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MGM Resorts International$26.01($.89)(3.31%)

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 MGM Resorts International Reports Fourth Quarter And Full Year Financial And Operating Results
   Tuesday, February 20, 2018 7:45:00 AM ET

MGM Resorts International (MGM ) ("MGM Resorts" or the "Company") today reported financial results for the quarter and year ended December 31, 2017.

"Our fourth quarter results further exhibited the strength and durability of our organization, and I am proud of the 78,000 men and women within our MGM family, who remain dedicated to the continued success and evolution of our Company," said Jim Murren, Chairman & CEO of MGM Resorts. "Over the years, our plan of instilling a culture of continuous improvement to elevate the guest experience, drive profitability, and enhance our financial position has allowed us to further demonstrate our disciplined approach to capital allocation and maximizing shareholder value. Our success in executing on this plan continued to mark milestone achievements in 2017."

Mr. Murren continued, "We look forward to another rewarding year in 2018. MGM COTAI, Macau’s most technologically advanced resort opened its doors last week. This year, we will also welcome MGM Springfield in the third quarter, the completion of Park MGM and NoMad by the end of the year, and celebrate many more new and creative ways to entertain our guests at our destinations worldwide."

Fourth Quarter 2017 Financial Highlights:

-- Diluted earnings per share for the fourth quarter of $2.42, including a non-recurring, non-cash income tax benefit of $2.52 due to enactment of U.S. Tax Reform at the end of 2017, compared to diluted earnings per share of $0.04 in the prior year quarter;

-- Net revenues increased 5% over the prior year quarter at the Company’s domestic resorts to $1.9 billion and decreased 3% on a same-store basis, excluding contributions from MGM National Harbor. Excluding Monte Carlo and MGM National Harbor, net revenues decreased 1% compared to the prior year quarter;

-- REVPAR(1) decreased 4.9% compared to the prior year quarter at the Company’s Las Vegas Strip resorts;

-- Operating income of $305 million at the Company’s domestic resorts, a 2% decrease over the prior year quarter;

-- Net income attributable to MGM Resorts of $1.4 billion, including a non-recurring, non-cash income tax benefit of $1.4 billion due to U.S. Tax Reform, compared to $25 million in the prior year quarter;

-- Adjusted Property EBITDA(2) increased 1% over the prior year quarter to $496 million at the Company’s domestic resorts, and decreased 3% on a same-store basis. Excluding Monte Carlo and MGM National Harbor, Adjusted Property EBITDA increased slightly compared to the prior year quarter;

-- Same-store operating margin of 17.2% in the current quarter at the Company’s domestic resorts, a decrease of 97 basis points compared to the prior year quarter;

-- Same-store Adjusted Property EBITDA margin of 26.9% at the Company’s domestic resorts, compared to 27.0% in the prior year quarter, and 27.5% excluding Monte Carlo and MGM National Harbor;

-- MGM China operating income of $43 million compared to $72 million in the prior year quarter, and Adjusted EBITDA of $147 million, a 7% increase compared to the prior year quarter; and a 25% increase compared to the third quarter of 2017; and

-- CityCenter operating income from resort operations of $30 million and Adjusted EBITDA from resort operations of $97 million, a 7% increase in Adjusted EBITDA compared to the prior year quarter.

Full Year 2017 Financial Highlights:

-- Consolidated net revenues of $10.8 billion and domestic resorts net revenues of $8.3 billion, an 18% increase over the prior year at the Company’s domestic resorts and a 2% increase on a same-store basis, excluding contributions from Borgata and MGM National Harbor;

-- REVPAR growth of 2.4% over the prior year at the Company’s Las Vegas Strip resorts;

-- Operating income of $1.8 billion at the Company’s domestic resorts;

-- Net income attributable to MGM Resorts of $2.0 billion, including a non-recurring, non-cash income tax benefit of $1.4 billion due to U.S. Tax Reform, compared to $1.1 billion in the prior year;

-- Adjusted Property EBITDA of $2.5 billion at the Company’s domestic resorts, a 22% increase over the prior year and a 6% increase on a same-store basis;

-- Same-store Adjusted Property EBITDA margin of 31.0% at the Company’s domestic resorts, a 141 basis point increase compared to the prior year;

-- MGM China operating income of $194 million compared to $255 million in the prior year, and Adjusted EBITDA of $525 million, a 1% increase over the prior year;

-- Record CityCenter Adjusted EBITDA related to resort operations of $424 million compared to $353 million in the prior year; and

-- Returned $580 million to shareholders through buybacks and dividends during 2017.

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,         2017        2016
Preopening and start-up expenses        $  (0.05)   $  (0.07)
Property transactions, net                 (0.03)      (0.01)
Income from unconsolidated affiliates:
Gain on the sale of Crystals               --          0.01
Non-operating expense:
Loss on retirement of long-term debt       (0.02)      --

Results for the fourth quarter of 2017 include a non-recurring, non-cash income tax benefit of $1.4 billion, $2.52 per share on a fully diluted basis, resulting from the remeasurement of deferred tax assets and liabilities required as a result of the enactment of the U.S. Tax Cut and Jobs Act ("U.S. Tax Reform").

