDAR increased 42% for the first two
months of the quarter compared to the same period in the prior year
quarter, and when excluding Empire City and MGM Northfield Park,
increased 26% for the first two months of the quarter compared to
the same period in the prior year quarter; and
- Adjusted Property EBITDAR margin of 20.9% in the current
quarter, a 544 basis point decrease compared to the prior year
quarter.
MGM China
- Net revenues decreased 63% compared to the prior year quarter
to $272 million;
- VIP Table Games Hold Adjusted MGM China Net
Revenues(3) decreased 61% compared to the prior year
quarter to $275 million;
- Adjusted Property EBITDAR loss of $22
million compared to Adjusted Property EBITDAR of
$193 million in the prior year
quarter; and
- VIP Table Games Hold Adjusted MGM China Adjusted Property
EBITDAR(2) loss of $17
million compared to VIP Table Games Hold Adjusted MGM China
Adjusted Property EBITDAR of $177
million in the prior year quarter.
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
March 31,
|
|
2020
|
|
|
|
|
2019
|
|
Diluted earnings per
share
|
|
$
|
1.64
|
|
|
|
|
$
|
0.05
|
|
Property
transactions, net
|
|
|
0.11
|
|
|
|
|
|
0.02
|
|
Gain on REIT
transactions, net
|
|
|
(3.16)
|
|
|
|
|
|
—
|
|
CEO transition
expense
|
|
|
0.09
|
|
|
|
|
|
—
|
|
Restructuring
|
|
|
—
|
|
|
|
|
|
0.08
|
|
Non-operating
expense:
|
|
|
|
|
|
|
|
|
|
|
Loss on retirement of
long-term debt
|
|
|
0.24
|
|
|
|
|
|
—
|
|
Foreign currency gain
on MGM China senior notes
|
|
|
(0.01)
|
|
|
|
|
|
—
|
|
Change in fair value
of MGP swaps
|
|
|
0.01
|
|
|
|
|
|
—
|
|
Items from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
|
|
Change in fair value
of CityCenter swaps
|
|
|
0.02
|
|
|
|
|
|
0.01
|
|
Income tax impact on
net income adjustments (1)
|
|
|
0.61
|
|
|
|
|
|
(0.02)
|
|
Adjusted diluted
earnings (loss) per share
|
|
$
|
(0.45)
|
|
|
|
|
$
|
0.14
|
|
|
|
(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.
|
The current quarter also included non-cash income tax charges
totaling $33 million resulting from
increases to valuation allowances for Macau deferred tax assets and foreign tax
credits, partially offset by benefit resulting from recently issued
guidance related to deductions for employee dining facilities.
Las Vegas Strip Resorts
Casino revenue for the first quarter of 2020 decreased 15%
compared to the prior year quarter at the Company's Las Vegas Strip
Resorts, due primarily to decreases in the month of March which
offset a 12% increase in casino revenues in the first two months of
the quarter. Excluding Circus Circus Las Vegas, casino revenue
decreased 12% compared to the prior year quarter and increased 16%
for the first two months of the quarter compared to the same period
in the prior year quarter.
The following table shows key gaming statistics for the
Company's Las Vegas Strip Resorts:
Three Months Ended
March 31,
|
|
2020
|
|
2019
|
%
change
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$841
|
|
$968
|
(13)%
|
Table Games Win
%
|
|
23.2%
|
|
23.0%
|
|
Slots
Handle
|
|
$2,457
|
|
$3,051
|
(19)%
|
Slots Hold
%
|
|
9.4%
|
|
9.1%
|
|
Rooms revenue decreased 23% compared to the prior year quarter
at the Company's Las Vegas Strip Resorts and decreased 18%
excluding Circus Circus Las Vegas. Excluding Circus Circus Las
Vegas, hotel revenues increased 3% for the first two months of the
quarter compared to the same period in the prior year quarter. Las
Vegas Strip Resorts REVPAR increased 3.3%, and when excluding
Circus Circus Las Vegas, decreased 3.3%, compared to the prior
year quarter.
