MGM Resorts International Reports Second Quarter Financial Results

August 04, 2015
Wholly Owned Domestic Resorts Net Revenue Increased 4% & Adjusted Property EBITDA Increased 11%
Announced A Comprehensive Profit Growth Plan Expected To Increase Adjusted EBITDA By $300 Million Annually

LAS VEGAS, Aug. 4, 2015 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended June 30, 2015.

"We are continuing to drive increased profits at MGM Resorts with second quarter wholly owned Adjusted Property EBITDA up 11% driven by growth at our Las Vegas and regional resorts.  These resorts are continuing to gain operating momentum while we continue to make significant progress on our development pipeline in Cotai, Maryland, and Massachusetts," said Jim Murren, Chairman & CEO of MGM Resorts International. "We are focused on positioning the Company for future growth, and are pleased to announce the implementation of our Profit Growth Plan to further enhance our business practices and profitability."

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

  • Net revenue at the Company's wholly owned domestic resorts was $1.7 billion, an increase of 4% compared to the prior year quarter;
  • Rooms revenue at wholly owned domestic resorts increased 6% with a 6% 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 $458 million, an 11% increase compared to the prior year quarter;
  • Adjusted Property EBITDA margin for wholly owned domestic resorts increased 158 basis points to 26.9% in the current year quarter;
  • MGM China's net revenue was $557 million and Adjusted EBITDA was $132 million, decreases of 33% and 37%, respectively, compared to the prior year quarter; and
  • CityCenter's Adjusted EBITDA related to resort operations was $84 million, a 4% increase compared to the prior year quarter.

Second Quarter Consolidated Results

Diluted earnings per share for the second quarter of 2015 was $0.17 compared to diluted earnings per share of $0.22 in the prior year quarter.

The following table lists certain 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 June 30,


2015


2014

Preopening and start-up expenses


$ (0.02)


$ (0.01)

Property transactions, net:





     Investment in Grand Victoria impairment



(0.04)

     Other property transactions, net



(0.01)

IRS audit settlement



0.06

The prior year second quarter results were affected by a non-cash impairment charge of $29 million related to the Company's joint venture investment in Grand Victoria. Additionally, the prior year second quarter income tax provision was affected by a $31 million benefit resulting from the settlement of the Company's 2005-2009 IRS audits during the quarter.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 5% compared to the prior year quarter due to a 4% increase in table games volume and a 7% increase in slots volume. Table games hold percentage in the second quarter of 2015 was 21.4% compared to 21.3% in the prior year quarter.

Rooms revenue increased 6% compared to the prior year quarter 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 June 30,


2015


2014

Occupancy %


96%


96%

Average Daily Rate (ADR)


$    150


$   141

Revenue per Available Room (REVPAR)


$    144


$   135

Food and beverage revenue grew 3% as a result of increased catering business related to a higher convention room mix in the quarter, the opening of several new outlets and closed circuit viewing parties for the Mayweather vs. Pacquiao fight. Entertainment revenue decreased 3% due to a decrease in the number of in-house shows compared to the prior year quarter. Operating income for the Company's wholly owned domestic resorts increased 15% to $338 million compared to $294 million in the prior year quarter.

Profit Growth Plan

The Company has announced the Profit Growth Plan today for sustained growth and margin enhancement.  The Profit Growth Plan's initiatives are focused on the following:

  • Improve business process – continue to optimize MGM's scale for greater efficiency and lower cost throughout our business; and
  • Drive revenue generation – identify areas of opportunity to organically drive incremental revenue growth.

The Profit Growth Plan includes a significant number of opportunities to enhance our business operations.  The plan is expected to result in $300 million of annualized Adjusted EBITDA benefit.  The Profit Growth Plan commenced in July 2015 and it is expected to begin to show results as early as the second half of 2015 and be fully realized by the end of 2017.

"The Profit Growth Plan represents a further advancement in how we conduct business at MGM Resorts, with greater focus on streamlining business process, leveraging our size and scale to reduce costs and drive market share, and innovations in customer service.  This plan will redefine the way we operate in critical areas and position MGM Resorts for future growth, for the benefit of our Company as a whole and our shareholders," said Mr. Murren.

