201410300800PR_NEWS_USPR_____LA48464 20141030T080000-0400 prnewswire.com 20141030 LA48464 1 urn:newsml:prnewswire.com:20141030:LA48464:1 20141030T080000-0400 20141030T080000-0400 MimeType/@FormalName MGM Resorts International Reports Third Quarter Financial Results MGM China's Adjusted EBITDA Increased 12% Driven by Mass Market Growth LAS VEGAS, Oct. 30, 2014 NV-MGM-ERNS-Q3 201410300800PR_NEWS_USPR_____LA48464.xml MGM Resorts International Reports Third Quarter Financial Results

MGM Resorts International Reports Third Quarter Financial Results

MGM China's Adjusted EBITDA Increased 12% Driven by Mass Market Growth

PR Newswire

LAS VEGAS, Oct. 30, 2014 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended September 30, 2014.  Diluted loss per share for the third quarter of 2014 was $­­­0.04 compared to diluted loss per share of $0.05 in the prior year third quarter. 

"Our consolidated net revenues increased by 1% and EBITDA increased by 2% during the quarter.  In Las Vegas, the market continues to improve as our top line revenues grew 3%.  While we expected to have some negative impact to margins during the quarter as a result of the disruptions related to our investments in Delano at Mandalay Bay and the Strip frontage at Monte Carlo, we were also negatively affected by lower year over year table games hold and an increase in certain expenses.  Looking forward, we remain highly focused on increasing revenues and expanding margins while driving operating leverage in an improving market," said Jim Murren, Chairman and Chief Executive Officer of MGM Resorts International, "MGM China reported a 12% increase in EBITDA to $214 million and margin expansion of 330 basis points despite a difficult market.  The construction of MGM Cotai is progressing well and is on time, and on budget, for a fall 2016 opening."

Key results for the third quarter of 2014 include the following:

  • Consolidated net revenue was $2.5 billion, a 1% increase over the prior year quarter;
  • Net revenue at the Company's wholly owned domestic resorts increased 2% compared to the prior year quarter;
  • Rooms revenue at wholly owned domestic resorts increased 5% with a 6% increase in REVPAR(1) at the Company's Las Vegas Strip resorts compared to the prior year quarter;
  • Adjusted Property EBITDA(2) was $570 million, a 2% increase compared to the prior year quarter;
  • The Company's wholly owned domestic resorts earned Adjusted Property EBITDA of $328 million, a 6% decrease compared to the prior year quarter, primarily due to a decrease in table games hold percentage at its Las Vegas Strip resorts which negatively affected Adjusted Property EBITDA by approximately $18 million;
  • MGM China's Adjusted EBITDA was $214 million, a 12% increase compared to the prior year quarter, including $12 million of branding fee expense in the current quarter compared to $8 million in the prior year quarter; and
  • CityCenter earned Adjusted EBITDA related to resort operations of $64 million, a 2% increase over the prior year quarter.

Certain Items Affecting Third Quarter Results

The following table lists items that affect the comparability of the current and prior year quarterly results (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):

Three months ended September 30,      

2014

2013

Preopening and start-up expenses      

$     (0.01)

$     —

Property transactions, net

(0.01)

(0.03)

Property transactions, net in the prior year quarter included a non-cash impairment charge of $20 million related to land holdings in Jean and Sloan, Nevada.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts decreased 4% compared to the prior year quarter due primarily to a decrease in table games hold percentage. Table games hold percentage in the third quarter of 2014 was 19.8% compared to 21.5% in the prior year quarter. Slots revenue decreased slightly at the Company's wholly owned domestic resorts compared to the prior year quarter but increased 1% at the Company's Las Vegas Strip resorts.

Rooms revenue increased 5% with Las Vegas Strip REVPAR up 6%.  The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended September 30,     

2014

2013

Occupancy %

95%

93%

Average Daily Rate (ADR) 

$     131

$     127

Revenue per Available Room (REVPAR)

$     124

$     117

Food and beverage revenue increased 9% as a result of increased convention and banquet business and the opening of several new outlets. Adjusted Property EBITDA margin decreased to 20.8% from 22.6% in the prior year quarter and was negatively affected by a decrease in table games hold percentage, an increase in certain expenses and disruption from the Company's investments in Delano at Mandalay Bay and the new Strip frontage at Monte Carlo.

