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MGM Resorts International Reports Fourth Quarter and Full Year Results

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SOURCE MGM Resorts International

MGM China Board Announces a $500 Million Special Dividend and Will Recommend a $128 Million Final 2013 Dividend

LAS VEGAS, Feb. 19, 2014 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported financial results for the fourth quarter and full year ended December 31, 2013.  Loss per share for the fourth quarter of 2013 was $(0.08), an improvement compared to a loss per share of ($2.50) in the prior year fourth quarter.  Comparability of the current and prior year consolidated results was affected by certain items discussed further below.

"In 2013 we achieved our best operating performance since the recession.  The fourth quarter finished strong, with 6% Adjusted EBITDA growth at our wholly owned domestic resorts and record quarters at MGM China and CityCenter," said Jim Murren, Chairman and CEO.  "In 2014, we expect our Las Vegas properties to continue to improve, driven by a strong convention calendar and the completion of several capital initiatives on the Las Vegas Strip. In Macau, we continue to yield our existing resort and are well underway in more than doubling our footprint in the world's largest gaming market with MGM Cotai set to open early 2016."

Key results for the fourth quarter of 2013 include the following:

  • Consolidated net revenue was $2.5 billion, a 10% increase over the prior year fourth quarter;
  • Consolidated casino revenue increased 13% compared to the prior year quarter;
  • Rooms revenue at wholly owned domestic resorts increased 3% with a 1% increase in REVPAR(1) at the Company's Las Vegas Strip resorts;
  • Adjusted Property EBITDA(2) was $609 million compared to $505 million, a 21% increase compared to the prior year quarter;
  • The Company's wholly owned domestic resorts earned Adjusted Property EBITDA of $356 million, a 6% increase compared to the prior year quarter;
  • MGM China's Adjusted EBITDA was a record $238 million, a 35% increase compared to the prior year quarter;
  • CityCenter's Adjusted EBITDA related to resort operations was a record $93 million, a 36% increase compared to the prior year quarter; and
  • Consolidated operating income was $330 million compared to an operating loss of $425 million, which included significant impairment charges in the fourth quarter of 2012.

Certain Items Affecting Fourth Quarter Results

The following table lists items that affect the comparability of the current and prior year quarterly results (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):

Three months ended December 31,


2013


2012

Property transactions, net


$

-


$

(0.78)

Non-operating items from unconsolidated affiliates:







    CityCenter loss on retirement of long-term debt



(0.09)



-

    Silver Legacy gain on retirement of long-term debt



0.02



-

Other non-operating expense:







    SJTA bond impairment



-



(0.06)

    Loss on retirement of long-term debt



-



(0.67)

Tax adjustments



(0.12)



(0.76)

 

In the fourth quarter of 2013, non-operating items from unconsolidated affiliates included $70 million related to the Company's share of a loss on retirement of long-term debt in connection with CityCenter's early redemption of its first and second lien senior secured notes in October 2013 and $12 million related to the Company's share of a gain on retirement of long-term debt related to Silver Legacy's early redemption of its second lien notes in December 2013.

In the fourth quarter of 2012, property transactions, net included an impairment charge of $65 million related to the Company's investment in Borgata, a $366 million impairment charge related to certain of the Company's land holdings on the north end of the Las Vegas Strip, and a $167 million impairment charge related to the Company's land holdings in Atlantic City. Other non-operating expense in the fourth quarter of 2012 included a $47 million write-off related to the Company's holding of South Jersey Transportation Authority ("SJTA") road development special revenue bonds and a loss of $505 million related to the Company's December 2012 refinancing transactions.

The current year fourth quarter income tax provision was affected by $57 million of tax adjustments, primarily related to valuation allowance on U.S. deferred tax assets, including a valuation allowance related to net tax benefit reflected in other items in the above table, compared to $372 million in the prior year fourth quarter.

In addition, corporate expense in the fourth quarter of 2013 included $8 million associated with the Company's development efforts in Maryland and Massachusetts compared to $34 million during the 2012 fourth quarter. Corporate expense in the current year quarter also reflected a $4 million reduction in accrued payroll liabilities due to a change in the Company's employee paid time off policy.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts decreased 2% compared to the prior year quarter. The overall table games hold percentage in the fourth quarter of 2013 was 20.2% compared to 21.9% for the prior year quarter. Slots revenue increased 3% compared to the prior year quarter at the Company's Las Vegas Strip resorts, offset by decreased slots revenue at the Company's other wholly owned domestic resorts.

