MGM Resorts International 8K Reports Fourth Quarter | MGM 18 Feb 16

EXHIBIT 99.1

LOGO

MGM RESORTS INTERNATIONAL REPORTS FOURTH QUARTER

AND FULL YEARFINANCIAL RESULTS

Wholly Owned Domestic Resorts Adjusted Property EBITDA Increased 15%

Las Vegas Strip REVPAR Up 12%

Las Vegas, Nevada, February 18, 2016 — MGM Resorts International (NYSE: MGM) today reported financial results for the quarter and year ended December 31, 2015.

“Our strong fourth quarter domestic results culminated a very successful 2015. MGM Resorts continues to excel both in Las Vegas and at our market-leading regional resorts, with our wholly owned domestic Adjusted Property EBITDA up 15% in the quarter and 11% in the year,” said Jim Murren, Chairman & CEO of MGM Resorts International. “We remain focused on driving profitability throughout our existing portfolio. We are ahead of pace with our Profit Growth Plan and are well on our way to reaching our 30% margin target by 2017. This year is a particularly exciting year for MGM Resorts with the completion of the expansion at the Mandalay Bay Convention Center, as well as the grand openings of the T-Mobile Arena and MGM National Harbor. These targeted growth investments, combined with the increased profitability at our existing operations, establish a platform for sustainable, long-term growth.”

Key results for the fourth quarter of 2015 include:

•

Net revenue at the Company’s wholly owned domestic resorts increased 2% compared to the prior year quarter;

•

Rooms revenue at wholly owned domestic resorts increased 10%, with a 12% 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 $431 million, a 15% increase compared to the prior year quarter;

•

Wholly owned domestic resorts Adjusted Property EBITDA margin was 27.3%, a 330 basis point increase compared to the prior year quarter;

•

MGM China’s net revenue was $499 million and Adjusted EBITDA was $131 million, a decrease of 31% and 29%, respectively, compared to the prior year quarter;

•

MGM China’s operating loss was $1.4 billion in the current year quarter, which included a $1.5 billion non-cash impairment charge on goodwill from the 2011 MGM China acquisition; and

•

CityCenter earned an all time record Adjusted EBITDA related to resort operations of $106 million, a 36% increase compared to the prior year quarter.

Fourth Quarter Consolidated Results

Loss per share for the fourth quarter of 2015 was $1.38, including the non-cash goodwill impairment charge of $1.5 billion, or $1.33 per share, compared to loss per share of $0.70 in the prior year fourth quarter.

The non-cash impairment charge, which is included in “Property transactions, net,” relates to goodwill recognized in the acquisition of a controlling interest in MGM China Holdings Limited (“MGM China”). The Company recorded a $3.5 billion non-cash gain in 2011 in connection with that acquisition. The current impairment charge, which represents approximately 42% of the amount of the previously recognized gain, resulted from the Company’s annual review of its goodwill carrying values and was incurred as a result of reduced cash flow forecasts for MGM China’s resorts based on current market conditions and lower valuation multiples for gaming assets in the Macau market.

Page 1 of 14

The following table lists certain other 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,	2015			2014
Preopening and start-up expenses	$	(0.02	)	$	(0.02	)
Property transactions, net:
MGM China goodwill impairment		(1.33	)		—
Gain on sale of Circus Circus Reno and Silver Legacy		0.03			—
Grand Victoria investment impairment		(0.02	)		—
Other property transactions, net		(0.03	)		—
Income (loss) from unconsolidated affiliates:
Harmon-related property transactions, net		—			(0.02	)

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts decreased 5% compared to the prior year quarter due to a decrease in table games volume and table games hold percentage, as well as a decrease in slots revenue. Table games hold percentage in the fourth quarter of 2015 was 20.0% compared to 21.8% in the prior year quarter. Slots revenue decreased 3% compared to the prior year quarter, as the prior year quarter was positively affected by a reduction in the Company’s accrual for slot points based on a change in estimated point redemption.

