MGM MIRAGE AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
Revenues:
Casino $379,230 $182,606 $683,865 $320,659
Rooms 114,921 67,426 182,254 122,265
Food and beverage 89,030 40,032 140,156 74,479
Entertainment, retail
and other 91,686 54,668 144,717 95,090
Income from unconsolidated
affiliate 2,740 -- 2,740 6,084
677,607 344,732 1,153,732 618,577
Less: promotional
allowances 50,436 25,672 83,689 48,150
627,171 319,060 1,070,043 570,427
Expenses:
Casino 176,565 82,947 319,923 155,582
Rooms 33,257 21,227 52,753 35,945
Food and beverage 56,644 25,277 84,190 46,267
Entertainment, retail
and other 55,333 29,385 83,800 54,656
Provision for doubtful
accounts and discounts 18,936 12,888 33,862 24,283
General and administrative 87,568 49,436 152,031 83,056
Preopening expenses and
other 1,190 14,107 2,199 22,917
Restructuring costs 18,040 -- 23,519 --
Write-Downs and
Impairments 102,225 -- 102,225 --
Depreciation and
amortization 58,519 29,069 98,390 49,961
608,277 264,336 952,892 472,667
Operating Profit 18,894 54,724 117,151 97,760
Corporate Expense 7,690 4,533 13,507 9,627
Operating Income 11,204 50,191 103,644 88,133
Non-Operating Income (Expense):
Interest income 6,962 370 7,725 697
Interest expense, net (47,371) (11,965) (69,460) (20,151)
Interest expense from
unconsolidated affiliate (273) -- (273) (1,058)
Other, net (350) (332) (512) (533)
(41,032) (11,927) (62,520) (21,045)
Pre-tax Income (Loss) Before
Extraordinary Item and
Cumulative Effect of
Change in Accounting
Principle (29,828) 38,264 41,124 67,088
Benefit (Provision)
for income taxes 11,567 (14,158) (15,080) (24,491)
Income (Loss) Before
Extraordinary Item and
Cumulative Effect of
Change in Accounting
Principle (18,261) 24,106 26,044 42,597
Extraordinary Item:
Loss on Early
Extinguishment of
Debt, net (733) -- (733) (898)
Cumulative Effect of Change
in Accounting Principle:
Preopening Expenses, net -- -- -- (8,168)
Net Income $(18,994) $ 24,106 $ 25,311 $ 33,531
Income Before
Preopening and other,
Restructuring, Write-Downs and
Impairments, Extraordinary
Item and Cumulative Effect
of Change in Accounting
Principle $ 60,685 $ 33,276 $109,207 $ 57,493
MGM MIRAGE AND SUBSIDIARIES
PER SHARE OF COMMON STOCK
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
Per Share Of Common Stock:
Basic:
Income (Loss) Before
Extraordinary Item
and Cumulative
Effect of Change in
Accounting Principle $ (0.13) $ 0.19 $ 0.20 $ 0.37
Extraordinary Item, net -- -- (0.01) (0.01)
Cumulative Effect of
Change in Accounting
Principle, net -- -- -- (0.07)
Net Income Per Share $ (0.13) $ 0.19 $ 0.19 $ 0.29
Weighted Average Shares
Outstanding (000's)(1) 150,184 124,134 131,399 117,480
Diluted:
Income (Loss) Before
Extraordinary Item
and Cumulative
Effect of Change in
Accounting Principle $ (0.13) $ 0.19 $ 0.20 $ 0.36
Extraordinary Item, net -- -- (0.01) (0.01)
Cumulative Effect of
Change in Accounting
Principle, net -- -- -- (0.07)
Net Income Per Share $ (0.13) $ 0.19 $ 0.19 $ 0.28
Weighted Average Shares
Outstanding (000's)(1)(2) 150,184 127,466 133,748 120,212
Note:
(1) All references to share and per share data herein have been adjusted
retroactively to give effect to the 2 for 1 stock split.
(2) The impact of stock options is excluded from the calculation of
diluted loss per share for the 2000 three-month period because
inclusion would be antidilutive.
