MGM Resorts International Reports Fourth Quarter and Full Year Results
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MGM Resorts International Reports Fourth Quarter and Full Year 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 2011-02-15
MGM Resorts International (NYSE: MGM) today announced a fourth quarter net loss of $139 million, or $0.29 per share, compared to a net loss of $434 million, or $0.98 per share in the prior year quarter. The current quarter results include a $32 million, or $0.07 per share, reduction in the Company's income tax benefit as a result of providing reserves for certain state-level deferred tax assets. The prior year results include impairment charges totaling $548 million, or $0.73 per share, related to the Company's undeveloped land holdings in Atlantic City.
Key results for the fourth quarter 2010 included the following:
-- Net revenue was $1.5 billion;
-- Adjusted Property EBITDA (1)( )attributable to wholly-owned operations
was $267 million;
-- MGM Macau reported a record quarter with operating income of $119
million, including depreciation expense of $23 million;
-- CityCenter reported Adjusted Property EBITDA related to its resort
operations of $36 million; and
-- The Company received approximately $192 million from MGM Macau, which
represents a full repayment of the Company's interest and non-interest
bearing notes to the joint venture.
"2010 has been a transformational year for MGM Resorts International from a balance sheet and liquidity perspective. We have built the foundation needed to benefit from an economic recovery and are highly focused on initiatives such as M life, our new customer loyalty program, to improve our business," said Jim Murren, MGM Resorts International Chairman and CEO. "We are encouraged in early 2011 by the level of business activity we are seeing. Our forward booking pace is currently ahead of last year led by a stronger convention mix which we believe will position our Company to have a better year than last."
The Company significantly improved its financial position by extending the maturity of its $3.5 billion credit facility to 2014 and raising an additional $3 billion of debt and equity capital during 2010. In addition, MGM Macau, which is 50% owned by the Company, entered into a new $950 million senior secured credit facility in August 2010 and CityCenter Holdings LLC, which is also 50% owned by the Company, recently extended the maturity of $500 million of its credit facility and raised $1.5 billion of senior secured first lien and second lien notes.
"We made significant improvements to our balance sheet during the year, raising capital and extending our debt maturities at MGM Resorts, MGM Macau and CityCenter, providing us with a strong liquidity profile," said Dan D'Arrigo, MGM Resorts International Executive Vice President and CFO. "We remain focused on continuing to strengthen our balance sheet, growing cash flows and positioning our resort portfolio for future growth."
Discussion of Fourth Quarter Operating Results
The following table lists items which 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 December 31, 2010 2009
------------------------------- ---- ----
Preopening and start-up expenses $- $(0.04)
Atlantic City undeveloped land impairment
charge - (0.73)
Income (loss) from unconsolidated
affiliates:
CityCenter residential inventory impairment
charge (0.02) -
CityCenter forfeited residential deposits
income 0.01 -
Loss on retirement of long-term debt (0.01) -
Tax adjustments (0.07) -
Fourth quarter net revenue for 2010 was $1.5 billion. Excluding reimbursed costs revenue (approximately $87 million in 2010 and $57 million in 2009) mainly related to the Company's management of CityCenter, net revenue decreased 1% from the fourth quarter of 2009.
Fourth quarter casino revenue decreased 3% compared to the prior year, with slots revenue increasing 2% and table games revenue down 11%. The Company's table games volume decreased 13%. The overall table games hold percentage was slightly lower in 2010 than the prior year quarter and was near the low end of the Company's normal range.
Rooms revenue decreased 5% from the prior year, excluding the impact of resort fees. Las Vegas Strip occupancy decreased from 86% to 84%, and ADR was $110, consistent with the prior year quarter; REVPAR (2) decreased 2%. If resort fees were included, rooms revenue and REVPAR would have been up 1% and 2%, respectively.
Operating income for the fourth quarter of 2010 was $107 million compared to a $487 million operating loss in the fourth quarter of 2009. The 2009 quarter included a $548 million impairment charge related to the Company's Atlantic City land and $25 million related to the Company's share of CityCenter's preopening costs. Adjusted Property EBITDA attributable to wholly-owned operations was $267 million in the 2010 quarter, down 5% compared to $281 million in the 2009 quarter.
