MGM Resorts International (MGM) 8-K MGM Resorts International Reports Second Quarter Financial Results

Exhibit 99.1

MGM RESORTS INTERNATIONAL REPORTS SECOND QUARTER FINANCIAL RESULTS

Wholly Owned Domestic Resorts Net Revenue Increased 4% & Adjusted Property EBITDA Increased 11%

Announced A Comprehensive Profit Growth Plan Expected To

Increase Adjusted EBITDA By $300 Million Annually

Las Vegas, Nevada, August 4, 2015 — MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended June 30, 2015.

“We are continuing to drive increased profits at MGM Resorts with second quarter wholly owned Adjusted Property EBITDA up 11% driven by growth at our Las Vegas and regional resorts. These resorts are continuing to gain operating momentum while we continue to make significant progress on our development pipeline in Cotai, Maryland, and Massachusetts,” said Jim Murren, Chairman & CEO of MGM Resorts International. “We are focused on positioning the Company for future growth, and are pleased to announce the implementation of our Profit Growth Plan to further enhance our business practices and profitability.”

Key results for the second quarter of 2015 include the following:

• Net revenue at the Company’s wholly owned domestic resorts was $1.7 billion, an increase of 4% compared to the prior year quarter;

• Rooms revenue at wholly owned domestic resorts increased 6% with a 6% increase in REVPAR⁽¹⁾ at the Company’s Las Vegas Strip resorts compared to the prior year quarter;

• The Company’s wholly owned domestic resorts earned Adjusted Property EBITDA⁽²⁾ of $458 million, an 11% increase compared to the prior year quarter;

• Adjusted Property EBITDA margin for wholly owned domestic resorts increased 158 basis points to 26.9% in the current year quarter;

• MGM China’s net revenue was $557 million and Adjusted EBITDA was $132 million, decreases of 33% and 37%, respectively, compared to the prior year quarter; and

• CityCenter’s Adjusted EBITDA related to resort operations was $84 million, a 4% increase compared to the prior year quarter.

Second Quarter Consolidated Results

Diluted earnings per share for the second quarter of 2015 was $0.17 compared to diluted earnings per share of $0.22 in the prior year quarter.

The following table lists certain 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 June 30,	2015			2014
Preopening and start-up expenses	$	(0.02	)	$	(0.01	)
Property transactions, net:
Investment in Grand Victoria impairment		—			(0.04	)
Other property transactions, net		—			(0.01	)
IRS audit settlement		—			0.06

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The prior year second quarter results were affected by a non-cash impairment charge of $29 million related to the Company’s joint venture investment in Grand Victoria. Additionally, the prior year second quarter income tax provision was affected by a $31 million benefit resulting from the settlement of the Company’s 2005-2009 IRS audits during the quarter.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts increased 5% compared to the prior year quarter due to a 4% increase in table games volume and a 7% increase in slots volume. Table games hold percentage in the second quarter of 2015 was 21.4% compared to 21.3% in the prior year quarter.

Rooms revenue increased 6% compared to the prior year quarter with Las Vegas Strip REVPAR up 6%. The following table shows key hotel statistics for the Company’s Las Vegas Strip resorts:

Three months ended June 30,	2015			2014
Occupancy %		96	%		96	%
Average Daily Rate (ADR)	$	150		$	141
Revenue per Available Room (REVPAR)	$	144		$	135

Food and beverage revenue grew 3% as a result of increased catering business related to a higher convention room mix in the quarter, the opening of several new outlets and closed circuit viewing parties for the Mayweather vs. Pacquiao fight. Entertainment revenue decreased 3% due to a decrease in the number of in-house shows compared to the prior year quarter. Operating income for the Company’s wholly owned domestic resorts increased 15% to $338 million compared to $294 million in the prior year quarter.

Profit Growth Plan

The Company has announced the Profit Growth Plan today for sustained growth and margin enhancement. The Profit Growth Plan’s initiatives are focused on the following:

• Improve business process – continue to optimize MGM’s scale for greater efficiency and lower cost throughout our business; and

• Drive revenue generation – identify areas of opportunity to organically drive incremental revenue growth.

