LAS VEGAS, May 4, 2015 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended March 31, 2015.

"I am pleased to report that net income attributable to MGM Resorts increased by 65% and earnings per share increased by $0.13 year over year. MGM Resorts achieved Las Vegas Strip REVPAR growth of 1% over a very robust prior year quarter comparison of 14%. Our regional properties achieved strong EBITDA growth of 10% year over year, while MGM China maintained market share. With the anticipated difficult comparison of the first quarter behind us, we continue to see strong forward trends for the rest of the year in Las Vegas," said Jim Murren, Chairman & CEO of MGM Resorts International. "We are actively improving our balance sheet with the recent announcement of a special dividend and regular dividend policy from CityCenter, the conversion of approximately $1.45 billion in convertible notes into equity and the agreement to amend and extend MGM China's credit facility."

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


    --  Net revenue at the Company's wholly owned domestic resorts was $1.6
        billion, an increase of half a percent compared to the prior year
        quarter;
    --  Slots revenue at wholly owned domestic resorts increased 5% compared to
        the prior year quarter;
    --  Rooms revenue at wholly owned domestic resorts increased 2% with a 1%
        increase in REVPAR((1)) at the Company's Las Vegas Strip resorts
        compared to the prior year quarter;
    --  The Company's wholly owned domestic resorts earned Adjusted Property
        EBITDA((2)) of $390 million, a 3% decrease compared to the prior year
        quarter, partially due to a decrease in table games hold percentage;
    --  MGM China's net revenue was $630 million and Adjusted EBITDA was $148
        million, a decrease of 33% and 38% compared to the prior year quarter,
        respectively; and
    --  CityCenter earned Adjusted EBITDA related to resort operations of $82
        million, a 14% decrease compared to the prior year quarter, due
        primarily to a decrease in table games revenues.

First Quarter Consolidated Results

Diluted earnings per share for the first quarter of 2015 was $0.33 compared to diluted earnings per share of $0.20 in the prior year first quarter.

The following table lists certain other 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,        2015     2014
    ----------------------------        ----     ----

    Preopening and start-up expenses $(0.02) $(0.01)

    Income from unconsolidated
     affiliates:

         Harmon-related property
          transactions, net             0.09        -

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 1% compared to the prior year quarter due primarily to a 5% increase in slots revenue as a result of a 9% increase in slots volume at the Company's regional resorts. Table games hold percentage in the first quarter of 2015 was 20.1% compared to 20.8% in the prior year quarter, which negatively affected Adjusted Property EBITDA by approximately $8 million.

Rooms revenue increased 2% compared to the prior year quarter with Las Vegas Strip REVPAR up 1%. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:




    Three months ended March 31,  2015   2014
    ----------------------------  ----   ----

    Occupancy %                  90%   92%

    Average Daily Rate (ADR)      $152   $147

    Revenue per Available Room
     (REVPAR)                     $136   $135

Food and beverage revenue increased 1% as a result of increased convention and banquet business and the opening of several new outlets. Entertainment revenue decreased 6% due primarily to a decrease in in-house shows and timing of certain arena events. Operating income for the Company's wholly owned domestic resorts decreased 3% compared to the prior year quarter.

MGM China

Key first quarter results for MGM China include the following:


    --  MGM China earned net revenue of $630 million, a 33% decrease compared to
        the prior year quarter;
    --  Main floor table games revenue decreased 13% compared to the prior year
        quarter;
    --  VIP table games revenue decreased 45% due to a decrease in VIP table
        games turnover of 51% compared to the prior year quarter, while hold
        percentage increased to 3.3% in the current year quarter compared to
        3.0% in the prior year quarter;
    --  MGM China's Adjusted EBITDA was $148 million, a decrease of 38% compared
        to the prior year quarter, including $11 million of license fee expense
        in the current year quarter compared to $16 million in the prior year
        quarter; and
    --  Operating income was $72 million compared to $165 million in the prior
        year quarter.