Rooms revenue increased 10% with Las Vegas Strip REVPAR up 12%. The following table shows key hotel statistics for the Company’s Las Vegas Strip resorts:


Three months ended December 31,	2015			2014
Occupancy %		89	%		88	%
Average Daily Rate (ADR)	$	152		$	138
Revenue per Available Room (REVPAR)	$	136		$	121

Food and beverage revenue related to wholly owned domestic resorts increased 2% as a result of increased convention and banquet business. Wholly owned domestic resorts Adjusted Property EBITDA was $431 million in the fourth quarter of 2015, a 15% increase compared to the prior year quarter, and was positively affected by approximately $35 million of incremental Adjusted Property EBITDA as a result of the Company’s Profit Growth Plan initiatives. Operating income for the Company’s wholly owned domestic resorts increased 20% for the fourth quarter of 2015 compared to the prior year quarter and operating margin increased 300 basis points to 19.5%.

Corporate Expense

Corporate expense increased $21 million compared to the prior year quarter. The current year quarter included $13 million of costs incurred to implement initiatives in relation to the Profit Growth Plan and $9 million of costs incurred relating to the proposed REIT transaction.

MGM China

On February 18, 2016, as part of its regular dividend policy, MGM China’s Board of Directors announced it will recommend a final dividend for 2015 of $46 million to MGM China shareholders subject to approval at the MGM China 2016 annual shareholders meeting to be held in May, bringing the total 2015 dividend to $122 million including the interim dividend paid in August. If approved, MGM Resorts International will receive $23 million, its 51% share of this dividend.

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The Company has made the strategic decision to move the opening of its MGM Cotai development from the fourth quarter of 2016 to the end of the first quarter of 2017 based on current market conditions and the timing of other resort openings in the area. There is no change to the current budget of $3.0 billion, which excludes development fees, capitalized interest and land related costs.

Key fourth quarter results for MGM China include the following:

•

MGM China earned net revenue of $499 million, a 31% decrease compared to the prior year quarter;

•

Main floor table games revenue decreased 14% compared to the prior year quarter;

•

VIP table games revenue decreased 49% due to a decrease in VIP table games turnover of 57% compared to the prior year quarter, while hold percentage increased to 3.0% in the current year quarter compared to 2.6% in the prior year quarter;

•

MGM China’s Adjusted EBITDA was $131 million, a 29% decrease compared to the prior year quarter, including $9 million of license fee expense in the current year quarter and no expense related to license fees in the prior year quarter;

•

MGM China’s Adjusted EBITDA margin increased by 45 basis points compared to the prior year quarter to 26.3% as a result of an increase in main floor table games mix; and

•

MGM China’s operating loss was $1.4 billion in the current year quarter, which included a $1.5 billion non-cash impairment charge on goodwill from the 2011 MGM China acquisition, compared to operating income of $109 million in the prior year quarter.

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,	2015		2014
	*(In thousands)*
CityCenter	$	19,331	$	(18,114	)
Borgata		16,230		11,304
Other		4,691		4,683

	$	40,252	$	(2,127	)

Results for CityCenter Holdings, LLC (“CityCenter”) for the fourth quarter of 2015 include the following (see schedules accompanying this release for further detail on CityCenter’s fourth quarter results):

•

Net revenue from resort operations increased by 12% to $323 million compared to $289 million in the prior year quarter;

•

Adjusted EBITDA from resort operations was an all time record of $106 million, an increase of 36% compared to the prior year quarter;

•

Adjusted EBITDA at Aria increased by 43% year over year to $85 million, driven by increases in casino revenue and rooms revenue;

•

Aria’s table games volume increased 12% and table games hold percentage was 26.8% compared to 21.5% in the prior year quarter;

•

Aria’s REVPAR was $212, a 7% increase compared to the prior year quarter;

•

Vdara reported a 23% increase in Adjusted EBITDA compared to the prior year quarter, led by a 13% increase in REVPAR; and

•

Crystals reported Adjusted EBITDA of $11 million, an increase of 2% from the prior year quarter.

CityCenter reported operating income of $18 million for the fourth quarter of 2015 compared to an operating loss of $58 million in the prior year quarter. Operating income in the current year quarter was negatively impacted by $20 million of accelerated depreciation associated with the scheduled April 2016 closure of the Zarkana theatre. The operating loss in the prior year quarter was negatively impacted by a $39 million property transaction charge, primarily related to a settlement with an insurer participating in CityCenter’s Owner Controlled Insurance Program.