The following table shows key hotel statistics for the Company's
Las Vegas Strip Resorts:
Three Months Ended
March 31,
|
|
2020
|
|
2019
|
%
change
|
Occupancy
%
|
|
88%
|
|
90%
|
|
Average Daily Rate
(ADR)(1)
|
|
$183
|
|
$173
|
5.7%
|
Revenue per Available
Room (REVPAR)(1)
|
|
$160
|
|
$155
|
3.3%
|
|
|
(1)
|
For the three months
ended March 31, 2020, ADR and REVPAR include rooms in service at
the Company's Las Vegas Strip Resorts through March 16,
2020.
|
Regional Operations
Casino revenue for the first quarter of 2020 decreased 7%
compared to the prior year quarter at the Company's Regional
Operations. Excluding the acquisition of MGM Northfield Park's
operations from MGM Growth Properties LLC ("MGP"), casino revenue
decreased 15% compared to the prior year quarter. Casino revenue
increased 24% for the first two months of the quarter compared to
the same period in the prior year quarter and, when excluding MGM
Northfield Park, increased 13% for the first two months of the
quarter compared to the same period in the prior year quarter.
The following table shows key gaming statistics for the
Company's Regional Operations:
Three Months Ended
March 31,
|
|
2020
|
|
2019
|
%
change
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$844
|
|
$1,013
|
(17)%
|
Table Games Win
%
|
|
19.4%
|
|
19.5%
|
|
Slots
Handle
|
|
$5,170
|
|
$5,627
|
(8)%
|
Slots Hold
%
|
|
9.6%
|
|
9.2%
|
|
MGM China
In March 2020, MGM China Holdings
Limited's ("MGM China") Board of Directors recommended a final
dividend for 2019 of $41 million, to
be paid in 2020 if approved at the upcoming annual shareholders
meeting on May 28, 2020, of which MGM
Resorts would receive its 55.95% share, or $23 million, and noncontrolling interests would
receive $18 million.
Key first quarter results for MGM China include:
- Net revenues decreased 63% compared to the prior year quarter
to $272 million;
- Main floor table games win decreased 58% compared to the prior
year quarter;
- VIP table games win decreased 68% compared to the prior year
quarter; and
- Adjusted Property EBITDAR loss of $22
million compared to Adjusted Property EBITDAR of
$193 million in the prior year
quarter. The current quarter included $5
million of license fee expense compared to $13 million in the prior year quarter.
The following table shows key gaming statistics for MGM
China:
Three Months Ended
March 31,
|
|
2020
|
|
2019
|
%
change
|
|
|
(Dollars in
millions)
|
|
VIP Table Games
Turnover
|
|
$3,425
|
|
$10,011
|
(66)%
|
VIP Table Games Win
%
|
|
3.2%
|
|
3.4%
|
|
Main Floor Table
Games Drop
|
|
$777
|
|
$1,993
|
(61)%
|
Main Floor Table
Games Win %
|
|
24.1%
|
|
22.3%
|
|
Corporate Expense
Corporate expense, including share-based compensation for
corporate employees, was $144 million
in the first quarter of 2020, compared to $129 million in the prior year quarter. The
current quarter included $44 million
in CEO transition expense and $4
million in corporate initiatives costs. Included in the CEO
transition expense is $20 million of
stock compensation expense, of which approximately $13 million related to the modification and
accelerated vesting of outstanding stock compensation awards. The
prior year quarter included $20
million in Empire City Casino acquisition costs, primarily
related to transfer taxes and advisory fees, $12 million in costs incurred to implement the
MGM 2020 Plan, 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
March 31,
|
|
2020
|
|
|
2019
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
20,666
|
|
|
$
|
34,849
|
|
MGP BREIT
Venture
|
|
|
19,950
|
|
|
|
—
|
|
Other
|
|
|
(4,868)
|
|
|
|
3,900
|
|
|
|
$
|
35,748
|
|
|
$
|
38,749
|
|
In April 2020, CityCenter
Holdings, LLC ("CityCenter") paid a $101
million dividend, of which MGM Resorts received its 50%
share, or approximately $51
million.
