MGM Resorts International Reports Second Quarter Results
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MGM Resorts International Reports Second Quarter Results
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2010-08-04
Year over Year Las Vegas Strip REVPAR Comparisons Improve Sequentially for the Fifth Consecutive Quarter;
Convention Booking Trends Continue to Improve
MGM Resorts International (NYSE: MGM) today announced its financial results for the second quarter of 2010. The Company recorded a second quarter diluted loss per share of $2.00 compared to a loss of $0.60 per share in the prior year second quarter. The current year results include a pre-tax non-cash charge of approximately $1.12 billion (or $1.64 per share, net of tax) relating to an impairment of the Company’s investment in the CityCenter joint venture and a pre-tax non-cash charge of approximately $29 million (or $0.04 per share, net of tax) representing the Company’s share of an impairment of CityCenter’s residential inventory. The prior year results include non-cash impairment charges of $188 million (or $0.34 per share, net of tax), primarily related to the Company’s investment in a convertible note, and losses on the retirement of long-term debt of $58 million (an impact of $0.11 per share, net of tax).
The following table lists items which affect the comparability of the current and prior year quarterly results (approximate per diluted share impact shown, net of tax; negative amounts represent charges to income):
Three months ended June 30,
2010
2009
Preopening and start-up expenses
$-
$(0.02)
Property transactions, net:
Investment in CityCenter non-cash impairment charge
(1.64)
-
Other property transactions, net
(0.01)
(0.01)
Income (loss) from unconsolidated affiliates:
CityCenter residential non-cash impairment charge
(0.04)
-
CityCenter forfeited residential deposits income
0.04
-
North Las Vegas Strip joint venture impairment charge
-
(0.02)
Convertible note investment impairment charge
-
(0.32)
Loss on early retirement of long-term debt
-
(0.11)
Key results for the quarter included the following:
* Net revenue improved sequentially to $1.54 billion from $1.46 billion in the first quarter of 2010;
* Las Vegas Strip REVPAR(1) decreased 2%, an improvement compared to an 8% decrease in the first quarter of 2010, with Bellagio and MGM Grand reporting increases in REVPAR for the quarter;
* Adjusted Property EBITDA(2) attributable to wholly-owned operations was $305 million, up from $267 million in the first quarter; and
* CityCenter earned Adjusted EBITDA of $9 million in the second quarter, and was negatively affected by a low table games hold percentage at Aria.
“The Las Vegas operating environment remains difficult, but as we expected, we are seeing a gradual recovery. Our Adjusted EBITDA improved compared to the first quarter, despite low hold percentages,” said Jim Murren, MGM Resorts International Chairman and CEO. “CityCenter is seeing improved business activity. Aria is gaining brand awareness, which led to a 17 percentage point sequential occupancy increase in the quarter and higher non-casino revenues.”
Detailed Discussion of Second Quarter Operating Results
Net revenue for the second quarter of 2010 was $1.54 billion. Excluding reimbursed costs revenue mainly related to the Company’s management of CityCenter, the Company earned net revenue of $1.45 billion, a decrease of 2% from the same period in 2009. Reimbursed costs revenue represents reimbursement of payroll and other costs incurred by the Company in connection with the provision of management services.
Total casino revenue decreased 6% compared to the prior year quarter, with slots revenue down approximately 3%. The Company’s table games volume, excluding baccarat, decreased 7% in the quarter, but baccarat volume was up 10% compared to the prior year quarter. The overall table games hold percentage was lower in the 2010 second quarter compared to the prior year quarter and near the low end of the Company’s normal 18% to 22% range. Lower than normal table games hold percentage at the Company’s Las Vegas Strip resorts resulted in an impact to Adjusted EBITDA of approximately $20 million. Bellagio, The Mirage, and Mandalay Bay were affected by the lower table games hold, partially offset by MGM Grand which benefited from a higher than normal table games hold percentage. These factors led to an overall decrease in table games revenue of 11% for the quarter.