The Profit Growth Plan includes a significant number of opportunities to enhance our business operations. The plan is expected to result in $300 million of annualized Adjusted EBITDA benefit. The Profit Growth Plan commenced in July 2015 and it is expected to begin to show results as early as the second half of 2015 and be fully realized by the end of 2017.

“The Profit Growth Plan represents a further advancement in how we conduct business at MGM Resorts, with greater focus on streamlining business process, leveraging our size and scale to reduce costs and drive market share, and innovations in customer service. This plan will redefine the way we operate in critical areas and position MGM Resorts for future growth, for the benefit of our Company as a whole and our shareholders,” said Mr. Murren.

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MGM China

On August 4, 2015, MGM China’s Board of Directors announced an interim dividend of $77 million, which will be paid to shareholders of record as of August 24, 2015 and distributed on or about August 31, 2015. MGM Resorts International will receive $39 million, representing its 51% share of the dividend.

Key second quarter results for MGM China include the following:

• MGM China earned net revenue of $557 million, a 33% decrease compared to the prior year quarter;

• Main floor table games revenue decreased 23% compared to the prior year quarter;

• VIP table games revenue decreased 43% due to a decrease in VIP table games turnover of 54% compared to the prior year quarter, while hold percentage increased to 3.2% in the current year quarter compared to 2.7% in the prior year quarter;

• MGM China’s Adjusted EBITDA was $132 million, a decrease of 37% compared to the prior year quarter, including $10 million of license fee expense in the current year quarter compared to $14 million in the prior year quarter;

• Adjusted EBITDA margin declined 168 basis points to 23.7% in the current year quarter; and

• Operating income was $58 million compared to $134 million in the prior year quarter.

MGM China paid a $120 million final dividend in June 2015, of which $61 million was distributed to MGM Resorts and $59 million was distributed to noncontrolling interests.

Income from Unconsolidated Affiliates

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

Three months ended June 30,	2015		2014
	(In thousands)
CityCenter	$	21,515	$	(1,055	)
Borgata		15,767		14,477
Other		5,618		6,923
	$	42,900	$	20,345

Results for CityCenter for the second quarter of 2015 include the following (see schedules accompanying this release for further detail on CityCenter’s second quarter results):

• Net revenue from resort operations increased by 3% to $312 million compared to $304 million in the prior year quarter;

• Adjusted EBITDA from resort operations was $84 million, an increase of 4% compared to the prior year quarter;

• Aria’s table games hold percentage was 21.5% compared to 23.4% in the prior year quarter;

• Slots revenue at Aria decreased 4% compared to the prior year quarter;

• Aria’s REVPAR was a record $222, an 8% increase compared to the prior year quarter;

• Vdara reported record second quarter Adjusted EBITDA of $8 million, a 10% increase compared to the prior year quarter, led by record REVPAR of $179; and

• Crystals reported Adjusted EBITDA of $12 million, an increase of 5% from the prior year quarter.

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CityCenter’s operating income of $22 million in the current year quarter represents a $47 million increase from the prior year quarter, benefiting from a decrease in depreciation expense of $24 million. In addition, property transactions, net was $1 million compared to $16 million in the prior year quarter.

Financial Position

“We continue to focus on improving MGM Resorts’ balance sheet, having reduced total debt by $2.3 billion since the beginning of the year, including the repayment of the $875 million senior notes that matured in July,” said Dan D’Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International. “During the second quarter, MGM China strengthened its financial flexibility by increasing its senior credit facility from $2 billion to $3 billion. This facility, along with MGM China’s free cash flow, has allowed it to continue to invest in its existing operations as well as future growth opportunities, while at the same time returning value to its shareholders.”

The Company’s cash and cash equivalents and cash deposits at June 30, 2015 was $2.5 billion, which included $522 million at MGM China. At June 30, 2015, the Company had $2.7 billion of borrowings outstanding under its $3.9 billion senior secured credit facility and $1.2 billion outstanding under the $3.0 billion MGM China credit facility. On April 15, 2015, 99.97% of the Company’s $1.45 billion 4.25% convertible senior notes were converted into approximately 72 million shares of the Company’s common stock, net of shares received upon settlement of the capped call transactions entered into in connection with the issuance of such notes. In June 2015, MGM China amended and restated its senior credit facility which increased its total capacity to $3.0 billion and extended the term for an eighteen month period ending in April 2019.