Key first quarter results for CityCenter include the following
(see schedule accompanying this release for further detail on
CityCenter's first quarter results):
- Net revenues were $265 million, a
23% decrease compared to the prior year quarter;
- CityCenter's REVPAR was $245 in
both the current and prior year quarters; and
- Adjusted EBITDA was $79 million,
a 31% decrease compared to the prior year quarter, primarily as a
result of the temporary suspension of casino operations, discussed
above.
MGM Growth Properties
During the first quarter of 2020, the Company
made rent payments to MGM Growth Properties Operating Partnership
LP ("MGP Operating Partnership") in the amount of $219 million and received distributions of
$94 million from the MGP Operating
Partnership. In March 2020, the Board
of Directors of MGP approved a quarterly dividend of $0.475 per Class A share (which represents a
dividend of $1.90 per share on an
annualized basis and an increase of $0.02 per share from the prior dividend rate)
totaling $62 million, which was paid
on April 15, 2020 to holders of
record on March 31, 2020. The Company
concurrently received a $96 million
distribution attributable to its ownership of MGP Operating
Partnership units.
MGM Resorts Dividend and Share
Repurchases
To preserve liquidity in light of the impact of COVID-19 on its
business operations, the Company has temporarily reduced its
dividend to an annual dividend of $0.01 per share. On April
30, 2020, the Company's Board of Directors approved a
quarterly dividend of $0.0025 per
share. The dividend will be payable on June
15, 2020 to holders of record on June
10, 2020.
During the first quarter of 2020, MGM Resorts repurchased
approximately 11 million shares of its common stock at an average
price of $32.57 per share for an
aggregate amount of $354 million. As
of March 31, 2020, approximately
$4 million remained available under
the $2.0 billion share repurchase
program announced in May 2018 and
$3.0 billion remained available under
the $3.0 billion stock repurchase
program announced in February 2020.
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. 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
1559564. A replay of the call will be available through
Thursday, May 7, 2020. The
replay may be accessed by dialing 1-877-344-7529 or
1-412-317-0088. The replay access code is 10142185. 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 or loss per share adjusted to
exclude preopening and start-up expenses, property transactions,
net, gain on REIT transactions, net, CEO transition expense,
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, foreign
currency 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 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, CEO transition expense, 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 REITs, and
property transactions, net. Management utilizes "Adjusted
Property EBITDAR" as the primary profit measures for its reportable
segments and underlying operating segments. Adjusted Property
EBITDAR is a measure defined as Adjusted EBITDAR 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. The Company manages capital allocation, tax
planning, stock compensation, and financing decisions at the
corporate level. "Adjusted Property EBITDAR margin" is Adjusted
Property EBITDAR divided by related segment net revenues.
"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 these measures are 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, Adjusted Property
EBITDAR, and Adjusted Property EBITDAR 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 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 changed its non-GAAP measures as a
result of the Bellagio real estate transaction in the fourth
quarter of 2019, including recasting prior periods, to exclude 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 and Adjusted Property EBITDAR should not
be viewed as measures of overall operating performance, considered
in isolation, or as an alternative to net income, because these
measures are not presented on a GAAP basis and exclude 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, Adjusted Property EBITDAR, Adjusted Property
EBITDAR margin, 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,
Adjusted Property EBITDAR, Adjusted Property EBITDAR margin, 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, Adjusted
Property EBITDAR, Adjusted Property EBITDAR margin, 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, Adjusted Property
EBITDAR, Adjusted Property EBITDAR margin, 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.
5.
