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MGM Resorts International Reports Third Quarter Results

MGM Resorts International Reports Third Quarter Results

Catégorie : Monde - Économie du secteur - Chiffres et études
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 04-11-2010


Senior Credit Facility Extended To February 2014, Significantly Improving Liquidity Profile


- MGM Resorts International (NYSE: MGM) today announced its financial results for the third quarter of 2010. The Company recorded a third quarter diluted loss per share (EPS) of $0.72 compared to a loss of $1.70 per share in the prior year third quarter. The current year results include pre-tax impairment charges totaling $357 million, or $0.51 per diluted share, net of tax, including pre-tax impairment charges of $182 million related to the Company's investment in CityCenter, $46 million related to CityCenter's residential real estate inventory, and $128 million related to the Company's Borgata investment. The prior year results include pre-tax impairment charges totaling $1.17 billion, or $1.72 loss per diluted share, net of tax, including pre-tax impairment charges of $956 million related to the Company's investment in CityCenter and $203 million related to impairment of CityCenter's residential real estate under development.
The following table lists these and other items which affect the comparability of the current and prior year quarterly results (approximate EPS impact shown, net of tax, per diluted share; negative amounts represent charges to income):
Three months ended September 30,
2010
2009
Preopening and start-up expenses
$ --
$ (0.01)
Property transactions, net:


Investment in CityCenter impairment charge
(0.27)
(1.40)
Investment in Borgata impairment charge
(0.17)
--
Other property transactions, net
(0.01)
(0.02)
Income (loss) from unconsolidated affiliates:


CityCenter residential inventory impairment charge
(0.07)
(0.30)
CityCenter forfeited residential deposits income
0.02
--
Borgata insurance proceeds
--
0.02


Key operating results for the quarter included the following:
Net revenue, excluding reimbursed costs, decreased 3% to $1.5 billion;
Las Vegas Strip REVPAR(1) decreased 2% compared to the prior year quarter. Both Bellagio and Mandalay Bay recorded increases in REVPAR for the third quarter;
Adjusted Property EBITDA(2) attributable to wholly-owned operations was $314 million, down 13%;
Net revenue at the Company's regional resorts increased 3% compared to the prior year third quarter with Adjusted Property EBITDA increasing 12%;
MGM Macau reported its best quarter ever and earned operating income of $61 million in the third quarter of 2010 which included depreciation expense of $22 million; and
Aria reported Adjusted Property EBITDA of $41 million during the third quarter of 2010.

Other key events:
In October 2010, the Company issued 40.9 million shares of its common stock for net proceeds to the Company of approximately $512 million and issued $500 million of 10% senior notes due 2016 for net proceeds to the Company of approximately $486 million;
The Company used a portion of the net proceeds from the equity offering and all of the proceeds of the debt offering to effectuate the extension of its senior credit facility to February 2014. Revolving commitments and term loans were reduced by $1.2 billion, leaving $3.6 billion of total commitments ;
The Company received approximately $125 million from MGM Macau during October 2010, which represents a partial repayment of principal and accrued interest on the Company's interest and non-interest bearing notes to that entity;
The Company recently received an offer (subject to diligence, definitive agreements and approvals) for its 50% economic interest in the Borgata Hotel Casino & Spa ("Borgata") equal to slightly in excess of $250 million, based on an enterprise value for Borgata of $1.35 billion for the entire asset; and
The Company expects to close the sale of its long-term land leases and associated real property parcels underlying Borgata in November 2010, with net proceeds to the Company's New Jersey trust account of approximately $71 million.

