LAS VEGAS, Feb. 12, 2020 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter and year ended
December 31, 2019.
Fourth Quarter 2019 Financial
Highlights:
Consolidated Results
- Consolidated net revenues increased 4% compared to the prior
year quarter to $3.2 billion;
- Consolidated operating income increased to $3.0 billion compared to $336 million in the prior year quarter. The
current year quarter included a $2.7
billion gain related to the Bellagio real estate
transaction;
- Net income attributable to MGM Resorts of $2.0 billion, including the $2.7 billion gain discussed above, compared to
net loss attributable to MGM Resorts of $23
million in the prior year quarter;
- Diluted earnings per share of $3.91 in the current
quarter compared to diluted loss per share of $0.06 in the prior year quarter;
- Adjusted diluted earnings per share ("Adjusted
EPS")(1) of $0.08 in the
current quarter and Adjusted EPS was a loss per share of
$0.03 in the prior year quarter;
and
- Consolidated Adjusted EBITDAR(2) decreased 3% to
$682 million in the current quarter
compared to $703 million in the prior
year quarter, primarily attributable to a decrease in tables games
revenues driven by Far East baccarat at the Company's domestic
resorts and the inclusion of $24
million in insurance proceeds in the prior year quarter.
Excluding Circus Circus Las Vegas, which was sold in December 2019, and the impact of the insurance
proceeds discussed above, consolidated Adjusted EBITDAR increased
3% compared to the prior year quarter.
"We are proud of the progress we made during 2019 as we took
important steps to evolve our organization," said Jim Murren, Chairman and CEO of MGM Resorts.
"However, our fourth quarter results were below our expectations,
primarily due to lower than expected hold, weakness in Far East
baccarat, and certain one-time items. All other dimensions of our
business in Las Vegas performed on
or ahead of plan. For full year 2019, we generated strong
consolidated net revenue and Adjusted EBITDAR, which increased 10%
and 6%, respectively, year over year. We are also executing on our
stated MGM 2020 plan, which is realizing material cost savings and
revenue enhancements and transforming the way we operate to
position MGM Resorts for future growth and long-term value
creation. Finally, we were pleased to return more than $1.3 billion to shareholders in the form of
dividends and buybacks in 2019."
"During the year, our team made meaningful strides in
implementing our asset-light strategy to optimize our portfolio,
strengthen our balance sheet and enhance free cash flow. This
strategy is best positioning MGM Resorts for the future by
providing the flexibility to invest in higher return growth
opportunities. Following the monetization of the real estate of
Bellagio and the sale of Circus Circus Las Vegas, we continued our
momentum into the first quarter of 2020 with our announcement to
monetize the real estate of MGM Grand Las Vegas. Our previously
announced transactions are expected to provide total net cash
proceeds to MGM Resorts of $8.2
billion, a portion of which we used to retire $3.1 billion of debt in the fourth quarter. We
remain committed to reducing our net domestic financial leverage,
excluding MGP, to approximately 1 time by year end 2020. We will
have one of the strongest balance sheets in our industry and also
the strongest in our recent history. Furthermore, with the expected
launch of a modified Dutch auction tender offer tomorrow, we expect
to continue to return value to shareholders on an efficient and
expedited basis."
Mr. Murren concluded, "Looking ahead, we remain focused on
monetizing our remaining owned real estate assets, which we expect
will allow us to invest into high growth initiatives such as
Japan and sports, as well as
continue to further fortify our balance sheet and return capital to
shareholders."
Las Vegas Strip Resorts
- Net revenues increased 4% compared to the prior year quarter to
$1.4 billion. Excluding Circus Circus
Las Vegas, net revenues increased 5% compared to the prior year
quarter;
- Table Games Hold Adjusted Las Vegas Strip Resorts Net
Revenues(3) increased 4% compared to the prior year
quarter to $1.4 billion;
- REVPAR(4) increased 6.4% compared to the prior
year quarter;
- Adjusted Property EBITDAR of $380
million, a 5% decrease compared to $401 million in the prior year quarter. The prior
year quarter included $24 million in
insurance proceeds. Excluding Circus Circus Las Vegas and the
impact of the insurance proceeds discussed above, Adjusted Property
EBITDAR increased 5% compared to the prior year quarter;
- Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted
Property EBITDAR(2) of $392
million a 6% decrease compared to the prior year quarter.
Excluding Circus Circus Las Vegas and the impact of the insurance
proceeds discussed above, Table Games Hold Adjusted Las Vegas Strip
Resorts Adjusted Property EBITDAR increased 4% compared to the
prior year quarter; and
- Adjusted Property EBITDAR margin of 26.6%, a 256 basis
point decrease compared to the prior year quarter. Excluding
Circus Circus Las Vegas and the impact of the insurance proceeds
discussed above, margins were flat compared to the prior year
quarter.
Regional Operations
- Net revenues increased 15% compared to the prior year quarter
to $900 million, including
$50 million in net revenues from
Empire City Casino, which was acquired on January 29, 2019, and $68
million in net revenues from MGM Northfield Park's
operations, which was acquired from MGP on April 1, 2019;
- Adjusted Property EBITDAR increased 14% compared the prior year
quarter to $228 million; and
- Adjusted Property EBITDAR margin of 25.4% in the current
quarter, a 28 basis point decrease compared to the prior year
quarter.
MGM China
- Net revenues increased 6% compared to the prior year quarter to
$727 million;
- VIP Table Games Hold Adjusted MGM China Net
Revenues(3) increased 6% compared to the prior year
quarter to $703 million;
- Adjusted Property EBITDAR increased 10% compared to the prior
year quarter to $185 million;
- VIP Table Games Hold Adjusted MGM China Adjusted Property
EBITDAR(2) increased 11% compared to the prior year
quarter to $177 million; and
- Adjusted Property EBITDAR margin of 25.5% , a 94 basis
point increase compared to the prior year quarter.
2020 Financial Targets
MGM Resorts expects several headwinds in calendar year 2020,
certain of which the Company believes are unpredictable within an
appropriate range of accuracy. As a result of the increased
volatility in our business due to coronavirus as well as the
market-wide weakness in Far East baccarat in Las Vegas, MGM Resorts believes it is
appropriate to withdraw its fiscal 2020 full year financial
targets. Our Macau casinos are
currently closed.
"We have made significant changes as a company since 2018, when
we announced our financial targets. We have advanced our transition
to a more asset light business model and are successfully
continuing to execute on our MGM 2020 plan," said Corey Sanders, Chief Financial Officer and
Treasurer of MGM Resorts. "While we are encouraged with the
long-term outlook in most of our key segments, and are especially
pleased with our underlying domestic business performance, we
believe it is appropriate to withdraw our 2020 financial targets.
Notwithstanding this decision, we are committed to growing free
cash flow and Adjusted EBITDAR, moderating our capital expenditures
and reducing the number of shares outstanding. The repurchase
announced today is evidence of our continued confidence in our
overall business and strategy, and we continue to believe in the
value potential of MGM Resorts as we navigate the current
environment."