The Company’s income from unconsolidated affiliates related to Borgata for the fourth quarter of 2015 increased 44% compared to the prior year quarter due to increases in casino revenue.

Page 3 of 14

Full Year 2015 Results

Consolidated net revenue for 2015 was $9.2 billion, a 9% decrease over 2014, and Adjusted Property EBITDA increased 2% compared to the prior year to $2.5 billion. Net revenue from wholly owned domestic resorts was $6.5 billion, a 2% increase compared to the prior year. Adjusted Property EBITDA from wholly owned domestic resorts increased 11% to $1.7 billion for 2015.

MGM China net revenue was $2.2 billion for 2015, a 33% decrease from 2014, and Adjusted EBITDA was $540 million compared to $850 million in the prior year. CityCenter reported a record $1.2 billion net revenue from resort operations, a 3% increase compared to the prior year, and Adjusted EBITDA related to resort operations was a record $348 million compared to $317 million in the prior year.

Loss per share attributable to the Company for 2015 was $0.82 compared to loss per share of $0.31 in 2014. 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,	2015			2014
Preopening and start-up expenses	$	(0.08	)	$	(0.05	)
Property transactions, net:
MGM China goodwill impairment		(1.38	)		—
Gain on sale of Circus Circus Reno and Silver Legacy		0.03			—
Grand Victoria investment impairment		(0.02	)		(0.04	)
Other property transactions, net		(0.05	)		(0.01	)
Income (loss) from unconsolidated affiliates:
Harmon-related property transactions, net		0.10			(0.02	)

MGM Growth Properties

As previously announced by the Company on October 29, 2015, MGM Growth Properties LLC (“MGP”), a newly formed subsidiary of the Company that intends to elect and qualify to be taxed as a real estate investment trust, confidentially submitted a draft registration statement on Form S-11 to the United States Securities and Exchange Commission (“SEC”) relating to its proposed initial public offering of Class A common shares. Since that initial confidential submission, MGP has received and responded to comments from the SEC and believes that it has substantially completed the review process with the SEC, although the SEC will continue to review MGP’s filings and may issue additional comments in the future.

In addition, the Company and MGP have filed the necessary applications with relevant gaming regulatory authorities for those approvals required for the announced REIT transaction and the MGP initial public offering and are continuing to engage with these regulators to obtain all required approvals in a timely manner.

“MGM Resorts and MGP are working diligently with our advisors and the regulators, and have made great strides thus far as evidenced by the progress we have made with the SEC, as well as the announcement of MGP’s management team and Board,” said Mr. Murren. “We are excited about the potential of this transaction and continue to actively work toward completing all the necessary steps in preparation for the planned IPO of MGM Growth Properties.”

Page 4 of 14

Financial Position

“Over the past year, MGM Resorts further strengthened its financial position as a result of a few key events: the conversion of our $1.45 billion convertible notes; the repayment of the $875 million senior notes; and MGM Resort’s $200 million share of the first ever $400 million special distribution from CityCenter,” said Dan D’Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International. “Our commitment to decrease leverage and strengthen our balance sheet remains a top priority, and we believe the creation of MGP will allow MGM Resorts to further execute on this goal.”

The Company’s cash balance at December 31, 2015 was $1.7 billion, which included $699 million at MGM China. At December 31, 2015, the Company had $2.7 billion of borrowings outstanding under its $3.9 billion senior secured credit facility and $1.6 billion outstanding under the $3 billion MGM China credit facility. In January 2016, MGM National Harbor entered into a $525 million credit agreement comprised of a $425 million term loan A facility and a $100 million revolving facility. In February 2016, MGM China amended its credit facility to increase its maximum permitted leverage ratio, in addition to other adjustments, to allow for more flexibility under its covenants.

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 6379822. A replay of the call will be available through Thursday, February 25, 2016. The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088. The replay access code is 10080352. 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 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.