CityCenter non-GAAP Measure
"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 EBITDA as the
primary profit measures for CityCenter. Adjusted EBITDA is a
non-GAAP measure and is presented solely as a supplemental
disclosure to reported GAAP measures. Management believes that
while certain items excluded from Adjusted EBITDA may be recurring
in nature and should not be disregarded in evaluating CityCenter'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
above, may not relate specifically to current operating trends or
be indicative of future results. Adjusted 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. A reconciliation of GAAP net income (loss)
to Adjusted EBITDA is included in the financial schedules in this
release.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global
entertainment company with national and international locations
featuring best-in-class hotels and casinos, state-of-the-art
meetings and conference spaces, incredible live and theatrical
entertainment experiences, and an extensive array of restaurant,
nightlife and retail offerings. MGM Resorts creates immersive,
iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts
portfolio encompasses 29 unique hotel and destination gaming
offerings 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, ROAR Digital
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"
initiative, 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 future results, including the severity of
the continued impact of COVID-19 on its results of operations and
the duration of such impact, the Company's estimated cash outflows
while its domestic properties remain closed, dividends it expects
to receive from MGM China, the MGP Operating Partnership and
CityCenter, its ability to execute on its asset light strategy,
return capital to shareholders, including the timing and amount of
any share repurchases or dividends, the closing of the Company's
recent senior notes offering and the Company's ability to deliver
on its MGM 2020 plan, reduce expenses and otherwise maintain its
liquidity position during the pandemic. 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
|
|
AARON
FISCHER
|
CATHERINE
PARK
|
Chief Strategy
Officer
|
Executive Director
of Investor Relations
|
(702) 693-7152 or
afischer@mgmresorts.com
|
(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
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2020
|
|
2019
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
|
$
|
1,054,026
|
|
$
|
1,626,346
|
|
Rooms
|
|
|
433,951
|
|
|
574,215
|
|
Food and
beverage
|
|
|
396,709
|
|
|
520,221
|
|
Entertainment,
retail and other
|
|
|
269,945
|
|
|
344,374
|
|
Reimbursed
costs
|
|
|
98,186
|
|
|
111,755
|
|
|
|
|
2,252,817
|
|
|
3,176,911
|
Expenses:
|
|
|
|
|
|
|
|
Casino
|
|
|
628,670
|
|
|
902,757
|
|
Rooms
|
|
|
172,609
|
|
|
203,994
|
|
Food and
beverage
|
|
|
339,636
|
|
|
400,239
|
|
Entertainment,
retail and other
|
|
|
199,063
|
|
|
243,630
|
|
Reimbursed
costs
|
|
|
98,186
|
|
|
111,755
|
|
General and
administrative
|
|
|
574,306
|
|
|
525,112
|
|
Corporate
expense
|
|
|
143,808
|
|
|
129,436
|
|
Preopening and
start-up expenses
|
|
|
122
|
|
|
3,287
|
|
Property
transactions, net
|
|
|
54,975
|
|
|
8,776
|
|
Gain on REIT
transactions, net
|
|
|
(1,491,945)
|
|
|
-
|
|
Depreciation and
amortization
|
|
|
318,290
|
|
|
316,414
|
|
|
|
|
1,037,720
|
|
|
2,845,400
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
|
35,748
|
|
|
38,749
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
1,250,845
|
|
|
370,260
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
|
(157,137)
|
|
|
(216,120)
|
|
Non-operating
items from unconsolidated affiliates
|
|
|
(32,621)
|
|
|
(18,165)
|
|
Other,
net
|
|
|
(124,264)
|
|
|
1,693
|
|
|
|
|
(314,022)
|
|
|
(232,592)
