MGM Resorts International Reports Third Quarter Financial Results

October 29, 2015
Wholly Owned Domestic Resorts Adjusted Property EBITDA Increased 25%
Las Vegas Strip REVPAR Increased 8%

LAS VEGAS, Oct. 29, 2015 /PRNewswire/ --MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended September 30, 2015.

"Our strong third quarter results exemplify the power of our portfolio of assets and brands as we continue to drive growth in our Las Vegas and regional resorts. Our Profit Growth Plan is beginning to see initial success with the initiatives launched to date, and we expect these efforts to further enhance our already improving profits and margins, as we roll out many more opportunities in the coming months," said Jim Murren, Chairman & CEO of MGM Resorts International. "We are continuing to make positive strides with respect to our development pipeline and look forward to an exciting 2016 as we anticipate welcoming the new Las Vegas Arena and The Park next spring and both MGM National Harbor and MGM Cotai in late 2016. Our strategic investments are allowing us to solidify our leadership in the marketplace and further position the Company for growth."

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

  • Net revenue at the Company's wholly owned domestic resorts was $1.6 billion, an increase of 4% compared to the prior year quarter;
  • Rooms revenue at wholly owned domestic resorts increased 8% with an 8% 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 $411 million, a 25% increase compared to the prior year quarter;
  • Adjusted Property EBITDA margin for wholly owned domestic resorts increased 435 basis points to 25.1% in the current year quarter;
  • MGM China's net revenue was $529 million and Adjusted EBITDA was $128 million, decreases of 33% and 40%, respectively, compared to the prior year quarter; and
  • CityCenter's Adjusted EBITDA related to resort operations was $76 million, a 20% increase compared to the prior year quarter.

Third Quarter Consolidated Results

Diluted earnings per share for the third quarter of 2015 was $0.12 compared to a diluted loss per share of $0.04 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 September 30, 

2015

2014

Preopening and start-up expenses

$ (0.02)

$ (0.01)

Property transactions, net

(0.01)

(0.01)

 

Corporate expense increased $12 million compared to the prior year quarter, and reflected costs incurred to implement initiatives related to the Profit Growth Plan and costs associated with the Company's strategic review totaling $18 million.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 4% compared to the prior year quarter due primarily to a 2% increase in slots volume. Table games volume decreased 1% and table games hold percentage in the third quarter of 2015 was 20.3% compared to 19.8% in the prior year quarter.

Rooms revenue increased 8% compared to the prior year quarter with Las Vegas Strip REVPAR up 8%. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended September 30,

2015

2014

Occupancy %

96%

95%

Average Daily Rate (ADR)

$    141

$   131

Revenue per Available Room (REVPAR)

$    135

$   124

 

Higher convention room mix in the current quarter compared to the prior year quarter resulted in increased catering business which led to a 1% increase in food and beverage revenue.  Entertainment revenue decreased 4% due to a decline in the revenue generated from in-house shows compared to the prior year quarter. Operating income for the Company's wholly owned domestic resorts increased 42% to $290 million compared to $204 million in the prior year quarter.  Operating income in the prior year quarter was negatively affected by largely nonrecurring employee benefit expenses as well as the cost and near-term revenue impacts associated with the launch of the Delano and the new Las Vegas Strip-facing food and beverage venues at Monte Carlo.

MGM China

Key third quarter results for MGM China include the following:

  • MGM China earned net revenue of $529 million, a 33% decrease compared to the prior year quarter;
  • Main floor table games revenue decreased 30% compared to the prior year quarter;
  • VIP table games revenue decreased 39% due to a decrease in VIP table games turnover of 55% compared to the prior year quarter, while hold percentage increased to 3.7% in the current year quarter compared to 2.7% in the prior year quarter;
  • MGM China's Adjusted EBITDA was $128 million, a decrease of 40% compared to the prior year quarter, including $9 million of license fee expense in the current year quarter compared to $12 million in the prior year quarter;
  • Adjusted EBITDA margin declined 268 basis points to 24.2% in the current year quarter; and
  • Operating income was $63 million compared to $140 million in the prior year quarter.

MGM China paid a $76 million interim dividend in August 2015, of which $39 million was distributed to MGM Resorts and $37 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 September 30,

2015

2014


(In thousands)

Borgata

$      31,784


$       22,397

CityCenter

16,459


(6,719)

Other

9,107


7,325


$      57,350


$      23,003

 

The Company's income from unconsolidated affiliates related to Borgata for the third quarter of 2015 increased 42% compared to the prior year quarter due to record operating results at the property driven by increases in casino revenue.