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA PER SHARE OF COMMON STOCK
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
Per Share Of Common Stock:
Basic:
Income Before Preopening,
and other, Restructuring,
Write-Downs and Impairments,
Extraordinary Item
and Cumulative
Effect of Change in
Accounting Principle $ 0.40 $ 0.27 $ 0.83 $ 0.49
Preopening expenses
and other (0.01) (0.08) (0.01) (0.12)
Restructuring costs (0.08) -- (0.12) --
Write-Downs and
Impairments (0.44) -- (0.50) --
Extraordinary Item, net -- -- (0.01) (0.01)
Cumulative Effect of
Change in Accounting
Principle, net -- -- -- (0.07)
Net Income (loss)
Per Share $ (0.13) $ 0.19 $ 0.19 $ 0.29
Weighted Average Shares
Outstanding (000's)(1) 150,184 124,134 131,399 117,480
Diluted:
Income Before Preopening
and other, Restructuring,
Write-Downs and Impairments,
Extraordinary Item
and Cumulative
Effect of Change in
Accounting Principle $ 0.40 $ 0.26 $ 0.82 $ 0.48
Preopening expenses
and other (0.01) (0.07) (0.01) (0.12)
Restructuring costs (0.08) -- (0.11) --
Write-Downs and
Impairments (0.44) -- (0.50) --
Extraordinary Item, net -- -- (0.01) (0.01)
Cumulative Effect of
Change in Accounting
Principle, net -- -- -- (0.07)
Net Income (Loss)
Per Share $ (0.13) $ 0.19 $ 0.19 $ 0.28
Weighted Average
Shares Outstanding
(000's)(1)(2) 150,184 127,466 133,748 120,212
Note:
(1) All references to share and per share data herein have been adjusted
retroactively to give effect to the 2 for 1 stock split.
(2) The impact of stock options is excluded from the calculation of
diluted loss per share for the 2000 three-month period because
inclusion would be antidilutive.
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - PROPERTY OPERATING RESULTS
(in thousands)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
NET REVENUES:
MGM Grand Las Vegas $203,875 $191,469 $420,612 $386,554
Bellagio(4) 68,805 -- 68,805 --
The Mirage(4) 49,474 -- 49,474 --
New York-New York(2) 55,762 54,698 109,486 74,436
Treasure Island(4) 28,967 -- 28,967 --
Primm Properties(2) 62,701 61,490 123,575 81,795
Golden Nugget Las Vegas(4) 13,932 -- 13,932 --
Golden Nugget Laughlin(4) 3,628 -- 3,628 --
MGM Grand Detroit(3) 100,990 -- 202,306 --
Beau Rivage(4) 25,905 -- 25,905 --
MGM Grand Australia 9,144 8,817 18,247 16,542
Income from Unconsol.
Affiliates(1)(4) 2,740 -- 2,740 6,084
MGM Grand South Africa 1,513 2,707 2,768 5,344
Eliminations and Other (265) (121) (402) (328)
$627,171 $319,060 $1,070,043 $570,427
EBITDA:
MGM Grand Las Vegas $ 56,029 $ 47,429 $117,064 $ 93,498
Bellagio(4) 16,978 -- 16,978 --
The Mirage(4) 12,249 -- 12,249 --
New York-New York(2) 25,814 25,349 49,231 35,088
Treasure Island(4) 7,751 -- 7,751 --
Primm Properties(2) 20,866 19,814 40,674 25,838
Golden Nugget Las Vegas(4) 2,219 -- 2,219 --
Golden Nugget Laughlin(4) 359 -- 359 --
MGM Grand Detroit(3) 43,597 -- 79,427 --
Beau Rivage(4) 5,408 -- 5,408 --
MGM Grand Australia 3,596 3,243 6,977 6,094
Income from Unconsol.
Affiliates(1)(4) 2,740 -- 2,740 6,084
MGM Grand South Africa 1,480 2,157 2,716 4,239
Eliminations and Other (218) (92) (309) (203)
$198,868 $ 97,900 $343,484 $170,638
Note:
(1) The 1999 results reflect two months of the Company's 50% share of New
York-New York's income before New York-New York became a wholly-owned
subsidiary of the Company on March 1, 1999.
(2) The Company acquired Primadonna Resorts, Inc. on March 1, 1999,
thereby acquiring the Primm Properties and the remaining 50% of New
York-New York.