MGM China paid a $400 million dividend in March 2015, of which $204 million was distributed to MGM Resorts and $196 million was distributed to noncontrolling interests.

Income from Unconsolidated Affiliates

In April 2015, CityCenter Holdings, LLC ("CityCenter") announced a $400 million special dividend and the adoption of an annual distribution policy, pursuant to which it will make annual distributions of up to 35% of excess cash flow subject to approval by the CityCenter board of directors. The special dividend was paid on April 30, 2015. MGM Resorts received $200 million, its 50% share of the special dividend.

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




    Three months ended March
     31,                     2015                2014
    ------------------------ ----                ----





                                    (In thousands)

    CityCenter                    $101,601            $14,046

    Borgata                         11,983              3,839

    Other                            3,797              4,730
                                     -----              -----

                                  $117,381            $22,615
                                  ========            =======

CityCenter's results included a $160 million gain related to proceeds received pursuant to a global settlement agreement with Perini Building Company, Inc. ("Perini") and the remaining Perini subcontractors entered into in December 2014, which resolved all outstanding project lien claims and CityCenter's counterclaims relating to the Harmon Hotel and Spa ("Harmon"), combined with certain Harmon-related insurance settlement proceeds. Excluding the impact from this gain, the Company's income from unconsolidated affiliates related to CityCenter was $22 million for the first quarter of 2015, compared to $14 million in the prior year quarter.

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


    --  Net revenue from resort operations decreased by 4% to $300 million
        compared to $313 million in the prior year quarter;
    --  Adjusted EBITDA from resort operations was $82 million, a decrease of
        14% compared to the prior year quarter;
    --  Aria's table games hold percentage was 24.3% compared to 26.8% in the
        prior year quarter, negatively affecting Adjusted EBITDA by
        approximately $6 million;
    --  Slots revenue at Aria increased 6% compared to the prior year quarter;
    --  Aria's REVPAR was a record $219, a 4% increase compared to the prior
        year quarter;
    --  Vdara reported record first quarter Adjusted EBITDA led by record REVPAR
        of $174; and
    --  Crystals reported record Adjusted EBITDA of $12 million, an increase of
        6% from the prior year quarter.

CityCenter reported operating income of $182 million, including the gain from the Harmon settlement, for the first quarter of 2015 compared to operating income of $5 million in the prior year quarter.

Financial Position

"Pro forma for the conversion of the convertible notes in April, MGM Resorts consolidated net debt decreased to $10.9 billion, lowering our consolidated leverage ratio to approximately 5 times," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International. "With the conversion of the convertible notes into equity, distributions from MGM China and CityCenter and continued free cash flow growth, we are confident that we will be able to continue to improve our balance sheet as we execute on our future growth projects."

The Company's cash balance at March 31, 2015 was $2.2 billion, which included $469 million at MGM China. At March 31, 2015, the Company had $2.7 billion of borrowings outstanding under its $3.9 billion senior secured credit facility and $953 million outstanding under the $2.0 billion MGM China credit facility. On April 15, 2015, 99.97% of the Company's $1.45 billion 4.25% convertible senior notes were converted into shares of the Company's common stock.

Conference Call Details

MGM Resorts International will host a conference call at 11:00 a.m. Eastern Time today which will include a brief discussion of these results followed by a question and answer period. The call will be accessible via the Internet through www.mgmresorts.com under the Investors section or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 1535291. A replay of the call will be available through Tuesday, May 12, 2015. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10064559. 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.

In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Therefore, management uses Adjusted Property EBITDA as the primary measure of the Company's operating resorts' performance.

Reconciliations of GAAP net income (loss) to Adjusted EBITDA and GAAP operating income (loss) to Adjusted Property EBITDA are included in the financial schedules in this release.