Adjusted Diluted Earnings Per Share
The following table reconciles diluted earnings (loss) per share
("EPS") to Adjusted EPS (approximate EPS impact shown, per share;
positive adjustments represent charges to income):
Three Months Ended
December 31,
|
|
2019
|
|
|
|
|
2018
|
|
Diluted earnings
(loss) per share
|
|
$
|
3.91
|
|
|
|
|
$
|
(0.06)
|
|
Preopening and
start-up expenses
|
|
|
—
|
|
|
|
|
|
0.03
|
|
Property
transactions, net
|
|
|
0.02
|
|
|
|
|
|
0.03
|
|
Business interruption
insurance proceeds
|
|
|
—
|
|
|
|
|
|
(0.04)
|
|
Gain on Bellagio
transaction
|
|
|
(5.20)
|
|
|
|
|
|
—
|
|
Restructuring
|
|
|
0.01
|
|
|
|
|
|
—
|
|
Non-operating
expense:
|
|
|
|
|
|
|
|
|
|
|
Loss on retirement of
long-term debt
|
|
|
0.27
|
|
|
|
|
|
—
|
|
Foreign currency gain
on MGM China senior notes
|
|
|
(0.01)
|
|
|
|
|
|
—
|
|
Items from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
|
|
Change in fair value
of CityCenter swaps
|
|
|
(0.01)
|
|
|
|
|
|
0.01
|
|
Income tax impact on
net income adjustments (1)
|
|
|
1.09
|
|
|
|
|
|
—
|
|
Adjusted diluted
earnings (loss) per share
|
|
$
|
0.08
|
|
|
|
|
$
|
(0.03)
|
|
|
|
|
(1)
|
The income tax impact
includes current and deferred income tax expense based upon the
nature of the adjustment and the jurisdiction in which it
occurs.
|
The prior year quarter included a non-recurring, non-cash income
tax expense of $92 million,
$0.17 per share on a diluted basis,
not included in the table above, primarily resulting from guidance
issued on certain international provisions of the U.S. Tax Cut and
Jobs Act ("Tax Act"), including the treatment of foreign tax
credits resulting from Global Intangible Low-Taxed Income and other
provisions impacting foreign tax credit utilization.
Full Year 2019 Financial and Strategic
Highlights:
Consolidated Results
- Consolidated net revenues increased 10% to $12.9 billion in 2019, compared to $11.8 billion in 2018;
- Net income attributable to MGM Resorts of $2.0 billion in 2019, including the $2.7 billion gain discussed above, compared to
$467 million in 2018;
- Diluted earnings per share of $3.88 in 2019, compared to $0.81 in 2018;
- Adjusted EPS of $0.77 in 2019,
compared to Adjusted EPS of $0.95 in
2018; and
- Consolidated Adjusted EBITDAR increased 6% to $3.0 billion in 2019, compared to $2.8 billion in 2018.
Las Vegas Strip Resorts
- Net revenues increased 2% to $5.8
billion in 2019, compared to $5.7
billion in 2018;
- Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues
increased 3% to $5.9 billion in 2019,
compared to $5.7 billion in
2018;
- Adjusted Property EBITDAR decreased 4% to $1.6 billion in 2019, compared to $1.7 billion in 2018;
- Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted
Property EBITDAR decreased 2% to $1.7
billion in 2019; and
- Adjusted Property EBITDAR margin of 28.2% in 2019, a 167 basis
point decrease compared to 2018.
Regional Operations
- Net revenues increased 21% to $3.5
billion in 2019, including $193
million in net revenues from Empire City Casino, which was
acquired on January 29, 2019,
$200 million in net revenues from MGM
Northfield Park's operations, which was acquired from MGP on
April 1, 2019, and a full year of
operations at MGM Springfield, which opened on August 24, 2018, compared to $2.9 billion in 2018;
- Adjusted Property EBITDAR increased 24% to $970 million in 2019, compared to $782 million in 2018; and
- Adjusted Property EBITDAR margin of 27.3% in 2019, a 68 basis
point increase compared to 2018.
MGM China
- Net revenues increased 19% to $2.9
billion in 2019, compared to $2.4
billion in 2018;
- VIP Table Games Hold Adjusted MGM China Net Revenues increased
17% to $2.8 billion in 2019, compared
to $2.4 billion in 2018;
- MGM China Adjusted Property EBITDAR increased 28% to
$735 million in 2019, compared to
$574 million in 2018;
- VIP Table Games Hold Adjusted MGM China Adjusted Property
EBITDAR increased 25% to $706 million
in 2019, compared to $563 million in
2018; and
- Adjusted Property EBITDAR margin of 25.3% in 2019, a 185 basis
point increase compared to 2018.
CityCenter
- CityCenter net revenues increased to $1.3 billion in 2019, a 1% increase compared to
2018;
- CityCenter Adjusted EBITDA(5) from resorts
operations increased to $425 million
in 2019, a 1% increase compared to 2018; and
- CityCenter paid dividends of $180
million in 2019, of which MGM Resorts received its 50% share
or $90 million.
Share Repurchases and Dividend Distributions
- Distributed $271 million to
shareholders during 2019 via the Company's quarterly dividend of
$0.13 per share; and
- Repurchased $1.0 billion of the
Company's common stock during 2019.
Adjusted Diluted Earnings Per Share
The following table reconciles diluted earnings per share
("EPS") to Adjusted EPS (approximate EPS impact shown, per share;
positive adjustments represent charges to income):
Three Months Ended
December 31,
|
|
2019
|
|
|
|
|
2018
|
|
Diluted earnings per
share
|
|
$
|
3.88
|
|
|
|
|
$
|
0.81
|
|
Preopening and
start-up expenses
|
|
|
0.01
|
|
|
|
|
|
0.22
|
|
Property
transactions, net
|
|
|
0.52
|
|
|
|
|
|
0.08
|
|
Business interruption
insurance proceeds
|
|
|
—
|
|
|
|
|
|
(0.04)
|
|
Gain on Bellagio
transaction
|
|
|
(5.08)
|
|
|
|
|
|
—
|
|
Gain on sale of Grand
Victoria
|
|
|
—
|
|
|
|
|
|
(0.08)
|
|
Restructuring
|
|
|
0.17
|
|
|
|
|
|
—
|
|
Non-operating
expense:
|
|
|
|
|
|
|
|
|
|
|
Loss on retirement of
long-term debt
|
|
|
0.36
|
|
|
|
|
|
—
|
|
Foreign currency
gain on MGM China senior notes
|
|
|
(0.01)
|
|
|
|
|
|
—
|
|
Items from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
|
|
CityCenter property
transactions, net
|
|
|
(0.01)
|
|
|
|
|
|
(0.02)
|
|
Change in fair value
of CityCenter swaps
|
|
|
0.03
|
|
|
|
|
|
0.01
|
|
Income tax impact on
net income adjustments (1)
|
|
|
0.90
|
|
|
|
|
|
(0.03)
|
|
Adjusted diluted
earnings per share
|
|
$
|
0.77
|
|
|
|
|
$
|
0.95
|
|
|
(1)
|
The income tax impact
includes current and deferred income tax expense based upon the
nature of the adjustment and the jurisdiction in which it
occurs.
|
The current year included non-cash income tax charges totaling
$0.10 per share on a diluted basis,
not included in the table above, resulting from remeasurement of
Macau deferred taxes due to the
extension of the Company's sub-concession agreement in
Macau, the recording of deferred
state taxes resulting from the Empire City Casino transaction, and
adjustments to the Company's foreign tax credit valuation
allowance. The prior year included non-recurring, non-cash income
tax expense of $0.04 per share on a
diluted basis, not included in the table above, for Tax Act
adjustments, including the impact of guidance issued on certain
international provisions mentioned above.
Las Vegas Strip Resorts
Casino revenue for the fourth quarter of 2019 decreased 4%
compared to the prior year quarter at the Company's Las Vegas Strip
Resorts, due primarily to an 18% decrease in table games win driven
by Far East baccarat, partially offset by a 2% increase in slots
win.
The following table shows key gaming statistics for the
Company's Las Vegas Strip Resorts:
Three Months Ended
December 31,
|
|
2019
|
|
2018
|
%
change
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$865
|
|
$1,010
|
(14)%
|
Table Games Win
%
|
|
21.1%
|
|
22.0%
|
|
Slots
Handle
|
|
$3,416
|
|
$3,343
|
2%
|
Slots Hold
%
|
|
9.1%
|
|
9.1%
|
|
Rooms revenue increased 5% at the Company's Las Vegas Strip
Resorts due to a 6.4% increase in Las Vegas Strip
Resorts REVPAR compared to the prior year quarter.