"We continue to see the Las Vegas market stabilizing, Aria's operating performance is ramping up, and MGM Macau reported a record quarter," said Jim Murren, MGM Resorts International Chairman and CEO. "We have made significant progress on our financial position this year and have deployed several programs to better position our portfolio of resorts to benefit from a broader economic recovery going forward."
Detailed Discussion of Third Quarter Operating Results
Net revenue for the third quarter of 2010 was $1.56 billion. Excluding reimbursed costs revenue mainly related to the Company's management of CityCenter (approximately $89 million in the 2010 third quarter and $16 million in the 2009 third quarter), net revenue was $1.47 billion, a decrease of 3% from 2009.
Third quarter casino revenue decreased 9% compared to the prior year quarter, with slots revenue down 3% for the quarter. The Company's table games volume, excluding baccarat, decreased 7% in the quarter, while baccarat volume was down 6% compared to the prior year quarter. The overall table games hold percentage was lower in 2010 than the prior year quarter; in the current year third quarter the hold percentage was above the midpoint of the Company's normal 18% to 22% while it was slightly above the high end of the range in the 2009 quarter.
Rooms revenue decreased 3% from the prior year. The Company achieved 93% occupancy compared to 95% in the prior year quarter with consistent ADR, which led to a 2% decrease in Las Vegas Strip REVPAR.
"Our luxury properties are leading the way, driven by improving convention mix. Both Bellagio and Mandalay Bay recorded REVPAR increases in the third quarter," said Mr. Murren.
Operating loss for the third quarter of 2010 was $206 million, which includes the CityCenter investment impairment, the Borgata impairment, and the Company's share of the CityCenter residential impairment charge discussed further below. Prior year operating loss was $963 million and included an impairment charge related to the Company's investment in CityCenter and the Company's share of a CityCenter residential real estate impairment charge. Adjusted Property EBITDA attributable to wholly-owned operations was $314 million in the 2010 quarter, down 13% compared to the prior year.
Impairment Charges
As of September 30, 2010, the Company recognized an increase of $232 million in its total net obligation under its CityCenter completion guarantee, and a corresponding increase in its investment in CityCenter. The increase primarily reflects a revision to prior estimates based on the Company's assessment of the most current information derived from the CityCenter close-out and litigation processes. This accrual does not reflect certain potential recoveries that CityCenter is pursuing as part of the litigation process. The Company reviewed its investment in CityCenter due to such increase and recorded a pre-tax impairment charge of approximately $182 million in the third quarter. This impairment charge reflects a fair value of $1.3 billion for the Company's 50% equity interest in CityCenter.
The Company recently received an offer for its 50% economic interest in Borgata based on an enterprise value of $1.35 billion for the entire asset. The Company submitted this offer to Boyd Gaming Corporation, which owns the other 50% interest, in accordance with the right of first refusal provisions included in the joint venture agreement. Subsequently, Boyd announced that it does not intend to exercise its right to first refusal in connection with such offer; therefore, the Company intends to pursue negotiations with the original bidder. Based on Borgata's September debt balances, the offer equates to slightly in excess of $250 million for the Company's 50% interest. This is less than the carrying value of the Company's investment in Borgata; therefore, the Company recorded a pre-tax impairment charge of approximately $128 million in the third quarter of 2010. The consummation of any transaction as a result of the offer is subject to negotiation of final documents, due diligence, and regulatory approval.
Loss from Unconsolidated Affiliates
The Company had a loss from unconsolidated affiliates of $7 million in the third quarter of 2010 compared to a loss of $133 million in the prior year third quarter. The current year includes $46 million related to the Company's share of residential inventory impairment at CityCenter and the prior year included $203 million related to an impairment of CityCenter's real estate under development.
MGM Macau earned operating income of $61 million in the third quarter of 2010 which included depreciation expense of $22 million, compared to operating income of $50 million in the 2009 third quarter which included depreciation expense of $23 million.
Results for CityCenter for the third quarter of 2010 include the following (see schedules accompanying this release for further detail on CityCenter Holdings, LLC's third quarter and year-to-date 2010 results):
CityCenter's net revenue was $413 million in the third quarter, including $166 million related to residential operations, of which $28 million related to forfeited residential deposits;
Aria's net revenue was $219 million and Adjusted Property EBITDA was $41 million. Aria's results were positively affected by a high table games hold percentage, which increased Adjusted Property EBITDA by approximately $26 million;
Aria's occupancy percentage was 82% and its average daily rate was $175, resulting in REVPAR of $142; and
CityCenter recorded a $93 million impairment charge related to its residential inventory due to an increase in estimated final costs of the residential components and also recorded a $279 million impairment charge related to its Harmon Hotel & Spa component due to CityCenter's conclusion that it is unlikely the Harmon will be completed using the building as it now stands. The Harmon impairment did not affect the Company's loss from unconsolidated affiliates because the Company's 50% share of the impairment charge had been previously recognized by the Company in connection with prior impairments of its investment balance.

