MGM RESORTS INTERNATIONAL LAS VEGAS, Aug. 4, 2015 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended June 30, 2015.
"We are continuing to drive increased profits at MGM Resorts with second quarter wholly owned Adjusted Property EBITDA up 11% driven by growth at our Las Vegas and regional resorts. These resorts are continuing to gain operating momentum while we continue to make significant progress on our development pipeline in Cotai, Maryland, and Massachusetts," said Jim Murren, Chairman & CEO of MGM Resorts International. "We are focused on positioning the Company for future growth, and are pleased to announce the implementation of our Profit Growth Plan to further enhance our business practices and profitability."
Key results for the second quarter of 2015 include the following:
-- Net revenue at the Company's wholly owned domestic resorts was $1.7
billion, an increase of 4% compared to the prior year quarter;
-- Rooms revenue at wholly owned domestic resorts increased 6% with a 6%
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 $458 million, an 11% increase compared to the prior year
quarter;
-- Adjusted Property EBITDA margin for wholly owned domestic resorts
increased 158 basis points to 26.9% in the current year quarter;
-- MGM China's net revenue was $557 million and Adjusted EBITDA was $132
million, decreases of 33% and 37%, respectively, compared to the prior
year quarter; and
-- CityCenter's Adjusted EBITDA related to resort operations was $84
million, a 4% increase compared to the prior year quarter.
Second Quarter Consolidated Results
Diluted earnings per share for the second quarter of 2015 was $0.17 compared to diluted earnings per share of $0.22 in the prior year quarter.
The following table lists certain items that affect the comparability of the current and prior year quarterly results (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):
Three months ended June 30, 2015 2014
--------------------------- ---- ----
Preopening and start-up expenses $(0.02) $(0.01)
Property transactions, net:
Investment in Grand Victoria
impairment - (0.04)
Other property transactions, net - (0.01)
IRS audit settlement - 0.06
The prior year second quarter results were affected by a non-cash impairment charge of $29 million related to the Company's joint venture investment in Grand Victoria. Additionally, the prior year second quarter income tax provision was affected by a $31 million benefit resulting from the settlement of the Company's 2005-2009 IRS audits during the quarter.
Wholly Owned Domestic Resorts
Casino revenue related to wholly owned domestic resorts increased 5% compared to the prior year quarter due to a 4% increase in table games volume and a 7% increase in slots volume. Table games hold percentage in the second quarter of 2015 was 21.4% compared to 21.3% in the prior year quarter.
Rooms revenue increased 6% compared to the prior year quarter with Las Vegas Strip REVPAR up 6%. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:
Three months ended June 30, 2015 2014
--------------------------- ---- ----
Occupancy % 96% 96%
Average Daily Rate (ADR) $150 $141
Revenue per Available Room
(REVPAR) $144 $135
Food and beverage revenue grew 3% as a result of increased catering business related to a higher convention room mix in the quarter, the opening of several new outlets and closed circuit viewing parties for the Mayweather vs. Pacquiao fight. Entertainment revenue decreased 3% due to a decrease in the number of in-house shows compared to the prior year quarter. Operating income for the Company's wholly owned domestic resorts increased 15% to $338 million compared to $294 million in the prior year quarter.
Profit Growth Plan
The Company has announced the Profit Growth Plan today for sustained growth and margin enhancement. The Profit Growth Plan's initiatives are focused on the following:
-- Improve business process - continue to optimize MGM's scale for greater
efficiency and lower cost throughout our business; and
-- Drive revenue generation - identify areas of opportunity to organically
drive incremental revenue growth.
The Profit Growth Plan includes a significant number of opportunities to enhance our business operations. The plan is expected to result in $300 million of annualized Adjusted EBITDA benefit. The Profit Growth Plan commenced in July 2015 and it is expected to begin to show results as early as the second half of 2015 and be fully realized by the end of 2017.