Income from Unconsolidated Affiliates
The Company had income from unconsolidated affiliates of $27 million in the fourth quarter of 2010 compared to $25 million in the prior year period. The current year includes an increase of $49 million in the Company's share of operating income from MGM Macau, offset by a $37 million increase in the Company's share of operating losses from CityCenter. The prior year fourth quarter included $8 million for the Company's share of operating income from Borgata.
MGM Macau reported operating income of $119 million in the fourth quarter of 2010, which included depreciation expense of $23 million, compared to operating income of $22 million in the 2009 fourth quarter, which included depreciation expense of $24 million.
Results for CityCenter for the fourth quarter of 2010 include the following (see schedules accompanying this release for further detail on CityCenter Holdings, LLC's fourth quarter and full year 2010 results):
-- Net revenue was $257 million, including $26 million related to
residential operations, of which $8 million was related to forfeited
residential deposits;
-- Aria's net revenue was $198 million and Adjusted Property EBITDA was $30
million. Aria's hold percentage was near the high end of its expected
range;
-- Aria's occupancy percentage was 80% and its average daily rate was $190,
resulting in REVPAR of $152, a 7% improvement compared to the third
quarter;
-- Crystals generated $6 million in Adjusted Property EBITDA and was
approximately 80% occupied at December 31, 2010; and
-- A $27 million impairment charge was incurred related to Veer residential
inventory.
CityCenter completed the following financing transactions in January 2011:
-- Issued $900 million of 7.625% senior secured first lien notes due 2016;
-- Issued $600 million of 10.75% senior secured second lien PIK toggle
notes due 2017 which give CityCenter the choice of paying interest in
cash or in additional debt. The interest rate on these notes increases
by 0.75% if CityCenter elects to pay interest in the form of additional
debt;
-- Amended and restated CityCenter's previous credit facility which
extended the maturity of $500 million of the credit facility to January
2015. Amounts in excess of $500 million were repaid using the proceeds
of the first and second lien notes. The remaining $500 million credit
facility is in the form of a term loan and is secured on a pari passu
basis with the first lien notes and by a first priority lien on
substantially all of CityCenter's assets and those of its subsidiaries;
-- Received total equity contributions of $73 million from the members; and
-- Established a $159 million interest escrow account for the benefit of
the lenders under the restated credit facility and the holders of the
first lien notes.
Full Year 2010 Results
(Results are presented on a same store basis excluding TI)
Net revenue for 2010 was $6.0 billion. Net revenue excluding reimbursed costs revenue (which was approximately $359 million in 2010 and $99 million in 2009), was $5.7 billion, a decrease of 3% from 2009. Operating loss increased from $1.0 billion in 2009 to $1.2 billion in 2010. Adjusted Property EBITDA from wholly-owned operations was $1.2 billion for 2010 compared to $1.3 billion in 2009.
Loss per share for 2010 was $3.19 compared to a loss of $3.41 per share in 2009. The following table lists significant items that affect the comparability of the current year and prior year annual results (EPS impact shown, net of tax, per share; negative amounts represent charges to income):
Year ended December 31, 2010 2009
----------------------- ---- ----
Monte Carlo business interruption (recorded
as a reduction of
general and administrative expenses) - 0.03
Preopening and start-up expenses (0.01) (0.09)
Property transactions net:
Atlantic City Renaissance Pointe land
holdings impairment (0.85)
Investment in Borgata impairment (0.18) -
Gain on Sale of TI - 0.31
Investment in CityCenter impairment (1.88) (1.63)
Other property transactions (0.01) (0.02)
Income (loss) from unconsolidated
affiliates:
CityCenter joint venture residential
impairment charge (0.24) (0.35)
CityCenter forfeited residential deposits
income 0.08 -
Borgata joint venture insurance proceeds - 0.02
North Las Vegas Strip joint venture
impairment charge - (0.02)
Other, net:
Convertible note impairment charge - (0.30)
Gain (loss) on retirement of long-term
debt 0.19 (0.11)
Tax adjustments (0.07) -
Financial Position
At December 31, 2010, the Company had approximately $12.3 billion of indebtedness (with a carrying value of $12.0 billion), including $2.3 billion of borrowings outstanding under its senior credit facility, with available borrowing capacity under the senior credit facility of approximately $1.2 billion.
