MGM
$31.33
MGM Resorts International
$.01
.03%
Earnings Details
1st Quarter March 2018
Thursday, April 26, 2018 8:40:00 AM
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Summary

MGM Resorts International Beats

MGM Resorts International (MGM) reported 1st Quarter March 2018 earnings of $0.34 per share on revenue of $2.8 billion. The consensus earnings estimate was $0.31 per share on revenue of $2.8 billion. The Earnings Whisper number was $0.33 per share. Revenue grew 4.2% 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
$0.34
Earnings Whisper
$0.33
Consensus Estimate
$0.31
Reported Revenue
$2.82 Bil
Revenue Estimate
$2.80 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

MGM Resorts International Reports First Quarter Financial And Operating Results

LAS VEGAS, April 26, 2018 /PRNewswire/ --MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended March 31, 2018. On January 1, 2018, the Company adopted the new revenue recognition accounting standard. As such, certain previously reported 2017 numbers have been retrospectively adjusted under the new standard.

"We are off to a successful start to the year, as we exceeded our expectations in the first quarter and continued to execute on our long-term strategies," said Jim Murren, Chairman & CEO of MGM Resorts. "MGM China's well-received opening of MGM Cotai and our soon to be opened MGM Springfield will mark the completion of our near term development cycle and should accelerate further de-levering and free cash flow generation. We continually assess our portfolio with the goal of improving the returns on our invested capital as evidenced by the recently announced divestitures of Grand Victoria and Mandarin Oriental. Our confidence in our business model and balance sheet strength allowed us to increase our annual dividend by 9 percent and repurchase 10 million shares in the first quarter."

First Quarter 2018 Financial Highlights:

  • Diluted earnings per share for the first quarter of $0.38, including a non-cash income tax benefit of $0.13 due to a measurement period adjustment for U.S. Tax Reform and $0.04 due to reversal of Macau shareholder dividend tax accruals, compared to diluted earnings per share of $0.36 in the prior year quarter;
  • Net revenues decreased 1% over the prior year quarter at the Company's domestic resorts to $2.1 billion;
  • REVPAR(1) decreased 4.3% compared to the prior year quarter at the Company's Las Vegas Strip resorts;
  • Operating income of $451 million at the Company's domestic resorts, a 5% decrease over the prior year quarter; 
  • Net income attributable to MGM Resorts of $223 million, including a non-cash income tax benefit of $94 million, compared to $206 million in the prior year quarter;
  • Adjusted Property EBITDA(2) decreased 5% over the prior year quarter to $616 million at the Company's domestic resorts;
  • Operating margin of 21.5% in the current quarter at the Company's domestic resorts, a 96 basis point decrease compared to the prior year quarter;
  • Adjusted Property EBITDA margin of 29.4% in the current quarter at the Company's domestic resorts, a 113 basis point decrease compared to the prior year quarter;
  • MGM China operating income of $55 million compared to $75 million in the prior year quarter and Adjusted Property EBITDA of $152 million, a 5% increase compared to the prior year quarter; and
  • CityCenter operating income from resort operations of $40 million and Adjusted EBITDA from resort operations of $93 million, a 16% decrease in Adjusted EBITDA from resort operations compared to the prior year quarter.

Certain Items Affecting First 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 March 31,


2018


2017


Preopening and start-up expenses


$

(0.07)


$

(0.02)


Property transactions, net



(0.01)




Domestic Resorts

Casino revenue for the first quarter of 2018 increased 2% compared to the prior year quarter, due primarily to a 6% increase in table games win and a 2% increase in slots win, primarily driven by an increase in slots volume at MGM National Harbor.

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

Three Months Ended March 31,


2018



2017




(Dollars in millions)


Table Games Drop


$

1,040



$

993


Table Games Win %



25.9

%



25.2

%

Slots Handle


$

2,985



$

3,003


Slots Hold %



8.8

%



8.9

%

The following table shows key gaming statistics for the Company's other domestic resorts:

Three Months Ended March 31,


2018



2017




(Dollars in millions)


Table Games Drop


$

923



$

947


Table Games Win %



19.6

%



18.7

%

Slots Handle


$

4,913



$

4,691


Slots Hold %



9.1

%



9.2

%

Domestic resorts rooms revenue decreased 5% compared to the prior year quarter due primarily to a 4.3% decrease in REVPAR at the Company's Las Vegas Strip resorts.