The following table shows key hotel statistics for the Company's
Las Vegas Strip Resorts:
Three Months Ended
December 31,
|
|
2019
|
|
2018
|
%
change
|
Occupancy
%
|
|
89%
|
|
89%
|
|
Average Daily Rate
(ADR)
|
|
$168
|
|
$159
|
5.8%
|
Revenue per Available
Room (REVPAR)
|
|
$150
|
|
$141
|
6.4%
|
Food and beverage revenue increased 9% at the Company's Las
Vegas Strip Resorts compared to the prior year quarter due
primarily to ramp-up of newly opened outlets at Park MGM and NoMad
Las Vegas and an increase in catering and banquets revenue.
Regional Operations
Casino revenue increased 18% compared to the prior year quarter
at the Company's Regional Operations, due primarily to the
acquisition of Empire City Casino and the acquisition of MGM
Northfield Park's operations from MGM Growth Properties LLC
("MGP").
The following table shows key gaming statistics for the
Company's Regional Operations:
Three Months Ended
December 31,
|
|
2019
|
|
2018
|
%
change
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$1,068
|
|
$1,093
|
(2)%
|
Table Games Win
%
|
|
19.3%
|
|
20.6%
|
|
Slots
Handle
|
|
$6,314
|
|
$5,525
|
14%
|
Slots Hold
%
|
|
9.6%
|
|
9.2%
|
|
MGM China
Key fourth quarter results for MGM China Holdings Limited ("MGM
China") include:
- Net revenues increased 6% compared to the prior year quarter to
$727 million;
- Main floor table games win increased 31% compared to the prior
year quarter due to the addition of 25 new-to-market tables at MGM
Cotai in 2019 and a 499 basis point increase in win
percentage;
- VIP table games win decreased 20% compared to the prior year
quarter primarily as a result of a 33% decrease in turnover at MGM
Macau;
- Adjusted Property EBITDAR increased 10% to $185 million compared to $168 million in the prior year quarter. The
current quarter included $13 million
of license fee expense compared to $12
million in the prior year quarter; and
- Adjusted Property EBITDAR margin was 25.5% in the current
quarter compared to 24.5% in the prior year quarter, increasing
primarily as a result of continued ramp-up of operations at MGM
Cotai.
The following table shows key gaming statistics for MGM
China:
Three Months Ended
December 31,
|
|
2019
|
|
2018
|
%
change
|
|
|
(Dollars in
millions)
|
|
VIP Table Games
Turnover
|
|
$8,452
|
|
$10,981
|
(23)%
|
VIP Table Games Win
%
|
|
3.4%
|
|
3.3%
|
|
Main Floor Table
Games Drop
|
|
$2,105
|
|
$2,034
|
3%
|
Main Floor Table
Games Win %
|
|
24.0%
|
|
19.0%
|
|
Corporate Expense
Corporate expense, including normal share-based compensation for
corporate employees, was $119 million
in the fourth quarter of 2019, compared to $118 million in the prior year quarter. The
current quarter included $3 million
in corporate initiatives costs including costs to implement the MGM
2020 Plan and finance modernization costs and $2 million in transaction costs related to the
work of the Real Estate Committee of the Company's Board of
Directors. The prior year quarter included $8 million in costs incurred to implement the MGM
2020 Plan and finance modernization initiatives.
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of income from unconsolidated affiliates:
Three Months Ended
December 31,
|
|
2019
|
|
|
2018
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
22,749
|
|
|
$
|
31,089
|
|
Other
|
|
|
(5,195)
|
|
|
|
1,400
|
|
|
|
$
|
17,554
|
|
|
$
|
32,489
|
|
Key fourth quarter results for CityCenter Holdings, LLC
("CityCenter") include the following (see schedule accompanying
this release for further detail on CityCenter's fourth quarter
results):
- Net revenues were $302 million, a
10% decrease compared to the prior year quarter, due to a 31%
decrease in casino revenues at Aria driven by decreases in Far East
baccarat;
- REVPAR at Aria increased 1% compared to the prior year quarter
to $239;
- REVPAR at Vdara increased 7% compared to the prior year quarter
to $205; and
- Adjusted EBITDA from resort operations was $88 million, a 21% decrease compared to the prior
year quarter, primarily as a result of the decrease in casino
revenues discussed above.
MGM Growth Properties
During the fourth quarter of 2019, the Company made rent
payments to MGM Growth Properties Operating Partnership LP ("MGP
Operating Partnership") in the amount of $237 million and received distributions of
$94 million from the MGP Operating
Partnership. In December 2019, the
Board of Directors of MGP approved a quarterly dividend of
$0.47 per Class A share (which
represents a dividend of $1.88 per
share on an annualized basis) totaling $53
million, which was paid on January
15, 2020 to holders of record on December 31, 2019. The Company concurrently
received a $94 million distribution
attributable to its ownership of MGP Operating Partnership
units.
MGM Resorts Dividend and Share
Repurchases
On February 12, 2020, the
Company's Board of Directors approved a quarterly dividend of
$0.15 per share. The dividend will be
payable on March 16, 2020 to holders
of record on March 10, 2020.
During the current quarter, MGM Resorts repurchased
approximately 12 million shares of its common stock at an average
price of $32.06 per share for an
aggregate amount of $393 million.
Approximately $357 million remained
available under the $2.0 billion
share repurchase program as of December 31,
2019. All shares repurchased under the Company's program
have been retired.
Financial Position
The Company's cash balance at December 31, 2019 was
$2.3 billion, which included
$420 million at MGM China and
$202 million at the MGP Operating
Partnership. At December 31, 2019, the Company had
$11.3 billion of principal amount of
indebtedness outstanding, including $4.4
billion outstanding at MGP Operating Partnership and
$2.2 billion outstanding at MGM
China. At December 31, 2019, no amounts were drawn under
the Company's $1.5 billion revolving
facility, $1.7 billion was
outstanding under the $3.1 billion
MGP Operating Partnership senior secured credit facility, and
$667 million was outstanding under
the $1.25 billion MGM China revolving
credit facility.
In November 2019, the Company
formed a venture with a subsidiary of Blackstone Real Estate Income
Trust, which acquired the Bellagio real estate assets from the
Company and entered into a lease agreement with the Company to
lease the real estate assets back to the Company. The Company
received total consideration of $4.25
billion for the real estate assets, which consisted of a 5%
equity interest in the venture and cash of approximately
$4.2 billion. The Company used a
portion of the net proceeds of the transaction to pay off all
$750 million outstanding on its term
loan A facility and fully paid down its revolving facility, and
redeemed for cash all $267 million
principal amount of its outstanding 5.250% senior notes due 2020,
all $361 million principal amount of
its outstanding 6.750% senior notes due 2020, and all $1.25 billion principal amount of its outstanding
6.625% senior notes due 2021.
In November 2019, MGP completed a
registered offering of 18 million Class A shares. The MGP Operating
Partnership used the proceeds from MGP's equity offering to make
prepayments of $65 million on its
term loan A facility and $476 million
on its term loan B facility.
Conference Call Details
MGM Resorts will host a conference call at 5:00 p.m. Eastern Time today, which will include
a brief discussion of the results followed by a question and answer
session. 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
1986729. A replay of the call will be available through
Wednesday, February 19, 2020.
The replay may be accessed by dialing 1-877-344-7529 or
1-412-317-0088. The replay access code is 10138294. 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.
