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 MGM Resorts International Reports Fourth Quarter And Full Year Financial And Operating Results; Announces Quarterly Dividend
   Thursday, February 16, 2017 7:40:00 AM ET

MGM Resorts International (MGM ) ("MGM Resorts" or the "Company") today reported financial results for the quarter and full year ended December 31, 2016 and announced a quarterly dividend.

"In 2016, MGM Resorts produced diluted earnings per share of $1.92 and delivered the best same-store domestic Adjusted Property EBITDA and Adjusted Property EBITDA margins in nine years. The achievement of key financial and strategic milestones demonstrates our continued focus on driving profitability and shareholder value, strengthening our balance sheet, and further positioning MGM Resorts as a leading entertainment and destination-resort company," said Jim Murren, Chairman & CEO of MGM Resorts. "We are excited about the outlook for 2017, including the full year contributions from MGM National Harbor and Borgata, the continued favorable Las Vegas dynamics supported by our investments including T-Mobile Arena and the Park Theater, the opening of MGM Cotai in Macau, and our persistent drive for continuous improvement throughout all aspects of our Company."

MGM Resorts Dividend:

The Company’s Board of Directors approved a quarterly dividend on February 15, 2017. The dividend of $0.11 per share will be payable on March 15, 2017 to stockholders of record at the close of business on March 10, 2017, and will equate to approximately $63 million in aggregate.

Mr. Murren continued, "The initiation of a quarterly dividend reinforces the Company’s commitment to executing on our disciplined, long term strategy of maximizing value for our shareholders while demonstrating confidence in our ability to continue growing the business and maintaining a strong balance sheet."

Fourth Quarter 2016 Financial Highlights:

-- Diluted earnings per share for the fourth quarter of 2016 of $0.04, compared to diluted loss per share of $1.38 in the prior year quarter which included a $1.5 billion, or $1.33 per share, non-cash goodwill impairment charge related to the 2011 MGM China acquisition;

-- Net revenues of $1.8 billion at the Company’s domestic resorts, a 17% increase over the prior year quarter, and a 2% increase on a same-store basis, excluding contributions from Borgata which the Company began consolidating in August 2016, MGM National Harbor which opened in December of 2016, and Circus Circus Reno, which the Company sold in 2015;

-- REVPAR(1) growth of 3% over the prior year quarter at the Company’s Las Vegas Strip resorts;

-- Operating income of $312 million at the Company’s domestic resorts;

-- Net income attributable to MGM Resorts of $25 million, compared to a net loss attributable to MGM Resorts of $781 million in the prior year quarter;

-- Adjusted Property EBITDA(2) of $493 million at the Company’s domestic resorts, a 14% increase over the prior year quarter and a 1% increase on a same-store basis;

-- Profit Growth Plan contribution of approximately $30 million of year over year Adjusted Property EBITDA growth to domestic resorts and approximately $1 million of Adjusted EBITDA growth from the Company’s 50% share of CityCenter, which resulted in cumulative fourth quarter contributions of $68 million and $6 million, respectively, since the start of the plan;

-- Same-store operating margin of 19.5% in the current quarter at the Company’s domestic resorts compared to 19.7% in the prior year quarter;

-- Same-store Adjusted Property EBITDA margin of 27.5% at the Company’s domestic resorts, for both current and prior year quarters; and

-- MGM China operating income of $72 million compared to an operating loss of $1.4 billion in the prior year quarter, which included the $1.5 billion non-cash goodwill impairment charge, and a 5% increase in MGM China’s Adjusted EBITDA compared to the prior year quarter.

Full Year 2016 Financial Highlights:

-- Consolidated net revenues of $9.5 billion and domestic resorts net revenues of $7.1 billion, a 9% increase over the prior year and a 4% increase on a same-store basis;

-- REVPAR growth of 6% over the prior year at the Company’s Las Vegas Strip resorts;

-- Operating income of $1.4 billion at the Company’s domestic resorts;

-- Net income attributable to MGM Resorts of $1.1 billion, compared to a net loss attributable to MGM Resorts of $448 million in the prior year;

-- Adjusted Property EBITDA of $2.1 billion at the Company’s domestic resorts, a 22% increase over the prior year and a 17% increase on a same-store basis;

-- Bellagio produced all-time records in net revenues, Adjusted Property EBITDA and Adjusted Property EBITDA margins;

-- Profit Growth Plan contribution of approximately $244 million of year over year Adjusted Property EBITDA growth to domestic resorts and approximately $22 million of Adjusted EBITDA growth from the Company’s 50% share of CityCenter, which resulted in cumulative contributions of $315 million and $30 million, respectively, since the start of the plan; and

-- Same-store Adjusted Property EBITDA margin of 29.6% at the Company’s domestic resorts, a 336 basis point increase compared to the prior year.

2016 Strategic Highlights:

-- Successful creation and $1.2 billion initial public offering of MGM Growth Properties LLC ("MGP"), a premier triple net lease REIT, which priced at the high end of the filing range and has since achieved material share price appreciation, underscoring the significant value in the Company’s real estate assets;

-- CityCenter’s sale of The Shops at Crystals for $1.1 billion resulting in a $540 million distribution to MGM Resorts;

-- Opening of new entertainment venues on the Las Vegas Strip with the T-Mobile Arena and Park Theater;

-- Increasing Profit Growth Plan target by 33% to $400 million;

-- Acquisition of Borgata and the subsequent contribution of the real property to MGP;

-- Increase in MGM China ownership to approximately 56%;

-- Opening of the highly anticipated MGM National Harbor in Maryland; and

-- Continued focus on balance sheet enhancement resulting in rating agencies upgrades.