"The Profit Growth Plan represents a further advancement in how we conduct business at MGM Resorts, with greater focus on streamlining business process, leveraging our size and scale to reduce costs and drive market share, and innovations in customer service. This plan will redefine the way we operate in critical areas and position MGM Resorts for future growth, for the benefit of our Company as a whole and our shareholders," said Mr. Murren.
MGM China
On August 4, 2015, MGM China's Board of Directors announced an interim dividend of $77 million, which will be paid to shareholders of record as of August 24, 2015 and distributed on or about August 31, 2015. MGM Resorts International will receive $39 million, representing its 51% share of the dividend.
Key second quarter results for MGM China include the following:
-- MGM China earned net revenue of $557 million, a 33% decrease compared to
the prior year quarter;
-- Main floor table games revenue decreased 23% compared to the prior year
quarter;
-- VIP table games revenue decreased 43% due to a decrease in VIP table
games turnover of 54% compared to the prior year quarter, while hold
percentage increased to 3.2% in the current year quarter compared to
2.7% in the prior year quarter;
-- MGM China's Adjusted EBITDA was $132 million, a decrease of 37% compared
to the prior year quarter, including $10 million of license fee expense
in the current year quarter compared to $14 million in the prior year
quarter;
-- Adjusted EBITDA margin declined 168 basis points to 23.7% in the current
year quarter; and
-- Operating income was $58 million compared to $134 million in the prior
year quarter.
MGM China paid a $120 million final dividend in June 2015, of which $61 million was distributed to MGM Resorts and $59 million was distributed to noncontrolling interests.
Income from Unconsolidated Affiliates
The following table summarizes information related to the Company's share of income from unconsolidated affiliates:
Three months ended June 30, 2015 2014
--------------------------- ---- ----
(In thousands)
CityCenter $21,515 $(1,055)
Borgata 15,767 14,477
Other 5,618 6,923
----- -----
$42,900 $20,345
======= =======
Results for CityCenter for the second quarter of 2015 include the following (see schedules accompanying this release for further detail on CityCenter's second quarter results):
-- Net revenue from resort operations increased by 3% to $312 million
compared to $304 million in the prior year quarter;
-- Adjusted EBITDA from resort operations was $84 million, an increase of
4% compared to the prior year quarter;
-- Aria's table games hold percentage was 21.5% compared to 23.4% in the
prior year quarter;
-- Slots revenue at Aria decreased 4% compared to the prior year quarter;
-- Aria's REVPAR was a record $222, an 8% increase compared to the prior
year quarter;
-- Vdara reported record second quarter Adjusted EBITDA of $8 million, a
10% increase compared to the prior year quarter, led by record REVPAR of
$179; and
-- Crystals reported Adjusted EBITDA of $12 million, an increase of 5% from
the prior year quarter.
CityCenter's operating income of $22 million in the current year quarter represents a $47 million increase from the prior year quarter, benefiting from a decrease in depreciation expense of $24 million. In addition, property transactions, net was $1 million compared to $16 million in the prior year quarter.
Financial Position
"We continue to focus on improving MGM Resorts' balance sheet, having reduced total debt by $2.3 billion since the beginning of the year, including the repayment of the $875 million senior notes that matured in July," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International. "During the second quarter, MGM China strengthened its financial flexibility by increasing its senior credit facility from $2 billion to $3 billion. This facility, along with MGM China's free cash flow, has allowed it to continue to invest in its existing operations as well as future growth opportunities, while at the same time returning value to its shareholders."
The Company's cash and cash equivalents and cash deposits at June 30, 2015 was $2.5 billion, which included $522 million at MGM China. At June 30, 2015, the Company had $2.7 billion of borrowings outstanding under its $3.9 billion senior secured credit facility and $1.2 billion outstanding under the $3.0 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 approximately 72 million shares of the Company's common stock, net of shares received upon settlement of the capped call transactions entered into in connection with the issuance of such notes. In June 2015, MGM China amended and restated its senior credit facility which increased its total capacity to $3.0 billion and extended the term for an eighteen month period ending in April 2019.