The discussion of the tender offer for shares of the Company's
common stock described herein is for informational purposes only,
is not a recommendation to buy or sell the Company's common stock
and does not constitute an offer to buy or the solicitation of an
offer to sell shares of the Company's common stock. The tender
offer described in this communication has not yet commenced, and
there can be no assurances that the Company will commence the
tender offer on the terms described in this communication or at
all. The tender offer will be made only pursuant to an offer to
purchase, letter of transmittal and related materials that the
Company expects to distribute to its stockholders and file with the
Securities and Exchange Commission upon commencement of the tender
offer. STOCKHOLDERS AND INVESTORS SHOULD READ CAREFULLY THE OFFER
TO PURCHASE, LETTER OF TRANSMITTAL AND RELATED MATERIALS BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING THE VARIOUS
TERMS OF, AND CONDITIONS TO, THE TENDER OFFER. Once the tender
offer is commenced, stockholders and investors will be able to
obtain a free copy of the tender offer statement on Schedule TO,
the offer to purchase, letter of transmittal and other documents
that the Company expects to file with the Commission at the
Securities and Exchange Commission's website at www.sec.gov or by
calling the Information Agent (to be identified at the time the
offer is made) for the tender offer.
1. "Adjusted
EPS" is diluted earnings or loss per share adjusted to exclude
preopening and start-up expenses, property transactions, net, gain
on Bellagio transaction, restructuring costs (which represents
costs related to severance, accelerated stock compensation expense,
and consulting fees directly related to the operating model
component of the MGM 2020 Plan), gain or loss on retirement of
long-term debt, foreign currency gain or loss related to MGM
China's U.S. dollar-denominated debt, the Company's share of
mark-to-market adjustments related to CityCenter's interest rate
swaps recorded within non-operating items from unconsolidated
affiliates, and business interruption insurance proceeds.
Adjusted EPS is a non-GAAP measure and is presented solely as a
supplemental disclosure to reported GAAP measures because
management believes this measure is useful in providing
period-to-period comparisons of the results of the Company's
continuing operations to assist investors in reviewing the
Company's operating performance over time. Management believes that
while certain items excluded from Adjusted EPS may be recurring in
nature and should not be disregarded in evaluating the Company's
earnings performance, it is useful to exclude such items when
comparing current performance to prior periods because these items
can vary significantly depending on specific underlying
transactions or events. Also, management believes certain excluded
items, such as restructuring costs and items further discussed in
footnote 2 below, may not relate specifically to current operating
trends or be indicative of future results. Adjusted EPS should not
be construed as an alternative to GAAP earnings per share as an
indicator of the Company's performance. In addition, Adjusted EPS
may not be defined in the same manner by all companies and, as a
result, may not be comparable to similarly-titled non-GAAP
financial measures of other companies. A reconciliation of Adjusted
EPS to diluted earnings per share can be found under "Adjusted
Diluted Earnings Per Share" included in this release.
2.
"Adjusted EBITDAR" is earnings before interest and other
non-operating income (expense), taxes, depreciation and
amortization, preopening and start-up expenses, gain on Bellagio
transaction, restructuring costs (which represents costs related to
severance, accelerated stock compensation expense, and consulting
fees directly related to the operating model component of the MGM
2020 Plan), rent expense associated with triple net operating and
ground leases, income from unconsolidated affiliates related to
investments in REITs, and property transactions,
net. Management utilizes "Adjusted Property EBITDAR" as the
primary profit measures for its reportable segments and underlying
operating segments. Adjusted Property EBITDAR is a measure defined
as Adjusted EBITDAR before corporate expense and stock compensation
expense, which are not allocated to each operating segment, and
before rent expense related to the master lease with MGM Growth
Properties that eliminates in consolidation. The Company manages
capital allocation, tax planning, stock compensation, and financing
decisions at the corporate level. "Adjusted Property EBITDAR
margin" is Adjusted Property EBITDAR divided by related segment net
revenues.
"Table Games Hold Adjusted Las Vegas Strip Resorts
Adjusted Property EBITDAR" and "VIP Table Games Hold Adjusted MGM
China Adjusted Property EBITDAR" are supplemental non-GAAP
financial measures, that, in addition to the reasons described
above for the presentation of Adjusted Property EBITDAR, are
presented to adjust for the impact of certain variances in table
games and VIP table games' win percentages compared to the
mid-point of the expected ranges. Table Games Hold Adjusted Las
Vegas Strip Resorts Adjusted Property EBITDAR is calculated by
applying a win percentage of 30.0% for Baccarat and 21.0% for
non-Baccarat games to the respective table games drops for the
quarter, which represents the mid-point of the expected ranges of
25.0% to 35.0% for Baccarat and 19.0% to 23.0% for non-Baccarat at
the Las Vegas Strip Resorts properties. VIP Table Games Hold
Adjusted MGM China Adjusted Property EBITDAR is based on applying a
VIP Rolling Chip win percentage of 2.95% to the VIP Rolling Chip
volume, which represents the mid-point of the expected normal range
of 2.6% to 3.3% for MGM China. Table Games Hold Adjusted Las Vegas
Strip Resorts Adjusted Property EBITDAR and VIP Table Games Hold
Adjusted MGM China Adjusted Property EBITDAR are also adjusted for
the gaming taxes, VIP commissions, bad debt expense, discounts and
other incentives that would have been incurred or avoided when
applying the win percentages noted above to the respective gaming
volumes.
Adjusted EBITDAR information is a valuation metric, should not
be used as an operating metric, and is presented solely as a
supplemental disclosure to reported GAAP measures because
management believes these measures are widely used by analysts ,
lenders, financial institutions, and investors as a principal basis
for the valuation of gaming companies. Management believes that
while items excluded from Adjusted EBITDAR, Adjusted Property
EBITDAR, and Adjusted Property EBITDAR 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 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, management changed its non-GAAP measures in
the fourth quarter of 2019, including recasting prior periods, as a
result of the closing of the Bellagio real estate transaction and
the MGM Grand/Mandalay Bay real estate transaction that is expected
to close in the first quarter of 2020, to exclude rent expense
associated with triple net operating leases and ground leases.
Management believes excluding rent expense associated with triple
net operating leases and ground leases provides useful information
to analysts, lenders, financial institutions, and investors when
valuing the Company, as well as comparing the Company's
results to other gaming companies, without regard to differences in
capital structure and leasing arrangements since the operations of
other gaming companies may or may not include triple net operating
leases or ground leases. However, as discussed herein, Adjusted
EBITDAR and Adjusted Property EBITDAR should not be viewed as
measures of overall operating performance, considered in isolation,
or as an alternative to net income, because these measures are not
presented on a GAAP basis and exclude certain expenses, including
the rent expense associated with the Company's triple net operating
and ground leases, and are provided for the limited purposes
discussed herein.
Adjusted EBITDAR, Adjusted Property EBITDAR, Adjusted Property
EBITDAR margin, Table Games Hold Adjusted Las Vegas Strip Resorts
Adjusted Property EBITDAR and VIP Table Games Hold Adjusted MGM
China Adjusted Property EBITDAR should not be construed as
alternatives to operating income or net income, as indicators of
the Company's 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. The Company has significant uses of cash flows,
including capital expenditures, interest payments, taxes, real
estate triple net lease and ground lease payments, and debt
principal repayments, which are not reflected in Adjusted EBITDAR,
Adjusted Property EBITDAR, Adjusted Property EBITDAR margin, Table
Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property
EBITDAR, or VIP Table Games Hold Adjusted MGM China Adjusted
Property EBITDAR. Also, other companies in the gaming and
hospitality industries that report Adjusted EBITDAR, Adjusted
Property EBITDAR, Adjusted Property EBITDAR margin, Table Games
Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR, or
VIP Table Games Hold Adjusted MGM China Adjusted Property EBITDAR
information may calculate Adjusted EBITDAR, Adjusted Property
EBITDAR, Adjusted Property EBITDAR margin, Table Games Hold
Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR, or VIP
Table Games Hold Adjusted MGM China Adjusted Property EBITDAR in a
different manner and such differences may be material.