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

Three Months Ended March 31,


2018



2017


Occupancy %



89

%



91

%

Average Daily Rate (ADR)


$

168



$

172


Revenue per Available Room (REVPAR)


$

150



$

157


Operating income at the Company's domestic resorts was $451 million for the first quarter of 2018 compared to $476 million in the first quarter of 2017, and was negatively impacted by a decrease in rooms revenue and food and beverage revenue due primarily to a decrease in occupied room nights and lower convention base at the Company's Las Vegas Strip resorts. Domestic Resorts Adjusted Property EBITDA decreased 5% to $616 million in the first quarter of 2018.

Mr. Murren continued, "For the remainder of the year, we expect continued disruption at Monte Carlo and additional time to recover at Mandalay Bay. Additionally in the second quarter, the cancellation of a major prize fight in May moderates our expectations, particularly at our luxury properties. That said, we expect our Las Vegas Strip net revenues to be up slightly and our Las Vegas Strip REVPAR to increase 1 to 3 percent. We also expect similar Las Vegas Strip Adjusted Property EBITDA margin compression in the second quarter as experienced in the first quarter."

Mr. Murren concluded, "Looking out into the second half of the year, citywide convention attendance is expected to be up, with the third quarter facing a difficult comparison year over year, offset by growth in the fourth quarter. This may impact Las Vegas room rates due to the mix shift. We continue to expect our Las Vegas Strip net revenues to grow slightly and our Las Vegas Strip REVPAR to be up 1 to 3 percent for the year."

Corporate Expense

Corporate expense including share-based compensation for corporate employees was $100 million in the first quarter of 2018, an increase of $26 million compared to the prior year quarter, due primarily to an increase in corporate brand campaign expenses of $12 million and inclusion of MGM China corporate expenses of $6 million.

MGM China

Key first quarter results for MGM China include:

  • Net revenues of $596 million, a 25% increase compared to the prior year quarter. The current quarter benefited from the opening of MGM Cotai on February 13, 2018, which contributed $85 million of net revenues;
  • Main floor table games win increased 20% compared to the prior year quarter due to the opening of MGM Cotai;
  • VIP table games win increased 26% compared to the prior year quarter due primarily to a 24% increase in turnover at MGM Macau;
  • Operating income was $55 million compared to $75 million in the prior year quarter;
  • Adjusted Property EBITDA increased 5% to $152 million compared to $145 million in the prior year quarter, due primarily to the opening of MGM Cotai. The current quarter included $10 million of license fee expense compared to $9 million in the prior year quarter; and
  • Operating margin was 9.2% in the current year quarter, and Adjusted Property EBITDA margin was 25.5% in the current quarter compared to 30.5% in the prior year quarter.

The following table shows key gaming statistics for MGM China:

Three Months Ended March 31,


2018



2017




(Dollars in millions)


VIP Table Games Turnover


$

9,903



$

7,803


VIP Table Games Win %



3.4

%



3.4

%

Main Floor Table Games Drop


$

1,719



$

1,244


Main Floor Table Games Win %



19.2

%



22.2

%

Unconsolidated Affiliates

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

Three Months Ended March 31,


2018



2017




(In thousands)


CityCenter


$

27,992



$

37,382


Other



3,774




2,384




$

31,766



$

39,766


During the quarter, a subsidiary of CityCenter Holdings, LLC ("CityCenter") entered into an agreement for the sale of the Mandarin Oriental Las Vegas and adjacent retail parcels for approximately $214 million, subject to satisfactory completion of due diligence and customary closing conditions. As a result of this transaction, CityCenter recorded an impairment charge of approximately $127 million in loss from discontinued operations. MGM Resorts recorded a reversal of certain basis differences of $64 million, which entirely offset its 50% share of the impairment charge.