Financial Position
At September 30, 2010, the Company had approximately $12.9 billion of indebtedness (with a carrying value of $12.6 billion), including $3.4 billion of borrowings outstanding under its senior credit facility, with available borrowing capacity under the senior credit facility of approximately $1.3 billion.
In October 2010 the Company issued 40.9 million shares of its common stock for total net proceeds to the Company of approximately $512 million. In connection with the Company's issuance, Tracinda sold approximately 27.8 million shares of the Company's common stock. The Company will not receive any proceeds from the sale of such common stock by Tracinda. The underwriter has the ability to purchase an additional 6.1 million shares from the Company and 4.2 million shares from Tracinda up to 30 days after the original offering to cover overallotments.
Also in October 2010, the Company issued $500 million of 10% senior notes due 2016, issued at a discount to yield 10.25%, for net proceeds to the Company of $486 million. The notes are unsecured and otherwise rank equally in right of payment with the Company's existing and future senior indebtedness.
The Company used the net proceeds from the issuance of the senior notes and a portion of the net proceeds from the common stock offering to effectuate the extension of its senior credit facility. Revolving commitments and term loans were reduced by $1.2 billion, leaving $3.6 billion of total commitments that will mature in February 2014.
The Company's New Jersey trust account received a distribution of approximately $105 million from Borgata during the third quarter. The balance in the trust account was approximately $114 million at September 30, 2010. All amounts in the trust account, including the proceeds from the sale of the Company's Borgata interest and the underlying land parcels, will be distributed to the Company upon consummation of the sale of the Company's Borgata interest.
"Our recent capital raising transactions extend our maturity profile and significantly enhance our liquidity," said Dan D'Arrigo, MGM Resorts International Executive Vice President and CFO. "Subsequent to quarter end, we have reduced our debt from $12.9 billion to $12.3 billion. We have current availability under our senior credit facility to cover debt maturities into 2013."
Conference Call Details
MGM Resorts International will hold a conference call to discuss its third quarter results at 11:00 a.m. Eastern Time today. The call will be accessible via the Internet through www.mgmresorts.com or by calling 1-877-274-9221 for Domestic callers and 1-706-634-6528 for International callers. The conference call ID # is 19689828. A replay of the call will be available through Wednesday, November 10, 2010. The replay may be accessed by dialing 1-800-642-1687 or 1-706-645-9291. The replay access code is 19689828. The call will also be archived at www.mgmresorts.com.
(1) REVPAR is hotel Revenue per Available Room.
(2) "Adjusted EBITDA" is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, and property transactions, net. "Adjusted Property EBITDA" is Adjusted EBITDA before corporate expense and stock compensation expense. Adjusted EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because management believes these measures are 1) widely used measures of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies.
Management believes that while items excluded from Adjusted EBITDA and Adjusted Property EBITDA may be recurring in nature and should not be disregarded in evaluation of the Company's earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, management believes excluded items may not relate specifically to current operating trends or be indicative of future results. For example, pre-opening 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 our 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.
Statements in this release which are not historical facts are "forward looking" statements and "safe harbor statements" within the meaning of Section 21E of the U.S. the Securities Exchange Act of 1934, as amended, and other related laws that involve risks and/or uncertainties, including risks and/or uncertainties as described in the company's public filings with the Securities and Exchange Commission. We have based those 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 statements regarding future operating results and liquidity to pay future indebtedness. 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 we operate and competition with other destination travel locations throughout the United States and the world. 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.
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)




Three Months Ended

Nine Months Ended


September 30,

September 30,

September 30,

September 30,


2010

2009

2010

2009
Revenues:








Casino
$ 633,983

$ 699,806

$ 1,834,132

$ 1,990,103

Rooms
331,424

340,165

990,546

1,045,504

Food and beverage
343,180

344,284

1,019,553

1,040,540

Entertainment
123,907

128,568

364,524

369,998

Retail
52,618

54,525

147,569

156,785

Other
145,375

122,549

403,214

376,768

Reimbursed costs
88,551

15,524

272,235

42,480


1,719,038

1,705,421

5,031,773

5,022,178

Less: Promotional allowances
(161,333)

(172,198)

(478,981)

(496,005)


1,557,705

1,533,223

4,552,792

4,526,173
Expenses:








Casino
346,806

367,720

1,039,118

1,093,068

Rooms
111,711

108,273

320,466

325,247

Food and beverage
197,836

196,778

585,123

590,137

Entertainment
91,129

91,422

272,386

267,786

Retail
32,093

33,684

90,671

99,760

Other
88,144

75,737

250,298

218,082

Reimbursed costs
88,551

15,524

272,235

42,480

General and administrative
292,456

290,766

850,914

825,623

Corporate expense
30,715

31,928

87,543

99,295

Preopening and start-up expenses
30

10,058

4,061

27,539

Property transactions, net
318,154

971,208

1,445,125

779,331

Depreciation and amortization
158,857

170,651

486,757

521,877


1,756,482

2,363,749

5,704,697

4,890,225









Loss from unconsolidated affiliates
(7,124)

(132,893)

(114,236)

(113,169)









Operating loss
(205,901)

(963,419)

(1,266,141)

(477,221)









Non-operating income (expense):








Interest income
1,142

857

2,784

11,535

Interest expense, net
(285,139)

(181,899)

(840,483)

(554,822)

Non-operating items from unconsolidated affiliates
(27,185)

(14,613)

(82,109)

(38,058)

Other, net
6,156

826

154,958

(234,693)


(305,026)

(194,829)

(764,850)

(816,038)









Loss before income taxes
(510,927)

(1,158,248)

(2,030,991)

(1,293,259)

Benefit for income taxes
192,936

407,860

732,783

435,495









Net loss
$ (317,991)

$ (750,388)

$ (1,298,208)

$ (857,764)









Per share of common stock:








Basic:








Net loss per share
$ (0.72)

$ (1.70)

$ (2.94)

$ (2.40)




Weighted average shares outstanding
441,328

441,214

441,289

357,348









Diluted:








Net loss per share
$ (0.72)

$ (1.70)

$ (2.94)

$ (2.40)




Weighted average shares outstanding
441,328

441,214

441,289

357,348


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)






September 30,

December 31,




2010

2009







ASSETS
Current assets:





Cash and cash equivalents

$ 552,757

$ 2,056,207

Accounts receivable, net

324,206

368,474

Inventories

93,479

101,809

Income tax receivable

180,181

384,555

Deferred income taxes

22,681

38,487

Prepaid expenses and other

115,497

103,969


Total current assets

1,288,801

3,053,501







Property and equipment, net

14,697,192

15,069,952







Other assets:





Investments in and advances to unconsolidated affiliates

2,115,760

3,611,799

Goodwill

86,353

86,353

Other intangible assets, net

342,995

344,253

Other long-term assets, net

605,271

352,352


Total other assets

3,150,379

4,394,757




$ 19,136,372

$ 22,518,210














LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities:





Accounts payable

$ 153,049

$ 173,719

Current portion of long-term debt

-

1,079,824

Accrued interest on long-term debt

223,106

206,357

Other accrued liabilities

942,802

923,701


Total current liabilities

1,318,957

2,383,601







Deferred income taxes

2,400,984

3,031,303
Long-term debt

12,623,851

12,976,037
Other long-term obligations

252,209

256,837
Stockholders' equity:





Common stock, $.01 par value: authorized 600,000,000 shares,





issued 441,339,770 and 441,222,251 shares and outstanding





441,339,770 and 441,222,251 shares

4,413

4,412

Capital in excess of par value

3,465,253

3,497,425

Retained earnings (accumulated deficit)

(927,676)

370,532

Accumulated other comprehensive loss

(1,619)

(1,937)


Total stockholders' equity

2,540,371

3,870,432




$ 19,136,372

$ 22,518,210


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)











Three Months Ended

Nine Months Ended



September 30,

September 30,

September 30,

September 30,



2010

2009

2010

2009

Bellagio

$ 269,370

$ 262,436

$ 766,973

$ 795,017

MGM Grand Las Vegas

231,626

266,349

708,061

737,108

Mandalay Bay

185,635

185,539

545,465

553,711

The Mirage

151,653

182,376

423,339

483,352

Luxor

81,439

88,609

238,825

263,038

Treasure Island (1)

-

-

-

66,329

New York-New York

64,393

60,721

185,987

191,609

Excalibur

65,590

71,451

190,524

203,944

Monte Carlo

57,277

52,120

167,585

153,223

Circus Circus Las Vegas

52,005

54,962

141,688

155,768

MGM Grand Detroit

132,366

124,753

404,893

389,365

Beau Rivage

85,792

85,970

252,915

251,610

Gold Strike Tunica

40,389

39,493

114,879

118,057

Management operations

101,690

25,374

307,820

69,197

Other operations

38,480

33,070

103,838

94,845



$ 1,557,705

$ 1,533,223

$ 4,552,792

$ 4,526,173




















MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA
(In thousands)
(Unaudited)