“M life, our new customer loyalty program, was introduced two weeks ago at Beau Rivage and the response has been outstanding,” said Mr. Murren. “We are very excited about the opportunity M life presents to our Company, especially when coupled with the superior assets in our portfolio.”
Rooms revenue decreased 1% with Las Vegas Strip REVPAR down by 2%. The following table shows key hotel statistics for the Company’s Las Vegas Strip resorts:
Three months ended June 30,
2010
2009
Occupancy %
93%
94%
Average Daily Rate (ADR)
$110
$111
Revenue per Available Room (REVPAR)
$102
$104
“We maintained strong occupancy and improved our convention mix over the prior year second quarter, leading to sequential improvement in Las Vegas Strip REVPAR,” said Mr. Murren. “We expect continued progress in our business trends driven by strong forward convention bookings.”
Operating loss for the second quarter of 2010 was $1.0 billion (which included the $1.12 billion impairment of the Company’s investment in CityCenter and the Company’s $29 million share of the CityCenter residential impairment charge) compared to operating income of $131 million in the 2009 quarter. Excluding the impairment charges related to CityCenter, the Company would have earned operating income of $102 million in the second quarter of 2010.
The Company reported Adjusted Property EBITDA attributable to wholly-owned operations of $305 million in the 2010 quarter, a decrease of 16% year-over-year. Adjusted Property EBITDA, which includes the impact from unconsolidated affiliates, was $279 million in the 2010 quarter and was negatively impacted by $56 million in losses from CityCenter results. The Company reported Adjusted EBITDA, which includes corporate expense, of $243 million in the 2010 quarter.
Income from Unconsolidated Affiliates
The Company reported a loss from unconsolidated affiliates of $26 million in the second quarter of 2010 compared to income of $4 million in the prior year second quarter. The loss in the second quarter of 2010 was attributable to the Company’s 50% share of the operating loss at CityCenter.
Results for CityCenter for the second quarter of 2010 included the following (see schedules accompanying this release for further detail on CityCenter Holdings, LLC second quarter and year-to-date 2010 results):
* CityCenter reported net revenues of $401 million in the second quarter, which included $218 million related to residential operations, of which $56 million related to forfeited residential deposits;
* CityCenter’s operating loss of $128 million in the second quarter of 2010 included an approximately $57 million non-cash impairment charge related to its residential inventory and a loss on sales of residential units of $17 million;
* Aria reported net revenue of $157 million and an Adjusted EBITDA loss of $17 million. Aria’s results were negatively affected by a low table games hold percentage, which reduced Adjusted EBITDA by approximately $24 million; and
* Aria’s occupancy percentage was 80% and average daily rates were $178, resulting in significant REVPAR improvements from the first quarter of 2010.
The Company recorded its share of CityCenter’s results, including adjustments for recognition of basis differences as follows ((expense)/income):
Three months ended June 30,
2010
2009
(In thousands)
Preopening and start-up expenses
$-
$(8,675)
Income (loss) from unconsolidated affiliates
(55,562)
(2,005)
Non-operating items from unconsolidated affiliates
(18,182)
(1,646)
The operating loss related to CityCenter was partially offset by the Company’s share of operating income at MGM Macau, which earned operating income of $40 million in the second quarter of 2010, including depreciation expense of $21 million, a significant improvement compared to an operating loss of $8 million in the 2009 second quarter, which included depreciation expense of $22 million.
Financial Position
At June 30, 2010, the Company had approximately $13.3 billion of indebtedness (with a carrying value of $13.0 billion), including $3.2 billion of borrowings outstanding under its senior credit facility. The Company has approximately $1.5 billion in available borrowing capacity under its revolver and approximately $570 million of invested cash available for future liquidity needs. The Company repurchased $211 million principal amount of senior notes with near term maturities during the second quarter, resulting in cash interest savings of approximately $5 million.
“We have made tremendous progress in addressing our balance sheet and liquidity needs by amending and negotiating the extension of our credit facility, accessing the secured bond market, and in April successfully issuing $1.15 billion in convertible notes. These transactions have provided over $2 billion of available liquidity,” said Dan D’Arrigo, MGM Resorts International Executive Vice President and CFO. “Additionally, our Macau bank refinancing was an overwhelming success. MGM Macau now has a solid long-term capital structure and our focus is on advancing our potential IPO transaction.”
