LAS VEGAS, Feb. 10, 2021 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
reported financial results for the quarter and year ended
December 31, 2020.
"We remain confident in the long-term recovery of our business.
We have strengthened our operational foundation through cost
efficiencies that position us for sustainable growth, as solutions
to the public health crisis accelerate and restrictions continue to
ease." said Bill Hornbuckle, Chief
Executive Officer and President of MGM Resorts International. "Our
fourth quarter results delivered Adjusted Property EBITDAR
improvements over the third quarter and our regional operations
continued to generate margin growth."
"We are engaged on pandemic response while staying focused on
the future. This includes maintaining a strong balance sheet to
seize opportunities and continuing to drive BetMGM, our U.S. sports
betting and iGaming venture. BetMGM gained significant market share
throughout 2020 while successfully launching in seven new states.
We expect to be in 20 markets by the end of the year, and are very
pleased with the January launches in Iowa, Michigan, and Virginia."
"I look to the future with hope and gratitude for the strength
and determination of our teams and communities, and the continued
loyalty of our guests. Safety and well-being remain our highest,
unwavering priorities."
"I'm thrilled to play a role in the recovery and long-term
growth of one of the most iconic global gaming entertainment
brands," said Jonathan Halkyard,
Chief Financial Officer and Treasurer of MGM Resorts International.
"We remain focused on executing our strategic plan to drive margin
expansion, deliver profitable growth and maximize shareholder
value."
Fourth Quarter 2020 Financial Highlights:
Consolidated Results
- Consolidated net revenues decreased 53% compared to the prior
year quarter to $1.5 billion, driven
by lower business volume and travel activity due to the pandemic,
hotel and other closures at certain properties, travel restrictions
to our Macau resorts, and ongoing
operating restrictions;
- Consolidated operating loss was $364
million compared to consolidated operating income of
$3.0 billion in the prior year
quarter, which included a $2.7
billion gain related to the Bellagio real estate
transaction;
- Net loss attributable to MGM Resorts of $448 million compared to net income attributable
to MGM Resorts of $2.0 billion in the
prior year quarter, which included the $2.7
billion gain discussed above;
- Diluted loss per share of $0.92
in the current quarter compared to diluted earnings per share of
$3.91 in the prior year quarter;
- Adjusted diluted earnings per share ("Adjusted
EPS")(1) was a loss per share of $0.90 in the current quarter compared to Adjusted
EPS of $0.08 in the prior year
quarter; and
- Consolidated Adjusted EBITDAR(2) of $97 million in the current quarter.
Financial Position & Liquidity
- Cash and cash equivalents balance as of December 31, 2020 was $5.1
billion, which included $626
million at the MGP Operating Partnership and $345 million at MGM China;
- Total liquidity at December 31,
2020 was $8.8 billion, which
included $2.0 billion at the MGP
Operating Partnership and $1.2
billion at MGM China, and was comprised of cash and cash
equivalents and available capacity under the revolving credit
facilities at the Company, MGP Operating Partnership and MGM
China;
- At December 31, 2020, principal
amount of indebtedness outstanding was $12.5
billion, including $4.2
billion outstanding at the MGP Operating Partnership and
$2.8 billion outstanding at MGM
China; and
- In December 2020, the MGP
Operating Partnership redeemed approximately 23.5 million of MGP
Operating Partnership units from MGM Resorts for $700 million, which represents the remaining
amount under the agreement with MGP to purchase up to $1.4 billion of the MGP Operating Partnership
units owned by MGM Resorts for cash.
Las Vegas Strip Resorts
- Net revenues decreased 66% compared to the prior year quarter
to $480 million due to the pandemic
and related operational restrictions as well as mid-week hotel
closures at Mandalay Bay, The Mirage, and Park MGM for a portion of
the current quarter;
- Table Games Hold Adjusted Las Vegas Strip Resorts Net
Revenues(3) decreased 67% compared to the prior year
quarter to $483 million;
- Adjusted Property EBITDAR decreased 86% compared to the prior
year quarter to $54 million;
- Adjusted Property EBITDAR margin of 11.2% in the current
quarter, compared to 26.6% in the prior year quarter; and
- Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted
Property EBITDAR(2) decreased 85% compared to the prior
year quarter to $57 million.
Regional Operations
- Net revenues decreased 34% compared to the prior year quarter
to $595 million due to the pandemic
and related operational restrictions including a partial quarter of
operations at MGM Grand Detroit;
- Adjusted Property EBITDAR decreased 30% to $159 million compared to $228 million in the prior year quarter; and
- Adjusted Property EBITDAR margin of 26.6% in the current
quarter, a 129 basis point increase compared to the prior year
quarter.