Domestic Resorts

Casino revenue for the fourth quarter of 2017 increased 13% compared to the prior year quarter, due primarily to the MGM National Harbor opening in December 2016. On a same-store basis casino revenues were flat compared to the prior year quarter. Same-store table games revenue increased 4% year-over-year due primarily to higher table games hold at the Company’s Las Vegas Strip resorts, partially offset by a 3% decrease in table games drop. Same-store slots revenue decreased 2%.

The following table shows key gaming statistics for the Company’s Las Vegas Strip resorts:

Three Months Ended December 31,  2017        2016
                                 (Dollars in millions)
Table Games Drop                 $   909     $   949
Table Games Win %                    25.3%       23.5%
Slot Handle                      $   3,129   $   3,315
Slot Hold %                          8.9%        8.8%

Domestic resorts rooms revenue decreased 5% compared to the prior year quarter. On a same-store basis, rooms revenue decreased 6% compared to the prior year quarter. Las Vegas Strip REVPAR decreased 4.9% compared to the prior year quarter.

The following table shows key hotel statistics for the Company’s Las Vegas Strip resorts:

Three Months Ended December 31,      2017     2016
Occupancy %                             85%      89%
Average Daily Rate (ADR)             $  158   $  158
Revenue per Available Room (REVPAR)  $  134   $  141

Operating income at the Company’s domestic resorts was $305 million for the fourth quarter of 2017 and included a $15 million charge for MGM National Harbor’s share of real estate transfer taxes recorded in connection with the MGM Growth Properties Operating Partnership LP’s (the "MGP Operating Partnership") purchase of its long-term leasehold interests and real property improvements and a $20 million charge related to asset disposals at Monte Carlo recorded in property transactions, net, compared to $312 million in the fourth quarter of 2016.

Domestic resorts Adjusted Property EBITDA increased 1% to $496 million in the fourth quarter of 2017 and was positively impacted by a full quarter of operations at MGM National Harbor, partially offset by a decrease at Monte Carlo as a result of disruption related to its transformation to Park MGM. Same-store Adjusted Property EBITDA decreased 3% compared to the prior year quarter. Excluding MGM National Harbor and Monte Carlo, Adjusted Property EBITDA increased slightly compared to the prior year quarter.

Mr. Murren continued, "Consistent with our prior guidance, after taking into consideration the tough year-over-year citywide convention comparison and continued construction disruption at Monte Carlo, we expect our Las Vegas Strip REVPAR to decrease 4 to 6 percent, and our Las Vegas Strip net revenues to decrease 3 to 5 percent in the first quarter. As a result, we anticipate that our Las Vegas Strip Adjusted Property EBITDA margins will decline approximately 250 basis points."

Mr. Murren concluded, "As we look at the underlying fundamentals of our business, the first quarter is not reflective of our outlook for the full year. We remain optimistic about the rest of 2018, driven by the demand we see for our resorts, our strong group and event calendar, and a healthy U.S. economic backdrop, which we believe will drive year-over-year increases in Las Vegas Strip net revenues and profitability. We expect Las Vegas Strip REVPAR for the year to be up a healthy 2 to 4 percent."

Corporate Expense

Corporate expense was $116 million in the fourth quarter of 2017, an increase of $44 million compared to the prior year quarter. The current quarter included a $16 million charge for the MGP Operating Partnership’s share of real estate transfer taxes recorded in connection with the MGM National Harbor transaction, $8 million of expenses related to the launch of the Company’s corporate brand campaign, a $5 million increase in legal expenses, and a $5 million increase in charitable contributions.

MGM China

On February 20, 2018, 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 2017 of $47 million to MGM China shareholders subject to approval at the MGM China 2018 annual shareholders meeting to be held in May, bringing the total 2017 dividend to $104 million including the interim dividend paid in September of 2017. If approved, MGM Resorts will receive $26 million, representing its 56% share of the dividend.

Key fourth quarter results for MGM China include:

-- Net revenues of $549 million, a 10% increase compared to the prior year quarter;

-- Net revenues increased 17% when compared to $471 million in the third quarter of 2017;

-- Main floor table games revenue increased 21% compared to the prior year quarter due to a 10% increase in volume and an increase in hold percentage to 21.0% in the current year quarter from 19.0% in the prior year quarter;

-- VIP table games revenue decreased 5% compared to the prior year quarter despite a 23% increase in turnover due to a decrease in hold percentage to 3.1% in the current year quarter from 3.7% in the prior year quarter;

-- Operating income was $43 million compared to $72 million in the prior year quarter;

-- Adjusted EBITDA increased 7% to $147 million compared to $138 million in the prior year quarter, including $10 million of license fee expense in the current year quarter and $9 million in the prior year quarter;

-- Adjusted EBITDA increased 25% when compared to $118 million in the third quarter of 2017, including $8 million of license fee expense in the third quarter of 2017; and

-- Operating margin was 7.8% in the current year quarter, and Adjusted EBITDA margin was 26.9% compared to 27.5% in 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,  2017        2016
                                 (In thousands)
CityCenter                       $  23,618   $  25,804
Other                               4,384       6,224
                                 $  28,002   $  32,028

The Company’s share of CityCenter Holdings, LLC ("CityCenter") operating results for the fourth quarter of 2017, including certain basis difference adjustments, was $24 million.