Conference Call Details
MGM Resorts International will hold a conference call to discuss its second quarter results at 11:00 a.m. Eastern Daylight Time today. The call will be accessible via the Internet through www.mgmresorts.com and http://www.videonewswire.com/event.asp?id=70960 or by calling 1-800-526-8531 begin_of_the_skype_highlighting 1-800-526-8531 end_of_the_skype_highlighting begin_of_the_skype_highlighting 1-800-526-8531 end_of_the_skype_highlighting for Domestic callers and 1-706-758-3659 begin_of_the_skype_highlighting 1-706-758-3659 end_of_the_skype_highlighting for International callers. The conference call ID # is 87731569. A replay of the call will be available through Tuesday, August 10, 2010. The replay may be accessed by dialing 1-800-642-1687 begin_of_the_skype_highlighting 1-800-642-1687 end_of_the_skype_highlighting or 1-706-645-9291 begin_of_the_skype_highlighting 1-706-645-9291 end_of_the_skype_highlighting. The replay access code is 87731569. The call will also be archived at www.mgmresorts.com and at http://www.videonewswire.com/event.asp?id=70960.
(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. 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, pre-opening 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 our 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.
Adjusted EBITDA or Adjusted Property EBITDA should not be construed as an alternative to operating income, as an indicator of the Company’s operating performance; or as an alternative to cash flows from operating activities, as a measure of liquidity; or net income as an indicator of the Company’s performance; or as any other measure determined in accordance with generally accepted accounting principles. The Company has significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in Adjusted EBITDA. Also, other companies in the gaming and hospitality industries that report Adjusted EBITDA information may calculate Adjusted EBITDA in a different manner than the Company. Reconciliations of Adjusted EBITDA to net income (loss) and of operating income to Adjusted Property EBITDA are included in the financial schedules accompanying this release.
MGM Resorts International (NYSE: MGM), one of the world's leading and most respected companies with significant holdings in gaming, hospitality and entertainment, owns and operates 15 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, Illinois and Macau. The Company's 50% economic interest in Borgata Hotel Casino Spa in Atlantic City, which is held in trust, is currently offered for sale. CityCenter, an unprecedented urban resort destination on the Las Vegas Strip featuring its centerpiece ARIA Resort & Casino, is a joint venture between MGM Resorts International and Infinity World Development Corp, a subsidiary of Dubai World. Other major holdings include Bellagio, MGM Grand, Mandalay Bay, The Mirage, Monte Carlo, New York-New York, Luxor, Excalibur, and Circus Circus. MGM Hospitality has entered into management agreements for casino and non-casino resorts throughout the world. MGM Resorts International supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM Resorts International has received numerous awards and recognitions for its industry-leading Diversity Initiative, its community philanthropy programs and the Company’s commitment to sustainable development and operations. For more information about MGM Resorts International, please visit the Company's Web site at http://www.mgmresorts.com.
Statements in this release which are not historical facts are “forward looking” statements and “safe harbor statements” within the meaning of Section 21E of the U.S. the Securities Exchange Act of 1934, as amended, and other related laws that involve risks and/or uncertainties, including risks and/or uncertainties as described in the company’s public filings with the Securities and Exchange Commission. We have based those 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 the Company’s expectations with regard to convention business in 2010 and 2011, and reporting the second quarter 2010 results described in this release. 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 we operate and competition with other destination travel locations throughout the United States and the world. 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.