Certain Items Affecting Fourth Quarter Results

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,                       2016        2015
Preopening and start-up expenses                      $  (0.07)   $  (0.02)
Property transactions, net:
Gain on sale of Circus Circus Reno and Silver Legacy     --          0.03
Grand Victoria investment impairment                     --          (0.02)
Other property transactions, net                         (0.01)      (0.03)
MGM China goodwill impairment                            --          (1.33)
Income (loss) from unconsolidated affiliates:
Gain on the sale of Crystals                             0.01        --

Domestic Resorts

Casino revenue for the fourth quarter of 2016 increased 33% compared to the prior year quarter, due primarily to the acquisition of Borgata Hotel Casino and Spa ("Borgata"), the MGM National Harbor opening on December 8, 2016, and an increase in both table games and slots revenue. Casino revenue increased 3% on a same-store basis compared to the prior year quarter. Same-store table games hold percentage in the fourth quarter of 2016 was 22.5% compared to 20.0% in the prior year quarter. Slots revenue increased 3% on a same-store basis compared to the prior year quarter.

Rooms revenue increased 10% compared to the prior year quarter. On a same-store basis, rooms revenue increased 4% compared to the prior year quarter. Las Vegas Strip REVPAR increased 3%. The following table shows key hotel statistics for the Company’s Las Vegas Strip resorts:

Three months ended December 31,      2016     2015
Occupancy %                             89%      89%
Average Daily Rate (ADR)             $  157   $  152
Revenue per Available Room (REVPAR)  $  140   $  136

Operating income at the Company’s domestic resorts was $312 million for the fourth quarter of 2016 compared to $308 million in the prior year quarter. Domestic resorts Adjusted Property EBITDA increased 14% to $493 million in the fourth quarter of 2016 and was positively impacted by approximately $30 million of Adjusted Property EBITDA growth generated from the Company’s Profit Growth Plan initiatives as well as $45 million of Adjusted Property EBITDA resulting from the Borgata transaction and $10 million of Adjusted Property EBITDA resulting from the December 2016 opening of MGM National Harbor. Same-store Adjusted Property EBITDA increased 1% compared to the prior year quarter.

The Company’s domestic resorts were impacted by a lower number of convention room nights compared to the prior year quarter, primarily driven by the October holiday calendar shift as well as the rotation and timing of certain conventions. The reduced convention room nights were replaced primarily with casino room nights, which benefitted our table games and slots business and was offset by lower catering and banquets and production services.

Mr. Murren added, "In the fourth quarter of 2016, we drove growth in REVPAR and EBITDA despite a record convention business fourth quarter in the prior year. Our convention business this year resulted in the second highest fourth quarter in the Company’s history, and we also successfully leveraged our database and delivered new entertainment offerings to drive customers to our resorts. We continue to invest in our business and remain encouraged by the opportunities we see in 2017. We expect to achieve Las Vegas Strip REVPAR growth of 7% in the first quarter of 2017."

Corporate Expense

Corporate expense was $72 million in the fourth quarter of 2016, a decrease of $19 million compared to the prior year quarter. The current quarter included $3 million related to Profit Growth Plan implementation costs. The prior year quarter included costs incurred to implement initiatives related to the Profit Growth Plan and costs associated with the initial public offering of MGP totaling $22 million.

MGM China

On February 16, 2017, as part of its regular dividend policy, the Board of Directors of MGM China Holdings Limited ("MGM China") announced it will recommend a final dividend for 2016 of $78 million to MGM China shareholders subject to approval at the MGM China 2017 annual shareholders meeting to be held in May, bringing the total 2016 dividend to $137 million including the interim dividend paid in August of 2016. If approved, MGM Resorts International will receive its 56% share or $44 million, of which $4 million will be paid to Grand Paradise Macau under the $50 million deferred cash payment arrangement related to the Company’s acquisition of the additional 4.95% of MGM China shares in August of 2016.

Key fourth quarter results for MGM China include:

-- Net revenues of $500 million, a $1 million increase compared to the prior year quarter;

-- Main floor table games revenue decreased 2% compared to the prior year quarter;

-- VIP table games revenue increased 7% due to an increase in hold percentage to 3.7% in the current year quarter, compared to 3.0% in the prior year quarter, partially offset by a decrease in turnover of 16% compared to the prior year quarter;

-- Operating income was $72 million compared to an operating loss of $1.4 billion in the prior year quarter, which included the $1.5 billion non-cash impairment charge on goodwill recognized for the 2011 MGM China acquisition;

-- Adjusted EBITDA increased 5% to $138 million, compared to $131 million in the prior year quarter, including $9 million of license fee expense in both the current and prior year quarters; and

-- Operating margin was 14.4% in the current year quarter, and Adjusted EBITDA margin was 27.5% an increase of 127 basis points compared to the prior year quarter.

Unconsolidated Affiliates

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

Three months ended December 31,  2016        2015
                                 (In thousands)
CityCenter                       $  25,804   $  19,331
Borgata                             --          16,230
Other                               6,224       4,691
                                 $  32,028   $  40,252

Our share of CityCenter Holdings, LLC ("CityCenter") operating results for the fourth quarter of 2016, including certain basis difference adjustments, was $26 million. Our share of CityCenter’s operating income in the prior year quarter was negatively impacted by $10 million due to accelerated depreciation associated with the April 2016 closure of the Zarkana theatre.