Rooms revenue increased 3% 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 December 31,


2013


2012

Occupancy %



85%



86%

Average Daily Rate (ADR)


$

133


$

130

Revenue per Available Room (REVPAR)


$

114


$

112

 

Operating income for the Company's wholly owned domestic resorts increased 16% for the fourth quarter of 2013 compared to the prior year quarter and benefited from a decrease of $10 million in property transactions, net and an $8 million reduction in accrued payroll liabilities due to a change in the Company's employee paid time off policy.

MGM China

On February 19, 2014, as part of its regular dividend policy, MGM China's Board of Directors announced it will recommend a final dividend for 2013 of $128 million to MGM China shareholders subject to approval at the 2014 annual shareholders meeting. If approved, MGM Resorts International will receive $65 million, its 51% share of this dividend. In addition, MGM China's Board of Directors announced a special dividend of $500 million, which will be paid to shareholders of record as of March 10, 2014 and distributed on or about March 17, 2014.  MGM Resorts International will receive $255 million, its 51% share of the special dividend.

Key fourth quarter results for MGM China include the following:

  • MGM China earned net revenue of $926 million, a 27% increase compared to the prior year quarter;
  • VIP table games turnover increased 32% from the prior year quarter, while hold percentage was 2.8% in the current year quarter compared to 2.9% in the prior year quarter;
  • Main floor table games revenue and slots revenue increased 18% and 4% compared to the prior year quarter, respectively, both primarily due to strong increases in volume; and
  • MGM China's Adjusted EBITDA was $238 million, a 35% increase compared to the prior year quarter and operating income was $162 million compared to $83 million in the prior year quarter.

The MGM Cotai development continues to be on schedule to open in early 2016. MGM China spent approximately $204 million in 2013 on the MGM Cotai development. We expect the project cost will be approximately $2.9 billion, excluding development fees eliminated in consolidation, land costs and capitalized interest.

Income (Loss) from Unconsolidated Affiliates

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

Three months ended December 31,


2013


2012



(In thousands)

CityCenter


$

12,037


$

(7,461)

Other



4,069



6,345



$

16,106


$

(1,116)

 

Results for CityCenter Holdings, LLC for the fourth quarter of 2013 include the following (see schedules accompanying this release for further detail on CityCenter's fourth quarter results):

  • Net revenue from resort operations increased by 11% to $301 million compared to $272 million in the prior year quarter;
  • Adjusted EBITDA from resort operations was $93 million, an increase of 36% compared to the prior year quarter;
  • Aria's table games hold percentage was 26.0% in the current year quarter compared to 23.9% in the prior year quarter; and
  • Aria's occupancy percentage was 85% and its ADR was $212, resulting in REVPAR of $181, a  4% increase compared to the prior year quarter;

CityCenter's operating income increased to $26 million for the fourth quarter of 2013 and included $26 million of income related to property transactions, net, primarily related to a $33 million gain associated with the settlement of insurance claims for errors and omissions with respect to the original construction of CityCenter. The net impact of CityCenter's property transactions to the Company's income from unconsolidated affiliates for the fourth quarter was not significant due to equity method accounting adjustments.

In addition, CityCenter entered into a $1.775 billion senior secured credit facility in the fourth quarter of 2013 and redeemed its 7.625% senior secured first lien notes and 10.75% senior secured second lien PIK toggle notes. CityCenter recognized a loss on early retirement of long-term debt of $140 million in connection with these transactions.

Full Year 2013 Results

Net revenue for 2013 was $9.8 billion, a 7% increase over 2012, and Adjusted Property EBITDA increased 18% compared to the prior year. Net revenue from wholly owned domestic resorts was $6.1 billion, a 2% increase compared to 2012.  Adjusted Property EBITDA from wholly owned domestic resorts increased 9% to $1.4 billion for 2013.

