Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - MGM Resorts International | d716970d8k.htm |
Exhibit 99.1
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MGM RESORTS INTERNATIONAL REPORTS FIRST QUARTER FINANCIAL RESULTS
Consolidated Net Revenue Increased 12% Year Over Year; Adjusted EBITDA Growth of 19% on
Strong Results for Both Macau and Las Vegas
Las Vegas, Nevada, April 29, 2014 — MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended March 31, 2014. Diluted earnings per share for the first quarter of 2014 was $0.21, an improvement compared to diluted earnings per share of $0.01 in the prior year first quarter.
“We are off to a strong start in 2014, with double digit Adjusted EBITDA growth at our wholly owned domestic resorts and record results at MGM China and CityCenter,” said Jim Murren, Chairman and CEO. “In the U.S., we are executing on our strategy to drive customer loyalty by increasing incremental convention business to our properties mid-week, hosting the best events on the weekends, and continually bringing new and exciting capital initiatives to our properties. Our development projects are well underway as MGM Cotai, our second Macau property, is on schedule to open in early 2016 and we are preparing to break ground on MGM National Harbor, in Maryland this summer, where we expect to open in 2016.”
Key results for the first quarter of 2014 include the following:
| • | Consolidated net revenue was $2.6 billion, a 12% increase over the prior year first quarter; |
| • | Consolidated casino revenue increased 13% compared to the prior year quarter; |
| • | Rooms revenue at wholly owned domestic resorts increased 13% with a 14% increase in REVPAR(1) at the Company’s Las Vegas Strip resorts compared to the prior year quarter; |
| • | Adjusted Property EBITDA(2) was $682 million compared to $574 million, a 19% increase compared to the prior year quarter; |
| • | The Company’s wholly owned domestic resorts earned Adjusted Property EBITDA of $403 million, a 12% increase compared to the prior year quarter; |
| • | MGM China’s Adjusted EBITDA was a record $241 million, a 33% increase compared to the prior year quarter, including $16 million of branding fee expense in the current quarter versus $13 million in the prior year quarter; |
| • | CityCenter earned record Adjusted EBITDA related to resort operations of $95 million; and |
| • | Consolidated operating income was $413 million compared to $302 million in the prior year quarter. |
Certain Items Affecting First Quarter Results
The following table lists items that affect the comparability of the current and prior year quarterly results (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):
| Three months ended March 31, | 2014 | 2013 | ||||||
| Preopening and start-up expenses |
$ | (0.01 | ) | $ | — | |||
| Property transactions, net |
— | (0.01 | ) | |||||
| Tax adjustments, net |
— | (0.01 | ) | |||||
Page 1 of 11
Wholly Owned Domestic Resorts
Casino revenue related to wholly owned domestic resorts decreased 2% compared to the prior year quarter, due to a decrease in table games hold percentage and a small decrease in slots revenue. Table games hold percentage in the first quarter of 2014 was 20.8% compared to 21.9% for the prior year quarter. Slots revenue increased 1% compared to the prior year quarter at the Company’s Las Vegas Strip resorts, but decreased 5% at the Company’s other wholly owned domestic resorts.
Rooms revenue increased 13% with Las Vegas Strip REVPAR up 14%. The following table shows key hotel statistics for the Company’s Las Vegas Strip resorts:
| Three months ended March 31, | 2014 | 2013 | ||||||
| Occupancy % |
92 | % | 90 | % | ||||
| Average Daily Rate (ADR) |
$ | 147 | $ | 132 | ||||
| Revenue per Available Room (REVPAR) |
$ | 135 | $ | 118 | ||||
Food and beverage revenue increased 6% as a result of increased convention and banquet business and the opening of several new outlets. Operating income for the Company’s wholly owned domestic resorts increased 20% for the first quarter of 2014 compared to the prior year quarter due primarily to the increase in rooms revenues and improved rooms margins.