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 1-888-317-6003 for domestic callers and 1-412-317-6061 for international callers. The conference call access code is 0575269. A replay of the call will be available through Tuesday, August 11, 2015. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10069000. 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 and Adjusted Property 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 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.

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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 portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company is in the process of developing MGM National Harbor in Maryland and MGM Springfield in Massachusetts. The Company also owns 51 percent of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is developing a gaming resort in Cotai, and 50 percent of CityCenter in Las Vegas, which features ARIA Resort & Casino. 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, 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, the Company’s ability to generate future cash flow growth and to execute on future development and other projects, such as the Profit Growth Plan, the expected results of the Profit Growth Plan and dividends the Company will receive from MGM China. 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 the Company’s 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
CATHERINE PARK	CLARK DUMONT
Director of Investor Relations	Senior Vice President of Corporate Communications
(702) 693-8711	(702) 692-6888 or cdumont@mgmresorts.com

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MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Revenues:
Casino	$	1,235,976		$	1,475,165		$	2,514,478		$	3,058,597
Rooms		490,498			463,151			949,923			915,537
Food and beverage		423,183			412,723			807,284			796,115
Entertainment		134,972			138,735			260,940			272,512
Retail		55,482			50,811			100,519			95,427
Other		137,819			134,068			264,369			259,495
Reimbursed costs		103,548			95,745			204,608			190,720
		2,581,478			2,770,398			5,102,121			5,588,403
Less: Promotional allowances		(196,343	)		(189,365	)		(384,742	)		(376,972	)
		2,385,135			2,581,033			4,717,379			5,211,431
Expenses:
Casino		738,427			916,817			1,521,235			1,907,651
Rooms		142,065			142,413			283,378			276,651
Food and beverage		243,127			241,124			464,648			461,182
Entertainment		104,397			104,761			201,396			203,698
Retail		28,398			26,055			52,494			49,531
Other		95,835			92,077			180,158			179,654
Reimbursed costs		103,548			95,745			204,608			190,720
General and administrative		333,708			327,484			661,881			646,730
Corporate expense		59,602			54,439			109,958			107,790
Preopening and start-up expenses		17,889			9,759			33,760			15,395
Property transactions, net		3,953			33,170			5,542			33,728
Depreciation and amortization		208,565			203,070			414,977			410,725
		2,079,514			2,246,914			4,134,035			4,483,455
Income from unconsolidated affiliates		42,900			20,345			160,281			42,960
Operating income		348,521			354,464			743,625			770,936
Non-operating income (expense):
Interest expense, net of amounts capitalized		(203,245	)		(203,936	)		(419,507	)		(413,323	)
Non-operating items from unconsolidated affiliates		(17,766	)		(23,996	)		(36,777	)		(46,211	)
Other, net		(4,815	)		(309	)		(8,305	)		(1,743	)
		(225,826	)		(228,241	)		(464,589	)		(461,277	)
Income before income taxes		122,695			126,223			279,036			309,659
Benefit for income taxes		3,772			51,945			60,077			54,609
Net income		126,467			178,168			339,113			364,268
Less: Net income attributable to noncontrolling interests		(29,008	)		(68,160	)		(71,804	)		(151,608	)
Net income attributable to MGM Resorts International	$	97,459		$	110,008		$	267,309		$	212,660
Per share of common stock:
Basic:
Net income attributable to MGM Resorts International	$	0.18		$	0.22		$	0.51		$	0.43
Weighted average shares outstanding		551,358			490,786			521,556			490,692
Diluted:
Net income attributable to MGM Resorts International	$	0.17		$	0.22		$	0.50		$	0.42
Weighted average shares outstanding		570,114			513,371			572,699			513,287

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MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