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 0575269. A replay of the call will be available through Tuesday, August 11, 2015. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10069000. The call will be archived at www.mgmresorts.com.
1 REVPAR is hotel revenue per available room.
2 "Adjusted EBITDA" is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses and property transactions, net. "Adjusted Property EBITDA" is Adjusted EBITDA before corporate expense and stock compensation expense related to the MGM Resorts stock option plan, which is not allocated to each property. MGM China recognizes stock compensation expense related to its stock compensation plan which is included in the calculation of Adjusted EBITDA for MGM China. Adjusted EBITDA and Adjusted Property EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because management believes these measures are 1) widely used measures of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies.
Management believes that while items excluded from Adjusted EBITDA and Adjusted Property EBITDA may be recurring in nature and should not be disregarded in evaluation of the Company's earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, management believes excluded items may not relate specifically to current operating trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when the Company is developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within the Company's resorts, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period.
In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Therefore, management uses Adjusted Property EBITDA as the primary measure of the Company's operating resorts' performance.
Reconciliations of GAAP net income (loss) to Adjusted EBITDA and GAAP operating income (loss) to Adjusted Property EBITDA are included in the financial schedules in this release.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company is in the process of developing MGM National Harbor in Maryland and MGM Springfield in Massachusetts. The Company also owns 51 percent of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is developing a gaming resort in Cotai, and 50 percent of CityCenter in Las Vegas, which features ARIA Resort & Casino. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company's ability to generate future cash flow growth and to execute on future development and other projects, such as the Profit Growth Plan, the expected results of the Profit Growth Plan and dividends the Company will receive from MGM China. 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 Six Months Ended
------------------ ----------------
June 30, June 30, June 30, June 30,
2015 2014 2015 2014
---- ---- ---- ----
Revenues:
Casino $1,235,976 $1,475,165 $2,514,478 $3,058,597
Rooms 490,498 463,151 949,923 915,537
Food and beverage 423,183 412,723 807,284 796,115
Entertainment 134,972 138,735 260,940 272,512
Retail 55,482 50,811 100,519 95,427
Other 137,819 134,068 264,369 259,495
Reimbursed costs 103,548 95,745 204,608 190,720
2,581,478 2,770,398 5,102,121 5,588,403
Less: Promotional allowances (196,343) (189,365) (384,742) (376,972)
2,385,135 2,581,033 4,717,379 5,211,431
--------- --------- --------- ---------
Expenses:
Casino 738,427 916,817 1,521,235 1,907,651
Rooms 142,065 142,413 283,378 276,651
Food and beverage 243,127 241,124 464,648 461,182
Entertainment 104,397 104,761 201,396 203,698
Retail 28,398 26,055 52,494 49,531
Other 95,835 92,077 180,158 179,654
Reimbursed costs 103,548 95,745 204,608 190,720