MGM China
Key first quarter results for MGM China include the following:
| • | MGM China earned net revenue of $941 million, a 26% increase compared to the prior year quarter; |
| • | VIP table games turnover increased 12% from the prior year quarter and hold percentage was 3.0% in the current year quarter compared to 2.8% in the prior year quarter; |
| • | Main floor table games revenue increased 45% compared to the prior year quarter; |
| • | MGM China’s Adjusted EBITDA was a record $241 million, a 33% increase compared to the prior year quarter, including $16 million of branding fee expense in the current quarter versus $13 million in the prior year quarter; and |
| • | Operating income was $165 million compared to $99 million in the prior year quarter. |
MGM China paid a $499 million dividend in March 2014, of which $254 million was distributed to MGM Resorts and $245 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 March 31, | 2014 | 2013 | ||||||
| (In thousands) | ||||||||
| CityCenter |
$ | 14,046 | $ | 11,695 | ||||
| Other |
4,730 | 4,649 | ||||||
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| $ | 18,776 | $ | 16,344 | |||||
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Results for CityCenter Holdings, LLC for the first quarter of 2014 include the following (see schedules accompanying this release for further detail on CityCenter’s first quarter results):
| • | Net revenue from resort operations increased by 2% to $313 million compared to $308 million in the prior year quarter; |
| • | Adjusted EBITDA from resort operations was $95 million, an increase of 2% compared to the prior year quarter; |
| • | Aria’s table games hold percentage was 26.8% compared to 28.3% in the prior year quarter; |
| • | Aria’s occupancy percentage was 92% and its ADR was $229, resulting in record REVPAR of $211, a 14% increase compared to the prior year quarter; |
| • | Vdara reported record REVPAR of $165, an increase of 21% compared to the prior year quarter; and |
| • | Crystals reported Adjusted EBITDA of $11 million, an increase of 30% from the prior year quarter. |
CityCenter’s operating income increased to $5 million for the first quarter of 2014 primarily due to increased revenues and strong margins related to its hotel operations.
Financial Position
“Our continued focus on driving revenue growth and maximizing margins is reflected in our strong flow through at our Las Vegas resorts,” said Dan D’Arrigo, Executive Vice President, CFO and Treasurer. “These factors along with continued strength at MGM China and CityCenter contributed to significant year over year growth in net income and earnings per share.”
The Company’s cash balance at March 31, 2014 was $1.1 billion, which included $556 million at MGM China. At March 31, 2014 the Company had $2.8 billion of borrowings outstanding under its $4.0 billion senior secured credit facility and $553 million outstanding under the $2.0 billion MGM China credit facility.
Conference Call Details
MGM Resorts International will host a conference call at 11:00 a.m. Eastern Time today which will include a brief discussion of these results followed by a question and answer period. The call will be accessible via the Internet through www.mgmresorts.com under the Investors section or by calling 1-877-355-2280 for domestic callers and 1-706-634-6528 for international callers. The conference call access code is 20455736. A replay of the call will be available through Tuesday, May 6, 2014. The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The replay access code is 20455736. 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.
Page 3 of 11
In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Therefore, management uses Adjusted Property EBITDA as the primary measure of the Company’s operating resorts’ performance.
Reconciliations of GAAP net income (loss) to Adjusted EBITDA and GAAP operating income (loss) to Adjusted Property EBITDA are included in the financial schedules in this release.
* * *
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world’s leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA resort and casino. For more information about MGM Resorts International, visit the Company’s website at www.mgmresorts.com.