Three Months Ended

Nine Months Ended



September 30,

September 30,

September 30,

September 30,



2010

2009

2010

2009

Bellagio

$ 75,858

$ 61,876

$ 195,137

$ 206,336

MGM Grand Las Vegas

40,011

70,727

130,604

168,040

Mandalay Bay

30,435

36,222

96,177

128,059

The Mirage

31,980

54,513

80,624

116,611

Luxor

14,114

18,989

44,455

59,797

Treasure Island (1)

-

-

-

12,729

New York-New York

21,943

17,990

59,561

61,587

Excalibur

15,881

19,176

49,158

57,140

Monte Carlo

7,930

3,930

24,038

32,172

Circus Circus Las Vegas

6,126

7,753

13,350

24,861

MGM Grand Detroit

40,466

32,729

118,436

106,898

Beau Rivage

17,637

18,046

51,040

52,905

Gold Strike Tunica

11,704

11,534

31,590

36,965

Management operations

(1,554)

4,347

(9,120)

13,258

Other operations

1,893

1,704

2,032

3,412

Wholly-owned operations

314,424

359,536

887,082

1,080,770

CityCenter (50%)

(46,420)

(204,334)

(220,593)

(207,204)

Macau (50%)

29,372

23,557

71,165

14,866

Other unconsolidated resorts

9,924

48,070

35,484

79,755



$ 307,300

$ 226,829

$ 773,138

$ 968,187










(1) Treasure Island was sold in March 2009.


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA
(In thousands)
(Unaudited)












Three Months Ended September 30, 2010










Operating
income (loss)

Preopening and
start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

$ 52,040

$ -

$ (18)

$ 23,836

$ 75,858

MGM Grand Las Vegas

20,855

-

(45)

19,201

40,011

Mandalay Bay

5,023

-

2,181

23,231

30,435

The Mirage

16,104

-

450

15,426

31,980

Luxor

3,666

-

11

10,437

14,114

New York-New York

14,307

-

763

6,873

21,943

Excalibur

10,300

-

-

5,581

15,881

Monte Carlo

(1,954)

-

3,765

6,119

7,930

Circus Circus Las Vegas

1,024

-

4

5,098

6,126

MGM Grand Detroit

30,724

-

(484)

10,226

40,466

Beau Rivage

4,950

-

348

12,339

17,637

Gold Strike Tunica

7,532

-

549

3,623

11,704

Management operations

(4,986)

-

-

3,432

(1,554)

Other operations

(53)

30

(1)

1,917

1,893

Wholly-owned operations

159,532

30

7,523

147,339

314,424

CityCenter (50%)

(46,420)

-

-

-

(46,420)

Macau (50%)

29,372

-

-

-

29,372

Other unconsolidated resorts

9,924

-

-

-

9,924



152,408

30

7,523

147,339

307,300

Stock compensation

(8,599)

-

-

-

(8,599)

Corporate

(349,710)

-

310,631

11,518

(27,561)



$ (205,901)

$ 30

$ 318,154

$ 158,857

$ 271,140












Three Months Ended September 30, 2009















Operating
income (loss)

Preopening and
start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

$ 29,495

$ -

$ 1,206

$ 31,175

$ 61,876

MGM Grand Las Vegas

50,634

-

5

20,088

70,727

Mandalay Bay

13,822

145

(73)

22,328

36,222

The Mirage

37,368

-

17

17,128

54,513

Luxor

10,542

(759)

(12)

9,218

18,989

New York-New York

6,775

-

1,394

9,821

17,990

Excalibur

13,413

-

(14)

5,777

19,176

Monte Carlo

(5,685)

-

2,456

7,159

3,930

Circus Circus Las Vegas

1,910

-

80

5,763

7,753

MGM Grand Detroit

17,889

-

5,906

8,934

32,729

Beau Rivage

5,819

-

-

12,227

18,046

Gold Strike Tunica

7,774

-

-

3,760

11,534

Management operations

847

-

2,473

1,027

4,347

Other operations

238

-

-

1,466

1,704

Wholly-owned operations

190,841

(614)

13,438

155,871

359,536

CityCenter (50%)

(215,006)

10,672

-

-

(204,334)

Macau (50%)

23,557

-

-

-

23,557

Other unconsolidated resorts

48,070

-

-

-

48,070



47,462

10,058

13,438

155,871

226,829

Stock compensation

(9,319)

