MGM Resorts International 8K Reports Fourth Quarter | MGM 19 Feb 14

Exhibit 99.1

LOGO

MGM RESORTS INTERNATIONAL REPORTS FOURTH QUARTER

AND FULL YEAR RESULTS

MGM China Board Announces a $500 Million Special Dividend

and Will Recommend a $128 Million Final 2013 Dividend

Las Vegas, Nevada, February 19, 2014 — MGM Resorts International (NYSE: MGM) today reported financial results for the fourth quarter and full year ended December 31, 2013. Loss per share for the fourth quarter of 2013 was $(0.08), an improvement compared to a loss per share of ($2.50) in the prior year fourth quarter. Comparability of the current and prior year consolidated results was affected by certain items discussed further below.

“In 2013 we achieved our best operating performance since the recession. The fourth quarter finished strong, with 6% Adjusted EBITDA growth at our wholly owned domestic resorts and record quarters at MGM China and CityCenter,” said Jim Murren, Chairman and CEO. “In 2014, we expect our Las Vegas properties to continue to improve, driven by a strong convention calendar and the completion of several capital initiatives on the Las Vegas Strip. In Macau, we continue to yield our existing resort and are well underway in more than doubling our footprint in the world’s largest gaming market with MGM Cotai set to open early 2016.”

Key results for the fourth quarter of 2013 include the following:

•

Consolidated net revenue was $2.5 billion, a 10% increase over the prior year fourth quarter;

•

Consolidated casino revenue increased 13% compared to the prior year quarter;

•

Rooms revenue at wholly owned domestic resorts increased 3% with a 1% increase in REVPAR⁽¹⁾ at the Company’s Las Vegas Strip resorts;

•

Adjusted Property EBITDA⁽²⁾ was $609 million compared to $505 million, a 21% increase compared to the prior year quarter;

•

The Company’s wholly owned domestic resorts earned Adjusted Property EBITDA of $356 million, a 6% increase compared to the prior year quarter;

•

MGM China’s Adjusted EBITDA was a record $238 million, a 35% increase compared to the prior year quarter;

•

CityCenter’s Adjusted EBITDA related to resort operations was a record $93 million, a 36% increase compared to the prior year quarter; and

•

Consolidated operating income was $330 million compared to an operating loss of $425 million, which included significant impairment charges in the fourth quarter of 2012.

Certain Items Affecting Fourth Quarter Results

The following table lists items that affect the comparability of the current and prior year quarterly results (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):


Three months ended December 31,	2013			2012
Property transactions, net	$	—		$	(0.78	)
Non-operating items from unconsolidated affiliates:
CityCenter loss on retirement of long-term debt		(0.09	)		—
Silver Legacy gain on retirement of long-term debt		0.02			—
Other non-operating expense:
SJTA bond impairment		—			(0.06	)
Loss on retirement of long-term debt		—			(0.67	)
Tax adjustments		(0.12	)		(0.76	)

In the fourth quarter of 2013, non-operating items from unconsolidated affiliates included $70 million related to the Company’s share of a loss on retirement of long-term debt in connection with CityCenter’s early redemption of its first and second lien senior secured notes in October 2013 and $12 million related to the Company’s share of a gain on retirement of long-term debt related to Silver Legacy’s early redemption of its second lien notes in December 2013.

Page 1 of 13

In the fourth quarter of 2012, property transactions, net included an impairment charge of $65 million related to the Company’s investment in Borgata, a $366 million impairment charge related to certain of the Company’s land holdings on the north end of the Las Vegas Strip, and a $167 million impairment charge related to the Company’s land holdings in Atlantic City. Other non-operating expense in the fourth quarter of 2012 included a $47 million write-off related to the Company’s holding of South Jersey Transportation Authority (“SJTA”) road development special revenue bonds and a loss of $505 million related to the Company’s December 2012 refinancing transactions.

The current year fourth quarter income tax provision was affected by $57 million of tax adjustments, primarily related to valuation allowance on U.S. deferred tax assets, including a valuation allowance related to net tax benefit reflected in other items in the above table, compared to $372 million in the prior year fourth quarter.