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company’s public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management’s current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding our development projects. 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 CONTACTS: | ||
| Investment Community |
News Media | |
| SARAH ROGERS |
CLARK DUMONT | |
| Vice President Investor Relations |
Senior Vice President of Corporate Communications | |
| (702) 693-8654 or srogers@mgmresorts.com | (702) 891-1836 or cdumont@mgmresorts.com | |
Page 4 of 11
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| Three Months Ended | ||||||||
| March
31, 2014 |
March
31, 2013 |
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| Revenues: |
||||||||
| Casino |
$ | 1,583,432 | $ | 1,401,420 | ||||
| Rooms |
452,386 | 401,250 | ||||||
| Food and beverage |
383,392 | 359,882 | ||||||
| Entertainment |
133,777 | 113,854 | ||||||
| Retail |
44,616 | 44,707 | ||||||
| Other |
125,427 | 123,826 | ||||||
| Reimbursed costs |
94,975 | 90,236 | ||||||
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| 2,818,005 | 2,535,175 | |||||||
| Less: Promotional allowances |
(187,607 | ) | (183,027 | ) | ||||
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| 2,630,398 | 2,352,148 | |||||||
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| Expenses: |
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| Casino |
990,834 | 875,246 | ||||||
| Rooms |
134,238 | 127,709 | ||||||
| Food and beverage |
220,058 | 204,740 | ||||||
| Entertainment |
98,937 | 83,725 | ||||||
| Retail |
23,476 | 25,966 | ||||||
| Other |
87,577 | 85,973 | ||||||
| Reimbursed costs |
94,975 | 90,236 | ||||||
| General and administrative |
319,246 | 303,901 | ||||||
| Corporate expense |
53,351 | 46,624 | ||||||
| Preopening and start-up expenses |
5,636 | 2,146 | ||||||
| Property transactions, net |
558 | 8,491 | ||||||
| Depreciation and amortization |
207,655 | 211,918 | ||||||
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| 2,236,541 | 2,066,675 | |||||||
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| Income from unconsolidated affiliates |
18,776 | 16,344 | ||||||
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| Operating income |
412,633 | 301,817 | ||||||
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| Non-operating income (expense): |
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| Interest expense, net of amounts capitalized |
(209,387 | ) | (225,447 | ) | ||||
| Non-operating items from unconsolidated affiliates |
(13,723 | ) | (22,079 | ) | ||||
| Other, net |
(1,434 | ) | (1,282 | ) | ||||
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| (224,544 | ) | (248,808 | ) | |||||
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| Income before income taxes |
188,089 | 53,009 | ||||||
| Benefit (provision) for income taxes |
3,519 | (30,431 | ) | |||||
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| Net income |
191,608 | 22,578 | ||||||
| Less: Net income attributable to noncontrolling interests |
(83,448 | ) | (16,032 | ) | ||||
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| Net income attributable to MGM Resorts International |
$ | 108,160 | $ | 6,546 | ||||
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| Per share of common stock: |
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| Basic: |
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| Net income attributable to MGM Resorts International |
$ | 0.22 | $ | 0.01 | ||||
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| Weighted average shares outstanding |
490,542 | 489,291 | ||||||
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| Diluted: |