A reconciliation of GAAP net income (loss) to Adjusted EBITDAR
is included in the financial schedules in this release. This press
release also includes references to target financial measures and
goals (including targeted Adjusted EBITDAR and targeted net
leverage), which are not presented as forecasts or projections of
expected future performance.
3.
"Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues"
and "VIP Table Games Hold Adjusted MGM China Net Revenues" are
additional supplemental non-GAAP financial measures that are
presented to adjust Las Vegas Strip Resorts net revenues and MGM
China net revenues for the impact of certain variances in table
games and VIP table games' win percentages compared to the
mid-point of the expected ranges, as described in footnote 2 above.
Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and
VIP Table Games Hold Adjusted MGM China Net Revenues are also
adjusted for the VIP commissions, discounts and other incentives
that would have been incurred or avoided when applying the win
percentages noted in footnote 2 above to the respective gaming
volumes. Management believes Table Games Hold Adjusted Las Vegas
Strip Resorts Net Revenues and VIP Table Games Hold Adjusted MGM
China Net Revenues present consistent measures in providing
period-to-period comparisons and are useful measures in assisting
investors evaluating the Company's operating performance. Table
Games Hold Adjusted Las Vegas Strip Resorts Net Revenues and VIP
Table Games Hold Adjusted MGM China Net Revenues should not be
construed as alternatives to GAAP net revenues, as indicators of
the Company's performance, or as any other measure determined in
accordance with generally accepted accounting principles.
Reconciliations of GAAP net revenues to Table Games Hold Adjusted
Las Vegas Strip Resorts Net Revenues and VIP Table Games Hold
Adjusted MGM China Net Revenues are included in the financial
schedules in this release.
4.
REVPAR is hotel revenue per available room.
5.
CityCenter non-GAAP Measure
"Adjusted EBITDA" is earnings before interest and other
non-operating income (expense), taxes, depreciation and
amortization, preopening and start-up expenses, restructuring costs
(which represents costs related to severance, accelerated stock
compensation expense, and consulting fees directly related to the
operating model component of the MGM 2020 Plan), and property
transactions, net. Management utilizes Adjusted EBITDA as the
primary profit measures for CityCenter. Adjusted EBITDA is a
non-GAAP measure and is presented solely as a supplemental
disclosure to reported GAAP measures. Management believes that
while certain items excluded from Adjusted EBITDA may be recurring
in nature and should not be disregarded in evaluating CityCenter's
earnings performance, it is useful to exclude such items when
comparing current performance to prior periods because these items
can vary significantly depending on specific underlying
transactions or events. Also, management believes certain excluded
items, such as restructuring costs and items further discussed
above, may not relate specifically to current operating trends or
be indicative of future results. Adjusted EBITDA should not be
construed as alternatives to operating income or net income, as
indicators of the Company's 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. A reconciliation of GAAP net income (loss)
to Adjusted EBITDA is included in the financial schedules in this
release.
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 29 unique hotel and destination gaming
offerings including some of the most recognizable resort brands in
the industry. Expanding throughout the U.S. and around the world,
the company recently acquired the operations of Empire City Casino
in New York and Hard Rock Rocksino
in Ohio, which was rebranded as
MGM Northfield Park. In 2018, MGM Resorts opened MGM Springfield in
Massachusetts, MGM COTAI in
Macau, and the first
Bellagio-branded hotel in Shanghai. The over 80,000 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, including the achievement of
its leverage targets, its ability to execute on its asset light
strategy, generate free cash flow and return capital to
shareholders, including the timing and amount of any share
repurchases, and the Company's ability to deliver on its MGM 2020
plan, moderate capital expenditures and reduce the number of shares
outstanding. 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 CONTACTS:
Investment
Community
|
|
AARON
FISCHER
|
CATHERINE
PARK
|
Chief Strategy
Officer
|
Executive Director
of Investor Relations
|
(702) 693-7152 or
afischer@mgmresorts.com
|
(702) 693-8711 or
cpark@mgmresorts.com
|
|
|
News
Media
|
|
BRIAN
AHERN
|
|
Director of
Communications
|
|
media@mgmresorts.com
|
|
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,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
1,630,052
|
|
$
|
1,561,240
|
|
$
|
6,517,759
|
|
$
|
5,753,150
|
|
Rooms
|
|
566,225
|
|
|
542,903
|
|
|
2,322,579
|
|
|
2,212,573
|
|
Food and
beverage
|
|
520,274
|
|
|
488,029
|
|
|
2,145,247
|
|
|
1,959,021
|
|
Entertainment,
retail and other
|
|
362,492
|
|
|
349,718
|
|
|
1,477,200
|
|
|
1,412,860
|
|
Reimbursed
costs
|
|
106,093
|
|
|
110,972
|
|
|
436,887
|
|
|
425,492
|
|
|
|
3,185,136
|
|
|
3,052,862
|
|
|
12,899,672
|
|
|
11,763,096
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
917,543
|
|
|
876,261
|
|
|
3,623,899
|
|
|
3,199,775
|
|
Rooms
|
|
205,748
|
|
|
193,329
|
|
|
829,677
|
|
|
791,761
|
|
Food and
beverage
|
|
407,323
|
|
|
380,403
|
|
|
1,661,626
|
|
|
1,501,868
|
|
Entertainment,
retail and other
|
|
262,937
|
|
|
265,860
|
|
|
1,051,400
|
|
|
999,979
|
|
Reimbursed
costs
|
|
106,093
|
|
|
110,972
|
|
|
436,887
|
|
|
425,492
|
|
General and
administrative
|
|
557,453
|
|
|
444,878
|
|
|
2,101,217
|
|
|
1,764,638
|
|
Corporate
expense
|
|
118,600
|