MGM China
- Net revenues decreased 58% compared to the prior year quarter
to $305 million;
- VIP Table Games Hold Adjusted MGM China Net
Revenues(3) decreased 57% compared to the prior year
quarter to $303 million;
- Adjusted Property EBITDAR decreased 78% compared to the prior
year quarter to $41 million; and
- VIP Table Games Hold Adjusted MGM China Adjusted Property
EBITDAR(2) decreased 76% compared to the prior year
quarter to $43 million.
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,
|
|
2020
|
|
|
|
|
2019
|
|
Diluted earnings
(loss) per share
|
|
$
|
(0.92)
|
|
|
|
|
$
|
3.91
|
|
Property
transactions, net
|
|
|
0.02
|
|
|
|
|
|
0.02
|
|
Gain on REIT
transactions, net
|
|
|
—
|
|
|
|
|
|
(5.20)
|
|
Restructuring
|
|
|
0.01
|
|
|
|
|
|
0.01
|
|
Non-operating
expense:
|
|
|
|
|
|
|
|
|
|
|
Loss on retirement of
long-term debt
|
|
|
—
|
|
|
|
|
|
0.27
|
|
Foreign currency gain
on MGM China senior notes
|
|
|
—
|
|
|
|
|
|
(0.01)
|
|
Change in fair value
of MGP swaps
|
|
|
(0.01)
|
|
|
|
|
|
—
|
|
Items from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
|
|
Change in fair value
of CityCenter swaps
|
|
|
—
|
|
|
|
|
|
(0.01)
|
|
Income tax impact on
net income adjustments (1)
|
|
|
—
|
|
|
|
|
|
1.09
|
|
Adjusted diluted
earnings (loss) per share
|
|
$
|
(0.90)
|
|
|
|
|
$
|
0.08
|
|
|
|
(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 quarter also included a non-cash income tax charge
of $14 million resulting from an
increase to the valuation allowance for foreign tax credits.
Full Year 2020 Financial Highlights:
Consolidated Results
- Consolidated net revenues decreased 60% compared to the prior
year to $5.2 billion;
- Net loss attributable to MGM Resorts of $1.0 billion in 2020, which included a
$1.5 billion gain related to the MGM
Grand Las Vegas and Mandalay Bay real estate transaction, compared
to net income of $2.0 billion in
2019, which included a $2.7 billion
gain related to the Bellagio real estate transaction;
- Diluted loss per share of $2.02
in 2020, compared to diluted earnings per share of $3.88 in 2019;
- Adjusted EPS was a loss per share of $3.94 in 2020, compared to Adjusted EPS of
$0.77 in 2019; and
- Consolidated Adjusted EBITDAR loss of $148 million in 2020.
Las Vegas Strip Resorts
- Net revenues decreased 61% compared to the prior year to
$2.2 billion; and
- Adjusted Property EBITDAR decreased 86% compared to the prior
year to $232 million.
Regional Operations
- Net revenues decreased 45% compared to the prior year to
$2.0 billion; and
- Adjusted Property EBITDAR decreased 65% compared to the prior
year to $344 million.
MGM China
- Net revenues decreased 77% compared to the prior year to
$657 million; and
- MGM China Adjusted Property EBITDAR loss of $194 million in 2020, compared to Adjusted
Property EBITDAR of $735 million in
2019.
