MGM Resorts International reported first quarter 2018 earnings. Net income was $223 million, up from $136 million in the prior year quarter. Domestic resorts revenue decreased 1% to $2.1 billion. Adjusted Property EBITDA for domestic resorts also decreased 5% to $616 million. MGM China Adjusted EBITDA increased 5% to $152 million driven by the new MGM Cotai resort. MGM Resorts remains focused on reducing leverage, with a targeted net leverage ratio of 3-4 times by the end of 2018.
Collective Mining | Corporate Presentation - May 2024
MGM 1Q18 Earnings Presentation
1. MGM RESORTS INTERNATIONAL
M G M R E S O R T S I N T E R N A T I O N A L
F I R S T Q U A R T E R 2 0 1 8 E A R N I N G S
A P R I L 2 6 , 2 0 1 8
2. MGM RESORTS INTERNATIONAL
FORWARD-LOOKING STATEMENTS
Statements in this presentation 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 RevPAR and other guidance), the payment of any future cash dividends on the Company’s common stock, the Company’s ability to generate future cash flow
growth and to execute on future development and other projects, amounts the Company expects to spend on capital expenditures and investments, expectations regarding Las Vegas
convention lineup and other market or industry trends, and the Company’s ability to execute its strategic plans and improve its financial flexibility. 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.
MARKET AND INDUSTRY DATA
This presentation also contains estimates and information concerning the Company’s industry that are based on industry publications, reports and peer company public filings. This
information involves a number of assumptions and limitations and you are cautioned not to rely on or give undue weight to this information. The Company has not independently verified
the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which we operate is subject to a high degree of uncertainty and risk
due to a variety of factors, including those described in the “Risk Factors” section of the Company’s public filings with the SEC.
NOTE REGARDING PRESENTATION OF NON-GAAP FINANCIAL MEASURES
This presentation includes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934, as amended, including Adjusted EBITDA,
Adjusted Property EBITDA, Same-store Adjusted Property EBITDA and Adjusted Property EBITDAR. Schedules that reconcile the non-GAAP financial measures to the most directly
comparable financial measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States are included in our earnings releases that
have been furnished with the SEC and are available on our website at www.mgmresorts.com. In addition, this presentation includes Las Vegas Strip Normalized Net Revenues, Las
Vegas Strip Normalized Adjusted Property EBITDA and Las Vegas Strip Normalized Adjusted Property EBITDA Margin. For a reconciliation of these normalized non-GAAP results see
Slide 16 and the reconciliations provided in the Company’s earnings releases. The following presentation also contains a range for projected Adjusted EBITDA margins for the 2018 fiscal
year. The Company is unable to provide a quantitative reconciliation of projected Adjusted EBITDA (which it would use to calculate the margins) to net income (loss) because the
Company cannot reliably forecast gains or losses on sale or consolidation transactions, accelerated depreciation, impairment charges, gains or losses on retirement of debt and
variations in effective tax rate, which are difficult to predict and estimate and are primarily dependent on future events. Please note that the unavailable reconciling items could
significantly impact the Company’s future financial results.