MGM China reported record results for 2013 with net revenues of $3.3 billion and Adjusted EBITDA of $814 million.  Excluding branding fees of $36 million in 2013 and $30 million in 2012, Adjusted EBITDA increased by 20% year over year. 

CityCenter reported net revenue from resort operations of $1.2 billion, a 10% increase compared to the prior year, and Adjusted EBITDA related to resort operations of $316 million, a 37% increase compared to the prior year.

Loss per share attributable to MGM Resorts International for 2013 was $(0.32) compared to loss per share of ($3.62) in 2012. The following table lists items that affect the comparability of the current year and prior year annual results (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):

Year ended December 31,


2013


2012

Preopening and start-up expenses


$

(0.02)


$

-

Property transactions, net



(0.17)



(0.91)

Income (loss) from unconsolidated affiliates:







    CityCenter residential impairment



-



(0.02)

    CityCenter Harmon demolition cost



-



(0.02)

Non-operating items from unconsolidated affiliates:







    CityCenter loss on retirement of long-term debt



(0.09)



(0.01)

    Silver Legacy gain on retirement of long-term debt



0.02



-

Other non-operating expense:







    SJTA bond impairment



-



(0.06)

    Loss on retirement of long-term debt



-



(0.74)

Tax adjustments



(0.30)



(1.17)

 

Financial Position

"We accomplished many financial goals in 2013.  We reduced debt and by issuing the lowest interest rate senior unsecured notes in the history of our Company, we pre-funded our only scheduled 2014 debt maturity. With CityCenter's debt now refinanced, we have lowered its annual cash interest expense by approximately $80 million, further enhancing CityCenter's future cash flow potential," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer.  "We remain focused on further deleveraging our balance sheet in 2014 by maximizing operating cash flows and from anticipated dividends received from MGM China."

The Company's cash balance at December 31, 2013 was $1.8 billion, which included $1.0 billion at MGM China.  At December 31, 2013 the Company had $2.8 billion of borrowings outstanding under its $4.0 billion senior credit facility and $553 million outstanding under the $2.0 billion MGM China credit facility.

Conference Call Details

MGM Resorts International will host a conference call at 11:00 a.m. Eastern Time today which will include a brief discussion of these results followed by a question and answer period. The call will be accessible via the Internet through www.mgmresorts.com under the Investors section or by calling 1-877-355-2280 for domestic callers and 1-706-758-3659 for international callers.  The conference call access code is 43751654. A replay of the call will be available through Wednesday, February 26, 2014.  The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406.  The replay access code is 43751654. 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 peerless portfolio of destination resort brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage.  In addition to its 51% interest in MGM China Holdings, Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, the Company has significant holdings in gaming, hospitality and entertainment, owns and operates 15 properties located in Nevada, Mississippi and Michigan, and has 50% investments in three other properties in Nevada and Illinois. One of those investments is CityCenter, an unprecedented urban resort destination on the Las Vegas Strip featuring its centerpiece ARIA Resort & Casino. Leveraging MGM Resorts' unmatched amenities, the M life loyalty program delivers one-of-a-kind experiences, insider privileges and personalized rewards for guests at the Company's renowned properties nationwide. Through its hospitality management subsidiary, the Company holds a growing number of development and management agreements for casino and non-casino resort projects around the world. MGM Resorts International supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its gaming properties. The Company has been honored with numerous awards and recognitions for its industry-leading Diversity Initiative, its community philanthropy programs and the Company's commitment to sustainable development and operations. For more information about MGM Resorts International, visit the Company's 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 the development of MGM Cotai, including related construction and development costs, the Company's ability to deleverage its balance sheet through maximizing operating cash flow, and the Company's expectations with respect to its convention calendar and the completion of capital initiatives on the Las Vegas Strip. 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 our 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


Twelve Months Ended



December 31,


December 31,


December 31,


December 31,



2013


2012


2013


2012

Revenues:













Casino

$

1,570,905


$

1,390,941


$

5,875,782


$

5,319,489


Rooms


394,283



383,329



1,646,303



1,588,770


Food and beverage


348,465



346,286



1,469,582



1,472,382


Entertainment


142,257



119,469



522,911



483,946


Retail


44,996



47,017



194,602



196,938


Other


115,429



108,957



490,349



482,547


Reimbursed costs


89,649



88,438



364,664



357,597




2,705,984



2,484,437



10,564,193



9,901,669


Less: Promotional allowances


(192,771)