* * *

Page 5 of 14

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 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, 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, amounts the Company expects to receive as a result of the MGM China dividends, the completion of the initial public offering of MGM Growth Properties and, if completed, the value realized by the Company from such transaction. 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
Executive Director of Investor Relations		Senior Vice President of Corporate Communications
(702) 693-8711		(702) 692-6888 orcdumont@mgmresorts.com

Page 6 of 14

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2015

December 31,
2014

December 31,
2015

December 31,
2014

Revenues:

Casino

1,146,765

1,399,640

4,842,836

5,878,775

Rooms

460,778

419,470

1,876,733

1,768,012

Food and beverage

370,880

366,352

1,575,496

1,558,937

Entertainment

137,293

141,289

539,318

560,116

Retail

47,897

45,204

201,688

191,351

Other

115,980

116,018

506,934

507,639

Reimbursed costs

95,936

94,397

398,836

383,434

2,375,529

2,582,370

9,941,841

10,848,264

Less: Promotional allowances

(183,656

)

(196,824

)

(751,773

)

(766,280

)

2,191,873

2,385,546

9,190,068

10,081,984

Expenses:

Casino

661,948

852,053

2,882,752

3,643,881

Rooms

139,910

128,349

564,094

548,993

Food and beverage

216,357

213,427

917,993

908,916

Entertainment

101,410

108,660

410,284

422,115

Retail

23,643

23,741

102,904

99,455

Other

80,355

85,926

348,513

361,904

Reimbursed costs

95,936

94,397

398,836

383,434

General and administrative

306,728

324,532

1,309,104

1,318,749

Corporate expense

90,574

69,458

274,551

238,811

Preopening and start-up expenses

21,057

13,629

71,327

39,257

Property transactions, net

1,491,277

480

1,503,942

41,002

Depreciation and amortization

200,164

202,654

819,883

815,765

3,429,359

2,117,306

9,604,183

8,822,282

Income (loss) from unconsolidated affiliates

40,252

(2,127

)

257,883

63,836

Operating income (loss)

(1,197,234

)

266,113

(156,232

)

1,323,538

Non-operating income (expense):

Interest expense, net of amounts capitalized

(186,291

)

(200,903

)

(797,579

)

(817,061

)

Non-operating items from unconsolidated affiliates

(16,717

)

(18,773

)

(76,462

)

(87,794

)

Other, net

(3,279

)

(5,800

)

(15,970

)

(7,797

)

(206,287

)

(225,476

)

(890,011

)

(912,652

)

Income (loss) before income taxes

(1,403,521

)

40,637

(1,046,243

)

410,886

Benefit (provision) for income taxes

(69,976

)

(328,109

)

6,594

(283,708

)

Net income (loss)

(1,473,497

)

(287,472

)

(1,039,649

)

127,178

Less: Net (income) loss attributable to noncontrolling interests

692,043

(54,791

)

591,929

(277,051

)

Net income (loss) attributable to MGM Resorts International

(781,454

)

(342,263

)

(447,720

)

(149,873

)

Per share of common stock:

Basic:

Net income (loss) attributable to MGM Resorts International

(1.38

)

(0.70

)

(0.82

)

(0.31

)

Weighted average shares outstanding

564,398

491,308

542,873

490,875

Diluted:

Net income (loss) attributable to MGM Resorts International

(1.38

)

(0.70

)

(0.82

)

(0.31

)

Weighted average shares outstanding

564,398

491,308

542,873

490,875

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MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)


	December 31, 2015			December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	1,670,312		$	1,713,715
Cash deposits - original maturities longer than 90 days		—			570,000
Accounts receivable, net		480,559			473,345
Inventories		104,200			104,011
Income tax receivable		15,993			14,675
Prepaid expenses and other		137,685			151,414

Total current assets		2,408,749			3,027,160


Property and equipment, net		15,371,795			14,441,542

Other assets:
Investments in and advances to unconsolidated affiliates		1,491,497			1,559,034
Goodwill		1,430,767			2,897,110
Other intangible assets, net		4,164,781			4,364,856
Other long-term assets, net		347,589			304,212

Total other assets		7,434,634			9,125,212

	$	25,215,178		$	26,593,914


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	182,031		$	164,252
Construction payable		250,120			170,439
Current portion of long-term debt		328,442			1,245,320
Deferred income taxes, net		—			62,142
Accrued interest on long-term debt		165,914			191,155
Other accrued liabilities		1,311,444			1,574,617