MGM China

On August 4, 2015, MGM China's Board of Directors announced an interim dividend of $77 million, which will be paid to shareholders of record as of August 24, 2015 and distributed on or about August 31, 2015.  MGM Resorts International will receive $39 million, representing its 51% share of the dividend.

Key second quarter results for MGM China include the following:

  • MGM China earned net revenue of $557 million, a 33% decrease compared to the prior year quarter;
  • Main floor table games revenue decreased 23% compared to the prior year quarter;
  • VIP table games revenue decreased 43% due to a decrease in VIP table games turnover of 54% compared to the prior year quarter, while hold percentage increased to 3.2% in the current year quarter compared to 2.7% in the prior year quarter;
  • MGM China's Adjusted EBITDA was $132 million, a decrease of 37% compared to the prior year quarter, including $10 million of license fee expense in the current year quarter compared to $14 million in the prior year quarter;
  • Adjusted EBITDA margin declined 168 basis points to 23.7% in the current year quarter; and
  • Operating income was $58 million compared to $134 million in the prior year quarter.

MGM China paid a $120 million final dividend in June 2015, of which $61 million was distributed to MGM Resorts and $59 million was distributed to noncontrolling interests.

Income from Unconsolidated Affiliates

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

Three months ended June 30,


2015


2014



(In thousands)

CityCenter


$      21,515


$        (1,055)

Borgata


15,767


14,477

Other


5,618


6,923



$     42,900


$       20,345

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

  • Net revenue from resort operations increased by 3% to $312 million compared to $304 million in the prior year quarter;
  • Adjusted EBITDA from resort operations was $84 million, an increase of 4% compared to the prior year quarter;
  • Aria's table games hold percentage was 21.5% compared to 23.4% in the prior year quarter;
  • Slots revenue at Aria decreased 4% compared to the prior year quarter;
  • Aria's REVPAR was a record $222, an 8% increase compared to the prior year quarter;
  • Vdara reported record second quarter Adjusted EBITDA of $8 million, a 10% increase compared to the prior year quarter, led by record REVPAR of $179; and
  • Crystals reported Adjusted EBITDA of $12 million, an increase of 5% from the prior year quarter.

CityCenter's operating income of $22 million in the current year quarter represents a $47 million increase from the prior year quarter, benefiting from a decrease in depreciation expense of $24 million.  In addition, property transactions, net was $1 million compared to $16 million in the prior year quarter.

Financial Position

"We continue to focus on improving MGM Resorts' balance sheet, having reduced total debt by $2.3 billion since the beginning of the year, including the repayment of the $875 million senior notes that matured in July," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International. "During the second quarter, MGM China strengthened its financial flexibility by increasing its senior credit facility from $2 billion to $3 billion. This facility, along with MGM China's free cash flow, has allowed it to continue to invest in its existing operations as well as future growth opportunities, while at the same time returning value to its shareholders."

The Company's cash and cash equivalents and cash deposits at June 30, 2015 was $2.5 billion, which included $522 million at MGM China.  At June 30, 2015, the Company had $2.7 billion of borrowings outstanding under its $3.9 billion senior secured credit facility and $1.2 billion outstanding under the $3.0 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 approximately 72 million shares of the Company's common stock, net of shares received upon settlement of the capped call transactions entered into in connection with the issuance of such notes. In June 2015, MGM China amended and restated its senior credit facility which increased its total capacity to $3.0 billion and extended the term for an eighteen month period ending in April 2019.

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 0575269. A replay of the call will be available through Tuesday, August 11, 2015.  The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088.  The replay access code is 10069000. 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 and Adjusted Property 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, the Company's ability to generate future cash flow growth and to execute on future development and other projects, such as the Profit Growth Plan, the expected results of the Profit Growth Plan and dividends the Company will receive from MGM China. 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


Six Months Ended






June 30,


June 30,


June 30,


June 30,






2015


2014


2015


2014

Revenues:















Casino



$

1,235,976


$

1,475,165


$

2,514,478


$

3,058,597


Rooms




490,498



463,151



949,923



915,537


Food and beverage


423,183



412,723



807,284



796,115


Entertainment



134,972



138,735



260,940



272,512


Retail




55,482



50,811



100,519



95,427


Other




137,819



134,068



264,369



259,495


Reimbursed costs


103,548



95,745



204,608



190,720







2,581,478



2,770,398



5,102,121



5,588,403


Less: Promotional allowances


(196,343)