|
|
118,168
|
|
|
464,642
|
|
|
419,204
|
|
Preopening and
start-up expenses
|
|
2,084
|
|
|
18,508
|
|
|
7,175
|
|
|
151,392
|
|
Property
transactions, net
|
|
11,378
|
|
|
28,679
|
|
|
275,802
|
|
|
9,147
|
|
Gain on Bellagio
transaction
|
|
(2,677,996)
|
|
|
-
|
|
|
(2,677,996)
|
|
|
-
|
|
Depreciation and
amortization
|
|
331,438
|
|
|
312,542
|
|
|
1,304,649
|
|
|
1,178,044
|
|
|
|
242,601
|
|
|
2,749,600
|
|
|
9,078,978
|
|
|
10,441,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
17,554
|
|
|
32,489
|
|
|
119,521
|
|
|
147,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
2,960,089
|
|
|
335,751
|
|
|
3,940,215
|
|
|
1,469,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(200,480)
|
|
|
(214,538)
|
|
|
(847,932)
|
|
|
(769,513)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(7,985)
|
|
|
(16,166)
|
|
|
(62,296)
|
|
|
(47,827)
|
|
Other,
net
|
|
(129,298)
|
|
|
(6,552)
|
|
|
(183,262)
|
|
|
(18,140)
|
|
|
|
(337,763)
|
|
|
(237,256)
|
|
|
(1,093,490)
|
|
|
(835,480)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
2,622,326
|
|
|
98,495
|
|
|
2,846,725
|
|
|
634,006
|
|
Provision for
income taxes
|
|
(556,376)
|
|
|
(92,735)
|
|
|
(632,345)
|
|
|
(50,112)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
2,065,950
|
|
|
5,760
|
|
|
2,214,380
|
|
|
583,894
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(54,373)
|
|
|
(29,087)
|
|
|
(165,234)
|
|
|
(117,122)
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
2,011,577
|
|
$
|
(23,327)
|
|
$
|
2,049,146
|
|
$
|
466,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
3.94
|
|
$
|
(0.06)
|
|
$
|
3.90
|
|
$
|
0.82
|
|
Diluted
|
$
|
3.91
|
|
$
|
(0.06)
|
|
$
|
3.88
|
|
$
|
0.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
511,541
|
|
|
528,922
|
|
|
524,173
|
|
|
544,253
|
|
Diluted
|
|
515,096
|
|
|
528,922
|
|
|
527,645
|
|
|
549,536
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
2,329,604
|
|
$
|
1,526,762
|
|
Accounts
receivable, net
|
|
612,717
|
|
|
657,206
|
|
Inventories
|
|
102,888
|
|
|
110,831
|
|
Income tax
receivable
|
|
27,167
|
|
|
28,431
|
|
October 1
litigation insurance receivable
|
|
735,000
|
|
|
-
|
|
Prepaid expenses
and other
|
|
200,317
|
|
|
203,548
|
|
|
Total current
assets
|
|
4,007,693
|
|
|
2,526,778
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
18,285,955
|
|
|
20,729,888
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
822,366
|
|
|
732,867
|
|
Goodwill
|
|
|
2,084,564
|
|
|
1,821,392
|
|
Other intangible
assets, net
|
|
3,826,504
|
|
|
3,944,463
|
|
Operating lease
right-of-use assets, net
|
|
4,149,240
|
|
|
-
|
|
Other long-term
assets, net
|
|
456,793
|
|
|
455,318
|
|
|
Total other
assets
|
|
11,339,467
|
|
|
6,954,040
|
|
|
|
$
|
33,633,115
|
|
$
|
30,210,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
235,437
|
|
$
|
302,578
|
|
Construction
payable
|
|
74,734
|
|
|
311,793
|
|
Current portion of
long-term debt
|
|
-
|
|
|
43,411
|
|
Accrued interest
on long-term debt
|
|
122,250
|
|
|
140,046
|
|
October 1
litigation liability
|
|
735,000
|
|
|
-
|
|
Other accrued
liabilities
|
|
2,024,002
|
|
|
2,151,054
|
|
|
Total current
liabilities
|
|
3,191,423
|
|
|
2,948,882
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
2,106,506
|
|
|
1,342,538
|
Long-term debt,
net
|
|
11,168,904
|
|
|
15,088,005
|
Other long-term
obligations
|
|
363,588
|
|
|
259,240
|
Operating lease
liabilities
|
|
4,034,729
|
|
|
-
|
Redeemable
noncontrolling interest
|
|
105,046
|
|
|
102,250
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
issued and
outstanding 503,147,632 and 527,479,528 shares
|
|
5,031
|
|
|
5,275
|
|
Capital in excess
of par value
|
|
3,531,099
|
|
|
4,092,085
|
|
Retained
earnings
|
|
4,201,337
|
|
|
2,423,479
|
|
Accumulated other
comprehensive loss
|
|
(10,202)
|
|
|
(8,556)
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
7,727,265
|
|
|
6,512,283
|
|
Noncontrolling
interests
|
|
4,935,654
|
|
|
3,957,508
|
|
|
Total
stockholders' equity
|
|
12,662,919
|
|
|
10,469,791
|
|
|
|
$
|
33,633,115
|
|
$
|
30,210,706
|
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,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Bellagio
|
$
|
334,195
|
|
$
|
338,612
|
|
$
|
1,344,645
|
|
$
|
1,367,835
|
|
MGM Grand Las
Vegas
|
|
275,743
|
|
|
281,156
|
|
|
1,161,851
|
|
|
1,226,105
|
|
Mandalay
Bay
|
|
228,942
|
|
|
222,677
|
|
|
944,445
|
|
|
965,435
|
|
The
Mirage
|
|
151,285
|
|
|
146,431
|
|
|
615,171
|
|
|
597,404
|
|
Luxor
|
|
100,068
|
|
|
89,753
|
|
|
391,516
|
|
|
394,034
|
|
New York-New
York
|
|
96,093
|
|
|
94,205
|
|
|
380,202
|
|
|
373,266
|
|
Excalibur
|
|
84,864
|
|
|
80,081
|
|
|
337,817
|
|
|
327,572
|
|
Park
MGM
|
|
106,531
|
|
|
62,954
|
|
|
407,537
|
|
|
213,205
|
|
Circus Circus Las
Vegas (1)
|
|
51,350
|
|
|
59,829
|
|
|
247,867
|
|
|
251,816
|
|
Las Vegas
Strip Resorts
|
|
1,429,071
|
|
|
1,375,698
|
|
|
5,831,051
|
|
|
5,716,672
|
|
MGM Grand
Detroit
|
|
153,188
|
|
|
152,281
|
|
|
606,506
|
|
|
601,499
|
|
Beau
Rivage
|
|
108,291
|
|
|
102,169
|
|
|
425,844
|
|
|
410,237
|
|
Gold Strike
Tunica
|
|
49,840
|
|
|
44,277
|
|
|
194,326
|
|
|
173,953
|
|
Borgata
|
|
195,940
|
|
|
192,130
|
|
|
817,004
|
|
|
827,616
|
|
MGM National
Harbor
|
|
203,594
|
|
|
213,606
|
|
|
811,659
|
|
|
800,777
|
|
MGM Springfield
(2)
|
|
71,051
|
|
|
77,890
|
|
|
301,127
|
|
|
120,439
|
|
Empire City Casino
(3)
|
|
49,622
|
|
|
-
|
|
|
192,897
|
|
|
-
|
|
MGM Northfield
Park (4)
|
|
68,342
|
|
|
-
|
|
|
200,421
|
|
|
-
|
|
Regional
Operations
|
|
899,868
|
|
|
782,353
|
|
|
3,549,784
|
|
|
2,934,521
|
|
MGM
Macau
|
|
381,207
|
|
|
399,456
|
|
|
1,578,798
|
|
|
1,721,199
|
|
MGM
Cotai
|
|
346,167
|
|
|
287,276
|
|
|
1,326,624
|
|
|
728,758
|
|
MGM
China
|
|
727,374
|
|
|
686,732
|
|
|
2,905,422
|
|
|
2,449,957
|
|
Management and
other operations
|
|
128,823
|
|
|
208,079
|
|
|
613,415
|
|
|
661,946
|
|
|
$
|
3,185,136
|
|
$
|
3,052,862