2
3. MGM RESORTS INTERNATIONAL
T H E M G M R E S O R T S I N V E S T M E N T C A S E
3
1
Attractive
long-term industry
fundamentals
Continued healthy
supply vs. demand
dynamics in both Las
Vegas and Macau
Diversifying our business
mix and offerings into a
wider entertainment
universe
2
Strong financial
position and free
cash flow profile
Concluding our current
development cycle,
MGM Resorts remains
well positioned to
generate meaningful
free cash flow
We have strengthened
our balance sheet and
are on track to reduce our
consolidated net
leverage to three to four
times by the end of 2018
to maximize the efficiency
of our capital structure
3
Maximizing our
performance
We leverage our size and
scale to drive top line
growth, maximize operating
efficiencies, and expand
margins
We reinforce our leadership
by investing in our people
and our brand, as well as
enhancing our capabilities
via analytics and technology
We continue to strengthen
our portfolio of assets to
elevate the guest
experience and generate
attractive returns
on investment
4
Actively seeking
prudent growth
opportunities
Pursuing high-growth
opportunities in new
geographic regions
(i.e. Japan)
Amplify the MGM Resorts
brand through technology,
social media, hospitality and
entertainment
Well positioned to grow
Macau market share with
MGM COTAI
MGM Growth Properties
(“MGP”) relationship
provides strategic avenue
for growth
5
Focus on maximizing
shareholder value
We remain focused on our
long-term plan
We continue to focus on
capital return absent
attractive ROI opportunities
We have taken significant
steps to return capital to
shareholders:
• $1 billion returned to
shareholders since early
2017
4. MGM RESORTS INTERNATIONAL
F I R S T Q U A R T E R 2 0 1 8 F I N A N C I A L H I G H L I G H T S
4
• Diluted earnings per share of $0.38
Compared to $0.36 in the prior year quarter
1Q 2018 included a non-cash income tax benefit of $0.13 per share due to a measurement period adjustment for U.S. Tax Reform and $0.04 due to
reversal of Macau shareholder dividend tax accruals
• Net income attributable to MGM Resorts of $223 million, including non-cash income tax benefit of $94 million
• Consolidated net revenues increased 4% year-over-year to $2.8 billion
Domestic resorts net revenue decreased 1% to $2.1 billion
Domestic resorts net revenues excluding Monte Carlo were essentially flat compared to the prior year quarter
• RevPAR1 at the Company’s Las Vegas Strip resorts decreased 4.3% to $150
• Consolidated Adjusted Property EBITDA of $808 million
Domestic resorts Adjusted Property EBITDA decreased 5% to $616 million
Domestic resorts Adjusted Property EBITDA margin decreased 113 bps to 29.4% compared to the prior year quarter
Domestic resorts Adjusted Property EBITDA margin excluding Monte Carlo decreased 77 bps to 29.7%
• CityCenter resort operations Adjusted EBITDA from operations decreased 16% year-over-year to $93 million
ARIA reported first quarter Adjusted EBITDA of $82 million and Adjusted EBITDA margin of 30%
• MGM China Adjusted EBITDA increased 5% year-over-year to $152 million, due primarily to the opening of MGM Cotai
Same-store2 MGM China Adjusted EBITDA was flat year-over-year
1 RevPAR is hotel revenue per available room
2 Excludes MGM Cotai which opened on February 13, 2018
5. MGM RESORTS INTERNATIONAL
F I R S T Q U A R T E R 2 0 1 8 – D O M E S T I C R E S O R T S
5
D O M E S T I C R E S O R T S ( Y o Y )
Actual
Adjusted Property EBITDA $ $616 million 5%
Adjusted Property EBITDA Margin 29.4% 113 bps
L A S V E G A S S T R I P ( N O T E : E X C L U D E S C I T Y C E N T E R )
Adjusted Property EBITDA $ $449 million 6%
Adjusted Property EBITDA Margin 31.4% 125 bps
RevPAR1 $150 4.3%
R E G I O N A L
Actual
Adjusted Property EBITDA $ $167 million 2%
Adjusted Property EBITDA Margin 25.1% 72 bps
• Domestic resorts Net Revenue -1% to $2.1 billion
• Las Vegas Strip Table Games Hold (see slide 16)
Beginning in 1Q18, we increased our normal range for Las Vegas Strip resorts to 22%-26%
In 1Q18, Las Vegas Strip table games hold of 25.9% was within the normal 22%-26% range
In 1Q17, hold of 25.2% was within the normal range
1 RevPAR is hotel revenue per available room
(-1.5% excluding Mandalay Bay & Monte Carlo)
(Mandalay Bay & Monte Carlo had 145 bps negative impact)
(Mandalay Bay & Monte Carlo had over 1.7 ppts negative impact)
6. MGM RESORTS INTERNATIONAL
F I R S T Q U A R T E R 2 0 1 8 – C I T Y C E N T E R
6
1. STRUCTURE TODAY (73% OWNERSHIP OF OP) 3. MGM RESORTS LONG-TERM STRATEGY
