LAS VEGAS, May 4, 2015 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended March 31, 2015.
"I am pleased to report that net income attributable to MGM Resorts increased by 65% and earnings per share increased by $0.13 year over year. MGM Resorts achieved Las Vegas Strip REVPAR growth of 1% over a very robust prior year quarter comparison of 14%. Our regional properties achieved strong EBITDA growth of 10% year over year, while MGM China maintained market share. With the anticipated difficult comparison of the first quarter behind us, we continue to see strong forward trends for the rest of the year in Las Vegas," said Jim Murren, Chairman & CEO of MGM Resorts International. "We are actively improving our balance sheet with the recent announcement of a special dividend and regular dividend policy from CityCenter, the conversion of approximately $1.45 billion in convertible notes into equity and the agreement to amend and extend MGM China's credit facility."
Key results for the first quarter of 2015 include the following:
-- Net revenue at the Company's wholly owned domestic resorts was $1.6 billion, an increase of half a percent compared to the prior year quarter; -- Slots revenue at wholly owned domestic resorts increased 5% compared to the prior year quarter; -- Rooms revenue at wholly owned domestic resorts increased 2% with a 1% increase in REVPAR((1)) at the Company's Las Vegas Strip resorts compared to the prior year quarter; -- The Company's wholly owned domestic resorts earned Adjusted Property EBITDA((2)) of $390 million, a 3% decrease compared to the prior year quarter, partially due to a decrease in table games hold percentage; -- MGM China's net revenue was $630 million and Adjusted EBITDA was $148 million, a decrease of 33% and 38% compared to the prior year quarter, respectively; and -- CityCenter earned Adjusted EBITDA related to resort operations of $82 million, a 14% decrease compared to the prior year quarter, due primarily to a decrease in table games revenues.
First Quarter Consolidated Results
Diluted earnings per share for the first quarter of 2015 was $0.33 compared to diluted earnings per share of $0.20 in the prior year first quarter.
The following table lists certain other items that affect the comparability of the current and prior year quarterly results (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):
Three months ended March 31, 2015 2014 ---------------------------- ---- ---- Preopening and start-up expenses $(0.02) $(0.01) Income from unconsolidated affiliates: Harmon-related property transactions, net 0.09 -
Wholly Owned Domestic Resorts
Casino revenue related to wholly owned domestic resorts increased 1% compared to the prior year quarter due primarily to a 5% increase in slots revenue as a result of a 9% increase in slots volume at the Company's regional resorts. Table games hold percentage in the first quarter of 2015 was 20.1% compared to 20.8% in the prior year quarter, which negatively affected Adjusted Property EBITDA by approximately $8 million.
Rooms revenue increased 2% compared to the prior year quarter with Las Vegas Strip REVPAR up 1%. The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:
Three months ended March 31, 2015 2014 ---------------------------- ---- ---- Occupancy % 90% 92% Average Daily Rate (ADR) $152 $147 Revenue per Available Room (REVPAR) $136 $135
Food and beverage revenue increased 1% as a result of increased convention and banquet business and the opening of several new outlets. Entertainment revenue decreased 6% due primarily to a decrease in in-house shows and timing of certain arena events. Operating income for the Company's wholly owned domestic resorts decreased 3% compared to the prior year quarter.
MGM China
Key first quarter results for MGM China include the following:
-- MGM China earned net revenue of $630 million, a 33% decrease compared to the prior year quarter; -- Main floor table games revenue decreased 13% compared to the prior year quarter; -- VIP table games revenue decreased 45% due to a decrease in VIP table games turnover of 51% compared to the prior year quarter, while hold percentage increased to 3.3% in the current year quarter compared to 3.0% in the prior year quarter; -- MGM China's Adjusted EBITDA was $148 million, a decrease of 38% compared to the prior year quarter, including $11 million of license fee expense in the current year quarter compared to $16 million in the prior year quarter; and -- Operating income was $72 million compared to $165 million in the prior year quarter.
MGM China paid a $400 million dividend in March 2015, of which $204 million was distributed to MGM Resorts and $196 million was distributed to noncontrolling interests.
Income from Unconsolidated Affiliates
In April 2015, CityCenter Holdings, LLC ("CityCenter") announced a $400 million special dividend and the adoption of an annual distribution policy, pursuant to which it will make annual distributions of up to 35% of excess cash flow subject to approval by the CityCenter board of directors. The special dividend was paid on April 30, 2015. MGM Resorts received $200 million, its 50% share of the special dividend.