Total current liabilities		2,237,951			3,407,925

Deferred income taxes, net		2,680,576			2,621,860
Long-term debt		12,368,311			12,805,285
Other long-term obligations		157,663			130,570
Redeemable noncontrolling interest		6,250			—
Stockholders’ equity:
Common stock, $.01 par value: authorized 1,000,000,000 shares,
issued and outstanding 564,838,893 and 491,292,117 shares		5,648			4,913
Capital in excess of par value		5,655,886			4,180,922
Accumulated deficit		(555,629	)		(107,909	)
Accumulated other comprehensive income		14,022			12,991

Total MGM Resorts International stockholders’ equity		5,119,927			4,090,917
Noncontrolling interests		2,644,500			3,537,357

Total stockholders’ equity		7,764,427			7,628,274

	$	25,215,178		$	26,593,914

Page 8 of 14

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2015

December 31,
2014

December 31,
2015

December 31,
2014

Bellagio

311,893

294,110

1,236,248

1,248,203

MGM Grand Las Vegas

283,086

292,031

1,138,469

1,098,642

Mandalay Bay

205,134

204,280

906,243

874,126

The Mirage

128,095

141,582

568,607

572,699

Luxor

94,351

86,886

372,426

354,041

New York-New York

78,514

71,507

308,319

286,998

Excalibur

71,571

62,550

289,324

269,486

Monte Carlo

69,954

67,704

290,240

277,845

Circus Circus Las Vegas

55,347

49,254

232,844

209,662

MGM Grand Detroit

144,266

133,235

547,399

530,436

Beau Rivage

87,870

85,115

367,587

344,178

Gold Strike Tunica

38,990

38,118

160,863

157,733

Other resort operations

8,727

28,072

78,792

118,035

Wholly owned domestic resorts

1,577,798

1,554,444

6,497,361

6,342,084

MGM China

498,784

718,688

2,214,767

3,282,329

Management and other operations

115,291

112,414

477,940

457,571

2,191,873

2,385,546

9,190,068

10,081,984

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2015

December 31,
2014

December 31,
2015

December 31,
2014

Bellagio

106,588

84,514

395,385

393,702

MGM Grand Las Vegas

80,228

84,403

280,266

254,854

Mandalay Bay

38,729

36,827

203,474

175,626

The Mirage

16,674

27,981

112,475

110,154

Luxor

24,847

13,221

87,169

70,084

New York-New York

29,417

24,479

106,457

95,105

Excalibur

22,649

14,933

82,247

68,219

Monte Carlo

22,224

17,736

85,962

71,780

Circus Circus Las Vegas

11,677

5,000

43,245

23,615

MGM Grand Detroit

45,256

37,196

154,979

144,798

Beau Rivage

22,059

17,078

88,843

70,261

Gold Strike Tunica

11,879

10,066

46,023

40,332

Other resort operations

(1,492

)

(349

)

3,441

(223

)

Wholly owned domestic resorts

430,735

373,085

1,689,966

1,518,307

MGM China

130,983

185,462

539,881

850,471

Unconsolidated resorts(1)

40,252

(2,127

)

257,883

63,836

Management and other operations

7,616

(1,154

)

37,419

35,984

609,586

555,266

2,525,149

2,468,598

(1)

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

Page 9 of 14

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, 2015

Operating
income (loss)

Preopening and
start-up
expenses

Property
transactions, net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

83,761

—

748

22,079

106,588

MGM Grand Las Vegas

62,391

—

17,826

80,228

Mandalay Bay

16,078

—

937

21,714

38,729

The Mirage

6,099

427

10,083

16,674

Luxor

15,376

—

9,465

24,847

New York-New York

20,686

—

3,789

4,942

29,417

Excalibur

19,031

—

(17

)

3,635

22,649

Monte Carlo

14,305

)

1,620

6,301

22,224

Circus Circus Las Vegas

7,723

)

3,943

11,677

MGM Grand Detroit

39,217

—

(36

)

6,075

45,256

Beau Rivage

15,396

—

(12

)

6,675

22,059

Gold Strike Tunica

9,082

—

207

2,590

11,879

Other resort operations

(1,492

)

—

(1,492

)

Wholly owned domestic resorts

307,653

7,692

115,328

430,735

MGM China

(1,405,182

)

