MGM Resorts International 8K Reports Second Quarter Results | MGM 7 Aug 12

Exhibit 99

MGM RESORTS INTERNATIONAL REPORTS SECOND QUARTER RESULTS

Las Vegas, Nevada, August 7, 2012 — MGM Resorts International (NYSE: MGM) today reported its second quarter 2012 results. Net loss per share attributable to the Company was $0.30 compared to diluted net income per share of $6.22 in the prior year second quarter. The prior year quarter included a gain of $6.30 per share recognized on the consolidation of MGM China Holdings, Limited (“MGM China”). Comparability of the current and prior quarter consolidated results was also affected by certain impairment charges and tax provision items discussed below. Key results for the second quarter of 2012 include the following:

· Net revenue for the Company’s wholly owned domestic resorts was $1.5 billion in both the current and prior year second quarters. Casino revenue decreased 1% at the Company’s wholly owned domestic resorts, while rooms revenue increased 3% with a 5% increase in REVPAR(1) at the Company’s Las Vegas Strip resorts;

· The Company’s wholly owned domestic resorts earned Adjusted Property EBITDA(2) of $345 million, a 4% increase compared to the prior year quarter, which was impacted by the temporary closure of Gold Strike Tunica in May 2011;

· MGM China reported record Adjusted Property EBITDA of $187 million, which included $12 million of branding fee expense; excluding these fees, Adjusted Property EBITDA increased 14% over MGM Macau’s prior year quarter; and

· CityCenter reported record Adjusted Property EBITDA for resort operations, increasing 11% from the prior year quarter to $71 million.

“Our wholly owned domestic resorts Adjusted Property EBITDA grew 4% year over year and we achieved record quarters for both MGM China and CityCenter,” said Jim Murren, MGM Resorts International Chairman and CEO. “We continue to focus on maximizing profitability by managing costs, improving our customer relationships via M life and social media outlets such as myVEGAS, as well as exploring growth opportunities in key strategic regions across the U.S. and internationally.”

Certain Items Affecting Second Quarter Results

The following table lists items that affect the comparability of the current and prior year quarterly results (approximate diluted per share impact on net income (loss) attributable to MGM Resorts International, net of tax; negative amounts represent charges to income):

Three months ended June 30,	2012			2011
Property transactions, net:
Investment in Grand Victoria impairment	$	(0.11	)	$	—
Other property transactions, net	(0.01		)	—
Gain on MGM China transaction	—			6.30
Income (loss) from unconsolidated affiliates:
CityCenter residential non-cash impairment charge	—			(0.03		)
Income tax provision:
Macau shareholder dividend tax	0.07			—
Deferred tax valuation allowance	(0.13		)	—

Page 1 of 12

Current quarter results were affected by certain tax provision items discussed below and a non-cash impairment charge of $85 million related to the Company’s joint venture investment in Grand Victoria. The prior year quarter included a $3.5 billion gain recognized on consolidation of MGM China in June 2011 and a $26 million non-cash impairment charge related to the Company’s share of a residential impairment charge at CityCenter.

The current quarter income tax provision was affected by a valuation allowance for a portion of U.S. deferred tax assets and by a net tax benefit resulting from entering into an annual fee arrangement with the Macau government with respect to the complementary tax on dividend distributions of MGM Macau covering the years 2007 through 2011, including the dividend distributed in the first quarter of this year. All taxes previously accrued on MGM Macau dividends distributed in prior quarters were reversed and the cumulative agreed upon annual fee was recorded during the quarter.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts decreased 1% compared to the prior year quarter. The overall table games hold percentage in the second quarter of 2012 was 17.7% compared to 18.2% for the prior year second quarter. Slots revenue was flat compared to the prior year quarter.

Rooms revenue increased 3% with Las Vegas Strip REVPAR up 5%. The following table shows key hotel statistics for the Company’s Las Vegas Strip resorts:

Three months ended June 30,	2012			2011
Occupancy %	94		%	94		%
Average Daily Rate (ADR)	$	131		$	126
Revenue per Available Room (REVPAR)	$	124		$	118

Operating income for the Company’s wholly owned domestic resorts for the second quarter of 2012 was $214 million, an increase of 10% compared to the prior year quarter, partially due to lower depreciation and amortization expense. Adjusted Property EBITDA for wholly owned domestic resorts increased 4% to $345 million for the second quarter of 2012. Operating income and Adjusted Property EBITDA were negatively affected by approximately $12 million in the prior year quarter as a result of the temporary closure of Gold Strike Tunica in May 2011.