(189,926)



(754,530)



(740,825)




2,513,213



2,294,511



9,809,663



9,160,844

Expenses:













Casino


979,620



876,995



3,684,810



3,396,752


Rooms


122,509



123,258



516,605



507,856


Food and beverage


199,312



200,737



844,431



844,629


Entertainment


104,648



86,699



386,252



356,934


Retail


25,365



26,844



107,249



112,732


Other


84,072



81,109



354,705



344,782


Reimbursed costs


89,649



88,438



364,664



357,597


General and administrative


317,378



307,901



1,278,450



1,239,774


Corporate expense


63,567



87,215



216,745



235,007


Preopening and start-up expenses 


3,383



1,362



13,314



2,127


Property transactions, net


2,012



610,862



124,761



708,049


Depreciation and amortization


207,474



226,831



849,225



927,697




2,198,989



2,718,251



8,741,211



9,033,936














Income (loss) from unconsolidated affiliates


16,106



(1,116)



43,060



(46,382)














Operating income (loss)


330,330



(424,856)



1,111,512



80,526














Non-operating income (expense):













Interest expense, net of amounts capitalized


(208,461)



(279,922)



(857,347)



(1,116,358)


Non-operating items from unconsolidated affiliates


(73,722)



(21,417)



(157,338)



(90,020)


Other, net


(2,153)



(552,843)



(9,062)



(608,361)




(284,336)



(854,182)



(1,023,747)



(1,814,739)














Income (loss) before income taxes


45,994



(1,279,038)



87,765



(1,734,213)


Benefit (provision) for income taxes


(5,117)



90,541



(31,263)



117,301














Net income (loss)


40,877



(1,188,497)



56,502



(1,616,912)


Less: Net income attributable to noncontrolling interests


(79,212)



(35,330)



(213,108)



(150,779)

Net loss attributable to MGM Resorts International

$

(38,335)


$

(1,223,827)


$

(156,606)


$

(1,767,691)














Per share of common stock:













Basic:













Net loss attributable to MGM Resorts International

$

(0.08)


$

(2.50)


$

(0.32)


$

(3.62)















Weighted average shares outstanding


490,185



489,211



489,661



488,988















Diluted:













Net loss attributable to MGM Resorts International

$

(0.08)


$

(2.50)


$

(0.32)


$

(3.62)















Weighted average shares outstanding


490,185



489,211



489,661



488,988

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)























December 31,


December 31,





2013


2012










ASSETS

Current assets:








Cash and cash equivalents


$

1,803,669


$

1,543,509


Accounts receivable, net



488,217



443,677


Inventories



107,907



107,577


Deferred income taxes, net



80,989



179,431


Prepaid expenses and other



238,657



232,898



Total current assets



2,719,439



2,507,092










Property and equipment, net



14,055,212



14,194,652










Other assets:








Investments in and advances to unconsolidated affiliates



1,374,836



1,444,547


Goodwill 




2,897,442



2,902,847


Other intangible assets, net



4,511,861



4,737,833


Other long-term assets, net



551,395



497,767



Total other assets



9,335,534



9,582,994





$

26,110,185


$

26,284,738



















LIABILITIES AND STOCKHOLDERS' EQUITY










Current liabilities:








Accounts payable


$

241,192


$

199,620


Income taxes payable



14,813



1,350


Accrued interest on long-term debt



188,522



206,736


Other accrued liabilities



1,770,801



1,517,965



Total current liabilities



2,215,328



1,925,671










Deferred income taxes 



2,430,414



2,473,889

Long-term debt



13,447,230



13,589,283

Other long-term obligations



141,590



179,879

Stockholders' equity:








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








   issued and outstanding 490,360,628 and 489,234,401 shares 



4,904



4,892


Capital in excess of par value



4,156,680



4,132,655


Retained earnings 



57,092



213,698


Accumulated other comprehensive income 



12,503



14,303



Total MGM Resorts International stockholders' equity



4,231,179



4,365,548


Noncontrolling interests



3,644,444



3,750,468



Total stockholders' equity



7,875,623



8,116,016





$

26,110,185


$

26,284,738

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)