(189,365)



(384,742)



(376,972)







2,385,135



2,581,033



4,717,379



5,211,431

Expenses:















Casino




738,427



916,817



1,521,235



1,907,651


Rooms




142,065



142,413



283,378



276,651


Food and beverage


243,127



241,124



464,648



461,182


Entertainment



104,397



104,761



201,396



203,698


Retail




28,398



26,055



52,494



49,531


Other




95,835



92,077



180,158



179,654


Reimbursed costs


103,548



95,745



204,608



190,720


General and administrative


333,708



327,484



661,881



646,730


Corporate expense


59,602



54,439



109,958



107,790


Preopening and start-up expenses


17,889



9,759



33,760



15,395


Property transactions, net


3,953



33,170



5,542



33,728


Depreciation and amortization


208,565



203,070



414,977



410,725







2,079,514



2,246,914



4,134,035



4,483,455

















Income from unconsolidated affiliates


42,900



20,345



160,281



42,960

















Operating income



348,521



354,464



743,625



770,936

















Non-operating income (expense):













Interest expense, net of amounts capitalized


(203,245)



(203,936)



(419,507)



(413,323)


Non-operating items from unconsolidated affiliates


(17,766)



(23,996)



(36,777)



(46,211)


Other, net



(4,815)



(309)



(8,305)



(1,743)







(225,826)



(228,241)



(464,589)



(461,277)

















Income before income taxes


122,695



126,223



279,036



309,659


Benefit for income taxes


3,772



51,945



60,077



54,609

















Net income




126,467



178,168



339,113



364,268


Less: Net income attributable to noncontrolling interests


(29,008)



(68,160)



(71,804)



(151,608)

Net income attributable to MGM Resorts International

$

97,459


$

110,008


$

267,309


$

212,660

















Per share of common stock:













Basic:















Net income attributable to MGM Resorts International

$

0.18


$

0.22


$

0.51


$

0.43


















Weighted average shares outstanding


551,358



490,786



521,556



490,692


















Diluted:















Net income attributable to MGM Resorts International

$

0.17


$

0.22


$

0.50


$

0.42


















Weighted average shares outstanding


570,114



513,371



572,699



513,287

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)





























June 30,


December 31,







2015


2014












      ASSETS

Current assets:










Cash and cash equivalents


$

2,342,340


$

1,713,715


Cash deposits - original maturities longer than 90 days


200,205



570,000


Accounts receivable, net



467,960



473,345


Inventories





106,914



104,011


Income tax receivable




12,947



14,675


Prepaid expenses and other



136,656



151,414



Total current assets



3,267,022



3,027,160












Property and equipment, net




14,791,558



14,441,542












Other assets:










Investments in and advances to unconsolidated affiliates


1,491,052



1,559,034


Goodwill 





2,898,383



2,897,110


Other intangible assets, net



4,256,409



4,364,856


Other long-term assets, net



445,163



412,809



Total other assets



9,091,007



9,233,809







$

27,149,587


$

26,702,511























LIABILITIES AND STOCKHOLDERS' EQUITY












Current liabilities:










Accounts payable



$

174,246


$

164,252


Construction payable




203,354



170,439


Current portion of long-term debt



875,029



1,245,320


Deferred income taxes, net



83,310



62,142


Accrued interest on long-term debt



192,357



191,155


Other accrued liabilities




1,262,499



1,574,617



Total current liabilities



2,790,795



3,407,925












Deferred income taxes, net 




2,525,636



2,621,860

Long-term debt





12,495,209



12,913,882

Other long-term obligations




156,117



130,570

Redeemable noncontrolling interest



5,000



-

Stockholders' equity:










Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 563,089,775 and 491,292,117 shares 








5,631



4,913


Capital in excess of par value



5,649,288



4,180,922


Retained earnings (accumulated deficit)


159,400



(107,909)


Accumulated other comprehensive income 


13,891



12,991



Total MGM Resorts International stockholders' equity


5,828,210



4,090,917


Noncontrolling interests




3,348,620



3,537,357



Total stockholders' equity


9,176,830



7,628,274







$

27,149,587


$

26,702,511

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)
