• Net revenues decreased 3% year-over-year
ARIA and Vdara RevPAR remained flat
• Key Balance Sheet Items (as of 3/31/18)
Cash & Cash Equivalents: Approximately $203 million
Total Debt: $1.6 billion
• Net Leverage2: ~3.5x
C I T Y C E N T E R R E S O R T O P E R A T I O N S ( Y o Y ) 1
50% owned by MGM Resorts
Adjusted EBITDA $ $93 million 16%
Adjusted EBITDA Margin 30% 446 bps
1 Excludes Mandarin Oriental, which effective 1Q18 was classified as asset held for sale
2 Net Leverage ratio is calculated as Total Long-Term Debt less cash & cash equivalents over LTM Adjusted EBITDA from Resort Operations excluding Mandarin Oriental
• During the quarter, CityCenter entered into an agreement for the
sale of the Mandarin Oriental Las Vegas and adjacent retail
parcels for approximately $214 million, subject to satisfactory
completion of due diligence and customary closing conditions
• Aria’s table games win decreased 6%, despite a 16% increase in
table games drop, due to a lower table games hold percentage
of 20.8% in the current quarter compared to 25.6% in the prior
year quarter
• Aria’s slots win decreased 5%, despite a 7% increase in volume,
due a lower slot hold percentage of 7.1% in the current quarter
compared to 8.0% in the prior year quarter
7. MGM RESORTS INTERNATIONAL
F I R S T Q U A R T E R 2 0 1 8 – M G M G R O W T H P R O P E R T I E S
7
1. STRUCTURE TODAY (73% OWNERSHIP OF OP) 3. MGM RESORTS LONG-TERM STRATEGY
• General and administrative expenses of $4 million
• Key Balance Sheet Items (as of 03/31/2018)
Cash & Cash Equivalents: Approximately $280 million
Total Debt: $4.0 billion
M G M G R O W T H P R O P E R T I E S
73% owned by MGM Resorts
$ IN MILLIONS PER DILUTED SHARE1
Net Income $58 $0.22
Rental Revenue $187
Funds From Operations $131 $0.49
Adjusted Funds From Operations $141 $0.53
Adjusted EBITDA $186
• On April 5, 2018, MGP entered into an agreement to acquire
the Hard Rock Rocksino Northfield Park for approximately
$1.06 billion
• The transaction is expected to close in the second half of
2018 and is subject to customary closing conditions and
regulatory approvals
1 Diluted share amounts are per MGM Growth Properties’ Operating Partnership units
8. MGM RESORTS INTERNATIONAL
F I R S T Q U A R T E R 2 0 1 8 – M G M C H I N A
8
1. STRUCTURE TODAY (73% OWNERSHIP OF OP) 3. MGM RESORTS LONG-TERM STRATEGY
• Net revenue increased 25% year-over-year, and increased 7% on a
same-store basis
VIP table games: 27% increase in turnover year-over-year;
hold percentage of 3.4% vs. 3.4% in the prior year quarter and
3.1% in the fourth quarter of 2017
Mass table games: 38% increase in volume year-over-year;
hold percentage of 19.2% vs. 22.2% in the prior year quarter and
21.0% in the fourth quarter of 2017
MGM CHINA
56% owned by MGM Resorts
YoY Same-Store1 YoY
Adjusted Property EBITDA $ $152 million 5% 44 bps
Adjusted Property EBITDA Margin 25.5% 507 bps 199 bps
Note: MGM China Adjusted Property EBITDA reported by MGM Resorts International in this presentation is net of $10 million license fee expense in the current quarter
compared to $9 million in the prior year quarter. 1Q 2018 Adjusted Property EBITDA is before certain other corporate expenses and stock based compensation
• 81% of Adjusted Property EBITDA from the mass segment
• Key Balance Sheet Items (as of 3/31/18)
Cash & Cash Equivalents: Approximately $726 million
Total Debt: $2.2 billion
1 Excludes MGM Cotai which opened February 13, 2018
9. MGM RESORTS INTERNATIONAL
PF Consolidated Leverage ($ in millions)
ACTUAL
3/31/2018
ADJUSTMENTS
PRO FORMA
3/31/2018
Total Cash1 $1,525 $-- $1,525
LTM Adjusted EBITDA related to:
Domestic Resorts $2,482 ($21) 2
$2,461
Management and other operations 24 -- 24
MGM Macau 536 -- 536
MGM Cotai 6 40 3
46
Corporate expense (excluding stock-based compensation) (352) 16 4
(336)
$2,695 $35 $2,730
Dividends and distributions received by MGM Resorts5
53 -- 53
$2,748 $35 $2,783
Total Principal Amount of Debt related to:
MGM Resorts Consolidated6
$13,386 $-- $13,386
$13,386 $-- $13,386
Net Leverage Ratio 4.3x 4.3x
BALANCE SHEET STRENGTH REMAINS A PRIORITY FOR MGM RESORTS
9
1 3/31/18 Actual includes $726 million and $280 million at MGM China and MGM Growth Properties, respectively
2 Adjustments reflect: (i) $36 million property tax settlement received by Borgata in 2Q 2017 (ii) $15 million transfer tax fees associated with the sale of MGM National Harbor real estate assets to MGM Growth Properties.