3,531

1,471,160

61,474

130,983

Unconsolidated resorts

39,190

1,062

—

40,252

Management and other operations

5,291

337

1,987

7,616

(1,053,048

)

4,992

1,478,853

178,789

609,586

Stock compensation

(9,845

)

—

(9,845

)

Corporate

(134,341

)

16,065

12,424

21,375

(84,477

)

(1,197,234

)

21,057

1,491,277

200,164

515,264

Three Months Ended December 31, 2014

Operating
income (loss)

Preopening and
start-up
expenses

Property
transactions, net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

62,677

—

21,794

84,514

MGM Grand Las Vegas

65,700

—

(910

)

19,613

84,403

Mandalay Bay

17,036

—

462

19,329

36,827

The Mirage

15,488

228

12,251

27,981

Luxor

3,242

—

382

9,597

13,221

New York-New York

18,864

630

4,984

24,479

Excalibur

11,027

—

141

3,765

14,933

Monte Carlo

12,186

114

5,415

17,736

Circus Circus Las Vegas

1,157

—

3,836

5,000

MGM Grand Detroit

31,133

—

239

5,824

37,196

Beau Rivage

10,461

—

6,568

17,078

Gold Strike Tunica

6,982

—

127

2,957

10,066

Other resort operations

644

—

(1,124

)

131

(349

)

Wholly owned domestic resorts

256,597

672

(248

)

116,064

373,085

MGM China

109,019

2,299

1,497

72,647

185,462

Unconsolidated resorts

(2,907

)

780

—

(2,127

)

Management and other operations

(4,001

)

359

414

2,074

(1,154

)

358,708

4,110

1,663

190,785

555,266

Stock compensation

(8,005

)

—

(8,005

)

Corporate

(84,590

)

9,519

(1,183

)

11,869

(64,385

)

266,113

13,629

480

202,654

482,876

Page 10 of 14

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, 2015

Operating
income (loss)

Preopening and
start-up
expenses

Property
transactions, net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

303,858

—

1,085

90,442

395,385

MGM Grand Las Vegas

206,896

—

110

73,260

280,266

Mandalay Bay

120,142

—

3,599

79,733

203,474

The Mirage

66,069

115

1,729

44,562

112,475

Luxor

49,369

)

37,708

87,169

New York-New York

81,618

(74

)

4,931

19,982

106,457

Excalibur

67,545

—

111

14,591

82,247

Monte Carlo

55,594

—

3,219

27,149

85,962

Circus Circus Las Vegas

27,305

280

15,639

43,245

MGM Grand Detroit

131,016

—

(36

)

23,999

154,979

Beau Rivage

62,613

—

)

26,235

88,843

Gold Strike Tunica

34,362

—

221

11,440

46,023

Other resort operations

2,975

—

466

3,441

Wholly owned domestic resorts

1,209,362

319

15,079

465,206

1,689,966

MGM China

(1,212,377

)

13,863

1,472,128

266,267

539,881

Unconsolidated resorts

254,408

3,475

—

257,883

Management and other operations

27,395

1,179

1,080

7,765

37,419

278,788

18,836

1,488,287

739,238

2,525,149

Stock compensation

(32,125

)

—

(32,125

)

Corporate

(402,895

)

52,491

15,655

80,645

(254,104

)

(156,232

)

71,327

1,503,942

819,883

2,238,920

Twelve Months Ended December 31, 2014

Operating
income (loss)

Preopening and
start-up
expenses

Property
transactions, net

Depreciation
and
amortization

Adjusted
EBITDA

Bellagio

304,144

—

900

88,658

393,702

MGM Grand Las Vegas

174,297

197

(667

)

81,027

254,854

Mandalay Bay

95,449

1,133

2,307

76,737

175,626

The Mirage

57,338

452

2,464

49,900

110,154

Luxor

31,801

432

37,849

70,084

New York-New York

75,360

732

427

18,586

95,105

Excalibur

52,915

—

500

14,804

68,219

Monte Carlo

48,937

1,507

290

21,046

71,780

Circus Circus Las Vegas

8,135

15,334

23,615

MGM Grand Detroit

118,755

—

2,728

23,315

144,798

Beau Rivage

43,152

—

1,000

26,109

70,261

Gold Strike Tunica

27,460

—

392

12,480

40,332

Other resort operations

(2,318

)