In addition, corporate expense in the fourth quarter of 2013 included $8 million associated with the Company’s development efforts in Maryland and Massachusetts compared to $34 million during the 2012 fourth quarter. Corporate expense in the current year quarter also reflected a $4 million reduction in accrued payroll liabilities due to a change in the Company’s employee paid time off policy.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts decreased 2% compared to the prior year quarter. The overall table games hold percentage in the fourth quarter of 2013 was 20.2% compared to 21.9% for the prior year quarter. Slots revenue increased 3% compared to the prior year quarter at the Company’s Las Vegas Strip resorts, offset by decreased slots revenue at the Company’s other wholly owned domestic resorts.

Rooms revenue increased 3% with Las Vegas Strip REVPAR up 1%. The following table shows key hotel statistics for the Company’s Las Vegas Strip resorts:


Three months ended December 31,	2013			2012
Occupancy %		85	%		86	%
Average Daily Rate (ADR)	$	133		$	130
Revenue per Available Room (REVPAR)	$	114		$	112

Operating income for the Company’s wholly owned domestic resorts increased 16% for the fourth quarter of 2013 compared to the prior year quarter and benefited from a decrease of $10 million in property transactions, net and an $8 million reduction in accrued payroll liabilities due to a change in the Company’s employee paid time off policy.

MGM China

On February 19, 2014, as part of its regular dividend policy, MGM China’s Board of Directors announced it will recommend a final dividend for 2013 of $128 million to MGM China shareholders subject to approval at the 2014 annual shareholders meeting. If approved, MGM Resorts International will receive $65 million, its 51% share of this dividend. In addition, MGM China’s Board of Directors announced a special dividend of $500 million, which will be paid to shareholders of record as of March 10, 2014 and distributed on or about March 17, 2014. MGM Resorts International will receive $255 million, its 51% share of the special dividend.

Key fourth quarter results for MGM China include the following:

•

MGM China earned net revenue of $926 million, a 27% increase compared to the prior year quarter;

•

VIP table games turnover increased 32% from the prior year quarter, while hold percentage was 2.8% in the current year quarter compared to 2.9% in the prior year quarter;

•

Main floor table games revenue and slots revenue increased 18% and 4% compared to the prior year quarter, respectively, both primarily due to strong increases in volume; and

Page 2 of 13

•

MGM China’s Adjusted EBITDA was $238 million, a 35% increase compared to the prior year quarter and operating income was $162 million compared to $83 million in the prior year quarter.

The MGM Cotai development continues to be on schedule to open in early 2016. MGM China spent approximately $204 million in 2013 on the MGM Cotai development. We expect the project cost will be approximately $2.9 billion, excluding development fees eliminated in consolidation, land costs and capitalized interest.

Income (Loss) from Unconsolidated Affiliates

The following table summarizes information related to the Company’s share of income (loss) from unconsolidated affiliates:


Three months ended December 31,	2013		2012
	*(In thousands)*
CityCenter	$	12,037	$	(7,461	)
Other		4,069		6,345

	$	16,106	$	(1,116	)

Results for CityCenter Holdings, LLC for the fourth quarter of 2013 include the following (see schedules accompanying this release for further detail on CityCenter’s fourth quarter results):

•

Net revenue from resort operations increased by 11% to $301 million compared to $272 million in the prior year quarter;

•

Adjusted EBITDA from resort operations was $93 million, an increase of 36% compared to the prior year quarter;

•

Aria’s table games hold percentage was 26.0% in the current year quarter compared to 23.9% in the prior year quarter; and

•

Aria’s occupancy percentage was 85% and its ADR was $212, resulting in REVPAR of $181, a 4% increase compared to the prior year quarter;

CityCenter’s operating income increased to $26 million for the fourth quarter of 2013 and included $26 million of income related to property transactions, net, primarily related to a $33 million gain associated with the settlement of insurance claims for errors and omissions with respect to the original construction of CityCenter. The net impact of CityCenter’s property transactions to the Company’s income from unconsolidated affiliates for the fourth quarter was not significant due to equity method accounting adjustments.

In addition, CityCenter entered into a $1.775 billion senior secured credit facility in the fourth quarter of 2013 and redeemed its 7.625% senior secured first lien notes and 10.75% senior secured second lien PIK toggle notes. CityCenter recognized a loss on early retirement of long-term debt of $140 million in connection with these transactions.

Full Year 2013 Results

Net revenue for 2013 was $9.8 billion, a 7% increase over 2012, and Adjusted Property EBITDA increased 18% compared to the prior year. Net revenue from wholly owned domestic resorts was $6.1 billion, a 2% increase compared to 2012. Adjusted Property EBITDA from wholly owned domestic resorts increased 9% to $1.4 billion for 2013.

MGM China reported record results for 2013 with net revenues of $3.3 billion and Adjusted EBITDA of $814 million. Excluding branding fees of $36 million in 2013 and $30 million in 2012, Adjusted EBITDA increased by 20% year over year.

CityCenter reported net revenue from resort operations of $1.2 billion, a 10% increase compared to the prior year, and Adjusted EBITDA related to resort operations of $316 million, a 37% increase compared to the prior year.

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Loss per share attributable to MGM Resorts International for 2013 was $(0.32) compared to loss per share of ($3.62) in 2012. The following table lists items that affect the comparability of the current year and prior year annual results (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):


Year ended December 31,	2013			2012
Preopening and start-up expenses	$	(0.02	)	$	—
Property transactions, net		(0.17	)		(0.91	)
Income (loss) from unconsolidated affiliates:
CityCenter residential impairment		—			(0.02	)
CityCenter Harmon demolition cost		—			(0.02	)
Non-operating items from unconsolidated affiliates:
CityCenter loss on retirement of long-term debt		(0.09	)		(0.01	)
Silver Legacy gain on retirement of long-term debt		0.02			—
Other non-operating expense:
SJTA bond impairment		—			(0.06	)
Loss on retirement of long-term debt		—			(0.74	)
Tax adjustments		(0.30	)		(1.17	)

Financial Position

“We accomplished many financial goals in 2013. We reduced debt and by issuing the lowest interest rate senior unsecured notes in the history of our Company, we pre-funded our only scheduled 2014 debt maturity. With CityCenter’s debt now refinanced, we have lowered its annual cash interest expense by approximately $80 million, further enhancing CityCenter’s future cash flow potential,” said Dan D’Arrigo, Executive Vice President, CFO and Treasurer. “We remain focused on further deleveraging our balance sheet in 2014 by maximizing operating cash flows and from anticipated dividends received from MGM China.”

The Company’s cash balance at December 31, 2013 was $1.8 billion, which included $1.0 billion at MGM China. At December 31, 2013 the Company had $2.8 billion of borrowings outstanding under its $4.0 billion senior credit facility and $553 million outstanding under the $2.0 billion MGM China credit facility.

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 1-706-758-3659 for international callers. The conference call access code is 43751654. A replay of the call will be available through Wednesday, February 26, 2014. The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406. The replay access code is 43751654. The call will be archived at www.mgmresorts.com.

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 and property transactions, net. “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 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, preopening and start-up expenses will be significantly different in periods when the Company is developing and

Page 4 of 13

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 and is in the process of developing a gaming resort in Cotai, 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 atwww.mgmresorts.com.

Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company’s public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management’s current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding the development of MGM Cotai, including related construction and development costs, the Company’s ability to deleverage its balance sheet through maximizing operating cash flow, and the Company’s expectations with respect to its convention calendar and the completion of capital initiatives on the Las Vegas Strip. 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 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. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.


MGM RESORTS CONTACTS:

Investment Community		News Media
DANIEL D’ARRIGO		CLARK DUMONT
Executive Vice President, CFO & Treasurer		Senior Vice President of Corporate Communications
(702) 693-8895		(702) 891-1836 orcdumont@mgmresorts.com

Page 5 of 13

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

2013

2012

2013

2012

Revenues:

Casino

1,570,905

1,390,941

5,875,782

5,319,489

Rooms

394,283

383,329

1,646,303

1,588,770

Food and beverage

348,465

346,286

1,469,582

1,472,382

Entertainment

142,257

119,469

522,911

483,946

Retail

44,996

47,017

194,602

196,938

Other

115,429

108,957

490,349

482,547

Reimbursed costs

89,649

88,438

364,664

357,597

2,705,984

2,484,437

10,564,193

9,901,669

Less: Promotional allowances

(192,771

)

(189,926

)

(754,530

)

(740,825

)

2,513,213

2,294,511

9,809,663

9,160,844

Expenses:

Casino

979,620

876,995

3,684,810

3,396,752

Rooms

122,509

123,258

516,605

507,856

Food and beverage

199,312

200,737

844,431

844,629

Entertainment

104,648

86,699

386,252

356,934

Retail

25,365

26,844

107,249

112,732

Other

84,072

81,109

354,705

344,782

Reimbursed costs

89,649

88,438

364,664

357,597

General and administrative

317,378

307,901

1,278,450

1,239,774

Corporate expense

63,567

87,215

216,745

235,007

Preopening and start-up expenses

3,383

1,362

13,314

2,127

Property transactions, net

2,012

610,862

124,761

708,049

Depreciation and amortization

207,474

226,831

849,225

927,697

2,198,989

2,718,251

8,741,211

9,033,936

Income (loss) from unconsolidated affiliates

16,106

(1,116

)

43,060

(46,382

)

Operating income (loss)

330,330

(424,856

)

1,111,512

80,526

Non-operating expense:

Interest expense, net of amounts capitalized

(208,461

)

(279,922

)

(857,347

)

(1,116,358

)

Non-operating items from unconsolidated affiliates

(73,722

)

(21,417

)

(157,338

)

(90,020

)

Other, net

(2,153

)

(552,843

)

(9,062

)

(608,361

)

(284,336

)

(854,182

)

(1,023,747

)

(1,814,739

)

Income (loss) before income taxes

45,994

(1,279,038

)

87,765

(1,734,213

)

Benefit (provision) for income taxes

(5,117

)

90,541

(31,263

)

117,301

Net income (loss)

40,877

(1,188,497

)

56,502

(1,616,912

)

Less: Net income attributable to noncontrolling interests

(79,212

)

(35,330

)

(213,108

)

(150,779

)

Net loss attributable to MGM Resorts International

(38,335

)

(1,223,827

)

(156,606

)

(1,767,691

)

Per share of common stock:

Basic:

Net loss attributable to MGM Resorts International

(0.08

)

(2.50

)

(0.32

)

(3.62

)

Weighted average shares outstanding

490,185

489,211

489,661

488,988

Diluted:

Net loss attributable to MGM Resorts International

(0.08

)

(2.50

)

(0.32

)

(3.62

)

Weighted average shares outstanding

490,185

489,211

489,661

488,988

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MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)


	December 31,		December 31,
	2013		2012
ASSETS
Current assets:
Cash and cash equivalents	$	1,803,669	$	1,543,509
Accounts receivable, net		488,217		443,677
Inventories		107,907		107,577
Deferred income taxes, net		80,989		179,431
Prepaid expenses and other		238,657		232,898

Total current assets		2,719,439		2,507,092

Property and equipment, net		14,055,212		14,194,652

Other assets:
Investments in and advances to unconsolidated affiliates		1,374,836		1,444,547
Goodwill		2,897,442		2,902,847
Other intangible assets, net		4,511,861		4,737,833
Other long-term assets, net		551,395		497,767

Total other assets		9,335,534		9,582,994

	$	26,110,185	$	26,284,738


LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	241,192	$	199,620
Income taxes payable		14,813		1,350
Accrued interest on long-term debt		188,522		206,736
Other accrued liabilities		1,770,801		1,517,965

Total current liabilities		2,215,328		1,925,671

Deferred income taxes		2,430,414		2,473,889
Long-term debt		13,447,230		13,589,283
Other long-term obligations		141,590		179,879
Stockholders' equity:
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 490,360,628 and 489,234,401 shares		4,904		4,892
Capital in excess of par value		4,156,680		4,132,655
Retained earnings		57,092		213,698
Accumulated other comprehensive income		12,503		14,303

Total MGM Resorts International stockholders' equity		4,231,179		4,365,548
Noncontrolling interests		3,644,444		3,750,468

Total stockholders' equity		7,875,623		8,116,016

	$	26,110,185	$	26,284,738

Page 7 of 13

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2013

December 31,
2012

December 31,
2013

December 31,
2012

Bellagio

298,759

307,254

1,177,402

1,147,487

MGM Grand Las Vegas

249,765

258,657

1,038,346

961,246

Mandalay Bay

197,174

161,642

792,282

717,499

The Mirage

143,347

142,806

576,573

600,194

Luxor

78,503

74,356

325,578

322,342

New York-New York

66,749

67,838

271,572

274,645

Excalibur

60,879

60,333

260,462

258,141

Monte Carlo

62,539

63,216

262,901

259,004

Circus Circus Las Vegas

45,658

45,158

197,885

203,764

MGM Grand Detroit

130,769

137,045

537,994

568,721

Beau Rivage

81,977

81,076

340,814

346,330

Gold Strike Tunica

36,219

34,764

149,186

150,561

Other resort operations

27,009

27,665

121,649

122,857

Wholly owned domestic resorts

1,479,347

1,461,810

6,052,644

5,932,791

MGM China

925,751

731,216

3,316,928

2,807,676

Management and other operations

108,115

101,485

440,091

420,377

2,513,213

2,294,511

9,809,663

9,160,844

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2013

December 31,
2012

December 31,
2013

December 31,
2012

Bellagio

99,547

94,925

358,759

302,854

MGM Grand Las Vegas

58,394

65,991

236,132

180,726

Mandalay Bay

36,346

26,156

167,154

146,761

The Mirage

32,960

25,625

117,424

117,618

Luxor

12,414

11,834

61,561

63,260

New York-New York

21,400

21,576

89,181

90,505

Excalibur

13,286

13,090

63,502

61,788

Monte Carlo

16,327

14,127

68,941

58,681

Circus Circus Las Vegas

908

2,461

16,609

24,072

MGM Grand Detroit

40,519

40,830

155,689

165,670

Beau Rivage

15,340

12,188

66,937

71,361

Gold Strike Tunica

9,480

6,807

37,487

40,469

Other resort operations

(935

)

(1,284

)

3,310

1,455

Wholly owned domestic resorts

355,986

334,326

1,442,686

1,325,220

MGM China

238,067

175,773

814,109

679,345

CityCenter (50%)(1)

12,037

(7,461

)

21,712

(68,206

)

Other unconsolidated resorts(1)

4,069

6,345

21,348

21,824

Management and other operations

(688

)

(4,447

)

25,777

9,947

609,471

504,536

2,325,632

1,968,130

(1)

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

Page 8 of 13

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)

Three Months Ended December 31, 2013

Operating
income (loss)

Preopening and
start-up
expenses

Property
transactions, net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

75,967

—

198

23,382

99,547

MGM Grand Las Vegas

36,171

—

1,028

21,195

58,394

Mandalay Bay

14,651

353

370

20,972

36,346

The Mirage

20,628

—

397

11,935

32,960

Luxor

3,150

(377

)

9,597

12,414

New York-New York

15,680

—

1,117

4,603

21,400

Excalibur

9,908

—

3,344

13,286

Monte Carlo

10,531

651

267

4,878

16,327

Circus Circus Las Vegas

(2,871

)

—

3,748

908

MGM Grand Detroit

37,171

—

(2,402

)

5,750

40,519

Beau Rivage

8,852

—

6,443

15,340

Gold Strike Tunica

5,943

—

156

3,381

9,480

Other resort operations

(1,957

)

—

466

556

(935

)

Wholly owned domestic resorts

233,824

1,048

1,330

119,784

355,986

MGM China

161,699

2,191

74,152

238,067

CityCenter (50%)

12,037

—

12,037

Other unconsolidated resorts

3,938

131

—

4,069

Management and other operations

(3,634

)

—

2,946

(688

)

407,864

3,370

1,355

196,882

609,471

Stock compensation

(6,955

)

—

(6,955

)

Corporate

(70,579

)

657

10,592

(59,317

)

330,330

3,383

2,012

207,474

543,199

Three Months Ended December 31, 2012

Operating
income (loss)

Preopening and
start-up
expenses

Property
transactions, net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

70,805

—

1,695

22,425

94,925

MGM Grand Las Vegas

43,733

—

1,644

20,614

65,991

Mandalay Bay

4,001

830

2,849

18,476

26,156

The Mirage

12,575

—

318

12,732

25,625

Luxor

(2,914

)

—

3,844

10,904

11,834

New York-New York

16,273

—

190

5,113

21,576

Excalibur

8,571

—

4,517

13,090

Monte Carlo

9,183

—

761

4,183

14,127

Circus Circus Las Vegas

(2,565

)

—

4,997

2,461

MGM Grand Detroit

35,589

—

5,240

40,830

Beau Rivage

4,461

—

7,707

12,188

Gold Strike Tunica

3,662

—

(56

)

3,201

6,807

Other resort operations

(1,862

)

—

570

(1,284

)

Wholly owned domestic resorts

201,512

830

11,305

120,679

334,326

MGM China

83,223

—

417

92,133

175,773

CityCenter (50%)

(7,993

)

532

—

(7,461

)

Other unconsolidated resorts

6,345

—

6,345

Management and other operations

(7,950

)

—

3,503

(4,447

)

275,137

1,362

11,722

216,315

504,536

Stock compensation

(7,976

)

—

(7,976

)

Corporate

(692,017

)

—

599,140

10,516

(82,361

)

(424,856

)

1,362

610,862

226,831

414,199

Page 9 of 13

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)

Twelve Months Ended December 31, 2013

Operating
income (loss)

Preopening and
start-up
expenses

Property
transactions, net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

261,321

—

470

96,968

358,759

MGM Grand Las Vegas

149,602

—

2,220

84,310

236,132

Mandalay Bay

78,096

1,903

2,823

84,332

167,154

The Mirage

63,090

—

4,722

49,612

117,424

Luxor

21,730

802

2,177

36,852

61,561

New York-New York

65,006

—

3,533

20,642

89,181

Excalibur

49,184

—

14,249

63,502

Monte Carlo

45,597

791

3,773

18,780

68,941

Circus Circus Las Vegas

(1,596

)

—

1,078

17,127

16,609

MGM Grand Detroit

��

135,516

—

(2,402

)

22,575

155,689

Beau Rivage

38,015

—

(260

)

29,182

66,937

Gold Strike Tunica

22,767

—

1,330

13,390

37,487

Other resort operations

(21,951

)

—

23,018

2,243

3,310

Wholly owned domestic resorts

906,377

3,496

42,551

490,262

1,442,686

MGM China

501,021

9,109

390

303,589

814,109

CityCenter (50%)

21,336

376

—

21,712

Other unconsolidated resorts

21,217

131

—

21,348

Management and other operations

13,749

189

11,835

25,777

1,463,700

13,301

42,945

805,686

2,325,632

Stock compensation

(26,112

)

—

(26,112

)

Corporate

(326,076

)

81,816

43,539

(200,708

)

1,111,512

13,314

124,761

849,225

2,098,812

Twelve Months Ended December 31, 2012

Operating
income (loss)

Preopening and
start-up
expenses

Property
transactions, net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

206,679

—

2,101

94,074

302,854

MGM Grand Las Vegas

94,529

—

6,271

79,926

180,726

Mandalay Bay

64,818

830

3,786

77,327

146,761

The Mirage

65,266

—

��

929

51,423

117,618

Luxor

20,777

—

4,794

37,689

63,260

New York-New York

68,591

—

581

21,333

90,505

Excalibur

43,978

—

17,805

61,788

Monte Carlo

38,418

—

1,328

18,935

58,681

Circus Circus Las Vegas

4,514

—

106

19,452

24,072

MGM Grand Detroit

130,564

641

922

33,543

165,670

Beau Rivage

40,713

—

(50

)

30,698

71,361

Gold Strike Tunica

27,420

—

(53

)

13,102

40,469

Other resort operations

(904

)

—

(14

)

2,373

1,455

Wholly owned domestic resorts

805,363

1,471

20,706

497,680

1,325,220

MGM China

302,092

—

2,307

374,946

679,345

CityCenter (50%)

(68,862

)

656

—

(68,206

)

Other unconsolidated resorts

21,824

—

21,824

Management and other operations

(4,258

)

—

14,205

9,947

1,056,159

2,127

23,013

886,831

1,968,130

Stock compensation

(33,974

)

—

(33,974

)

Corporate

(941,659

)

—

685,036

40,866

(215,757

)

80,526

2,127

708,049

927,697

1,718,399

Page 10 of 13

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2013

December 31,
2012

December 31,
2013

December 31,
2012

Adjusted EBITDA

543,199

414,199

2,098,812

1,718,399

Preopening and start-up expenses

(3,383

)

(1,362

)

(13,314

)

(2,127

)

Property transactions, net

(2,012

)

(610,862

)

(124,761

)

(708,049

)

Depreciation and amortization

(207,474

)

(226,831

)

(849,225

)

(927,697

)

Operating income (loss)

330,330

(424,856

)

1,111,512

80,526

Non-operating expense:

Interest expense, net of amounts capitalized

(208,461

)

(279,922

)

(857,347

)

(1,116,358

)

Other, net

(75,875

)

(574,260

)

(166,400

)

(698,381

)

(284,336

)

(854,182

)

(1,023,747

)

(1,814,739

)

Income (loss) before income taxes

45,994

(1,279,038

)

87,765

(1,734,213

)

Benefit (provision) for income taxes

(5,117

)

90,541

(31,263

)

117,301

Net income (loss)

40,877

(1,188,497

)

56,502

(1,616,912

)

Less: Net income attributable to noncontrolling interests

(79,212

)

(35,330

)

(213,108

)

(150,779

)

Net loss attributable to MGM Resorts International

(38,335

)

(1,223,827

)

(156,606

)

(1,767,691

)

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)


	Three Months Ended						Twelve Months Ended
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
Bellagio
Occupancy %		87.5	%		88.8	%		92.3	%		92.9	%
Average daily rate (ADR)	$	254		$	247		$	243		$	237
Revenue per available room (REVPAR)	$	223		$	219		$	225		$	220

MGM Grand Las Vegas
Occupancy %		89.3	%		87.7	%		93.5	%		92.7	%
ADR	$	142		$	140		$	142		$	139
REVPAR	$	127		$	123		$	132		$	129

Mandalay Bay
Occupancy %		85.8	%		88.1	%		90.1	%		91.7	%
ADR	$	176		$	169		$	182		$	176
REVPAR	$	151		$	149		$	164		$	162

The Mirage
Occupancy %		91.1	%		90.7	%		94.7	%		94.6	%
ADR	$	151		$	150		$	149		$	149
REVPAR	$	137		$	136		$	141		$	141

Luxor
Occupancy %		83.9	%		88.6	%		90.7	%		91.0	%
ADR	$	90		$	90		$	88		$	89
REVPAR	$	76		$	80		$	80		$	81

New York-New York
Occupancy %		93.6	%		92.0	%		96.5	%		94.6	%
ADR	$	112		$	109		$	112		$	110
REVPAR	$	105		$	101		$	108		$	104

Excalibur
Occupancy %		80.7	%		84.8	%		88.5	%		89.4	%
ADR	$	73		$	72		$	73		$	72
REVPAR	$	59		$	61		$	65		$	64

Monte Carlo
Occupancy %		90.3	%		89.9	%		94.8	%		93.6	%
ADR	$	104		$	103		$	104		$	103
REVPAR	$	94		$	93		$	99		$	97

Circus Circus Las Vegas
Occupancy %		71.1	%		68.6	%		78.3	%		77.9	%
ADR	$	55		$	55		$	55		$	54
REVPAR	$	39		$	38		$	43		$	42

Page 11 of 13

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2013

December 31,
2012

December 31,
2013

December 31,
2012

Aria

249,620

223,534

951,727

862,306

Vdara

22,165

21,384

90,444

86,916

Crystals

16,113

14,257

61,184

53,251

Mandarin Oriental

13,530

12,507

53,714

48,452

Resort operations

301,428

271,682

1,157,069

1,050,925

Residential operations

12,365

122,680

99,370

138,929

313,793

394,362

1,256,439

1,189,854

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2013

December 31,
2012

December 31,
2013

December 31,
2012

Adjusted EBITDA

86,599

60,044

307,513

206,596

Preopening and start-up expenses

—

(1,064

)

(752

)

(1,312

)

Property transactions, net

25,791

(1,011

)

11,265

(74,347

)

Depreciation and amortization

(86,552

)

(103,594

)

(345,920

)

(370,856

)

Operating income (loss)

25,838

(45,625

)

(27,894

)

(239,919

)

Non-operating income (expense):

Interest expense – sponsor notes

(4,644

)

(24,155

)

(82,655

)

(91,352

)

Interest expense – other

(26,928

)

(43,025

)

(156,397

)

(174,674

)

Other, net

(142,777

)

809

(176,202

)

(5,023

)

(174,349

)

(66,371

)

(415,254

)

(271,049

)

Net loss

(148,511

)

(111,996

)

(443,148

)

(510,968

)

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended December 31, 2013

Operating
income (loss)

Preopening
and start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Aria

11,811

—

222

64,653

76,686

Vdara

(11,908

)

—

6,682

9,944

4,718

Crystals

3,305

—

7,019

10,324

Mandarin Oriental

(3,472

)

—

4,719

1,247

Resort operations

(264

)

—

6,904

86,335

92,975

Residential operations

603

—

305

215

1,123

Development and administration

25,499

—

(33,000

)

(7,499

)

25,838

—

(25,791

)

86,552

86,599

Three Months Ended December 31, 2012


	Operating income (loss)			Preopening and start-up expenses		Property transactions, net			Depreciation and amortization		Adjusted EBITDA
Aria	$	(20,240	)	$	1,064	$	(14	)	$	73,380	$	54,190
Vdara		(6,440	)		—		—			11,553		5,113
Crystals		1,033			—		—			8,084		9,117
Mandarin Oriental		(9,876	)		—		—			9,762		(114	)

Resort operations		(35,523	)		1,064		(14	)		102,779		68,306
Residential operations		(177	)		—		1,025			800		1,648
Development and administration		(9,925	)		—		—			15		(9,910	)

	$	(45,625	)	$	1,064	$	1,011		$	103,594	$	60,044

Page 12 of 13

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Twelve Months Ended December 31, 2013

Operating
income
(loss)

Preopening
and
start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Aria

(5,611

)

694

501

257,086

252,670

Vdara

(27,611

)

—

6,731

41,530

20,650

Crystals

11,357

27,240

38,712

Mandarin Oriental

(15,632

)

—

19,103

3,471

Resort operations

(37,497

)

752

7,289

344,959

315,503

Residential operations

(208

)

—

14,446

933

15,171

Development and administration

9,811

—

(33,000

)

(23,161

)

(27,894

)

752

(11,265

)

345,920

307,513

Twelve Months Ended December 31, 2012

Operating
income
(loss)

Preopening
and
start-up
expenses

Property
transactions,
net

Depreciation
and
amortization

Adjusted
EBITDA

Aria

(104,937

)

1,312

5,549

273,909

175,833

Vdara

(21,104

)

—

42,609

21,505

Crystals

5,216

—

27,105

32,321

Mandarin Oriental

(22,822

)

—

23,330

508

Resort operations

(143,647

)

1,312

5,549

366,953

230,167

Residential operations

(40,013

)

—

36,715

3,729

431

Development and administration

(56,259

)

—

32,083

174

(24,002

)

(239,919

)

1,312

74,347

370,856

206,596

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2013

December 31,
2012

December 31,
2013

December 31,
2012

Aria

Occupancy %

85.2

85.6

88.8

88.3

ADR

212

202

208

200

REVPAR

181

173

184

177

Vdara

Occupancy %

82.1

83.2

86.7

84.1

ADR

168

157

162

158

REVPAR

138

131

140

133

Page 13 of 13

MGM Resorts International (MGM) 8-KMGM Resorts International Reports Fourth Quarter