MGM Resorts International Reports First Quarter Financial Results

May 04, 2015
MGM Resorts International Strengthens its Financial Position Through Conversion of its 4.25% Convertible Senior Notes and a CityCenter $400 Million Special Dividend

LAS VEGAS, May 4, 2015 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended March 31, 2015.

"I am pleased to report that net income attributable to MGM Resorts increased by 65% and earnings per share increased by $0.13 year over year. MGM Resorts achieved Las Vegas Strip REVPAR growth of 1% over a very robust prior year quarter comparison of 14%.  Our regional properties achieved strong EBITDA growth of 10% year over year, while MGM China maintained market share.  With the anticipated difficult comparison of the first quarter behind us, we continue to see strong forward trends for the rest of the year in Las Vegas," said Jim Murren, Chairman & CEO of MGM Resorts International. "We are actively improving our balance sheet with the recent announcement of a special dividend and regular dividend policy from CityCenter, the conversion of approximately $1.45 billion in convertible notes into equity and the agreement to amend and extend MGM China's credit facility."

Key results for the first quarter of 2015 include the following:

  • Net revenue at the Company's wholly owned domestic resorts was $1.6 billion, an increase of half a percent compared to the prior year quarter;
  • Slots revenue at wholly owned domestic resorts increased 5% compared to the prior year quarter;
  • Rooms revenue at wholly owned domestic resorts increased 2% with a 1% increase in REVPAR(1) at the Company's Las Vegas Strip resorts compared to the prior year quarter;
  • The Company's wholly owned domestic resorts earned Adjusted Property EBITDA(2) of $390 million, a 3% decrease compared to the prior year quarter, partially due to a decrease in table games hold percentage;
  • MGM China's net revenue was $630 million and Adjusted EBITDA was $148 million, a decrease of 33% and 38% compared to the prior year quarter, respectively; and
  • CityCenter earned Adjusted EBITDA related to resort operations of $82 million, a 14% decrease compared to the prior year quarter, due primarily to a decrease in table games revenues.

First Quarter Consolidated Results

Diluted earnings per share for the first quarter of 2015 was $0.33 compared to diluted earnings per share of $0.20 in the prior year first quarter.

The following table lists certain other 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 March 31,

           

2015

 

2014

Preopening and start-up expenses

         

$

(0.02)

$

(0.01)

Income from unconsolidated affiliates:

                 

     Harmon-related property transactions, net

           

0.09

 

                   

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 1% compared to the prior year quarter due primarily to a 5% increase in slots revenue as a result of a 9% increase in slots volume at the Company's regional resorts. Table games hold percentage in the first quarter of 2015 was 20.1% compared to 20.8% in the prior year quarter, which negatively affected Adjusted Property EBITDA by approximately $8 million.

Rooms revenue increased 2% compared to the prior year quarter with Las Vegas Strip REVPAR up 1%. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

       

Three months ended March 31,

           

2015

 

2014

Occupancy %

           

90%

 

92%

Average Daily Rate (ADR)

         

$

152

$

147

Revenue per Available Room (REVPAR)

         

$

136

$

135

                   

Food and beverage revenue increased 1% as a result of increased convention and banquet business and the opening of several new outlets. Entertainment revenue decreased 6% due primarily to a decrease in in-house shows and timing of certain arena events. Operating income for the Company's wholly owned domestic resorts decreased 3% compared to the prior year quarter.

MGM China

Key first quarter results for MGM China include the following:

  • MGM China earned net revenue of $630 million, a 33% decrease compared to the prior year quarter;
  • Main floor table games revenue decreased 13% compared to the prior year quarter;
  • VIP table games revenue decreased 45% due to a decrease in VIP table games turnover of 51% compared to the prior year quarter, while hold percentage increased to 3.3% in the current year quarter compared to 3.0% in the prior year quarter;
  • MGM China's Adjusted EBITDA was $148 million, a decrease of 38% compared to the prior year quarter, including $11 million of license fee expense in the current year quarter compared to $16 million in the prior year quarter; and
  • Operating income was $72 million compared to $165 million in the prior year quarter.

MGM China paid a $400 million dividend in March 2015, of which $204 million was distributed to MGM Resorts and $196 million was distributed to noncontrolling interests.