Results for CityCenter for the fourth quarter of 2016 include the following (see schedules accompanying this release for further detail on CityCenter’s fourth quarter results):

-- Net revenues from resort operations were $301 million, a 2% decrease compared to the prior year quarter, primarily due to a decrease in entertainment revenue as the Zarkana show closed on April 30, 2016 and a decrease in casino revenue;

-- Operating income from resorts operations was $27 million, compared to $13 million in the prior year quarter which included $20 million of accelerated depreciation as discussed above;

-- Adjusted EBITDA from resort operations was $91 million, a 5% decrease compared to the prior year quarter, primarily due to a decrease in entertainment revenue related to the April 2016 Zarkana show closure and a decrease in casino revenue;

-- Aria’s table games volume decreased 11% and table games hold percentage was 29.2%, compared to 26.8% in the prior year quarter;

-- REVPAR at Aria increased 3% to $218 compared to the prior year quarter; and

-- Vdara reported REVPAR of $182 in the current year quarter, and Adjusted EBITDA increased 22% to $9 million compared to the prior year quarter.

On August 1, 2016 the Company completed the previously announced acquisition of Boyd Gaming Corporation’s interest in Borgata. The acquisition closed on August 1, 2016, at which time the entity operating Borgata became a consolidated subsidiary of the Company and the real estate assets associated with Borgata were contributed to MGP. Prior to the acquisition, the Company held a 50% interest in Borgata, which was accounted for under the equity method.

MGM Growth Properties

During the fourth quarter of 2016, the Company made rent payments to MGP in the amount of $163 million and received distributions of $72 million from MGM Growth Properties Operating Partnership LP (the "Operating Partnership"). On December 15, 2016, MGP’s Board of Directors declared a quarterly dividend of $0.3875 per Class A share totaling $22 million, which was paid on January 16, 2017 to holders of record on December 30, 2016. The Company concurrently received a $72 million distribution attributable to its ownership of units in the Operating Partnership.

Full Year 2016 Results

Consolidated net revenue for 2016 was $9.5 billion, a 3% increase over 2015. Consolidated operating income was $2.1 billion, including a $430 million gain recognized on the Borgata acquisition and a $401 million gain related to the sale of Crystals, compared to an operating loss of $156 million in the prior year, which included the $1.5 billion non-cash goodwill impairment charge related to the 2011 MGM China acquisition. Net income attributable to MGM Resorts was $1.1 billion compared to a net loss of $448 million in the prior year. Adjusted EBITDA increased 25% compared to the prior year to $2.8 billion.

Net revenue from domestic resorts was $7.1 billion, a 9% increase over the prior year and operating income from domestic resorts was $1.4 billion a 13% increase over the prior year. Domestic resorts Adjusted Property EBITDA increased 22% to $2.1 billion for 2016 and was positively impacted by approximately $244 million of Adjusted Property EBITDA growth generated from the Company’s Profit Growth Plan initiatives as well as $81 million of Adjusted Property EBITDA resulting from the Borgata transaction and $10 million of Adjusted Property EBITDA resulting from the December 2016 opening of MGM National Harbor. Same-store Adjusted Property EBITDA increased 17% compared to the prior year.

MGM China net revenue was $1.9 billion for 2016, a 13% decrease from 2015. MGM China operating income was $255 million compared to an operating loss of $1.2 billion in the prior year, which included the $1.5 billion non-cash goodwill impairment charge described above. MGM China Adjusted EBITDA was $521 million compared to $540 million in the prior year.

CityCenter reported net revenues of $1.2 billion from resort operations, a 3% increase compared to the prior year. Operating income from resort operations was $7 million and included $26 million of NV Energy exit expense and $82 million of accelerated depreciation associated with the April 2016 closure of the Zarkana theatre, compared to operating income of $48 million in the prior year, which included $20 million of accelerated depreciation associated with the Zarkana theatre closure. Adjusted EBITDA related to resort operations was a record $353 million compared to $305 million in the prior year and was positively impacted by approximately $45 million of Adjusted EBITDA growth generated from the Company’s Profit Growth Plan initiatives.

During the year ended December 31, 2016, the Company made rent payments to MGP in the amount of $418 million. During the full year 2016 the Company received $113 million of distributions attributable to its ownership of units in the Operating Partnership.

Diluted earnings per share was $1.92 in the current year compared to loss per share of $0.82 in 2015. 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,                              2016        2015
NV Energy exit expense                               $  (0.18)   $  --
Preopening and start-up expenses                        (0.15)      (0.08)
Property transactions, net:
Gain on sale of Circus Circus Reno and Silver Legacy    --          0.03
Grand Victoria investment impairment                    --          (0.02)
Other property transactions, net                        (0.02)      (0.05)
MGM China goodwill impairment                           --          (1.38)
Gain on Borgata transaction                             0.61        --
Income (loss) from unconsolidated affiliates:
Gain on the sale of Crystals                            0.56        --
CityCenter NV Energy exit expense                       (0.02)      --
Harmon-related property transactions, net               --          0.10
Non-operating expense:
Loss on retirement of long-term debt                    (0.10)      --

The current year results included income tax benefit of $204 million attributable to a decrease in valuation allowance on foreign tax credit carryovers resulting from changes in assumptions impacting the assessment of realizability of such carryovers and income tax expense of $36 million attributable to the remeasurement of Macau deferred tax liabilities resulting from a change in assumption concerning renewal of the exemption from the Macau complementary tax on gaming profits.