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

-- Net revenues from resort operations were $306 million, a 1% increase compared to the prior year quarter, due primarily to an increase in food and beverage revenues related to catering and banquets and other revenues;

-- Operating income from resort operations was $30 million compared to operating income of $27 million in the prior year quarter;

-- Adjusted EBITDA from resort operations was $97 million, a 7% increase compared to the prior year quarter;

-- Aria’s table games drop decreased 2% and table games hold percentage was 25.4% compared to 29.2% in the prior year quarter;

-- Aria had record fourth quarter slots revenue of $47 million, an increase of 15% compared to the prior year quarter;

-- REVPAR at Aria increased 1% to $220, compared to the prior year quarter; and

-- REVPAR at Vdara decreased 5% to $173, compared to the prior year quarter, and Adjusted EBITDA decreased 11% compared to the prior year quarter to $8 million.

MGM Growth Properties

During the fourth quarter of 2017, the Company made rent payments to the MGP Operating Partnership in the amount of $188 million and received distributions of $73 million from the MGP Operating Partnership. On December 15, 2017, the Board of Directors of MGP Growth Properties LLC ("MGP") approved an increased quarterly dividend to $0.42 per Class A share (based on a $1.68 dividend on an annualized basis) totaling $30 million, which was paid on January 16, 2018 to holders of record on December 29, 2017. The Company concurrently received an $82 million distribution attributable to its ownership of MGP Operating Partnership units.

On October 5, 2017, the MGP Operating Partnership completed the $1,187.5 billion purchase of the long-term leasehold interest and real property improvements related to the MGM National Harbor casino resort. Following the MGM National Harbor transaction, subsidiaries of MGM Resorts collectively own 73.4% of the MGP Operating Partnership units.

MGM Resorts Dividend and Share Repurchases

On February 19, 2018, the Company’s Board of Directors approved a 9% increase in the Company’s quarterly dividend from $0.11 per share to $0.12 per share totaling $68 million. The dividend will be payable on March 15, 2018 to holders of record on March 9, 2018.

On September 5, 2017, MGM Resorts announced the adoption of a $1.0 billion stock repurchase program and has repurchased 10 million shares of its common stock at $32.75 per share for a total aggregate amount of $327.5 million under such program to date. All shares repurchased under the Company’s program have been retired.

Full Year 2017 Results

Consolidated net revenue for 2017 was $10.8 billion, a 14% increase over 2016. Consolidated operating income was $1.7 billion compared to $2.1 billion in the prior year, which included a $430 million gain recognized on the Borgata acquisition and a $401 million gain related to the sale of Crystals. Net income attributable to MGM Resorts was $2.0 billion, including a non-recurring, non-cash income tax benefit of $1.4 billion due to U.S. Tax Reform, compared to $1.1 billion in the prior year. Adjusted EBITDA increased 1% compared to the prior year to $2.8 billion.

Net revenue from domestic resorts was $8.3 billion, an 18% increase over the prior year and a 2% increase on a same-store basis. Operating income from domestic resorts was $1.8 billion a 35% increase over the prior year. Domestic resorts Adjusted Property EBITDA was $2.5 billion, a 22% increase over the prior year and a 6% increase on a same-store basis.

MGM China net revenue was $2.0 billion for 2017, a 3% increase from 2016. MGM China operating income was $194 million compared to $255 million in the prior year. The current year operating income included $87 million of preopening expense related to the MGM Cotai project compared to $28 million of preopening expense in the prior year. MGM China Adjusted EBITDA was $525 million compared to $521 million in the prior year, a 1% increase from 2016.

CityCenter reported net revenues of $1.3 billion from resort operations, a 6% increase compared to the prior year. Operating income from resort operations was $198 million and included a benefit of $8 million from the NV Energy exit fee modification, compared to operating income from resort operations of $7 million in the prior year, which included $26 million of NV Energy exit expense and $82 million of accelerated depreciation associated with the April 2016 closure of the Zarkana theatre. Adjusted EBITDA related to resort operations was a record $424 million compared to $353 million in the prior year and was positively impacted by increases in casino, rooms and food and beverage revenues.

During the year ended December 31, 2017, the Company made rent payments to the MGP Operating Partnership in the amount of $682 million. During the full year 2017 the Company received $290 million of distributions attributable to its ownership of units in the MGP Operating Partnership.