Three Months Ended


Twelve Months Ended


December 31,


December 31,


December 31,


December 31,


2013


2012


2013


2012

Bellagio

$

298,759


$

307,254


$

1,177,402


$

1,147,487

MGM Grand Las Vegas


249,765



258,657



1,038,346



961,246

Mandalay Bay


197,174



161,642



792,282



717,499

The Mirage 


143,347



142,806



576,573



600,194

Luxor


78,503



74,356



325,578



322,342

New York-New York 


66,749



67,838



271,572



274,645

Excalibur


60,879



60,333



260,462



258,141

Monte Carlo


62,539



63,216



262,901



259,004

Circus Circus Las Vegas


45,658



45,158



197,885



203,764

MGM Grand Detroit


130,769



137,045



537,994



568,721

Beau Rivage


81,977



81,076



340,814



346,330

Gold Strike Tunica


36,219



34,764



149,186



150,561

Other resort operations


27,009



27,665



121,649



122,857

  Wholly owned domestic resorts


1,479,347



1,461,810



6,052,644



5,932,791

MGM China


925,751



731,216



3,316,928



2,807,676

Management and other operations


108,115



101,485



440,091



420,377


$

2,513,213


$

2,294,511


$

9,809,663


$

9,160,844





































MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)














Three Months Ended


Twelve Months Ended


December 31,


December 31,


December 31,


December 31,


2013


2012


2013


2012

Bellagio

$

99,547


$

94,925


$

358,759


$

302,854

MGM Grand Las Vegas


58,394



65,991



236,132



180,726

Mandalay Bay


36,346



26,156



167,154



146,761

The Mirage 


32,960



25,625



117,424



117,618

Luxor


12,414



11,834



61,561



63,260

New York-New York 


21,400



21,576



89,181



90,505

Excalibur


13,286



13,090



63,502



61,788

Monte Carlo


16,327



14,127



68,941



58,681

Circus Circus Las Vegas


908



2,461



16,609



24,072

MGM Grand Detroit


40,519



40,830



155,689



165,670

Beau Rivage


15,340



12,188



66,937



71,361

Gold Strike Tunica


9,480



6,807



37,487



40,469

Other resort operations


(935)



(1,284)



3,310



1,455

  Wholly owned domestic resorts


355,986



334,326



1,442,686



1,325,220

MGM China


238,067



175,773



814,109



679,345

CityCenter (50%)(1)


12,037



(7,461)



21,712



(68,206)

Other unconsolidated resorts(1)


4,069



6,345



21,348



21,824

Management and other operations


(688)



(4,447)



25,777



9,947


$

609,471


$

504,536


$

2,325,632


$

1,968,130













(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 December 31, 2013




Operating

income (loss)


Preopening and
start-up
expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA

Bellagio


$

75,967


$

-


$

198


$

23,382


$

99,547

MGM Grand Las Vegas



36,171



-



1,028



21,195



58,394

Mandalay Bay



14,651



353



370



20,972



36,346

The Mirage 



20,628



-



397



11,935



32,960

Luxor



3,150



44



(377)



9,597



12,414

New York-New York 



15,680



-



1,117



4,603



21,400

Excalibur



9,908



-



34



3,344



13,286

Monte Carlo



10,531



651



267



4,878



16,327

Circus Circus Las Vegas



(2,871)



-



31



3,748



908

MGM Grand Detroit



37,171



-



(2,402)



5,750



40,519

Beau Rivage



8,852



-



45



6,443



15,340

Gold Strike Tunica



5,943



-



156



3,381



9,480

Other resort operations



(1,957)



-



466



556



(935)

  Wholly owned domestic resorts



233,824



1,048



1,330



119,784



355,986

MGM China



161,699



2,191



25



74,152



238,067

CityCenter (50%)



12,037



-



-



-



12,037

Other unconsolidated resorts



3,938



131



-



-



4,069

Management and other operations



(3,634)



-



-



2,946



(688)




407,864



3,370



1,355



196,882



609,471

Stock compensation



(6,955)



