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 MGM Resorts International Reports Fourth Quarter And Full Year Financial Results
   Thursday, February 18, 2016 7:45:00 AM ET

MGM Resorts International (MGM ) today reported financial results for the quarter and year ended December 31, 2015.

"Our strong fourth quarter domestic results culminated a very successful 2015. MGM Resorts continues to excel both in Las Vegas and at our market-leading regional resorts, with our wholly owned domestic Adjusted Property EBITDA up 15% in the quarter and 11% in the year," said Jim Murren, Chairman & CEO of MGM Resorts International. "We remain focused on driving profitability throughout our existing portfolio. We are ahead of pace with our Profit Growth Plan and are well on our way to reaching our 30% margin target by 2017. This year is a particularly exciting year for MGM Resorts with the completion of the expansion at the Mandalay Bay Convention Center, as well as the grand openings of the T-Mobile Arena and MGM National Harbor. These targeted growth investments, combined with the increased profitability at our existing operations, establish a platform for sustainable, long-term growth."

Key results for the fourth quarter of 2015 include:

-- Net revenue at the Company’s wholly owned domestic resorts increased 2% compared to the prior year quarter;

-- Rooms revenue at wholly owned domestic resorts increased 10%, with a 12% 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 $431 million, a 15% increase compared to the prior year quarter;

-- Wholly owned domestic resorts Adjusted Property EBITDA margin was 27.3%, a 330 basis point increase compared to the prior year quarter;

-- MGM China’s net revenue was $499 million and Adjusted EBITDA was $131 million, a decrease of 31% and 29%, respectively, compared to the prior year quarter;

-- MGM China’s operating loss was $1.4 billion in the current year quarter, which included a $1.5 billion non-cash impairment charge on goodwill from the 2011 MGM China acquisition; and

-- CityCenter earned an all time record Adjusted EBITDA related to resort operations of $106 million, a 36% increase compared to the prior year quarter.

Fourth Quarter Consolidated Results

Loss per share for the fourth quarter of 2015 was $1.38, including the non-cash goodwill impairment charge of $1.5 billion, or $1.33 per share, compared to loss per share of $0.70 in the prior year fourth quarter.

The non-cash impairment charge, which is included in "Property transactions, net," relates to goodwill recognized in the acquisition of a controlling interest in MGM China Holdings Limited ("MGM China"). The Company recorded a $3.5 billion non-cash gain in 2011 in connection with that acquisition. The current impairment charge, which represents approximately 42% of the amount of the previously recognized gain, resulted from the Company’s annual review of its goodwill carrying values and was incurred as a result of reduced cash flow forecasts for MGM China’s resorts based on current market conditions and lower valuation multiples for gaming assets in the Macau market.

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 December 31,                       2015      2014
Preopening and start-up expenses                      $ (0.02)  $  (0.02)
Property transactions, net:
MGM China goodwill impairment                         (1.33)    --
Gain on sale of Circus Circus Reno and Silver Legacy  0.03      --
Grand Victoria investment impairment                  (0.02)    --
Other property transactions, net                      (0.03)    --
Income (loss) from unconsolidated affiliates:
Harmon-related property transactions, net             --        (0.02)

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts decreased 5% compared to the prior year quarter due to a decrease in table games volume and table games hold percentage, as well as a decrease in slots revenue. Table games hold percentage in the fourth quarter of 2015 was 20.0% compared to 21.8% in the prior year quarter. Slots revenue decreased 3% compared to the prior year quarter, as the prior year quarter was positively affected by a reduction in the Company’s accrual for slot points based on a change in estimated point redemption.

Rooms revenue increased 10% with Las Vegas Strip REVPAR up 12%. The following table shows key hotel statistics for the Company’s Las Vegas Strip resorts:

Three months ended December 31,      2015   2014
Occupancy %                          89%    88%
Average Daily Rate (ADR)             $ 152  $ 138
Revenue per Available Room (REVPAR)  $ 136  $ 121

Food and beverage revenue related to wholly owned domestic resorts increased 2% as a result of increased convention and banquet business. Wholly owned domestic resorts Adjusted Property EBITDA was $431 million in the fourth quarter of 2015, a 15% increase compared to the prior year quarter, and was positively affected by approximately $35 million of incremental Adjusted Property EBITDA as a result of the Company’s Profit Growth Plan initiatives. Operating income for the Company’s wholly owned domestic resorts increased 20% for the fourth quarter of 2015 compared to the prior year quarter and operating margin increased 300 basis points to 19.5%.