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

  • Net revenues were $304 million, a 3% decrease compared to the prior year quarter, due primarily to a decrease in casino revenues as discussed below;
  • Aria's table games win decreased 6%, despite a 16% increase in table games drop, due to a lower table games hold percentage of 20.8% in the current quarter compared to 25.6% in the prior year quarter;
  • Aria's slots win decreased 5%, despite a 7% increase in volume, due a lower slot hold percentage of 7.1% in the current quarter compared to 8.0% in the prior year quarter;
  • Operating income from resort operations was $40 million compared to operating income of $58 million in the prior year quarter;
  • Adjusted EBITDA from resort operations was $93 million, a 16% decrease compared to the prior year quarter;
  • REVPAR at Aria was $245 in both the current and prior year quarters; and
  • REVPAR at Vdara was $200 in both the current and prior year quarters.

MGM Growth Properties

During the first quarter of 2018, the Company made rent payments to MGM Growth Properties Operating Partnership LP (the "MGP Operating Partnership") in the amount of $189 million and received distributions of $82 million from the MGP Operating Partnership. On March 15, 2018, the Board of Directors of MGP Growth Properties LLC ("MGP") approved a quarterly dividend of $0.42 per Class A share (based on a $1.68 dividend on an annualized basis) totaling $30 million, which was paid on April 13, 2018 to holders of record on March 30, 2018. The Company concurrently received an $82 million distribution attributable to its ownership of MGP Operating Partnership units.

MGM Resorts Dividend and Share Repurchases

On April 25, 2018, the Company's Board of Directors approved a quarterly dividend of $0.12 per share totaling $67 million. The dividend will be payable on June 15, 2018 to holders of record on June 8, 2018.

During the quarter, MGM Resorts repurchased 10 million shares of its common stock at $36.24 per share for a total aggregate amount of $362.4 million pursuant to the terms of the Company's $1.0 billion stock repurchase program, of which $310.1 million remained following the transaction. All shares repurchased under the Company's program have been retired.

Financial Position

The Company's cash balance at March 31, 2018 was $1.5 billion, which included $726 million at MGM China and $280 million at the MGP Operating Partnership. At March 31, 2018, the Company had $13.4 billion of principal amount of indebtedness outstanding, including $889 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 $2.2 billion outstanding under the $2.8 billion MGM China credit facility.

"The Company remains very focused on executing on our well-defined capital allocation strategy," said Dan D'Arrigo, Executive Vice President and Chief Financial Officer of MGM Resorts. "We are pleased to now be in the position to be able to prioritize our cash flows for excess capital returns to shareholders, while maintaining a strong credit profile and investing in our business."

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/ or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 2239909. A replay of the call will be available through Thursday, May 3, 2018. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10118765. 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, and property transactions, net. "Adjusted Property EBITDA" is Adjusted EBITDA before corporate expense and stock compensation expense, which are not allocated to each property. "Adjusted Property EBITDA margin" is Adjusted Property EBITDA divided by net revenues. 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 Adjusted Property EBITDA margin may be recurring in nature and should not be disregarded in evaluation of the Company's earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, management believes excluded items may not relate specifically to current operating trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when the Company is developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within the Company's resorts, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period. In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Therefore, management uses Adjusted Property EBITDA as the primary measure of the Company's operating resorts' performance.

Adjusted EBITDA, Adjusted Property EBITDA, and Adjusted Property EBITDA margin 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 Adjusted Property EBITDA margin. Also, other companies in the gaming and hospitality industries that report Adjusted EBITDA, Adjusted Property EBITDA, or Adjusted Property EBITDA margin information may calculate Adjusted EBITDA or 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 are included in the financial schedules in this release.

The Company does not provide reconciliations of Adjusted EBITDA, Adjusted Property EBITDA, or Adjusted Property EBITDA margin 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 Adjusted Property EBITDA margin.