|
|
$
|
12,899,672
|
|
$
|
11,763,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- ADJUSTED PROPERTY EBITDAR and ADJUSTED EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Bellagio
|
$
|
108,888
|
|
$
|
118,246
|
|
$
|
465,194
|
|
$
|
490,702
|
|
MGM Grand Las
Vegas
|
|
63,554
|
|
|
72,720
|
|
|
282,609
|
|
|
371,566
|
|
Mandalay
Bay
|
|
52,474
|
|
|
71,326
|
|
|
237,472
|
|
|
265,741
|
|
The
Mirage
|
|
34,685
|
|
|
32,149
|
|
|
153,838
|
|
|
131,864
|
|
Luxor
|
|
31,557
|
|
|
26,219
|
|
|
125,758
|
|
|
120,749
|
|
New York-New
York
|
|
38,168
|
|
|
35,158
|
|
|
147,179
|
|
|
137,622
|
|
Excalibur
|
|
30,814
|
|
|
27,149
|
|
|
117,774
|
|
|
111,255
|
|
Park
MGM
|
|
20,394
|
|
|
4,514
|
|
|
65,983
|
|
|
14,290
|
|
Circus Circus Las
Vegas (1)
|
|
(683)
|
|
|
13,336
|
|
|
47,315
|
|
|
62,526
|
|
Las Vegas
Strip Resorts
|
|
379,851
|
|
|
400,817
|
|
|
1,643,122
|
|
|
1,706,315
|
|
MGM Grand
Detroit
|
|
48,717
|
|
|
48,851
|
|
|
193,971
|
|
|
195,817
|
|
Beau
Rivage
|
|
25,659
|
|
|
27,405
|
|
|
111,101
|
|
|
105,493
|
|
Gold Strike
Tunica
|
|
15,904
|
|
|
12,604
|
|
|
66,712
|
|
|
52,081
|
|
Borgata
|
|
43,664
|
|
|
44,827
|
|
|
206,812
|
|
|
203,945
|
|
MGM National
Harbor
|
|
53,549
|
|
|
60,685
|
|
|
215,962
|
|
|
210,729
|
|
MGM Springfield
(2)
|
|
3,259
|
|
|
6,145
|
|
|
34,349
|
|
|
13,789
|
|
Empire City Casino
(3)
|
|
14,680
|
|
|
-
|
|
|
71,013
|
|
|
-
|
|
MGM Northfield
Park (4)
|
|
22,723
|
|
|
-
|
|
|
69,946
|
|
|
-
|
|
Regional
Operations
|
|
228,155
|
|
|
200,517
|
|
|
969,866
|
|
|
781,854
|
|
MGM
Macau
|
|
110,053
|
|
|
114,262
|
|
|
458,099
|
|
|
478,121
|
|
MGM
Cotai
|
|
75,073
|
|
|
54,082
|
|
|
276,630
|
|
|
96,212
|
|
MGM
China
|
|
185,126
|
|
|
168,344
|
|
|
734,729
|
|
|
574,333
|
|
Unconsolidated
resorts (5)
|
|
17,567
|
|
|
32,489
|
|
|
122,598
|
|
|
147,690
|
|
Management and
other operations
|
|
(1,081)
|
|
|
26,476
|
|
|
24,773
|
|
|
74,790
|
|
Stock
compensation
|
|
(23,009)
|
|
|
(18,690)
|
|
|
(68,289)
|
|
|
(68,211)
|
|
Corporate
|
|
(104,254)
|
|
|
(106,957)
|
|
|
(410,703)
|
|
|
(379,069)
|
|
|
$
|
682,355
|
|
$
|
702,996
|
|
$
|
3,016,096
|
|
$
|
2,837,702
|
|
|
|
(1) For the three
and twelve months ended December 31, 2019, represents net revenues
and Adjusted Property EBITDAR of Circus Circus Las Vegas for the
period through December 19
only.
|
|
(2) For the
twelve months ended December 31, 2018, represents net revenues and
Adjusted Property EBITDAR of MGM Springfield for the period August
1-December 31
only.
|
|
(3) For the twelve
months ended December 31, 2019, represents net revenues and
Adjusted Property EBITDAR of Empire City Casino for the period
January 29-December 31
only.
|
|
(4) For the twelve
months ended December 31, 2019, represents net revenues and
Adjusted Property EBITDAR of MGM Northfield Park for the period
April 1-December 31
only.
|
|
(5) Represents the
Company's share of operating income (loss) excluding investments in
REIT ventures, adjusted for the effect of certain basis
differences.
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO
ADJUSTED EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
2,011,577
|
|
$
|
(23,327)
|
|
$
|
2,049,146
|
|
$
|
466,772
|
Plus: Net
income attributable to noncontrolling interests
|
|
54,373
|
|
|
29,087
|
|
|
165,234
|
|
|
117,122
|
Net
income
|
|
2,065,950
|
|
|
5,760
|
|
|
2,214,380
|
|
|
583,894
|
Provision
for income taxes
|
|
556,376
|
|
|
92,735
|
|
|
632,345
|
|
|
50,112
|
Income before
income taxes
|
|
2,622,326
|
|
|
98,495
|
|
|
2,846,725
|
|
|
634,006
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
200,480
|
|
|
214,538
|
|
|
847,932
|
|
|
769,513
|
Other,
net
|
|
137,283
|
|
|
22,718
|
|
|
245,558
|
|
|
65,967
|
|
|
337,763
|
|
|
237,256
|
|
|
1,093,490
|
|
|
835,480
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
2,960,089
|
|
|
335,751
|
|
|
3,940,215
|
|
|
1,469,486
|
Preopening
and start-up expenses
|
|
2,084
|
|
|
18,508
|
|
|
7,175
|
|
|
151,392
|
Property
transactions, net
|
|
11,378
|
|
|
28,679
|
|
|
275,802
|
|
|
9,147
|
Gain on
Bellagio transaction
|
|
(2,677,996)
|
|
|
-
|
|
|
(2,677,996)
|
|
|
-
|
Depreciation and amortization
|
|
331,438
|
|
|
312,542
|
|
|
1,304,649
|
|
|
1,178,044
|
Restructuring
|
|
5,560
|
|
|
-
|
|
|
92,139
|
|
|
-
|
Triple net
operating lease and ground lease rent expense
|
|
50,346
|
|
|
7,516
|
|
|
74,656
|
|
|
29,633
|
Income from
unconsolidated affiliates, investments in REITs
|
|
(544)
|
|
|
-
|
|
|
(544)
|
|
|
-
|
Adjusted
EBITDAR
|
$
|
682,355
|
|
$
|
702,996
|
|
$
|
3,016,096
|
|
$
|
2,837,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATIONS OF
LAS VEGAS STRIP RESORTS NET REVENUES AND LAS VEGAS STRIP RESORTS
ADJUSTED PROPERTY EBITDAR TO TABLE GAMES HOLD
ADJUSTED
|
LAS VEGAS
STRIP RESORTS NET REVENUES AND TABLE GAMES HOLD ADJUSTED LAS VEGAS
STRIP RESORTS ADJUSTED PROPERTY EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Las Vegas Strip
Resorts net revenues
|
$
|
1,429,071
|
|
$
|
1,375,698
|
|
$
|
5,831,051
|
|
$
|
5,716,672
|
Hold adjustment
(1)
|
|
14,851
|
|
|
16,990
|
|
|
30,733
|
|
|
(11,513)
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Net Revenues
|
$
|
1,443,922
|
|
$
|
1,392,688
|
|
$
|
5,861,784
|
|
$
|
5,705,159
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Strip
Resorts Adjusted Property EBITDAR
|
$
|
379,851
|
|
$
|
400,817
|
|
$
|
1,643,122
|
|
$
|
1,706,315
|
Hold adjustment
(2)
|
|
12,608
|
|
|
14,524
|
|
|
26,120
|
|
|
(9,828)
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Adjusted Property
EBITDAR
|
$
|
392,459
|
|
$
|
415,341
|
|
$
|
1,669,242
|
|
$
|
1,696,487
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the Las
Vegas Strip Resorts, hold adjustment represents the estimated
incremental table games win or loss had the Company's win
percentage equaled the mid-point of the expected normal range of
25.0% to 35.0% for Baccarat and 19.0% to 23.0% for non-Baccarat.