—

336

1,759

(223

)

Wholly owned domestic resorts

1,035,425

4,108

11,170

467,604

1,518,307

MGM China

547,977

9,091

1,493

291,910

850,471

Unconsolidated resorts

62,919

917

—

63,836

Management and other operations

26,152

359

415

9,058

35,984

1,672,473

14,475

13,078

768,572

2,468,598

Stock compensation

(28,372

)

—

(28,372

)

Corporate

(320,563

)

24,782

27,924

47,193

(220,664

)

1,323,538

39,257

41,002

815,765

2,219,562

Page 11 of 14

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS) ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL

(In thousands)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2015

December 31,
2014

December 31,
2015

December 31,
2014

Adjusted EBITDA

515,264

482,876

2,238,920

2,219,562

Preopening and start-up expenses

(21,057

)

(13,629

)

(71,327

)

(39,257

)

Property transactions, net

(1,491,277

)

(480

)

(1,503,942

)

(41,002

)

Depreciation and amortization

(200,164

)

(202,654

)

(819,883

)

(815,765

)

Operating income (loss)

(1,197,234

)

266,113

(156,232

)

1,323,538

Non-operating income (expense):

Interest expense, net of amounts capitalized

(186,291

)

(200,903

)

(797,579

)

(817,061

)

Other, net

(19,996

)

(24,573

)

(92,432

)

(95,591

)

(206,287

)

(225,476

)

(890,011

)

(912,652

)

Income (loss) before income taxes

(1,403,521

)

40,637

(1,046,243

)

410,886

Benefit (provision) for income taxes

(69,976

)

(328,109

)

6,594

(283,708

)

Net income (loss)

(1,473,497

)

(287,472

)

(1,039,649

)

127,178

Less: Net (income) loss attributable to noncontrolling interests

692,043

(54,791

)

591,929

(277,051

)

Net income (loss) attributable to MGM Resorts International

(781,454

)

(342,263

)

(447,720

)

(149,873

)

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)


	Three Months Ended						Twelve Months Ended
	December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014
Bellagio
Occupancy %		91.1	%		87.6	%		93.2	%		92.9	%
Average daily rate (ADR)	$	270		$	258		$	262		$	254
Revenue per available room (REVPAR)	$	246		$	226		$	244		$	236

MGM Grand Las Vegas
Occupancy %		89.2	%		93.0	%		94.1	%		96.0	%
ADR	$	170		$	149		$	165		$	150
REVPAR	$	152		$	138		$	156		$	144

Mandalay Bay
Occupancy %		84.9	%		86.8	%		90.6	%		92.0	%
ADR	$	201		$	181		$	203		$	191
REVPAR	$	171		$	157		$	184		$	176

The Mirage
Occupancy %		93.3	%		91.3	%		94.2	%		94.8	%
ADR	$	169		$	157		$	166		$	159
REVPAR	$	158		$	143		$	157		$	151

Luxor
Occupancy %		91.4	%		87.2	%		94.2	%		93.1	%
ADR	$	108		$	96		$	105		$	96
REVPAR	$	99		$	84		$	99		$	89

New York-New York
Occupancy %		94.8	%		95.5	%		97.6	%		97.8	%
ADR	$	133		$	119		$	129		$	120
REVPAR	$	126		$	113		$	126		$	118

Excalibur
Occupancy %		90.0	%		84.7	%		93.2	%		92.0	%
ADR	$	92		$	80		$	88		$	79
REVPAR	$	83		$	68		$	82		$	73

Monte Carlo
Occupancy %		93.5	%		93.6	%		96.4	%		96.8	%
ADR	$	122		$	108		$	119		$	110
REVPAR	$	114		$	101		$	115		$	107

Circus Circus Las Vegas
Occupancy %		80.2	%		77.1	%		83.8	%		80.4	%
ADR	$	75		$	61		$	71		$	60
REVPAR	$	60		$	47		$	59		$	49