About MGM Resorts International

MGM Resorts International (NYSE: 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 in 2018 opened MGM COTAI in Macau and the first Bellagio branded hotel in Shanghai. It also is developing MGM Springfield in Massachusetts. 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, further de-lever and maximize shareholder value and the Company's ability to execute its strategic plan (including the execution of the Company's development projects and the closing of the recently announced divestiture transactions) and capital allocations strategy. 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



March 31,


March 31,



2018


2017

Revenues:







Casino

$

1,394,316


$

1,271,474


Rooms


539,480



558,812


Food and beverage


455,411



469,336


Entertainment, retail and other


329,750



317,729


Reimbursed costs


103,280



100,215




2,822,237



2,717,566

Expenses:







Casino


762,649



666,935


Rooms


189,058



188,669


Food and beverage


353,389



353,162


Entertainment, retail and other


226,834



223,389


Reimbursed costs


103,280



100,215


General and administrative


417,890



388,788


Corporate expense


99,509



73,132


Preopening and start-up expenses 


66,917



15,066


Property transactions, net


5,898



1,696


Depreciation and amortization


268,822



249,769




2,494,246



2,260,821








Income from unconsolidated affiliates


31,766



39,766








Operating income


359,757



496,511








Non-operating income (expense):







Interest expense, net of amounts capitalized


(167,909)



(174,059)


Non-operating items from unconsolidated affiliates


(9,010)



(6,921)


Other, net


(1,916)



(817)




(178,835)



(181,797)








Income before income taxes


180,922



314,714


Benefit (provision) for income taxes


85,379



(62,140)








Net income


266,301



252,574


Less: Net income attributable to noncontrolling interests


(42,857)



(46,162)

Net income attributable to MGM Resorts International

$

223,444


$

206,412








Earnings per share:







Basic

$

0.39


$

0.36


Diluted

$

0.38


$

0.36








Weighted average common shares outstanding:







Basic


564,832



574,403


Diluted


571,970



580,165

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)




















March 31,


December 31,




2018


2017









      ASSETS

Current assets:








Cash and cash equivalents

$

1,525,402


$

1,499,995


Accounts receivable, net


505,591



542,273


Inventories


107,309



102,292


Income tax receivable


41,653



42,551


Prepaid expenses and other


212,758



189,244



Total current assets


2,392,713



2,376,355









Property and equipment, net


19,711,829



19,635,459









Other assets:








Investments in and advances to unconsolidated affiliates


1,050,795



1,033,297


Goodwill 



1,800,586



1,806,531


Other intangible assets, net


3,819,369



3,877,960


Other long-term assets, net


522,978



430,440



Total other assets


7,193,728



7,148,228




$

29,298,270


$

29,160,042

















LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:







Accounts payable

$

253,391


$

255,028


Construction payable


434,939



474,807


Current portion of long-term debt


539,608



158,042


Accrued interest on long-term debt


125,524



135,785


Other accrued liabilities


2,233,426



2,114,635



Total current liabilities


3,586,888



3,138,297









Deferred income taxes, net 


1,206,591



1,295,375

Long-term debt, net


12,742,861



12,751,052

Other long-term obligations


282,879



284,416

Redeemable noncontrolling interest


78,680



79,778

Stockholders' equity:







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

   issued and outstanding 556,768,821 and 566,275,789 shares


5,568



5,663


Capital in excess of par value


4,999,958



5,357,709


Retained earnings


2,372,744



2,217,299


Accumulated other comprehensive loss


(7,480)



(3,610)



Total MGM Resorts International stockholders' equity


7,370,790



7,577,061


Noncontrolling interests


4,029,581



4,034,063



Total stockholders' equity


11,400,371



11,611,124




$

29,298,270


$

29,160,042

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)








Three Months Ended


March 31,


March 31,


2018


2017

Bellagio

$

360,788


$

347,418

MGM Grand Las Vegas


293,806



272,986

Mandalay Bay


244,565



260,895

The Mirage 


145,659



175,986

Luxor


96,751



102,775

New York-New York 


96,114



91,067

Excalibur


79,422



79,904

Monte Carlo


56,257



73,412

Circus Circus Las Vegas


58,742



59,245

MGM Grand Detroit


147,535



143,982

Beau Rivage


96,695



91,648

Gold Strike Tunica


41,647



43,437

Borgata


192,441



205,595

MGM National Harbor


188,250



173,615

  Domestic resorts


2,098,672



2,121,965

MGM Macau


510,870



475,416

MGM Cotai


84,991



-

  MGM China


595,861



475,416

Management and other operations


127,704



120,185


$

2,822,237


$

2,717,566

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)