During 2010, the Company completed the following capital market transactions:
-- In March, issued $845 million of 9% senior secured notes due 2020 for
net proceeds of $826 million;
-- In April, issued $1.15 billion of 4.25% convertible senior notes due
2015 for net proceeds of $1.12 billion;
-- In October, issued 40.9 million shares of common stock for net proceeds
of approximately $512 million and in November received an additional $77
million of net proceeds from the exercise of the underwriter's
overallotment option for an additional 6.1 million shares;
-- In October, issued $500 million of 10% senior notes due 2016, issued at
a discount to yield 10.25%, for net proceeds of approximately $486
million; and
-- The Company used a portion of the net proceeds from the October equity
offering and all of the proceeds of the October debt offering to retire
$1.2 billion in commitments under its senior credit facility that were
scheduled to mature in October 2011 and effect the extension of
approximately $3.5 billion of its senior credit facility to February
2014.
The Company received approximately $192 million from MGM Macau during the fourth quarter of 2010, which represents a full repayment of its interest and non-interest bearing notes to the joint venture.
The Company's New Jersey trust account received proceeds of approximately $74 million in the fourth quarter, including $71 million related to the sale of long-term land leases and associated real property parcels underlying Borgata. The balance in the trust account was approximately $188 million at December 31, 2010.
Conference Call Details
MGM Resorts International will hold a conference call to discuss its fourth quarter and full year results at 11:00 a.m. Eastern Time today. The call will be accessible via the Internet through www.mgmresorts.com under the Investors section or by calling 1-877-274-9221 for Domestic callers and 1-706-634-6528 for International callers. The conference call access code is 38464126. A replay of the call will be available through Sunday, February 20, 2011. The replay may be accessed by dialing 1-800-642-1687 or 1-706-645-9291. The replay access code is 38464126. The call will also be archived at www.mgmresorts.com.
(1) "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 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.
(2) REVPAR is hotel Revenue per Available Room.
MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a peerless portfolio of destination resort brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company has 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. One of those investments is CityCenter, an unprecedented urban resort destination on the Las Vegas Strip featuring its centerpiece ARIA Resort & Casino. Leveraging MGM Resorts' unmatched amenities, the M life loyalty program delivers one-of-a-kind experiences, insider privileges and personalized rewards for guests at the Company's renowned properties nationwide. Through its hospitality management subsidiary, the Company holds a growing number of development and management agreements for casino and non-casino resort projects around the world. MGM Resorts International supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its gaming properties. The Company has been honored with 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, visit the Company's Web site at 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 future operating results and liquidity to pay future indebtedness. 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
------------------
December December
31, 31,
2010 2009
---- ----
Revenues:
Casino $608,795 $627,957
Rooms 309,741 324,631
Food and beverage 319,621 321,785
Entertainment 121,795 123,801
Retail 47,322 50,475
Other 126,479 116,556
Reimbursed costs 87,235 56,899
------ ------
1,620,988 1,622,104
Less: Promotional
allowances (154,547) (169,688)
-------- --------
1,466,441 1,452,416