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company is in the process of developing MGM National Harbor in Maryland and MGM Springfield in Massachusetts. The Company also owns 51 percent of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is developing a gaming resort in Cotai, and 50 percent of CityCenter in Las Vegas, which features ARIA Resort & Casino. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.

Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding future business trends in the Las Vegas market, the Company's ability to generate free cash flow growth and execute on future growth projects, dividends the Company will receive from MGM China or CityCenter and future amendments and extensions to MGM China's credit facility. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.




                                           MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

                                              CONSOLIDATED STATEMENTS OF OPERATIONS

                                              (In thousands, except per share data)

                                                           (Unaudited)


                                                                                                Three Months Ended
                                                                                              ------------------

                                                                                            March 31,                   March 31,

                                                                                               2015                2014
                                                                                               ----                ----

    Revenues:

                                    Casino                                                 $1,278,502                        $1,583,432

                                    Rooms                                                     459,425                           452,386

                                    Food and beverage                                         384,101                           383,392

                                    Entertainment                                             125,968                           133,777

                                    Retail                                                     45,037                            44,616

                                    Other                                                     126,550                           125,427

                                    Reimbursed costs                                          101,060                            94,975


                                                                                          2,520,643                         2,818,005

                                    Less: Promotional allowances                            (188,399)                        (187,607)


                                                                                          2,332,244                         2,630,398
                                                                                          ---------                         ---------

    Expenses:

                                    Casino                                                    782,808                           990,834

                                    Rooms                                                     141,313                           134,238

                                    Food and beverage                                         221,521                           220,058

                                    Entertainment                                              96,999                            98,937

                                    Retail                                                     24,096                            23,476

                                    Other                                                      84,323                            87,577

                                    Reimbursed costs                                          101,060                            94,975

                                    General and administrative                                328,173                           319,246

                                    Corporate expense                                          50,356                            53,351

                                    Preopening and start-up expenses                           15,871                             5,636

                                    Property transactions, net                                  1,589                               558

                                    Depreciation and amortization                             206,412                           207,655


                                                                                          2,054,521                         2,236,541
                                                                                          ---------                         ---------


    Income from unconsolidated
     affiliates                                                                             117,381                            22,615
                                                                                            -------                            ------


    Operating income                                                                        395,104                           416,472
                                                                                            -------                           -------


    Non-operating income (expense):

                                     Interest expense, net of amounts
                                     capitalized                                            (216,262)                        (209,387)

                                     Non-operating items from unconsolidated
                                     affiliates                                              (19,011)                         (22,215)

                                    Other, net                                                (3,490)                          (1,434)


                                                                                          (238,763)                        (233,036)
                                                                                           --------                          --------


    Income before income taxes                                                              156,341                           183,436

                                    Benefit for income taxes                                   56,305                             2,664



    Net income                                                                              212,646                           186,100

                                     Less: Net income attributable to
                                     noncontrolling interests                                (42,796)                         (83,448)


    Net income attributable to MGM
     Resorts International                                                                 $169,850                          $102,652
                                                                                           ========                          ========


    Per share of common stock:

                                    Basic:

                                     Net income attributable to MGM Resorts
                                     International                                              $0.35                             $0.21
                                                                                      ===


                                    Weighted average shares outstanding                       491,422                           490,542



                                    Diluted:

                                     Net income attributable to MGM Resorts
                                     International                                              $0.33                             $0.20
                                                                                      ===


                                    Weighted average shares outstanding                       575,312                           513,144




                                                    MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

                                                            CONSOLIDATED BALANCE SHEETS

                                                         (In thousands, except share data)

                                                                    (Unaudited)


                                                                                               March 31,                   December 31,

                                                                                                     2015                           2014
                                                                                                     ----                           ----


                                                                         ASSETS

    Current assets:

                             Cash and cash equivalents                                           $2,195,535                              $1,713,715

                              Cash deposits -original
                              maturities longer than 90
                              days                                                                        -                                570,000

                             Accounts receivable, net                                               461,751                                 473,345