Diluted earnings per share was $3.37 in the current year, including a non-recurring, non-cash income tax benefit of $2.49 due to enactment of the U.S. Tax Reform, compared to $1.92 in 2016.

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,                       2017        2016
Borgata property tax settlement               $  0.04     $  --
NV Energy exit expense                           0.05        (0.18)
Preopening and start-up expenses                 (0.11)      (0.15)
Property transactions, net                       (0.05)      (0.02)
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)
Non-operating expense:
Loss on retirement of long-term debt             (0.07)      (0.10)

Financial Position

The Company’s cash balance at December 31, 2017 was $1.5 billion, which included $676 million at MGM China and $260 million at the MGP Operating Partnership. At December 31, 2017, the Company had $13.0 billion of principal amount of indebtedness outstanding, including $373 million outstanding under its $1.5 billion senior secured credit facility, $2.1 billion outstanding under the $2.7 billion MGP Operating Partnership senior credit facility and $2.3 billion outstanding under the $2.9 billion MGM China credit facility.

"Our continued efforts to execute on our strategies have allowed us to enhance our capital structure and further strengthen the financial position of our Company," said Dan D’Arrigo, Executive Vice President and Chief Financial Officer of MGM Resorts. "With our development projects coming to completion in 2018, we remain focused on maximizing our cash flows to support our balanced approach to capital allocation, including maintaining a strong credit profile, prudently investing in high return opportunities and returning excess capital to shareholders."

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 http://investors.mgmresorts.com /investors/events-and-presentations/">http://investors.mgmresorts.com /investors/events-and-presentations/ or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 0077590. A replay of the call will be available through Tuesday, February 27, 2018. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10116201. The call will be archived at http://investors.mgmresorts.com . In addition, MGM Resorts will post supplemental slides today on its website at http://investors.mgmresorts.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, gain on Borgata transaction, goodwill impairment charges, 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 compensation 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 presents Adjusted Property EBITDA on a "same-store" basis as supplemental information because management believes that providing performance measures on a "same-store" basis is useful for evaluating the period-to-period performance of the Company’s domestic casino resorts.

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.

The Company does not provide reconciliations of Adjusted EBITDA, Adjusted Property EBITDA or Same-store Adjusted Property EBITDA to net income on a forward-looking basis because the Company is unable to forecast the amount or significance of certain items required to develop meaningful comparable GAAP financial measures without unreasonable efforts. These items include gains or losses on sale or consolidation transactions, accelerated depreciation, impairment charges, gains or losses on retirement of debt and variations in effective tax rate, which are difficult to predict and estimate and are primarily dependent on future events, but which are excluded from the Company’s calculations of Adjusted EBITDA, Adjusted Property EBITDA and Same-store Adjusted Property EBITDA.