The following table summarizes information related to the Company's share of income from unconsolidated affiliates:
Three months ended March 31, 2015 2014 ------------------------ ---- ---- (In thousands) CityCenter $101,601 $14,046 Borgata 11,983 3,839 Other 3,797 4,730 ----- ----- $117,381 $22,615 ======== =======
CityCenter's results included a $160 million gain related to proceeds received pursuant to a global settlement agreement with Perini Building Company, Inc. ("Perini") and the remaining Perini subcontractors entered into in December 2014, which resolved all outstanding project lien claims and CityCenter's counterclaims relating to the Harmon Hotel and Spa ("Harmon"), combined with certain Harmon-related insurance settlement proceeds. Excluding the impact from this gain, the Company's income from unconsolidated affiliates related to CityCenter was $22 million for the first quarter of 2015, compared to $14 million in the prior year quarter.
Results for CityCenter for the first quarter of 2015 include the following (see schedules accompanying this release for further detail on CityCenter's first quarter results):
-- Net revenue from resort operations decreased by 4% to $300 million compared to $313 million in the prior year quarter; -- Adjusted EBITDA from resort operations was $82 million, a decrease of 14% compared to the prior year quarter; -- Aria's table games hold percentage was 24.3% compared to 26.8% in the prior year quarter, negatively affecting Adjusted EBITDA by approximately $6 million; -- Slots revenue at Aria increased 6% compared to the prior year quarter; -- Aria's REVPAR was a record $219, a 4% increase compared to the prior year quarter; -- Vdara reported record first quarter Adjusted EBITDA led by record REVPAR of $174; and -- Crystals reported record Adjusted EBITDA of $12 million, an increase of 6% from the prior year quarter.
CityCenter reported operating income of $182 million, including the gain from the Harmon settlement, for the first quarter of 2015 compared to operating income of $5 million in the prior year quarter.
Financial Position
"Pro forma for the conversion of the convertible notes in April, MGM Resorts consolidated net debt decreased to $10.9 billion, lowering our consolidated leverage ratio to approximately 5 times," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International. "With the conversion of the convertible notes into equity, distributions from MGM China and CityCenter and continued free cash flow growth, we are confident that we will be able to continue to improve our balance sheet as we execute on our future growth projects."
The Company's cash balance at March 31, 2015 was $2.2 billion, which included $469 million at MGM China. At March 31, 2015, the Company had $2.7 billion of borrowings outstanding under its $3.9 billion senior secured credit facility and $953 million outstanding under the $2.0 billion MGM China credit facility. On April 15, 2015, 99.97% of the Company's $1.45 billion 4.25% convertible senior notes were converted into shares of the Company's common stock.
Conference Call Details
MGM Resorts International will host a conference call at 11:00 a.m. Eastern Time today which will include a brief discussion of these results followed by a question and answer period. The call will be accessible via the Internet through www.mgmresorts.com under the Investors section or by calling 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 1535291. A replay of the call will be available through Tuesday, May 12, 2015. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10064559. The call will 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 related to the MGM Resorts stock option plan, which is not allocated to each property. MGM China recognizes stock compensation expense related to its stock compensation plan which is included in the calculation of Adjusted EBITDA for MGM China. 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, preopening and start-up expenses will be significantly different in periods when the Company is developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within the Company's resorts, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period.
In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Therefore, management uses Adjusted Property EBITDA as the primary measure of the Company's operating resorts' performance.