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

  • Net revenue from resort operations increased by 4% to $293 million compared to $280 million in the prior year quarter;
  • Adjusted EBITDA from resort operations was $76 million, an increase of 20% compared to the prior year quarter;
  • Aria's table games hold percentage was 22.6% compared to 21.7% in the prior year quarter;
  • Slots revenue at Aria increased 5% compared to the prior year quarter;
  • Aria's REVPAR was $207, a 7% increase compared to the prior year quarter;
  • Vdara reported Adjusted EBITDA of $7 million, a 30% increase compared to the prior year quarter, led by a 7% increase in REVPAR; and
  • Crystals reported Adjusted EBITDA of $11 million, an increase of 2% from the prior year quarter.

CityCenter's operating income of $12 million in the current year quarter represents a $49 million increase from the prior year quarter, benefiting from an increase in casino revenue and rooms revenue, an $8 million decrease in general and administrative expense related to legal and professional fees and a decrease in depreciation expense of $27 million as a result of certain furniture and equipment becoming fully depreciated in December 2014. In addition, property transactions, net declined by $4 million compared to the prior year quarter.

Financial Position

"We continue to remain focused on deleveraging our balance sheet through a combination of reducing debt and increasing cash flows," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International.  "We believe that our improving profitability, future dividends from MGM China as well as CityCenter and our other unconsolidated affiliates, along with upcoming development projects, will further allow us to enhance our financial position and provide long-term value to our shareholders."

The Company's cash and cash equivalents at September 30, 2015 was $1.8 billion, which included $808 million at MGM China. At September 30, 2015, the Company had $2.7 billion of borrowings outstanding under its $3.9 billion senior secured credit facility and $1.6 billion outstanding under the $3.0 billion MGM China credit facility. In July 2015, the Company repaid its $875 million 6.625% senior notes at maturity with cash on hand.

Conference Call Details

MGM Resorts International will host a conference call at 8:00 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 7547909. A replay of the call will be available through Friday, November 6, 2015.  The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088.  The replay access code is 10075413. 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, and the expected results of the Profit Growth Plan. 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,






2015


2014


2015


2014

Revenues:















Casino



$

1,181,593


$

1,420,538


$

3,696,071


$

4,479,135


Rooms




466,032



433,005



1,415,955



1,348,542


Food and beverage


397,332



396,470



1,204,616



1,192,585


Entertainment



141,085



146,315



402,025



418,827


Retail




53,272



50,720



153,791



146,147


Other




126,585



132,126



390,954



391,621


Reimbursed costs


98,292



98,317



302,900



289,037







2,464,191



2,677,491



7,566,312



8,265,894


Less: Promotional allowances


(183,375)



(192,484)



(568,117)



(569,456)







2,280,816



2,485,007



6,998,195



7,696,438

Expenses:















Casino




699,569



884,177



2,220,804



2,791,828


Rooms




140,806



143,993



424,184



420,644


Food and beverage


236,988



234,307



701,636



695,489


Entertainment



107,478



109,757



308,874



313,455


Retail




26,767



26,183



79,261



75,714


Other




88,000



96,324



268,158



275,978


Reimbursed costs


98,292



98,317



302,900



289,037


General and administrative


340,495



347,487



1,002,376



994,217


Corporate expense


74,019



61,563



183,977



169,353


Preopening and start-up expenses 


16,510



10,233



50,270



25,628


Property transactions, net


7,123



6,794



12,665



40,522


Depreciation and amortization


204,742



202,386



619,719



613,111







2,040,789



2,221,521



6,174,824



6,704,976

















Income from unconsolidated affiliates


57,350



23,003



217,631



65,963

















Operating income 



297,377



286,489



1,041,002



1,057,425

















Non-operating income (expense):













Interest expense, net of amounts capitalized


(191,781)



(202,835)



(611,288)



(616,158)


Non-operating items from unconsolidated affiliates


(22,968)



(22,810)



(59,745)



(69,021)


Other, net



(4,386)



(254)



(12,691)



(1,997)







(219,135)



(225,899)



(683,724)



(687,176)

















Income before income taxes


78,242



60,590



357,278



370,249


Benefit (provision) for income taxes


16,493



(10,208)



76,570



44,401

















Net income 




94,735



50,382



433,848



414,650


Less: Net income attributable to noncontrolling interests


(28,310)



(70,652)



(100,114)



(222,260)

Net income (loss) attributable to MGM Resorts International

$

66,425


$

(20,270)