Corporate Expense

Corporate expense increased $21 million compared to the prior year quarter. The current year quarter included $13 million of costs incurred to implement initiatives in relation to the Profit Growth Plan and $9 million of costs incurred relating to the proposed REIT transaction.

MGM China

On February 18, 2016, as part of its regular dividend policy, MGM China’s Board of Directors announced it will recommend a final dividend for 2015 of $46 million to MGM China shareholders subject to approval at the MGM China 2016 annual shareholders meeting to be held in May, bringing the total 2015 dividend to $122 million including the interim dividend paid in August. If approved, MGM Resorts International will receive $23 million, its 51% share of this dividend.

The Company has made the strategic decision to move the opening of its MGM Cotai development from the fourth quarter of 2016 to the end of the first quarter of 2017 based on current market conditions and the timing of other resort openings in the area. There is no change to the current budget of $3.0 billion, which excludes development fees, capitalized interest and land related costs.

Key fourth quarter results for MGM China include the following:

-- MGM China earned net revenue of $499 million, a 31% decrease compared to the prior year quarter;

-- Main floor table games revenue decreased 14% compared to the prior year quarter;

-- VIP table games revenue decreased 49% due to a decrease in VIP table games turnover of 57% compared to the prior year quarter, while hold percentage increased to 3.0% in the current year quarter compared to 2.6% in the prior year quarter;

-- MGM China’s Adjusted EBITDA was $131 million, a 29% decrease compared to the prior year quarter, including $9 million of license fee expense in the current year quarter and no expense related to license fees in the prior year quarter;

-- MGM China’s Adjusted EBITDA margin increased by 45 basis points compared to the prior year quarter to 26.3% as a result of an increase in main floor table games mix; and

-- MGM China’s operating loss was $1.4 billion in the current year quarter, which included a $1.5 billion non-cash impairment charge on goodwill from the 2011 MGM China acquisition, compared to operating income of $109 million in the prior year quarter.

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,  2015      2014
                                 (In thousands)
CityCenter                       $ 19,331  $ (18,114)
Borgata                          16,230    11,304
Other                            4,691     4,683
                                 $ 40,252  $  (2,127)

Results for CityCenter Holdings, LLC ("CityCenter") for the fourth quarter of 2015 include the following (see schedules accompanying this release for further detail on CityCenter’s fourth quarter results):

-- Net revenue from resort operations increased by 12% to $323 million compared to $289 million in the prior year quarter;

-- Adjusted EBITDA from resort operations was an all time record of $106 million, an increase of 36% compared to the prior year quarter;

-- Adjusted EBITDA at Aria increased by 43% year over year to $85 million, driven by increases in casino revenue and rooms revenue;

-- Aria’s table games volume increased 12% and table games hold percentage was 26.8% compared to 21.5% in the prior year quarter;

-- Aria’s REVPAR was $212, a 7% increase compared to the prior year quarter;

-- Vdara reported a 23% increase in Adjusted EBITDA compared to the prior year quarter, led by a 13% increase in REVPAR; and

-- Crystals reported Adjusted EBITDA of $11 million, an increase of 2% from the prior year quarter.

CityCenter reported operating income of $18 million for the fourth quarter of 2015 compared to an operating loss of $58 million in the prior year quarter. Operating income in the current year quarter was negatively impacted by $20 million of accelerated depreciation associated with the scheduled April 2016 closure of the Zarkana theatre. The operating loss in the prior year quarter was negatively impacted by a $39 million property transaction charge, primarily related to a settlement with an insurer participating in CityCenter’s Owner Controlled Insurance Program.

The Company’s income from unconsolidated affiliates related to Borgata for the fourth quarter of 2015 increased 44% compared to the prior year quarter due to increases in casino revenue.

Full Year 2015 Results

Consolidated net revenue for 2015 was $9.2 billion, a 9% decrease over 2014, and Adjusted Property EBITDA increased 2% compared to the prior year to $2.5 billion. Net revenue from wholly owned domestic resorts was $6.5 billion, a 2% increase compared to the prior year. Adjusted Property EBITDA from wholly owned domestic resorts increased 11% to $1.7 billion for 2015.

MGM China net revenue was $2.2 billion for 2015, a 33% decrease from 2014, and Adjusted EBITDA was $540 million compared to $850 million in the prior year. CityCenter reported a record $1.2 billion net revenue from resort operations, a 3% increase compared to the prior year, and Adjusted EBITDA related to resort operations was a record $348 million compared to $317 million in the prior year.