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
2010
June 30,
2009
June 30,
2010
June 30,
2009
Revenues:
Casino
$ 589,392
$ 625,570
$ 1,200,149
$ 1,290,297
Rooms
345,219
350,295
659,122
705,339
Food and beverage
360,217
357,859
676,373
696,256
Entertainment
123,935
123,373
240,617
241,430
Retail
51,062
54,311
94,951
102,260
Other
137,060
130,529
257,839
254,219
Reimbursed costs
90,361
13,273
183,684
26,956
1,697,246
1,655,210
3,312,735
3,316,757
Less: Promotional allowances
(159,551)
(161,055)
(317,648)
(323,807)
1,537,695
1,494,155
2,995,087
2,992,950
Expenses:
Casino
346,367
349,831
692,312
725,348
Rooms
108,009
106,147
208,755
216,974
Food and beverage
204,675
199,032
387,287
393,359
Entertainment
90,261
88,622
181,257
176,364
Retail
30,579
34,455
58,578
66,076
Other
84,127
72,222
162,154
142,345
Reimbursed costs
90,361
13,273
183,684
26,956
General and administrative
282,404
273,617
558,458
534,857
Corporate expense
31,950
43,006
56,828
67,367
Preopening and start-up expenses
537
9,410
4,031
17,481
Property transactions, net
1,126,282
3,248
1,126,971
(191,877)
Depreciation and amortization
164,766
174,368
327,900
351,226
2,560,318
1,367,231
3,948,215
2,526,476
Income (loss) from unconsolidated affiliates
(26,194)
4,175
(107,112)
19,724
Operating income (loss)
(1,048,817)
131,099
(1,060,240)
486,198
Non-operating income (expense):
Interest income
876
6,296
1,642
10,678
Interest expense, net
(291,169)
(201,287)
(555,344)
(372,923)
Non-operating items from unconsolidated affiliates
(31,574)
(12,314)
(54,924)
(23,445)
Other, net
7,713
(234,181)
148,802
(235,519)
(314,154)
(441,486)
(459,824)
(621,209)
Loss before income taxes
(1,362,971)
(310,387)
(1,520,064)
(135,011)
Benefit for income taxes
479,495
97,812
539,847
27,635
Net loss
$ (883,476)
$ (212,575)
$ (980,217)
$ (107,376)
Per share of common stock:
Basic:
Net loss per share
$ (2.00)
$ (0.60)
$ (2.22)
$ (0.34)
Weighted average shares outstanding
441,297
352,457
441,269
314,718
Diluted:
Net loss per share
$ (2.00)
$ (0.60)
$ (2.22)
$ (0.34)
Weighted average shares outstanding
441,297
352,457
441,269
314,718
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
June 30,
2010
December 31,
2009
ASSETS
Current assets:
Cash and cash equivalents
$ 1,013,208
$ 2,056,207
Accounts receivable, net
363,031
368,474
Inventories
96,805
101,809
Income tax receivable
194,474
384,555
Deferred income taxes
34,901
38,487
Prepaid expenses and other
89,537
103,969
Total current assets
1,791,956
3,053,501
Property and equipment, net
14,814,594
15,069,952
Other assets:
Investments in and advances to unconsolidated affiliates
2,118,498
3,611,799
Goodwill
86,353
86,353
Other intangible assets, net
343,192
344,253
Other long-term assets, net
832,954
352,352
Total other assets
3,380,997
4,394,757
$ 19,987,547
$ 22,518,210
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 117,463
$ 173,719
Current portion of long-term debt
-
1,079,824
Accrued interest on long-term debt
221,447
206,357
Other accrued liabilities
856,077
923,701
Total current liabilities
1,194,987
2,383,601
Deferred income taxes
2,653,470
3,031,303
Long-term debt
13,046,639
12,976,037
Other long-term obligations