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| Net income attributable to MGM Resorts International |
$ | 0.21 | $ | 0.01 | ||||
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| Weighted average shares outstanding |
513,144 | 492,305 | ||||||
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Page 5 of 11
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
| March
31, 2014 |
December
31, 2013 |
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| ASSETS | ||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 1,114,736 | $ | 1,803,669 | ||||
| Accounts receivable, net |
492,535 | 488,217 | ||||||
| Inventories |
101,553 | 107,907 | ||||||
| Deferred income taxes, net |
— | 80,989 | ||||||
| Prepaid expenses and other |
261,806 | 238,657 | ||||||
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| Total current assets |
1,970,630 | 2,719,439 | ||||||
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| Property and equipment, net |
14,034,075 | 14,055,212 | ||||||
| Other assets: |
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| Investments in and advances to unconsolidated affiliates |
1,416,664 | 1,374,836 | ||||||
| Goodwill |
2,896,542 | 2,897,442 | ||||||
| Other intangible assets, net |
4,451,496 | 4,511,861 | ||||||
| Other long-term assets, net |
581,302 | 551,395 | ||||||
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| Total other assets |
9,346,004 | 9,335,534 | ||||||
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| $ | 25,350,709 | $ | 26,110,185 | |||||
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| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: |
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| Accounts payable |
$ | 220,523 | $ | 241,192 | ||||
| Income taxes payable |
20,549 | 14,813 | ||||||
| Deferred income taxes, net |
46,642 | — | ||||||
| Accrued interest on long-term debt |
188,281 | 188,522 | ||||||
| Other accrued liabilities |
1,683,569 | 1,770,801 | ||||||
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| Total current liabilities |
2,159,564 | 2,215,328 | ||||||
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| Deferred income taxes |
2,305,322 | 2,430,414 | ||||||
| Long-term debt |
12,930,728 | 13,447,230 | ||||||
| Other long-term obligations |
132,249 | 141,590 | ||||||
| Stockholders’ equity: |
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| Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 490,609,242 and 490,360,628 shares |
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4,906 |
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4,904 |
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| Capital in excess of par value |
4,160,895 | 4,156,680 | ||||||
| Retained earnings |
165,252 | 57,092 | ||||||
| Accumulated other comprehensive income |
12,236 | 12,503 | ||||||
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| Total MGM Resorts International stockholders’ equity |
4,343,289 | 4,231,179 | ||||||
| Noncontrolling interests |
3,479,557 | 3,644,444 | ||||||
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| Total stockholders’ equity |
7,822,846 | 7,875,623 | ||||||
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| $ | 25,350,709 | $ | 26,110,185 | |||||
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Page 6 of 11
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
| Three Months Ended | ||||||||
| March
31, 2014 |
March
31, 2013 |
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| Bellagio |
$ | 319,856 | $ | 300,720 | ||||
| MGM Grand Las Vegas |
261,664 | 258,890 | ||||||
| Mandalay Bay |
219,384 | 175,513 | ||||||
| The Mirage |
148,248 | 144,553 | ||||||
| Luxor |