3 MGM Cotai's annualization based on actual results since the property opening date (February 13, 2018).
4 $16 million in transfer tax fees associated with the sale of MGM National Harbor real estate assets to MGM Growth Properties.
5 Represents ordinary dividends (excluding special dividends) and other regular cash distributions actually received by MGM from CityCenter and Grand Victoria.
6 3/31/2018 Actual includes $2.2 billion and $4.0 billion at MGM China and MGM Growth Properties, respectively
10. MGM RESORTS INTERNATIONAL
M G M R E S O R T S U . S . D O M E S T I C F I N A N C I A L I N F O R M A T I O N
10
1. STRUCTURE TODAY (73% OWNERSHIP OF OP) 3. MGM RESORTS LONG-TERM STRATEGY
THREE MONTHS ENDED MARCH 31, 2018 ($ IN MILLIONS)
MGM Resorts owned2
:
Las Vegas $245
MGM Growth Properties owned3
:
Las Vegas $204
U.S. Regionals $167
__________
Total $616
3. MGM RESORTS LONG-TERM STRATEGY
DOMESTIC RESORTS ADJUSTED PROPERTY EBITDA 1 DISTRIBUTIONS RECEIVED
CityCenter $0
MGM China $0
Grand Victoria $5
3. MGM RESORTS LONG-TERM STRATEGY
MGM GROWTH PROPERTIES
Rent Payments to MGP Operating Partnership $189
Dividends from MGP Operating Partnership $82
3. MGM RESORTS LONG-TERM STRATEGY
OTHER DOMESTIC ITEMS
Domestic Capital Expenditures Ex. Development6
($190)
Domestic Cash Paid for Taxes ($2)
CORPORATE AND OTHER DOMESTIC
Management & Other Adjusted EBITDA $8
Corporate Expense4
($82)
Domestic Interest Expense, net5
($112)
1 Refer to Appendix slide 34
2 MGM Resorts Owned refers to properties owned by MGM Resorts and not leased from a subsidiary of MGP pursuant to the Master Lease
3 MGP Growth Properties Owned refers to properties owned by a subsidiary of MGP and leased to MGM pursuant to the Master Lease
4 Consolidated domestic corporate expense excluding stock based compensation and MGP Growth Properties G&A expense
5 Excludes interest related to MGP Operating Partnership indebtedness and excludes capitalized interest
6 U.S. domestic capital expenditures including the rebranding of Monte Carlo. Excludes capitalized interest and project costs associated with development activities,
including MGM Springfield
11. MGM RESORTS INTERNATIONAL
M G M R E S O R T S U . S . D O M E S T I C C A P I T A L A L L O C A T I O N
11
1. STRUCTURE TODAY (73% OWNERSHIP OF OP) 3. MGM RESORTS LONG-TERM STRATEGY
THREE MONTHS ENDED MARCH 31, 2018
3. MGM RESORTS LONG-TERM STRATEGY
DOMESTIC DEVELOPMENT PROJECTS 1
• MGM Springfield: $88 million
1 Excludes capitalized interest and land related costs, includes pre-opening
• Dividends: ~$68 million
• Share repurchases: ~$362 million
Returned ~$430 million to shareholders through buybacks
and dividends during 1Q 2018
RETURN OF CAPITAL TO MGM SHAREHOLDERS
12. MGM RESORTS INTERNATIONAL
F U L L Y E A R 2 0 1 8 C A P I T A L E X P E N D I T U R E S
12
• U.S. Domestic Operations: ~$650 million (including YTD 1Q18 spend of $190 million)
Includes general maintenance capital expenditures
~$325 million related to larger projects including the Monte Carlo repositioning, the expansion of MGM