243,293
256,837
Stockholders' equity:
Common stock, $.01 par value: authorized 600,000,000 shares,
issued 441,314,885 and 441,222,251 shares and outstanding
441,314,885 and 441,222,251 shares
4,413
4,412
Capital in excess of par value
3,457,200
3,497,425
Retained earnings (accumulated deficit)
(609,685)
370,532
Accumulated other comprehensive loss
(2,770)
(1,937)
Total stockholders' equity
2,849,158
3,870,432
$ 19,987,547
$ 22,518,210
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
2010
June 30,
2009
June 30,
2010
June 30,
2009
Bellagio
$ 248,556
$ 268,161
$ 497,603
$ 532,581
MGM Grand Las Vegas
252,191
244,094
476,435
470,759
Mandalay Bay
192,637
193,626
359,830
368,172
The Mirage
136,194
153,623
271,686
300,976
Luxor
81,135
89,171
157,386
174,429
Treasure Island (1)
-
-
-
66,329
New York-New York
61,672
66,512
121,594
130,888
Excalibur
65,829
70,865
124,934
132,493
Monte Carlo
57,930
50,499
110,308
101,103
Circus Circus Las Vegas
47,724
53,991
89,683
100,806
MGM Grand Detroit
132,603
128,097
272,527
264,612
Beau Rivage
85,127
82,434
167,123
165,640
Gold Strike Tunica
37,493
37,925
74,490
78,564
Management operations
102,287
21,919
206,130
43,823
Other operations
36,317
33,238
65,358
61,775
$ 1,537,695
$ 1,494,155
$ 2,995,087
$ 2,992,950
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA
(In thousands)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
2010
June 30,
2009
June 30,
2010
June 30,
2009
Bellagio
$ 57,313
$ 76,210
$ 119,279
$ 144,460
MGM Grand Las Vegas
52,107
51,950
90,593
97,313
Mandalay Bay
40,342
49,185
65,742
91,837
The Mirage
23,219
32,233
48,644
62,098
Luxor
17,578
21,454
30,341
40,808
Treasure Island (1)
-
-
-
12,729
New York-New York
19,551
23,155
37,618
43,597
Excalibur
18,410
21,228
33,277
37,964
Monte Carlo
9,659
6,435
16,108
28,242
Circus Circus Las Vegas
5,531
10,827
7,224
17,108
MGM Grand Detroit
37,465
33,617
77,970
74,169
Beau Rivage
16,700
17,290
33,403
34,859
Gold Strike Tunica
9,825
11,586
19,886
25,431
Management operations
(3,704)
4,047
(7,566)
8,911
Other operations
1,227
3,225
139
1,708
Wholly-owned operations
305,223
362,442
572,658
721,234
CityCenter (50%)
(55,562)
(2,005)
(174,173)
(2,870)
Macau (50%)
18,694
(5,106)
41,793
(8,691)
Other unconsolidated resorts
10,803
11,517
25,560
31,685
$ 279,158
$ 366,848
$ 465,838
$ 741,358
(1) Treasure Island was sold in March 2009.
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, 2010
Operating
income (loss)
Preopening and
start-up
expenses
Property
transactions,
net
Depreciation
and
amortization
Adjusted
EBITDA
Bellagio
$ 33,267
$ -
$ 5
$ 24,041
$ 57,313
MGM Grand Las Vegas
32,896
-
-
19,211
52,107
Mandalay Bay
16,868
-
659
22,815
40,342
The Mirage
3,612
-
(139)
19,746
23,219
Luxor
7,134
-
(10)
10,454
17,578
New York-New York
6,417
-
6,081
7,053
19,551
Excalibur
12,565
-
-
5,845
18,410
Monte Carlo
3,426
-
-
6,233
9,659
Circus Circus Las Vegas
93
-
225
5,213
5,531
MGM Grand Detroit
27,312
-
-
10,153
37,465
Beau Rivage
4,404
-
-
12,296
16,700
Gold Strike Tunica
7,375
-
(1,100)
3,550
9,825
Management operations
(7,274)
-
-
3,570
(3,704)
Other operations
(964)
537
5
1,649
1,227
Wholly-owned operations
147,131