83,693 | 77,789 | ||||||
| New York-New York |
72,968 | 69,268 | ||||||
| Excalibur |
67,573 | 61,809 | ||||||
| Monte Carlo |
68,611 | 66,500 | ||||||
| Circus Circus Las Vegas |
48,725 | 45,913 | ||||||
| MGM Grand Detroit |
133,148 | 140,868 | ||||||
| Beau Rivage |
82,426 | 80,910 | ||||||
| Gold Strike Tunica |
36,919 | 37,042 | ||||||
| Other resort operations |
27,019 | 29,413 | ||||||
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| Wholly owned domestic resorts |
1,570,234 | 1,489,188 | ||||||
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| MGM China |
941,448 | 747,557 | ||||||
| Management and other operations |
118,716 | 115,403 | ||||||
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| $ | 2,630,398 | $ | 2,352,148 | |||||
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MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA
(In thousands)
(Unaudited)
| Three Months Ended | ||||||||
| March
31, 2014 |
March
31, 2013 |
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| Bellagio |
$ | 105,149 | $ | 89,579 | ||||
| MGM Grand Las Vegas |
62,233 | 62,005 | ||||||
| Mandalay Bay |
56,000 | 39,414 | ||||||
| The Mirage |
35,419 | 30,161 | ||||||
| Luxor |
17,978 | 15,574 | ||||||
| New York-New York |
25,627 | 23,400 | ||||||
| Excalibur |
18,890 | 15,109 | ||||||
| Monte Carlo |
19,895 | 17,486 | ||||||
| Circus Circus Las Vegas |
5,309 | 4,557 | ||||||
| MGM Grand Detroit |
33,366 | 39,653 | ||||||
| Beau Rivage |
14,641 | 13,873 | ||||||
| Gold Strike Tunica |
9,567 | 9,987 | ||||||
| Other resort operations |
(1,228 | ) | 239 | |||||
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| Wholly owned domestic resorts |
402,846 | 361,037 | ||||||
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| MGM China |
240,725 | 180,455 | ||||||
| CityCenter (50%)(1) |
14,046 | 11,695 | ||||||
| Other unconsolidated resorts(1) |
4,730 | 4,649 | ||||||
| Management and other operations |
19,852 | 15,761 | ||||||
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| $ | 682,199 | $ | 573,597 | |||||
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| (1) | Represents the Company’s share of operating income (loss), adjusted for the effect of certain basis differences. |
Page 7 of 11
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, 2014
| Operating income (loss) |
Preopening and start-up expenses |
Property transactions, net |
Depreciation and amortization |
Adjusted EBITDA |
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| 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 | ) | |||||||||||||
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| Wholly owned domestic resorts |
280,902 | 1,972 | 350 | 119,622 | 402,846 | |||||||||||||||
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| MGM China |
164,589 | 2,408 | (104 | ) | 73,832 | 240,725 | ||||||||||||||
| CityCenter (50%) |
14,046 | — | — | — | 14,046 | |||||||||||||||
| Other unconsolidated resorts |
4,711 | 19 | — | — | 4,730 | |||||||||||||||
| Management and other operations |
16,961 | — | — | 2,891 | 19,852 | |||||||||||||||
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| 481,209 | 4,399 | 246 | 196,345 | 682,199 | ||||||||||||||||
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| Stock compensation |
(6,699 | ) | — | — | — | (6,699 | ) | |||||||||||||
| Corporate |
(61,877 | ) | 1,237 | 312 | 11,310 | (49,018 | ) | |||||||||||||
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| $ | 412,633 | $ | 5,636 | $ | 558 | $ | 207,655 | $ | 626,482 | |||||||||||
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| Three Months Ended March 31, 2013 | ||||||||||||||||||||
| Operating income (loss) |
Preopening and start-up expenses |