Financial Position

The Company’s cash balance at December 31, 2016 was $1.4 billion, which included $454 million at MGM China and $360 million at MGP. At December 31, 2016, the Company had $13.1 billion of principal amount of indebtedness outstanding, including $250 million outstanding under its $1.5 billion senior secured credit facility, $2.1 billion outstanding under the $2.7 billion Operating Partnership senior credit facility, $1.9 billion outstanding under the $3 billion MGM China credit facility, and $450 million outstanding under the $525 million MGM National Harbor credit facility.

"We have taken significant steps over the past year to prudently pursue strategic opportunities while enhancing our capital structure, addressing near term maturities and strengthening the financial position of our Company," said Dan D’Arrigo, Executive Vice President and Chief Financial Officer of MGM Resorts. "We continue to focus on maximizing our cash flows to support our balanced approach to capital allocation including our quarterly dividend and targeted growth opportunities while remaining committed to returning MGM Resorts to investment grade."

Conference Call Details

MGM Resorts 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 6980101. A replay of the call will be available through Thursday, February 23, 2017. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10099047. The call will be archived at www.mgmresorts.com. In addition, MGM Resorts will post supplemental slides today on its website at www.mgmresorts.investorroom.com for reference during the earnings call.

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, NV Energy exit expense, goodwill impairment charges, gain on Borgata transaction, and property transactions, net. "Adjusted Property EBITDA" is Adjusted EBITDA before corporate expense and stock compensation expense related to the MGM Resorts and MGP stock option plans, which are 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. "Same-store Adjusted Property EBITDA" is Adjusted Property EBITDA related to operating resorts which were consolidated by the Company for both the entire current and prior year periods presented. 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, Adjusted Property EBITDA, and Same-store 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 and Same-store Adjusted Property EBITDA as the primary measure of the Company’s operating resorts’ performance.

Adjusted EBITDA, Adjusted Property EBITDA and Same-store Adjusted Property EBITDA should not be construed as alternatives to operating income or net income, as indicators of our performance; or as alternatives to cash flows from operating activities, as measures of liquidity; or as any other measure determined in accordance with generally accepted accounting principles. We have significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in Adjusted EBITDA, Adjusted Property EBITDA or Same-store Adjusted Property EBITDA. Also, other companies in the gaming and hospitality industries that report Adjusted EBITDA, Adjusted Property EBITDA or Same-store Adjusted Property EBITDA information may calculate Adjusted EBITDA, Adjusted Property EBITDA or Same-store Adjusted Property EBITDA in a different manner.