Amounts include estimated discounts and other incentives related to
increases or decreases in table games win.
|
(2) These amounts
include estimated incremental expenses (gaming taxes and bad debt
expense) that would have been incurred or avoided on the
incremental table games win or loss calculated in (1)
above.
|
|
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
RECONCILIATIONS OF
MGM CHINA NET REVENUES AND MGM CHINA ADJUSTED PROPERTY EBITDAR TO
VIP TABLE GAMES HOLD ADJUSTED MGM CHINA NET REVENUES
|
AND VIP
TABLE GAMES HOLD ADJUSTED MGM CHINA ADJUSTED PROPERTY
EBITDAR
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
MGM China net
revenues
|
$
|
727,374
|
|
$
|
686,732
|
|
$
|
2,905,422
|
|
$
|
2,449,957
|
Hold adjustment
(3)
|
|
(24,227)
|
|
|
(24,175)
|
|
|
(73,353)
|
|
|
(26,896)
|
VIP Table Games
Hold Adjusted MGM China Net Revenues
|
$
|
703,147
|
|
$
|
662,557
|
|
$
|
2,832,069
|
|
$
|
2,423,061
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM China Adjusted
Property EBITDAR
|
$
|
185,126
|
|
$
|
168,344
|
|
$
|
734,729
|
|
$
|
574,333
|
Hold adjustment
(4)
|
|
(8,525)
|
|
|
(9,221)
|
|
|
(28,318)
|
|
|
(11,212)
|
VIP Table Games
Hold Adjusted MGM China Adjusted Property EBITDAR
|
$
|
176,601
|
|
$
|
159,123
|
|
$
|
706,411
|
|
$
|
563,121
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) For MGM China,
hold adjustment represents the estimated incremental VIP table
games win or loss related to VIP Rolling Chip volume play had the
Company's win percentage equaled the mid-point of the expected
normal range of 2.6% to 3.3%. Amounts include estimated commissions
and other incentives related to increases or decreases in VIP table
games win.
|
(4) These amounts
include estimated incremental expenses (gaming taxes and bad debt
expense) that would have been incurred or avoided on the
incremental VIP table games win or loss calculated in (3)
above.
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS - LAS VEGAS STRIP RESORTS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Bellagio
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
92.3%
|
|
|
94.2%
|
|
|
94.4%
|
|
|
94.9%
|
|
Average daily rate (ADR)
|
|
$294
|
|
|
$282
|
|
|
$285
|
|
|
$278
|
|
Revenue per available room (REVPAR)
|
|
$271
|
|
|
$266
|
|
|
$269
|
|
|
$264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM Grand Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
88.0%
|
|
|
90.3%
|
|
|
91.4%
|
|
|
92.7%
|
|
ADR
|
|
$192
|
|
|
$180
|
|
|
$190
|
|
|
$182
|
|
REVPAR
|
|
$169
|
|
|
$163
|
|
|
$174
|
|
|
$169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mandalay
Bay
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
91.0%
|
|
|
89.9%
|
|
|
92.8%
|
|
|
90.2%
|
|
ADR
|
|
$193
|
|
|
$187
|
|
|
$203
|
|
|
$204
|
|
REVPAR
|
|
$176
|
|
|
$168
|
|
|
$188
|
|
|
$184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Mirage
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
93.3%
|
|
|
92.1%
|
|
|
94.3%
|
|
|
93.9%
|
|
ADR
|
|
$174
|
|
|
$170
|
|
|
$177
|
|
|
$172
|
|
REVPAR
|
|
$163
|
|
|
$156
|
|
|
$167
|
|
|
$161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxor
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
92.6%
|
|
|
91.3%
|
|
|
94.4%
|
|
|
94.5%
|
|
ADR
|
|
$117
|
|
|
$111
|
|
|
$118
|
|
|
$115
|
|
REVPAR
|
|
$108
|
|
|
$101
|
|
|
$112
|
|
|
$109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York-New
York
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
95.1%
|
|
|
93.0%
|
|
|
95.4%
|
|
|
96.0%
|
|
ADR
|
|
$154
|
|
|
$146
|
|
|
$152
|
|
|
$144
|
|
REVPAR
|
|
$147
|
|
|
$135
|
|
|
$145
|
|
|
$138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excalibur
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
90.9%
|
|
|
89.0%
|
|
|
92.6%
|
|
|
92.2%
|
|
ADR
|
|
$105
|
|
|
$97
|
|
|
$104
|
|
|
$99
|
|
REVPAR
|
|
$96
|
|
|
$86
|
|
|
$96
|
|
|
$91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Park
MGM
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
86.8%
|
|
|
82.4%
|
|
|
88.0%
|
|
|
83.8%
|
|
ADR
|
|
$155
|
|
|
$133
|
|
|
$150
|
|
|
$132
|
|
REVPAR
|
|
$134
|
|
|
$109
|
|
|
$132
|
|
|
$111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Circus Circus Las
Vegas
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
73.2%
|
|
|
76.5%
|
|
|
80.5%
|
|
|
81.3%
|
|
ADR
|
|
$88
|
|
|
$85
|
|
|
$90
|
|
|
$84
|
|
REVPAR
|
|
$64
|
|
|
$65
|
|
|
$73
|
|
|
$68
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aria
|
$
|
267,930
|
|
$
|
302,569
|
|
$
|
1,162,295
|
|
$
|
1,149,025
|
|
Vdara
|
|
33,716
|
|
|
32,305
|
|
|
132,566
|
|
|
128,720
|
|
|
$
|
301,646
|
|
$
|
334,874
|
|
$
|
1,294,861
|
|
$
|
1,277,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Aria
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
89.5%
|
|
|
89.6%
|
|
|
91.2%
|
|
|
90.9%
|
|
ADR
|
|
$267
|
|
|
$265
|
|
|
$271
|
|
|
$261
|
|
REVPAR
|
|
$239
|
|
|
$238
|
|
|
$247
|
|
|
$237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdara
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
92.6%
|
|
|
90.0%
|
|
|
92.4%
|
|
|
92.0%
|
|
ADR
|
|
$221
|
|
|
$213
|
|
|
$215
|
|
|
$209
|
|
REVPAR
|
|
$205
|
|
|
$192
|
|
|
$199
|
|
|
$192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
13,064
|
|
$
|
14,988
|
|
$
|
69,143
|
|
$
|
(37,911)
|
Plus: Loss
from discontinued operations
|
|
-
|
|
|
385
|
|
|
-
|
|
|
135,002
|
Net income from
continuing operations
|
|
13,064
|
|
|
15,373
|
|
|
69,143
|
|
|
97,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
22,331
|
|
|
22,150
|
|
|
92,108
|
|
|
80,511
|
Other,
net
|
|
(7,070)
|
|
|
7,868
|
|
|
26,905
|
|
|
7,766
|
|
|
|
15,261
|
|
|
30,018
|
|
|
119,013
|
|
|
88,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
28,325
|
|
|
45,391
|
|
|
188,156
|
|
|
185,368
|
Property
transactions, net
|
|
(1,707)
|
|
|
7,644
|
|
|
(11,059)
|
|
|
7,195
|
Depreciation and amortization
|
|
58,798
|
|
|
57,117
|
|
|
230,911
|
|
|
221,564
|
Restructuring
|
|
1,113
|
|
|
-
|
|
|
7,241
|
|
|
-
|
Adjusted
EBITDA
|
$
|
86,529
|
|
$
|
110,152
|
|
$
|
415,249
|
|
$
|
414,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Aria
|
$
|
76,088
|
|
$
|
101,645
|
|
$
|
384,015
|
|
$
|
380,606
|
|
Vdara
|
|
11,484
|
|
|
9,495
|
|
|
41,254
|
|
|
38,655
|
|
Resort
Operations
|
|
87,572
|
|
|
111,140
|
|
|
425,269
|
|
|
419,261
|
|
Other
|
|
(1,043)
|
|
|
(988)
|
|
|
(10,020)
|
|
|
(5,134)
|
|
|
$
|
86,529
|
|
$
|
110,152
|
|
$
|
415,249
|
|
$
|
414,127
|
View original
content:http://www.prnewswire.com/news-releases/mgm-resorts-international-reports-fourth-quarter-and-full-year--financial-and-operating-results-301004078.html
SOURCE MGM Resorts International