Property transactions, net |
Depreciation and amortization |
Adjusted EBITDA |
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| Bellagio |
$ | 66,392 | $ | — | $ | 4 | $ | 23,183 | $ | 89,579 | ||||||||||
| MGM Grand Las Vegas |
40,972 | — | 666 | 20,367 | 62,005 | |||||||||||||||
| Mandalay Bay |
20,822 | (604 | ) | 582 | 18,614 | 39,414 | ||||||||||||||
| The Mirage |
13,550 | — | 4,154 | 12,457 | 30,161 | |||||||||||||||
| Luxor |
3,775 | — | 3,179 | 8,620 | 15,574 | |||||||||||||||
| New York-New York |
17,737 | — | 31 | 5,632 | 23,400 | |||||||||||||||
| Excalibur |
11,162 | — | — | 3,947 | 15,109 | |||||||||||||||
| Monte Carlo |
12,858 | — | (12 | ) | 4,640 | 17,486 | ||||||||||||||
| Circus Circus Las Vegas |
(389 | ) | — | — | 4,946 | 4,557 | ||||||||||||||
| MGM Grand Detroit |
34,371 | — | — | 5,282 | 39,653 | |||||||||||||||
| Beau Rivage |
6,427 | — | (298 | ) | 7,744 | 13,873 | ||||||||||||||
| Gold Strike Tunica |
6,820 | — | (13 | ) | 3,180 | 9,987 | ||||||||||||||
| Other resort operations |
(328 | ) | — | (1 | ) | 568 | 239 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Wholly owned domestic resorts |
234,169 | (604 | ) | 8,292 | 119,180 | 361,037 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| MGM China |
99,117 | 2,374 | 195 | 78,769 | 180,455 | |||||||||||||||
| CityCenter (50%) |
11,319 | 376 | — | — | 11,695 | |||||||||||||||
| Other unconsolidated resorts |
4,649 | — | — | — | 4,649 | |||||||||||||||
| Management and other operations |
12,783 | — | 4 | 2,974 | 15,761 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 362,037 | 2,146 | 8,491 | 200,923 | 573,597 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Stock compensation |
(6,943 | ) | — | — | — | (6,943 | ) | |||||||||||||
| Corporate |
(53,277 | ) | — | — | 10,995 | (42,282 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | 301,817 | $ | 2,146 | $ | 8,491 | $ | 211,918 | $ | 524,372 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Page 8 of 11
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME
(In thousands)
(Unaudited)
| Three Months Ended | ||||||||
| March
31, 2014 |
March
31, 2013 |
|||||||
| Adjusted EBITDA |
$ | 626,482 | $ | 524,372 | ||||
| Preopening and start-up expenses |
(5,636 | ) | (2,146 | ) | ||||
| Property transactions, net |
(558 | ) | (8,491 | ) | ||||
| Depreciation and amortization |
(207,655 | ) | (211,918 | ) | ||||
|
|
|
|
|
|||||
| Operating income |
412,633 | 301,817 | ||||||
|
|
|
|
|
|||||
| Non-operating income (expense): |
||||||||
| Interest expense, net of amounts capitalized |
(209,387 | ) | (225,447 | ) | ||||
| Other, net |
(15,157 | ) | (23,361 | ) | ||||
|
|
|
|
|
|||||
| (224,544 | ) | (248,808 | ) | |||||
|
|
|
|
|
|||||
| Income before income taxes |
188,089 | 53,009 | ||||||
| Benefit (provision) for income taxes |
3,519 | (30,431 | ) | |||||
|
|
|
|
|
|||||
| Net income |
191,608 | 22,578 | ||||||
| Less: Net income attributable to noncontrolling interests |
(83,448 | ) | (16,032 | ) | ||||
|
|
|
|
|
|||||
| Net income attributable to MGM Resorts International |
$ | 108,160 | $ | 6,546 | ||||
|
|
|
|
|
|||||
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP
(Unaudited)
| Three Months Ended | ||||||||
| March
31, 2014 |
March
31, 2013 |
|||||||
| Bellagio |
||||||||
| Occupancy % |
92.3 | % | 92.7 | % | ||||
| Average daily rate (ADR) |
$ | 262 | $ | 240 | ||||
| Revenue per available room (REVPAR) |
$ | 242 | $ | 222 | ||||
| MGM Grand Las Vegas |
||||||||
| Occupancy % |
95.2 | % | 93.0 | % | ||||
| ADR |
$ | 160 | $ | 145 | ||||
| REVPAR |
$ | 152 | $ | 135 | ||||
| Mandalay Bay |
||||||||
| Occupancy % |
92.3 | % | 88.7 | % | ||||
| ADR |
$ | 202 | $ | 182 | ||||