Reconciliations of GAAP net income (loss) to Adjusted EBITDA and GAAP operating income (loss) to Adjusted Property EBITDA and Same-store 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 opened MGM National Harbor in Maryland on December 8, 2016, and is in the process of developing MGM Springfield in Massachusetts. MGM Resorts controls and holds a 76 percent economic interest in the operating partnership of MGM Growth Properties LLC (MGP ), a premier triple-net lease real estate investment trust engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts. The Company also owns 56 percent of MGM China Holdings Limited (SEHK: 2282), which owns MGM MACAU and is developing MGM COTAI, and 50 percent of CityCenter in Las Vegas, which features ARIA Resort & Casino. MGM Resorts is named among FORTUNE? Magazine’s 2016 list of World’s Most Admired Companies?. 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 expectations regarding future results and the Company’s financial outlook (including REVPAR guidance), the payment of any future cash dividends on the Company’s common stock (which dividends will be subject to the discretion of the Company’s Board of Directors taking into account any factors it deems relevant), its ability to generate future cash flow growth and to execute on future development and other projects and the Company’s ability to execute its strategic plan and improve its financial flexibility. 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,
                                                                             2016              2015                2016               2015
Revenues:
            Casino                                                           $      1,366,903  $      1,146,765    $      4,936,490   $      4,842,836
            Rooms                                                                   505,120           460,778             2,023,841          1,876,733
            Food and beverage                                                       401,373           370,880             1,639,910          1,575,496
            Entertainment                                                           137,103           137,293             517,433            539,318
            Retail                                                                  49,711            47,897              200,340            201,688
            Other                                                                   133,413           115,980             533,528            506,934
            Reimbursed costs                                                        95,992            95,936              397,152            398,836
                                                                                    2,689,615         2,375,529           10,248,694         9,941,841
            Less: Promotional allowances                                            (228,795)         (183,656)           (793,571)          (751,773)
                                                                                    2,460,820         2,191,873           9,455,123          9,190,068
Expenses:
            Casino                                                                  761,280           661,948             2,718,483          2,882,752
            Rooms                                                                   141,115           139,910             576,426            564,094
            Food and beverage                                                       230,947           216,357             943,803            917,993
            Entertainment                                                           112,078           101,410             411,657            410,284
            Retail                                                                  23,737            23,643              96,928             102,904
            Other                                                                   90,314            80,355              351,215            348,513
            Reimbursed costs                                                        95,992            95,936              397,152            398,836
            General and administrative                                              376,717           306,728             1,378,617          1,309,104
            Corporate expense                                                       71,941            90,574              312,774            274,551
            NV Energy exit expense                                                  -                 -                   139,335            -
            Preopening and start-up expenses                                        61,631            21,057              140,075            71,327
            Property transactions, net                                              12,361            23,286              17,078             35,951
            Goodwill impairment                                                     -                 1,467,991           -                  1,467,991
            Gain on Borgata transaction                                             (340)             -                   (430,118)          -
            Depreciation and amortization                                           233,052           200,164             849,527            819,883
                                                                                    2,210,825         3,429,359           7,902,952          9,604,183
Income from unconsolidated affiliates                                               32,028            40,252              527,616            257,883
Operating income (loss)                                                             282,023           (1,197,234)         2,079,787          (156,232)
Non-operating income (expense):
            Interest expense, net of amounts capitalized                            (161,704)         (186,291)           (694,773)          (797,579)
            Non-operating items from unconsolidated affiliates                      (7,910)           (16,717)            (53,139)           (76,462)
            Other, net                                                              (4,983)           (3,279)             (72,698)           (15,970)
                                                                                    (174,597)         (206,287)           (820,610)          (890,011)
Income (loss) before income taxes                                                   107,426           (1,403,521)         1,259,177          (1,046,243)
            Benefit (provision) for income taxes                                    (37,504)          (69,976)            (22,299)           6,594
Net income (loss)                                                                   69,922            (1,473,497)         1,236,878          (1,039,649)
            Less: Net (income) loss attributable to noncontrolling interests        (45,253)          692,043             (135,438)          591,929
Net income (loss) attributable to MGM Resorts International                  $      24,669     $      (781,454)    $      1,101,440   $      (447,720)
Per share of common stock:
            Basic:
            Net income (loss) attributable to MGM Resorts International      $      0.04       $      (1.38)       $      1.94        $      (0.82)
            Weighted average shares outstanding                                     573,833           564,398             568,134            542,873
            Diluted:
            Net income (loss) attributable to MGM Resorts International      $      0.04       $      (1.38)       $      1.92        $      (0.82)
            Weighted average shares outstanding                                     579,176           564,398             573,317            542,873
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
                                                                                 December 31,       December 31,
                                                                                 2016               2015
ASSETS
Current assets:
         Cash and cash equivalents                                       $       1,446,581       $  1,670,312
         Accounts receivable, net                                                542,924            480,559
         Inventories                                                             97,733             104,200
         Income tax receivable                                                   -                  15,993
         Prepaid expenses and other                                              142,349            137,685
         Total current assets                                                    2,229,587          2,408,749
Property and equipment, net                                                      18,425,023         15,371,795
Other assets:
         Investments in and advances to unconsolidated affiliates                1,220,443          1,491,497
         Goodwill                                                                1,817,119          1,430,767
         Other intangible assets, net                                            4,087,706          4,164,781
         Other long-term assets, net                                             393,423            347,589
         Total other assets                                                      7,518,691          7,434,634
                                                                         $       28,173,301      $  25,215,178
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
         Accounts payable                                                $       250,477         $  182,031
         Construction payable                                                    270,361            250,120
         Income taxes payable                                                    10,654             -
         Current portion of long-term debt                                       8,375              328,442
         Accrued interest on long-term debt                                      159,028            165,914
         Other accrued liabilities                                               1,594,526          1,311,444
         Total current liabilities                                               2,293,421          2,237,951
Deferred income taxes, net                                                       2,551,228          2,680,576
Long-term debt                                                                   12,979,220         12,368,311
Other long-term obligations                                                      325,981            157,663
Redeemable noncontrolling interest                                               54,139             6,250
Stockholders’ equity:
         Common stock, $.01 par value: authorized 1,000,000,000 shares,
         issued and outstanding 574,123,706 and 564,838,893 shares               5,741              5,648