Loss per share attributable to the Company for 2015 was $0.82 compared to loss per share of $0.31 in 2014. 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,                               2015       2014
Preopening and start-up expenses                      $  (0.08)  $  (0.05)
Property transactions, net:
MGM China goodwill impairment                         (1.38)     --
Gain on sale of Circus Circus Reno and Silver Legacy  0.03       --
Grand Victoria investment impairment                  (0.02)     (0.04)
Other property transactions, net                      (0.05)     (0.01)
Income (loss) from unconsolidated affiliates:
Harmon-related property transactions, net             0.10       (0.02)

MGM Growth Properties

As previously announced by the Company on October 29, 2015, MGM Growth Properties LLC ("MGP"), a newly formed subsidiary of the Company that intends to elect and qualify to be taxed as a real estate investment trust, confidentially submitted a draft registration statement on Form S-11 to the United States Securities and Exchange Commission ("SEC") relating to its proposed initial public offering of Class A common shares. Since that initial confidential submission, MGP has received and responded to comments from the SEC and believes that it has substantially completed the review process with the SEC, although the SEC will continue to review MGP’s filings and may issue additional comments in the future.

In addition, the Company and MGP have filed the necessary applications with relevant gaming regulatory authorities for those approvals required for the announced REIT transaction and the MGP initial public offering and are continuing to engage with these regulators to obtain all required approvals in a timely manner.

"MGM Resorts and MGP are working diligently with our advisors and the regulators, and have made great strides thus far as evidenced by the progress we have made with the SEC, as well as the announcement of MGP’s management team and Board" said Mr. Murren. "We are excited about the potential of this transaction and continue to actively work toward completing all the necessary steps in preparation for the planned IPO of MGM Growth Properties."

Financial Position

"Over the past year, MGM Resorts further strengthened its financial position as a result of a few key events: the conversion of our $1.45 billion convertible notes; the repayment of the $875 million senior notes; and MGM Resort’s $200 million share of the first ever $400 million special distribution from CityCenter," said Dan D’Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International. "Our commitment to decrease leverage and strengthen our balance sheet remains a top priority, and we believe the creation of MGP will allow MGM Resorts to further execute on this goal."

The Company’s cash balance at December 31, 2015 was $1.7 billion, which included $699 million at MGM China. At December 31, 2015, the Company had $2.7 billion of borrowings outstanding under its $3.9 billion senior secured credit facility and $1.6 billion outstanding under the $3 billion MGM China credit facility. In January 2016, MGM National Harbor entered into a $525 million credit agreement comprised of a $425 million term loan A facility and a $100 million revolving facility. In February 2016, MGM China amended its credit facility to increase its maximum permitted leverage ratio, in addition to other adjustments, to allow for more flexibility under its covenants.