Reconciliations of GAAP net income (loss) to Adjusted EBITDA and GAAP operating income (loss) to Adjusted Property EBITDA are included in the financial schedules in this release.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company is in the process of developing MGM National Harbor in Maryland and MGM Springfield in Massachusetts. The Company also owns 51 percent of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is developing a gaming resort in Cotai, and 50 percent of CityCenter in Las Vegas, which features ARIA Resort & Casino. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding future business trends in the Las Vegas market, the Company's ability to generate free cash flow growth and execute on future growth projects, dividends the Company will receive from MGM China or CityCenter and future amendments and extensions to MGM China's credit facility. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended ------------------ March 31, March 31, 2015 2014 ---- ---- Revenues: Casino $1,278,502 $1,583,432 Rooms 459,425 452,386 Food and beverage 384,101 383,392 Entertainment 125,968 133,777 Retail 45,037 44,616 Other 126,550 125,427 Reimbursed costs 101,060 94,975 2,520,643 2,818,005 Less: Promotional allowances (188,399) (187,607) 2,332,244 2,630,398 --------- --------- Expenses: Casino 782,808 990,834 Rooms 141,313 134,238 Food and beverage 221,521 220,058 Entertainment 96,999 98,937 Retail 24,096 23,476 Other 84,323 87,577 Reimbursed costs 101,060 94,975 General and administrative 328,173 319,246 Corporate expense 50,356 53,351 Preopening and start-up expenses 15,871 5,636 Property transactions, net 1,589 558 Depreciation and amortization 206,412 207,655 2,054,521 2,236,541 --------- --------- Income from unconsolidated affiliates 117,381 22,615 ------- ------ Operating income 395,104 416,472 ------- ------- Non-operating income (expense): Interest expense, net of amounts capitalized (216,262) (209,387) Non-operating items from unconsolidated affiliates (19,011) (22,215) Other, net (3,490) (1,434) (238,763) (233,036) -------- -------- Income before income taxes 156,341 183,436 Benefit for income taxes 56,305 2,664 Net income 212,646 186,100 Less: Net income attributable to noncontrolling interests (42,796) (83,448) Net income attributable to MGM Resorts International $169,850 $102,652 ======== ======== Per share of common stock: Basic: Net income attributable to MGM Resorts International $0.35 $0.21 === Weighted average shares outstanding 491,422 490,542 Diluted: Net income attributable to MGM Resorts International $0.33 $0.20 === Weighted average shares outstanding 575,312 513,144
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) March 31, December 31, 2015 2014 ---- ---- ASSETS Current assets: Cash and cash equivalents $2,195,535 $1,713,715 Cash deposits -original maturities longer than 90 days - 570,000 Accounts receivable, net 461,751 473,345 Inventories 103,286 104,011 Income tax receivable 7,725 14,675 Prepaid expenses and other 188,310 151,414 Total current assets 2,956,607 3,027,160 --------- --------- Property and equipment, net 14,561,951 14,441,542 Other assets: Investments in and advances to unconsolidated affiliates 1,661,444 1,559,034 Goodwill 2,898,127 2,897,110 Other intangible assets, net 4,309,206 4,364,856 Other long-term assets, net 411,112 412,809 Total other assets 9,279,889 9,233,809 --------- --------- $26,798,447 $26,702,511 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $187,325 $164,252 Construction payable 125,720 170,439 Current portion of long- term debt - 1,245,320 Deferred income taxes, net 70,552 62,142 Accrued interest on long- term debt 184,205 191,155 Other accrued liabilities 1,327,959 1,574,617 Total current liabilities 1,895,761 3,407,925 --------- --------- Deferred income taxes, net 2,547,150 2,621,860 Long-term debt 14,551,810 12,913,882 Other long-term obligations 150,691 130,570 Stockholders' equity: Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 491,335,813 and 491,292,117 shares 4,913 4,913 Capital in excess of par value 4,192,684 4,180,922 Retained earnings (accumulated deficit) 61,941 (107,909) Accumulated other comprehensive income 13,580 12,991 Total MGM Resorts International stockholders' equity 4,273,118 4,090,917 Noncontrolling interests 3,379,917 3,537,357 Total stockholders' equity 7,653,035 7,628,274 --------- --------- $26,798,447 $26,702,511 =========== ===========
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES SUPPLEMENTAL DATA - NET REVENUES (In thousands) (Unaudited) Three Months Ended ------------------ March 31, March 31, 2015 2014 ---- ---- Bellagio $301,936 $319,856 MGM Grand Las Vegas 264,826 261,664 Mandalay Bay 226,935 219,384 The Mirage 142,505 148,248 Luxor 86,955 83,693 New York-New York 75,884 72,968 Excalibur 67,261 67,573 Monte Carlo 71,867 68,611 Circus Circus Las Vegas 51,384 48,725 MGM Grand Detroit 133,315 133,148 Beau Rivage 86,940 82,426 Gold Strike Tunica 39,835 36,919 Other resort operations 28,252 27,019 Wholly owned domestic resorts 1,577,895 1,570,234 MGM China 630,087 941,448 Management and other operations 124,262 118,716 $2,332,244 $2,630,398 ========== ========== MGM RESORTS INTERNATIONAL AND SUBSIDIARIES SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA (In thousands) (Unaudited) Three Months Ended ------------------ March 31, March 31, 2015 2014 ---- ---- Bellagio $89,167 $105,149 MGM Grand Las Vegas 65,206 62,233 Mandalay Bay 53,988 56,000 The Mirage 30,520 35,419 Luxor 17,299 17,978 New York-New York 24,593 25,627 Excalibur 16,542 18,890 Monte Carlo 20,056 19,895 Circus Circus Las Vegas 7,833 5,309 MGM Grand Detroit 33,612 33,366 Beau Rivage 18,390 14,641 Gold Strike Tunica 11,550 9,567 Other resort operations 1,123 (1,228) Wholly owned domestic resorts 389,879 402,846 MGM China 148,456 240,725 Unconsolidated resorts(1) 117,381 22,615 Management and other operations 16,317 19,852 $672,033 $686,038 ======== ========
(1) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences.