-



-



-



(6,955)

Corporate 



(70,579)



13



657



10,592



(59,317)



$

330,330


$

3,383


$

2,012


$

207,474


$

543,199

















































Three Months Ended December 31, 2012




Operating

income (loss)


Preopening and
start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA

Bellagio


$

70,805


$

-


$

1,695


$

22,425


$

94,925

MGM Grand Las Vegas



43,733



-



1,644



20,614



65,991

Mandalay Bay



4,001



830



2,849



18,476



26,156

The Mirage 



12,575



-



318



12,732



25,625

Luxor



(2,914)



-



3,844



10,904



11,834

New York-New York 



16,273



-



190



5,113



21,576

Excalibur



8,571



-



2



4,517



13,090

Monte Carlo



9,183



-



761



4,183



14,127

Circus Circus Las Vegas



(2,565)



-



29



4,997



2,461

MGM Grand Detroit



35,589



-



1



5,240



40,830

Beau Rivage



4,461



-



20



7,707



12,188

Gold Strike Tunica



3,662



-



(56)



3,201



6,807

Other resort operations



(1,862)



-



8



570



(1,284)

  Wholly owned domestic resorts



201,512



830



11,305



120,679



334,326

MGM China



83,223



-



417



92,133



175,773

CityCenter (50%)



(7,993)



532



-



-



(7,461)

Other unconsolidated resorts



6,345



-



-



-



6,345

Management and other operations



(7,950)



-



-



3,503



(4,447)




275,137



1,362



11,722



216,315



504,536

Stock compensation



(7,976)



-



-



-



(7,976)

Corporate 



(692,017)



-



599,140



10,516



(82,361)



$

(424,856)


$

1,362


$

610,862


$

226,831


$

414,199

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)


Twelve Months Ended December 31, 2013



















Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA

Bellagio


$

261,321


$

-


$

470


$

96,968


$

358,759

MGM Grand Las Vegas



149,602



-



2,220



84,310



236,132

Mandalay Bay



78,096



1,903



2,823



84,332



167,154

The Mirage 



63,090



-



4,722



49,612



117,424

Luxor



21,730



802



2,177



36,852



61,561

New York-New York 



65,006



-



3,533



20,642



89,181

Excalibur



49,184



-



69



14,249



63,502

Monte Carlo



45,597



791



3,773



18,780



68,941

Circus Circus Las Vegas



(1,596)



-



1,078



17,127



16,609

MGM Grand Detroit



135,516



-



(2,402)



22,575



155,689

Beau Rivage



38,015



-



(260)



29,182



66,937

Gold Strike Tunica



22,767



-



1,330



13,390



37,487

Other resort operations



(21,951)



-



23,018



2,243



3,310

  Wholly owned domestic resorts



906,377



3,496



42,551



490,262



1,442,686

MGM China



501,021



9,109



390



303,589



814,109

CityCenter (50%)



21,336



376



-



-



21,712

Other unconsolidated resorts



21,217



131



-



-



21,348

Management and other operations



13,749



189



4



11,835



25,777




1,463,700



13,301



42,945



805,686



2,325,632

Stock compensation



(26,112)



-



-



-



(26,112)

Corporate 



(326,076)



13



81,816



43,539



(200,708)



$

1,111,512


$

13,314


$

124,761


$

849,225


$

2,098,812

















































Twelve Months Ended December 31, 2012




Operating

 income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA

Bellagio


$

206,679


$

-


$

2,101


$

94,074


$

302,854

MGM Grand Las Vegas



94,529



-



6,271



79,926



180,726

Mandalay Bay



64,818



830



3,786



77,327



146,761

The Mirage 



65,266



-



929



51,423



117,618

Luxor



20,777



-



4,794



37,689



63,260

New York-New York 



68,591



-



581



21,333



90,505

Excalibur



43,978



-



5



17,805



61,788

Monte Carlo



38,418



-



1,328



18,935



58,681

Circus Circus Las Vegas



4,514



-



106



19,452



24,072

MGM Grand Detroit



130,564



641



922



33,543



165,670

Beau Rivage



40,713



-



(50)



30,698



71,361

Gold Strike Tunica



27,420



-



(53)