--------- ---------
Expenses:
Casino 346,645 366,876
Rooms 102,607 101,922
Food and beverage 189,320 184,881
Entertainment 87,997 90,240
Retail 29,922 35,091
Other 83,519 66,837
Reimbursed costs 87,235 56,899
General and
administrative 277,889 274,570
Corporate expense 36,698 44,469
Preopening and start-
up expenses 186 25,474
Property transactions,
net (2,178) 549,358
Depreciation and
amortization 146,666 167,396
------- -------
1,386,506 1,964,013
--------- ---------
Income (loss) from
unconsolidated
affiliates 27,275 24,942
------ ------
Operating income
(loss) 107,210 (486,655)
------- --------
Non-operating income
(expense):
Interest expense, net (273,097) (220,609)
Non-operating items
from unconsolidated
affiliates (26,622) (9,069)
Other, net 7,475 (3,001)
----- ------
(292,244) (232,679)
-------- --------
Loss before income
taxes (185,034) (719,334)
Benefit for income
taxes 45,845 285,416
------ -------
Net loss $(139,189) $(433,918)
========= =========
Per share of common
stock:
Basic:
Net loss per share $(0.29) $(0.98)
====== ======
Weighted average
shares outstanding 477,630 441,238
======= =======
Diluted:
Net loss per share $(0.29) $(0.98)
====== ======
Weighted average
shares outstanding 477,630 441,238
======= =======
Twelve Months Ended
-------------------
December December
31, 31,
2010 2009
---- ----
Revenues:
Casino $2,442,927 $2,618,060
Rooms 1,300,287 1,370,135
Food and beverage 1,339,174 1,362,325
Entertainment 486,319 493,799
Retail 194,891 207,260
Other 529,693 493,324
Reimbursed costs 359,470 99,379
------- ------
6,652,761 6,644,282
Less: Promotional
allowances (633,528) (665,693)
-------- --------
6,019,233 5,978,589
--------- ---------
Expenses:
Casino 1,385,763 1,459,944
Rooms 423,073 427,169
Food and beverage 774,443 775,018
Entertainment 360,383 358,026
Retail 120,593 134,851
Other 333,817 284,919
Reimbursed costs 359,470 99,379
General and
administrative 1,128,803 1,100,193
Corporate expense 124,241 143,764
Preopening and start-
up expenses 4,247 53,013
Property transactions,
net 1,451,474 1,328,689
Depreciation and
amortization 633,423 689,273
------- -------
7,099,730 6,854,238
--------- ---------
Income (loss) from
unconsolidated
affiliates (78,434) (88,227)
------- -------
Operating income
(loss) (1,158,931) (963,876)
---------- --------
Non-operating income
(expense):
Interest expense, net (1,113,580) (775,431)
Non-operating items
from unconsolidated
affiliates (108,731) (47,127)
Other, net 165,217 (226,159)
------- --------
(1,057,094) (1,048,717)
---------- ----------
Loss before income
taxes (2,216,025) (2,012,593)
Benefit for income
taxes 778,628 720,911
------- -------
Net loss $(1,437,397) $(1,291,682)
=========== ===========
Per share of common
stock:
Basic:
Net loss per share $(3.19) $(3.41)
====== ======
Weighted average
shares outstanding 450,449 378,513
======= =======
Diluted:
Net loss per share $(3.19) $(3.41)
====== ======
Weighted average
shares outstanding 450,449 378,513
======= =======
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
December 31, December 31,
2010 2009
---- ----
ASSETS
Current assets:
Cash and cash equivalents $498,964 $2,056,207
Accounts receivable, net 321,894 368,474
Inventories 96,392 101,809
Income tax receivable 175,982 384,555
Deferred income taxes 45,313 38,487
Prepaid expenses and other 252,321 103,969
------- -------
Total current assets 1,390,866 3,053,501
--------- ---------
Property and equipment, net 14,554,350 15,069,952
Other assets:
Investments in and advances to
unconsolidated affiliates 1,923,155 3,611,799
Goodwill 86,353 86,353
Other intangible assets, net 342,804 344,253
Other long-term assets, net 598,738 352,352
------- -------
Total other assets 2,951,050 4,394,757
--------- ---------
$18,896,266 $22,518,210
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $167,084 $173,719
Current portion of long-term debt - 1,079,824
Accrued interest on long-term debt 211,914 206,357