$

333,734


$

192,390

















Per share of common stock:













Basic:















Net income (loss) attributable to MGM Resorts International

$

0.12


$

(0.04)


$

0.62


$

0.39


















Weighted average shares outstanding


563,287



490,914



535,619



490,746


















Diluted:















Net income (loss) attributable to MGM Resorts International

$

0.12


$

(0.04)


$

0.61


$

0.39


















Weighted average shares outstanding


569,320



490,914



547,750



497,228

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)





























September 30,


December 31,







2015


2014












      ASSETS

Current assets:







Cash and cash equivalents

$

1,807,795


$

1,713,715


Cash deposits - original maturities longer than 90 days


-



570,000


Accounts receivable, net


470,842



473,345


Inventories


100,533



104,011


Income tax receivable


16,054



14,675


Prepaid expenses and other


187,050



151,414



Total current assets



2,582,274



3,027,160












Property and equipment, net


15,014,642



14,441,542












Other assets:







Investments in and advances to unconsolidated affiliates


1,536,531



1,559,034


Goodwill 


2,898,996



2,897,110


Other intangible assets, net


4,212,660



4,364,856


Other long-term assets, net


435,163



412,809



Total other assets


9,083,350



9,233,809







$

26,680,266


$

26,702,511























LIABILITIES AND STOCKHOLDERS' EQUITY












Current liabilities:







Accounts payable

$

168,651


$

164,252


Construction payable


188,246



170,439


Current portion of long-term debt


-



1,245,320


Deferred income taxes, net


89,834



62,142


Accrued interest on long-term debt


143,361



191,155


Other accrued liabilities


1,362,763



1,574,617



Total current liabilities


1,952,855



3,407,925












Deferred income taxes, net 


2,496,294



2,621,860

Long-term debt


12,821,037



12,913,882

Other long-term obligations


165,358



130,570

Redeemable noncontrolling interest


5,000



-

Stockholders' equity:







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







  issued and outstanding 563,212,549 and 491,292,117 shares


5,632



4,913


Capital in excess of par value


5,655,340



4,180,922


Retained earnings (accumulated deficit)


225,825



(107,909)


Accumulated other comprehensive income 


14,447



12,991



Total MGM Resorts International stockholders' equity


5,901,244



4,090,917


Noncontrolling interests


3,338,478



3,537,357



Total stockholders' equity


9,239,722



7,628,274







$

26,680,266


$

26,702,511

 

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,







2015


2014


2015


2014


Bellagio





$

303,494


$

302,024


$

924,355


$

954,093


MGM Grand Las Vegas



286,777



273,272



855,383



806,611


Mandalay Bay




232,172



216,956



701,109



669,846


The Mirage 





141,007



136,199



440,512



431,117


Luxor






95,358



92,395



278,075



267,155


New York-New York 



75,722



70,658



229,805



215,491


Excalibur






75,088



67,238



217,753



206,936


Monte Carlo





73,274



69,198



220,286



210,141


Circus Circus Las Vegas



62,643



57,741



177,497



160,408


MGM Grand Detroit



128,789



127,703



403,133



397,201


Beau Rivage





98,322



89,049



279,717



259,063


Gold Strike Tunica



42,152



43,196



121,873



119,615


Other resort operations



21,390



32,507



70,065



89,963


  Wholly owned domestic resorts


1,636,188



1,578,136



4,919,563



4,787,640


MGM China





529,037



794,265



1,715,983



2,563,641


Management and other operations


115,591



112,606



362,649



345,157







$

2,280,816


$

2,485,007


$

6,998,195


$

7,696,438




















































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,







2015


2014


2015


2014


Bellagio





$

95,827


$

88,420


$

288,797


$

309,188


MGM Grand Las Vegas



62,182



53,847



200,038



170,451


Mandalay Bay




49,961



29,796



164,745



138,799


The Mirage 





27,182



17,844



95,801



82,173


Luxor






21,695



17,563



62,322



56,863


New York-New York 



24,831



20,521



77,040



70,626


Excalibur






21,273



13,690



59,598



53,286


Monte Carlo





21,372



14,150



63,738



54,044


Circus Circus Las Vegas



12,377



6,093



31,568



18,615


MGM Grand Detroit



33,372



34,583



109,723



107,602


Beau Rivage





26,679



20,053



66,784



53,183


Gold Strike Tunica



11,560



10,514



34,144



30,266


Other resort operations



2,978



904



4,933



126


  Wholly owned domestic resorts


411,289



327,978



1,259,231



1,145,222


MGM China





128,225



213,796



408,898



665,009


Unconsolidated resorts(1)