Three Months Ended


Six Months Ended







June 30,


June 30,


June 30,


June 30,







2015


2014


2015


2014


Bellagio





$

318,925


$

332,213


$

620,861


$

652,069


MGM Grand Las Vegas



303,780



271,675



568,606



533,339


Mandalay Bay




242,002



233,506



468,937



452,890


The Mirage





157,000



146,670



299,505



294,918


Luxor






95,762



91,067



182,717



174,760


New York-New York



78,199



71,865



154,083



144,833


Excalibur






75,404



72,125



142,665



139,698


Monte Carlo





75,145



72,332



147,012



140,943


Circus Circus Las Vegas



63,470



53,942



114,854



102,667


MGM Grand Detroit



141,029



136,350



274,344



269,498


Beau Rivage





94,455



87,588



181,395



170,014


Gold Strike Tunica



39,886



39,500



79,721



76,419


Other resort operations



20,423



30,437



48,675



57,456


  Wholly owned domestic resorts


1,705,480



1,639,270



3,283,375



3,209,504


MGM China





556,859



827,928



1,186,946



1,769,376


Management and other operations


122,796



113,835



247,058



232,551







$

2,385,135


$

2,581,033


$

4,717,379


$

5,211,431




















































MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)
























Three Months Ended


Six Months Ended







June 30,


June 30,


June 30,


June 30,







2015


2014


2015


2014


Bellagio





$

103,803


$

115,619


$

192,970


$

220,768


MGM Grand Las Vegas



72,650



54,371



137,856



116,604


Mandalay Bay




60,796



53,003



114,784



109,003


The Mirage





38,099



28,910



68,619



64,329


Luxor






23,328



21,322



40,627



39,300


New York-New York



27,616



24,478



52,209



50,105


Excalibur






21,783



20,706



38,325



39,596


Monte Carlo





22,310



19,999



42,366



39,894


Circus Circus Las Vegas



11,358



7,213



19,191



12,522


MGM Grand Detroit



42,739



39,653



76,351



73,019


Beau Rivage





21,715



18,489



40,105



33,130


Gold Strike Tunica



11,034



10,185



22,584



19,752


Other resort operations



832



450



1,955



(778)


  Wholly owned domestic resorts


458,063



414,398



847,942



817,244


MGM China





132,217



210,488



280,673



451,213


Unconsolidated resorts(1)



42,900



20,345



160,281



42,960


Management and other operations


7,895



12,102



24,212



31,954







$

641,075


$

657,333


$

1,313,108


$

1,343,371



















(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 June 30, 2015

 








Operating
income (loss)


Preopening and
start-up expenses


Property
transactions, net


Depreciation and
amortization


Adjusted
EBITDA


Bellagio






$

81,114


$

-


$

(13)


$

22,702


$

103,803


MGM Grand Las Vegas




53,890



-



92



18,668



72,650


Mandalay Bay





39,563



-



897



20,336



60,796


The Mirage






25,706



(4)



1,301



11,096



38,099


Luxor







13,741



-



2



9,585



23,328


New York-New York




22,237



232



-



5,147



27,616


Excalibur







17,999



-



101



3,683



21,783


Monte Carlo






15,630



1



12



6,667



22,310


Circus Circus Las Vegas




7,276



50



-



4,032



11,358


MGM Grand Detroit




36,806



-



-



5,933



42,739


Beau Rivage






15,197



-



-



6,518



21,715


Gold Strike Tunica




8,041



-



9



2,984



11,034


Other resort operations




611



-



-



221



832


  Wholly owned domestic resorts


337,811



279



2,401



117,572



458,063


MGM China






57,606



3,770



497



70,344



132,217


Unconsolidated resorts




42,130



770



-



-



42,900


Management and other operations


4,749



277



956



1,913



7,895









442,296



5,096



3,854



189,829



641,075


Stock compensation




(7,315)



-



-



-



(7,315)


Corporate







(86,460)



12,793



99



18,736



(54,832)








$

348,521


$

17,889


$

3,953


$

208,565


$

578,928
































































Three Months Ended June 30, 2014

 








Operating
income (loss)