	June 30, 2015		December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	2,342,340	$	1,713,715
Cash deposits - original maturities longer than 90 days		200,205		570,000
Accounts receivable, net		467,960		473,345
Inventories		106,914		104,011
Income tax receivable		12,947		14,675
Prepaid expenses and other		136,656		151,414
Total current assets		3,267,022		3,027,160
Property and equipment, net		14,791,558		14,441,542
Other assets:
Investments in and advances to unconsolidated affiliates		1,491,052		1,559,034
Goodwill		2,898,383		2,897,110
Other intangible assets, net		4,256,409		4,364,856
Other long-term assets, net		445,163		412,809
Total other assets		9,091,007		9,233,809
	$	27,149,587	$	26,702,511
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	174,246	$	164,252
Construction payable		203,354		170,439
Current portion of long-term debt		875,029		1,245,320
Deferred income taxes, net		83,310		62,142
Accrued interest on long-term debt		192,357		191,155
Other accrued liabilities		1,262,499		1,574,617
Total current liabilities		2,790,795		3,407,925
Deferred income taxes, net		2,525,636		2,621,860
Long-term debt		12,495,209		12,913,882
Other long-term obligations		156,117		130,570
Redeemable noncontrolling interest		5,000		—
Stockholders' equity:
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 563,089,775 and 491,292,117 shares		5,631		4,913
Capital in excess of par value		5,649,288		4,180,922
Retained earnings (accumulated deficit)		159,400		(107,909	)
Accumulated other comprehensive income		13,891		12,991
Total MGM Resorts International stockholders' equity		5,828,210		4,090,917
Noncontrolling interests		3,348,620		3,537,357
Total stockholders' equity		9,176,830		7,628,274
	$	27,149,587	$	26,702,511

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MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
Bellagio	$	318,925	$	332,213	$	620,861	$	652,069
MGM Grand Las Vegas		303,780		271,675		568,606		533,339
Mandalay Bay		242,002		233,506		468,937		452,890
The Mirage		157,000		146,670		299,505		294,918
Luxor		95,762		91,067		182,717		174,760
New York-New York		78,199		71,865		154,083		144,833
Excalibur		75,404		72,125		142,665		139,698
Monte Carlo		75,145		72,332		147,012		140,943
Circus Circus Las Vegas		63,470		53,942		114,854		102,667
MGM Grand Detroit		141,029		136,350		274,344		269,498
Beau Rivage		94,455		87,588		181,395		170,014
Gold Strike Tunica		39,886		39,500		79,721		76,419
Other resort operations		20,423		30,437		48,675		57,456
Wholly owned domestic resorts		1,705,480		1,639,270		3,283,375		3,209,504
MGM China		556,859		827,928		1,186,946		1,769,376
Management and other operations		122,796		113,835		247,058		232,551
	$	2,385,135	$	2,581,033	$	4,717,379	$	5,211,431

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
Bellagio	$	103,803	$	115,619	$	192,970	$	220,768
MGM Grand Las Vegas		72,650		54,371		137,856		116,604
Mandalay Bay		60,796		53,003		114,784		109,003
The Mirage		38,099		28,910		68,619		64,329
Luxor		23,328		21,322		40,627		39,300
New York-New York		27,616		24,478		52,209		50,105
Excalibur		21,783		20,706		38,325		39,596
Monte Carlo		22,310		19,999		42,366		39,894
Circus Circus Las Vegas		11,358		7,213		19,191		12,522
MGM Grand Detroit		42,739		39,653		76,351		73,019
Beau Rivage		21,715		18,489		40,105		33,130
Gold Strike Tunica		11,034		10,185		22,584		19,752
Other resort operations		832		450		1,955		(778	)
Wholly owned domestic resorts		458,063		414,398		847,942		817,244
MGM China		132,217		210,488		280,673		451,213
Unconsolidated resorts(1)		42,900		20,345		160,281		42,960
Management and other operations		7,895		12,102		24,212		31,954
	$	641,075	$	657,333	$	1,313,108	$	1,343,371

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

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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, 2015

	Operating income (loss)			Preopening and start-up expenses			Property transactions, net			Depreciation and amortization		Adjusted EBITDA
Bellagio	$	81,114		$	—		$	(13	)	$	22,702	$	103,803
MGM Grand Las Vegas		53,890			—			92			18,668		72,650
Mandalay Bay		39,563			—			897			20,336		60,796
The Mirage		25,706			(4	)		1,301			11,096		38,099
Luxor		13,741			—			2			9,585		23,328
New York-New York		22,237			232			—			5,147		27,616
Excalibur		17,999			—			101			3,683		21,783
Monte Carlo		15,630			1			12			6,667		22,310
Circus Circus Las Vegas		7,276			50			—			4,032		11,358
MGM Grand Detroit		36,806			—			—			5,933		42,739
Beau Rivage		15,197			—			—			6,518		21,715
Gold Strike Tunica		8,041			—			9			2,984		11,034
Other resort operations		611			—			—			221		832
Wholly owned domestic resorts		337,811			279			2,401			117,572		458,063
MGM China		57,606			3,770			497			70,344		132,217
Unconsolidated resorts		42,130			770			—			—		42,900
Management and other operations		4,749			277			956			1,913		7,895
		442,296			5,096			3,854			189,829		641,075
Stock compensation		(7,315	)		—			—			—		(7,315	)
Corporate		(86,460	)		12,793			99			18,736		(54,832	)
	$	348,521		$	17,889		$	3,953		$	208,565	$	578,928