Adjusted Diluted Earnings Per Share
The following table reconciles EPS to Adjusted EPS (approximate
EPS impact shown, per share; positive adjustments represent charges
to income):
Twelve Months
Ended December 31,
|
|
2020
|
|
|
|
|
2019
|
|
Diluted earnings
(loss) per share
|
|
$
|
(2.02)
|
|
|
|
|
$
|
3.88
|
|
Preopening and
start-up expenses
|
|
|
—
|
|
|
|
|
|
0.01
|
|
Property
transactions, net
|
|
|
0.19
|
|
|
|
|
|
0.52
|
|
Gain on REIT
transactions, net
|
|
|
(3.17)
|
|
|
|
|
|
(5.08)
|
|
October 1
settlement
|
|
|
0.10
|
|
|
|
|
|
—
|
|
CEO transition
expense
|
|
|
0.09
|
|
|
|
|
|
—
|
|
Restructuring
|
|
|
0.05
|
|
|
|
|
|
0.17
|
|
Non-operating
expense:
|
|
|
|
|
|
|
|
|
|
|
Loss on retirement of
long-term debt
|
|
|
0.24
|
|
|
|
|
|
0.36
|
|
Foreign currency gain
on MGM China senior notes
|
|
|
(0.01)
|
|
|
|
|
|
(0.01)
|
|
Items from
unconsolidated affiliates:
|
|
|
|
|
|
|
|
|
|
|
CityCenter property
transactions, net
|
|
|
—
|
|
|
|
|
|
(0.01)
|
|
Change in fair value
of CityCenter swaps
|
|
|
0.02
|
|
|
|
|
|
0.03
|
|
Income tax impact on
net income adjustments (1)
|
|
|
0.57
|
|
|
|
|
|
0.90
|
|
Adjusted diluted
earnings (loss) per share
|
|
$
|
(3.94)
|
|
|
|
|
$
|
0.77
|
|
|
|
(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 twelve months ended December 31,
2020 also included non-cash income tax charges totaling
$42 million resulting from increases
to the valuation allowance for foreign tax credits, $25 million resulting from an increase to the
valuation allowance for Macau
deferred tax assets, and non-cash income tax benefits of
$7 million resulting from issued
guidance related to deductions for employee dining and parking
facilities.
Las Vegas Strip Resorts
Casino revenue for the fourth quarter of 2020 decreased 38%
compared to the prior year quarter at the Company's Las Vegas Strip
Resorts, due primarily to operational restrictions and reduced
travel related to the pandemic.
The following table shows key gaming statistics for the
Company's Las Vegas Strip Resorts:
Three Months Ended
December 31,
|
|
2020
|
|
2019
|
%
change
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$512
|
|
$865
|
-41%
|
Table Games Win
%
|
|
23.2%
|
|
21.1%
|
|
Slots
Handle
|
|
$1,979
|
|
$3,416
|
-42%
|
Slots Hold
%
|
|
9.5%
|
|
9.1%
|
|
Rooms revenue decreased 70% compared to the prior year quarter
at the Company's Las Vegas Strip Resorts due primarily to a
decrease in REVPAR(4) as a result of the pandemic and
related operational restrictions as well as mid-week hotel closures
at Mandalay Bay, The Mirage, and Park MGM for a portion of the
current quarter.
The following table shows key hotel statistics for the Company's
Las Vegas Strip Resorts:
Three Months Ended
December 31,
|
|
2020
|
|
2019
|
%
change
|
Occupancy
%(1)
|
|
38%
|
|
89%
|
|
Average Daily Rate
(ADR)
|
|
$138
|
|
$168
|
-17.7%
|
Revenue per Available
Room (REVPAR)(1)
|
|
$52
|
|
$150
|
-65.4%
|
|
|
(1)
|
Rooms that were out
of service during the three months ended December 31, 2020 as a
result of mid-week hotel closures due to decreased business volume
as a result of the COVID-19 pandemic were excluded from the
available room count when calculating hotel occupancy and
REVPAR.
|
Regional Operations
Casino revenue for the fourth quarter of 2020 decreased 24%
compared to the prior year quarter at the Company's Regional
Operations due primarily to a partial quarter of operations at MGM
Grand Detroit and the ongoing impact of the pandemic.
The following table shows key gaming statistics for the
Company's Regional Operations:
Three Months Ended
December 31,
|
|
2020
|
|
2019
|
%
change
|
|
|
(Dollars in
millions)
|
|
Table Games
Drop
|
|
$781
|
|
$1,068
|
-27%
|
Table Games Win
%
|
|
20.0%
|
|
19.3%
|
|
Slots
Handle
|
|
$4,511
|
|
$6,314
|
-29%
|
Slots Hold
%
|
|
9.7%
|
|
9.6%
|
|
MGM China
Key fourth quarter results for MGM China include:
- Net revenues decreased 58% compared to the prior year quarter
to $305 million as a result of travel
restrictions to Macau as well as
other operational restrictions related to the pandemic;
- VIP table games win decreased 74% compared to the prior year
quarter;
- Main floor table games win decreased 52% compared to the prior
year quarter; and
- Adjusted Property EBITDAR of $41
million compared to Adjusted Property EBITDAR of
$185 million in the prior year
quarter. The current quarter included $5
million of license fee expense compared to $13 million in the prior year quarter.