13,102



40,469

Other resort operations



(904)



-



(14)



2,373



1,455

  Wholly owned domestic resorts



805,363



1,471



20,706



497,680



1,325,220

MGM China



302,092



-



2,307



374,946



679,345

CityCenter (50%)



(68,862)



656



-



-



(68,206)

Other unconsolidated resorts



21,824



-



-



-



21,824

Management and other operations



(4,258)



-



-



14,205



9,947




1,056,159



2,127



23,013



886,831



1,968,130

Stock compensation



(33,974)



-



-



-



(33,974)

Corporate 



(941,659)



-



685,036



40,866



(215,757)



$

80,526


$

2,127


$

708,049


$

927,697


$

1,718,399

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)

(Unaudited)


















Three Months Ended


Twelve Months Ended




December 31,


December 31,


December 31,


December 31,




2013


2012


2013


2012

Adjusted EBITDA


$

543,199


$

414,199


$

2,098,812


$

1,718,399

  Preopening and start-up expenses



(3,383)



(1,362)



(13,314)



(2,127)

  Property transactions, net



(2,012)



(610,862)



(124,761)



(708,049)

  Depreciation and amortization



(207,474)



(226,831)



(849,225)



(927,697)

Operating income (loss)



330,330



(424,856)



1,111,512



80,526















Non-operating income (expense):













  Interest expense, net of amounts capitalized



(208,461)



(279,922)



(857,347)



(1,116,358)

  Other, net



(75,875)



(574,260)



(166,400)



(698,381)





(284,336)



(854,182)



(1,023,747)



(1,814,739)















Income (loss) before income taxes



45,994



(1,279,038)



87,765



(1,734,213)

  Benefit (provision) for income taxes



(5,117)



90,541



(31,263)



117,301

Net income (loss)



40,877



(1,188,497)



56,502



(1,616,912)

  Less: Net income attributable to noncontrolling interests



(79,212)



(35,330)



(213,108)



(150,779)

Net loss attributable to MGM Resorts International


$

(38,335)


$

(1,223,827)


$

(156,606)


$

(1,767,691)





























MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)


















Three Months Ended


Twelve Months Ended




December 31,


December 31,


December 31,


December 31,




2013


2012


2013


2012


Bellagio














   Occupancy %



87.5%



88.8%



92.3%



92.9%


   Average daily rate (ADR)



$254



$247



$243



$237


   Revenue per available room (REVPAR)



$223



$219



$225



$220
















MGM Grand Las Vegas














   Occupancy %



89.3%



87.7%



93.5%



92.7%


   ADR



$142



$140



$142



$139


   REVPAR



$127



$123



$132



$129
















Mandalay Bay 














   Occupancy %



85.8%



88.1%



90.1%



91.7%


   ADR



$176



$169



$182



$176


   REVPAR



$151



$149



$164



$162
















The Mirage














   Occupancy %



91.1%



90.7%



94.7%



94.6%


   ADR



$151



$150



$149



$149


   REVPAR



$137



$136



$141



$141
















Luxor 














   Occupancy %



83.9%



88.6%



90.7%



91.0%


   ADR



$90



$90



$88



$89


   REVPAR



$76



$80



$80



$81
















New York-New York














   Occupancy %



93.6%



92.0%



96.5%



94.6%


   ADR



$112



$109



$112



$110


   REVPAR



$105



$101



$108



$104
















Excalibur 














   Occupancy %



80.7%



84.8%



88.5%



89.4%


   ADR



$73



$72



$73



$72


   REVPAR



$59



$61



$65



$64
















Monte Carlo 














   Occupancy %



90.3%



89.9%



94.8%



93.6%


   ADR



$104



$103



$104



$103


   REVPAR



$94



$93



$99



$97
















Circus Circus Las Vegas














   Occupancy %



71.1%



68.6%



78.3%



77.9%


   ADR



$55



$55



$55



$54


   REVPAR



$39



$38



$43



$42

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)
