Three Months Ended


March 31,


March 31,


2018


2017

Bellagio

$

140,397


$

129,341

MGM Grand Las Vegas


90,081



73,742

Mandalay Bay


68,783



78,172

The Mirage 


32,849



62,178

Luxor


28,989



32,815

New York-New York 


36,911



33,910

Excalibur


27,050



28,792

Monte Carlo


9,203



22,435

Circus Circus Las Vegas


14,891



15,947

MGM Grand Detroit


46,391



43,820

Beau Rivage


23,075



20,286

Gold Strike Tunica


12,409



14,478

Borgata


43,232



59,417

MGM National Harbor


42,106



31,864

  Domestic resorts


616,367



647,197

MGM Macau (1)


145,835



145,197

MGM Cotai


5,916



-

  MGM China


151,751



145,197

Unconsolidated resorts (2)


31,766



39,766

Management and other operations


7,845



10,718


$

807,729


$

842,878


(1) In 2017, MGM Macau included certain expenses classified as corporate expense in 2018.


(2) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences. 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)
















Three Months Ended March 31, 2018

















Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA

Bellagio

$

117,884


$

-


$

570


$

21,943


$

140,397

MGM Grand Las Vegas


73,331



-



348



16,402



90,081

Mandalay Bay


46,658



-



(102)



22,227



68,783

The Mirage 


22,614



-



1,108



9,127



32,849

Luxor


19,104



-



55



9,830



28,989

New York-New York 


30,679



-



87



6,145



36,911

Excalibur


22,078



-



(35)



5,007



27,050

Monte Carlo


(9,356)



3,421



2,454



12,684



9,203

Circus Circus Las Vegas


10,249



-



199



4,443



14,891

MGM Grand Detroit


40,864



-



-



5,527



46,391

Beau Rivage


16,534



-



-



6,541



23,075

Gold Strike Tunica


10,178



-



46



2,185



12,409

Borgata


28,438



-



409



14,385



43,232

MGM National Harbor


21,673



66



5



20,362



42,106

  Domestic resorts


450,928



3,487



5,144



156,808



616,367

MGM Macau


127,772



-



751



17,312



145,835

MGM Cotai


(72,743)



51,387



-



27,272



5,916

  MGM China


55,029



51,387



751



44,584



151,751

Unconsolidated resorts (1)


28,445



3,321



-



-



31,766

Management and other operations


5,980



-



-



1,865



7,845



540,382



58,195



5,895



203,257



807,729

Stock compensation


(15,617)



-



-



-



(15,617)

Corporate 


(165,008)



8,722



3



65,565



(90,718)


$

359,757


$

66,917


$

5,898


$

268,822


$

701,394































Three Months Ended March 31, 2017

















Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA

Bellagio

$

107,110


$

-


$

85


$

22,146


$

129,341

MGM Grand Las Vegas


55,914



7



233



17,588



73,742

Mandalay Bay


53,545



-



-



24,627



78,172

The Mirage 


52,843



-



-



9,335



62,178

Luxor


23,094



-



(1)



9,722



32,815

New York-New York 


24,598



(8)



129



9,191



33,910

Excalibur


24,535



-



55



4,202



28,792

Monte Carlo


8,798



610



31



12,996



22,435

Circus Circus Las Vegas


11,707



-



239



4,001



15,947

MGM Grand Detroit


38,041



-



-



5,779



43,820

Beau Rivage


14,249



-



-



6,037



20,286

Gold Strike Tunica


12,165



-



(28)



2,341



14,478

Borgata


39,378



35



804



19,200



59,417

MGM National Harbor


10,332



74



-



21,458



31,864

  Domestic resorts


476,309



718



1,547



168,623



647,197

MGM China


75,405



9,824



149



59,819



145,197

Unconsolidated resorts (1)


39,766



-



-



-



39,766

Management and other operations


8,916



-



-



1,802



10,718



600,396



10,542



1,696



230,244



842,878

Stock compensation


(15,578)



-



-



-



(15,578)

Corporate 


(88,307)



4,524



-



19,525



(64,258)


$

496,511


$

15,066


$

1,696


$

249,769


$

763,042


(1) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences.