General and administrative 333,708 327,484 661,881 646,730
Corporate expense 59,602 54,439 109,958 107,790
Preopening and start-up expenses 17,889 9,759 33,760 15,395
Property transactions, net 3,953 33,170 5,542 33,728
Depreciation and amortization 208,565 203,070 414,977 410,725
2,079,514 2,246,914 4,134,035 4,483,455
--------- --------- --------- ---------
Income from unconsolidated affiliates 42,900 20,345 160,281 42,960
------ ------ ------- ------
Operating income 348,521 354,464 743,625 770,936
------- ------- ------- -------
Non-operating income (expense):
Interest expense, net of amounts capitalized (203,245) (203,936) (419,507) (413,323)
Non-operating items from unconsolidated affiliates (17,766) (23,996) (36,777) (46,211)
Other, net (4,815) (309) (8,305) (1,743)
(225,826) (228,241) (464,589) (461,277)
-------- -------- -------- --------
Income before income taxes 122,695 126,223 279,036 309,659
Benefit for income taxes 3,772 51,945 60,077 54,609
Net income 126,467 178,168 339,113 364,268
Less: Net income attributable to noncontrolling
interests (29,008) (68,160) (71,804) (151,608)
Net income attributable to MGM Resorts International $97,459 $110,008 $267,309 $212,660
======= ======== ======== ========
Per share of common stock:
Basic:
Net income attributable to MGM Resorts
International $0.18 $0.22 $0.51 $0.43
==========
Weighted average shares outstanding 551,358 490,786 521,556 490,692
Diluted:
Net income attributable to MGM Resorts
International $0.17 $0.22 $0.50 $0.42
==========
Weighted average shares outstanding 570,114 513,371 572,699 513,287
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
June 30, December 31,
2015 2014
---- ----
ASSETS
Current assets:
Cash and cash
equivalents $2,342,340 $1,713,715
Cash deposits -
original maturities
longer than 90 days 200,205 570,000
Accounts
receivable, net 467,960 473,345
Inventories 106,914 104,011
Income tax
receivable 12,947 14,675
Prepaid expenses
and other 136,656 151,414
Total
current
assets 3,267,022 3,027,160
--------- ---------
Property and equipment, net 14,791,558 14,441,542
Other assets:
Investments in and
advances to
unconsolidated
affiliates 1,491,052 1,559,034
Goodwill 2,898,383 2,897,110
Other intangible
assets, net 4,256,409 4,364,856
Other long-term
assets, net 445,163 412,809
Total other
assets 9,091,007 9,233,809
--------- ---------
$27,149,587 $26,702,511
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts
payable $174,246 $164,252
Construction
payable 203,354 170,439
Current portion of
long-term debt 875,029 1,245,320
Deferred income
taxes, net 83,310 62,142
Accrued interest
on long-term
debt 192,357 191,155
Other accrued
liabilities 1,262,499 1,574,617
Total
current
liabilities 2,790,795 3,407,925
--------- ---------
Deferred income taxes, net 2,525,636 2,621,860
Long-term debt 12,495,209 12,913,882
Other long-term obligations 156,117 130,570
Redeemable noncontrolling interest 5,000 -
Stockholders' equity:
Common stock, $.01
par value:
authorized
1,000,000,000
shares, issued and
outstanding
563,089,775 and
491,292,117 shares
5,631 4,913
Capital in excess
of par value 5,649,288 4,180,922
Retained earnings
(accumulated
deficit) 159,400 (107,909)
Accumulated other
comprehensive income 13,891 12,991
Total MGM
Resorts
International
stockholders'
equity 5,828,210 4,090,917
Noncontrolling
interests 3,348,620 3,537,357
Total
stockholders'
equity 9,176,830 7,628,274
--------- ---------
$27,149,587 $26,702,511
=========== ===========
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