About MGM Resorts International

MGM Resorts International (MGM ) is an S&P 500? global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 28 unique hotel offerings including some of the most recognizable resort brands in the industry. Expanding throughout the U.S. and around the world, the company opened MGM Cotai in Macau in February 2018. It is also developing MGM Springfield in Massachusetts and debuting the first international Bellagio branded hotel in Shanghai. The 78,000 global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE? Magazine’s World’s Most Admired Companies?. For more information visit us 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 and other guidance), the payment of any future cash dividends on the Company’s common stock, the Company’s ability to generate future cash flow growth and maximize shareholder value and the Company’s ability to execute its strategic plan (including the execution of the Company’s development projects) 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,
                                                                                     2017              2016              2017               2016
Revenues:
                           Casino                                                    $      1,530,190  $      1,366,903  $      5,984,335   $      4,936,490
                           Rooms                                                            482,167           505,120           2,151,380          2,023,841
                           Food and beverage                                                397,616           401,373           1,790,287          1,639,910
                           Entertainment                                                    124,462           137,103           542,706            517,433
                           Retail                                                           50,384            49,711            214,331            200,340
                           Other                                                            141,572           133,413           605,832            533,528
                           Reimbursed costs                                                 100,154           95,992            402,042            397,152
                                                                                            2,826,545         2,689,615         11,690,913         10,248,694
                           Less: Promotional allowances                                     (229,297)         (228,795)         (917,009)          (793,571)
                                                                                            2,597,248         2,460,820         10,773,904         9,455,123
Expenses:
                           Casino                                                           851,223           761,280           3,241,180          2,718,483
                           Rooms                                                            143,239           141,115           608,103            576,426
                           Food and beverage                                                224,439           230,947           1,004,949          943,803
                           Entertainment                                                    104,190           112,078           430,981            411,657
                           Retail                                                           24,371            23,737            102,886            96,928
                           Other                                                            94,006            90,314            375,865            351,215
                           Reimbursed costs                                                 100,154           95,992            402,042            397,152
                           General and administrative                                       414,483           376,717           1,559,915          1,378,617
                           Corporate expense                                                115,788           71,941            356,875            312,774
                           NV Energy exit expense                                           -                 -                 (40,629)           139,335
                           Preopening and start-up expenses                                 52,967            61,631            118,475            140,075
                           Property transactions, net                                       27,629            12,361            50,279             17,078
                           Gain on Borgata transaction                                      -                 (340)             -                  (430,118)
                           Depreciation and amortization                                    249,357           233,052           993,480            849,527
                                                                                            2,401,846         2,210,825         9,204,401          7,902,952
Income from unconsolidated affiliates                                                       28,002            32,028            145,989            527,616
Operating income                                                                            223,404           282,023           1,715,492          2,079,787
Non-operating income (expense):
                           Interest expense, net of amounts capitalized                     (157,341)         (161,704)         (668,745)          (694,773)
                           Non-operating items from unconsolidated affiliates               (8,449)           (7,910)           (34,751)           (53,139)
                           Other, net                                                       (16,535)          (4,983)           (48,241)           (72,698)
                                                                                            (182,325)         (174,597)         (751,737)          (820,610)
Income before income taxes                                                                  41,079            107,426           963,755            1,259,177
                           Benefit (provision) for income taxes                             1,395,274         (37,504)          1,143,723          (22,299)
Net income                                                                                  1,436,353         69,922            2,107,478          1,236,878
                           Less: Net income attributable to noncontrolling interests        (31,580)          (45,253)          (136,132)          (135,438)
Net income attributable to MGM Resorts International                                 $      1,404,773  $      24,669     $      1,971,346   $      1,101,440
Earnings per share:
                           Basic                                                     $      2.45       $      0.04       $      3.41        $      1.94
                           Diluted                                                   $      2.42       $      0.04       $      3.37        $      1.92
Weighted average common shares outstanding:
                           Basic                                                            566,289           573,833           572,253            568,134
                           Diluted                                                          572,420           579,176           578,795            573,317
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
                                                                                                 December 31,       December 31,
                                                                                                 2017               2016
ASSETS
Current assets:
            Cash and cash equivalents                                                            $      1,499,995   $      1,446,581
            Accounts receivable, net                                                                    540,545            542,924
            Inventories                                                                                 102,292            97,733
            Income tax receivable                                                                       42,551             -
            Prepaid expenses and other                                                                  189,244            142,349
                                            Total current assets                                        2,374,627          2,229,587
Property and equipment, net                                                                             19,635,459         18,425,023
Other assets:
            Investments in and advances to unconsolidated affiliates                                    1,034,161          1,220,443
            Goodwill                                                                                    1,806,531          1,817,119
            Other intangible assets, net                                                                3,877,960          4,087,706
            Other long-term assets, net                                                                 430,440            393,423
                                            Total other assets                                          7,149,092          7,518,691
                                                                                                 $      29,159,178  $      28,173,301
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
            Accounts payable                                                                     $      255,028     $      250,477
            Construction payable                                                                        474,807            270,361