The following table shows key gaming statistics for MGM
China:
Three Months Ended
December 31,
|
|
2020
|
|
2019
|
%
change
|
|
|
(Dollars in
millions)
|
|
VIP Table Games
Turnover
|
|
$2,212
|
|
$8,452
|
-74%
|
VIP Table Games Win
%
|
|
3.4%
|
|
3.4%
|
|
Main Floor Table
Games Drop
|
|
$1,051
|
|
$2,105
|
-50%
|
Main Floor Table
Games Win %
|
|
23.1%
|
|
24.0%
|
|
Corporate Expense
Corporate expense, including share-based compensation for
corporate employees, decreased to $103
million in the fourth quarter of 2020 from $119 million in the prior year quarter, due
primarily to a decrease in payroll costs and outside services.
Unconsolidated Affiliates
The following table summarizes information related to the
Company's share of operating income (loss) from unconsolidated
affiliates:
Three Months Ended
December 31,
|
|
2020
|
|
|
2019
|
|
|
|
(In
thousands)
|
|
CityCenter
|
|
$
|
(5,264)
|
|
|
$
|
22,749
|
|
MGP BREIT
Venture
|
|
|
38,968
|
|
|
|
—
|
|
Other
|
|
|
(38,796)
|
|
|
|
(5,195)
|
|
|
|
$
|
(5,092)
|
|
|
$
|
17,554
|
|
For the three months ended December 31, 2020, CityCenter's
net loss was $43 million and Adjusted
EBITDA(5) was $29
million compared to net income of $13
million and Adjusted EBITDA of $87
million, in the prior year quarter, primarily as a result of
operational restrictions and reduced travel related to the
pandemic.
MGM Growth Properties
During the fourth quarter of 2020, the Company made rent
payments to MGM Growth Properties Operating Partnership LP ("MGP
Operating Partnership") in the amount of $207 million and received distributions of
$84 million from the MGP Operating
Partnership. In December 2020, the
Board of Directors of MGM Growth Properties LLC ("MGP") approved a
quarterly dividend of $0.4875 per
Class A share (which represents a dividend of $1.95 per share on an annualized basis) totaling
$64 million, which was paid on
January 15, 2021 to holders of record
on December 31, 2020. The Company
concurrently received a $72 million
distribution attributable to its ownership of MGP Operating
Partnership units.
MGM Resorts Dividend
On February 10, 2021, the
Company's Board of Directors approved a quarterly dividend of
$0.0025 per share. The dividend will
be payable on March 15, 2021 to
holders of record on March 10,
2021.
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. In addition, supplemental slides will be posted prior to
the start of the call on MGM's Investor Relations website
at http://investors.mgmresorts.com.
The call will be accessible via the Internet through
https://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
1620586.
A replay of the call will be available through Wednesday, February 17, 2021. The replay may be
accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay
access code is 10151573. The call will be archived at
https://investors.mgmresorts.com.
1. "Adjusted
EPS" is diluted earnings or loss per share adjusted to exclude
preopening and start-up expenses, property transactions, net, gain
on REIT transactions, net, CEO transition expense, October 1 litigation settlement, 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, mark-to-market
adjustments related to MGP's interest rate swaps, the Company's
share of CityCenter's property transactions, net recorded within
income (loss) from unconsolidated affiliates, and mark-to-market
adjustments related to CityCenter's interest rate swaps recorded
within non-operating items from unconsolidated affiliates.
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 REIT transactions, net, CEO transition
expense, October 1 litigation
settlement, 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 real estate ventures, and property transactions,
net.
"Adjusted Property EBITDAR" is the Company's reportable segment
GAAP measure, which management utilizes as the primary profit
measure for its reportable segments and underlying operating
segments. Adjusted Property EBITDAR is a measure defined as
earnings before interest and other non-operating income (expense),
taxes, depreciation and amortization, preopening and start-up
expenses, gain on REIT transactions, net, 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 real estate
ventures, property transactions, net, and also excludes corporate
expense and stock compensation expense, which are not allocated to
each operating segment, and 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 this measure is 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 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. 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 measure as a
result of the Bellagio real estate transaction in the fourth
quarter of 2019 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 should not be viewed
as a measure of overall operating performance, considered in
isolation, or as an alternative to net income, because this measure
is not presented on a GAAP basis and excludes 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, 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,
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, 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, 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.