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
936,823
|
|
|
137,668
|
|
Provision for
income taxes
|
|
|
(262,304)
|
|
|
(71,511)
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
674,519
|
|
|
66,157
|
|
Less: Net (income)
loss attributable to noncontrolling interests
|
|
|
132,350
|
|
|
(34,860)
|
Net income
attributable to MGM Resorts International
|
|
$
|
806,869
|
|
$
|
31,297
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.64
|
|
$
|
0.05
|
|
Diluted
|
|
$
|
1.64
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
495,415
|
|
|
534,219
|
|
Diluted
|
|
|
496,984
|
|
|
537,506
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
6,016,417
|
|
$
|
2,329,604
|
|
Accounts
receivable, net
|
|
|
454,826
|
|
|
612,717
|
|
Inventories
|
|
|
106,327
|
|
|
102,888
|
|
Income tax
receivable
|
|
|
44,459
|
|
|
27,167
|
|
October 1
litigation insurance receivable
|
|
|
735,000
|
|
|
735,000
|
|
Prepaid expenses
and other
|
|
|
240,900
|
|
|
200,317
|
|
|
Total current
assets
|
|
|
7,597,929
|
|
|
4,007,693
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
15,172,959
|
|
|
18,285,955
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
|
1,596,170
|
|
|
822,366
|
|
Goodwill
|
|
|
2,091,595
|
|
|
2,084,564
|
|
Other intangible
assets, net
|
|
|
3,795,850
|
|
|
3,826,504
|
|
Operating lease
right-of-use assets, net
|
|
|
8,425,653
|
|
|
4,392,481
|
|
Other long-term
assets, net
|
|
|
438,749
|
|
|
456,793
|
|
|
Total other
assets
|
|
|
16,348,017
|
|
|
11,582,708
|
|
|
|
|
$
|
39,118,905
|
|
$
|
33,876,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
202,735
|
|
$
|
235,437
|
|
Construction
payable
|
|
|
40,961
|
|
|
74,734
|
|
Accrued interest
on long-term debt
|
|
|
108,694
|
|
|
122,250
|
|
October 1
litigation liability
|
|
|
735,000
|
|
|
735,000
|
|
Other accrued
liabilities
|
|
|
1,538,857
|
|
|
2,024,002
|
|
|
Total current
liabilities
|
|
|
2,626,247
|
|
|
3,191,423
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
|
2,388,072
|
|
|
2,106,506
|
Long-term debt,
net
|
|
|
11,743,348
|
|
|
11,168,904
|
Other long-term
obligations
|
|
|
564,608
|
|
|
363,588
|
Operating lease
liabilities
|
|
|
8,374,987
|
|
|
4,277,970
|
Redeemable
noncontrolling interest
|
|
|
89,642
|
|
|
105,046
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
|
issued and outstanding 493,154,946 and 503,147,632
shares
|
|
|
4,932
|
|
|
5,031
|
|
Capital in excess
of par value
|
|
|
3,274,454
|
|
|
3,531,099
|
|
Retained
earnings
|
|
|
4,934,302
|
|
|
4,201,337
|
|
Accumulated other
comprehensive loss
|
|
|
(39,774)
|
|
|
(10,202)
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
|
8,173,914
|
|
|
7,727,265
|
|
Noncontrolling
interests
|
|
|
5,158,087
|
|
|
4,935,654
|
|
|
Total
stockholders' equity
|
|
|
13,332,001
|
|
|
12,662,919
|
|
|
|
|
$
|
39,118,905
|
|
$
|
33,876,356
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2020
|
|
2019
|
Las Vegas Strip
Resorts
|
|
$
|
1,133,806
|
|
$
|
1,428,188
|
Regional
Operations
|
|
|
725,660
|
|
|
803,945
|
MGM
China
|
|
|
271,887
|
|
|
734,204
|
Management and
other operations
|
|
|
121,464
|
|
|
210,574
|
|
|
$
|
2,252,817
|
|
$
|
3,176,911
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDAR and ADJUSTED EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2020
|
|
2019
|
Las Vegas Strip
Resorts
|
|
$
|
267,599
|
|
$
|
403,651
|
Regional
Operations
|
|
|
151,720
|
|
|
211,797
|
MGM
China
|
|
|
(21,990)
|
|
|
192,811
|
Unconsolidated
resorts (1)
|
|
|
12,234
|
|
|
40,482
|
Management and
other operations
|
|
|
(6,862)
|
|
|
30,656
|
Stock
compensation
|
|
|
(16,931)
|
|
|
(16,295)
|
Corporate
|
|
|
(90,678)
|
|
|
(115,374)
|
|
|
$
|
295,092
|
|
$
|
747,728
|
|
(1) Represents the
Company's share of operating income (loss) excluding investments in
REIT ventures, adjusted for the effect of certain basis
differences.