(3) MGM Grand Detroit commenced operations on July 29, 1999.
(4) The Company acquired Mirage Resorts, Incorporated on May 31, 2000,
thereby acquiring the Mirage Properties and 50% ownership in the
Monte Carlo Resort & Casino.
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - PRO FORMA PROPERTY OPERATING RESULTS
(in thousands)
PRO FORMA (1)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
NET REVENUES:
MGM Grand Las Vegas $203,875 $191,469 $420,612 $386,554
Bellagio 224,225 220,403 473,396 476,533
The Mirage 152,740 134,998 325,302 296,138
New York-New York 55,762 54,698 109,486 109,612
Treasure Island 92,564 84,576 188,080 172,974
Primm Properties 62,701 61,490 123,575 119,783
Golden Nugget Las Vegas 44,724 43,973 92,065 92,682
Golden Nugget Laughlin 11,834 12,727 25,309 26,557
MGM Grand Detroit(2) 100,990 -- 202,306 --
Beau Rivage(3) 80,934 78,492 158,783 90,998
MGM Grand Australia 9,144 8,817 18,247 16,542
Income from Unconsol.
Affiliate 10,927 8,446 19,302 18,031
MGM Grand South Africa 1,513 2,707 2,768 5,344
Eliminations and Other (265) (121) (402) (328)
$1,051,668 $902,675 $2,158,829 $1,811,420
EBITDA:
MGM Grand Las Vegas $ 56,029 $ 47,429 $117,064 $ 93,498
Bellagio 55,247 46,568 119,816 111,592
The Mirage 35,408 29,220 91,433 78,973
New York-New York 25,814 25,349 49,231 51,118
Treasure Island 26,891 21,800 55,501 46,119
Primm Properties 20,866 19,814 40,674 34,805
Golden Nugget Las Vegas 8,906 7,667 19,564 19,251
Golden Nugget Laughlin 1,685 1,665 4,238 4,157
MGM Grand Detroit(2) 43,597 -- 79,427 --
Beau Rivage(3) 18,006 11,524 35,402 11,168
MGM Grand Australia 3,596 3,243 6,977 6,094
Income from Unconsol.
Affiliate 10,928 8,446 19,302 18,031
MGM Grand South Africa 1,480 2,157 2,716 4,239
Eliminations and Other (218) (92) (309) (203)
$308,235 $224,790 $641,036 $478,842
Note:
(1) Pro forma amounts include the results of operations for the periods
presented before non-recurring expenses. The acquisition of
Primadonna Resorts, Inc. and Mirage Resorts, Incorporated occurred on
March 1, 1999 and May 31, 2000, respectively.
(2) MGM Grand Detroit commenced operations on July 29, 1999.
(3) Beau Rivage commenced operations on March 16, 1999.
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL STATISTICAL INFORMATION
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
ROOM STATISTICS:
MGM Grand Las Vegas
(5,034 Rooms)
Occupancy % 99.1% 100.0% 98.1% 98.3%
Average Daily
Rate (ADR) $ 110 $ 100 $ 110 $ 104
Revenue per Available
Room (REVPAR) $ 109 $ 100 $ 108 $ 103
Bellagio(2)
(3,005 Rooms)
Occupancy % 98.6% 98.8% 98.7% 99.1%
Average Daily
Rate (ADR) $ 170 $ 154 $ 170 $ 155
Revenue per Available
Room (REVPAR) $ 168 $ 152 $ 168 $ 153
Mirage(2)
(3,044 Rooms)
Occupancy % 97.4% 98.6% 97.3% 98.5%
Average Daily
Rate (ADR) $ 123 $ 115 $ 120 $ 115
Revenue per Available
Room (REVPAR) $ 120 $ 113 $ 116 $ 113
New York-New York(1)
(2,024 Rooms)
Occupancy % 98.1% 99.3% 96.7% 98.7%
Average Daily
Rate (ADR) $ 92 $ 86 $ 89 $ 86
Revenue per Available
Room (REVPAR) $ 90 $ 85 $ 85 $ 85
Treasure Island(2)
(2,885 Rooms)
Occupancy % 99.8% 99.5% 99.4% 98.8%
Average Daily
Rate (ADR) $ 98 $ 94 $ 96 $ 95
Revenue per Available
Room (REVPAR) $ 98 $ 93 $ 96 $ 94
Primm Properties(1)