Income from Unconsolidated Affiliates

In April 2015, CityCenter Holdings, LLC ("CityCenter") announced a $400 million special dividend and the adoption of an annual distribution policy, pursuant to which it will make annual distributions of up to 35% of excess cash flow subject to approval by the CityCenter board of directors.  The special dividend was paid on April 30, 2015.  MGM Resorts received $200 million, its 50% share of the special dividend.

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

                 

Three months ended March 31,

         

2015

 

2014

             

 

 

(In thousands)

CityCenter

         

$

101,601

 

$

14,046

Borgata

           

11,983

   

3,839

Other

           

3,797

   

4,730

           

$

117,381

 

$

22,615

                     

CityCenter's results included a $160 million gain related to proceeds received pursuant to a global settlement agreement with Perini Building Company, Inc. ("Perini") and the remaining Perini subcontractors entered into in December 2014, which resolved all outstanding project lien claims and CityCenter's counterclaims relating to the Harmon Hotel and Spa ("Harmon"), combined with certain Harmon-related insurance settlement proceeds. Excluding the impact from this gain, the Company's income from unconsolidated affiliates related to CityCenter was $22 million for the first quarter of 2015, compared to $14 million in the prior year quarter.

Results for CityCenter for the first quarter of 2015 include the following (see schedules accompanying this release for further detail on CityCenter's first quarter results):

  • Net revenue from resort operations decreased by 4% to $300 million compared to $313 million in the prior year quarter;
  • Adjusted EBITDA from resort operations was $82 million, a decrease of 14% compared to the prior year quarter;
  • Aria's table games hold percentage was 24.3% compared to 26.8% in the prior year quarter, negatively affecting Adjusted EBITDA by approximately $6 million;
  • Slots revenue at Aria increased 6% compared to the prior year quarter;
  • Aria's REVPAR was a record $219, a 4% increase compared to the prior year quarter;
  • Vdara reported record first quarter Adjusted EBITDA led by record REVPAR of $174; and
  • Crystals reported record Adjusted EBITDA of $12 million, an increase of 6% from the prior year quarter.

CityCenter reported operating income of $182 million, including the gain from the Harmon settlement, for the first quarter of 2015 compared to operating income of $5 million in the prior year quarter.

Financial Position

"Pro forma for the conversion of the convertible notes in April, MGM Resorts consolidated net debt decreased to $10.9 billion, lowering our consolidated leverage ratio to approximately 5 times," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International. "With the conversion of the convertible notes into equity, distributions from MGM China and CityCenter and continued free cash flow growth, we are confident that we will be able to continue to improve our balance sheet as we execute on our future growth projects."

The Company's cash balance at March 31, 2015 was $2.2 billion, which included $469 million at MGM China.  At March 31, 2015, the Company had $2.7 billion of borrowings outstanding under its $3.9 billion senior secured credit facility and $953 million outstanding under the $2.0 billion MGM China credit facility. On April 15, 2015, 99.97% of the Company's $1.45 billion 4.25% convertible senior notes were converted into shares of the Company's common stock.

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 1535291. A replay of the call will be available through Tuesday, May 12, 2015.  The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088.  The replay access code is 10064559. 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 is in the process of developing MGM National Harbor in Maryland and MGM Springfield in Massachusetts.  The Company also owns 51 percent of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is developing a gaming resort in Cotai, and 50 percent of CityCenter in Las Vegas, which features ARIA Resort & 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 future business trends in the Las Vegas market, the Company's ability to generate free cash flow growth and execute on future growth projects, dividends the Company will receive from MGM China or CityCenter and future amendments and extensions to MGM China's credit facility. 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

     

March 31,

 

March 31,

     

2015

 

2014

Revenues:

         
 

Casino

$

1,278,502

 

$

1,583,432

 

Rooms

 

459,425

   

452,386

 

Food and beverage

 

384,101

   

383,392

 

Entertainment

 

125,968

   

133,777

 

Retail

 

45,037

   

44,616

 

Other

 

126,550

   

125,427

 

Reimbursed costs

 

101,060

   

94,975

     

2,520,643

   

2,818,005

 

Less: Promotional allowances

 

(188,399)

   

(187,607)

     

2,332,244

   

2,630,398

Expenses:

         
 

Casino

 

782,808

   

990,834

 

Rooms

 

141,313

   

134,238

 

Food and beverage

 

221,521

   

220,058

 

Entertainment

 

96,999

   

98,937

 

Retail

 

24,096

   

23,476

 