         Capital in excess of par value                                          5,653,575          5,655,886
         Retained earnings (accumulated deficit)                                 545,811            (555,629)
         Accumulated other comprehensive income                                  15,053             14,022
         Total MGM Resorts International stockholders’ equity                    6,220,180          5,119,927
         Noncontrolling interests                                                3,749,132          2,644,500
         Total stockholders’ equity                                              9,969,312          7,764,427
                                                                         $       28,173,301      $  25,215,178
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,
                                   2016              2015              2016              2015
   Bellagio                        $      333,123    $      311,893    $      1,338,626  $      1,236,248
   MGM Grand Las Vegas                    262,911           283,086           1,122,380         1,138,469
   Mandalay Bay                           199,006           205,134           934,110           906,243
   The Mirage                             137,487           128,095           586,745           568,607
   Luxor                                  99,466            94,351            391,634           372,426
   New York-New York                      86,432            78,514            336,150           308,319
   Excalibur                              75,605            71,571            309,551           289,324
   Monte Carlo                            67,338            69,954            280,835           290,240
   Circus Circus Las Vegas                60,607            55,347            248,313           232,844
   MGM Grand Detroit                      140,945           144,266           564,976           547,399
   Beau Rivage                            90,600            87,870            377,396           367,587
   Gold Strike Tunica                     39,369            38,990            163,535           160,863
   Borgata (1)                            197,456           -                 348,462           -
   National Harbor (2)                    53,005            -                 53,005            -
   Other resort operations (3)            -                 8,727             -                 78,792
   Domestic resorts                       1,843,350         1,577,798         7,055,718         6,497,361
   MGM China                              499,685           498,784           1,920,487         2,214,767
   Management and other operations        117,785           115,291           478,918           477,940
                                   $      2,460,820  $      2,191,873  $      9,455,123  $      9,190,068
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,
                                   2016              2015              2016              2015
   Bellagio                        $      118,280    $      106,588    $      479,259    $      395,385
   MGM Grand Las Vegas                    69,538            80,228            330,681           280,266
   Mandalay Bay                           34,988            38,729            235,609           203,474
   The Mirage                             27,183            16,674            139,427           112,475
   Luxor                                  27,062            24,847            108,192           87,169
   New York-New York                      30,074            29,417            121,729           106,457
   Excalibur                              25,618            22,649            101,525           82,247
   Monte Carlo                            16,978            22,224            78,862            85,962
   Circus Circus Las Vegas                15,754            11,677            61,989            43,245
   MGM Grand Detroit                      43,558            45,256            171,414           154,979
   Beau Rivage                            17,635            22,059            93,762            88,843
   Gold Strike Tunica                     11,378            11,879            49,690            46,023
   Borgata (1)                            45,182            -                 81,281            -
   National Harbor (2)                    9,596             -                 9,596             -
   Other resort operations (3)            -                 (1,492)           -                 3,441
   Domestic resorts                       492,824           430,735           2,063,016         1,689,966
   MGM China                              137,549           130,983           520,736           539,881
   Unconsolidated resorts (4)             32,028            40,252            527,616           257,883
   Management and other operations        3,212             7,616             13,000            37,419
                                   $      665,613    $      609,586    $      3,124,368  $      2,525,149
(1) For the twelve months ended December 31, 2016, represents net revenues and Adjusted Property EBITDA of Borgata for the period from August 1, 2016 (the first day of the Company’s full ownership) through December 31, 2016
(2) Represents net revenues and Adjusted Property EBITDA of National Harbor for the month ended December 31, 2016 only
(3) Sold in 2015
(4) Represents the Company’s share of operating income (loss), adjusted for the effect of certain basis differences. Includes the Company’s share of Borgata results for the three and twelve month periods ended December 31, 2015 and the seven months ended July 31, 2016
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, 2016
                                    Operating           NV Energy exit  Preopening and   Property            Depreciation and   Adjusted EBITDA
                                    income (loss)       expense         start-up         transactions, net   amortization
                                                                        expenses         and gain on
                                                                                         Borgata
                                                                                         transaction
    Bellagio                        $      95,485       $       -       $       -        $        207        $        22,588    $       118,280
    MGM Grand Las Vegas                    50,521               -               82                596                 18,339            69,538
    Mandalay Bay                           12,077               -               -                 422                 22,489            34,988
    The Mirage                             16,736               -               -                 441                 10,006            27,183
    Luxor                                  17,780               -               -                 184                 9,098             27,062
    New York-New York                      24,693               -               2                 31                  5,348             30,074
    Excalibur                              20,809               -               -                 818                 3,991             25,618
    Monte Carlo                            3,083                -               1,421             925                 11,549            16,978
    Circus Circus Las Vegas                10,305               -               -                 582                 4,867             15,754
    MGM Grand Detroit                      37,836               -               -                 (59)                5,781             43,558
    Beau Rivage                            11,582               -               -                 (113)               6,166             17,635
    Gold Strike Tunica                     8,939                -               -                 (36)                2,475             11,378
    Borgata                                15,786               -               39                8,573               20,784            45,182
    National Harbor (1)                    (13,626)             -               17,986            -                   5,236             9,596
    Other resort operations (2)            -                    -               -                 -                   -                 -
    Domestic resorts                       312,006              -               19,530            12,571              148,717           492,824
    MGM China                              72,055               -               7,102             (339)               58,731            137,549
    Unconsolidated resorts                 32,028               -               -                 -                   -                 32,028
    Management and other operations        1,055                -               -                 29                  2,128             3,212
                                           417,144              -               26,632            12,261              209,576           665,613
    Stock compensation                     (13,525)             -               -                 -                   -                 (13,525)
    Corporate                              (121,596)            -               34,999            (240)               23,476            (63,361)
                                    $      282,023      $       -       $       61,631   $        12,021     $        233,052   $       588,727
Three Months Ended December 31, 2015
                                    Operating           NV Energy exit  Preopening and   Property            Depreciation and   Adjusted EBITDA
                                    income (loss)       expense         start-up         transactions, net   amortization
                                                                        expenses         and goodwill
                                                                                         impairment
    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)
    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 (3)             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
(1) Represents operating results of National Harbor for the month ended December 31, 2016
(2) Sold in 2015
(3) Represents the Company’s share of operating income (loss), adjusted for the effect of certain basis differences. Includes the Company’s share of Borgata results for the three months ended December 31, 2015
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, 2016
                                    Operating           NV Energy exit   Preopening and   Property            Depreciation and   Adjusted EBITDA
                                    income (loss)       expense          start-up         transactions, net   amortization
                                                                         expenses         and gain on