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 6379822. A replay of the call will be available through Thursday, February 25, 2016. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10080352. 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 (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, amounts the Company expects to receive as a result of the MGM China dividends, the completion of the initial public offering of MGM Growth Properties and, if completed, the value realized by the Company from such transaction. 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                    Twelve Months Ended
                                                                                               December 31,        December 31,      December 31,        December 31,
                                                                                               2015                2014              2015                2014
Revenues:
                              Casino                                                           $      1,146,765    $      1,399,640  $      4,842,836    $      5,878,775
                              Rooms                                                                   460,778             419,470           1,876,733           1,768,012
                              Food and beverage                                                       370,880             366,352           1,575,496           1,558,937
                              Entertainment                                                           137,293             141,289           539,318             560,116
                              Retail                                                                  47,897              45,204            201,688             191,351
                              Other                                                                   115,980             116,018           506,934             507,639
                              Reimbursed costs                                                        95,936              94,397            398,836             383,434
                                                                                                      2,375,529           2,582,370         9,941,841           10,848,264
                              Less: Promotional allowances                                            (183,656)           (196,824)         (751,773)           (766,280)
                                                                                                      2,191,873           2,385,546         9,190,068           10,081,984
Expenses:
                              Casino                                                                  661,948             852,053           2,882,752           3,643,881
                              Rooms                                                                   139,910             128,349           564,094             548,993
                              Food and beverage                                                       216,357             213,427           917,993             908,916
                              Entertainment                                                           101,410             108,660           410,284             422,115
                              Retail                                                                  23,643              23,741            102,904             99,455
                              Other                                                                   80,355              85,926            348,513             361,904
                              Reimbursed costs                                                        95,936              94,397            398,836             383,434
                              General and administrative                                              306,728             324,532           1,309,104           1,318,749
                              Corporate expense                                                       90,574              69,458            274,551             238,811
                              Preopening and start-up expenses                                        21,057              13,629            71,327              39,257
                              Property transactions, net                                              1,491,277           480               1,503,942           41,002
                              Depreciation and amortization                                           200,164             202,654           819,883             815,765
                                                                                                      3,429,359           2,117,306         9,604,183           8,822,282
Income (loss) from unconsolidated affiliates                                                          40,252              (2,127)           257,883             63,836
Operating income (loss)                                                                               (1,197,234)         266,113           (156,232)           1,323,538
Non-operating income (expense):
                              Interest expense, net of amounts capitalized                            (186,291)           (200,903)         (797,579)           (817,061)
                              Non-operating items from unconsolidated affiliates                      (16,717)            (18,773)          (76,462)            (87,794)
                              Other, net                                                              (3,279)             (5,800)           (15,970)            (7,797)
                                                                                                      (206,287)           (225,476)         (890,011)           (912,652)
Income (loss) before income taxes                                                                     (1,403,521)         40,637            (1,046,243)         410,886
                              Benefit (provision) for income taxes                                    (69,976)            (328,109)         6,594               (283,708)
Net income (loss)                                                                                     (1,473,497)         (287,472)         (1,039,649)         127,178
                              Less: Net (income) loss attributable to noncontrolling interests        692,043             (54,791)          591,929             (277,051)
Net income (loss) attributable to MGM Resorts International                                    $      (781,454)    $      (342,263)  $      (447,720)    $      (149,873)
Per share of common stock:
                              Basic:
                              Net income (loss) attributable to MGM Resorts International      $      (1.38)       $      (0.70)     $      (0.82)       $      (0.31)
                              Weighted average shares outstanding                                     564,398             491,308           542,873             490,875
                              Diluted:
                              Net income (loss) attributable to MGM Resorts International      $      (1.38)       $      (0.70)     $      (0.82)       $      (0.31)
                              Weighted average shares outstanding                                     564,398             491,308           542,873             490,875
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
                                                                                                 December 31,       December 31,
                                                                                                 2015               2014
ASSETS
Current assets:
            Cash and cash equivalents                                                            $      1,670,312   $      1,713,715
            Cash deposits - original maturities longer than 90 days                                     -                  570,000
            Accounts receivable, net                                                                    480,559            473,345
            Inventories                                                                                 104,200            104,011
            Income tax receivable                                                                       15,993             14,675
            Prepaid expenses and other                                                                  137,685            151,414
                                            Total current assets                                        2,408,749          3,027,160
Property and equipment, net                                                                             15,371,795         14,441,542
Other assets:
            Investments in and advances to unconsolidated affiliates                                    1,491,497          1,559,034
            Goodwill                                                                                    1,430,767          2,897,110
            Other intangible assets, net                                                                4,164,781          4,364,856
            Other long-term assets, net                                                                 347,589            304,212
                                            Total other assets                                          7,434,634          9,125,212
                                                                                                 $      25,215,178  $      26,593,914
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
            Accounts payable                                                                     $      182,031     $      164,252
            Construction payable                                                                        250,120            170,439
            Current portion of long-term debt                                                           328,442            1,245,320
            Deferred income taxes, net                                                                  -                  62,142
            Accrued interest on long-term debt                                                          165,914            191,155
            Other accrued liabilities                                                                   1,311,444          1,574,617
                                            Total current liabilities                                   2,237,951          3,407,925
Deferred income taxes, net                                                                              2,680,576          2,621,860
Long-term debt                                                                                          12,368,311         12,805,285
Other long-term obligations                                                                             157,663            130,570
Redeemable noncontrolling interest                                                                      6,250              -
Stockholders’ equity:
            Common stock, $.01 par value: authorized 1,000,000,000 shares,                              5,648              4,913
            issued and outstanding 564,838,893 and 491,292,117 shares
            Capital in excess of par value                                                              5,655,886          4,180,922
            Accumulated deficit                                                                         (555,629)          (107,909)
            Accumulated other comprehensive income                                                      14,022             12,991
                                            Total MGM Resorts International stockholders’ equity        5,119,927          4,090,917
            Noncontrolling interests                                                                    2,644,500          3,537,357
                                            Total stockholders’ equity                                  7,764,427          7,628,274
                                                                                                 $      25,215,178  $      26,593,914
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,
                                    2015              2014              2015              2014
    Bellagio                        $      311,893    $      294,110    $      1,236,248  $      1,248,203
    MGM Grand Las Vegas                    283,086           292,031           1,138,469         1,098,642
    Mandalay Bay                           205,134           204,280           906,243           874,126
    The Mirage                             128,095           141,582           568,607           572,699
    Luxor                                  94,351            86,886            372,426           354,041
    New York-New York                      78,514            71,507            308,319           286,998
    Excalibur                              71,571            62,550            289,324           269,486
    Monte Carlo                            69,954            67,704            290,240           277,845
    Circus Circus Las Vegas                55,347            49,254            232,844           209,662
    MGM Grand Detroit                      144,266           133,235           547,399           530,436
    Beau Rivage                            87,870            85,115            367,587           344,178
    Gold Strike Tunica                     38,990            38,118            160,863           157,733
    Other resort operations                8,727             28,072            78,792            118,035
    Wholly owned domestic resorts          1,577,798         1,554,444         6,497,361         6,342,084
    MGM China                              498,784           718,688           2,214,767         3,282,329
    Management and other operations        115,291           112,414           477,940           457,571
                                    $      2,191,873  $      2,385,546  $      9,190,068  $      10,081,984
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,
                                    2015              2014              2015              2014
    Bellagio                        $      106,588    $      84,514     $      395,385    $      393,702
    MGM Grand Las Vegas                    80,228            84,403            280,266           254,854
    Mandalay Bay                           38,729            36,827            203,474           175,626
    The Mirage                             16,674            27,981            112,475           110,154
    Luxor                                  24,847            13,221            87,169            70,084
    New York-New York                      29,417            24,479            106,457           95,105
    Excalibur                              22,649            14,933            82,247            68,219
    Monte Carlo                            22,224            17,736            85,962            71,780
    Circus Circus Las Vegas                11,677            5,000             43,245            23,615
    MGM Grand Detroit                      45,256            37,196            154,979           144,798
    Beau Rivage                            22,059            17,078            88,843            70,261
    Gold Strike Tunica                     11,879            10,066            46,023            40,332
    Other resort operations                (1,492)           (349)             3,441             (223)
    Wholly owned domestic resorts          430,735           373,085           1,689,966         1,518,307
    MGM China                              130,983           185,462           539,881           850,471
    Unconsolidated resorts(1)              40,252            (2,127)           257,883           63,836
    Management and other operations        7,616             (1,154)           37,419            35,984
                                    $      609,586    $      555,266    $      2,525,149  $      2,468,598
 (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, 2015
                                     Operating           Preopening and   Property            Depreciation and   Adjusted EBITDA
                                     income (loss)       start-up         transactions, net   amortization
                                                         expenses
     Bellagio                        $      83,761       $       -        $        748        $        22,079    $       106,588
     MGM Grand Las Vegas                    62,391               -                 11                  17,826            80,228
     Mandalay Bay                           16,078               -                 937                 21,714            38,729
     The Mirage                             6,099                65                427                 10,083            16,674
     Luxor                                  15,376               -                 6                   9,465             24,847
     New York-New York                      20,686               -                 3,789               4,942             29,417
     Excalibur                              19,031               -                 (17)                3,635             22,649
     Monte Carlo                            14,305               (2)               1,620               6,301             22,224
     Circus Circus Las Vegas                7,723                (1)               12                  3,943             11,677
     MGM Grand Detroit                      39,217               -                 (36)                6,075             45,256