MGM China

Key third quarter results for MGM China include the following:

  • MGM China earned net revenue of $794 million, a 2% decrease compared to the prior year quarter;
  • VIP table games revenue decreased 19% due primarily to a decrease in VIP table games turnover of 19% compared to the prior year quarter, as well as a decrease in hold percentage to 2.7% in the current year quarter compared to 2.8% in the prior year quarter;
  • Main floor table games revenue increased 34% compared to the prior year quarter.  Main floor table games volume increased 15% and hold percentage was 28.0% in the current year quarter compared to 24.0% in the prior year quarter;
  • MGM China's Adjusted EBITDA was $214 million, a 12% increase compared to the prior year quarter, including $12 million of branding fee expense in the current quarter compared to $8 million in the prior year quarter;
  • MGM China's Adjusted EBITDA margin increased by 330 basis points compared to the prior year quarter to 26.9%; and
  • Operating income was $140 million compared to $114 million in the prior year quarter.

MGM China paid a $137 million dividend in September 2014, of which $70 million was distributed to MGM Resorts and $67 million was distributed to noncontrolling interests.

Income (Loss) from Unconsolidated Affiliates

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

Three months ended September 30, 

2014

2013


 (In thousands)

CityCenter

$      (6,719)

$      (2,881)

Borgata

22,397

15,034

Other

7,325

6,809


$     23,003

$     18,962

In September 2014, the Company was relicensed in the state of New Jersey.  As a result, the Company resumed accounting for its 50% interest in Borgata under the equity method and has adjusted its prior period financial statements retroactively as required by generally accepted accounting principles. 

Results for CityCenter Holdings, LLC for the third quarter of 2014 include the following (see schedules accompanying this release for further detail on CityCenter's third quarter results):

  • Net revenue from resort operations increased by 5% to $280 million compared to $268 million in the prior year quarter;
  • Adjusted EBITDA from resort operations was $64 million, an increase of 2% compared to the prior year quarter;
  • Aria's table games hold percentage was 21.7% compared to 22.5% in the prior year quarter;
  • Aria's occupancy percentage was 94% and its ADR was $206, resulting in REVPAR of $194, a 10% increase compared to the prior year quarter;
  • Vdara reported REVPAR of $153, an increase of 12% compared to the prior year quarter; and
  • Crystals reported Adjusted EBITDA of $11 million, an increase of 8% from the prior year quarter.

Financial Position

"Since our last earnings release, we have made significant progress in achieving certain financial goals.  We were unanimously approved for a casino license in the state of New Jersey, and as a result received $83 million in cash from our previous trust arrangement," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International. "MGM Resorts along with AEG secured a $200 million bank facility to fund the development and construction of our new 20,000 seat arena which is underway on the Las Vegas Strip between New York-New York and Monte Carlo."

The Company's cash balance at September 30, 2014 was $1.3 billion, which included $540 million at MGM China.  At September 30, 2014 the Company had $2.8 billion of borrowings outstanding under its $4.0 billion senior secured credit facility and $552 million outstanding under the $2.0 billion MGM China credit facility.

Conference Call Details

MGM Resorts International will host a conference call at 11:00 a.m. Eastern Time today which will include a brief discussion of these results followed by a question and answer period. The call will be accessible via the Internet through www.mgmresorts.com under the Investors section or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 6307991. A replay of the call will be available through Friday, November 7, 2014.  The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088.  The replay access code is 10054034. The call will be archived at www.mgmresorts.com.

1      REVPAR is hotel revenue per available room.

2     "Adjusted EBITDA" is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses and property transactions, net.  "Adjusted Property EBITDA" is Adjusted EBITDA before corporate expense and stock compensation expense related to the MGM Resorts stock option plan, which is not allocated to each property. MGM China recognizes stock compensation expense related to its stock compensation plan which is included in the calculation of Adjusted EBITDA for MGM China.  Adjusted EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because management believes these measures are 1) widely used measures of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies. 

Management believes that while items excluded from Adjusted EBITDA and Adjusted Property EBITDA may be recurring in nature and should not be disregarded in evaluation of the Company's earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, management believes excluded items may not relate specifically to current operating trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when the Company is developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within the Company's resorts, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period.