-

-

-

(9,319)

Corporate

(1,001,562)

-

957,770

14,780

(29,012)



$ (963,419)

$ 10,058

$ 971,208

$ 170,651

$ 188,498
























MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA
(In thousands)
(Unaudited)












Nine Months Ended September 30, 2010










Operating
income (loss)

Preopening and
start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

$ 122,871

$ -

$ (125)

$ 72,391

$ 195,137

MGM Grand Las Vegas

72,134

-

(45)

58,515

130,604

Mandalay Bay

23,758

-

2,840

69,579

96,177

The Mirage

29,535

-

311

50,778

80,624

Luxor

12,237

-

1

32,217

44,455

New York-New York

31,737

-

6,858

20,966

59,561

Excalibur

31,103

-

784

17,271

49,158

Monte Carlo

1,928

-

3,765

18,345

24,038

Circus Circus Las Vegas

(2,529)

-

229

15,650

13,350

MGM Grand Detroit

88,391

-

(484)

30,529

118,436

Beau Rivage

13,768

-

351

36,921

51,040

Gold Strike Tunica

21,336

-

(551)

10,805

31,590

Management operations

(19,453)

-

-

10,333

(9,120)

Other operations

(3,546)

567

4

5,007

2,032

Wholly-owned operations

423,270

567

13,938

449,307

887,082

CityCenter (50%)

(224,087)

3,494

-

-

(220,593)

Macau (50%)

71,165

-

-

-

71,165

Other unconsolidated resorts

35,484

-

-

-

35,484



305,832

4,061

13,938

449,307

773,138

Stock compensation

(26,156)

-

-

-

(26,156)

Corporate

(1,545,817)

-

1,431,187

37,450

(77,180)



$ (1,266,141)

$ 4,061

$ 1,445,125

$ 486,757

$ 669,802












Nine Months Ended September 30, 2009















Operating
income (loss)

Preopening and
start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

$ 115,925

$ -

$ 2,360

$ 88,051

$ 206,336

MGM Grand Las Vegas

99,022

-

81

68,937

168,040

Mandalay Bay

56,954

897

(70)

70,278

128,059

The Mirage

66,158

-

313

50,140

116,611

Luxor

30,300

(759)

259

29,997

59,797

Treasure Island (1)

12,730

-

(1)

-

12,729

New York-New York

35,549

-

1,631

24,407

61,587

Excalibur

39,543

-

(12)

17,609

57,140

Monte Carlo

18,521

-

(4,737)

18,388

32,172

Circus Circus Las Vegas

7,413

-

(35)

17,483

24,861

MGM Grand Detroit

70,658

-

5,906

30,334

106,898

Beau Rivage

16,139

-

157

36,609

52,905

Gold Strike Tunica

24,636

-

-

12,329

36,965

Management operations

4,699

-

2,473

6,086

13,258

Other operations

(1,131)

-

6

4,537

3,412

Wholly-owned operations

597,116

138

8,331

475,185

1,080,770

CityCenter (50%)

(233,790)

26,586

-

-

(207,204)

Macau (50%)

14,866

-

-

-

14,866

Other unconsolidated resorts

78,940

815

-

-

79,755



457,132

27,539

8,331

475,185

968,187

Stock compensation

(27,076)

-

-

-

(27,076)

Corporate

(907,277)

-

771,000

46,692

(89,585)



$ (477,221)

$ 27,539

$ 779,331

$ 521,877

$ 851,526












(1) Treasure Island was sold in March 2009.


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES


RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS


(In thousands)


(Unaudited)















Three Months Ended

Nine Months Ended



September 30,

September 30,

September 30,

September 30,

2010

2009

2010

2009








Adjusted EBITDA

$ 271,140

$ 188,498

$ 669,802

$ 851,526
Preopening and start-up expenses

(30)

(10,058)

(4,061)

(27,539)
Property transactions, net

(318,154)

(971,208)

(1,445,125)

(779,331)
Depreciation and amortization

(158,857)

(170,651)

(486,757)

(521,877)
Operating loss

(205,901)

(963,419)

(1,266,141)

(477,221)










Non-operating income (expense):








Interest expense, net

(285,139)

(181,899)

(840,483)

(554,822)
Other

(19,887)

(12,930)

75,633

(261,216)



(305,026)

(194,829)

(764,850)

(816,038)










Loss before income taxes

(510,927)