Three Months Ended Six Months Ended
------------------ ----------------
June 30, June 30, June 30, June 30,
2015 2014 2015 2014
---- ---- ---- ----
Bellagio $318,925 $332,213 $620,861 $652,069
MGM Grand Las Vegas 303,780 271,675 568,606 533,339
Mandalay Bay 242,002 233,506 468,937 452,890
The Mirage 157,000 146,670 299,505 294,918
Luxor 95,762 91,067 182,717 174,760
New York-New York 78,199 71,865 154,083 144,833
Excalibur 75,404 72,125 142,665 139,698
Monte Carlo 75,145 72,332 147,012 140,943
Circus Circus Las Vegas 63,470 53,942 114,854 102,667
MGM Grand Detroit 141,029 136,350 274,344 269,498
Beau Rivage 94,455 87,588 181,395 170,014
Gold Strike Tunica 39,886 39,500 79,721 76,419
Other resort operations 20,423 30,437 48,675 57,456
Wholly owned domestic resorts 1,705,480 1,639,270 3,283,375 3,209,504
MGM China 556,859 827,928 1,186,946 1,769,376
Management and other operations 122,796 113,835 247,058 232,551
$2,385,135 $2,581,033 $4,717,379 $5,211,431
========== ========== ========== ==========
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA
(In thousands)
(Unaudited)
Three Months Ended Six Months Ended
------------------ ----------------
June 30, June 30, June 30, June 30,
2015 2014 2015 2014
---- ---- ---- ----
Bellagio $103,803 $115,619 $192,970 $220,768
MGM Grand Las Vegas 72,650 54,371 137,856 116,604
Mandalay Bay 60,796 53,003 114,784 109,003
The Mirage 38,099 28,910 68,619 64,329
Luxor 23,328 21,322 40,627 39,300
New York-New York 27,616 24,478 52,209 50,105
Excalibur 21,783 20,706 38,325 39,596
Monte Carlo 22,310 19,999 42,366 39,894
Circus Circus Las Vegas 11,358 7,213 19,191 12,522
MGM Grand Detroit 42,739 39,653 76,351 73,019
Beau Rivage 21,715 18,489 40,105 33,130
Gold Strike Tunica 11,034 10,185 22,584 19,752
Other resort operations 832 450 1,955 (778)
Wholly owned domestic resorts 458,063 414,398 847,942 817,244
MGM China 132,217 210,488 280,673 451,213
Unconsolidated resorts(1) 42,900 20,345 160,281 42,960
Management and other operations 7,895 12,102 24,212 31,954
$641,075 $657,333 $1,313,108 $1,343,371
======== ======== ========== ==========
(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 June 30, 2015
---
Operating Preopening and Property Depreciation and Adjusted
income (loss) start-up expenses transactions, net amortization EBITDA
------------ ----------------- ----------------- ------------ ------
Bellagio $81,114 $ - $(13) $22,702 $103,803
MGM Grand Las Vegas 53,890 - 92 18,668 72,650
Mandalay Bay 39,563 - 897 20,336 60,796
The Mirage 25,706 (4) 1,301 11,096 38,099
Luxor 13,741 - 2 9,585 23,328
New York-New York 22,237 232 - 5,147 27,616
Excalibur 17,999 - 101 3,683 21,783
Monte Carlo 15,630 1 12 6,667 22,310
Circus Circus Las Vegas 7,276 50 - 4,032 11,358
MGM Grand Detroit 36,806 - - 5,933 42,739
Beau Rivage 15,197 - - 6,518 21,715
Gold Strike Tunica 8,041 - 9 2,984 11,034
Other resort operations 611 - - 221 832
Wholly owned domestic resorts 337,811 279 2,401 117,572 458,063
MGM China 57,606 3,770 497 70,344 132,217
Unconsolidated resorts 42,130 770 - - 42,900
Management and other operations 4,749 277 956 1,913 7,895
442,296 5,096 3,854 189,829 641,075
------- ----- ----- ------- -------
Stock compensation (7,315) - - - (7,315)
Corporate (86,460) 12,793 99 18,736 (54,832)
$348,521 $17,889 $3,953 $208,565 $578,928
======== ======= ====== ======== ========
Three Months Ended June 30, 2014
---
Operating Preopening and Property Depreciation and Adjusted
income (loss) start-up expenses transactions, net amortization EBITDA