National Harbor’s gaming floor and parking, as well as the expansion of the MGM Grand Las Vegas
Convention Center
• U.S. Development Projects
MGM Springfield: ~$365 million (including YTD 1Q18 spend of $79 million)
• MGM China: ~$560 million
MGM COTAI: ~$510 million (including YTD 1Q18 spend of ~$115 million)
MGM MACAU: ~$50 million (including YTD 1Q18 spend of ~$13 million)
Note: Excludes development fees, capitalized interest, preopening expense, and land related fees
13. MGM RESORTS INTERNATIONAL
S E C O N D Q U A R T E R 2 0 1 8 A T A G L A N C E
13
• Borgata:
$36 million property tax settlement
benefit in 2Q17
• Corporate Expense (ex. stock
compensation)1:
~$95-$100 million
• Pre-opening expense: ~$30-$35 million
for MGM Springfield and MGM COTAI
• Net interest expense2: ~$180-$185 million
• The absence of a major fight in May will have an impact, primarily at our luxury properties
• Monte Carlo continues to experience construction disruption in its transformation to Park
MGM / NoMad Las Vegas
• While the rest of MGM portfolio has broadly returned to normalcy following October 1st,
Mandalay Bay continues to recover
• 2Q17 table games hold of 20.9% was below our normal range
• What we see in the second quarter:
Net revenues to be up slightly
RevPAR growth of 1%-3%
Adjusted Property EBITDA Margins to be down similar to 1Q18
LAS VEGAS STRIP RESORTS OTHER ITEMS
On January 1, 2018, the new standards for revenue recognition took effect.
All forward looking metrics are based on the new accounting methodology.
1 In 1Q18, MGM China began recording in corporate expense certain expenses not directly related to its casino resort operations
2 Net of capitalized interest
14. MGM RESORTS INTERNATIONAL
F U L L Y E A R 2 0 1 8 A T A G L A N C E
14
OUR 2018 TARGETS AT OUR LAS VEGAS STRIP RESORTS OTHER CORPORATE ITEMS:
• Opening of MGM Springfield:
Scheduled to open August 24, 2018
• Borgata:
Two new entrants to the market expected in 2018
• Corporate Expense (ex. stock compensation)1:
~$340-$350 million
• Pre-opening expense:
~$155-$165 million, including ~$75-$80 million at
MGM COTAI
• Net interest expense2: ~$720-$730 million
• Our targets for full year 2018:
Net revenues: up slightly
RevPAR: 1%-3% growth
Adjusted Property EBITDA Margins: down 50-100 bps
• Monte Carlo continues to experience construction disruption in its
transformation to Park MGM / NoMad Las Vegas
Construction completion by year-end 2018
• While the rest of MGM portfolio has broadly returned to normalcy following
October 1st, Mandalay Bay continues to recover
• Two marquee boxing events drove incremental demand in 3Q17
• Citywide convention attendance expected to be up 6% in aggregate for
2H18, but expected to be down 15% in 3Q18
1 In 1Q18, MGM China began recording in corporate expense certain expenses not directly related to its casino resort operations
2 Net of capitalized interest
LAS VEGAS STRIP RESORTS OTHER ITEMS
On January 1, 2018, the new standards for revenue recognition took effect.
All forward looking metrics are based on the new accounting methodology.