Other

 

84,323

   

87,577

 

Reimbursed costs

 

101,060

   

94,975

 

General and administrative

 

328,173

   

319,246

 

Corporate expense

 

50,356

   

53,351

 

Preopening and start-up expenses 

 

15,871

   

5,636

 

Property transactions, net

 

1,589

   

558

 

Depreciation and amortization

 

206,412

   

207,655

     

2,054,521

   

2,236,541

             

Income from unconsolidated affiliates

 

117,381

   

22,615

             

Operating income 

 

395,104

   

416,472

             

Non-operating income (expense):

         
 

Interest expense, net of amounts capitalized

 

(216,262)

   

(209,387)

 

Non-operating items from unconsolidated affiliates

 

(19,011)

   

(22,215)

 

Other, net

 

(3,490)

   

(1,434)

     

(238,763)

   

(233,036)

             

Income before income taxes

 

156,341

   

183,436

 

Benefit for income taxes

 

56,305

   

2,664

             

Net income 

 

212,646

   

186,100

 

Less: Net income attributable to noncontrolling interests

 

(42,796)

   

(83,448)

Net income attributable to MGM Resorts International

$

169,850

 

$

102,652

             

Per share of common stock:

         
 

Basic:

         
 

Net income attributable to MGM Resorts International

$

0.35

 

$

0.21

             
 

Weighted average shares outstanding

 

491,422

   

490,542

             
 

Diluted:

         
 

Net income attributable to MGM Resorts International

$

0.33

 

$

0.20

             
 

Weighted average shares outstanding

 

575,312

   

513,144

 
 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

               
     

March 31,

 

December 31,

     

2015

 

2014

               

      ASSETS

Current assets:

         
 

Cash and cash equivalents

$

2,195,535

 

$

1,713,715

 

Cash deposits - original maturities longer than 90 days

 

-

   

570,000

 

Accounts receivable, net

 

461,751

   

473,345

 

Inventories

 

103,286

   

104,011

 

Income tax receivable

 

7,725

   

14,675

 

Prepaid expenses and other

 

188,310

   

151,414

   

Total current assets

 

2,956,607

   

3,027,160

               

Property and equipment, net

 

14,561,951

   

14,441,542

               

Other assets:

           
 

Investments in and advances to unconsolidated affiliates

 

1,661,444

   

1,559,034

 

Goodwill 

   

2,898,127

   

2,897,110

 

Other intangible assets, net

 

4,309,206

   

4,364,856

 

Other long-term assets, net

 

411,112

   

412,809

   

Total other assets

 

9,279,889

   

9,233,809

     

$

26,798,447

 

$

26,702,511

               
               

LIABILITIES AND STOCKHOLDERS' EQUITY

               

Current liabilities:

         
 

Accounts payable

$

187,325

 

$

164,252

 

Construction payable

 

125,720

   

170,439

 

Current portion of long-term debt

 

-

   

1,245,320

 

Deferred income taxes, net

 

70,552

   

62,142

 

Accrued interest on long-term debt

 

184,205

   

191,155

 

Other accrued liabilities

 

1,327,959

   

1,574,617

   

Total current liabilities

 

1,895,761

   

3,407,925

               

Deferred income taxes, net 

 

2,547,150

   

2,621,860

Long-term debt

 

14,551,810

   

12,913,882

Other long-term obligations

 

150,691

   

130,570

Stockholders' equity:

         
 

Common stock, $.01 par value: authorized 1,000,000,000 shares,

         
 

   issued and outstanding 491,335,813 and 491,292,117 shares 

 

4,913

   

4,913

 

Capital in excess of par value

 

4,192,684

   

4,180,922

 

Retained earnings (accumulated deficit)

 

61,941

   

(107,909)

 

Accumulated other comprehensive income 

 

13,580

   

12,991

   

Total MGM Resorts International stockholders' equity

 

4,273,118

   

4,090,917

 

Noncontrolling interests

 

3,379,917

   

3,537,357

   

Total stockholders' equity

 

7,653,035

   

7,628,274

     

$

26,798,447

 

$

26,702,511

 
 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

             
   

Three Months Ended

   

March 31,

 

March 31,

   

2015

 

2014

 

Bellagio

$

301,936

 

$

319,856

 

MGM Grand Las Vegas

 

264,826

   

261,664

 

Mandalay Bay

 

226,935

   

219,384

 