MGM China

The following are the key second quarter results for MGM China:

· MGM China earned net revenue of $709 million, a 6% increase over the prior year quarter driven by increases in volume for main floor table games and slots of 7% and 39%, respectively. VIP table games turnover decreased 6% from the prior year quarter, while hold percentage was 3.3% in the current year quarter compared to 3.1% in the prior year quarter; and

· MGM China’s operating income was $90 million and Adjusted Property EBITDA was $187 million, which included $12 million of branding fee expense. Excluding branding fees, Adjusted Property EBITDA increased 14% over MGM Macau’s prior year second quarter results.

MGM China completed its initial public offering of shares on The Stock Exchange of Hong Kong Limited on June 3, 2011 and the Company acquired an additional 1% interest in MGM China, which owns the MGM Macau resort and casino. This acquisition increased the Company’s ownership interest to 51% and, as a result, the Company began consolidating MGM China as of June 3, 2011. Prior to June 3, 2011, the results of MGM Macau were accounted for under the equity method of accounting.

Page 2 of 12

Income (Loss) from Unconsolidated Affiliates

The following table summarizes the Company’s income (loss) from unconsolidated affiliates:

Three months ended June 30,	2012		2011
	(In thousands)
CityCenter	$	642	$	(32,483	)
MGM Macau	—		53,539
Other	5,344		10,971
	$	5,986	$	32,027

Results for CityCenter Holdings, LLC for the second quarter of 2012 include the following (see schedules accompanying this release for further detail on CityCenter’s second quarter results):

· Net revenue from resort operations increased 3% to $282 million;

· Adjusted Property EBITDA from resort operations was $71 million compared to $64 million in the prior year quarter;

· Aria’s table games hold percentage for the second quarter of 2012 was 24.0% compared to 29.2% for the prior year quarter. The estimated effect of the decrease in hold percentage compared to the prior year quarter for net revenue and Adjusted Property EBITDA was $16 million and $13 million, respectively; and

· Aria’s occupancy percentage was 93% and its ADR was $201, resulting in REVPAR of $187, a 3% increase compared to the prior year second quarter.

Financial Position

The Company’s cash balance at June 30, 2012 was $1.7 billion, which included approximately $658 million of cash and cash equivalents related to MGM China. At June 30, 2012, the Company had approximately $13.4 billion of indebtedness, including $1.3 billion of borrowings outstanding under its senior credit facility and $553 million related to the MGM China credit facility.

At June 30, 2012, the Company’s senior credit facility consisted of approximately $820 million in term loans and a $1.3 billion revolver (approximately $360 million of which has not been extended and matures in February 2014) and had approximately $855 million of available borrowing capacity. The interest rate on extending loans was 5% at June 30, 2012. Interest on non-extending revolving loans remains at 7%.

“We remain focused on improving our free cash flow and deleveraging our balance sheet. One way we expect to be able to do this is by lowering our cost of capital. We envision an environment in the near future where we will have the opportunity to refinance some of our long-term capital at progressively lower rates,” said Dan D’Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer. “A good example of this is our recently launched five year $1.5 billion refinancing in Macau. The reception from our lenders has been very strong and we expect to finalize this transaction at attractive rates in the near future.”

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 1-877-355-2280 for domestic callers and 1-706-634-6528 for international callers. The conference call access code is 99179146. A replay of the call will be available through Tuesday, August 14, 2012. The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The replay access code is 99179146. The call will also be archived at www.mgmresorts.com.

Page 3 of 12

(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, property transactions, net and the gain on the MGM China transaction. “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 Property 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, pre-opening 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 peerless portfolio of destination resort brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage. In addition to its 51% interest in MGM China Holdings, Limited, which owns the MGM Macau resort and casino, the Company has significant holdings in gaming, hospitality and entertainment, owns and operates 15 properties located in Nevada, Mississippi and Michigan, and has 50% investments in three other properties in Nevada and Illinois. One of those investments is CityCenter, an unprecedented urban resort destination on the Las Vegas Strip featuring its centerpiece ARIA Resort & Casino. Leveraging MGM Resorts’ unmatched amenities, the M life loyalty program delivers one-of-a-kind experiences, insider privileges and personalized rewards for guests at the Company’s renowned properties nationwide. Through its hospitality management subsidiary, the Company holds a growing number of development and management agreements for casino and non-casino resort projects around the world. MGM Resorts International supports responsible gaming and has implemented the American Gaming Association’s Code of Conduct for Responsible Gaming at its gaming properties. The Company has been honored with numerous awards and recognitions for its industry-leading Diversity Initiative, its community philanthropy programs and the Company’s commitment to sustainable development and operations. 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 involving risks and/or uncertainties, including those described in the company’s public filings with the Securities and Exchange Commission. We have 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 operating results and our ability to refinance indebtedness including the finalization of the new credit facility in Macau at attractive rates. 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 we operate 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 our 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.