In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Therefore, management uses Adjusted Property EBITDA as the primary measure of the Company's operating resorts' performance.

Reconciliations of GAAP net income (loss) to Adjusted EBITDA and GAAP operating income (loss) to Adjusted Property EBITDA are included in the financial schedules in this release.

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA resort and casino.  For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.

Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission.  The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding the timing and costs of our development projects, including MGM Cotai, and the Company's ability to increase its revenues, margins and the operating leverage of its resort portfolio. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports).  In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

 

MGM RESORTS 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,



2014


2013


2014


2013

Revenues:













Casino

$

1,420,538


$

1,460,300


$

4,479,135


$

4,304,877


Rooms


433,005



413,060



1,348,542



1,252,020


Food and beverage


396,470



366,988



1,192,585



1,121,117


Entertainment


146,315



145,799



418,827



380,654


Retail


50,720



52,151



146,147



149,606


Other


132,126



123,180



391,621



374,920


Reimbursed costs


98,317



92,038



289,037



275,015




2,677,491



2,653,516



8,265,894



7,858,209


Less: Promotional allowances


(192,484)



(190,479)



(569,456)



(561,759)




2,485,007



2,463,037



7,696,438



7,296,450

Expenses:













Casino


884,177



913,137



2,791,828



2,705,190


Rooms


143,993



132,386



420,644



394,096


Food and beverage


234,307



214,683



695,489



645,119


Entertainment


109,757



107,939



313,455



281,604


Retail


26,183



28,053



75,714



81,884


Other


96,324



91,841



275,978



270,633


Reimbursed costs


98,317



92,038



289,037



275,015


General and administrative


347,487



342,847



994,217



961,072


Corporate expense


61,563



54,190



169,353



153,178


Preopening and start-up expenses 


10,233



4,279



25,628



9,931


Property transactions, net


6,794



26,127



40,522



122,749


Depreciation and amortization


202,386



211,682



613,111



641,751




2,221,521



2,219,202



6,704,976



6,542,222














Income from unconsolidated affiliates


23,003



18,962



65,963



52,919














Operating income 


286,489



262,797



1,057,425



807,147














Non-operating income (expense):













Interest expense, net of amounts capitalized


(202,835)



(208,939)



(616,158)



(648,886)


Non-operating items from unconsolidated affiliates


(22,810)



(34,439)



(69,021)



(115,452)


Other, net


(254)



(676)



(1,997)



(6,909)




(225,899)



(244,054)



(687,176)



(771,247)














Income before income taxes


60,590



18,743



370,249



35,900


Benefit (provision) for income taxes


(10,208)



14,428



44,401



(16,933)














Net income 


50,382



33,171



414,650



18,967


Less: Net income attributable to noncontrolling interests


(70,652)



(55,484)



(222,260)



(133,896)

Net income (loss) attributable to MGM Resorts International

$

(20,270)


$

(22,313)


$

192,390


$

(114,929)














Per share of common stock:













Basic:













Net income (loss) attributable to MGM Resorts International

$

(0.04)


$

(0.05)


$

0.39


$

(0.23)















Weighted average shares outstanding


490,914



489,672



490,746



489,484















Diluted:













Net income (loss) attributable to MGM Resorts International

$

(0.04)


$

(0.05)


$

0.39


$

(0.23)















Weighted average shares outstanding


490,914



489,672



497,228



489,484

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)




















September 30,


December 31,




2014


2013









      ASSETS

Current assets:







Cash and cash equivalents

$

1,313,427


$

1,803,669


Accounts receivable, net


433,853



488,217


Inventories


99,274



107,907


Deferred income taxes, net


-



80,989


Prepaid expenses and other


144,503



238,657



Total current assets


1,991,057



2,719,439









Property and equipment, net


14,253,703



14,055,212









Other assets:







Investments in and advances to unconsolidated affiliates


1,555,353



1,469,261


Goodwill 



2,893,467



2,897,442


Other intangible assets, net


4,331,768



4,511,861


Other long-term assets, net


423,138



431,395



Total other assets


9,203,726



9,309,959




$

25,448,486


$

26,084,610

















LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:







Accounts payable

$

266,696


$

241,192


Income taxes payable


2,390



14,813


Current portion of long-term debt


1,191,542



-


Deferred income taxes, net


18,815



-


Accrued interest on long-term debt


180,792



188,522


Other accrued liabilities


1,709,079



1,770,801



Total current liabilities


3,369,314



2,215,328









Deferred income taxes 


2,339,171



2,419,967

Long-term debt


11,723,655



13,447,230

Other long-term obligations


117,710



141,590

Stockholders' equity:







Common stock, $.01 par value: authorized 1,000,000,000 shares,
  issued and outstanding 490,889,936 and 490,360,628 shares


4,909



 

4,904


Capital in excess of par value


4,173,205



4,156,680


Retained earnings 


234,354



41,964


Accumulated other comprehensive income 


8,388



12,503



Total MGM Resorts International stockholders' equity


4,420,856



4,216,051


Noncontrolling interests


3,477,780



3,644,444



Total stockholders' equity


7,898,636



7,860,495




$

25,448,486


$

26,084,610

 

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,



2014


2013


2014


2013


Bellagio

$

302,024


$

274,812


$

954,093


$

878,643


MGM Grand Las Vegas


273,272



274,265



806,611



788,581


Mandalay Bay


216,956



214,289



669,846



595,108


The Mirage 


136,199



146,290



431,117



433,226


Luxor


92,395



85,903



267,155



247,075


New York-New York 


70,658



66,485



215,491



204,823


Excalibur


67,238



67,807



206,936



199,583


Monte Carlo


69,198



64,971



210,141



200,362


Circus Circus Las Vegas


57,741



55,044



160,408



152,227


MGM Grand Detroit


127,703



133,764



397,201



407,225


Beau Rivage


89,049



91,968



259,063



258,837


Gold Strike Tunica


43,196



39,525



119,615



112,967


Other resort operations


32,507



32,990



89,963



94,640


  Wholly owned domestic resorts


1,578,136



1,548,113



4,787,640



4,573,297


MGM China


794,265



808,471



2,563,641



2,391,177


Management and other operations


112,606



106,453



345,157



331,976



$

2,485,007


$

2,463,037


$

7,696,438


$

7,296,450








































MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)
















Three Months Ended


Nine Months Ended



September 30,


September 30,


September 30,


September 30,



2014


2013


2014


2013


Bellagio

$

88,420


$

70,111


$

309,188


$

259,212


MGM Grand Las Vegas


53,847



66,098



170,451



177,738


Mandalay Bay


29,796



42,036



138,799



130,808


The Mirage 


17,844



29,775



82,173



84,464


Luxor


17,563



15,285



56,863



49,147


New York-New York 


20,521



20,709



70,626



67,781


Excalibur


13,690



15,336



53,286



50,216


Monte Carlo


14,150



15,245



54,044



52,614


Circus Circus Las Vegas


6,093



5,848



18,615



15,701


MGM Grand Detroit


34,583



36,855



107,602



115,170


Beau Rivage


20,053



21,258



53,183



51,597


Gold Strike Tunica


10,514



9,502



30,266



28,007


Other resort operations


904



2,002



126



4,245


  Wholly owned domestic resorts


327,978



350,060



1,145,222



1,086,700


MGM China


213,796



190,772



665,009



576,042


Unconsolidated resorts(1)


23,003



18,962



65,963



52,919


Management and other operations


5,184



1,644



37,138



26,465



$

569,961


$

561,438


$

1,913,332


$

1,742,126















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

 

















MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA

(In thousands)

(Unaudited)

















Three Months Ended September 30, 2014




Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA


Bellagio

$

65,589


$

-


$

284


$

22,547


$

88,420


MGM Grand Las Vegas


33,236



-



44



20,567



53,847


Mandalay Bay


10,478



-



1,606



17,712



29,796


The Mirage 


4,896



416



288



12,244



17,844


Luxor


8,018



2



50



9,493



17,563


New York-New York 


15,854



-



84



4,583



20,521


Excalibur


9,828



-



28



3,834



13,690


Monte Carlo


8,646



107



19



5,378



14,150


Circus Circus Las Vegas


2,133



42



69



3,849



6,093


MGM Grand Detroit


26,164



-



2,411



6,008



34,583


Beau Rivage


13,049



-



392



6,612



20,053


Gold Strike Tunica


7,462



-



-



3,052



10,514


Other resort operations


(1,107)