Preopening and
start-up expenses


Property
transactions, net


Depreciation and
amortization


Adjusted
EBITDA


Bellagio






$

94,027


$

-


$

594


$

20,998


$

115,619


MGM Grand Las Vegas




34,429



-



207



19,735



54,371


Mandalay Bay





33,524



331



241



18,907



53,003


The Mirage






14,362



22



1,801



12,725



28,910


Luxor







11,734



(3)



1



9,590



21,322


New York-New York




19,755



47



98



4,578



24,478


Excalibur







16,605



-



332



3,769



20,706


Monte Carlo






14,091



464



154



5,290



19,999


Circus Circus Las Vegas




3,308



36



3



3,866



7,213


MGM Grand Detroit




33,804



-



78



5,771



39,653


Beau Rivage






11,476



-



559



6,454



18,489


Gold Strike Tunica




6,651



-



265



3,269



10,185


Other resort operations




(86)



-



(8)



544



450


  Wholly owned domestic resorts


293,680



897



4,325



115,496



414,398


MGM China






134,112



2,917



48



73,411



210,488


Unconsolidated resorts




20,244



101



-



-



20,345


Management and other operations


10,054



-



1



2,047



12,102









458,090



3,915



4,374



190,954



657,333


Stock compensation




(6,393)



-



-



-



(6,393)


Corporate







(97,233)



5,844



28,796



12,116



(50,477)








$

354,464


$

9,759


$

33,170


$

203,070


$

600,463

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)






















Six Months Ended June 30, 2015

 








Operating
income (loss)


Preopening and
start-up expenses


Property
transactions, net


Depreciation and
amortization


Adjusted
EBITDA


Bellagio






$

147,451


$

-


$

184


$

45,335


$

192,970


MGM Grand Las Vegas




100,616



-



82



37,158



137,856


Mandalay Bay





74,884



-



1,156



38,744



114,784


The Mirage






43,580



50



1,300



23,689



68,619


Luxor







21,503



(1)



52



19,073



40,627


New York-New York




41,909



(75)



264



10,111



52,209


Excalibur







30,908



-



82



7,335



38,325


Monte Carlo






29,944



1



529



11,892



42,366


Circus Circus Las Vegas




11,078



281



-



7,832



19,191


MGM Grand Detroit




64,545



-



-



11,806



76,351


Beau Rivage






27,056



-



-



13,049



40,105


Gold Strike Tunica




16,663



-



9



5,912



22,584


Other resort operations




1,504



-



-



451



1,955


  Wholly owned domestic resorts


611,641



256



3,658



232,387



847,942


MGM China






129,972



6,841



829



143,031



280,673


Unconsolidated resorts




158,838



1,443



-



-



160,281


Management and other operations


18,863



544



956



3,849



24,212









919,314



9,084



5,443



379,267



1,313,108


Stock compensation




(14,894)



-



-



-



(14,894)


Corporate







(160,795)



24,676



99



35,710



(100,310)








$

743,625


$

33,760


$

5,542


$

414,977


$

1,197,904
































































Six Months Ended June 30, 2014

 








Operating
income (loss)


Preopening and
start-up expenses


Property
transactions, net


Depreciation and
amortization


Adjusted
EBITDA


Bellagio






$

175,878


$

-


$

573


$

44,317


$

220,768


MGM Grand Las Vegas




75,361



197



199



40,847



116,604


Mandalay Bay





67,935



1,133



239



39,696



109,003


The Mirage






36,954



22



1,948



25,405



64,329


Luxor







20,541



-



-



18,759



39,300


New York-New York




40,642



102



342



9,019



50,105


Excalibur







32,060



-



331



7,205



39,596


Monte Carlo






28,105



1,379



157



10,253



39,894


Circus Circus Las Vegas




4,845



36



(8)



7,649



12,522


MGM Grand Detroit




61,458



-



78



11,483



73,019


Beau Rivage






19,642



-



559



12,929



33,130


Gold Strike Tunica




13,016



-



265



6,471



19,752


Other resort operations




(1,855)



-



(8)



1,085



(778)


  Wholly owned domestic resorts


574,582



2,869



4,675



235,118



817,244


MGM China






298,701



5,325



(56)