MGM RESORTS CONTACTS:
Investment Community	News Media
DANIEL D’ARRIGO	ALAN M. FELDMAN
Executive Vice President, CFO & Treasurer	Senior Vice President of Public Affairs
(702) 693-8895	(702) 891-1840 or afeldman@mgmresorts.com

Page 4 of 12

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

2012

2011

2012

2011

Revenues:

Casino

1,299,196

797,495

2,634,230

1,387,715

Rooms

418,766

396,791

812,386

765,128

Food and beverage

391,891

371,960

764,844

708,784

Entertainment

120,909

130,094

241,309

249,687

Retail

52,086

54,292

98,710

100,442

Other

132,900

128,826

246,023

243,049

Reimbursed costs

90,938

89,482

181,477

175,770

2,506,686

1,968,940

4,978,979

3,630,575

Less: Promotional allowances

(182,921

)

(162,955

)

(367,624

)

(311,739

)

2,323,765

1,805,985

4,611,355

3,318,836

Expenses:

Casino

826,211

485,965

1,693,685

836,730

Rooms

129,897

123,886

256,052

240,872

Food and beverage

222,567

215,899

434,206

414,147

Entertainment

88,559

94,505

177,347

182,716

Retail

29,241

32,479

56,824

61,638

Other

88,835

88,392

175,057

166,689

Reimbursed costs

90,938

89,482

181,477

175,770

General and administrative

309,478

301,582

612,767

571,144

Corporate expense

42,540

40,016

84,800

76,501

Preopening and start-up expenses

—

(316

)

—

(316

)

Property transactions, net

90,467

900

91,384

991

Gain on MGM China transaction

—

(3,496,005

)

—

(3,496,005

)

Depreciation and amortization

235,643

177,467

472,452

329,864

2,154,376

(1,845,748

)

4,236,051

(439,259

)

Income (loss) from unconsolidated affiliates

5,986

32,027

(7,323

)

95,370

Operating income

175,375

3,683,760

367,981

3,853,465

Non-operating income (expense):

Interest expense

(276,323

)

(270,224

)

(560,665

)

(540,138

)

Non-operating items from unconsolidated affiliates

(20,836

)

(28,002

)

(47,702

)

(68,292

)

Other, net

(13,017

)

(57,530

)

(16,972

)

(297,113

)

(311,243

)

(665,897

)

(625,402

)

Income (loss) before income taxes

(121,738

)

3,372,517

(297,916

)

3,228,063

Benefit for income taxes

51,304

78,174

24,175

132,757

Net income (loss)

(70,434

)

3,450,691

(273,741

)

3,360,820

Less: net income attributable to noncontrolling interests

(75,018

)

(8,706

)

(88,964

)

(8,706

)

Net income (loss) attributable to MGM Resorts International

(145,452

)

3,441,985

(362,705

)

3,352,114

Per share of common stock:

Basic:

Net income (loss) attributable to MGM Resorts International

(0.30

)

7.04

(0.74

)

6.86

Weighted average shares outstanding

488,931

488,609

488,896

488,574

Diluted:

Net income (loss) attributable to MGM Resorts International

(0.30

)

6.22

(0.74

)

6.09

Weighted average shares outstanding

488,931

554,890

488,896

553,690

Page 5 of 12

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

	June 30,		December 31,
	2012		2011

ASSETS
Current assets:
Cash and cash equivalents	$	1,731,921	$	1,865,913
Accounts receivable, net	478,588		491,730
Inventories	113,316		112,735
Deferred income taxes, net	122,134		91,060
Prepaid expenses and other	231,458		251,282
Total current assets	2,677,417		2,812,720