The Mirage 

 

142,505

   

148,248

 

Luxor

 

86,955

   

83,693

 

New York-New York 

 

75,884

   

72,968

 

Excalibur

 

67,261

   

67,573

 

Monte Carlo

 

71,867

   

68,611

 

Circus Circus Las Vegas

 

51,384

   

48,725

 

MGM Grand Detroit

 

133,315

   

133,148

 

Beau Rivage

 

86,940

   

82,426

 

Gold Strike Tunica

 

39,835

   

36,919

 

Other resort operations

 

28,252

   

27,019

 

  Wholly owned domestic resorts

 

1,577,895

   

1,570,234

 

MGM China

 

630,087

   

941,448

 

Management and other operations

 

124,262

   

118,716

   

$

2,332,244

 

$

2,630,398

             
             

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)

             
   

Three Months Ended

   

March 31,

 

March 31,

   

2015

 

2014

 

Bellagio

$

89,167

 

$

105,149

 

MGM Grand Las Vegas

 

65,206

   

62,233

 

Mandalay Bay

 

53,988

   

56,000

 

The Mirage 

 

30,520

   

35,419

 

Luxor

 

17,299

   

17,978

 

New York-New York 

 

24,593

   

25,627

 

Excalibur

 

16,542

   

18,890

 

Monte Carlo

 

20,056

   

19,895

 

Circus Circus Las Vegas

 

7,833

   

5,309

 

MGM Grand Detroit

 

33,612

   

33,366

 

Beau Rivage

 

18,390

   

14,641

 

Gold Strike Tunica

 

11,550

   

9,567

 

Other resort operations

 

1,123

   

(1,228)

 

  Wholly owned domestic resorts

 

389,879

   

402,846

 

MGM China

 

148,456

   

240,725

 

Unconsolidated resorts(1)

 

117,381

   

22,615

 

Management and other operations

 

16,317

   

19,852

   

$

672,033

 

$

686,038

             
 

(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 March 31, 2015

 
   

Operating
income (loss)

 

Preopening and
start-up expenses

 

Property
transactions, net

 

Depreciation and
amortization

 

Adjusted EBITDA

 

Bellagio

$

66,337

 

$

-

 

$

197

 

$

22,633

 

$

89,167

 

MGM Grand Las Vegas

 

46,726

   

-

   

(10)

   

18,490

   

65,206

 

Mandalay Bay

 

35,321

   

-

   

259

   

18,408

   

53,988

 

The Mirage 

 

17,874

   

54

   

(1)

   

12,593

   

30,520

 

Luxor

 

7,762

   

(1)

   

50

   

9,488

   

17,299

 

New York-New York 

 

19,672

   

(307)

   

264

   

4,964

   

24,593

 

Excalibur

 

12,909

   

-

   

(19)

   

3,652

   

16,542

 

Monte Carlo

 

14,314

   

-

   

517

   

5,225

   

20,056

 

Circus Circus Las Vegas

 

3,802

   

231

   

-

   

3,800

   

7,833

 

MGM Grand Detroit

 

27,739

   

-

   

-

   

5,873

   

33,612

 

Beau Rivage

 

11,859

   

-

   

-

   

6,531

   

18,390

 

Gold Strike Tunica

 

8,622

   

-

   

-

   

2,928

   

11,550

 

Other resort operations

 

893

   

-

   

-

   

230

   

1,123

 

  Wholly owned domestic resorts

 

273,830

   

(23)

   

1,257

   

114,815

   

389,879

 

MGM China

 

72,366

   

3,071

   

332

   

72,687

   

148,456

 

Unconsolidated resorts

 

116,708

   

673

   

-

   

-

   

117,381

 

Management and other operations

 

14,114

   

267

   

-

   

1,936

   

16,317

     

477,018

   

3,988

   

1,589

   

189,438

   

672,033

 

Stock compensation

 

(7,579)

   

-

   

-

   

-

   

(7,579)

 

Corporate 

 

(74,335)

   

11,883

   

-

   

16,974

   

(45,478)

   

$

395,104

 

$

15,871

 

$

1,589

 

$

206,412

 

$

618,976

                               
                               

Three Months Ended March 31, 2014

 
   

Operating
income (loss)

 

Preopening and
start-up expenses

 

Property
transactions, net

 

Depreciation and
amortization

 

Adjusted EBITDA

 

Bellagio

$

81,851

 

$

-

 

$

(21)

 

$

23,319

 

$

105,149

 

MGM Grand Las Vegas

 

40,932

   

197

   

(8)

   

21,112

   

62,233

 

Mandalay Bay

 

34,411

   

802

   

(2)

   

20,789

   

56,000

 

The Mirage 

 

22,592

   

-

   

147

   

12,680

   

35,419

 

Luxor

 

8,807

   

3

   

(1)

   

9,169

   

17,978

 

New York-New York 

 

20,887

   

55

   

244

   

4,441

   

25,627

 

Excalibur

 

15,455

   

-

   

(1)

   

3,436

   

18,890

 

Monte Carlo

 

14,014

   

915

   

3

   

4,963

   

19,895

 

Circus Circus Las Vegas

 

1,537

   

-

   

(11)

   

3,783

   

5,309

 

MGM Grand Detroit

 

27,654

   

-

   

-

   

5,712

   

33,366

 

Beau Rivage

 

8,166

   

-

   

-

   

6,475

   

14,641

 

Gold Strike Tunica

 

6,365

   

-

   

-

   

3,202

   

9,567

 

Other resort operations

 

(1,769)

   

-

   

-

   

541

   

(1,228)

 

  Wholly owned domestic resorts

 

280,902

   

1,972

   

350

   

119,622

   

402,846

 

MGM China

 

164,589

   

2,408

   

(104)

   

73,832

   

240,725

 

Unconsolidated resorts

 

22,596

   

19

   

-

   

-

   

22,615

 

Management and other operations

 

16,961

   

-

   

-

   

2,891

   

19,852

     

485,048

   

4,399

   

246

   

196,345

   

686,038

 

Stock compensation

 

(6,699)

   

-

   

-

   

-

   

(6,699)

 

Corporate 

 

(61,877)

   

1,237

   

312

   

11,310

   

(49,018)

   

$

416,472

 

$

5,636

 

$

558

 

$

207,655

 

$

630,321

 
 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL

(In thousands)

(Unaudited)

 
 

Three Months Ended

 

March 31,

 

March 31,

 

2015

 

2014

Adjusted EBITDA

$

618,976

 

$

630,321

  Preopening and start-up expenses

 

(15,871)

   

(5,636)

  Property transactions, net

 

(1,589)

   

(558)

  Depreciation and amortization

 

(206,412)

   

(207,655)

Operating income 

 

395,104

   

416,472

           

Non-operating income (expense):

         

  Interest expense, net of amounts capitalized

 

(216,262)

   

(209,387)

  Other, net

 

(22,501)

   

(23,649)

   

(238,763)

   

(233,036)

           

Income before income taxes

 

156,341

   

183,436

  Benefit for income taxes

 

56,305

   

2,664

Net income

 

212,646

   

186,100

  Less: Net income attributable to noncontrolling interests

 

(42,796)

   

(83,448)

Net income attributable to MGM Resorts International

$

169,850

 

$

102,652

             
 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)

     
 

Three Months Ended

 

March 31,

 

March 31,

 

2015

 

2014

 

Bellagio

         
 

   Occupancy %

 

88.2%

   

92.3%

 

   Average daily rate (ADR)

 

$268

   

$262

 

   Revenue per available room (REVPAR)

 

$236

   

$242

             
 

MGM Grand Las Vegas

         
 

   Occupancy %

 

91.9%

   

95.2%

 

   ADR

 

$171

   

$160

 

   REVPAR

 

$157

   

$152

             
 

Mandalay Bay 

         
 

   Occupancy %

 

90.2%

   

92.3%

 

   ADR

 

$210

   

$202

 

   REVPAR

 

$189

   

$186

             
 

The Mirage

         
 

   Occupancy %

 

90.0%

   

94.6%

 

   ADR

 

$173

   

$170

 

   REVPAR

 

$155

   

$161

             
 

Luxor 

         
 

   Occupancy %

 

92.2%

   

93.3%

 

   ADR

 

$105

   

$102

 

   REVPAR

 

$97

   

$95

             
 

New York-New York

         
 

   Occupancy %

 

97.6%

   

97.9%

 

   ADR

 

$134

   

$126

 

   REVPAR

 

$131

   

$124

             
 

Excalibur 

         
 

   Occupancy %

 

89.9%

   

91.2%

 

   ADR

 

$85

   

$82

 

   REVPAR

 

$77

   

$75

             
 

Monte Carlo 

         
 

   Occupancy %

 

95.1%

   

96.0%

 

   ADR

 

$122

   

$116

 

   REVPAR

 

$116

   

$111

             
 

Circus Circus Las Vegas

         
 

   Occupancy %

 

76.8%

   

74.8%

 

   ADR

 

$69

   

$63

 

   REVPAR

 

$53

   

$47

 
 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

             
   

Three Months Ended

   

March 31,

 

March 31,

   

2015

 

2014

             
 

Aria

$

238,855

 

$

253,689

 

Vdara

 

27,842

   

26,250

 

Crystals

 

17,357

   

16,752

 

Mandarin Oriental

 

16,011

   

16,441

 

 Resort operations

 

300,065

   

313,132

 

Residential operations

 

18,174

   

23,285

   

$

318,239

 

$

336,417

             
             

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)

(Unaudited)

             
   

Three Months Ended

   

March 31,

 

March 31,

   

2015

 

2014

             

Adjusted EBITDA

$

85,140

 

$

95,058

  Preopening and start-up expenses

 

-

   

-

  Property transactions, net

 

159,689

   

(2,575)

  Depreciation and amortization

 

(63,223)

   

(87,520)

Operating income

 

181,606

   

4,963

             

Non-operating income (expense):

         

  Interest expense - other

 

(18,178)

   

(22,852)

  Other, net

 

173

   

(2,313)

     

(18,005)

   

(25,165)

Net income (loss)

$

163,601

 

$

(20,202)

             
 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)

             
   

Three Months Ended

   

March 31,

 

March 31,

   

2015

 

2014

 

Aria

         
 

   Occupancy %

 

89.8%

   

92.0%

 

   ADR

 

$244

   

$229

 

   REVPAR

 

$219

   

$211

             
 

Vdara

         
 

   Occupancy %

 

91.1%

   

89.5%

 

   ADR

 

$190

   

$185

 

   REVPAR

 

$174

   

$165

 
 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

                                 

Three Months Ended March 31, 2015

 
   
   

Operating
income (loss)

 

Preopening and
start-up expenses

 

Property
transactions, net

 

Depreciation and
amortization

 

Adjusted EBITDA

 
 

Aria

$

14,767

 

$

-

 

$

287

 

$

45,706

 

$

60,760

 
 

Vdara

 

(195)

   

-

   

-

   

7,835

   

7,640

 
 

Crystals

 

4,849

   

-

   

4

   

6,822

   

11,675

 
 

Mandarin Oriental

 

(1,407)

   

-

   

-

   

3,040

   

1,633

 
 

 Resort operations

 

18,014

   

-

   

291

   

63,403

   

81,708

 
 

Residential operations

 

4,149

   

-

   

-

   

35

   

4,184

 
 

Development and administration

 

159,443

   

-

   

(159,980)

   

(215)

   

(752)

 
   

$

181,606

 

$

-

 

$

(159,689)

 

$

63,223

 

$

85,140

 
                                 
                                 
                                 

Three Months Ended March 31, 2014

 
   
   

Operating
income (loss)

 

Preopening and
start-up expenses

 

Property
transactions, net

 

Depreciation and
amortization

 

Adjusted EBITDA

 
 

Aria

$

7,556

 

$

-

 

$

1,307

 

$

65,629

 

$

74,492

 
 

Vdara

 

(2,951)

   

-

   

-

   

10,225

   

7,274

 
 

Crystals

 

4,233

   

-

   

79

   

6,742

   

11,054

 
 

Mandarin Oriental

 

(2,710)

   

-

   

-

   

4,719

   

2,009

 
 

 Resort operations

 

6,128

   

-

   

1,386

   

87,315

   

94,829

 
 

Residential operations

 

2,607

   

-

   

1,114

   

205

   

3,926

 
 

Development and administration

 

(3,772)

   

-

   

75

   

-

   

(3,697)

 
   

$

4,963

 

$

-

 

$

2,575

 

$

87,520

 

$

95,058

 

 

SOURCE MGM Resorts International

For further information: MGM RESORTS CONTACTS: Investment Community: SARAH ROGERS, Vice President Investor Relations, (702) 693-8654; News Media: CLARK DUMONT, Senior Vice President of Corporate Communications, (702) 692-6888 or cdumont@mgmresorts.com