------------ ----------------- ----------------- ------------ ------
Bellagio $94,027 $ - $594 $20,998 $115,619
MGM Grand Las Vegas 34,429 - 207 19,735 54,371
Mandalay Bay 33,524 331 241 18,907 53,003
The Mirage 14,362 22 1,801 12,725 28,910
Luxor 11,734 (3) 1 9,590 21,322
New York-New York 19,755 47 98 4,578 24,478
Excalibur 16,605 - 332 3,769 20,706
Monte Carlo 14,091 464 154 5,290 19,999
Circus Circus Las Vegas 3,308 36 3 3,866 7,213
MGM Grand Detroit 33,804 - 78 5,771 39,653
Beau Rivage 11,476 - 559 6,454 18,489
Gold Strike Tunica 6,651 - 265 3,269 10,185
Other resort operations (86) - (8) 544 450
Wholly owned domestic resorts 293,680 897 4,325 115,496 414,398
MGM China 134,112 2,917 48 73,411 210,488
Unconsolidated resorts 20,244 101 - - 20,345
Management and other operations 10,054 - 1 2,047 12,102
458,090 3,915 4,374 190,954 657,333
------- ----- ----- ------- -------
Stock compensation (6,393) - - - (6,393)
Corporate (97,233) 5,844 28,796 12,116 (50,477)
$354,464 $9,759 $33,170 $203,070 $600,463
======== ====== ======= ======== ========
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA
(In thousands)
(Unaudited)
Six Months Ended June 30, 2015
---
Operating Preopening and Property Depreciation and Adjusted
income (loss) start-up expenses transactions, net amortization EBITDA
------------ ----------------- ----------------- ------------ ------
Bellagio $147,451 $ - $184 $45,335 $192,970
MGM Grand Las Vegas 100,616 - 82 37,158 137,856
Mandalay Bay 74,884 - 1,156 38,744 114,784
The Mirage 43,580 50 1,300 23,689 68,619
Luxor 21,503 (1) 52 19,073 40,627
New York-New York 41,909 (75) 264 10,111 52,209
Excalibur 30,908 - 82 7,335 38,325
Monte Carlo 29,944 1 529 11,892 42,366
Circus Circus Las Vegas 11,078 281 - 7,832 19,191
MGM Grand Detroit 64,545 - - 11,806 76,351
Beau Rivage 27,056 - - 13,049 40,105
Gold Strike Tunica 16,663 - 9 5,912 22,584
Other resort operations 1,504 - - 451 1,955
Wholly owned domestic resorts 611,641 256 3,658 232,387 847,942
MGM China 129,972 6,841 829 143,031 280,673
Unconsolidated resorts 158,838 1,443 - - 160,281
Management and other operations 18,863 544 956 3,849 24,212
919,314 9,084 5,443 379,267 1,313,108
------- ----- ----- ------- ---------
Stock compensation (14,894) - - - (14,894)
Corporate (160,795) 24,676 99 35,710 (100,310)
$743,625 $33,760 $5,542 $414,977 $1,197,904
======== ======= ====== ======== ==========
Six Months Ended June 30, 2014
---
Operating Preopening and Property Depreciation and Adjusted
income (loss) start-up expenses transactions, net amortization EBITDA
------------ ----------------- ----------------- ------------ ------
Bellagio $175,878 $ - $573 $44,317 $220,768
MGM Grand Las Vegas 75,361 197 199 40,847 116,604
Mandalay Bay 67,935 1,133 239 39,696 109,003
The Mirage 36,954 22 1,948 25,405 64,329
Luxor 20,541 - - 18,759 39,300
New York-New York 40,642 102 342 9,019 50,105
Excalibur 32,060 - 331 7,205 39,596
Monte Carlo 28,105 1,379 157 10,253 39,894
Circus Circus Las Vegas 4,845 36 (8) 7,649 12,522
MGM Grand Detroit 61,458 - 78 11,483 73,019
Beau Rivage 19,642 - 559 12,929 33,130
Gold Strike Tunica 13,016 - 265 6,471 19,752
Other resort operations (1,855) - (8) 1,085 (778)
Wholly owned domestic resorts 574,582 2,869 4,675 235,118 817,244
MGM China 298,701 5,325 (56) 147,243 451,213
Unconsolidated resorts 42,840 120 - - 42,960
Management and other operations 27,015 - 1 4,938 31,954
943,138 8,314 4,620 387,299 1,343,371
------- ----- ----- ------- ---------
Stock compensation (13,092) - - - (13,092)
Corporate (159,110) 7,081 29,108 23,426 (99,495)