Property and equipment, net	14,783,177		14,866,644

Other assets:
Investments in and advances to unconsolidated affiliates	1,498,864		1,635,572
Goodwill	2,900,237		2,896,609
Other intangible assets, net	4,889,311		5,048,117
Other long-term assets, net	514,002		506,614
Total other assets	9,802,414		10,086,912
	$	27,263,008	$	27,766,276

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	171,878	$	170,994
Income taxes payable	336		7,611
Current portion of long-term debt	141,674		—
Accrued interest on long-term debt	251,373		203,422
Other accrued liabilities	1,364,123		1,362,737
Total current liabilities	1,929,384		1,744,764

Deferred income taxes	2,513,840		2,502,096
Long-term debt	13,225,319		13,470,167
Other long-term obligations	182,258		167,027
Stockholders’ equity:
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 488,940,301 and 488,834,773 shares	4,889		4,888
Capital in excess of par value	4,091,166		4,094,323
Retained earnings	1,618,684		1,981,389
Accumulated other comprehensive income	11,046		5,978
Total MGM Resorts International stockholders’ equity	5,725,785		6,086,578
Noncontrolling interests	3,686,422		3,795,644
Total stockholders’ equity	9,412,207		9,882,222
	$	27,263,008	$	27,766,276

Page 6 of 12

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

2012

2011

2012

2011

Bellagio

296,385

278,058

580,732

530,008

MGM Grand Las Vegas

230,396

239,451

462,876

464,581

Mandalay Bay

192,465

209,025

372,391

388,359

The Mirage

146,239

144,425

294,468

292,923

Luxor

84,717

84,442

166,643

164,217

New York-New York

69,017

68,721

139,641

133,698

Excalibur

68,275

67,478

130,999

128,510

Monte Carlo

66,456

65,695

131,363

128,281

Circus Circus Las Vegas

54,115

50,441

101,799

93,135

MGM Grand Detroit

141,805

142,229

292,392

286,140

Beau Rivage

86,899

90,615

173,550

171,735

Gold Strike Tunica

35,908

30,972

76,008

68,070

Other resort operations

32,551

33,756

61,964

62,081

Wholly owned domestic resorts

1,505,228

1,505,308

2,984,826

2,911,738

MGM China(1)

709,296

192,984

1,411,386

192,984

Management and other operations

109,241

107,693

215,143

214,114

2,323,765

1,805,985

4,611,355

3,318,836

(1) 2011 amounts represent the net revenues of MGM China Holdings Limited (“MGM China”) from June 3, 2011 (the first day of the Company’s majority ownership of MGM China) through June 30, 2011.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

2012

2011

2012

2011

Bellagio

83,352

77,370

153,796

131,271

MGM Grand Las Vegas

29,032

35,557

66,357

72,425

Mandalay Bay

47,399

51,601

86,213

88,045

The Mirage

25,067

24,340

52,486

56,739

Luxor

17,345

18,841

35,709

38,955

New York-New York

23,662

22,223

47,975

43,351

Excalibur

19,125

18,369

33,304

34,511

Monte Carlo

16,408

15,644

31,404

29,404

Circus Circus Las Vegas

8,148

7,053

13,289

11,626

MGM Grand Detroit

43,337

42,163

85,576

85,696

Beau Rivage

19,401

19,288

36,451

32,424

Gold Strike Tunica

11,041

(1,693

)

22,621

7,755

Other resort operations

1,841

630

949

(854

)

Wholly owned domestic resorts

345,158

331,386

666,130

631,348

MGM China(1)

186,560

46,422

351,081

46,422

MGM Macau (50%)(2)

—

53,539

—

115,219

CityCenter (50%)(3)

642

(32,483

)

(17,931

)

(38,306

)

Other unconsolidated resorts(3)

5,344

10,971

10,608

18,457

Management and other operations

10,104

913

14,803

1,522

547,808

410,748

1,024,691

774,662

(1) 2011 amounts represent the Adjusted EBITDA of MGM China from June 3, 2011 (the first day of the Company’s majority ownership of MGM China) through June 30, 2011.

(2) Represents the Company’s share of operating income (loss), adjusted for the effect of certain basis differences for the approximately two and five months ended June 2, 2011.

(3) Represents the Company’s share of operating income (loss), adjusted for the effect of certain basis differences.

Page 7 of 12

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended June 30, 2012

Operating
income (loss)

Preopening
and start-up
expenses

Property
transactions, net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

58,322

—

354

24,676

83,352

MGM Grand Las Vegas

8,072

—

803

20,157

29,032

Mandalay Bay

26,963

—

545

19,891

47,399

The Mirage

12,240

—

12,770

25,067

Luxor

8,406

—

185

8,754

17,345

New York-New York

18,002

—

243

5,417

23,662

Excalibur

14,769

—

4,353

19,125

Monte Carlo

10,930

—

553

4,925

16,408

Circus Circus Las Vegas

3,036

—

5,035

8,148

MGM Grand Detroit

32,431

—

884

10,022

43,337

Beau Rivage

11,727

—

7,666

19,401

Gold Strike Tunica

7,713

—

3,326

11,041

Other resort operations

1,184

—

651

1,841

Wholly owned domestic resorts

213,795

—

3,720

127,643

345,158

MGM China

90,215

—

1,464

94,881

186,560

CityCenter (50%)

642

—

642

Other unconsolidated resorts

5,344

—

5,344

Management and other operations

6,855

—

3,249

10,104

316,851

—

5,184

225,773

547,808

Stock compensation

(8,769

)

—

(8,769

)

Corporate

(132,707

)

—

85,283

9,870

(37,554

)

175,375

—

90,467

235,643

501,485

Three Months Ended June 30, 2011

Operating
income (loss)

Preopening
and start-up
expenses

Gain on MGM
China transaction
and Property
transactions, net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

52,732

—

317

24,321

77,370

MGM Grand Las Vegas

16,324

—

19,233

35,557

Mandalay Bay

29,810

—

21,775

51,601

The Mirage

10,395

—

13,934

24,340

Luxor

9,349

—

9,486

18,841

New York-New York

15,999

—

6,224

22,223

Excalibur

13,105

—

210

5,054

18,369

Monte Carlo

9,516

—

6,100

15,644

Circus Circus Las Vegas

2,295

—

)

4,766

7,053

MGM Grand Detroit

32,139

—

269

9,755

42,163

Beau Rivage

8,217

—

11,052

19,288

Gold Strike Tunica

(5,063

)

—

3,370

(1,693

)

Other resort operations

(601

)

—

1,207

630

Wholly owned domestic resorts

194,217

—

892

136,277

331,386

MGM China

19,448

—

26,961

46,422

MGM Macau (50%)

53,539

—

53,539

CityCenter (50%)

(32,483

)

—

(32,483

)

Other unconsolidated resorts

10,971

—

10,971

Management and other operations

(2,296

)

(316

)

3,530

913

243,396

(316

)

900

166,768

410,748

Stock compensation

(8,995

)

—

(8,995

)

Corporate

3,449,359

—

(3,496,005

)

10,699

(35,947

)

3,683,760

(316

)

(3,495,105

)

177,467

365,806

Page 8 of 12

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA

(In thousands)

(Unaudited)

Six Months Ended June 30, 2012

Operating
income (loss)

Preopening
and start-up
expenses

Property
transactions, net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

105,420

—

354

48,022

153,796

MGM Grand Las Vegas

26,421

—

1,130

38,806

66,357

Mandalay Bay

45,566

—

545

40,102

86,213

The Mirage

26,742

—

25,674

52,486

Luxor

17,615

—

185

17,909

35,709

New York-New York

36,699

—

243

11,033

47,975

Excalibur

24,391

—

8,910

33,304

Monte Carlo

20,903

—

558

9,943

31,404

Circus Circus Las Vegas

3,538

—

9,674

13,289

MGM Grand Detroit

64,769

—

884

19,923

85,576

Beau Rivage

21,123

—

15,320

36,451

Gold Strike Tunica

15,933

—

6,686

22,621

Other resort operations

(218

)

—

(14

)

1,181

949

Wholly owned domestic resorts

408,902

—

4,045

253,183

666,130

MGM China

158,342

—

1,464

191,275

351,081

CityCenter (50%)

(17,931

)

—

(17,931

)

Other unconsolidated resorts

10,608

—

10,608

Management and other operations

7,266

—

7,537

14,803

567,187

—

5,509

451,995

1,024,691

Stock compensation

(18,101

)

—

(18,101

)

Corporate

(181,105

)

—

85,875

20,457

(74,773

)

367,981

—

91,384

472,452

931,817

Six Months Ended June 30, 2011

Operating
income (loss)

Preopening
and start-up
expenses

Gain on MGM
China transaction
and Property
transactions, net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

81,546

—

317

49,408

131,271

MGM Grand Las Vegas

33,892

—

38,533

72,425

Mandalay Bay

44,052

—

43,977

88,045

The Mirage

28,415

—

28,285

56,739

Luxor

19,824

—

19,125

38,955

New York-New York

31,282

—

(85

)

12,154

43,351

Excalibur

24,053

—

210

10,248

34,511

Monte Carlo

17,481

—

11,895

29,404

Circus Circus Las Vegas

2,151

—

)

9,483

11,626

MGM Grand Detroit

65,829

—

372

19,495

85,696

Beau Rivage

10,150

—

22,216

32,424

Gold Strike Tunica

945

—

6,810

7,755

Other resort operations

(3,333

)

—

2,462

(854

)

Wholly owned domestic resorts

356,287

—

970

274,091

631,348

MGM China

19,448

—

26,961

46,422

MGM Macau (50%)

115,219

—

115,219

CityCenter (50%)

(38,306

)

—

(38,306

)

Other unconsolidated resorts

18,457

—

18,457

Management and other operations

(5,289

)

(316

)

7,132

1,522

465,816

(316

)

978

308,184

774,662

Stock compensation

(18,205

)

—

(18,205

)

Corporate

3,405,854

—

(3,495,992

)

21,680

(68,458

)

3,853,465

(316

)

(3,495,014

)

329,864

687,999

Page 9 of 12

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

2012

2011

2012

2011

Adjusted EBITDA

501,485

365,806

931,817

687,999

Preopening and start-up expenses

—

316

—

316

Property transactions, net

(90,467

)

(900

)

(91,384

)

(991

)

Gain on MGM China transaction

—

3,496,005

—

3,496,005

Depreciation and amortization

(235,643

)

(177,467

)

(472,452

)

(329,864

)

Operating income

175,375

3,683,760

367,981

3,853,465

Non-operating income (expense):

Interest expense

(276,323

)

(270,224

)

(560,665

)

(540,138

)

Other, net

(20,790

)

(41,019

)

(105,232

)

(85,264

)

(297,113

)

(311,243

)

(665,897

)

(625,402

)

Income (loss) before income taxes

(121,738

)

3,372,517

(297,916

)

3,228,063

Benefit for income taxes

51,304

78,174

24,175

132,757

Net income (loss)

(70,434

)

3,450,691

(273,741

)

3,360,820

Less: net income attributable to noncontrolling interests

(75,018

)

(8,706

)

(88,964

)

(8,706

)

Net income (loss) attributable to MGM Resorts International

(145,452

)

3,441,985

(362,705

)

3,352,114

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2012			2011			2012			2011
Bellagio
Occupancy %	96.9		%	96.6		%	95.0		%	93.7		%
Average daily rate (ADR)	$	237		$	224		$	234		$	224
Revenue per available room (REVPAR)	$	230		$	216		$	223		$	210

MGM Grand Las Vegas
Occupancy %	96.3		%	96.8		%	94.9		%	93.7		%
ADR	$	141		$	125		$	141		$	130
REVPAR	$	136		$	121		$	134		$	122

Mandalay Bay
Occupancy %	95.4		%	95.3		%	92.7		%	92.3		%
ADR	$	183		$	178		$	184		$	177
REVPAR	$	174		$	170		$	171		$	163

The Mirage
Occupancy %	98.4		%	97.5		%	95.6		%	95.3		%
ADR	$	151		$	145		$	153		$	147
REVPAR	$	149		$	141		$	146		$	140

Luxor
Occupancy %	93.3		%	93.7		%	92.0		%	90.4		%
ADR	$	91		$	91		$	90		$	92
REVPAR	$	85		$	85		$	83		$	83

New York-New York
Occupancy %	97.1		%	96.0		%	96.0		%	94.0		%
ADR	$	112		$	107		$	111		$	108
REVPAR	$	109		$	103		$	106		$	102

Excalibur
Occupancy %	94.0		%	92.9		%	90.7		%	88.7		%
ADR	$	72		$	72		$	72		$	73
REVPAR	$	68		$	67		$	65		$	65

Monte Carlo
Occupancy %	97.5		%	95.2		%	95.6		%	93.5		%
ADR	$	106		$	98		$	104		$	98
REVPAR	$	104		$	94		$	99		$	92

Circus Circus Las Vegas
Occupancy %	83.2		%	78.3		%	79.6		%	70.5		%
ADR	$	56		$	54		$	55		$	56
REVPAR	$	47		$	42		$	44		$	39

Page 10 of 12

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

2012

2011

2012

2011

Aria

233,634

233,001

421,466

458,463

Vdara

23,114

19,764

44,563

35,170

Crystals

13,133

11,171

25,460

22,884

Mandarin Oriental

12,022

10,924

24,723

21,245

Resort operations

281,903

274,860

516,212

537,762

Residential operations

8,242

6,421

12,850

15,142

290,145

281,281

529,062

552,904

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

2012

2011

2012

2011

Adjusted EBITDA

65,195

57,006

93,790

111,888

Property transactions, net

(70

)

(53,338

)

(2,079

)

(53,356

)

Depreciation and amortization

(88,109

)

(93,421

)

(176,152

)

(185,177

)

Operating loss

(22,984

)

(89,753

)

(84,441

)

(126,645

)

Non-operating income (expense):

Interest expense - sponsor notes

(22,298

)

(19,171

)

(43,851

)

(37,607

)

Interest expense - other

(42,926

)

(47,992

)

(88,968

)

(95,049

)

Other, net

1,143

947

(6,640

)

(21,695

)

(64,081

)

(66,216

)

(139,459

)

(154,351

)

Net loss

(87,065

)

(155,969

)

(223,900

)

(280,996

)

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended June 30, 2012

	Operating income (loss)			Preopening and start-up expenses		Property transactions, net			Depreciation and amortization		Adjusted EBITDA
Aria	$	(10,004	)	$	—	$	(9	)	$	65,935	$	55,922
Vdara	(3,667		)	—		—			10,308		6,641
Crystals	1,961			—		—			6,305		8,266
Mandarin Oriental	(4,245		)	—		—			4,524		279
Resort operations	(15,955		)	—		(9		)	87,072		71,108
Residential operations	(299		)	—		—			984		685
Development and administration	(6,730		)	—		79			53		(6,598		)
	$	(22,984	)	$	—	$	70		$	88,109	$	65,195

Three Months Ended June 30, 2011

Operating
income (loss)

Preopening
and start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Aria

(21,035

)

—

74,080

53,045

Vdara

(2,495

)

—

7,911

5,416

Crystals

(102

)

—

5,785

5,683

Mandarin Oriental

(4,733

)

—

4,549

(184

)

Resort operations

(28,365

)

—

92,325

63,960

Residential operations

(56,477

)

—

52,624

949

(2,904

)

Development and administration

(4,911

)

—

714

147

(4,050

)

(89,753

)

—

53,338

93,421

57,006

Page 11 of 12

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Six Months Ended June 30, 2012

	Operating income (loss)			Preopening and start-up expenses		Property transactions, net		Depreciation and amortization		Adjusted EBITDA
Aria	$	(59,185	)	$	—	$	1,986	$	131,650	$	74,451
Vdara	(8,609		)	—		—		20,686		12,077
Crystals	2,661			—		—		12,711		15,372
Mandarin Oriental	(7,790		)	—		—		9,039		1,249
Resort operations	(72,923		)	—		1,986		174,086		103,149
Residential operations	(1,764		)	—		—		1,952		188
Development and administration	(9,754		)	—		93		114		(9,547		)
	$	(84,441	)	$	—	$	2,079	$	176,152	$	93,790

Six Months Ended June 30, 2011

Operating
income (loss)

Preopening
and start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Aria

(33,853

)

—

141,907

108,054

Vdara

(9,740

)

—

18,374

8,634

Crystals

(2,389

)

—

13,703

11,314

Mandarin Oriental

(9,186

)

—

9,517

331

Resort operations

(55,168

)

—

183,501

128,333

Residential operations

(62,068

)

—

52,624

1,430

(8,014

)

Development and administration

(9,409

)

—

732

246

(8,431

)

(126,645

)

—

53,356

185,177

111,888

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

2012

2011

2012

2011

Aria

Occupancy %

92.7

89.7

89.6

87.7

ADR

201

202

203

201

REVPAR

187

181

182

177

Vdara

Occupancy %

89.0

91.0

85.0

87.4

ADR

161

159

162

159

REVPAR

143

144

137

139

Page 12 of 12

MGM Resorts International (MGM) 8-KMGM Resorts International Reports Second Quarter Results