57,350



23,003



217,631



65,963


Management and other operations


5,591



5,184



29,803



37,138







$

602,455


$

569,961


$

1,915,563


$

1,913,332



















(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, 2015









Operating

 income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA


Bellagio






$

72,646


$

-


$

153


$

23,028


$

95,827


MGM Grand Las Vegas




43,889



-



17



18,276



62,182


Mandalay Bay





29,180



-



1,506



19,275



49,961


The Mirage 






16,390



-



2



10,790



27,182


Luxor







12,490



(1)



36



9,170



21,695


New York-New York 




19,023



1



878



4,929



24,831


Excalibur







17,606



-



46



3,621



21,273


Monte Carlo






11,345



1



1,070



8,956



21,372


Circus Circus Las Vegas




8,504



-



9



3,864



12,377


MGM Grand Detroit




27,254



-



-



6,118



33,372


Beau Rivage






20,161



-



7



6,511



26,679


Gold Strike Tunica




8,617



-



5



2,938



11,560


Other resort operations




2,963



-



-



15



2,978


  Wholly owned domestic resorts


290,068



1



3,729



117,491



411,289


MGM China






62,833



3,491



139



61,762



128,225


Unconsolidated resorts




56,380



970



-



-



57,350


Management and other operations


3,238



298



123



1,932



5,591









412,519



4,760



3,991



181,185



602,455


Stock compensation




(7,386)



-



-



-



(7,386)


Corporate 







(107,756)



11,750



3,132



23,557



(69,317)








$

297,377


$

16,510


$

7,123


$

204,742


$

525,752
































































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

 

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, 2015









Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA


Bellagio






$

220,097


$

-


$

337


$

68,363


$

288,797


MGM Grand Las Vegas




144,505



-



99



55,434



200,038


Mandalay Bay





104,064



-



2,662



58,019



164,745


The Mirage 






59,970



50



1,302



34,479



95,801


Luxor







33,993



(2)



88



28,243



62,322


New York-New York 




60,932



(74)



1,142



15,040



77,040


Excalibur







48,514



-



128



10,956



59,598


Monte Carlo






41,289



2



1,599



20,848



63,738


Circus Circus Las Vegas




19,582



281



9



11,696



31,568


MGM Grand Detroit




91,799



-



-



17,924



109,723


Beau Rivage






47,217



-



7



19,560



66,784


Gold Strike Tunica




25,280



-



14



8,850



34,144


Other resort operations




4,467



-



-



466



4,933


  Wholly owned domestic resorts


901,709



257



7,387



349,878



1,259,231


MGM China






192,805



10,332



968



204,793



408,898


Unconsolidated resorts




215,218



2,413



-



-



217,631


Management and other operations


22,104



842



1,079



5,778



29,803









1,331,836



13,844



9,434



560,449



1,915,563


Stock compensation




(22,280)



-



-



-



(22,280)


Corporate 







(268,554)



36,426



3,231



59,270



(169,627)








$

1,041,002


$

50,270


$

12,665


$

619,719


$

1,723,656
































































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

 

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,







2015


2014


2015


2014

Adjusted EBITDA





$

525,752


$

505,902


$

1,723,656


$

1,736,686

  Preopening and start-up expenses



(16,510)



(10,233)



(50,270)



(25,628)

  Property transactions, net



(7,123)



(6,794)



(12,665)



(40,522)

  Depreciation and amortization



(204,742)



(202,386)



(619,719)



(613,111)

Operating income






297,377



286,489



1,041,002



1,057,425


















Non-operating income (expense):













  Interest expense, net of amounts capitalized



(191,781)



(202,835)



(611,288)



(616,158)

  Other, net






(27,354)



(23,064)



(72,436)



(71,018)








(219,135)



(225,899)



(683,724)



(687,176)


















Income before income taxes



78,242



60,590



357,278



370,249

  Benefit (provision) for income taxes



16,493



(10,208)



76,570



44,401

Net income






94,735



50,382



433,848



414,650

  Less: Net income attributable to noncontrolling interests



(28,310)



(70,652)



(100,114)



(222,260)

Net income (loss) attributable to MGM Resorts International


$

66,425


$

(20,270)


$

333,734


$

192,390

 

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,






2015


2014


2015


2014

Bellagio













   Occupancy %



96.6%



95.7%



93.9%



94.6%

   Average daily rate (ADR)



$245



$239



$259



$253

   Revenue per available room (REVPAR)