                                                                                          Borgata
                                                                                          transaction
    Bellagio                        $      366,543      $       23,815   $       -        $        118        $        88,783    $       479,259
    MGM Grand Las Vegas                    231,327              25,365           82                1,719               72,188            330,681
    Mandalay Bay                           114,202              29,123           252               2,377               89,655            235,609
    The Mirage                             85,300               13,813           -                 44                  40,270            139,427
    Luxor                                  57,653               11,594           1,625             708                 36,612            108,192
    New York-New York                      93,169               7,439            479               210                 20,432            121,729
    Excalibur                              71,885               9,083            -                 4,405               16,152            101,525
    Monte Carlo                            33,291               8,409            1,929             1,131               34,102            78,862
    Circus Circus Las Vegas                33,516               10,694           -                 816                 16,963            61,989
    MGM Grand Detroit                      147,865              -                -                 (59)                23,608            171,414
    Beau Rivage                            68,054               -                -                 (172)               25,880            93,762
    Gold Strike Tunica                     39,831               -                -                 67                  9,792             49,690
    Borgata (1)                            38,616               -                90                8,652               33,923            81,281
    National Harbor (2)                    (13,626)             -                17,986            -                   5,236             9,596
    Other resort operations (3)            -                    -                -                 -                   -                 -
    Domestic resorts                       1,367,626            139,335          22,443            20,016              513,596           2,063,016
    MGM China                              255,264              -                27,848            (216)               237,840           520,736
    Unconsolidated resorts (4)             524,448              -                3,168             -                   -                 527,616
    Management and other operations        4,316                -                1,150             29                  7,505             13,000
                                           2,151,654            139,335          54,609            19,829              758,941           3,124,368
    Stock compensation                     (44,957)             -                -                 -                   -                 (44,957)
    Corporate                              (26,910)             -                85,466            (432,869)           90,586            (283,727)
                                    $      2,079,787    $       139,335  $       140,075  $        (413,040)  $        849,527   $       2,795,684
Twelve Months Ended December 31, 2015
                                    Operating           NV Energy exit   Preopening and   Property            Depreciation and   Adjusted EBITDA
                                    income (loss)       expense          start-up         transactions, net   amortization
                                                                         expenses         and goodwill
                                                                                          impairment
    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
    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 (4)             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
(1) Represents operating results of Borgata for the period from August 1, 2016 (the first day of the Company’s full ownership) through December 31, 2016
(2) Represents operating results of National Harbor for the month ended December 31, 2016
(3) Sold in 2015
(4) Represents the Company’s share of operating income (loss), adjusted for the effect of certain basis differences. Includes the Company’s share of Borgata results for the twelve months ended December 31, 2015 and the seven months ended July 31, 2016
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
                                                                  Three Months Ended                   Twelve Months Ended
                                                                  December 31,     December 31,        December 31,      December 31,
                                                                  2016             2015                2016              2015
Net income (loss) attributable to MGM Resorts International       $      24,669    $      (781,454)    $      1,101,440  $      (447,720)
Plus: Net income (loss) attributable to noncontrolling interests         45,253           (692,043)           135,438           (591,929)
Net income (loss)                                                        69,922           (1,473,497)         1,236,878         (1,039,649)
Provision (benefit) for income taxes                                     37,504           69,976              22,299            (6,594)
Income (loss) before income taxes                                        107,426          (1,403,521)         1,259,177         (1,046,243)
Non-operating (income) expense:
Interest expense, net of amounts capitalized                             161,704          186,291             694,773           797,579
Other, net                                                               12,893           19,996              125,837           92,432
                                                                         174,597          206,287             820,610           890,011
Operating income (loss)                                                  282,023          (1,197,234)         2,079,787         (156,232)
NV Energy exit expense                                                   -                -                   139,335           -
Preopening and start-up expenses                                         61,631           21,057              140,075           71,327
Property transactions, net                                               12,361           23,286              17,078            35,951
Goodwill impairment                                                      -                1,467,991           -                 1,467,991
Gain on Borgata transaction                                              (340)            -                   (430,118)         -
Depreciation and amortization                                            233,052          200,164             849,527           819,883
Adjusted EBITDA                                                   $      588,727   $      515,264      $      2,795,684  $      2,238,920
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF DOMESTIC RESORTS ADJUSTED PROPERTY EBITDA TO DOMESTIC RESORTS SAME-STORE ADJUSTED PROPERTY EBITDA
(In thousands)
(Unaudited)
                                                                  Three Months Ended                   Twelve Months Ended
                                                                  December 31,     December 31,        December 31,      December 31,
                                                                  2016             2015                2016              2015
Domestic resorts Adjusted Property EBITDA                         $      492,824   $      430,735      $      2,063,016  $      1,689,966
Adjusted Property EBITDA related to Borgata                              (45,182)         -                   (81,281)          -
Adjusted Property EBITDA related to National Harbor                      (9,596)          -                   (9,596)           -
Adjusted Property EBITDA related to other resort operations              -                1,492               -                 (3,441)
Domestic resorts same-store Adjusted Property EBITDA              $      438,046   $      432,227      $      1,972,139  $      1,686,525
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,
                                                                  2016             2015                2016              2015
             Bellagio
             Occupancy %                                                 91.0%            91.1%               93.5%             93.2%
             Average daily rate (ADR)                                    $278             $270                $275              $262
             Revenue per available room (REVPAR)                         $253             $246                $257              $244
             MGM Grand Las Vegas
             Occupancy %                                                 89.8%            89.2%               93.5%             94.1%
             ADR                                                         $171             $170                $175              $165
             REVPAR                                                      $153             $152                $164              $156
             Mandalay Bay
             Occupancy %                                                 85.8%            84.9%               91.5%             90.6%
             ADR                                                         $199             $201                $209              $203
             REVPAR                                                      $170             $171                $192              $184
             The Mirage
             Occupancy %                                                 92.6%            93.3%               95.1%             94.2%
             ADR                                                         $168             $169                $170              $166
             REVPAR                                                      $156             $158                $162              $157
             Luxor
             Occupancy %                                                 90.9%            91.4%               95.3%             94.2%
             ADR                                                         $115             $108                $112              $105
             REVPAR                                                      $105             $99                 $106              $99
             New York-New York
             Occupancy %                                                 95.1%            94.8%               97.5%             97.6%