Other accrued liabilities 867,223 923,701
------- -------
Total current liabilities 1,246,221 2,383,601
--------- ---------
Deferred income taxes 2,404,554 3,031,303
Long-term debt 12,047,698 12,976,037
Other long-term obligations 199,248 256,837
Stockholders' equity:
Common stock, $.01 par value: authorized 600,000,000
shares,
issued 488,513,351 and 441,222,251 shares and
outstanding
488,513,351 and 441,222,251 shares 4,885 4,412
Capital in excess of par value 4,060,826 3,497,425
Retained earnings (accumulated deficit) (1,066,865) 370,532
Accumulated other comprehensive loss (301) (1,937)
---- ------
Total stockholders' equity 2,998,545 3,870,432
--------- ---------
$18,896,266 $22,518,210
=========== ===========
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
Three Months Ended
------------------
December 31, December 31,
2010 2009
---- ----
Bellagio $268,814 $269,712
MGM Grand Las Vegas 218,171 239,153
Mandalay Bay 173,313 171,418
The Mirage 134,192 140,780
Luxor 76,876 81,684
Treasure Island (1) - -
New York-New York 59,523 58,446
Excalibur 59,082 61,132
Monte Carlo 56,708 53,154
Circus Circus Las Vegas 41,764 44,617
MGM Grand Detroit 132,977 124,751
Beau Rivage 75,806 78,003
Gold Strike Tunica 36,199 35,051
Management operations 98,597 66,301
Other operations 34,419 28,214
$1,466,441 $1,452,416
========== ==========
Twelve Months Ended
-------------------
December 31, December 31,
2010 2009
---- ----
Bellagio $1,035,787 $1,064,729
MGM Grand Las Vegas 926,232 976,261
Mandalay Bay 718,778 725,129
The Mirage 557,531 624,132
Luxor 315,701 344,722
Treasure Island (1) - 66,329
New York-New York 245,510 250,055
Excalibur 249,606 265,076
Monte Carlo 224,293 206,377
Circus Circus Las Vegas 183,452 200,385
MGM Grand Detroit 537,870 514,116
Beau Rivage 328,721 329,613
Gold Strike Tunica 151,078 153,108
Management operations 406,417 135,498
Other operations 138,257 123,059
$6,019,233 $5,978,589
========== ==========
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA
(In thousands)
(Unaudited)
Three Months Ended
------------------
December 31, December 31,
2010 2009
---- ----
Bellagio $75,491 $68,336
MGM Grand Las Vegas 32,489 46,329
Mandalay Bay 28,208 31,805
The Mirage 21,482 24,507
Luxor 16,741 16,370
Treasure Island (1) - -
New York-New York 16,693 16,968
Excalibur 14,078 14,990
Monte Carlo 9,517 4,422
Circus Circus Las Vegas 2,255 2,261
MGM Grand Detroit 36,737 31,112
Beau Rivage 10,247 12,517
Gold Strike Tunica 8,263 8,086
Management operations (4,548) 5,064
Other operations (907) (1,653)
Wholly-owned operations 266,746 281,114
CityCenter (50%) (2) (38,416) (1,430)
Macau (50%) (2) 58,410 9,749
Other unconsolidated resorts
(2) 7,280 17,192
$294,020 $306,625
======== ========
Twelve Months Ended
-------------------
December 31, December 31,
2010 2009
---- ----
Bellagio $270,628 $274,672
MGM Grand Las Vegas 163,093 214,369
Mandalay Bay 124,385 159,864
The Mirage 102,106 141,118
Luxor 61,196 76,167
Treasure Island (1) - 12,729
New York-New York 76,254 78,555
Excalibur 63,236 72,130
Monte Carlo 33,555 36,594
Circus Circus Las Vegas 15,605 27,122
MGM Grand Detroit 155,173 138,010
Beau Rivage 61,287 65,422
Gold Strike Tunica 39,853 45,051
Management operations (13,668) 18,322
Other operations 1,125 1,759
Wholly-owned operations 1,153,828 1,361,884
CityCenter (50%) (2) (250,482) (208,634)
Macau (50%) (2) 129,575 24,615
Other unconsolidated resorts (2) 42,764 96,947
$1,075,685 $1,274,812
========== ==========
(1) Treasure Island was sold in March 2009.
(2) Represents the Company's share of operating income (loss) before
preopening expense, 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 December 31, 2010
------------------------------------
Preopening
Operating and Property
income
(loss) start-up transactions,
------ expenses net
Bellagio $51,484 $- $108
MGM Grand Las Vegas 12,225 - 172
Mandalay Bay 6,101 - 52
The Mirage 6,654 - (518)
Luxor 6,585 - 256
New York-New York 10,108 - 22
Excalibur 8,431 - 19