(2,642 Rooms)
Occupancy % 67.9% 71.2% 66.4% 69.9%
Average Daily
Rate (ADR) $ 37 $ 34 $ 37 $ 32
Revenue per Available
Room (REVPAR) $ 25 $ 24 $ 25 $ 22
Golden Nugget
Las Vegas(2)
(1,907 Rooms)
Occupancy % 98.8% 98.1% 97.9% 98.5%
Average Daily
Rate (ADR) $ 57 $ 55 $ 59 $ 57
Revenue per Available
Room (REVPAR) $ 56 $ 54 $ 58 $ 56
Golden Nugget
Laughlin(2)
(300 Rooms)
Occupancy % 92.7% 96.2% 94.9% 96.9%
Average Daily
Rate (ADR) $ 38 $ 36 $ 36 $ 35
Revenue per Available
Room (REVPAR) $ 35 $ 35 $ 34 $ 33
Beau Rivage(2)
(1,780 Rooms)
Occupancy % 99.2% 83.4% 97.0% 82.2%
Average Daily Rate
(ADR) $ 89 $ 96 $ 82 $ 96
Revenue per Available
Room (REVPAR) $ 89 $ 80 $ 79 $ 79
MGM Grand Australia
(96 Rooms)
Occupancy % 84.0% 78.3% 75.9% 65.7%
Average Daily
Rate (ADR) $ 65 $ 67 $ 62 $ 63
Revenue per Available
Room (REVPAR) $ 54 $ 52 $ 47 $ 41
Note:
(1) The Company acquired Primadonna Resorts, Inc. on March 1, 1999,
thereby acquiring the Primm Properties and the remaining 50% of New
York-New York. The statistics for the Primm Properties and New York-
New York reflect a full six months for the periods presented.
(2) The Company acquired Mirage Resorts, Inc. on May 31, 2000 thereby
acquiring the Mirage Properties and 50% ownership in the Monte Carlo
Resort & Casino. The statistics for the Mirage Properties reflect a
full three months and six months for the periods presented.
MGM MIRAGE AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(Unaudited)
ASSETS
June 30, Dec. 31,
2000 1999
CURRENT ASSETS:
Cash and cash equivalents $211,388 $121,522
Accounts receivable, net 175,679 83,101
Prepaid expenses 46,043 32,598
Inventories 86,852 15,240
Income tax receivable 94,589 --
Deferred tax asset 63,832 17,452
Total current assets 678,383 269,913
PROPERTY AND EQUIPMENT, NET 9,237,733 2,390,524
OTHER ASSETS:
Investment in unconsolidated affiliates 408,286 12,485
Excess of purchase price over
fair market value of
net assets acquired, net 64,523 36,550
Deposits and other assets, net 334,048 51,271
Total other assets 806,857 100,306
$10,722,973 $2,760,743
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $73,959 $45,914
Income taxes payable -- 3,296
Dividend payable -- 11,388
Current obligation, capital leases 6,212 5,145
Current portion-long term debt 7,449 7,852
Accrued interest on long term debt 47,100 18,915
Other accrued liabilities 484,817 197,580
Total current liabilities 619,537 290,090
DEFERRED REVENUES 3,833 4,241
DEFERRED INCOME TAXES 1,591,718 108,713
LONG TERM OBLIGATION, CAPITAL LEASES 9,335 12,864
LONG TERM DEBT 6,244,408 1,310,989
COMMITMENTS and CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock ($.01 par value,
300,000,000 shares authorized,
162,679,696 and 138,445,048
shares issued) 1,626 1,384
Capital in excess of par value 2,029,386 1,261,625
Treasury stock, at cost (4,059,000
and 24,565,200 shares) (83,683) (505,824)
Retained earnings 292,523 267,165
Other comprehensive income 14,290 9,496
Total stockholders' equity 2,254,142 1,033,846
$10,722,973 $2,760,743
PRNewswire -- July 27
END FIRST AND FINAL ADD
Website: http://www.mirageresorts.com/
/Web site: http://www.mgmgrand.com/
Company News On-Call: http://www.prnewswire.com/comp/000725.html or fax,
800-758-5804, ext. 000725