-



1,468



543



904


  Wholly owned domestic resorts


204,246



567



6,743



116,422



327,978


MGM China


140,257



1,467



52



72,020



213,796


Unconsolidated resorts


22,986



17



-



-



23,003


Management and other operations


3,138



-



-



2,046



5,184




370,627



2,051



6,795



190,488



569,961


Stock compensation


(7,275)



-



-



-



(7,275)


Corporate 


(76,863)



8,182



(1)



11,898



(56,784)



$

286,489


$

10,233


$

6,794


$

202,386


$

505,902

















































Three Months Ended September 30, 2013




Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA


Bellagio

$

47,576


$

-


$

(69)


$

22,604


$

70,111


MGM Grand Las Vegas


43,059



-



422



22,617



66,098


Mandalay Bay


19,209



1,076



17



21,734



42,036


The Mirage 


17,198



-



30



12,547



29,775


Luxor


5,708



646



(373)



9,304



15,285


New York-New York 


13,631



-



1,886



5,192



20,709


Excalibur


11,732



-



22



3,582



15,336


Monte Carlo


10,025



82



554



4,584



15,245


Circus Circus Las Vegas


863



-



1,037



3,948



5,848


MGM Grand Detroit


31,265



-



-



5,590



36,855


Beau Rivage


14,004



-



(14)



7,268



21,258


Gold Strike Tunica


6,038



-



-



3,464



9,502


Other resort operations


(21,107)



-



22,553



556



2,002


  Wholly owned domestic resorts


199,201



1,804



26,065



122,990



350,060


MGM China


114,071



2,286



20



74,395



190,772


Unconsolidated resorts


18,962



-



-



-



18,962


Management and other operations


(1,511)



189



4



2,962



1,644




330,723



4,279



26,089



200,347



561,438


Stock compensation


(5,968)



-



-



-



(5,968)


Corporate 


(61,958)



-



38



11,335



(50,585)



$

262,797


$

4,279


$

26,127


$

211,682


$

504,885

 

















MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA

(In thousands)

(Unaudited)

















Nine Months Ended September 30, 2014




Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA


Bellagio

$

241,467


$

-


$

857


$

66,864


$

309,188


MGM Grand Las Vegas


108,597



197



243



61,414



170,451


Mandalay Bay


78,413



1,133



1,845



57,408



138,799


The Mirage 


41,850



438



2,236



37,649



82,173


Luxor


28,559



2



50



28,252



56,863


New York-New York 


56,496



102



426



13,602



70,626


Excalibur


41,888



-



359



11,039



53,286


Monte Carlo


36,751



1,486



176



15,631



54,044


Circus Circus Las Vegas


6,978



78



61



11,498



18,615


MGM Grand Detroit


87,622



-



2,489



17,491



107,602


Beau Rivage


32,691



-



951



19,541



53,183


Gold Strike Tunica


20,478



-



265



9,523



30,266


Other resort operations


(2,962)



-



1,460



1,628



126


  Wholly owned domestic resorts


778,828



3,436



11,418



351,540



1,145,222


MGM China


438,958



6,792



(4)



219,263



665,009


Unconsolidated resorts


65,826



137



-



-



65,963


Management and other operations


30,153



-



1



6,984



37,138




1,313,765



10,365



11,415



577,787



1,913,332


Stock compensation


(20,367)



-



-



-



(20,367)


Corporate 


(235,973)



15,263



29,107



35,324



(156,279)



$

1,057,425


$

25,628


$

40,522


$

613,111


$

1,736,686

















































Nine Months Ended September 30, 2013




Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA


Bellagio

$

185,354


$

-


$

272


$

73,586


$

259,212


MGM Grand Las Vegas


113,431



-



1,192



63,115



177,738


Mandalay Bay


63,445



1,550



2,453



63,360



130,808


The Mirage 


42,462



-



4,325



37,677



84,464


Luxor


18,580



758



2,554



27,255



49,147


New York-New York 


49,326



-



2,416



16,039



67,781


Excalibur


39,276



-



35



10,905



50,216


Monte Carlo


35,066



140



3,506



13,902



52,614


Circus Circus Las Vegas


1,275



-



1,047



13,379



15,701


MGM Grand Detroit


98,345



-



-



16,825



115,170


Beau Rivage


29,163



-



(305)