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 measure 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 CityCenter's performance; or as alternatives to cash
flows from operating activities, as a measure 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 in the United States and
Macau, including some of the most
recognizable resort brands in the industry such as Bellagio, MGM
Grand, ARIA and Park MGM. The Company's 50/50 venture, BetMGM, LLC,
offers U.S. sports betting and online gaming through market-leading
brands, including BetMGM and partypoker. The Company is currently
pursuing targeted expansion in Asia through the integrated resort opportunity
in Japan. Through its "Focused on
What Matters: Embracing Humanity and Protecting the Planet"
initiative, MGM Resorts commits to creating a more
sustainable future, while striving to make a bigger difference in
the lives of its employees, guests, and in the communities where it
operates. The 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, please visit us
at www.mgmresorts.com. Please also connect with us
@MGMResortsIntl on Twitter as well as
Facebook and Instagram.
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
continued impact of COVID-19 on its results of operations and the
duration of such impact, expectations regarding the Company's
liquidity position, long-term cost savings and the performance at
re-opened properties, the Company's ability to execute on its
strategic plans, including positioning BetMGM as a leader
in sports betting and iGaming, and its ability to return capital to
shareholders (including the timing and amount of any share
repurchases or dividends). 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 the
continued impact of the COVID-19 pandemic on the Company's
business, the 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
|
|
CATHERINE
PARK
|
|
Executive Director
of Investor Relations
|
|
(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,
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
$
|
963,827
|
|
$
|
1,630,052
|
|
$
|
2,871,720
|
|
$
|
6,517,759
|
|
Rooms
|
|
|
|
189,358
|
|
|
566,225
|
|
|
830,382
|
|
|
2,322,579
|
|
Food and
beverage
|
|
143,243
|
|
|
520,274
|
|
|
696,040
|
|
|
2,145,247
|
|
Entertainment,
retail and other
|
|
98,859
|
|
|
362,492
|
|
|
518,991
|
|
|
1,477,200
|
|
Reimbursed
costs
|
|
98,249
|
|
|
106,093
|
|
|
244,949
|
|
|
436,887
|
|
|
|
|
|
|
1,493,536
|
|
|
3,185,136
|
|
|
5,162,082
|
|
|
12,899,672
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
|
504,410
|
|
|
917,543
|
|
|
1,701,783
|
|
|
3,623,899
|
|
Rooms
|
|
|
|
97,935
|
|
|
205,748
|
|
|
419,156
|
|
|
829,677
|
|
Food and
beverage
|
|
140,239
|
|
|
407,323
|
|
|
674,118
|
|
|
1,661,626
|
|
Entertainment,
retail and other
|
|
69,827
|
|
|
262,937
|
|
|
412,705
|
|
|
1,051,400
|
|
Reimbursed
costs
|
|
98,249
|
|
|
106,093
|
|
|
244,949
|
|
|
436,887
|
|
General and
administrative
|
|
531,170
|
|
|
557,453
|
|
|
2,122,333
|
|
|
2,101,217
|
|
Corporate
expense
|
|
103,325
|
|
|
118,600
|
|
|
460,148
|
|
|
464,642
|
|
Preopening and
start-up expenses
|
|
33
|
|
|
2,084
|
|
|
84
|
|
|
7,175
|
|
Property
transactions, net
|
|
8,127
|
|
|
11,378
|
|
|
93,567
|
|
|
275,802
|
|
Gain on REIT
transactions, net
|
|
-
|
|
|
(2,677,996)
|
|
|
(1,491,945)
|
|
|
(2,677,996)
|
|
Depreciation and
amortization
|
|
298,697
|
|
|
331,438
|
|
|
1,210,556
|
|
|
1,304,649
|
|
|
|
|
|
|
1,852,012
|
|
|
242,601
|
|
|
5,847,454
|
|
|
9,078,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