Page 12 of 14

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2015

December 31,
2014

December 31,
2015

December 31,
2014

Aria

262,262

232,622

985,483

955,563

Vdara

27,515

25,195

111,006

103,856

Crystals

17,019

16,392

69,071

66,475

Mandarin Oriental

15,806

14,585

61,541

60,515

Resort operations

322,602

288,794

1,227,101

1,186,409

Residential operations

3,369

6,906

33,358

62,985

325,971

295,700

1,260,459

1,249,394

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

(In thousands)

(Unaudited)


	Three Months Ended						Twelve Months Ended
	December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014
Adjusted EBITDA	$	105,698		$	68,008		$	351,871		$	298,365
Property transactions, net		(4,274	)		(39,321	)		154,733			(61,914	)
Depreciation and amortization		(83,413	)		(87,098	)		(272,330	)		(350,926	)

Operating income		18,011			(58,411	)		234,274			(114,475	)

Non-operating income (expense):
Interest expense		(18,179	)		(17,993	)		(72,791	)		(82,260	)
Other, net		164			(1,071	)		350			(11,831	)

		(18,015	)		(19,064	)		(72,441	)		(94,091	)

Net income (loss)	$	(4	)	$	(77,475	)	$	161,833		$	(208,566	)

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended December 31, 2015


	Operating income (loss)			Preopening and start-up expenses		Property transactions, net			Depreciation and amortization		Adjusted EBITDA
Aria	$	14,312		$	—	$	4,271		$	66,704	$	85,287
Vdara		426			—		3			6,974		7,403
Crystals		4,132			—		—			6,646		10,778
Mandarin Oriental		(914	)		—		—			3,085		2,171

Resort operations		17,956			—		4,274			83,409		105,639
Residential operations		1,065			—		—			4		1,069
Development and administration		(1,010	)		—		—			—		(1,010	)

	$	18,011		$	—	$	4,274		$	83,413	$	105,698

Three Months Ended December 31, 2014
	Operating income (loss)			Preopening and start-up expenses		Property transactions, net			Depreciation and amortization		Adjusted EBITDA
Aria	$	(11,217	)	$	—	$	4,255		$	66,538	$	59,576
Vdara		(3,558	)		—		7			9,554		6,003
Crystals		3,999			—		(11	)		6,568		10,556
Mandarin Oriental		(2,642	)		—		—			4,182		1,540

Resort operations		(13,418	)		—		4,251			86,842		77,675
Residential operations		583			—		—			41		624
Development and administration		(45,576	)		—		35,070			215		(10,291	)

	$	(58,411	)	$	—	$	39,321		$	87,098	$	68,008

Page 13 of 14

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Twelve Months Ended December 31, 2015

Operating
income (loss)

Preopening and
start-up
expenses

Property
transactions, net

Depreciation
and
amortization

Adjusted
EBITDA

Aria

59,210

—

5,189

203,207

267,606

Vdara

(726

)

—

30,389

29,666

Crystals

18,310

—

26,632

44,997

Mandarin Oriental

(6,569

)

—

12,254

5,685

Resort operations

70,225

—

5,247

272,482

347,954

Residential operations

7,814

—

7,877

Development and administration

156,235

—

(159,980

)

(215

)

(3,960

)

234,274

—

(154,733

)

272,330

351,871

Twelve Months Ended December 31, 2014

Operating
income (loss)

Preopening and
start-up
expenses

Property
transactions, net

Depreciation
and
amortization

Adjusted
EBITDA

Aria

(34,515

)

—

12,858

264,447

242,790

Vdara

(15,103

)

—

155

40,636

25,688

Crystals

16,384

—

202

26,867

43,453

Mandarin Oriental

(13,349

)

—

18,333

5,028

Resort operations

(46,583

)

—

13,259

350,283

316,959

Residential operations

7,835

—

1,115

428

9,378

Development and administration

(75,727

)

—

47,540

215

(27,972

)

(114,475

)

—

61,914

350,926

298,365

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,
2015

December 31,
2014

December 31,
2015

December 31,
2014

Aria

Occupancy%

90.2

91.1

92.3

92.9

ADR

235

217

233

217

REVPAR

212

198

215

202

Vdara

Occupancy%

86.7

87.8

91.7

92.0

ADR

202

177

189

174

REVPAR

175

155

173

160

Page 14 of 14

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