Exhibit 99.1
EXCERPTED INFORMATION FROM STRUCTURAL AND COLLATERAL TERM SHEET (“Term Sheet”)
The following excerpted information was provided by the Landlord’s lender to prospective investors related to the financial and operating performance of CityCenter Holdings, LLC (“Holdings”) for the months of July and August 2021 and for the trailing twelve-month period ended August 31, 2021.
| | | | | | | | | | | |
| July 2021(1) | August 2021(1) | TTM August 2021 |
Occupancy(2) | 88.2% | 81.3% | 55.6% |
| ADR | $258.26 | $241.52 | $224.45 |
RevPAR(2) | $227.87 | $196.34 | $124.80 |
| EBITDAR | $47,944,139 | $38,498,590 | $283,653,621 |
| Total Revenues | | | $771,883,191 |
| Total Expenses | | | $488,229,570 |
(1)Excludes immaterial amounts related to operations previously accounted for by Crystals that are included within Aria’s financial information.
(2)Occupancy rate and RevPAR are calculated based upon the number of available rooms, which do not reflect an adjustment for out of service rooms.
In addition, the Landlord’s lender provided the following reconciliation of EBITDAR to Total Revenues for the trailing twelve-month period ended August 31, 2021.
| | | | | |
| TTM August 2021(1) |
| Revenues | |
| Hotel Revenue | $245,879,650 |
| Casino Revenue | 303,603,781 |
| F&B Revenue | 173,926,084 |
| Other Revenue | 48,473,676 |
| Total Revenue | 771,883,191 |
Departmental Expenses | |
| Hotel Expense | 84,536,796 |
| Casino Expense | 94,959,753 |
| F&B Expense | 125,828,612 |
| Other Expense | 21,857,106 |
| Total Departmental Expenses | 327,182,268 |
| Total Departmental Income | 444,700,923 |
| Undistributed Expenses | |
| Facilities | 22,403,750 |
| Property Administration | 69,687,651 |
| Marketing & Advertising | 10,872,724 |
| Total Undistributed Expenses | 102,964,125 |
Management Fee(2) | 28,000,000 |
| Income Before Fixed Charges | 313,736,798 |
| Fixed & Other Expenses | |
| Real Estate Taxes | 18,079,149 |
| Insurance | 12,004,027 |
| Total Fixed & Other Expenses | 30,083,177 |
| EBITDAR | $283,653,621 |
(1)Excludes immaterial amounts related to operations previously accounted for by Crystals that are included within Aria’s financial information.
(2)MGM allocates a Management Fee expense to the Property’s operating statements in the Property Administration expense. These expenses were re-categorized as a Management Fee. Management Fee was estimated based on the average of revenue from 2018 – 2019.
DISCLAIMER: The monthly and trailing twelve-month (TTM) financial information presented above (the “Information”) was prepared by the Landlord’s financing sources using information provided by MGM to the Landlord’s financing sources in connection with their underwriting process. The Information is not presented in accordance with GAAP, is for periods prior to the date Holdings became a consolidated subsidiary of MGM and cannot be reconciled to net income (the most directly comparable GAAP financial measure) because Holdings does not undertake closing procedures on a monthly basis necessary to compute net income on a basis comparable to its reported quarterly and annual periods; however, Landlord did provide a reconciliation of “EBITDAR” for the TTM period ended August 31, 2021 to revenues, utilizing available GAAP information for that period, which reconciliation is reproduced above. Holdings’ independent registered public accounting firm has not reviewed or audited these results and Holdings’ actual results for the months that are reflected in the financial statements for any quarterly period, including the quarter ended September 30, 2021, may differ as a result of the seller’s financial closing procedures. In particular, with respect to the quarter ended September 30, 2021, final adjustments and other developments that may arise between now and the time the seller’s financial results are final may result in material adjustments to the Information presented above. As a result, investors should exercise caution in relying on the Information and should not draw any inferences from the Information regarding financial or operating data not provided. The Information should not be viewed as a substitute for full financial statements prepared in accordance with U.S. GAAP. In addition, the Information is not necessarily indicative of the results to be achieved in any future period, including the quarterly period ended September 30, 2021.