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO ADJUSTED EBITDA

(In thousands)

(Unaudited)








Three Months Ended


March 31,


March 31,


2018


2017

Net income attributable to MGM Resorts International

$

223,444


$

206,412

  Plus: Net income attributable to noncontrolling interests


42,857



46,162

Net income


266,301



252,574

  (Benefit) provision for income taxes


(85,379)



62,140

Income before income taxes


180,922



314,714







Non-operating (income) expense:






  Interest expense, net of amounts capitalized


167,909



174,059

  Other, net


10,926



7,738



178,835



181,797







Operating income


359,757



496,511

  Preopening and start-up expenses


66,917



15,066

  Property transactions, net


5,898



1,696

  Depreciation and amortization


268,822



249,769

Adjusted EBITDA

$

701,394


$

763,042

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)








Three Months Ended


March 31,


March 31,


2018


2017

Bellagio






   Occupancy %


93.5%



93.0%

   Average daily rate (ADR)


$286



$288

   Revenue per available room (REVPAR)


$268



$268







MGM Grand Las Vegas






   Occupancy %


91.3%



91.2%

   ADR


$188



$195

   REVPAR


$172



$178







Mandalay Bay 






   Occupancy %


85.1%



91.0%

   ADR


$219



$230

   REVPAR


$186



$209







The Mirage






   Occupancy %


90.5%



91.9%

   ADR


$181



$188

   REVPAR


$164



$173







Luxor 






   Occupancy %


93.7%



93.2%

   ADR


$120



$125

   REVPAR


$112



$117







New York-New York






   Occupancy %


96.3%



95.4%

   ADR


$154



$153

   REVPAR


$149



$146







Excalibur 






   Occupancy %


90.6%



90.4%

   ADR


$103



$109

   REVPAR


$93



$98







Monte Carlo 






   Occupancy %


87.5%



95.5%

   ADR


$132



$129

   REVPAR


$116



$123







Circus Circus Las Vegas






   Occupancy %


78.7%



80.5%

   ADR


$86



$90

   REVPAR


$67



$72

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)



Three Months Ended


March 31,


March 31,


2018


2017







Aria

$

271,881


$

282,070

Vdara


32,469



32,605


$

304,350


$

314,675

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)








Three Months Ended


March 31,


March 31,


2018


2017







Net income (loss)

$

(106,067)


$

44,561

 Plus: Loss from discontinued operations


128,510



392

Net income from continuing operations


22,443



44,953







Non-operating (income) expense:






  Interest expense, net of amounts capitalized


17,225



12,760

  Other, net


(718)



(618)



16,507



12,142







Operating income


38,950



57,095

  Property transactions, net


(1,046)



(410)

  Depreciation and amortization


53,610



52,047

Adjusted EBITDA

$

91,514


$

108,732

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)



Three Months Ended


March 31,


March 31,


2018


2017

Aria






   Occupancy %


89.3%



91.4%

   ADR


$274



$268

   REVPAR


$245



$245







Vdara






   Occupancy %


91.6%



90.1%

   ADR


$218



$221

   REVPAR


$200



$200

 

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)


Three Months Ended March 31, 2018



Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA

Aria

$

36,059


$

-


$

(1,046)


$

46,793


$

81,806

Vdara


3,974



-



-



6,817



10,791

 Resort operations


40,033



-



(1,046)



53,610



92,597

Other


(1,083)



-



-



-



(1,083)


$

38,950


$

-


$

(1,046)


$

53,610


$

91,514














































Three Months Ended March 31, 2017



Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions, net


Depreciation and
amortization


Adjusted EBITDA

Aria

$

54,182


$

-


$

(411)


$

45,119


$

98,890

Vdara


3,952



-



1



6,928



10,881

 Resort operations


58,134



-



(410)



52,047



109,771

Other


(1,039)



-



-



-



(1,039)


$

57,095


$

-


$

(410)


$

52,047


$

108,732

 

Cision View original content:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-first-quarter-financial-and-operating-results-300637100.html

SOURCE MGM Resorts International