            Income tax payable                                                                          -                  10,654
            Current portion of long-term debt                                                           158,042            8,375
            Accrued interest on long-term debt                                                          135,785            159,028
            Other accrued liabilities                                                                   2,068,720          1,594,526
                                            Total current liabilities                                   3,092,382          2,293,421
Deferred income taxes, net                                                                              1,321,426          2,551,228
Long-term debt, net                                                                                     12,751,052         12,979,220
Other long-term obligations                                                                             284,416            325,981
Redeemable noncontrolling interest                                                                      79,778             54,139
Stockholders’ equity:
            Common stock, $.01 par value: authorized 1,000,000,000 shares,
            issued and outstanding 566,275,789 and 574,123,706 shares                                   5,663              5,741
            Capital in excess of par value                                                              5,330,058          5,653,575
            Retained earnings                                                                           2,263,950          545,811
            Accumulated other comprehensive income (loss)                                               (3,610)            15,053
                                            Total MGM Resorts International stockholders’ equity        7,596,061          6,220,180
            Noncontrolling interests                                                                    4,034,063          3,749,132
                                            Total stockholders’ equity                                  11,630,124         9,969,312
                                                                                                 $      29,159,178  $      28,173,301
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,
                                2017              2016              2017               2016
Bellagio                        $      313,361    $      333,123    $      1,342,801   $      1,338,626
MGM Grand Las Vegas                    285,660           262,911           1,156,689          1,122,380
Mandalay Bay                           185,593           199,006           951,703            934,110
The Mirage                             137,919           137,487           617,647            586,745
Luxor                                  87,924            99,466            401,051            391,634
New York-New York                      89,032            86,432            359,050            336,150
Excalibur                              73,010            75,605            321,921            309,551
Monte Carlo                            44,084            67,338            239,369            280,835
Circus Circus Las Vegas                56,055            60,607            251,696            248,313
MGM Grand Detroit                      143,260           140,945           570,208            564,976
Beau Rivage                            89,583            90,600            371,208            377,396
Gold Strike Tunica                     41,366            39,369            170,858            163,535
Borgata (1)                            196,180           197,456           850,766            348,462
MGM National Harbor (2)                186,883           53,005            717,436            53,005
Domestic resorts                       1,929,910         1,843,350         8,322,403          7,055,718
MGM China                              548,602           499,685           1,970,494          1,920,487
Management and other operations        118,736           117,785           481,007            478,918
                                $      2,597,248  $      2,460,820  $      10,773,904  $      9,455,123
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,
                                2017              2016              2017               2016
Bellagio                        $      107,764    $      118,280    $      504,855     $      479,259
MGM Grand Las Vegas                    90,478            69,538            344,049            330,681
Mandalay Bay                           27,965            34,988            258,321            235,609
The Mirage                             29,762            27,183            176,478            139,427
Luxor                                  23,923            27,062            126,568            108,192
New York-New York                      32,297            30,074            135,185            121,729
Excalibur                              22,983            25,618            113,510            101,525
Monte Carlo                            595               16,978            49,253             78,862
Circus Circus Las Vegas                12,517            15,754            70,257             61,989
MGM Grand Detroit                      45,219            43,558            177,548            171,414
Beau Rivage                            18,595            17,635            87,587             93,762
Gold Strike Tunica                     11,813            11,378            53,562             49,690
Borgata (1)                            44,158            45,182            283,353            81,281
MGM National Harbor (2)                27,724            9,596             134,293            9,596
Domestic resorts                       495,793           492,824           2,514,819          2,063,016
MGM China                              147,414           137,549           524,953            520,736
Unconsolidated resorts (3)             28,002            32,028            145,989            527,616
Management and other operations        3,359             3,212             27,737             13,000
                                $      674,568    $      665,613    $      3,213,498   $      3,124,368
(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) For the three and twelve months ended December 31, 2016, represents net revenues and Adjusted Property EBITDA of MGM National Harbor for the month ended December 31, 2016 only
(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 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, 2017
                                Operating         NV Energy exit  Preopening and   Property           Depreciation and   Adjusted EBITDA
                                income (loss)     expense         start-up         transactions, net  amortization
                                                                  expenses
Bellagio                        $      84,406     $       -       $       -        $        79        $        23,279    $       107,764
MGM Grand Las Vegas                    72,810             -               -                 515                17,153            90,478
Mandalay Bay                           1,608              -               -                 329                26,028            27,965
The Mirage                             19,090             -               -                 91                 10,581            29,762
Luxor                                  12,894             -               -                 956                10,073            23,923
New York-New York                      25,614             -               -                 415                6,268             32,297
Excalibur                              17,874             -               -                 66                 5,043             22,983
Monte Carlo                            (31,540)           -               3,628             19,507             9,000             595
Circus Circus Las Vegas                7,981              -               -                 175                4,361             12,517
MGM Grand Detroit                      39,553             -               -                 -                  5,666             45,219
Beau Rivage                            12,035             -               -                 10                 6,550             18,595
Gold Strike Tunica                     9,512              -               -                 113                2,188             11,813
Borgata                                28,362             -               -                 106                15,690            44,158
MGM National Harbor                    4,773              -               115               -                  22,836            27,724
Domestic resorts                       304,972            -               3,743             22,362             164,716           495,793
MGM China                              42,535             -               41,782            5,078              58,019            147,414
Unconsolidated resorts (1)             28,002             -               -                 -                  -                 28,002
Management and other operations        1,439              -               -                 -                  1,920             3,359
                                       376,948            -               45,525            27,440             224,655           674,568
Stock compensation                     (12,857)           -               -                 -                  -                 (12,857)
Corporate                              (140,687)          -               7,442             189                24,702            (108,354)
                                $      223,404    $       -       $       52,967   $        27,629    $        249,357   $       553,357
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 (2)                    (13,626)           -               17,986            -                  5,236             9,596
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 (1)             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
(1) Represents the Company’s share of operating income (loss), adjusted for the effect of certain basis differences
(2) Represents operating results of MGM National Harbor for the month ended December 31, 2016
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, 2017
                                Operating         NV Energy exit    Preopening and   Property            Depreciation and   Adjusted EBITDA
                                income (loss)     expense           start-up         transactions, net   amortization
                                                                    expenses
Bellagio                        $      418,581    $       (6,970)   $       -        $        924        $        92,320    $       504,855
MGM Grand Las Vegas                    279,205            (7,424)           6                 1,752               70,510            344,049
Mandalay Bay                           169,678            (8,524)           -                 590                 96,577            258,321
The Mirage                             140,363            (4,043)           -                 304                 39,854            176,478
Luxor                                  89,045             (3,394)           -                 2,428               38,489            126,568
New York-New York                      108,102            (2,025)           (162)             720                 28,550            135,185
Excalibur                              97,331             (2,658)           -                 485                 18,352            113,510
Monte Carlo                            (30,597)           (2,461)           6,532             33,510              42,269            49,253
Circus Circus Las Vegas                55,239             (3,130)           452               940                 16,756            70,257
MGM Grand Detroit                      154,801            -                 -                 -                   22,747            177,548
Beau Rivage                            62,352             -                 -                 370                 24,865            87,587
Gold Strike Tunica                     44,402             -                 -                 91                  9,069             53,562
Borgata                                208,628            -                 1,430             1,417               71,878            283,353
MGM National Harbor                    51,183             -                 366               -                   82,744            134,293
Domestic resorts                       1,848,313          (40,629)          8,624             43,531              654,980           2,514,819
MGM China                              193,619            -                 86,970            6,286               238,078           524,953
Unconsolidated resorts (1)             145,989            -                 -                 -                   -                 145,989
Management and other operations        19,812             -                 -                 -                   7,925             27,737
                                       2,207,733          (40,629)          95,594            49,817              900,983           3,213,498
Stock compensation                     (50,365)           -                 -                 -                   -                 (50,365)
Corporate                              (441,876)          -                 22,881            462                 92,497            (326,036)
                                $      1,715,492  $       (40,629)  $       118,475  $        50,279     $        993,480   $       2,837,097
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 (2)                            38,616             -                 90                8,652               33,923            81,281
National Harbor (3)                    (13,626)           -                 17,986            -                   5,236             9,596
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 (1) (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
(1) Represents the Company’s share of operating income (loss), adjusted for the effect of certain basis differences
(2) 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
(3) Represents operating results of MGM National Harbor for the month ended December 31, 2016
(4) Includes the Company’s share of Borgata results for the seven months ended July 31, 2016
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF NET INCOME 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,
                                                                 2017                  2016               2017                  2016
Net income attributable to MGM Resorts International             $        1,404,773    $        24,669    $        1,971,346    $        1,101,440
Plus: Net income attributable to noncontrolling interests                 31,580                45,253             136,132               135,438
Net income                                                                1,436,353             69,922             2,107,478             1,236,878
Provision (benefit) for income taxes                                      (1,395,274)           37,504             (1,143,723)           22,299
Income before income taxes                                                41,079                107,426            963,755               1,259,177
Non-operating (income) expense:
Interest expense, net of amounts capitalized                              157,341               161,704            668,745               694,773
Other, net                                                                24,984                12,893             82,992                125,837
                                                                          182,325               174,597            751,737               820,610
Operating income                                                          223,404               282,023            1,715,492             2,079,787
NV Energy exit expense                                                    -                     -                  (40,629)              139,335
Preopening and start-up expenses                                          52,967                61,631             118,475               140,075
Property transactions, net                                                27,629                12,361             50,279                17,078
Gain on Borgata transaction                                               -                     (340)              -                     (430,118)
Depreciation and amortization                                             249,357               233,052            993,480               849,527
Adjusted EBITDA                                                  $        553,357      $        588,727   $        2,837,097    $        2,795,684
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,
                                                                 2017                  2016               2017                  2016
Domestic resorts Adjusted Property EBITDA                        $        495,793      $        492,824   $        2,514,819    $        2,063,016
Adjusted Property EBITDA related to Borgata                               -                     -                  (283,353)             (81,281)
Adjusted Property EBITDA related to MGM National Harbor                   (27,724)              (9,596)            (134,293)             (9,596)
Domestic resorts same-store Adjusted Property EBITDA             $        468,069      $        483,228   $        2,097,173    $        1,972,139
                             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,
                                                                 2017                  2016               2017                  2016
                             Bellagio
                             Occupancy %                                  88.1%                 91.0%              92.9%                 93.5%
                             Average daily rate (ADR)                     $280                  $278               $283                  $275
                             Revenue per available room (REVPAR)          $247                  $253               $263                  $257
                             MGM Grand Las Vegas
                             Occupancy %                                  87.5%                 89.5%              92.1%                 93.2%
                             ADR                                          $177                  $179               $189                  $181
                             REVPAR                                       $155                  $160               $174                  $169
                             Mandalay Bay
                             Occupancy %                                  80.5%                 85.8%              90.0%                 91.5%
                             ADR                                          $195                  $199               $215                  $209
                             REVPAR                                       $157                  $170               $193                  $192
                             The Mirage
                             Occupancy %                                  90.5%                 92.6%              94.2%                 95.1%