22,739



51,597


Gold Strike Tunica


16,824



-



1,174



10,009



28,007


Other resort operations


(19,994)



-



22,552



1,687



4,245


  Wholly owned domestic resorts


672,553



2,448



41,221



370,478



1,086,700


MGM China


339,322



6,918



365



229,437



576,042


Unconsolidated resorts


52,543



376



-



-



52,919


Management and other operations


17,383



189



4



8,889



26,465




1,081,801



9,931



41,590



608,804



1,742,126


Stock compensation


(19,157)



-



-



-



(19,157)


Corporate 


(255,497)



-



81,159



32,947



(141,391)



$

807,147


$

9,931


$

122,749


$

641,751


$

1,581,578

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS) ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL

(In thousands)

(Unaudited)
















Three Months Ended


Nine Months Ended



September 30,


September 30,


September 30,


September 30,



2014


2013


2014


2013

Adjusted EBITDA

$

505,902


$

504,885


$

1,736,686


$

1,581,578

  Preopening and start-up expenses


(10,233)



(4,279)



(25,628)



(9,931)

  Property transactions, net


(6,794)



(26,127)



(40,522)



(122,749)

  Depreciation and amortization


(202,386)



(211,682)



(613,111)



(641,751)

Operating income 


286,489



262,797



1,057,425



807,147














Non-operating income (expense):












  Interest expense, net of amounts capitalized


(202,835)



(208,939)



(616,158)



(648,886)

  Other, net


(23,064)



(35,115)



(71,018)



(122,361)




(225,899)



(244,054)



(687,176)



(771,247)














Income before income taxes


60,590



18,743



370,249



35,900

  Benefit (provision) for income taxes


(10,208)



14,428



44,401



(16,933)

Net income 


50,382



33,171



414,650



18,967

  Less: Net income attributable to noncontrolling interests


(70,652)



(55,484)



(222,260)



(133,896)

Net income (loss) attributable to MGM Resorts International

$

(20,270)


$

(22,313)


$

192,390


$

(114,929)



























MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)
















Three Months Ended


Nine Months Ended



September 30,


September 30,


September 30,


September 30,



2014


2013


2014


2013


Bellagio













   Occupancy %


95.7%



93.2%



94.6%



93.9%


   Average daily rate (ADR)


$239



$232



$253



$240


   Revenue per available room (REVPAR)


$229



$216



$240



$225















MGM Grand Las Vegas













   Occupancy %


97.7%



95.2%



97.0%



94.9%


   ADR


$143



$135



$151



$141


   REVPAR


$140



$129



$146



$134















Mandalay Bay 













   Occupancy %


94.2%



91.5%



93.8%



91.5%


   ADR


$181



$176



$194



$184


   REVPAR


$170



$161



$182



$168















The Mirage













   Occupancy %


96.4%



96.1%



96.0%



95.9%


   ADR


$147



$144



$159



$148


   REVPAR


$142



$138



$153



$142















Luxor 













   Occupancy %


94.7%



92.9%



95.1%



92.9%


   ADR


$89



$87



$96



$88


   REVPAR


$84



$81



$91



$81















New York-New York













   Occupancy %


98.6%



96.9%



98.6%



97.5%


   ADR


$114



$108



$121



$112


   REVPAR


$112



$105



$119



$109















Excalibur 













   Occupancy %


94.3%



92.2%



94.5%



91.2%


   ADR


$75



$73



$79



$73


   REVPAR


$71



$67



$75



$66















Monte Carlo 













   Occupancy %


98.4%



95.3%



97.9%



96.3%


   ADR


$105



$103



$111



$104


   REVPAR


$103



$98



$109



$100















Circus Circus Las Vegas













   Occupancy %


85.4%



83.3%



81.5%



80.8%


   ADR


$58



$55



$60



$55


   REVPAR


$50



$45



$49



$44

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)



