Three Months Ended June 30, 2014

	Operating income (loss)			Preopening and start-up expenses			Property transactions, net			Depreciation and amortization		Adjusted EBITDA
Bellagio	$	94,027		$	—		$	594		$	20,998	$	115,619
MGM Grand Las Vegas		34,429			—			207			19,735		54,371
Mandalay Bay		33,524			331			241			18,907		53,003
The Mirage		14,362			22			1,801			12,725		28,910
Luxor		11,734			(3	)		1			9,590		21,322
New York-New York		19,755			47			98			4,578		24,478
Excalibur		16,605			—			332			3,769		20,706
Monte Carlo		14,091			464			154			5,290		19,999
Circus Circus Las Vegas		3,308			36			3			3,866		7,213
MGM Grand Detroit		33,804			—			78			5,771		39,653
Beau Rivage		11,476			—			559			6,454		18,489
Gold Strike Tunica		6,651			—			265			3,269		10,185
Other resort operations		(86	)		—			(8	)		544		450
Wholly owned domestic resorts		293,680			897			4,325			115,496		414,398
MGM China		134,112			2,917			48			73,411		210,488
Unconsolidated resorts		20,244			101			—			—		20,345
Management and other operations		10,054			—			1			2,047		12,102
		458,090			3,915			4,374			190,954		657,333
Stock compensation		(6,393	)		—			—			—		(6,393	)
Corporate		(97,233	)		5,844			28,796			12,116		(50,477	)
	$	354,464		$	9,759		$	33,170		$	203,070	$	600,463

Page 9 of 13

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, 2015

	Operating income (loss)			Preopening and start-up expenses			Property transactions, net		Depreciation and amortization		Adjusted EBITDA
Bellagio	$	147,451		$	—		$	184	$	45,335	$	192,970
MGM Grand Las Vegas		100,616			—			82		37,158		137,856
Mandalay Bay		74,884			—			1,156		38,744		114,784
The Mirage		43,580			50			1,300		23,689		68,619
Luxor		21,503			(1	)		52		19,073		40,627
New York-New York		41,909			(75	)		264		10,111		52,209
Excalibur		30,908			—			82		7,335		38,325
Monte Carlo		29,944			1			529		11,892		42,366
Circus Circus Las Vegas		11,078			281			—		7,832		19,191
MGM Grand Detroit		64,545			—			—		11,806		76,351
Beau Rivage		27,056			—			—		13,049		40,105
Gold Strike Tunica		16,663			—			9		5,912		22,584
Other resort operations		1,504			—			—		451		1,955
Wholly owned domestic resorts		611,641			256			3,658		232,387		847,942
MGM China		129,972			6,841			829		143,031		280,673
Unconsolidated resorts		158,838			1,443			—		—		160,281
Management and other operations		18,863			544			956		3,849		24,212
		919,314			9,084			5,443		379,267		1,313,108
Stock compensation		(14,894	)		—			—		—		(14,894	)
Corporate		(160,795	)		24,676			99		35,710		(100,310	)
	$	743,625		$	33,760		$	5,542	$	414,977	$	1,197,904