$770,936 $15,395 $33,728 $410,725 $1,230,784
======== ======= ======= ======== ==========
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL
(In thousands)
(Unaudited)
Three Months Ended Six Months Ended
------------------ ----------------
June 30, June 30, June 30, June 30,
2015 2014 2015 2014
---- ---- ---- ----
Adjusted EBITDA $578,928 $600,463 $1,197,904 $1,230,784
Preopening and start-up expenses (17,889) (9,759) (33,760) (15,395)
Property transactions, net (3,953) (33,170) (5,542) (33,728)
Depreciation and amortization (208,565) (203,070) (414,977) (410,725)
Operating income 348,521 354,464 743,625 770,936
------- ------- ------- -------
Non-operating income (expense):
Interest expense, net of amounts capitalized (203,245) (203,936) (419,507) (413,323)
Other, net (22,581) (24,305) (45,082) (47,954)
(225,826) (228,241) (464,589) (461,277)
-------- -------- -------- --------
Income before income taxes 122,695 126,223 279,036 309,659
Benefit for income taxes 3,772 51,945 60,077 54,609
----- ------ ------ ------
Net income 126,467 178,168 339,113 364,268
Less: Net income attributable to noncontrolling interests (29,008) (68,160) (71,804) (151,608)
Net income attributable to MGM Resorts International $97,459 $110,008 $267,309 $212,660
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MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP
(Unaudited)
Three Months Ended Six Months Ended
------------------ ----------------
June 30, June 30, June 30, June 30,
2015 2014 2015 2014
---- ---- ---- ----
Bellagio
Occupancy % 96.9% 95.8% 92.6% 94.0%
Average daily rate (ADR) $264 $259 $266 $261
Revenue per available room (REVPAR) $256 $248 $246 $245
MGM Grand Las Vegas
Occupancy % 97.4% 98.1% 94.7% 96.7%
ADR $167 $150 $169 $155
REVPAR $163 $147 $160 $150
Mandalay Bay
Occupancy % 93.1% 94.9% 91.7% 93.6%
ADR $208 $200 $209 $201
REVPAR $193 $190 $191 $188
The Mirage
Occupancy % 96.5% 96.9% 93.3% 95.8%
ADR $169 $162 $171 $166
REVPAR $163 $157 $159 $159
Luxor
Occupancy % 96.1% 97.2% 94.2% 95.3%
ADR $107 $97 $106 $99
REVPAR $103 $94 $100 $94
New York-New York
Occupancy % 99.5% 99.2% 98.6% 98.6%
ADR $128 $123 $131 $125
REVPAR $127 $122 $129 $123
Excalibur
Occupancy % 97.4% 98.0% 93.7% 94.6%
ADR $87 $80 $86 $81
REVPAR $85 $79 $81 $77
Monte Carlo
Occupancy % 98.6% 99.3% 96.9% 97.7%
ADR $119 $114 $120 $115
REVPAR $118 $113 $117 $112
Circus Circus Las Vegas
Occupancy % 90.2% 84.4% 83.5% 79.6%
ADR $69 $60 $69 $61
REVPAR $62 $50 $57 $49
CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
Three Months Ended Six Months Ended
------------------ ----------------
June 30, June 30, June 30, June 30,
2015 2014 2015 2014
---- ---- ---- ----
Aria $249,777 $245,144 $488,632 $498,833
Vdara 28,880 26,867 56,722 53,117
Crystals 17,510 16,649 34,867 33,401
Mandarin Oriental 15,598 15,411 31,609 31,852
Resort operations 311,765 304,071 611,830 617,203
Residential operations 10,217 15,804 28,391 39,089
$321,982 $319,875 $640,221 $656,292
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CITYCENTER HOLDINGS, LLC
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)
(In thousands)
(Unaudited)
Three Months Ended Six Months Ended
------------------ ----------------
June 30, June 30, June 30, June 30,
2015 2014 2015 2014
---- ---- ---- ----
Adjusted EBITDA $85,709 $77,709 $170,849 $172,767
Property transactions, net (697) (16,121) 158,992 (18,696)
Depreciation and amortization (62,799) (86,423) (126,022) (173,943)
Operating income 22,213 (24,835) 203,819 (19,872)