Monte Carlo 3,092 185 158
Circus Circus Las Vegas (2,837) - 1
MGM Grand Detroit 26,649 - 157
Beau Rivage 7,796 - (2)
Gold Strike Tunica 4,779 - 11
Management operations (7,976) - -
Other operations (2,500) 1 16
Wholly-owned operations 130,591 186 452
CityCenter (50%) (38,416) - -
Macau (50%) 58,410 - -
Other unconsolidated
resorts 7,280 - -
----- --- ---
157,865 186 452
Stock compensation (8,832) - -
Corporate (41,823) - (2,630)
------- --- ------
$107,210 $186 $(2,178)
======== ==== =======
Depreciation Adjusted
and EBITDA
amortization ------
------------
Bellagio $23,899 $75,491
MGM Grand Las Vegas 20,092 32,489
Mandalay Bay 22,055 28,208
The Mirage 15,346 21,482
Luxor 9,900 16,741
New York-New York 6,563 16,693
Excalibur 5,628 14,078
Monte Carlo 6,082 9,517
Circus Circus Las Vegas 5,091 2,255
MGM Grand Detroit 9,931 36,737
Beau Rivage 2,453 10,247
Gold Strike Tunica 3,473 8,263
Management operations 3,428 (4,548)
Other operations 1,576 (907)
Wholly-owned operations 135,517 266,746
CityCenter (50%) - (38,416)
Macau (50%) - 58,410
Other unconsolidated resorts - 7,280
--- -----
135,517 294,020
Stock compensation - (8,832)
Corporate 11,149 (33,304)
------ -------
$146,666 $251,884
======== ========
Three Months Ended December 31, 2009
------------------------------------
Preopening
Operating and Property
income
(loss) start-up transactions,
------- expenses net
Bellagio $41,154 $- $(34)
MGM Grand Las
Vegas 24,356 - (51)
Mandalay Bay 8,887 51 (3)
The Mirage 8,598 - -
Luxor 7,227 - (78)
New York-New
York 9,896 - -
Excalibur 8,430 - (4)
Monte Carlo (2,082) - (3)
Circus Circus
Las Vegas (3,398) - 26
MGM Grand
Detroit 19,525 - 1,430
Beau Rivage 95 - -
Gold Strike
Tunica 4,374 - (209)
Management
operations 2,586 - -
Other
operations (3,041) - (63)
Wholly-owned
operations 126,607 51 1,011
CityCenter
(50%) (26,853) 25,423 -
Macau (50%) 9,749 - -
Other
unconsolidated
resorts 17,192 - -
------ --- ---
126,695 25,474 1,011
Stock
compensation (9,495) - -
Corporate (603,855) - 548,347
-------- --- -------
$(486,655) $25,474 $549,358
========= ======= ========
Depreciation Adjusted
and EBITDA
amortization ------
------------
Bellagio $27,216 $68,336
MGM Grand Las Vegas 22,024 46,329
Mandalay Bay 22,870 31,805
The Mirage 15,909 24,507
Luxor 9,221 16,370
New York-New York 7,072 16,968
Excalibur 6,564 14,990
Monte Carlo 6,507 4,422
Circus Circus Las Vegas 5,633 2,261
MGM Grand Detroit 10,157 31,112
Beau Rivage 12,422 12,517
Gold Strike Tunica 3,921 8,086
Management operations 2,478 5,064
Other operations 1,451 (1,653)
Wholly-owned operations 153,445 281,114
CityCenter (50%) - (1,430)
Macau (50%) - 9,749
Other unconsolidated resorts - 17,192
--- ------
153,445 306,625
Stock compensation - (9,495)
Corporate 13,951 (41,557)
------ -------
$167,396 $255,573
======== ========
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA
AND ADJUSTED EBITDA
(In thousands)
(Unaudited)
Twelve Months Ended December 31, 2010
-------------------------------------
Preopening
Operating and Property
income
(loss) start-up transactions,
------ expenses net
Bellagio $174,355 $- $(17)
MGM Grand Las Vegas 84,359 - 127
Mandalay Bay 29,859 - 2,892
The Mirage 36,189 - (207)
Luxor 18,822 - 257
New York-New York 41,845 - 6,880
Excalibur 39,534 - 803
Monte Carlo 5,020 185 3,923
Circus Circus Las Vegas (5,366) - 230
MGM Grand Detroit 115,040 - (327)
Beau Rivage 21,564 - 349
Gold Strike Tunica 26,115 - (540)
Management operations (27,429) - -
Other operations (6,046) 568 20
Wholly-owned operations 553,861 753 14,390
CityCenter (50%) (253,976) 3,494 -
Macau (50%) 129,575 - -
Other unconsolidated resorts 42,764 - -
------ --- ---
472,224 4,247 14,390
Stock compensation (34,988) - -
Corporate (1,596,167) - 1,437,084
---------- --- ---------
$(1,158,931) $4,247 $1,451,474
=========== ====== ==========
Depreciation Adjusted
and EBITDA
amortization ------
------------
Bellagio $96,290 $270,628
MGM Grand Las Vegas 78,607 163,093