Six Months Ended June 30, 2014

	Operating income (loss)			Preopening and start-up expenses		Property transactions, net			Depreciation and amortization		Adjusted EBITDA
Bellagio	$	175,878		$	—	$	573		$	44,317	$	220,768
MGM Grand Las Vegas		75,361			197		199			40,847		116,604
Mandalay Bay		67,935			1,133		239			39,696		109,003
The Mirage		36,954			22		1,948			25,405		64,329
Luxor		20,541			—		—			18,759		39,300
New York-New York		40,642			102		342			9,019		50,105
Excalibur		32,060			—		331			7,205		39,596
Monte Carlo		28,105			1,379		157			10,253		39,894
Circus Circus Las Vegas		4,845			36		(8	)		7,649		12,522
MGM Grand Detroit		61,458			—		78			11,483		73,019
Beau Rivage		19,642			—		559			12,929		33,130
Gold Strike Tunica		13,016			—		265			6,471		19,752
Other resort operations		(1,855	)		—		(8	)		1,085		(778	)
Wholly owned domestic resorts		574,582			2,869		4,675			235,118		817,244
MGM China		298,701			5,325		(56	)		147,243		451,213
Unconsolidated resorts		42,840			120		—			—		42,960
Management and other operations		27,015			—		1			4,938		31,954
		943,138			8,314		4,620			387,299		1,343,371
Stock compensation		(13,092	)		—		—			—		(13,092	)
Corporate		(159,110	)		7,081		29,108			23,426		(99,495	)
	$	770,936		$	15,395	$	33,728		$	410,725	$	1,230,784

Page 10 of 13

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL

(In thousands)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Adjusted EBITDA	$	578,928		$	600,463		$	1,197,904		$	1,230,784
Preopening and start-up expenses		(17,889	)		(9,759	)		(33,760	)		(15,395	)
Property transactions, net		(3,953	)		(33,170	)		(5,542	)		(33,728	)
Depreciation and amortization		(208,565	)		(203,070	)		(414,977	)		(410,725	)
Operating income		348,521			354,464			743,625			770,936
Non-operating income (expense):
Interest expense, net of amounts capitalized		(203,245	)		(203,936	)		(419,507	)		(413,323	)
Other, net		(22,581	)		(24,305	)		(45,082	)		(47,954	)
		(225,826	)		(228,241	)		(464,589	)		(461,277	)
Income before income taxes		122,695			126,223			279,036			309,659
Benefit for income taxes		3,772			51,945			60,077			54,609
Net income		126,467			178,168			339,113			364,268
Less: Net income attributable to noncontrolling interests		(29,008	)		(68,160	)		(71,804	)		(151,608	)
Net income attributable to MGM Resorts International	$	97,459		$	110,008		$	267,309		$	212,660

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Bellagio
Occupancy%		96.9	%		95.8	%		92.6	%		94.0	%
Average daily rate (ADR)	$	264		$	259		$	266		$	261
Revenue per available room (REVPAR)	$	256		$	248		$	246		$	245
MGM Grand Las Vegas
Occupancy%		97.4	%		98.1	%		94.7	%		96.7	%
ADR	$	167		$	150		$	169		$	155
REVPAR	$	163		$	147		$	160		$	150
Mandalay Bay
Occupancy%		93.1	%		94.9	%		91.7	%		93.6	%
ADR	$	208		$	200		$	209		$	201
REVPAR	$	193		$	190		$	191		$	188
The Mirage
Occupancy%		96.5	%		96.9	%		93.3	%		95.8	%
ADR	$	169		$	162		$	171		$	166
REVPAR	$	163		$	157		$	159		$	159
Luxor
Occupancy%		96.1	%		97.2	%		94.2	%		95.3	%
ADR	$	107		$	97		$	106		$	99
REVPAR	$	103		$	94		$	100		$	94
New York-New York
Occupancy%		99.5	%		99.2	%		98.6	%		98.6	%
ADR	$	128		$	123		$	131		$	125
REVPAR	$	127		$	122		$	129		$	123
Excalibur
Occupancy%		97.4	%		98.0	%		93.7	%		94.6	%
ADR	$	87		$	80		$	86		$	81
REVPAR	$	85		$	79		$	81		$	77
Monte Carlo
Occupancy%		98.6	%		99.3	%		96.9	%		97.7	%
ADR	$	119		$	114		$	120		$	115
REVPAR	$	118		$	113		$	117		$	112
Circus Circus Las Vegas
Occupancy%		90.2	%		84.4	%		83.5	%		79.6	%
ADR	$	69		$	60		$	69		$	61
REVPAR	$	62		$	50		$	57		$	49