Three Months Ended


Twelve Months Ended



December 31,


December 31,


December 31,


December 31,



2013


2012


2013


2012















Aria

$

249,620


$

223,534


$

951,727


$

862,306


Vdara


22,165



21,384



90,444



86,916


Crystals


16,113



14,257



61,184



53,251


Mandarin Oriental


13,530



12,507



53,714



48,452


 Resort operations


301,428



271,682



1,157,069



1,050,925


Residential operations


12,365



122,680



99,370



138,929



$

313,793


$

394,362


$

1,256,439


$

1,189,854








































CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)
















Three Months Ended


Twelve Months Ended



December 31,


December 31,


December 31,


December 31,



2013


2012


2013


2012














Adjusted EBITDA

$

86,599


$

60,044


$

307,513


$

206,596

  Preopening and start-up expenses


-



(1,064)



(752)



(1,312)

  Property transactions, net


25,791



(1,011)



11,265



(74,347)

  Depreciation and amortization


(86,552)



(103,594)



(345,920)



(370,856)

Operating income (loss)


25,838



(45,625)



(27,894)



(239,919)














Non-operating income (expense):












  Interest expense - sponsor notes


(4,644)



(24,155)



(82,655)



(91,352)

  Interest expense - other


(26,928)



(43,025)



(156,397)



(174,674)

  Other, net


(142,777)



809



(176,202)



(5,023)




(174,349)



(66,371)



(415,254)



(271,049)

Net loss

$

(148,511)


$

(111,996)


$

(443,148)


$

(510,968)



























 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

















Three Months Ended December 31, 2013




Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA


Aria

$

11,811


$

-


$

222


$

64,653


$

76,686


Vdara


(11,908)



-



6,682



9,944



4,718


Crystals


3,305



-



-



7,019



10,324


Mandarin Oriental


(3,472)



-



-



4,719



1,247


 Resort operations


(264)



-



6,904



86,335



92,975


Residential operations


603



-



305



215



1,123


Development and administration


25,499



-



(33,000)



2



(7,499)



$

25,838


$

-


$

(25,791)


$

86,552


$

86,599

















































Three Months Ended December 31, 2012




Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA


Aria

$

(20,240)


$

1,064


$

(14)


$

73,380


$

54,190


Vdara


(6,440)



-



-



11,553



5,113


Crystals


1,033



-



-



8,084



9,117


Mandarin Oriental


(9,876)



-



-



9,762



(114)


 Resort operations


(35,523)



1,064



(14)



102,779



68,306


Residential operations


(177)



-



1,025



800



1,648


Development and administration


(9,925)



-



-



15



(9,910)



$

(45,625)


$

1,064


$

1,011


$

103,594


$

60,044

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

















Twelve Months Ended December 31, 2013




Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA


Aria

$

(5,611)


$

694


$

501


$

257,086


$

252,670


Vdara


(27,611)



-



6,731



41,530



20,650


Crystals


11,357



58



57



27,240



38,712


Mandarin Oriental


(15,632)



-



-



19,103



3,471


 Resort operations


(37,497)



752



7,289



344,959



315,503


Residential operations


(208)



-



14,446



933



15,171


Development and administration


9,811



-



(33,000)



28



(23,161)



$

(27,894)


$

752


$

(11,265)


$

345,920


$

307,513

















































Twelve Months Ended December 31, 2012




Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted

EBITDA


Aria

$

(104,937)


$

1,312


$

5,549


$

273,909


$

175,833


Vdara


(21,104)



-



-



42,609



21,505


Crystals


5,216



-



-



27,105



32,321


Mandarin Oriental


(22,822)



-



-



23,330



508


 Resort operations


(143,647)



1,312



5,549



366,953



230,167


Residential operations


(40,013)



-



36,715



3,729



431


Development and administration


(56,259)



-



32,083



174



(24,002)



$

(239,919)


$

1,312


$

74,347


$

370,856


$

206,596

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)
















Three Months Ended


Twelve Months Ended



December 31,


December 31,


December 31,


December 31,



2013


2012


2013


2012


Aria













   Occupancy %


85.2%



85.6%



88.8%



88.3%


   ADR


$212



$202



$208



$200


   REVPAR


$181



$173



$184



$177















Vdara













   Occupancy %


82.1%



83.2%



86.7%



84.1%


   ADR


$168



$157



$162



$158


   REVPAR


$138



$131



$140



$133

 

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