unconsolidated affiliates
|
|
(5,092)
|
|
|
17,554
|
|
|
42,938
|
|
|
119,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(363,568)
|
|
|
2,960,089
|
|
|
(642,434)
|
|
|
3,940,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized
|
|
(188,679)
|
|
|
(200,480)
|
|
|
(676,380)
|
|
|
(847,932)
|
|
Non-operating
items from unconsolidated affiliates
|
|
(23,318)
|
|
|
(7,985)
|
|
|
(103,304)
|
|
|
(62,296)
|
|
Other,
net
|
|
|
12,693
|
|
|
(129,298)
|
|
|
(89,361)
|
|
|
(183,262)
|
|
|
|
|
|
|
(199,304)
|
|
|
(337,763)
|
|
|
(869,045)
|
|
|
(1,093,490)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
(562,872)
|
|
|
2,622,326
|
|
|
(1,511,479)
|
|
|
2,846,725
|
|
Benefit
(provision) for income taxes
|
|
106,904
|
|
|
(556,376)
|
|
|
191,572
|
|
|
(632,345)
|
Net income
(loss)
|
|
|
(455,968)
|
|
|
2,065,950
|
|
|
(1,319,907)
|
|
|
2,214,380
|
|
Less: Net (income)
loss attributable to noncontrolling interests
|
|
8,363
|
|
|
(54,373)
|
|
|
287,183
|
|
|
(165,234)
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
(447,605)
|
|
$
|
2,011,577
|
|
$
|
(1,032,724)
|
|
$
|
2,049,146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.92)
|
|
$
|
3.94
|
|
$
|
(2.02)
|
|
$
|
3.90
|
|
Diluted
|
|
|
$
|
(0.92)
|
|
$
|
3.91
|
|
$
|
(2.02)
|
|
$
|
3.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
494,225
|
|
|
511,541
|
|
|
494,152
|
|
|
524,173
|
|
Diluted
|
|
|
|
494,225
|
|
|
515,096
|
|
|
494,152
|
|
|
527,645
|
MGM RESORTS
INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
5,101,637
|
|
$
|
2,329,604
|
|
Accounts
receivable, net
|
|
|
316,502
|
|
|
612,717
|
|
Inventories
|
|
|
|
88,323
|
|
|
102,888
|
|
Income tax
receivable
|
|
|
243,415
|
|
|
27,167
|
|
October 1
litigation insurance receivable
|
|
-
|
|
|
735,000
|
|
Prepaid expenses
and other
|
|
200,782
|
|
|
200,317
|
|
|
Total current
assets
|
|
|
5,950,659
|
|
|
4,007,693
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
14,632,091
|
|
|
18,285,955
|
|
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
|
Investments in and
advances to unconsolidated affiliates
|
|
1,447,043
|
|
|
822,366
|
|
Goodwill
|
|
|
|
2,091,278
|
|
|
2,084,564
|
|
Other intangible
assets, net
|
|
3,643,748
|
|
|
3,826,504
|
|
Operating lease
right-of-use assets, net
|
|
8,286,694
|
|
|
4,392,481
|
|
Other long-term
assets, net
|
|
443,421
|
|
|
456,793
|
|
|
Total other
assets
|
|
|
15,912,184
|
|
|
11,582,708
|
|
|
|
|
|
|
$
|
36,494,934
|
|
$
|
33,876,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
142,523
|
|
$
|
235,437
|
|
Construction
payable
|
|
|
30,149
|
|
|
74,734
|
|
Accrued interest
on long-term debt
|
|
138,832
|
|
|
122,250
|
|
October 1
litigation liability
|
|
-
|
|
|
735,000
|
|
Other accrued
liabilities
|
|
|
1,545,079
|
|
|
2,024,002
|
|
|
Total current
liabilities
|
|
|
1,856,583
|
|
|
3,191,423
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net
|
|
|
2,153,016
|
|
|
2,106,506
|
Long-term debt,
net
|
|
|
12,376,684
|
|
|
11,168,904
|
Other long-term
obligations
|
|
|
472,084
|
|
|
363,588
|
Operating lease
liabilities
|
|
|
8,390,117
|
|
|
4,277,970
|
Redeemable
noncontrolling interest
|
|
66,542
|
|
|
105,046
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $.01
par value: authorized 1,000,000,000 shares,
|
|
|
|
|
|
|
issued and outstanding 494,317,865 and 503,147,632
shares
|
|
4,943
|
|
|
5,031
|
|
Capital in excess
of par value
|
|
3,439,453
|
|
|
3,531,099
|
|
Retained
earnings
|
|
|
3,091,007
|
|
|
4,201,337
|
|
Accumulated other
comprehensive loss