147,243



451,213


Unconsolidated resorts




42,840



120



-



-



42,960


Management and other operations


27,015



-



1



4,938



31,954









943,138



8,314



4,620



387,299



1,343,371


Stock compensation




(13,092)



-



-



-



(13,092)


Corporate







(159,110)



7,081



29,108



23,426



(99,495)








$

770,936


$

15,395


$

33,728


$

410,725


$

1,230,784






















 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)
























Three Months Ended


Six Months Ended







June 30,


June 30,


June 30,


June 30,







2015


2014


2015


2014

Adjusted EBITDA





$

578,928


$

600,463


$

1,197,904


$

1,230,784

  Preopening and start-up expenses



(17,889)



(9,759)



(33,760)



(15,395)

  Property transactions, net



(3,953)



(33,170)



(5,542)



(33,728)

  Depreciation and amortization



(208,565)



(203,070)



(414,977)



(410,725)

Operating income






348,521



354,464



743,625



770,936


















Non-operating income (expense):













  Interest expense, net of amounts capitalized



(203,245)



(203,936)



(419,507)



(413,323)

  Other, net






(22,581)



(24,305)



(45,082)



(47,954)








(225,826)



(228,241)



(464,589)



(461,277)


















Income before income taxes



122,695



126,223



279,036



309,659

  Benefit for income taxes




3,772



51,945



60,077



54,609

Net income






126,467



178,168



339,113



364,268

  Less: Net income attributable to noncontrolling interests



(29,008)



(68,160)



(71,804)



(151,608)

Net income attributable to MGM Resorts International


$

97,459


$

110,008


$

267,309


$

212,660



































MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)
























Three Months Ended


Six Months Ended







June 30,


June 30,


June 30,


June 30,







2015


2014


2015


2014


Bellagio

















   Occupancy %




96.9%



95.8%



92.6%



94.0%


   Average daily rate (ADR)



$264



$259



$266



$261


   Revenue per available room (REVPAR)



$256



$248



$246



$245



















MGM Grand Las Vegas














   Occupancy %




97.4%



98.1%



94.7%



96.7%


   ADR






$167



$150



$169



$155


   REVPAR






$163



$147



$160



$150



















Mandalay Bay















   Occupancy %




93.1%



94.9%



91.7%



93.6%


   ADR






$208



$200



$209



$201


   REVPAR






$193



$190



$191



$188



















The Mirage
















   Occupancy %




96.5%



96.9%



93.3%



95.8%


   ADR






$169



$162



$171



$166


   REVPAR






$163



$157



$159



$159



















Luxor

















   Occupancy %




96.1%



97.2%



94.2%



95.3%


   ADR






$107



$97



$106



$99


   REVPAR






$103



$94



$100



$94



















New York-New York














   Occupancy %




99.5%



99.2%



98.6%



98.6%


   ADR






$128



$123



$131



$125


   REVPAR






$127



$122



$129



$123



















Excalibur

















   Occupancy %




97.4%



98.0%



93.7%



94.6%


   ADR






$87



$80



$86



$81


   REVPAR






$85



$79



$81



$77



















Monte Carlo
















   Occupancy %




98.6%



99.3%



96.9%



97.7%


   ADR






$119



$114



$120



$115


   REVPAR






$118



$113



$117



$112



















Circus Circus Las Vegas














   Occupancy %




90.2%



84.4%



83.5%



79.6%


   ADR






$69



$60



$69



$61


   REVPAR






$62



$50



$57



$49

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)






























Three Months Ended


Six Months Ended












June 30,


June 30,


June 30,


June 30,












2015


2014


2015


2014




























Aria






$

249,777


$

245,144


$

488,632


$

498,833






Vdara







28,880



26,867



56,722



53,117






Crystals







17,510



16,649



34,867



33,401






Mandarin Oriental




15,598



15,411



31,609



31,852






 Resort operations




311,765



304,071



611,830



617,203






Residential operations




10,217



15,804



28,391



39,089












$

321,982


$

319,875


$

640,221


$

656,292







































































CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)

(Unaudited)






























Three Months Ended


Six Months Ended












June 30,


June 30,


June 30,


June 30,












2015


2014


2015


2014



























Adjusted EBITDA




$

85,709


$

77,709


$

170,849


$

172,767





  Property transactions, net




(697)