537
5,726
151,829
305,223
CityCenter (50%)
(55,562)
-
-
-
(55,562)
Macau (50%)
18,694
-
-
-
18,694
Other unconsolidated resorts
10,803
-
-
-
10,803
121,066
537
5,726
151,829
279,158
Stock compensation
(8,002)
-
-
-
(8,002)
Corporate
(1,161,881)
-
1,120,556
12,937
(28,388)
$ (1,048,817)
$ 537
$ 1,126,282
$ 164,766
$ 242,768
Three Months Ended June 30, 2009
Operating
income (loss)
Preopening and
start-up
expenses
Property
transactions,
net
Depreciation
and
amortization
Adjusted
EBITDA
Bellagio
$ 47,292
$ -
$ -
$ 28,918
$ 76,210
MGM Grand Las Vegas
28,229
-
(9)
23,730
51,950
Mandalay Bay
24,486
562
(12)
24,149
49,185
The Mirage
15,736
-
57
16,440
32,233
Luxor
11,281
-
(6)
10,179
21,454
Treasure Island (1)
-
-
-
-
-
New York-New York
15,456
-
237
7,462
23,155
Excalibur
15,382
-
5
5,841
21,228
Monte Carlo
904
-
(4)
5,535
6,435
Circus Circus Las Vegas
5,092
-
(111)
5,846
10,827
MGM Grand Detroit
22,928
-
-
10,689
33,617
Beau Rivage
4,894
-
157
12,239
17,290
Gold Strike Tunica
7,662
-
-
3,924
11,586
Management operations
1,581
-
-
2,466
4,047
Other operations
1,696
-
6
1,523
3,225
Wholly-owned operations
202,619
562
320
158,941
362,442
CityCenter (50%)
(10,680)
8,675
-
-
(2,005)
Macau (50%)
(5,106)
-
-
-
(5,106)
Other unconsolidated resorts
11,344
173
-
-
11,517
198,177
9,410
320
158,941
366,848
Stock compensation
(9,023)
-
-
-
(9,023)
Corporate
(58,055)
-
2,928
15,427
(39,700)
$ 131,099
$ 9,410
$ 3,248
$ 174,368
$ 318,125
(1) Treasure Island was sold in March 2009.
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, 2010
Operating
income (loss)
Preopening and
start-up
expenses
Property
transactions,
net
Depreciation
and
amortization
Adjusted
EBITDA
Bellagio
$ 70,831
$ -
$ (107)
$ 48,555
$ 119,279
MGM Grand Las Vegas
51,279
-
-
39,314
90,593
Mandalay Bay
18,735
-
659
46,348
65,742
The Mirage
13,431
-
(139)
35,352
48,644
Luxor
8,571
-
(10)
21,780
30,341
New York-New York
17,430
-
6,095
14,093
37,618
Excalibur
20,803
-
784
11,690
33,277
Monte Carlo
3,882
-
-
12,226
16,108
Circus Circus Las Vegas
(3,553)
-
225
10,552
7,224
MGM Grand Detroit
57,667
-
-
20,303
77,970
Beau Rivage
8,818
-
3
24,582
33,403
Gold Strike Tunica
13,804
-
(1,100)
7,182
19,886
Management operations
(14,467)
-
-
6,901
(7,566)
Other operations
(3,493)
537
5
3,090
139
Wholly-owned operations
263,738
537
6,415
301,968
572,658
CityCenter (50%)
(177,667)
3,494
-
-
(174,173)
Macau (50%)
41,793
-
-
-
41,793
Other unconsolidated resorts
25,560
-
-
-
25,560
153,424
4,031
6,415
301,968
465,838
Stock compensation
(17,557)
-
-
-
(17,557)
Corporate
(1,196,107)
-
1,120,556
25,932
(49,619)
$ (1,060,240)
$ 4,031
$ 1,126,971
$ 327,900
$ 398,662
Six Months Ended June 30, 2009
Operating
income (loss)
Preopening and
start-up
expenses
Property
transactions,
net
Depreciation
and
amortization
Adjusted
EBITDA
Bellagio
$ 86,430
$ -
$ 1,154
$ 56,876
$ 144,460
MGM Grand Las Vegas
48,388
-
76
48,849
97,313
Mandalay Bay
43,132
752
3
47,950
91,837
The Mirage
28,790
-
296
33,012
62,098
Luxor
19,758
-
271
20,779
40,808
Treasure Island (1)
12,730
-
(1)
-
12,729
New York-New York
28,774
-
237
14,586
43,597
Excalibur
26,130
-
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