Three Months Ended


Nine Months Ended






September 30,


September 30,


September 30,


September 30,






2014


2013


2014


2013





















Aria

$

224,108


$

217,495


$

722,941


$

702,107





Vdara


25,544



21,865



78,661



68,279





Crystals


16,682



15,620



50,083



45,071





Mandarin Oriental


14,078



12,690



45,930



40,184





 Resort operations


280,412



267,670



897,615



855,641





Residential operations


16,990



26,660



56,079



87,005






$

297,402


$

294,330


$

953,694


$

942,646




















































CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)



















Three Months Ended


Nine Months Ended






September 30,


September 30,


September 30,


September 30,






2014


2013


2014


2013




















Adjusted EBITDA

$

57,590


$

61,261


$

230,357


$

220,914




  Preopening and start-up expenses


-



-



-



(752)




  Property transactions, net


(3,897)



(4,413)



(22,593)



(14,526)




  Depreciation and amortization


(89,885)



(86,638)



(263,828)



(259,368)




Operating loss


(36,192)



(29,790)



(56,064)



(53,732)




















Non-operating income (expense):















  Interest expense - sponsor notes


-



(27,128)



-



(78,011)




  Interest expense - other


(18,897)



(43,015)



(64,267)



(129,469)




  Other, net


(4,012)



(1,095)



(10,760)



(33,425)







(22,909)



(71,238)



(75,027)



(240,905)




Net loss

$

(59,101)


$

(101,028)


$

(131,091)


$

(294,637)




































CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

















Three Months Ended September 30, 2014




Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA


Aria

$

(24,580)


$

-


$

4,280


$

67,808


$

47,508


Vdara


(5,311)



-



20



10,375



5,084


Crystals


3,722



-



8



6,911



10,641


Mandarin Oriental


(4,419)



-



-



4,722



303


 Resort operations


(30,588)



-



4,308



89,816



63,536


Residential operations


2,561



-



1



69



2,631


Development and administration


(8,165)



-



(412)



-



(8,577)



$

(36,192)


$

-


$

3,897


$

89,885


$

57,590

















































Three Months Ended September 30, 2013




Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA


Aria

$

(15,808)


$

-


$

1


$

64,645


$

48,838


Vdara


(6,513)



-



49



10,377



3,913


Crystals


2,893



-



57



6,901



9,851


Mandarin Oriental


(4,814)



-



-



4,698



(116)


 Resort operations


(24,242)



-



107



86,621



62,486


Residential operations


643



-



4,306



7



4,956


Development and administration


(6,191)



-



-



10



(6,181)



$

(29,790)


$

-


$

4,413


$

86,638


$

61,261

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

















Nine Months Ended September 30, 2014




Operating income
(loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA


Aria

$

(23,298)


$

-


$

8,603


$

197,909


$

183,214


Vdara


(11,545)



-



148



31,082



19,685


Crystals


12,385



-



213



20,299



32,897


Mandarin Oriental


(10,707)



-



44



14,151



3,488


 Resort operations


(33,165)



-



9,008



263,441



239,284


Residential operations


7,252



-



1,115



387



8,754


Development and administration


(30,151)



-



12,470



-



(17,681)



$

(56,064)


$

-


$

22,593


$

263,828


$

230,357

















































Nine Months Ended September 30, 2013




Operating income
(loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA


Aria

$

(17,422)


$

694


$

279


$

192,433


$

175,984


Vdara


(15,703)



-



49



31,586



15,932


Crystals


8,052



58



57



20,221



28,388


Mandarin Oriental


(12,160)



-



-



14,384



2,224


 Resort operations


(37,233)



752



385



258,624



222,528


Residential operations


(811)



-



14,141



718



14,048


Development and administration


(15,688)



-



-



26



(15,662)



$

(53,732)


$

752


$

14,526


$

259,368


$

220,914

















































CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)



















Three Months Ended


Nine Months Ended






September 30,


September 30,


September 30,


September 30,






2014


2013


2014


2013





Aria
















   Occupancy %


94.1%



89.5%



93.5%



90.0%





   ADR


$206



$197



$217



$206





   REVPAR


$194



$177



$203



$185





















Vdara
















   Occupancy %


95.6%



87.7%



93.4%



88.3%





   ADR


$160



$155



$173



$160





   REVPAR


$153



$136



$161



$141




 

SOURCE MGM Resorts International