                             Inventories                                                            103,286                                 104,011

                             Income tax receivable                                                    7,725                                  14,675

                             Prepaid expenses and other                                             188,310                                 151,414

                                                         Total current assets                                  2,956,607                               3,027,160
                                                                                                               ---------                               ---------


    Property and equipment, net                                                                             14,561,951                              14,441,542


    Other assets:

                              Investments in and
                              advances to
                              unconsolidated affiliates                                           1,661,444                               1,559,034

                             Goodwill                                                                            2,898,127                               2,897,110

                              Other intangible assets,
                              net                                                                 4,309,206                               4,364,856

                              Other long-term assets,
                              net                                                                   411,112                                 412,809


                                                         Total other assets                                    9,279,889                               9,233,809
                                                                                                               ---------                               ---------

                                                                                                             $26,798,447                             $26,702,511
                                                                                                             ===========                             ===========



                                                       LIABILITIES AND STOCKHOLDERS' EQUITY


    Current liabilities:

                             Accounts payable                                                      $187,325                                $164,252

                             Construction payable                                                   125,720                                 170,439

                              Current portion of long-
                              term debt                                                                   -                              1,245,320

                             Deferred income taxes, net                                              70,552                                  62,142

                              Accrued interest on long-
                              term debt                                                             184,205                                 191,155

                             Other accrued liabilities                                            1,327,959                               1,574,617

                                                         Total current liabilities                             1,895,761                               3,407,925
                                                                                                               ---------                               ---------


    Deferred income taxes, net                                                                               2,547,150                               2,621,860

    Long-term debt                                                                                          14,551,810                              12,913,882

    Other long-term obligations                                                                                150,691                                 130,570

    Stockholders' equity:

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

                                issued and outstanding
                                 491,335,813 and
                                 491,292,117 shares                                                   4,913                                   4,913

                              Capital in excess of par
                              value                                                               4,192,684                               4,180,922

                              Retained earnings
                              (accumulated deficit)                                                  61,941                               (107,909)

                              Accumulated other
                              comprehensive income                                                   13,580                                  12,991


                                                          Total MGM Resorts International
                                                            stockholders' equity                                 4,273,118                               4,090,917

                             Noncontrolling interests                                             3,379,917                               3,537,357


                                                         Total stockholders' equity                            7,653,035                               7,628,274
                                                                                                               ---------                               ---------

                                                                                                             $26,798,447                             $26,702,511
                                                                                                             ===========                             ===========




                       MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

                            SUPPLEMENTAL DATA - NET REVENUES

                                     (In thousands)

                                       (Unaudited)


                                                        Three Months Ended
                                                        ------------------

                                                March 31,                   March 31,

                                                      2015                        2014
                                                      ----                        ----

     Bellagio                                                      $301,936                $319,856

     MGM Grand Las Vegas                                            264,826                 261,664

     Mandalay Bay                                                   226,935                 219,384

     The Mirage                                                     142,505                 148,248

     Luxor                                                           86,955                  83,693

     New York-New York                                               75,884                  72,968

     Excalibur                                                       67,261                  67,573

     Monte Carlo                                                     71,867                  68,611

     Circus Circus Las Vegas                                         51,384                  48,725

     MGM Grand Detroit                                              133,315                 133,148

     Beau Rivage                                                     86,940                  82,426

     Gold Strike Tunica                                              39,835                  36,919

     Other resort operations                                         28,252                  27,019

       Wholly owned domestic resorts                              1,577,895               1,570,234


     MGM China                                                      630,087                 941,448

     Management and other operations                                124,262                 118,716

                                                               $2,332,244              $2,630,398
                                                               ==========              ==========



                     MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

                    SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

                                   (In thousands)

                                     (Unaudited)


                                                        Three Months Ended
                                                        ------------------

                                                March 31,                   March 31,

                                                      2015                        2014
                                                      ----                        ----

     Bellagio                                                       $89,167                $105,149