     Beau Rivage                            15,396               -                 (12)                6,675             22,059
     Gold Strike Tunica                     9,082                -                 207                 2,590             11,879
     Other resort operations                (1,492)              -                 -                   -                 (1,492)
     Wholly owned domestic resorts          307,653              62                7,692               115,328           430,735
     MGM China                              (1,405,182)          3,531             1,471,160           61,474            130,983
     Unconsolidated resorts                 39,190               1,062             -                   -                 40,252
     Management and other operations        5,291                337               1                   1,987             7,616
                                            (1,053,048)          4,992             1,478,853           178,789           609,586
     Stock compensation                     (9,845)              -                 -                   -                 (9,845)
     Corporate                              (134,341)            16,065            12,424              21,375            (84,477)
                                     $      (1,197,234)  $       21,057   $        1,491,277  $        200,164   $       515,264
Three Months Ended December 31, 2014
                                     Operating           Preopening and   Property            Depreciation and   Adjusted EBITDA
                                     income (loss)       start-up         transactions, net   amortization
                                                         expenses
     Bellagio                        $      62,677       $       -        $        43         $        21,794    $       84,514
     MGM Grand Las Vegas                    65,700               -                 (910)               19,613            84,403
     Mandalay Bay                           17,036               -                 462                 19,329            36,827
     The Mirage                             15,488               14                228                 12,251            27,981
     Luxor                                  3,242                -                 382                 9,597             13,221
     New York-New York                      18,864               630               1                   4,984             24,479
     Excalibur                              11,027               -                 141                 3,765             14,933
     Monte Carlo                            12,186               21                114                 5,415             17,736
     Circus Circus Las Vegas                1,157                7                 -                   3,836             5,000
     MGM Grand Detroit                      31,133               -                 239                 5,824             37,196
     Beau Rivage                            10,461               -                 49                  6,568             17,078
     Gold Strike Tunica                     6,982                -                 127                 2,957             10,066
     Other resort operations                644                  -                 (1,124)             131               (349)
     Wholly owned domestic resorts          256,597              672               (248)               116,064           373,085
     MGM China                              109,019              2,299             1,497               72,647            185,462
     Unconsolidated resorts                 (2,907)              780               -                   -                 (2,127)
     Management and other operations        (4,001)              359               414                 2,074             (1,154)
                                            358,708              4,110             1,663               190,785           555,266
     Stock compensation                     (8,005)              -                 -                   -                 (8,005)
     Corporate                              (84,590)             9,519             (1,183)             11,869            (64,385)
                                     $      266,113      $       13,629   $        480        $        202,654   $       482,876
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, 2015
                                     Operating           Preopening and   Property            Depreciation and   Adjusted EBITDA
                                     income (loss)       start-up         transactions, net   amortization
                                                         expenses
     Bellagio                        $      303,858      $       -        $        1,085      $        90,442    $       395,385
     MGM Grand Las Vegas                    206,896              -                 110                 73,260            280,266
     Mandalay Bay                           120,142              -                 3,599               79,733            203,474
     The Mirage                             66,069               115               1,729               44,562            112,475
     Luxor                                  49,369               (2)               94                  37,708            87,169
     New York-New York                      81,618               (74)              4,931               19,982            106,457
     Excalibur                              67,545               -                 111                 14,591            82,247
     Monte Carlo                            55,594               -                 3,219               27,149            85,962
     Circus Circus Las Vegas                27,305               280               21                  15,639            43,245
     MGM Grand Detroit                      131,016              -                 (36)                23,999            154,979
     Beau Rivage                            62,613               -                 (5)                 26,235            88,843
     Gold Strike Tunica                     34,362               -                 221                 11,440            46,023
     Other resort operations                2,975                -                 -                   466               3,441
     Wholly owned domestic resorts          1,209,362            319               15,079              465,206           1,689,966
     MGM China                              (1,212,377)          13,863            1,472,128           266,267           539,881
     Unconsolidated resorts                 254,408              3,475             -                   -                 257,883
     Management and other operations        27,395               1,179             1,080               7,765             37,419
                                            278,788              18,836            1,488,287           739,238           2,525,149
     Stock compensation                     (32,125)             -                 -                   -                 (32,125)
     Corporate                              (402,895)            52,491            15,655              80,645            (254,104)
                                     $      (156,232)    $       71,327   $        1,503,942  $        819,883   $       2,238,920
Twelve Months Ended December 31, 2014
                                     Operating           Preopening and   Property            Depreciation       Adjusted EBITDA
                                     income (loss)       start-up         transactions, net   and amortization
                                                         expenses
     Bellagio                        $      304,144      $       -        $        900        $        88,658    $       393,702
     MGM Grand Las Vegas                    174,297              197               (667)               81,027            254,854
     Mandalay Bay                           95,449               1,133             2,307               76,737            175,626
     The Mirage                             57,338               452               2,464               49,900            110,154
     Luxor                                  31,801               2                 432                 37,849            70,084
     New York-New York                      75,360               732               427                 18,586            95,105
     Excalibur                              52,915               -                 500                 14,804            68,219
     Monte Carlo                            48,937               1,507             290                 21,046            71,780