15. A P P E N D I X
15
• Las Vegas Strip – Normalized Hold Impact
• Adjusted Property EBITDAR
• New Revenue Recognition Accounting Standard
• Capital Initiative Projects
• Supplemental Data
16. MGM RESORTS INTERNATIONAL
($ IN MILLIONS) 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018
Table Games Hold - Actual 25.2% 20.9% 26.8% 25.3% 25.9%
Normalized Table Games Hold1 23.0% 23.0% 23.0% 23.0% 24.0%
Actual:
Net Revenues $1,464 $1,431 $1,555 $1,296 $1,432
Adjusted Property EBITDA $477 $441 $514 $349 $449
Hold Impact to:
Net Revenues $18 ($15) $33 $18 $17
Adjusted Property EBITDA $16 ($13) $28 $16 $15
Las Vegas Strip Normalized Net Revenues2 $1,446 $1,446 $1,523 $1,278 $1,415
Las Vegas Strip Normalized Adjusted Property EBITDA3 $462 $454 $486 $333 $435
L A S V E G A S S T R I P – N O R M A L I Z E D H O L D I M P A C T
16
1 Hold impact represents the estimated impact of the difference in actual table games hold percentage to the mid-point of our normal range of 22% – 26% for Las Vegas resorts for 1Q2018
and beyond; prior quarters were based off a hold percentage of 23%, the mid-point of our prior normal range of 21%-25%
This calculation includes an estimate of discounts, taxes, bad debt and other expenses.
2 Normalized Net Revenue includes an adjustment reflecting an estimate of discounts, which estimate is based on historical results
3 Normalized Adjusted Property EBITDA includes adjustments reflecting an estimate of discounts, taxes, bad debt and other expenses, which estimates are based on historical results
For illustrative purposes, we had historically calculated our Las Vegas Strip table games hold impact to a hold percentage of
23%, the mid-point of our normal range of 21%-25%; based on our analysis of the prior 8 quarters of our Las Vegas table
games hold, beginning in the first quarter of 2018, we increased our normal range to 22%-26% (mid-point of 24%)
17. MGM RESORTS INTERNATIONAL
A D J U S T E D P R O P E R T Y E B I T D A R
17
1 Adjusted Property EBITDAR is defined as Adjusted Property EBITDA plus rent related to land leases with third parties. Rent does not include rent payments to a
subsidiary of MGM Growth Properties Operating Partnership under the master lease which is not included in Adjusted Property EBITDA for MGM’s operating
segments and is eliminated in consolidation
Beau Rivage, Borgata and MGM National Harbor have land leases with third parties
1
(In Thousands, Unaudited)
Three Months Ended March 31, 2018
Beau Rivage Borgata
MGM National
Harbor
Net Revenue $96,695 $192,441 $188,250
Adjusted Property EBITDA 23,075 43,232 42,106
Rent Expense 394 1,388 3,905
Adjusted Property EBITDAR1 $23,469 $44,620 $46,011
Adjusted Property EBITDA margin 23.9% 22.5% 22.4%
Adjusted Property EBITDAR margin 24.3% 23.2% 24.4%
18. MGM RESORTS INTERNATIONAL
N E W R E V E N U E R E C O G N I T I O N A C C O U N T I N G S T A N D A R D
18
• As disclosed in our filings with the SEC, the FASB has issued a new revenue recognition standard effective for 1Q
2018
• What changed?
The gaming industry no longer presents gross revenues less promotional allowances to arrive at net revenue
Promotional allowances have been netted against revenue (primarily casino revenue) to present net revenue by
financial statement line item
Certain changes, including changes in accounting guidance related to loyalty program accounting and gaming
promoter incentive programs, have impacted classification of revenues and expenses, but had no material
impact to Adjusted EBITDA or net income
RevPAR and related hotel metrics have been impacted by changes related to the classification of hotel revenue
• Following adoption in 1Q 2018, we intend to restate our annual financial statement for 2017, 2016 and 2015 to
ensure comparative information is provided as soon as possible
19. MGM RESORTS INTERNATIONAL
N E W R E V E N U E R E C O G N I T I O N – H O T E L S T A T S
19
1Q17 2Q17 3Q17 4Q17
Old New Old New Old New Old New
Occupancy 91.0% 91.0% 94.0% 94.0% 95.5% 95.5% 85.2% 85.2%
ADR $176.35 $172.00 $160.54 $155.58 $163.65 $159.62 $157.52 $152.75
RevPAR $160.56 $156.60 $150.90 $146.23 $156.26 $152.41 $134.28 $130.22
2017 Las Vegas Strip properties hotel stats calculated under new revenue recognition accounting standard
20. MGM RESORTS INTERNATIONAL
N E W R E V E N U E R E C O G N I T I O N – P R O P E R T Y R E V E N U E S
20
2017 net revenues under new revenue recognition accounting standard
These amounts are preliminary, unaudited, subject to change upon completion of our audit, and may differ from what will be reflected in subsequent filings.