(16,121)



158,992



(18,696)





  Depreciation and amortization



(62,799)



(86,423)



(126,022)



(173,943)





Operating income





22,213



(24,835)



203,819



(19,872)



























Non-operating income (expense):

















  Interest expense - other




(18,172)



(22,518)



(36,350)



(45,370)





  Other, net







113



(4,435)



286



(6,748)













(18,059)



(26,953)



(36,064)



(52,118)





Net income (loss)




$

4,154


$

(51,788)


$

167,755


$

(71,990)



























CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)























Three Months Ended June 30, 2015































Operating
income (loss)


Preopening and
start-up expenses


Property
transactions, net


Depreciation and
amortization


Adjusted
EBITDA



Aria






$

17,105


$

-


$

660


$

45,273


$

63,038



Vdara







211



-



-



7,827



8,038



Crystals







5,060



-



37



6,629



11,726



Mandarin Oriental




(1,550)



-



-



3,054



1,504



 Resort operations




20,826



-



697



62,783



84,306



Residential operations




2,707



-



-



16



2,723



Development and administration



(1,320)



-



-



-



(1,320)









$

22,213


$

-


$

697


$

62,799


$

85,709




































































Three Months Ended June 30, 2014































Operating
income (loss)


Preopening and
start-up expenses


Property
transactions, net


Depreciation and
amortization


Adjusted
EBITDA



Aria






$

(6,274)


$

-


$

3,016


$

64,472


$

61,214



Vdara







(3,283)



-



128



10,482



7,327



Crystals







4,430



-



126



6,646



11,202



Mandarin Oriental




(3,578)



-



44



4,710



1,176



 Resort operations




(8,705)



-



3,314



86,310



80,919



Residential operations




2,084



-



-



113



2,197



Development and administration



(18,214)



-



12,807



-



(5,407)









$

(24,835)


$

-


$

16,121


$

86,423


$

77,709


 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)























Six Months Ended June 30, 2015































Operating
income (loss)


Preopening and
start-up expenses


Property
transactions, net


Depreciation and
amortization


Adjusted
EBITDA



Aria






$

31,872


$

-


$

947


$

90,979


$

123,798



Vdara







16



-



-



15,662



15,678



Crystals







9,909



-



41



13,451



23,401



Mandarin Oriental




(2,957)



-



-



6,094



3,137



 Resort operations




38,840



-



988



126,186



166,014



Residential operations




6,856



-



-



51



6,907



Development and administration



158,123



-



(159,980)



(215)



(2,072)









$

203,819


$

-


$

(158,992)


$

126,022


$

170,849




































































Six Months Ended June 30, 2014































Operating
income (loss)


Preopening and
start-up expenses


Property
transactions, net


Depreciation and
amortization


Adjusted
EBITDA



Aria






$

1,282


$

-


$

4,323


$

130,101


$

135,706



Vdara







(6,234)



-



128



20,707



14,601



Crystals







8,663



-



205



13,388



22,256



Mandarin Oriental




(6,288)



-



44



9,429



3,185



 Resort operations




(2,577)



-



4,700



173,625



175,748



Residential operations




4,691



-



1,114



318



6,123



Development and administration



(21,986)



-



12,882



-



(9,104)









$

(19,872)


$

-


$

18,696


$

173,943


$

172,767




































































CITYCENTER HOLDINGS, LLC


SUPPLEMENTAL DATA - HOTEL STATISTICS


(Unaudited)































Three Months Ended


Six Months Ended












June 30,


June 30,


June 30,


June 30,












2015


2014


2015


2014






Aria






















   Occupancy %





94.8%



94.4%



92.3%



93.2%






   ADR







$234



$217



$239



$223






   REVPAR







$222



$205



$221



$208




























Vdara






















   Occupancy %





95.8%



94.9%



93.5%



92.2%






   ADR







$187



$175



$189



$180






   REVPAR







$179



$166



$176



$166





 

 

SOURCE MGM Resorts International

For further information: Investment Community, CATHERINE PARK, Director of Investor Relations, (702) 693-8711, News Media, CLARK DUMONT, Senior Vice President of Corporate Communications, (702) 692-6888 or cdumont@mgmresorts.com