     Circus Circus Las Vegas                8,135                85                61                  15,334            23,615
     MGM Grand Detroit                      118,755              -                 2,728               23,315            144,798
     Beau Rivage                            43,152               -                 1,000               26,109            70,261
     Gold Strike Tunica                     27,460               -                 392                 12,480            40,332
     Other resort operations                (2,318)              -                 336                 1,759             (223)
     Wholly owned domestic resorts          1,035,425            4,108             11,170              467,604           1,518,307
     MGM China                              547,977              9,091             1,493               291,910           850,471
     Unconsolidated resorts                 62,919               917               -                   -                 63,836
     Management and other operations        26,152               359               415                 9,058             35,984
                                            1,672,473            14,475            13,078              768,572           2,468,598
     Stock compensation                     (28,372)             -                 -                   -                 (28,372)
     Corporate                              (320,563)            24,782            27,924              47,193            (220,664)
                                     $      1,323,538    $       39,257   $        41,002     $        815,765   $       2,219,562
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS) ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL
(In thousands)
(Unaudited)
                                                                     Three Months Ended                    Twelve Months Ended
                                                                     December 31,        December 31,      December 31,        December 31,
                                                                     2015                2014              2015                2014
Adjusted EBITDA                                                      $      515,264      $      482,876    $      2,238,920    $      2,219,562
Preopening and start-up expenses                                            (21,057)            (13,629)          (71,327)            (39,257)
Property transactions, net                                                  (1,491,277)         (480)             (1,503,942)         (41,002)
Depreciation and amortization                                               (200,164)           (202,654)         (819,883)           (815,765)
Operating income (loss)                                                     (1,197,234)         266,113           (156,232)           1,323,538
Non-operating income (expense):
Interest expense, net of amounts capitalized                                (186,291)           (200,903)         (797,579)           (817,061)
Other, net                                                                  (19,996)            (24,573)          (92,432)            (95,591)
                                                                            (206,287)           (225,476)         (890,011)           (912,652)
Income (loss) before income taxes                                           (1,403,521)         40,637            (1,046,243)         410,886
Benefit (provision) for income taxes                                        (69,976)            (328,109)         6,594               (283,708)
Net income (loss)                                                           (1,473,497)         (287,472)         (1,039,649)         127,178
Less: Net (income) loss attributable to noncontrolling interests            692,043             (54,791)          591,929             (277,051)
Net income (loss) attributable to MGM Resorts International          $      (781,454)    $      (342,263)  $      (447,720)    $      (149,873)
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,
                                                                     2015                2014              2015                2014
                                 Bellagio
                                 Occupancy %                                91.1%               87.6%             93.2%               92.9%
                                 Average daily rate (ADR)                   $270                $258              $262                $254
                                 Revenue per available room (REVPAR)        $246                $226              $244                $236
                                 MGM Grand Las Vegas
                                 Occupancy %                                89.2%               93.0%             94.1%               96.0%
                                 ADR                                        $170                $149              $165                $150
                                 REVPAR                                     $152                $138              $156                $144
                                 Mandalay Bay
                                 Occupancy %                                84.9%               86.8%             90.6%               92.0%
                                 ADR                                        $201                $181              $203                $191
                                 REVPAR                                     $171                $157              $184                $176
                                 The Mirage
                                 Occupancy %                                93.3%               91.3%             94.2%               94.8%
                                 ADR                                        $169                $157              $166                $159
                                 REVPAR                                     $158                $143              $157                $151
                                 Luxor
                                 Occupancy %                                91.4%               87.2%             94.2%               93.1%
                                 ADR                                        $108                $96               $105                $96
                                 REVPAR                                     $99                 $84               $99                 $89
                                 New York-New York
                                 Occupancy %                                94.8%               95.5%             97.6%               97.8%
                                 ADR                                        $133                $119              $129                $120
                                 REVPAR                                     $126                $113              $126                $118
                                 Excalibur
                                 Occupancy %                                90.0%               84.7%             93.2%               92.0%
                                 ADR                                        $92                 $80               $88                 $79
                                 REVPAR                                     $83                 $68               $82                 $73
                                 Monte Carlo
                                 Occupancy %                                93.5%               93.6%             96.4%               96.8%
                                 ADR                                        $122                $108              $119                $110
                                 REVPAR                                     $114                $101              $115                $107
                                 Circus Circus Las Vegas
                                 Occupancy %                                80.2%               77.1%             83.8%               80.4%
                                 ADR                                        $75                 $61               $71                 $60
                                 REVPAR                                     $60                 $47               $59                 $49
CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
                                               Three Months Ended                   Twelve Months Ended
                                               December 31,       December 31,      December 31,        December 31,
                                               2015               2014              2015                2014
                Aria                           $        262,262   $       232,622   $        985,483    $        955,563
