Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2013 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Condensed Consolidating Financial Information | ' |
NOTE 12 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION |
The Company’s domestic subsidiaries, excluding certain minor subsidiaries, its domestic insurance subsidiaries and MGM Grand Detroit, LLC, have fully and unconditionally guaranteed, on a joint and several basis, payment of the senior credit facility and the outstanding debt securities. The Company’s international subsidiaries, including MGM China, are not guarantors of such indebtedness. Separate condensed financial statement information for the subsidiary guarantors and non-guarantors as of September 30, 2013 and December 31, 2012 and for the three and nine months ended September 30, 2013 and 2012 is as follows: |
CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION |
|
| | | | | | | | | | | | | | | | | | | | |
| | At September 30, 2013 | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Subsidiaries | Subsidiaries |
| | (In thousands) | |
Current assets | | $ | 238,990 | | | $ | 822,432 | | | $ | 1,222,945 | | | $ | (352 | ) | | $ | 2,284,015 | |
Property and equipment, net | | | — | | | | 12,579,173 | | | | 1,402,092 | | | | (11,972 | ) | | | 13,969,293 | |
Investments in subsidiaries | | | 19,844,973 | | | | 3,944,597 | | | | — | | | | (23,789,570 | ) | | | — | |
Investments in and advances to unconsolidated affiliates | | | — | | | | 1,407,815 | | | | 8,647 | | | | — | | | | 1,416,462 | |
Other non-current assets | | | 156,045 | | | | 538,599 | | | | 7,294,421 | | | | — | | | | 7,989,065 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 20,240,008 | | | $ | 19,292,616 | | | $ | 9,928,105 | | | $ | (23,801,894 | ) | | $ | 25,658,835 | |
| | | | | | | | | | | | | | | | | | | | |
Current liabilities | | $ | 287,998 | | | $ | 969,278 | | | $ | 929,546 | | | $ | (25,352 | ) | | $ | 2,161,470 | |
Intercompany accounts | | | 1,383,052 | | | | (1,411,879 | ) | | | 28,827 | | | | — | | | | — | |
Deferred income taxes | | | 2,161,744 | | | | — | | | | 316,319 | | | | — | | | | 2,478,063 | |
Long-term debt | | | 12,028,590 | | | | 4,836 | | | | 1,001,092 | | | | — | | | | 13,034,518 | |
Other long-term obligations | | | 116,267 | | | | 40,453 | | | | 893 | | | | — | | | | 157,613 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 15,977,651 | | | | (397,312 | ) | | | 2,276,677 | | | | (25,352 | ) | | | 17,831,664 | |
| | | | | | | | | | | | | | | | | | | | |
MGM Resorts stockholders’ equity | | | 4,262,357 | | | | 19,689,928 | | | | 4,086,614 | | | | (23,776,542 | ) | | | 4,262,357 | |
Noncontrolling interests | | | — | | | | — | | | | 3,564,814 | | | | — | | | | 3,564,814 | |
| | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity | | | 4,262,357 | | | | 19,689,928 | | | | 7,651,428 | | | | (23,776,542 | ) | | | 7,827,171 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 20,240,008 | | | $ | 19,292,616 | | | $ | 9,928,105 | | | $ | (23,801,894 | ) | | $ | 25,658,835 | |
| | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | |
| | At December 31, 2012 | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Subsidiaries | Subsidiaries |
| | (In thousands) | |
Current assets | | $ | 438,878 | | | $ | 891,826 | | | $ | 1,176,844 | | | $ | (456 | ) | | $ | 2,507,092 | |
Property and equipment, net | | | — | | | | 12,881,152 | | | | 1,325,472 | | | | (11,972 | ) | | | 14,194,652 | |
Investments in subsidiaries | | | 19,785,312 | | | | 4,077,228 | | | | — | | | | (23,862,540 | ) | | | — | |
Investments in and advances to unconsolidated affiliates | | | — | | | | 1,437,151 | | | | 7,396 | | | | — | | | | 1,444,547 | |
Other non-current assets | | | 163,372 | | | | 541,634 | | | | 7,433,441 | | | | — | | | | 8,138,447 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 20,387,562 | | | $ | 19,828,991 | | | $ | 9,943,153 | | | $ | (23,874,968 | ) | | $ | 26,284,738 | |
| | | | | | | | | | | | | | | | | | | | |
Current liabilities | | $ | 272,138 | | | $ | 989,864 | | | $ | 672,125 | | | $ | (8,456 | ) | | $ | 1,925,671 | |
Intercompany accounts | | | 960,610 | | | | (983,288 | ) | | | 22,678 | | | | — | | | | — | |
Deferred income taxes | | | 2,222,823 | | | | — | | | | 251,066 | | | | — | | | | 2,473,889 | |
Long-term debt | | | 12,432,581 | | | | 155,413 | | | | 1,001,289 | | | | — | | | | 13,589,283 | |
Other long-term obligations | | | 133,862 | | | | 45,303 | | | | 714 | | | | — | | | | 179,879 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 16,022,014 | | | | 207,292 | | | | 1,947,872 | | | | (8,456 | ) | | | 18,168,722 | |
| | | | | | | | | | | | | | | | | | | | |
MGM Resorts stockholders’ equity | | | 4,365,548 | | | | 19,621,699 | | | | 4,244,813 | | | | (23,866,512 | ) | | | 4,365,548 | |
Noncontrolling interests | | | — | | | | — | | | | 3,750,468 | | | | — | | | | 3,750,468 | |
| | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity | | | 4,365,548 | | | | 19,621,699 | | | | 7,995,281 | | | | (23,866,512 | ) | | | 8,116,016 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 20,387,562 | | | $ | 19,828,991 | | | $ | 9,943,153 | | | $ | (23,874,968 | ) | | $ | 26,284,738 | |
| | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION |
|
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2013 | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Subsidiaries | Subsidiaries |
| | (In thousands) | |
Net revenues | | $ | — | | | $ | 1,521,159 | | | $ | 942,315 | | | $ | (437 | ) | | $ | 2,463,037 | |
Equity in subsidiaries’ earnings | | | 166,187 | | | | 72,986 | | | | — | | | | (239,173 | ) | | | — | |
Expenses: | | | | | | | | | | | | | | | | | | | | |
Casino and hotel operations | | | 1,337 | | | | 934,853 | | | | 644,324 | | | | (437 | ) | | | 1,580,077 | |
General and administrative | | | 1,028 | | | | 278,538 | | | | 63,281 | | | | — | | | | 342,847 | |
Corporate expense | | | 16,881 | | | | 31,811 | | | | 22,498 | | | | (17,000 | ) | | | 54,190 | |
Preopening and start-up expenses | | | — | | | | 1,993 | | | | 2,286 | | | | — | | | | 4,279 | |
Property transactions, net | | | — | | | | 26,109 | | | | 18 | | | | — | | | | 26,127 | |
Depreciation and amortization | | | — | | | | 131,660 | | | | 80,022 | | | | — | | | | 211,682 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 19,246 | | | | 1,404,964 | | | | 812,429 | | | | (17,437 | ) | | | 2,219,202 | |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) from unconsolidated affiliates | | | — | | | | 3,979 | | | | (51 | ) | | | — | | | | 3,928 | |
| | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | 146,941 | | | | 193,160 | | | | 129,835 | | | | (222,173 | ) | | | 247,763 | |
Interest expense, net of amounts capitalized | | | (198,362 | ) | | | (510 | ) | | | (10,067 | ) | | | — | | | | (208,939 | ) |
Other, net | | | 10,310 | | | | (23,241 | ) | | | (10,418 | ) | | | — | | | | (23,349 | ) |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | (41,111 | ) | | | 169,409 | | | | 109,350 | | | | (222,173 | ) | | | 15,475 | |
Benefit (provision) for income taxes | | | 9,252 | | | | (508 | ) | | | (594 | ) | | | — | | | | 8,150 | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | (31,859 | ) | | | 168,901 | | | | 108,756 | | | | (222,173 | ) | | | 23,625 | |
Less: Net income attributable to noncontrolling interests | | | — | | | | — | | | | (55,484 | ) | | | — | | | | (55,484 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to MGM Resorts International | | $ | (31,859 | ) | | $ | 168,901 | | | $ | 53,272 | | | $ | (222,173 | ) | | $ | (31,859 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | (31,859 | ) | | $ | 168,901 | | | $ | 108,756 | | | $ | (222,173 | ) | | $ | 23,625 | |
Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | 311 | | | | 311 | | | | 587 | | | | (622 | ) | | | 587 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) | | | 311 | | | | 311 | | | | 587 | | | | (622 | ) | | | 587 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | | (31,548 | ) | | | 169,212 | | | | 109,343 | | | | (222,795 | ) | | | 24,212 | |
Less: Comprehensive income attributable to noncontrolling interests | | | — | | | | — | | | | (55,760 | ) | | | — | | | | (55,760 | ) |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) attributable to MGM Resorts International | | $ | (31,548 | ) | | $ | 169,212 | | | $ | 53,583 | | | $ | (222,795 | ) | | $ | (31,548 | ) |
| | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2013 | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Subsidiaries | Subsidiaries |
| | (In thousands) | |
Net revenues | | $ | — | | | $ | 4,498,816 | | | $ | 2,799,016 | | | $ | (1,382 | ) | | $ | 7,296,450 | |
Equity in subsidiaries’ earnings | | | 470,383 | | | | 181,568 | | | | — | | | | (651,951 | ) | | | — | |
Expenses: | | | | | | | | | | | | | | | | | | | | |
Casino and hotel operations | | | 4,213 | | | | 2,741,255 | | | | 1,909,455 | | | | (1,382 | ) | | | 4,653,541 | |
General and administrative | | | 3,155 | | | | 791,015 | | | | 166,902 | | | | — | | | | 961,072 | |
Corporate expense | | | 46,335 | | | | 89,925 | | | | 33,918 | | | | (17,000 | ) | | | 153,178 | |
Preopening and start-up expenses | | | — | | | | 3,013 | | | | 6,918 | | | | — | | | | 9,931 | |
Property transactions, net | | | — | | | | 122,384 | | | | 365 | | | | — | | | | 122,749 | |
Depreciation and amortization | | | — | | | | 395,378 | | | | 246,373 | | | | — | | | | 641,751 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 53,703 | | | | 4,142,970 | | | | 2,363,931 | | | | (18,382 | ) | | | 6,542,222 | |
| | | | | | | | | | | | | | | | | | | | |
Income from unconsolidated affiliates | | | — | | | | 25,937 | | | | 1,017 | | | | — | | | | 26,954 | |
| | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | 416,680 | | | | 563,351 | | | | 436,102 | | | | (634,951 | ) | | | 781,182 | |
Interest expense, net of amounts capitalized | | | (607,027 | ) | | | (6,209 | ) | | | (35,650 | ) | | | — | | | | (648,886 | ) |
Other, net | | | 38,071 | | | | (85,093 | ) | | | (43,503 | ) | | | — | | | | (90,525 | ) |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | (152,276 | ) | | | 472,049 | | | | 356,949 | | | | (634,951 | ) | | | 41,771 | |
Benefit (provision) for income taxes | | | 34,005 | | | | 6,904 | | | | (67,055 | ) | | | — | | | | (26,146 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | (118,271 | ) | | | 478,953 | | | | 289,894 | | | | (634,951 | ) | | | 15,625 | |
Less: Net income attributable to noncontrolling interests | | | — | | | | — | | | | (133,896 | ) | | | — | | | | (133,896 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to MGM Resorts International | | $ | (118,271 | ) | | $ | 478,953 | | | $ | 155,998 | | | $ | (634,951 | ) | | $ | (118,271 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | (118,271 | ) | | $ | 478,953 | | | $ | 289,894 | | | $ | (634,951 | ) | | $ | 15,625 | |
Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | (2,799 | ) | | | (2,799 | ) | | | (5,638 | ) | | | 5,598 | | | | (5,638 | ) |
Other | | | 115 | | | | 115 | | | | — | | | | (115 | ) | | | 115 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) | | | (2,684 | ) | | | (2,684 | ) | | | (5,638 | ) | | | 5,483 | | | | (5,523 | ) |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | | (120,955 | ) | | | 476,269 | | | | 284,256 | | | | (629,468 | ) | | | 10,102 | |
Less: Comprehensive income attributable to noncontrolling interests | | | — | | | | — | | | | (131,057 | ) | | | — | | | | (131,057 | ) |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) attributable to MGM Resorts International | | $ | (120,955 | ) | | $ | 476,269 | | | $ | 153,199 | | | $ | (629,468 | ) | | $ | (120,955 | ) |
| | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION |
|
| | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2013 | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Subsidiaries | Subsidiaries |
| | (In thousands) | |
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | | $ | (618,561 | ) | | $ | 868,219 | | | $ | 846,099 | | | $ | — | | | $ | 1,095,757 | |
| | | | | | | | | | | | | | | | | | | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | |
Capital expenditures, net of construction payable | | | — | | | | (187,116 | ) | | | (192,457 | ) | | | — | | | | (379,573 | ) |
Dispositions of property and equipment | | | — | | | | 347 | | | | 199 | | | | — | | | | 546 | |
Investments in and advances to unconsolidated affiliates | | | (18,500 | ) | | | (5,353 | ) | | | — | | | | — | | | | (23,853 | ) |
Investments in treasury securities - maturities longer than 90 days | | | — | | | | (174,446 | ) | | | — | | | | — | | | | (174,446 | ) |
Proceeds from treasury securities - maturities longer than 90 days | | | — | | | | 204,394 | | | | — | | | | — | | | | 204,394 | |
Other | | | — | | | | 1,580 | | | | — | | | | — | | | | 1,580 | |
| | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | (18,500 | ) | | | (160,594 | ) | | | (192,258 | ) | | | — | | | | (371,352 | ) |
| | | | | | | | | | | | | | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | |
Net borrowings under bank credit facilities - maturities of 90 days or less | | | 59,000 | | | | — | | | | — | | | | — | | | | 59,000 | |
Borrowings under bank credit facilities - maturities longer than 90 days | | | 2,343,000 | | | | — | | | | 450,000 | | | | — | | | | 2,793,000 | |
Repayments under bank credit facilities - maturities longer than 90 days | | | (2,343,000 | ) | | | — | | | | (450,000 | ) | | | — | | | | (2,793,000 | ) |
Retirement of senior notes | | | (462,226 | ) | | | (150,036 | ) | | | — | | | | — | | | | (612,262 | ) |
Debt issuance costs | | | (17,061 | ) | | | — | | | | — | | | | — | | | | (17,061 | ) |
Intercompany accounts | | | 886,519 | | | | (579,560 | ) | | | (306,959 | ) | | | — | | | | — | |
Distributions to noncontrolling interest owners | | | — | | | | — | | | | (318,348 | ) | | | — | | | | (318,348 | ) |
Other | | | (2,111 | ) | | | — | | | | (1,100 | ) | | | — | | | | (3,211 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | 464,121 | | | | (729,596 | ) | | | (626,407 | ) | | | — | | | | (891,882 | ) |
| | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate on cash | | | — | | | | — | | | | (629 | ) | | | — | | | | (629 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Cash and cash equivalents | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) for the period | | | (172,940 | ) | | | (21,971 | ) | | | 26,805 | | | | — | | | | (168,106 | ) |
Balance, beginning of period | | | 254,385 | | | | 226,242 | | | | 1,062,882 | | | | — | | | | 1,543,509 | |
| | | | | | | | | | | | | | | | | | | | |
Balance, end of period | | $ | 81,445 | | | $ | 204,271 | | | $ | 1,089,687 | | | $ | — | | | $ | 1,375,403 | |
| | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION |
|
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2012 | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Subsidiaries | Subsidiaries |
| | (In thousands) | |
Net revenues | | $ | — | | | $ | 1,450,101 | | | $ | 805,535 | | | $ | (658 | ) | | $ | 2,254,978 | |
Equity in subsidiaries’ earnings | | | 89,705 | | | | 47,759 | | | | — | | | | (137,464 | ) | | | — | |
Expenses: | | | | | | | | | | | | | | | | | | | | |
Casino and hotel operations | | | 1,676 | | | | 904,578 | | | | 556,958 | | | | (658 | ) | | | 1,462,554 | |
General and administrative | | | 1,853 | | | | 265,040 | | | | 52,213 | | | | — | | | | 319,106 | |
Corporate expense | | | 14,390 | | | | 48,524 | | | | 8,078 | | | | (8,000 | ) | | | 62,992 | |
Preopening and start-up expenses | | | — | | | | 124 | | | | 641 | | | | — | | | | 765 | |
Property transactions, net | | | — | | | | 5,319 | | | | 484 | | | | — | | | | 5,803 | |
Depreciation and amortization | | | — | | | | 128,466 | | | | 99,948 | | | | — | | | | 228,414 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 17,919 | | | | 1,352,051 | | | | 718,322 | | | | (8,658 | ) | | | 2,079,634 | |
| | | | | | | | | | | | | | | | | | | | |
Loss from unconsolidated affiliates | | | — | | | | (37,919 | ) | | | (24 | ) | | | — | | | | (37,943 | ) |
| | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | 71,786 | | | | 107,890 | | | | 87,189 | | | | (129,464 | ) | | | 137,401 | |
Interest expense, net of amounts capitalized | | | (261,094 | ) | | | (2,730 | ) | | | (11,947 | ) | | | — | | | | (275,771 | ) |
Other, net | | | 6,904 | | | | (20,170 | ) | | | (5,623 | ) | | | — | | | | (18,889 | ) |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | (182,404 | ) | | | 84,990 | | | | 69,619 | | | | (129,464 | ) | | | (157,259 | ) |
Benefit (provision) for income taxes | | | 1,245 | | | | 1,436 | | | | (96 | ) | | | — | | | | 2,585 | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | (181,159 | ) | | | 86,426 | | | | 69,523 | | | | (129,464 | ) | | | (154,674 | ) |
Less: Net income attributable to noncontrolling interests | | | — | | | | — | | | | (26,485 | ) | | | — | | | | (26,485 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to MGM Resorts International | | $ | (181,159 | ) | | $ | 86,426 | | | $ | 43,038 | | | $ | (129,464 | ) | | $ | (181,159 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | (181,159 | ) | | $ | 86,426 | | | $ | 69,523 | | | $ | (129,464 | ) | | $ | (154,674 | ) |
Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | 1,487 | | | | 1,487 | | | | 2,840 | | | | (2,974 | ) | | | 2,840 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) | | | 1,487 | | | | 1,487 | | | | 2,840 | | | | (2,974 | ) | | | 2,840 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | | (179,672 | ) | | | 87,913 | | | | 72,363 | | | | (132,438 | ) | | | (151,834 | ) |
Less: Comprehensive income attributable to noncontrolling interests | | | — | | | | — | | | | (27,838 | ) | | | — | | | | (27,838 | ) |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) attributable to MGM Resorts International | | $ | (179,672 | ) | | $ | 87,913 | | | $ | 44,525 | | | $ | (132,438 | ) | | $ | (179,672 | ) |
| | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2012 | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Subsidiaries | Subsidiaries |
| | (In thousands) | |
Net revenues | | $ | — | | | $ | 4,356,937 | | | $ | 2,510,591 | | | $ | (1,195 | ) | | $ | 6,866,333 | |
Equity in subsidiaries’ earnings | | | 317,428 | | | | 160,260 | | | | — | | | | (477,688 | ) | | | — | |
Expenses: | | | | | | | | | | | | | | | | | | | | |
Casino and hotel operations | | | 5,919 | | | | 2,733,100 | | | | 1,699,378 | | | | (1,195 | ) | | | 4,437,202 | |
General and administrative | | | 5,683 | | | | 771,581 | | | | 154,609 | | | | — | | | | 931,873 | |
Corporate expense | | | 46,719 | | | | 101,216 | | | | 7,857 | | | | (8,000 | ) | | | 147,792 | |
Preopening and start-up expenses | | | — | | | | 124 | | | | 641 | | | | — | | | | 765 | |
Property transactions, net | | | — | | | | 94,356 | | | | 2,831 | | | | — | | | | 97,187 | |
Depreciation and amortization | | | — | | | | 389,651 | | | | 311,215 | | | | — | | | | 700,866 | |
| | | | | | | | | | | | | | | | | | | | |
| | | 58,321 | | | | 4,090,028 | | | | 2,176,531 | | | | (9,195 | ) | | | 6,315,685 | |
| | | | | | | | | | | | | | | | | | | | |
Loss from unconsolidated affiliates | | | — | | | | (45,131 | ) | | | (135 | ) | | | — | | | | (45,266 | ) |
| | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | 259,107 | | | | 382,038 | | | | 333,925 | | | | (469,688 | ) | | | 505,382 | |
Interest expense, net of amounts capitalized | | | (791,003 | ) | | | (8,238 | ) | | | (37,195 | ) | | | — | | | | (836,436 | ) |
Other, net | | | (23,811 | ) | | | (66,909 | ) | | | (33,401 | ) | | | — | | | | (124,121 | ) |
| | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | (555,707 | ) | | | 306,891 | | | | 263,329 | | | | (469,688 | ) | | | (455,175 | ) |
Benefit for income taxes | | | 11,843 | | | | 463 | | | | 14,454 | | | | — | | | | 26,760 | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | (543,864 | ) | | | 307,354 | | | | 277,783 | | | | (469,688 | ) | | | (428,415 | ) |
Less: Net income attributable to noncontrolling interests | | | — | | | | — | | | | (115,449 | ) | | | — | | | | (115,449 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to MGM Resorts International | | $ | (543,864 | ) | | $ | 307,354 | | | $ | 162,334 | | | $ | (469,688 | ) | | $ | (543,864 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | (543,864 | ) | | $ | 307,354 | | | $ | 277,783 | | | $ | (469,688 | ) | | $ | (428,415 | ) |
Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | 6,555 | | | | 6,555 | | | | 12,841 | | | | (13,110 | ) | | | 12,841 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) | | | 6,555 | | | | 6,555 | | | | 12,841 | | | | (13,110 | ) | | | 12,841 | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | | (537,309 | ) | | | 313,909 | | | | 290,624 | | | | (482,798 | ) | | | (415,574 | ) |
Less: Comprehensive income attributable to noncontrolling interests | | | — | | | | — | | | | (121,735 | ) | | | — | | | | (121,735 | ) |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) attributable to MGM Resorts International | | $ | (537,309 | ) | | $ | 313,909 | | | $ | 168,889 | | | $ | (482,798 | ) | | $ | (537,309 | ) |
| | | | | | | | | | | | | | | | | | | | |
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION |
|
| | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2012 | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Subsidiaries | Subsidiaries |
| | (In thousands) | |
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | | $ | (655,726 | ) | | $ | 771,165 | | | $ | 771,823 | | | $ | — | | | $ | 887,262 | |
| | | | | | | | | | | | | | | | | | | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | |
Capital expenditures, net of construction payable | | | — | | | | (254,852 | ) | | | (61,905 | ) | | | — | | | | (316,757 | ) |
Dispositions of property and equipment | | | — | | | | 135 | | | | 101 | | | | — | | | | 236 | |
Investments in and advances to unconsolidated affiliates | | | (37,000 | ) | | | — | | | | — | | | | — | | | | (37,000 | ) |
Distributions from unconsolidated affiliates in excess of earnings | | | — | | | | 1,347 | | | | — | | | | — | | | | 1,347 | |
Investments in treasury securities- maturities longer than 90 days | | | — | | | | (195,313 | ) | | | — | | | | — | | | | (195,313 | ) |
Proceeds from treasury securities- maturities longer than 90 days | | | — | | | | 225,301 | | | | — | | | | — | | | | 225,301 | |
Other | | | — | | | | (1,221 | ) | | | — | | | | — | | | | (1,221 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | (37,000 | ) | | | (224,603 | ) | | | (61,804 | ) | | | — | | | | (323,407 | ) |
| | | | | | | | | | | | | | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | |
Net repayments under bank credit facilities - maturities of 90 days or less | | | (192,100 | ) | | | — | | | | (13,826 | ) | | | — | | | | (205,926 | ) |
Borrowings under bank credit facilities maturities - longer than 90 days | | | — | | | | — | | | | 900,000 | | | | — | | | | 900,000 | |
Repayments under bank credit facilities maturities - longer than 90 days | | | (1,834,128 | ) | | | — | | | | (900,000 | ) | | | — | | | | (2,734,128 | ) |
Issuance of senior notes | | | 2,850,000 | | | | — | | | | — | | | | — | | | | 2,850,000 | |
Retirement of senior notes | | | (534,650 | ) | | | — | | | | — | | | | — | | | | (534,650 | ) |
Debt issuance costs | | | (54,459 | ) | | | — | | | | — | | | | — | | | | (54,459 | ) |
Intercompany accounts | | | 591,602 | | | | (548,791 | ) | | | (42,811 | ) | | | — | | | | — | |
Distributions to noncontrolling interest owners | | | — | | | | — | | | | (206,806 | ) | | | — | | | | (206,806 | ) |
Other | | | (843 | ) | | | (833 | ) | | | (57 | ) | | | — | | | | (1,733 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | 825,422 | | | | (549,624 | ) | | | (263,500 | ) | | | — | | | | 12,298 | |
| | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate on cash | | | — | | | | — | | | | 1,093 | | | | — | | | | 1,093 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Cash and cash equivalents | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) for the period | | | 132,696 | | | | (3,062 | ) | | | 447,612 | | | | — | | | | 577,246 | |
Balance, beginning of period | | | 795,326 | | | | 230,888 | | | | 839,699 | | | | — | | | | 1,865,913 | |
| | | | | | | | | | | | | | | | | | | | |
Balance, end of period | | $ | 928,022 | | | $ | 227,826 | | | $ | 1,287,311 | | | $ | — | | | $ | 2,443,159 | |
| | | | | | | | | | | | | | | | | | | | |
|