                             ADR                                          $178                  $168               $178                  $170
                             REVPAR                                       $161                  $156               $168                  $162
                             Luxor
                             Occupancy %                                  89.7%                 90.9%              93.9%                 95.3%
                             ADR                                          $109                  $115               $118                  $112
                             REVPAR                                       $98                   $105               $111                  $106
                             New York-New York
                             Occupancy %                                  94.8%                 95.1%              96.2%                 97.5%
                             ADR                                          $141                  $141               $147                  $139
                             REVPAR                                       $134                  $134               $142                  $136
                             Excalibur
                             Occupancy %                                  87.4%                 89.5%              92.4%                 93.7%
                             ADR                                          $94                   $100               $102                  $97
                             REVPAR                                       $82                   $89                $94                   $91
                             Monte Carlo
                             Occupancy %                                  73.3%                 91.3%              89.5%                 96.1%
                             ADR                                          $129                  $129               $127                  $126
                             REVPAR                                       $95                   $118               $114                  $121
                             Circus Circus Las Vegas
                             Occupancy %                                  76.5%                 81.6%              84.0%                 84.2%
                             ADR                                          $79                   $83                $85                   $80
                             REVPAR                                       $60                   $68                $71                   $67
CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
                                              Three Months Ended                  Twelve Months Ended
                                              December 31,       December 31,     December 31,        December 31,
                                              2017               2016             2017                2016
                       Aria                   $        261,288   $       255,682  $        1,076,102  $        1,012,259
                       Vdara                           28,432            28,815            123,907             119,367
                       Mandarin Oriental               15,806            16,542            67,544              65,763
                       Resort operations               305,526           301,039           1,267,553           1,197,389
                       Other                           -                 32                -                   2,676
                                              $        305,526   $       301,071  $        1,267,553  $        1,200,065
CITYCENTER HOLDINGS, LLC
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
                                              Three Months Ended                  Twelve Months Ended
                                              December 31,       December 31,     December 31,        December 31,
                                              2017               2016             2017                2016
Net income                                    $        13,796    $       18,933   $        131,216    $        348,373
Less: Income from discontinued operations              -                 (7,673)           -                   (407,187)
Income (loss) from continuing operations               13,796            11,260            131,216             (58,814)
Non-operating (income) expense:
Interest expense, net of amounts capitalized           15,887            14,510            60,094              61,032
Other, net                                             (506)             106               2,789               3,323
                                                       15,381            14,616            62,883              64,355
Operating income                                       29,177            25,876            194,099             5,541
NV Energy exit expense                                 -                 -                 (8,250)             26,089
Property transactions, net                             8,378             6,468             9,541               4,529
Depreciation and amortization                          58,922            57,301            224,358             313,787
Adjusted EBITDA                               $        96,477    $       89,645   $        419,748    $        349,946
CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended December 31, 2017
                                              Operating income   NV Energy exit   Property            Depreciation        Adjusted
                                              (loss)             expense          transactions, net   and amortization    EBITDA
                       Aria                   $        31,949    $       -        $        7,876      $        48,656     $    88,481
                       Vdara                           406               -                 502                 7,141           8,049
                       Mandarin Oriental               (2,237)           -                 -                   3,125           888
                       Resort operations               30,118            -                 8,378               58,922          97,418
                       Other                           (941)             -                 -                   -               (941)
                                              $        29,177    $       -        $        8,378      $        58,922     $    96,477
Three Months Ended December 31, 2016
                                              Operating income   NV Energy exit   Property            Depreciation        Adjusted
                                              (loss)             expense          transactions, net   and amortization    EBITDA
                       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
                       Other                           (995)             -                 -                   -               (995)
                                              $        25,876    $       -        $        6,468      $        57,301     $    89,645
CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Twelve Months Ended December 31, 2017
                  Operating       NV Energy exit   Property           Depreciation and   Adjusted EBITDA
                  income (loss)   expense          transactions, net  amortization
Aria              $      192,497  $       (8,250)  $        8,881     $        184,124   $       377,252
Vdara                    11,268           -                 660                27,773            39,701
Mandarin Oriental        (5,543)          -                 -                  12,461            6,918
Resort operations        198,222          (8,250)           9,541              224,358           423,871
Other                    (4,123)          -                 -                  -                 (4,123)
                  $      194,099  $       (8,250)  $        9,541     $        224,358   $       419,748
Twelve Months Ended December 31, 2016
                  Operating       NV Energy exit   Property           Depreciation and   Adjusted EBITDA
                  income (loss)   expense          transactions, net  amortization
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
Other                    (1,957)          -                 (1,211)            -                 (3,168)
                  $      5,541    $       26,089   $        4,529     $        313,787   $       349,946
CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - HOTEL STATISTICS
(Unaudited)
                  Three Months Ended               Twelve Months Ended
                  December 31,    December 31,     December 31,       December 31,
                  2017            2016             2017               2016
Aria
Occupancy %              87.0%            91.2%             91.4%              92.7%
ADR                      $253             $239              $258               $242
REVPAR                   $220             $218              $236               $224
Vdara
Occupancy %              85.4%            85.5%             89.5%              90.8%
ADR                      $203             $213              $212               $205
REVPAR                   $173             $182              $190               $186

https://c212.net/c/img/favicon.png?sn=LA11244&sd=2018-02-20

View original content:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-fourth-quarter-and-full-year-financial-and-operating-results-300600985.html

SOURCE MGM Resorts International

https://rt.prnewswire.com/rt.gif?NewsItemId=LA11244&Transmission_Id=201802200745PR_NEWS_USPR_____LA11244&DateId=20180220



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