MGM
$26.39
MGM Resorts International
$.21
.80%
Earnings Details
4th Quarter December 2016
Thursday, February 16, 2017 7:40:00 AM
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Summary

MGM Resorts International Misses

MGM Resorts International (MGM) reported 4th Quarter December 2016 earnings of $0.11 per share on revenue of $2.5 billion. The consensus earnings estimate was $0.17 per share on revenue of $2.4 billion. The Earnings Whisper number was $0.20 per share. Revenue grew 12.3% on a year-over-year basis.

MGM Resorts International is a holding company. The Company through its wholly-owned subsidiaries, owns and operates casino resorts. Its offering includes; gaming, hotel, convention, dining, entertainment, retail and other resort amenities.

Results
Reported Earnings
$0.11
Earnings Whisper
$0.20
Consensus Estimate
$0.17
Reported Revenue
$2.46 Bil
Revenue Estimate
$2.41 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

MGM Resorts International Reports Fourth Quarter And Full Year Financial And Operating Results; Announces Quarterly Dividend

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

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SOURCE MGM Resorts International

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