     MGM Grand Las Vegas                                             65,206                  62,233

     Mandalay Bay                                                    53,988                  56,000

     The Mirage                                                      30,520                  35,419

     Luxor                                                           17,299                  17,978

     New York-New York                                               24,593                  25,627

     Excalibur                                                       16,542                  18,890

     Monte Carlo                                                     20,056                  19,895

     Circus Circus Las Vegas                                          7,833                   5,309

     MGM Grand Detroit                                               33,612                  33,366

     Beau Rivage                                                     18,390                  14,641

     Gold Strike Tunica                                              11,550                   9,567

     Other resort operations                                          1,123                 (1,228)

       Wholly owned domestic resorts                                389,879                 402,846


     MGM China                                                      148,456                 240,725

     Unconsolidated resorts(1)                                      117,381                  22,615

     Management and other operations                                 16,317                  19,852

                                                                 $672,033                $686,038
                                                                 ========                ========


              (1) Represents
               the Company's
               share of
               operating
               income
               (loss),
               adjusted for
               the effect of
               certain basis
               differences.




                                                                                 MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

                                                                                               (In thousands)

                                                                                                (Unaudited)


                                                                                     Three Months Ended March 31, 2015
                                                                                     ---------------------------------


                                       Operating                Preopening and                                   Property                         Depreciation and        Adjusted EBITDA
                                     income (loss)            start-up expenses                             transactions, net                       amortization
                                     ------------             -----------------                             -----------------                       ------------

     Bellagio                                         $66,337                                      $                                   -                              $197                  $22,633     $89,167

     MGM Grand Las Vegas                               46,726                                                                          -                              (10)                  18,490      65,206

     Mandalay Bay                                      35,321                                                                          -                               259                   18,408      53,988

     The Mirage                                        17,874                                                                         54                                (1)                  12,593      30,520

     Luxor                                              7,762                                                                        (1)                                50                    9,488      17,299

     New York-New York                                 19,672                                                                      (307)                               264                    4,964      24,593

     Excalibur                                         12,909                                                                          -                              (19)                   3,652      16,542

     Monte Carlo                                       14,314                                                                          -                               517                    5,225      20,056

     Circus Circus Las Vegas                            3,802                                                                        231                                  -                   3,800       7,833

     MGM Grand Detroit                                 27,739                                                                          -                                 -                   5,873      33,612

     Beau Rivage                                       11,859                                                                          -                                 -                   6,531      18,390

     Gold Strike Tunica                                 8,622                                                                          -                                 -                   2,928      11,550

     Other resort operations                              893                                                                          -                                 -                     230       1,123

       Wholly owned domestic resorts                  273,830                                                                       (23)                             1,257                  114,815     389,879


     MGM China                                         72,366                                                                      3,071                                332                   72,687     148,456

     Unconsolidated resorts                           116,708                                                                        673                                  -                       -    117,381

     Management and other operations                   14,114                                                                        267                                  -                   1,936      16,317


                                                    477,018                                                                      3,988                              1,589                  189,438     672,033
                                                    -------                                                                      -----                              -----                  -------     -------

     Stock compensation                               (7,579)                                                                         -                                 -                       -    (7,579)

     Corporate                                       (74,335)                                                                    11,883                                  -                  16,974    (45,478)


                                                   $395,104                                                                    $15,871                             $1,589                 $206,412    $618,976
                                                   ========                                                                    =======                             ======                 ========    ========



                                                                                     Three Months Ended March 31, 2014
                                                                                     ---------------------------------


                                       Operating                Preopening and                                   Property                         Depreciation and        Adjusted EBITDA
                                     income (loss)            start-up expenses                             transactions, net                       amortization
                                     ------------             -----------------                             -----------------                       ------------

     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)

       Wholly owned domestic resorts                  280,902                                                                      1,972                                350                  119,622     402,846