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO ADJUSTED
EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
March
31,
|
|
|
2020
|
|
2019
|
Net income
attributable to MGM Resorts International
|
|
$
|
806,869
|
|
$
|
31,297
|
Plus: Net
income (loss) attributable to noncontrolling
interests
|
|
(132,350)
|
|
|
34,860
|
Net
income
|
|
674,519
|
|
|
66,157
|
Provision
for income taxes
|
|
262,304
|
|
|
71,511
|
Income before
income taxes
|
|
936,823
|
|
|
137,668
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
157,137
|
|
|
216,120
|
Other,
net
|
|
156,885
|
|
|
16,472
|
|
|
314,022
|
|
|
232,592
|
|
|
|
|
|
|
Operating
income
|
|
1,250,845
|
|
|
370,260
|
Preopening
and start-up expenses
|
|
122
|
|
|
3,287
|
Property
transactions, net
|
|
54,975
|
|
|
8,776
|
Gain on
REIT transactions, net
|
|
(1,491,945)
|
|
|
-
|
Depreciation and amortization
|
|
318,290
|
|
|
316,414
|
CEO
transition expense
|
|
44,401
|
|
|
-
|
Restructuring
|
|
-
|
|
|
41,098
|
Triple net
operating lease and ground lease rent expense
|
|
141,918
|
|
|
7,893
|
Income from
unconsolidated affiliates, investments in REITs
|
|
(23,514)
|
|
|
-
|
Adjusted
EBITDAR
|
|
$
|
295,092
|
|
$
|
747,728
|
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
|
|
|
March
31,
|
|
March
31,
|
|
|
2020
|
|
2019
|
Las Vegas Strip
Resorts net revenues
|
|
$
|
1,133,806
|
|
$
|
1,428,188
|
Hold adjustment
(1)
|
|
|
6,726
|
|
|
5,137
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Net Revenues
|
|
$
|
1,140,532
|
|
$
|
1,433,325
|
|
|
|
|
|
|
|
Las Vegas Strip
Resorts Adjusted Property EBITDAR
|
|
$
|
267,599
|
|
$
|
403,651
|
Hold adjustment
(2)
|
|
|
5,698
|
|
|
4,340
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Adjusted Property
EBITDAR
|
|
$
|
273,297
|
|
$
|
407,991
|
|
(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
|
|
|
March
31,
|
|
March
31,
|
|
|
2020
|
|
2019
|
MGM China net
revenues
|
|
$
|
271,887
|
|
$
|
734,204
|
Hold adjustment
(3)
|
|
|
2,902
|
|
|
(34,609)
|
VIP Table Games
Hold Adjusted MGM China Net Revenues
|
|
$
|
274,789
|
|
$
|
699,595
|
|
|
|
|
|
|
|
MGM China Adjusted
Property EBITDAR
|
|
$
|
(21,990)
|
|
$
|
192,811
|
Hold adjustment
(4)
|
|
|
5,276
|
|
|
(15,579)
|
VIP Table Games
Hold Adjusted MGM China Adjusted Property EBITDAR
|
|
$
|
(16,714)
|
|
$
|
177,232
|
|
(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.
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES AND ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
|
265,131
|
|
$
|
343,520
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
78,552
|
|
$
|
114,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
86.0%
|
|
|
90.5%
|
|
ADR
(1)
|
|
|
$285
|
|
|
$270
|
|
REVPAR
(1)
|
|
|
$245
|
|
|
$245
|
|
|
(1) For the three
months ended March 31, 2020, ADR and REVPAR include rooms in
service at Aria and Vdara through March 16, 2020.
|
|
|
CITYCENTER
HOLDINGS, LLC
|
RECONCILIATION OF
NET INCOME (LOSS) TO ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(20,877)
|
|
$
|
17,972
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
|
21,357
|
|
|
23,254
|
|
Other,
net
|
|
|
23,680
|
|
|
11,300
|
|
|
|
|
45,037
|
|
|
34,554
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
24,160
|
|
|
52,526
|
|
Property
transactions, net
|
|
|
(2,498)
|
|
|
896
|
|
Depreciation and amortization
|
|
|
56,890
|
|
|
57,504
|
|
Restructuring
|
|
|
-
|
|
|
3,465
|
|
Adjusted
EBITDA
|
|
$
|
78,552
|
|
$
|
114,391
|
|
View original
content:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-first-quarter-financial-and-operating-results-301050492.html
SOURCE MGM Resorts International