|
|
(30,677)
|
|
|
(10,202)
|
|
|
Total MGM Resorts
International stockholders' equity
|
|
6,504,726
|
|
|
7,727,265
|
|
Noncontrolling
interests
|
|
|
4,675,182
|
|
|
4,935,654
|
|
|
Total
stockholders' equity
|
|
11,179,908
|
|
|
12,662,919
|
|
|
|
|
|
|
$
|
36,494,934
|
|
$
|
33,876,356
|
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,
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Las Vegas Strip
Resorts
|
|
|
$
|
479,750
|
|
$
|
1,429,071
|
|
$
|
2,245,785
|
|
$
|
5,831,051
|
Regional
Operations
|
|
|
|
|
595,421
|
|
|
899,868
|
|
|
1,967,171
|
|
|
3,549,784
|
MGM
China
|
|
|
|
|
|
304,751
|
|
|
727,374
|
|
|
656,703
|
|
|
2,905,422
|
Management and
other operations
|
|
|
113,614
|
|
|
128,823
|
|
|
292,423
|
|
|
613,415
|
|
|
|
|
|
|
$
|
1,493,536
|
|
$
|
3,185,136
|
|
$
|
5,162,082
|
|
$
|
12,899,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Las Vegas Strip
Resorts
|
|
|
$
|
53,911
|
|
$
|
379,851
|
|
$
|
232,188
|
|
$
|
1,643,122
|
Regional
Operations
|
|
|
|
|
158,621
|
|
|
228,155
|
|
|
343,990
|
|
|
969,866
|
MGM
China
|
|
|
|
|
|
40,892
|
|
|
185,126
|
|
|
(193,832)
|
|
|
734,729
|
Unconsolidated
resorts (1)
|
|
|
|
(46,769)
|
|
|
17,567
|
|
|
(104,890)
|
|
|
122,598
|
Management and
other operations
|
|
|
(4,361)
|
|
|
(1,081)
|
|
|
(42,828)
|
|
|
24,773
|
Stock
compensation
|
|
|
|
|
(26,897)
|
|
|
(23,009)
|
|
|
(79,954)
|
|
|
(68,289)
|
Corporate
|
|
|
|
|
|
(78,047)
|
|
|
(104,254)
|
|
|
(303,171)
|
|
|
(410,703)
|
|
|
|
|
|
|
$
|
97,350
|
|
|
|
|
$
|
(148,497)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the
Company's share of operating income (loss) excluding investments in
real estate 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,
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income (loss)
attributable to MGM Resorts International
|
$
|
(447,605)
|
|
$
|
2,011,577
|
|
$
|
(1,032,724)
|
|
$
|
2,049,146
|
Plus: Net
income (loss) attributable to noncontrolling
interests
|
|
(8,363)
|
|
|
54,373
|
|
|
(287,183)
|
|
|
165,234
|
Net income
(loss)
|
|
|
|
|
(455,968)
|
|
|
2,065,950
|
|
|
(1,319,907)
|
|
|
2,214,380
|
(Benefit)
provision for income taxes
|
|
|
(106,904)
|
|
|
556,376
|
|
|
(191,572)
|
|
|
632,345
|
Income (loss)
before income taxes
|
|
|
|
(562,872)
|
|
|
2,622,326
|
|
|
(1,511,479)
|
|
|
2,846,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
|
188,679
|
|
|
200,480
|
|
|
676,380
|
|
|
847,932
|
Other,
net
|
|
|
|
|
|
10,625
|
|
|
137,283
|
|
|
192,665
|
|
|
245,558
|
|
|
|
|
|
|
|
199,304
|
|
|
337,763
|
|
|
869,045
|
|
|
1,093,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
(363,568)
|
|
|
2,960,089
|
|
|
(642,434)
|
|
|
3,940,215
|
Preopening
and start-up expenses
|
|
|
33
|
|
|
2,084
|
|
|
84
|
|
|
7,175
|
Property
transactions, net
|
|
|
|
8,127
|
|
|
11,378
|
|
|
93,567
|
|
|
275,802
|
Gain on
REIT transactions, net
|
|
|
|
-
|
|
|
(2,677,996)
|
|
|
(1,491,945)
|
|
|
(2,677,996)
|
Depreciation and amortization
|
|
|
|
298,697
|
|
|
331,438
|
|
|
1,210,556
|
|
|
1,304,649
|
CEO
transition expense
|
|
|
|
-
|
|
|
-
|
|
|
44,401
|
|
|
-
|
October 1
litigation settlement
|
|
|
|
-
|
|
|
-
|
|
|
49,000
|
|
|
-
|
Restructuring
|
|
|
|
|
6,143
|
|
|
5,560
|
|
|
26,025
|
|
|
92,139
|
Triple net
operating lease and ground lease rent expense
|
|
189,596
|
|
|
50,346
|
|
|
710,683
|
|
|
74,656
|
Income from
unconsolidated affiliates related to real estate
ventures
|
|
(41,678)
|
|
|
(544)
|
|
|
(148,434)
|
|
|
(544)
|
Adjusted
EBITDAR
|
|
|
|
$
|
97,350
|
|
|
|
|
$
|