Q1 Q2 Q3 Q4 YTD
Bellagio $ 347,418 $ 318,451 $ 380,374 $ 319,328 $ 1,365,571
MGM Grand Las Vegas 272,986 304,842 311,193 290,660 1,179,681
Mandalay Bay 260,895 252,576 277,205 191,604 982,280
The Mirage 175,986 150,531 162,082 140,898 629,497
Luxor 102,775 102,592 110,838 88,852 405,057
New York-New York 91,067 89,584 92,319 89,994 362,964
Excalibur 79,904 83,791 88,106 73,853 325,654
Monte Carlo 73,412 65,885 57,824 44,457 241,578
Circus Circus Las Vegas 59,245 62,578 75,352 56,666 253,841
MGM Grand Detroit 143,982 142,753 140,191 143,403 570,329
Beau Rivage 91,648 97,125 100,351 92,150 381,274
Gold Strike Tunica 43,437 42,643 44,906 42,065 173,051
Borgata 205,595 213,791 245,930 199,680 864,996
MGM National Harbor 173,615 178,246 180,310 187,899 720,070
Domestic resorts 2,121,965 2,105,388 2,266,981 1,961,509 8,455,843
MGM China 475,416 423,911 442,065 516,768 1,858,160
Management and other operations 120,185 122,834 121,129 119,328 483,476
$ 2,717,566 $ 2,652,133 $ 2,830,175 $ 2,597,605 $ 10,797,479
31-Mar-17 30-Jun-17 30-Sep-17 31-Dec-17 31-Dec-17
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES - REV REC RESTATED
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
33. 33
Opening in early 2019
850k sq. ft. total (250k sq. ft. expansion)
MGM GRAND
CONFERENCE CENTER EXPANSION
34. MGM RESORTS INTERNATIONAL 34
S U P P L E M E N T A L D A T A :
N O N - G A A P F I N A N C I A L M E A S U R E S
Twelve Months Twelve Months
Ended Ended (1)
December 31, March 31,
2017 2018
Bellagio $ 140,397 $ 129,341 $ 505,736 $ 516,792
MGM Grand Las Vegas 90,081 73,742 344,685 361,024
Mandalay Bay 68,783 78,172 258,471 249,082
The Mirage 32,849 62,178 176,996 147,667
Luxor 28,989 32,815 126,650 122,824
New York-New York 36,911 33,910 135,036 138,037
Excalibur 27,050 28,792 113,561 111,819
Monte Carlo 9,203 22,435 49,191 35,959
Circus Circus Las Vegas 14,891 15,947 70,274 69,218
MGM Grand Detroit 46,391 43,820 176,280 178,851
Beau Rivage 23,075 20,286 87,778 90,567
Gold Strike Tunica 12,409 14,478 52,882 50,813
Borgata 43,232 59,417 281,170 264,985
MGM National Harbor 42,106 31,864 133,806 144,048
Domestic resorts 616,367 647,197 2,512,516 2,481,686
MGM Macau (2) 145,835 145,197 535,524 536,162
MGM Cotai (3) 5,916 - - 5,916
MGM China 151,751 145,197 535,524 542,078
Unconsolidated resorts (4) 31,766 39,766 146,222 138,222
Management and other operations 7,845 10,718 26,838 23,965
807,729 842,878 3,221,100 3,185,951
Corporate (90,718) (64,258) (326,032) (352,492)
Stock compensation (15,617) (15,578) (60,936) (60,975)
$ 701,394 $ 763,042 $ 2,834,132 $ 2,772,484
(1) The last twelve months financial data for the period ending March 31, 2018 has been calculated by subtracting the data for the three months ended March 31,
2017 from the data for the year ended December 31, 2017 and adding the data for the three months ended March 31, 2018.
(4) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences.
March 31, March 31,
2018 2017
(2) In 2017, MGM Macau included certain expenses classified as corporate expense in 2018.
(3) Represents Adjusted Property EBITDA of MGM Cotai for the period from February 13, 2018 (Opening Day) through March 31, 2018
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA and ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended