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New words:
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Removed:
abandoned, accretion, aggregating, airplane, ASC, blocked, catering, Coast, Codification, collaborative, Connecticut, constant, deem, disqualified, diversified, footnote, forfeiture, Galleon, guest, implementation, Landing, locked, Mashantucket, maximizing, modification, MPTN, Nation, observation, Overview, Pequot, placement, prefer, preferred, proceeding, protest, quantitative, RBG, repatriation, repurchased, revision, targeting, teamwork, Tram, undergoing, underwriter
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EXHIBIT 12
MGM RESORTS INTERNATIONAL
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratio data)
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes and (income) loss from unconsolidated affiliates | $ | 202,550 | $ | (1,597,155 | ) | $ | 2,859,550 | $ | (2,025,366 | ) | $ | (1,824,415 | ) | |||||||
Fixed charges (see below) | 862,417 | 1,117,327 | 1,086,865 | 1,113,580 | 1,028,673 | |||||||||||||||
Distributed income from unconsolidated affiliates | 17,038 | 23,000 | 63,013 | 227,764 | 93,886 | |||||||||||||||
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1,082,005 | (456,828 | ) | 4,009,428 | (684,022 | ) | (701,856 | ) | |||||||||||||
Capitalized interest | (5,070 | ) | (969 | ) | (33 | ) | — | (253,242 | ) | |||||||||||
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1,076,935 | (457,797 | ) | 4,009,395 | (684,022 | ) | (955,098 | ) | |||||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense, net(a) | $ | 857,347 | $ | 1,116,358 | $ | 1,086,832 | $ | 1,113,580 | $ | 775,431 | ||||||||||
Capitalized interest | 5,070 | 969 | 33 | — | 253,242 | |||||||||||||||
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862,417 | 1,117,327 | 1,086,865 | 1,113,580 | 1,028,673 | ||||||||||||||||
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Ratio of earnings to fixed charges | 1.25x | (b | ) | 3.69x | (b | ) | (b | ) | ||||||||||||
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Deficiency | $ | — | $ | 1,575,124 | $ | — | $ | 1,797,602 | $ | 1,983,771 | ||||||||||
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(a) | Interest expense does not include the interest factor of rental expense as these amounts are not material. |
(b) | Earnings were inadequate to cover fixed charges. |