| REVPAR |
$ | 186 | $ | 161 | ||||
| The Mirage |
||||||||
| Occupancy % |
94.6 | % | 95.1 | % | ||||
| ADR |
$ | 170 | $ | 149 | ||||
| REVPAR |
$ | 161 | $ | 142 | ||||
| Luxor |
||||||||
| Occupancy % |
93.3 | % | 90.5 | % | ||||
| ADR |
$ | 102 | $ | 86 | ||||
| REVPAR |
$ | 95 | $ | 78 | ||||
| New York-New York |
||||||||
| Occupancy % |
97.9 | % | 97.3 | % | ||||
| ADR |
$ | 126 | $ | 112 | ||||
| REVPAR |
$ | 124 | $ | 109 | ||||
| Excalibur |
||||||||
| Occupancy % |
91.2 | % | 85.7 | % | ||||
| ADR |
$ | 82 | $ | 72 | ||||
| REVPAR |
$ | 75 | $ | 61 | ||||
| Monte Carlo |
||||||||
| Occupancy % |
96.0 | % | 95.7 | % | ||||
| ADR |
$ | 116 | $ | 104 | ||||
| REVPAR |
$ | 111 | $ | 99 | ||||
| Circus Circus Las Vegas |
||||||||
| Occupancy % |
74.8 | % | 73.4 | % | ||||
| ADR |
$ | 63 | $ | 54 | ||||
| REVPAR |
$ | 47 | $ | 39 | ||||
Page 9 of 11
CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
| Three Months Ended | ||||||||
| March
31, 2014 |
March
31, 2013 |
|||||||
| Aria |
$ | 253,689 | $ | 258,510 | ||||
| Vdara |
26,250 | 22,059 | ||||||
| Crystals |
16,752 | 13,957 | ||||||
| Mandarin Oriental |
16,441 | 13,720 | ||||||
|
|
|
|
|
|||||
| Resort operations |
313,132 | 308,246 | ||||||
| Residential operations |
23,285 | 6,896 | ||||||
|
|
|
|
|
|||||
| $ | 336,417 | $ | 315,142 | |||||
|
|
|
|
|
|||||
CITYCENTER HOLDINGS, LLC
RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS
(In thousands)
(Unaudited)
| Three Months Ended | ||||||||
| March
31, 2014 |
March
31, 2013 |
|||||||
| Adjusted EBITDA |
$ | 95,058 | $ | 86,987 | ||||
| Preopening and start-up expenses |
— | (752 | ) | |||||
| Property transactions, net |
(2,575 | ) | — | |||||
| Depreciation and amortization |
(87,520 | ) | (86,403 | ) | ||||
|
|
|
|
|
|||||
| Operating income (loss) |
4,963 | (168 | ) | |||||
|
|
|
|
|
|||||
| Non-operating income (expense): |
||||||||
| Interest expense - sponsor notes |
— | (24,948 | ) | |||||
| Interest expense - other |
(22,852 | ) | (43,470 | ) | ||||
| Other, net |
(2,313 | ) | 743 | |||||
|
|
|
|
|
|||||
| (25,165 | ) | (67,675 | ) | |||||
|
|
|
|
|
|||||
| Net loss |
$ | (20,202 | ) | $ | (67,843 | ) | ||
|
|
|
|
|
|||||
CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - HOTEL STATISTICS
(Unaudited)
| Three Months Ended | ||||||||
| March
31, 2014 |
March
31, 2013 |
|||||||
| Aria |
||||||||
| Occupancy % |
92.0 | % | 89.0 | % | ||||
| ADR |
$ | 229 | $ | 209 | ||||
| REVPAR |
$ | 211 | $ | 186 | ||||
| Vdara |
||||||||
| Occupancy % |
89.5 | % | 85.7 | % | ||||
| ADR |
$ | 185 | $ | 160 | ||||
| REVPAR |
$ | 165 | $ | 137 | ||||
Page 10 of 11
CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
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 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Three Months Ended March 31, 2013
|
||||||||||||||||||||
| Operating income (loss) |
Preopening and start-up expenses |
Property transactions, net |
Depreciation and amortization |
Adjusted EBITDA |
||||||||||||||||
| Aria |
$ | 13,099 | $ | 694 | $ | — | $ | 63,770 | $ | 77,563 | ||||||||||
| Vdara |
(5,296 | ) | — | — | 10,815 | 5,519 | ||||||||||||||
| Crystals |
2,003 | 58 | — | 6,444 | 8,505 | |||||||||||||||
| Mandarin Oriental |
(3,745 | ) | — | — | 5,010 | 1,265 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Resort operations |
6,061 | 752 | — | 86,039 | 92,852 | |||||||||||||||
| Residential operations |
(1,044 | ) | — | — | 356 | (688 | ) | |||||||||||||
| Development and administration |
(5,185 | ) | — | — | 8 | (5,177 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| $ | (168 | ) | $ | 752 | $ | — | $ | 86,403 | $ | 86,987 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Page 11 of 11