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended March 31, 2015 --------------------------------- Operating Preopening and Property Depreciation and Adjusted EBITDA income (loss) start-up expenses transactions, net amortization ------------ ----------------- ----------------- ------------ Bellagio $66,337 $ - $197 $22,633 $89,167 MGM Grand Las Vegas 46,726 - (10) 18,490 65,206 Mandalay Bay 35,321 - 259 18,408 53,988 The Mirage 17,874 54 (1) 12,593 30,520 Luxor 7,762 (1) 50 9,488 17,299 New York-New York 19,672 (307) 264 4,964 24,593 Excalibur 12,909 - (19) 3,652 16,542 Monte Carlo 14,314 - 517 5,225 20,056 Circus Circus Las Vegas 3,802 231 - 3,800 7,833 MGM Grand Detroit 27,739 - - 5,873 33,612 Beau Rivage 11,859 - - 6,531 18,390 Gold Strike Tunica 8,622 - - 2,928 11,550 Other resort operations 893 - - 230 1,123 Wholly owned domestic resorts 273,830 (23) 1,257 114,815 389,879 MGM China 72,366 3,071 332 72,687 148,456 Unconsolidated resorts 116,708 673 - - 117,381 Management and other operations 14,114 267 - 1,936 16,317 477,018 3,988 1,589 189,438 672,033 ------- ----- ----- ------- ------- Stock compensation (7,579) - - - (7,579) Corporate (74,335) 11,883 - 16,974 (45,478) $395,104 $15,871 $1,589 $206,412 $618,976 ======== ======= ====== ======== ======== Three Months Ended March 31, 2014 --------------------------------- Operating Preopening and Property Depreciation and Adjusted EBITDA income (loss) start-up expenses transactions, net amortization ------------ ----------------- ----------------- ------------ Bellagio $81,851 $ - $(21) $23,319 $105,149 MGM Grand Las Vegas 40,932 197 (8) 21,112 62,233 Mandalay Bay 34,411 802 (2) 20,789 56,000 The Mirage 22,592 - 147 12,680 35,419 Luxor 8,807 3 (1) 9,169 17,978 New York-New York 20,887 55 244 4,441 25,627 Excalibur 15,455 - (1) 3,436 18,890 Monte Carlo 14,014 915 3 4,963 19,895 Circus Circus Las Vegas 1,537 - (11) 3,783 5,309 MGM Grand Detroit 27,654 - - 5,712 33,366 Beau Rivage 8,166 - - 6,475 14,641 Gold Strike Tunica 6,365 - - 3,202 9,567 Other resort operations (1,769) - - 541 (1,228) Wholly owned domestic resorts 280,902 1,972 350 119,622 402,846 MGM China 164,589 2,408 (104) 73,832 240,725 Unconsolidated resorts 22,596 19 - - 22,615 Management and other operations 16,961 - - 2,891 19,852 485,048 4,399 246 196,345 686,038 ------- ----- --- ------- ------- Stock compensation (6,699) - - - (6,699) Corporate (61,877) 1,237 312 11,310 (49,018) $416,472 $5,636 $558 $207,655 $630,321 ======== ====== ==== ======== ========
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL (In thousands) (Unaudited) Three Months Ended ------------------ March 31, March 31, 2015 2014 ---- ---- Adjusted EBITDA $618,976 $630,321 Preopening and start-up expenses (15,871) (5,636) Property transactions, net (1,589) (558) Depreciation and amortization (206,412) (207,655) Operating income 395,104 416,472 ------- ------- Non-operating income (expense): Interest expense, net of amounts capitalized (216,262) (209,387) Other, net (22,501) (23,649) (238,763) (233,036) -------- -------- Income before income taxes 156,341 183,436 Benefit for income taxes 56,305 2,664 ------ ----- Net income 212,646 186,100 Less: Net income attributable to noncontrolling interests (42,796) (83,448) Net income attributable to MGM Resorts International $169,850 $102,652 ======== ======== MGM RESORTS INTERNATIONAL AND SUBSIDIARIES SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP (Unaudited) Three Months Ended ------------------ March 31, March 31, 2015 2014 ---- ---- Bellagio Occupancy % 88.2% 92.3% Average daily rate (ADR) $268 $262 Revenue per available room (REVPAR) $236 $242 MGM Grand Las Vegas Occupancy % 91.9% 95.2% ADR $171 $160 REVPAR $157 $152 Mandalay Bay Occupancy % 90.2% 92.3% ADR $210 $202 REVPAR $189 $186 The Mirage Occupancy % 90.0% 94.6% ADR $173 $170 REVPAR $155 $161 Luxor Occupancy % 92.2% 93.3% ADR $105 $102 REVPAR $97 $95 New York-New York Occupancy % 97.6% 97.9% ADR $134 $126 REVPAR $131 $124 Excalibur Occupancy % 89.9% 91.2% ADR $85 $82 REVPAR $77 $75 Monte Carlo Occupancy % 95.1% 96.0% ADR $122 $116 REVPAR $116 $111 Circus Circus Las Vegas Occupancy % 76.8% 74.8% ADR $69 $63 REVPAR $53 $47
CITYCENTER HOLDINGS, LLC SUPPLEMENTAL DATA - NET REVENUES (In thousands) (Unaudited) Three Months Ended ------------------ March 31, March 31, 2015 2014 ---- ---- Aria $238,855 $253,689 Vdara 27,842 26,250 Crystals 17,357 16,752 Mandarin Oriental 16,011 16,441 Resort operations 300,065 313,132 Residential operations 18,174 23,285 $318,239 $336,417 ======== ======== CITYCENTER HOLDINGS, LLC RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS) (In thousands) (Unaudited) Three Months Ended ------------------ March 31, March 31, 2015 2014 ---- ---- Adjusted EBITDA $85,140 $95,058 Preopening and start-up expenses - - Property transactions, net 159,689 (2,575) Depreciation and amortization (63,223) (87,520) Operating income 181,606 4,963 ------- ----- Non-operating income (expense): Interest expense - other (18,178) (22,852) Other, net 173 (2,313) (18,005) (25,165) ------- ------- Net income (loss) $163,601 $(20,202) ======== ======== CITYCENTER HOLDINGS, LLC SUPPLEMENTAL DATA - HOTEL STATISTICS (Unaudited) Three Months Ended ------------------ March 31, March 31, 2015 2014 ---- ---- Aria Occupancy % 89.8% 92.0% ADR $244 $229 REVPAR $219 $211 Vdara Occupancy % 91.1% 89.5% ADR $190 $185 REVPAR $174 $165
CITYCENTER HOLDINGS, LLC RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended March 31, 2015 --------------------------------- Operating Preopening and Property Depreciation and Adjusted EBITDA income (loss) start-up expenses transactions, net amortization ------------ ----------------- ----------------- ------------ Aria $14,767 $ - $287 $45,706 $60,760 Vdara (195) - - 7,835 7,640 Crystals 4,849 - 4 6,822 11,675 Mandarin Oriental (1,407) - - 3,040 1,633 Resort operations 18,014 - 291 63,403 81,708 Residential operations 4,149 - - 35 4,184 Development and administration 159,443 - (159,980) (215) (752) $181,606 $ - $(159,689) $63,223 $85,140 ======== === === ========= ======= ======= Three Months Ended March 31, 2014 --------------------------------- Operating Preopening and Property Depreciation and Adjusted EBITDA income (loss) start-up expenses transactions, net amortization ------------ ----------------- ----------------- ------------ Aria $7,556 $ - $1,307 $65,629 $74,492 Vdara (2,951) - - 10,225 7,274 Crystals 4,233 - 79 6,742 11,054 Mandarin Oriental (2,710) - - 4,719 2,009 Resort operations 6,128 - 1,386 87,315 94,829 Residential operations 2,607 - 1,114 205 3,926 Development and administration (3,772) - 75 - (3,697) $4,963 $ - $2,575 $87,520 $95,058 ====== === === ====== ======= =======
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SOURCE MGM Resorts International