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Non-operating income (expense):
Interest expense - other (18,172) (22,518) (36,350) (45,370)
Other, net 113 (4,435) 286 (6,748)
(18,059) (26,953) (36,064) (52,118)
------- ------- ------- -------
Net income (loss) $4,154 $(51,788) $167,755 $(71,990)
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CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended June 30, 2015
--------------------------------
Operating Preopening and Property Depreciation and Adjusted
income (loss) start-up expenses transactions, net amortization EBITDA
------------ ----------------- ----------------- ------------ ------
Aria $17,105 $ - $660 $45,273 $63,038
Vdara 211 - - 7,827 8,038
Crystals 5,060 - 37 6,629 11,726
Mandarin Oriental (1,550) - - 3,054 1,504
Resort operations 20,826 - 697 62,783 84,306
Residential operations 2,707 - - 16 2,723
Development and administration (1,320) - - - (1,320)
$22,213 $ - $697 $62,799 $85,709
======= === === ==== ======= =======
Three Months Ended June 30, 2014
--------------------------------
Operating Preopening and Property Depreciation and Adjusted
income (loss) start-up expenses transactions, net amortization EBITDA
------------ ----------------- ----------------- ------------ ------
Aria $(6,274) $ - $3,016 $64,472 $61,214
Vdara (3,283) - 128 10,482 7,327
Crystals 4,430 - 126 6,646 11,202
Mandarin Oriental (3,578) - 44 4,710 1,176
Resort operations (8,705) - 3,314 86,310 80,919
Residential operations 2,084 - - 113 2,197
Development and administration (18,214) - 12,807 - (5,407)
$(24,835) $ - $16,121 $86,423 $77,709
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CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Six Months Ended June 30, 2015
------------------------------
Operating Preopening and Property Depreciation and Adjusted
income (loss) start-up expenses transactions, net amortization EBITDA
------------ ----------------- ----------------- ------------ ------
Aria $31,872 $ - $947 $90,979 $123,798
Vdara 16 - - 15,662 15,678
Crystals 9,909 - 41 13,451 23,401
Mandarin Oriental (2,957) - - 6,094 3,137
Resort operations 38,840 - 988 126,186 166,014
Residential operations 6,856 - - 51 6,907
Development and administration 158,123 - (159,980) (215) (2,072)
$203,819 $ - $(158,992) $126,022 $170,849
======== === === ========= ======== ========
Six Months Ended June 30, 2014
------------------------------
Operating Preopening and Property Depreciation and Adjusted
income (loss) start-up expenses transactions, net amortization EBITDA
------------ ----------------- ----------------- ------------ ------
Aria $1,282 $ - $4,323 $130,101 $135,706
Vdara (6,234) - 128 20,707 14,601
Crystals 8,663 - 205 13,388 22,256
Mandarin Oriental (6,288) - 44 9,429 3,185
Resort operations (2,577) - 4,700 173,625 175,748
Residential operations 4,691 - 1,114 318 6,123
Development and administration (21,986) - 12,882 - (9,104)
$(19,872) $ - $18,696 $173,943 $172,767
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CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - HOTEL STATISTICS
(Unaudited)
Three Months Ended Six Months Ended
------------------ ----------------
June 30, June 30, June 30, June 30,
2015 2014 2015 2014
---- ---- ---- ----
Aria
Occupancy % 94.8% 94.4% 92.3% 93.2%
ADR $234 $217 $239 $223
REVPAR $222 $205 $221 $208
Vdara
Occupancy % 95.8% 94.9% 93.5% 92.2%
ADR $187 $175 $189 $180
REVPAR $179 $166 $176 $166
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-second-quarter-financial-results-300123065.html
SOURCE MGM Resorts International