(1,158,248)

(2,030,991)

(1,293,259)
Benefit for income taxes

192,936

407,860

732,783

435,495
Net loss

$ (317,991)

$ (750,388)

$(1,298,208)

$ (857,764)




















MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP
(Unaudited)












Three Months Ended

Nine Months Ended



September 30,

September 30,

September 30,

September 30,



2010

2009

2010

2009

Bellagio









Occupancy %

94.8%

95.7%

93.5%

95.0%

Average daily rate (ADR)

$200

$195

$203

$203

Revenue per available room (REVPAR)

$190

$187

$190

$193











MGM Grand Las Vegas









Occupancy %

94.6%

97.1%

94.1%

95.7%

ADR

$108

$109

$114

$113

REVPAR

$102

$106

$107

$108











Mandalay Bay









Occupancy %

91.2%

93.6%

90.0%

90.3%

ADR

$155

$147

$157

$161

REVPAR

$142

$137

$141

$145











The Mirage









Occupancy %

95.8%

97.1%

93.3%

95.0%

ADR

$117

$119

$122

$127

REVPAR

$112

$115

$114

$120











Luxor









Occupancy %

92.1%

94.4%

89.7%

91.7 %

ADR

$73

$75

$76

$80

REVPAR

$67

$71

$68

$74











New York-New York









Occupancy %

93.2%

96.7%

92.1%

94.0%

ADR

$87

$92

$91

$96

REVPAR

$81

$89

$84

$90











Excalibur









Occupancy %

94.9%

95.0%

89.6%

89.6%

ADR

$54

$59

$57

$61

REVPAR

$51

$56

$51

$55











Monte Carlo









Occupancy %

95.5%

95.6%

91.4%

92.3%

ADR

$74

$82

$78

$84

REVPAR

$71

$78

$71

$78











Circus Circus Las Vegas









Occupancy %

86.8%

88.8%

78.9%

85.6%

ADR

$42

$43

$43

$44

REVPAR

$37

$39

$34

$38


CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)















Three Months
Ended

Nine Months
Ended









September 30,

September 30,









2010

2010



















Aria

$ 219,418

$ 535,915







Vdara

10,859

28,629







Crystals

9,182

22,952







Mandarin Oriental

7,470

21,528







Resort operations

246,929

609,024







Residential operations

165,965

464,417









$ 412,894

$ 1,073,441






























CITYCENTER HOLDINGS, LLC
RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS
(In thousands)
(Unaudited)















Three Months
Ended

Nine Months
Ended








September 30,

September 30,









2010

2010


















Adjusted EBITDA

$ 52,357

$ 52,419






Preopening and start-up expenses

-

(6,202)






Property transactions, net

(372,035)

(600,133)






Depreciation and amortization

(80,821)

(230,004)






Operating loss

(400,499)

(783,920)


















Non-operating income (expense):










Interest expense, net

(65,618)

(174,342)






Other

(189)

(4,910)









(65,807)

(179,252)


















Net loss

$ (466,306)

$ (963,172)
































CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING LOSS TO ADJUSTED EBITDA
(In thousands)
(Unaudited)












Three Months Ended September 30, 2010










Operating loss

Preopening and
start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Aria

$ (19,594)

$ -

$ -

$ 60,965

$ 41,371

Vdara

(9,646)

-

-

9,059

(587)

Crystals

(3,158)

-

-

5,599

2,441

Mandarin Oriental

(7,935)

-

-

4,311

(3,624)

Resort operations

(40,333)

-

-

79,934

39,601

Residential operations

(67,056)

-

92,813

308

26,065

Development and administration

(293,110)

-

279,222

579

(13,309)



$ (400,499)

$ -

$ 372,035

$ 80,821

$ 52,357












Nine Months Ended September 30, 2010















Operating loss

Preopening and
start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Aria

$ (160,725)

$ -

$ -

$ 173,061

$ 12,336

Vdara

(31,175)

-

-

26,182

(4,993)

Crystals

(10,405)

-

-

16,013

5,608

Mandarin Oriental

(23,629)

-

-

12,065

(11,564)

Resort operations

(225,934)

-

-

227,321

1,387

Residential operations

(244,648)

-

320,911

914

77,177

Development and administration

(313,338)

6,202

279,222

1,769

(26,145)



$ (783,920)

$ 6,202

$ 600,133

$ 230,004

$ 52,419



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