$237



$229



$243



$240

















MGM Grand Las Vegas













   Occupancy %



98.0%



97.7%



95.8%



97.0%

   ADR



$154



$143



$164



$151

   REVPAR



$151



$140



$157



$146

















Mandalay Bay 













   Occupancy %



94.3%



94.2%



92.5%



93.8%

   ADR



$192



$181



$203



$194

   REVPAR



$181



$170



$188



$182

















The Mirage













   Occupancy %



97.0%



96.4%



94.5%



96.0%

   ADR



$155



$147



$165



$159

   REVPAR



$151



$142



$156



$153

















Luxor 













   Occupancy %



96.8%



94.7%



95.1%



95.1%

   ADR



$99



$89



$104



$96

   REVPAR



$96



$84



$99



$91

















New York-New York













   Occupancy %



98.7%



98.6%



98.6%



98.6%

   ADR



$122



$114



$128



$121

   REVPAR



$121



$112



$126



$119

















Excalibur 













   Occupancy %



95.5%



94.3%



94.3%



94.5%

   ADR



$88



$75



$87



$79

   REVPAR



$84



$71



$82



$75

















Monte Carlo 













   Occupancy %



98.2%



98.4%



97.3%



97.9%

   ADR



$113



$105



$118



$111

   REVPAR



$111



$103



$115



$109

















Circus Circus Las Vegas













   Occupancy %



88.0%



85.4%



85.0%



81.5%

   ADR



$71



$58



$69



$60

   REVPAR



$62



$50



$59



$49

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)


























Three Months Ended


Nine Months Ended








September 30,


September 30,


September 30,


September 30,








2015


2014


2015


2014




















Aria






$

234,589


$

224,108


$

723,221


$

722,941


Vdara







26,769



25,544



83,491



78,661


Crystals







17,185



16,682



52,052



50,083


Mandarin Oriental




14,126



14,078



45,735



45,930


 Resort operations




292,669



280,412



904,499



897,615


Residential operations




1,598



16,990



29,989



56,079








$

294,267


$

297,402


$

934,488


$

953,694























































CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)

(Unaudited)


























Three Months Ended


Nine Months Ended








September 30,


September 30,


September 30,


September 30,








2015


2014


2015


2014



















Adjusted EBITDA




$

75,324


$

57,590


$

246,173


$

230,357

  Property transactions, net




15



(3,897)



159,007



(22,593)

  Depreciation and amortization



(62,895)



(89,885)



(188,917)



(263,828)

Operating income





12,444



(36,192)



216,263



(56,064)



















Non-operating income (expense):













  Interest expense - other




(18,262)



(18,897)



(54,612)



(64,267)

  Other, net







(100)



(4,012)



186



(10,760)









(18,362)



(22,909)



(54,426)



(75,027)

Net income (loss)




$

(5,918)


$

(59,101)


$

161,837


$

(131,091)

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)






















Three Months Ended September 30, 2015





























Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA


Aria


$

13,026


$

-


$

(29)


$

45,524


$

58,521


Vdara



(1,168)



-



-



7,753



6,585


Crystals



4,269



-



14



6,535



10,818


Mandarin Oriental



(2,698)



-



-



3,075



377


 Resort operations



13,429



-



(15)



62,887



76,301


Residential operations



(107)



-



-



8



(99)


Development and administration



(878)



-



-



-



(878)








$

12,444


$

-


$

(15)


$

62,895


$

75,324
































































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

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)























Nine Months Ended September 30, 2015































Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA



Aria


$

44,898


$

-


$

918


$

136,503


$

182,319



Vdara



(1,152)



-



-



23,415



22,263



Crystals



14,178



-



55



19,986



34,219



Mandarin Oriental



(5,655)



-



-



9,169



3,514



 Resort operations



52,269



-



973



189,073



242,315



Residential operations



6,749



-



-



59



6,808



Development and administration



157,245



-



(159,980)



(215)



(2,950)









$

216,263


$

-


$

(159,007)


$

188,917


$

246,173




































































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


 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)





Three Months Ended


Nine Months Ended




September 30,


September 30,


September 30,


September 30,




2015


2014


2015


2014

Aria












   Occupancy %


94.5%



94.1%



93.0%



93.5%

   ADR


$219



$206



$232



$217

   REVPAR


$207



$194



$216



$203















Vdara












   Occupancy %


92.8%



95.6%



93.3%



93.4%

   ADR


$176



$160



$185



$173

   REVPAR


$164



$153



$172



$161

 

SOURCE MGM Resorts International

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