Mandalay Bay 91,634 124,385
The Mirage 66,124 102,106
Luxor 42,117 61,196
New York-New York 27,529 76,254
Excalibur 22,899 63,236
Monte Carlo 24,427 33,555
Circus Circus Las Vegas 20,741 15,605
MGM Grand Detroit 40,460 155,173
Beau Rivage 39,374 61,287
Gold Strike Tunica 14,278 39,853
Management operations 13,761 (13,668)
Other operations 6,583 1,125
Wholly-owned operations 584,824 1,153,828
CityCenter (50%) - (250,482)
Macau (50%) - 129,575
Other unconsolidated resorts - 42,764
--- ------
584,824 1,075,685
Stock compensation - (34,988)
Corporate 48,599 (110,484)
------ --------
$633,423 $930,213
======== ========
Twelve Months Ended December 31, 2009
-------------------------------------
Preopening
Operating and Property
income
(loss) start-up transactions,
------- expenses net
Bellagio $157,079 $- $2,326
MGM Grand Las
Vegas 123,378 - 30
Mandalay Bay 65,841 948 (73)
The Mirage 74,756 - 313
Luxor 37,527 (759) 181
Treasure Island
(1) 12,730 - (1)
New York-New
York 45,445 - 1,631
Excalibur 47,973 - (16)
Monte Carlo 16,439 - (4,740)
Circus Circus
Las Vegas 4,015 - (9)
MGM Grand
Detroit 90,183 - 7,336
Beau Rivage 16,234 - 157
Gold Strike
Tunica 29,010 - (209)
Management
operations 7,285 - 2,473
Other
operations (4,172) - (57)
Wholly-owned
operations 723,723 189 9,342
CityCenter
(50%) (260,643) 52,009 -
Macau (50%) 24,615 - -
Other
unconsolidated
resorts 96,132 815 -
------ --- ---
583,827 53,013 9,342
Stock
compensation (36,571) - -
Corporate (1,511,132) - 1,319,347
---------- --- ---------
$(963,876) $53,013 $1,328,689
========= ======= ==========
Depreciation Adjusted
and EBITDA
amortization ------
------------
Bellagio $115,267 $274,672
MGM Grand Las Vegas 90,961 214,369
Mandalay Bay 93,148 159,864
The Mirage 66,049 141,118
Luxor 39,218 76,167
Treasure Island (1) - 12,729
New York-New York 31,479 78,555
Excalibur 24,173 72,130
Monte Carlo 24,895 36,594
Circus Circus Las Vegas 23,116 27,122
MGM Grand Detroit 40,491 138,010
Beau Rivage 49,031 65,422
Gold Strike Tunica 16,250 45,051
Management operations 8,564 18,322
Other operations 5,988 1,759
Wholly-owned operations 628,630 1,361,884
CityCenter (50%) - (208,634)
Macau (50%) - 24,615
Other unconsolidated resorts - 96,947
--- ------
628,630 1,274,812
Stock compensation - (36,571)
Corporate 60,643 (131,142)
------ --------
$689,273 $1,107,099
======== ==========
(1) Treasure Island was sold in March 2009.
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS
(In thousands)
(Unaudited)
Three Months Ended
------------------
December 31, December 31,
2010 2009
---- ----
Adjusted EBITDA $251,884 $255,573
Preopening and start-up expenses (186) (25,474)
Property transactions, net 2,178 (549,358)
Depreciation and amortization (146,666) (167,396)
-------- --------
Operating income (loss) 107,210 (486,655)
------- --------
Non-operating income (expense):
Interest expense, net (273,097) (220,609)
Other (19,147) (12,070)
------- -------
(292,244) (232,679)
-------- --------
Loss before income taxes (185,034) (719,334)
Benefit for income taxes 45,845 285,416
------ -------
Net loss $(139,189) $(433,918)
========= =========
Twelve Months Ended
-------------------
December 31, December 31,
2010 2009
---- ----
Adjusted EBITDA $930,213 $1,107,099
Preopening and start-up expenses (4,247) (53,013)
Property transactions, net (1,451,474) (1,328,689)
Depreciation and amortization (633,423) (689,273)
-------- --------
Operating income (loss) (1,158,931) (963,876)
---------- --------
Non-operating income (expense):
Interest expense, net (1,113,580) (775,431)
Other 56,486 (273,286)
------ --------
(1,057,094) (1,048,717)
---------- ----------
Loss before income taxes (2,216,025) (2,012,593)
Benefit for income taxes 778,628 720,911
------- -------
Net loss $(1,437,397) $(1,291,682)
=========== ===========
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP
(Unaudited)
Three Months Ended
------------------
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