             ADR                                                         $141             $133                $139              $129
             REVPAR                                                      $134             $126                $136              $126
             Excalibur
             Occupancy %                                                 89.5%            90.0%               93.7%             93.2%
             ADR                                                         $100             $92                 $97               $88
             REVPAR                                                      $89              $83                 $91               $82
             Monte Carlo
             Occupancy %                                                 91.3%            93.5%               96.1%             96.4%
             ADR                                                         $129             $122                $126              $119
             REVPAR                                                      $118             $114                $121              $115
             Circus Circus Las Vegas
             Occupancy %                                                 81.6%            80.2%               84.2%             83.8%
             ADR                                                         $83              $75                 $80               $71
             REVPAR                                                      $68              $60                 $67               $59
CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
                                            Three Months Ended                  Twelve Months Ended
                                            December 31,       December 31,     December 31,       December 31,
                                            2016               2015             2016               2015
         Aria                               $        255,682   $       263,463  $       1,012,259  $        990,475
         Vdara                                       28,815            27,515           119,367             111,006
         Mandarin Oriental                           16,542            15,806           65,763              61,541
         Resort operations                           301,039           306,784          1,197,389           1,163,022
         Residential and other operations            32                3,369            2,676               33,358
                                            $        301,071   $       310,153  $       1,200,065  $        1,196,380
CITYCENTER HOLDINGS, LLC
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
                                            Three Months Ended                  Twelve Months Ended
                                            December 31,       December 31,     December 31,       December 31,
                                            2016               2015             2016               2015
Net income (loss)                           $        18,933    $       (4)      $       348,373    $        161,833
Less: Income from discontinued operations            (7,673)           (5,326)          (407,187)           (22,681)
Income (loss) from continuing operations             11,260            (5,330)          (58,814)            139,152
Non-operating (income) expense:
Interest expense, net of amounts capitalized         14,510            18,179           61,032              72,791
Other, net                                           106               (163)            3,323               (280)
                                                     14,616            18,016           64,355              72,511
Operating income                                     25,876            12,686           5,541               211,663
NV Energy exit expense                               -                 -                26,089              -
Property transactions, net                           6,468             4,274            4,529               (154,788)
Depreciation and amortization                        57,301            78,305           313,787             251,847
Adjusted EBITDA                             $        89,645    $       95,265   $       349,946    $        308,722
CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended December 31, 2016
                                            Operating income   NV Energy exit   Preopening and     Property            Depreciation   Adjusted
                                            (loss)             expense          start-up           transactions, net   and            EBITDA
                                                                                expenses                               amortization
         Aria                               $        25,875    $       -        $       -          $        6,468      $      47,178  $    79,521
         Vdara                                       2,023             -                -                   -                 6,996        9,019
         Mandarin Oriental                           (1,027)           -                -                   -                 3,127        2,100
         Resort operations                           26,871            -                -                   6,468             57,301       90,640
         Residential, administration and
         other operations                            (995)             -                -                   -                 -            (995)
                                            $        25,876    $       -        $       -          $        6,468      $      57,301  $    89,645
Three Months Ended December 31, 2015
                                            Operating income   NV Energy exit   Preopening and     Property            Depreciation   Adjusted
                                            (loss)             expense          start-up           transactions, net   and            EBITDA
                                                                                expenses                               amortization
         Aria                               $        13,119    $       -        $       -          $        4,271      $      68,242  $    85,632
         Vdara                                       426               -                -                   3                 6,974        7,403
         Mandarin Oriental                           (914)             -                -                   -                 3,085        2,171
         Resort operations                           12,631            -                -                   4,274             78,301       95,206
         Residential, administration and
         other operations                            55                -                -                   -                 4            59
                                            $        12,686    $       -        $       -          $        4,274      $      78,305  $    95,265
CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Twelve Months Ended December 31, 2016
                                       Operating       NV Energy exit   Preopening and   Property            Depreciation and   Adjusted
                                       income (loss)   expense          start-up         transactions, net   amortization       EBITDA
                                                                        expenses
   Aria                                $      7,920    $       23,320   $       -        $        5,993      $        273,465   $    310,698
   Vdara                                      6,672            1,676            -                 (253)               27,861         35,956
   Mandarin Oriental                          (7,094)          1,093            -                 -                   12,461         6,460
   Resort operations                          7,498            26,089           -                 5,740               313,787        353,114
   Residential, administration and
   other operations                           (1,957)          -                -                 (1,211)             -              (3,168)
                                       $      5,541    $       26,089   $       -        $        4,529      $        313,787   $    349,946
Twelve Months Ended December 31, 2015
                                       Operating       NV Energy exit   Preopening and   Property            Depreciation and   Adjusted
                                       income (loss)   expense          start-up         transactions, net   amortization       EBITDA
                                                                        expenses
   Aria                                $      54,909   $       -        $       -        $        5,189      $        209,356   $    269,454
   Vdara                                      (726)            -                -                 3                   30,389         29,666
   Mandarin Oriental                          (6,569)          -                -                 -                   12,254         5,685
   Resort operations                          47,614           -                -                 5,192               251,999        304,805
   Residential, administration and
   other operations                           164,049          -                -                 (159,980)           (152)          3,917
                                       $      211,663  $       -        $       -        $        (154,788)  $        251,847   $    308,722
CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - HOTEL STATISTICS
(Unaudited)
                                       Three Months Ended               Twelve Months Ended
                                       December 31,    December 31,     December 31,     December 31,
                                       2016            2015             2016             2015
   Aria
   Occupancy %                                91.2%            90.2%            92.7%             92.3%
   ADR                                        $239             $235             $242              $233
   REVPAR                                     $218             $212             $224              $215
   Vdara
   Occupancy %                                85.5%            86.7%            90.8%             91.7%
   ADR                                        $213             $202             $205              $189
   REVPAR                                     $182             $175             $186              $173

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-and-operating-results-announces-quarterly-dividend-300408646.html

SOURCE MGM Resorts International

https://rt.prnewswire.com/rt.gif?NewsItemId=LA09421&Transmission_Id=201702160740PR_NEWS_USPR_____LA09421&DateId=20170216



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