     MGM China                                        164,589                                                                      2,408                              (104)                  73,832     240,725

     Unconsolidated resorts                            22,596                                                                         19                                  -                       -     22,615

     Management and other operations                   16,961                                                                          -                                 -                   2,891      19,852


                                                    485,048                                                                      4,399                                246                  196,345     686,038
                                                    -------                                                                      -----                                ---                  -------     -------

     Stock compensation                               (6,699)                                                                         -                                 -                       -    (6,699)

     Corporate                                       (61,877)                                                                     1,237                                312                   11,310    (49,018)


                                                   $416,472                                                                     $5,636                               $558                 $207,655    $630,321
                                                   ========                                                                     ======                               ====                 ========    ========




                                                            MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

                                                                          (In thousands)

                                                                           (Unaudited)


                                                   Three Months Ended
                                                   ------------------

                                                        March 31,                                          March 31,

                                                                 2015                                             2014
                                                                 ----                                             ----

    Adjusted EBITDA                                                                            $618,976                          $630,321

      Preopening and start-up expenses                                                        (15,871)                          (5,636)

      Property transactions, net                                                               (1,589)                            (558)

      Depreciation and amortization                                                          (206,412)                        (207,655)

    Operating income                                                                           395,104                           416,472
                                                                                               -------                           -------


    Non-operating income (expense):

      Interest expense, net of amounts
       capitalized                                                                           (216,262)                        (209,387)

      Other, net                                                                              (22,501)                         (23,649)

                                                                                             (238,763)                        (233,036)
                                                                                              --------                          --------


    Income before income taxes                                                                 156,341                           183,436

      Benefit for income taxes                                                                  56,305                             2,664
                                                                                                ------                             -----

    Net income                                                                                 212,646                           186,100

      Less: Net income attributable to
       noncontrolling interests                                                               (42,796)                         (83,448)

    Net income attributable to
     MGM Resorts International                                                                 $169,850                          $102,652
                                                                                               ========                          ========



                                                           MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

                                                     SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

                                                                          (Unaudited)


                                                   Three Months Ended
                                                   ------------------

                                                        March 31,                                          March 31,

                                                                 2015                                             2014
                                                                 ----                                             ----

                   Bellagio

                                       Occupancy %                                                 88.2%                            92.3%

                      Average daily rate (ADR)                                                       $268                              $262

                      Revenue per available room
                       (REVPAR)                                                                      $236                              $242


                   MGM Grand Las Vegas

                                       Occupancy %                                                 91.9%                            95.2%

                      ADR                                                                            $171                              $160

                      REVPAR                                                                         $157                              $152


                   Mandalay Bay

                                       Occupancy %                                                 90.2%                            92.3%

                      ADR                                                                            $210                              $202

                      REVPAR                                                                         $189                              $186


                   The Mirage

                                       Occupancy %                                                 90.0%                            94.6%

                      ADR                                                                            $173                              $170

                      REVPAR                                                                         $155                              $161


                   Luxor

                                       Occupancy %                                                 92.2%                            93.3%

                      ADR                                                                            $105                              $102

                      REVPAR                                                                          $97                               $95


                   New York-New York

                                       Occupancy %                                                 97.6%                            97.9%

                      ADR                                                                            $134                              $126

                      REVPAR                                                                         $131                              $124


                   Excalibur

                                       Occupancy %                                                 89.9%                            91.2%

                      ADR                                                                             $85                               $82

                      REVPAR                                                                          $77                               $75


                   Monte Carlo

                                       Occupancy %                                                 95.1%                            96.0%

                      ADR                                                                            $122                              $116

                      REVPAR                                                                         $116                              $111


                   Circus Circus Las Vegas

                                       Occupancy %                                                 76.8%                            74.8%

                      ADR                                                                             $69                               $63

                      REVPAR                                                                          $53                               $47




                                                   CITYCENTER HOLDINGS, LLC

                                               SUPPLEMENTAL DATA - NET REVENUES

                                                        (In thousands)