(148,497)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Las Vegas Strip
Resorts net revenues
|
|
|
|
$
|
479,750
|
|
$
|
1,429,071
|
|
$
|
2,245,785
|
|
$
|
5,831,051
|
Hold adjustment
(1)
|
|
|
|
|
|
3,582
|
|
|
14,851
|
|
|
8,733
|
|
|
30,733
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Net Revenues
|
|
|
$
|
483,332
|
|
$
|
1,443,922
|
|
$
|
2,254,518
|
|
$
|
5,861,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Strip
Resorts Adjusted Property EBITDAR
|
|
|
$
|
53,911
|
|
$
|
379,851
|
|
$
|
232,188
|
|
$
|
1,643,122
|
Hold adjustment
(2)
|
|
|
|
|
|
3,052
|
|
|
12,608
|
|
|
7,324
|
|
|
26,120
|
Table Games Hold
Adjusted Las Vegas Strip Resorts Adjusted Property
EBITDAR
|
|
$
|
56,963
|
|
$
|
392,459
|
|
$
|
239,512
|
|
$
|
1,669,242
|
|
(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,
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
MGM China net
revenues
|
|
|
|
|
$
|
304,751
|
|
$
|
727,374
|
|
$
|
656,703
|
|
$
|
2,905,422
|
Hold adjustment
(3)
|
|
|
|
|
|
(1,728)
|
|
|
(24,227)
|
|
|
6,967
|
|
|
(73,353)
|
VIP Table Games
Hold Adjusted MGM China Net Revenues
|
|
|
$
|
303,023
|
|
$
|
703,147
|
|
$
|
663,670
|
|
$
|
2,832,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MGM China Adjusted
Property EBITDAR
|
|
|
|
$
|
40,892
|
|
$
|
185,126
|
|
$
|
(193,832)
|
|
$
|
734,729
|
Hold adjustment
(4)
|
|
|
|
|
|
1,725
|
|
|
(8,525)
|
|
|
8,371
|
|
|
(28,318)
|
VIP Table Games
Hold Adjusted MGM China Adjusted Property EBITDAR
|
|
$
|
42,617
|
|
$
|
176,601
|
|
$
|
(185,461)
|
|
$
|
706,411
|
|
(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.
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- NET REVENUES AND ADJUSTED EBITDA
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
$
|
128,168
|
|
$
|
301,646
|
|
$
|
523,157
|
|
$
|
1,294,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
$
|
29,435
|
|
$
|
86,529
|
|
$
|
95,072
|
|
$
|
415,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CITYCENTER
HOLDINGS, LLC
|
SUPPLEMENTAL DATA
- HOTEL STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
|
|
33.5%
|
|
|
90.3%
|
|
|
50.3%
|
|
|
91.6%
|
|
|
|
ADR
(1)
|
|
|
|
|
|
|
$215
|
|
|
$255
|
|
|
$249
|
|
|
$256
|
|
|
|
REVPAR
(1)
|
|
|
|
|
|
|
$72
|
|
|
$230
|
|
|
$125
|
|
|
$234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Rooms that
were out of service during the three and twelve months ended
December 31, 2020 as a result of property closures due to the
COVID-19 pandemic were excluded from the available room count when
calculating hotel occupancy and REVPAR.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
|
|
$
|
(42,918)
|
|
$
|
13,064
|
|
$
|
(221,506)
|
|
$
|
69,143
|
|
|
|
Non-operating
(income) expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized
|
|
|
|
19,545
|
|
|
22,331
|
|
|
78,876
|
|
|
92,108
|
|
|
|
Other,
net
|
|
|
|
|
|
|
(4,327)
|
|
|
(7,070)
|
|
|
14,439
|
|
|
26,905
|
|
|
|
|
|
|
|
|
|
|
|
15,218
|
|
|
15,261
|
|
|
93,315
|
|
|
119,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
|
|
(27,700)
|
|
|
28,325
|
|
|
(128,191)
|
|
|
188,156
|
|
|
|
Property
transactions, net
|
|
|
|
|
|
952
|
|
|
(1,707)
|
|
|
(3,874)
|
|
|
(11,059)
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
56,183
|
|
|
58,798
|
|
|
225,926
|
|
|
230,911
|
|
|
|
Restructuring
|
|
|
|
|
|
-
|
|
|
1,113
|
|
|
1,211
|
|
|
7,241
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
$
|
29,435
|
|
$
|
86,529
|
|
$
|
95,072
|
|
$
|
415,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE MGM Resorts International