                Vdara                                   27,515            25,195             111,006             103,856
                Crystals                                17,019            16,392             69,071              66,475
                Mandarin Oriental                       15,806            14,585             61,541              60,515
                Resort operations                       322,602           288,794            1,227,101           1,186,409
                Residential operations                  3,369             6,906              33,358              62,985
                                               $        325,971   $       295,700   $        1,260,459  $        1,249,394
CITYCENTER HOLDINGS, LLC
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,
                                               2015               2014              2015                2014
Adjusted EBITDA                                $        105,698   $       68,008    $        351,871    $        298,365
Property transactions, net                              (4,274)           (39,321)           154,733             (61,914)
Depreciation and amortization                           (83,413)          (87,098)           (272,330)           (350,926)
Operating income                                        18,011            (58,411)           234,274             (114,475)
Non-operating income (expense):
Interest expense                                        (18,179)          (17,993)           (72,791)            (82,260)
Other, net                                              164               (1,071)            350                 (11,831)
                                                        (18,015)          (19,064)           (72,441)            (94,091)
Net income (loss)                              $        (4)       $       (77,475)  $        161,833    $        (208,566)
CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended December 31, 2015
                                               Operating income   Preopening and    Property            Depreciation and    Adjusted
                                               (loss)             start-up          transactions, net   amortization        EBITDA
                                                                  expenses
                Aria                           $        14,312    $       -         $        4,271      $        66,704     $    85,287
                Vdara                                   426               -                  3                   6,974           7,403
                Crystals                                4,132             -                  -                   6,646           10,778
                Mandarin Oriental                       (914)             -                  -                   3,085           2,171
                Resort operations                       17,956            -                  4,274               83,409          105,639
                Residential operations                  1,065             -                  -                   4               1,069
                Development and administration          (1,010)           -                  -                   -               (1,010)
                                               $        18,011    $       -         $        4,274      $        83,413     $    105,698
Three Months Ended December 31, 2014
                                               Operating income   Preopening and    Property            Depreciation and    Adjusted
                                               (loss)             start-up          transactions, net   amortization        EBITDA
                                                                  expenses
                Aria                           $        (11,217)  $       -         $        4,255      $        66,538     $    59,576
                Vdara                                   (3,558)           -                  7                   9,554           6,003
                Crystals                                3,999             -                  (11)                6,568           10,556
                Mandarin Oriental                       (2,642)           -                  -                   4,182           1,540
                Resort operations                       (13,418)          -                  4,251               86,842          77,675
                Residential operations                  583               -                  -                   41              624
                Development and administration          (45,576)          -                  35,070              215             (10,291)
                                               $        (58,411)  $       -         $        39,321     $        87,098     $    68,008
CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Twelve Months Ended December 31, 2015
                                   Operating income    Preopening and   Property            Depreciation and   Adjusted
                                   (loss)              start-up         transactions, net   amortization       EBITDA
                                                       expenses
    Aria                           $        59,210     $       -        $        5,189      $        203,207   $    267,606
    Vdara                                   (726)              -                 3                   30,389         29,666
    Crystals                                18,310             -                 55                  26,632         44,997
    Mandarin Oriental                       (6,569)            -                 -                   12,254         5,685
    Resort operations                       70,225             -                 5,247               272,482        347,954
    Residential operations                  7,814              -                 -                   63             7,877
    Development and administration          156,235            -                 (159,980)           (215)          (3,960)
                                   $        234,274    $       -        $        (154,733)  $        272,330   $    351,871
Twelve Months Ended December 31, 2014
                                   Operating income    Preopening and   Property            Depreciation and   Adjusted
                                   (loss)              start-up         transactions, net   amortization       EBITDA
                                                       expenses
    Aria                           $        (34,515)   $       -        $        12,858     $        264,447   $    242,790
    Vdara                                   (15,103)           -                 155                 40,636         25,688
    Crystals                                16,384             -                 202                 26,867         43,453
    Mandarin Oriental                       (13,349)           -                 44                  18,333         5,028
    Resort operations                       (46,583)           -                 13,259              350,283        316,959
    Residential operations                  7,835              -                 1,115               428            9,378
    Development and administration          (75,727)           -                 47,540              215            (27,972)
                                   $        (114,475)  $       -        $        61,914     $        350,926   $    298,365
CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - HOTEL STATISTICS
(Unaudited)
                                   Three Months Ended                   Twelve Months Ended
                                   December 31,        December 31,     December 31,        December 31,
                                   2015                2014             2015                2014
    Aria
    Occupancy %                             90.2%              91.1%             92.3%               92.9%
    ADR                                     $235               $217              $233                $217
    REVPAR                                  $212               $198              $215                $202
    Vdara
    Occupancy %                             86.7%              87.8%             91.7%               92.0%
    ADR                                     $202               $177              $189                $174
    REVPAR                                  $175               $155              $173                $160

>>>

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-fourth-quarter-and-full-year-financial-results-300222097.html

SOURCE MGM Resorts International

http://rt.prnewswire.com/rt.gif?NewsItemId=LA19033&Transmission_Id=201602180745PR_NEWS_USPR_____LA19033&DateId=20160218



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