                                                         (Unaudited)


                                                                                    Three Months Ended
                                                                                    ------------------

                                                                             March 31,                  March 31,

                                                                                   2015                        2014
                                                                                   ----                        ----


                                          Aria                                                 $238,855                  $253,689

                                          Vdara                                                  27,842                    26,250

                                          Crystals                                               17,357                    16,752

                                          Mandarin Oriental                                      16,011                    16,441

                                           Resort operations                                    300,065                   313,132

                                          Residential operations                                 18,174                    23,285


                                                                                             $318,239                  $336,417
                                                                                             ========                  ========



                                                   CITYCENTER HOLDINGS, LLC

                                    RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

                                                        (In thousands)

                                                         (Unaudited)


                                                                                    Three Months Ended
                                                                                    ------------------

                                                                             March 31,                  March 31,

                                                                                   2015                        2014
                                                                                   ----                        ----


    Adjusted EBITDA                                                                           $85,140                   $95,058

      Preopening and start-up expenses                                   -                                         -

      Property transactions, net                                                             159,689                   (2,575)

      Depreciation and amortization                                                         (63,223)                 (87,520)

    Operating income                                                                         181,606                     4,963
                                                                                             -------                     -----


    Non-operating income (expense):

      Interest expense - other                                                              (18,178)                 (22,852)

      Other, net                                                                                 173                   (2,313)

                                                                                             (18,005)                 (25,165)
                                                                                              -------                   -------

    Net income (loss)                                                                        $163,601                 $(20,202)
                                                                                             ========                  ========



                                                   CITYCENTER HOLDINGS, LLC

                                             SUPPLEMENTAL DATA - HOTEL STATISTICS

                                                         (Unaudited)


                                                                                    Three Months Ended
                                                                                    ------------------

                                                                             March 31,                  March 31,

                                                                                   2015                        2014
                                                                                   ----                        ----

                                          Aria

                                                               Occupancy %                       89.8%                    92.0%

                                             ADR                                                   $244                      $229

                                             REVPAR                                                $219                      $211


                                          Vdara

                                                               Occupancy %                       91.1%                    89.5%

                                             ADR                                                   $190                      $185

                                             REVPAR                                                $174                      $165




                                                                                                 CITYCENTER HOLDINGS, LLC

                                                                               RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

                                                                                                      (In thousands)

                                                                                                       (Unaudited)


                                                                                            Three Months Ended March 31, 2015
                                                                                            ---------------------------------


                                      Operating                Preopening and                                      Property                 Depreciation and             Adjusted EBITDA
                                    income (loss)            start-up expenses                                transactions, net               amortization
                                    ------------             -----------------                                -----------------               ------------

     Aria                                            $14,767                                              $                         -                                $287                   $45,706    $60,760

     Vdara                                             (195)                                                                       -                                   -                    7,835      7,640

     Crystals                                          4,849                                                                        -                                   4                     6,822     11,675

     Mandarin Oriental                               (1,407)                                                                       -                                   -                    3,040      1,633

      Resort operations                               18,014                                                                        -                                 291                    63,403     81,708

     Residential operations                            4,149                                                                        -                                   -                       35      4,184

     Development and administration                  159,443                                                                        -                           (159,980)                    (215)     (752)


                                                  $181,606                                              $                         -                          $(159,689)                  $63,223    $85,140
                                                  ========                                            ===                       ===                           =========                   =======    =======




                                                                                            Three Months Ended March 31, 2014
                                                                                            ---------------------------------


                                      Operating                Preopening and                                      Property                 Depreciation and             Adjusted EBITDA
                                    income (loss)            start-up expenses                                transactions, net               amortization
                                    ------------             -----------------                                -----------------               ------------

     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
                                                    ======                                            ===                       ===                              ======                   =======    =======

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-first-quarter-financial-results-300076486.html

SOURCE MGM Resorts International