Page 11 of 13

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
Aria	$	249,777	$	245,144	$	488,632	$	498,833
Vdara		28,880		26,867		56,722		53,117
Crystals		17,510		16,649		34,867		33,401
Mandarin Oriental		15,598		15,411		31,609		31,852
Resort operations		311,765		304,071		611,830		617,203
Residential operations		10,217		15,804		28,391		39,089
	$	321,982	$	319,875	$	640,221	$	656,292

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Adjusted EBITDA	$	85,709		$	77,709		$	170,849		$	172,767
Property transactions, net		(697	)		(16,121	)		158,992			(18,696	)
Depreciation and amortization		(62,799	)		(86,423	)		(126,022	)		(173,943	)
Operating income		22,213			(24,835	)		203,819			(19,872	)
Non-operating income (expense):
Interest expense - other		(18,172	)		(22,518	)		(36,350	)		(45,370	)
Other, net		113			(4,435	)		286			(6,748	)
		(18,059	)		(26,953	)		(36,064	)		(52,118	)
Net income (loss)	$	4,154		$	(51,788	)	$	167,755		$	(71,990	)

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended June 30, 2015

	Operating income (loss)			Preopening and start-up expenses		Property transactions, net		Depreciation and amortization		Adjusted EBITDA
Aria	$	17,105		$	—	$	660	$	45,273	$	63,038
Vdara		211			—		—		7,827		8,038
Crystals		5,060			—		37		6,629		11,726
Mandarin Oriental		(1,550	)		—		—		3,054		1,504
Resort operations		20,826			—		697		62,783		84,306
Residential operations		2,707			—		—		16		2,723
Development and administration		(1,320	)		—		—		—		(1,320	)
	$	22,213		$	—	$	697	$	62,799	$	85,709

Three Months Ended June 30, 2014

	Operating income (loss)			Preopening and start-up expenses		Property transactions, net		Depreciation and amortization		Adjusted EBITDA
Aria	$	(6,274	)	$	—	$	3,016	$	64,472	$	61,214
Vdara		(3,283	)		—		128		10,482		7,327
Crystals		4,430			—		126		6,646		11,202
Mandarin Oriental		(3,578	)		—		44		4,710		1,176
Resort operations		(8,705	)		—		3,314		86,310		80,919
Residential operations		2,084			—		—		113		2,197
Development and administration		(18,214	)		—		12,807		—		(5,407	)
	$	(24,835	)	$	—	$	16,121	$	86,423	$	77,709

Page 12 of 13

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Six Months Ended June 30, 2015

	Operating income (loss)			Preopening and start-up expenses		Property transactions, net			Depreciation and amortization			Adjusted EBITDA
Aria	$	31,872		$	—	$	947		$	90,979		$	123,798
Vdara		16			—		—			15,662			15,678
Crystals		9,909			—		41			13,451			23,401
Mandarin Oriental		(2,957	)		—		—			6,094			3,137
Resort operations		38,840			—		988			126,186			166,014
Residential operations		6,856			—		—			51			6,907
Development and administration		158,123			—		(159,980	)		(215	)		(2,072	)
	$	203,819		$	—	$	(158,992	)	$	126,022		$	170,849

Six Months Ended June 30, 2014

	Operating income (loss)			Preopening and start-up expenses		Property transactions, net		Depreciation and amortization		Adjusted EBITDA
Aria	$	1,282		$	—	$	4,323	$	130,101	$	135,706
Vdara		(6,234	)		—		128		20,707		14,601
Crystals		8,663			—		205		13,388		22,256
Mandarin Oriental		(6,288	)		—		44		9,429		3,185
Resort operations		(2,577	)		—		4,700		173,625		175,748
Residential operations		4,691			—		1,114		318		6,123
Development and administration		(21,986	)		—		12,882		—		(9,104	)
	$	(19,872	)	$	—	$	18,696	$	173,943	$	172,767

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Aria
Occupancy%		94.8	%		94.4	%		92.3	%		93.2	%
ADR	$	234		$	217		$	239		$	223
REVPAR	$	222		$	205		$	221		$	208
Vdara
Occupancy%		95.8	%		94.9	%		93.5	%		92.2	%
ADR	$	187		$	175		$	189		$	180
REVPAR	$	179		$	166		$	176		$	166

Page 13 of 13