MGM Resorts International (MGM) 10-K2015 FY Annual report

Filed: 29 Feb 16, 12:00am

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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,
	2015			2014			2013			2012			2011
	(In thousands)
Earnings:
Income (loss) from continuing operations before income taxes and (income) loss from unconsolidated affiliates	$	(1,224,189	)	$	435,761		$	202,550		$	(1,585,912	)	$	2,860,981
Fixed charges (see below)		862,377			846,321			862,417			1,117,327			1,086,865
Distributed income from unconsolidated affiliates		230,945			15,700			17,038			23,000			63,013
		(130,867	)		1,297,782			1,082,005			(445,585	)		4,010,859
Capitalized interest		(64,798	)		(29,260	)		(5,070	)		(969	)		(33	)
		(195,665	)		1,268,522			1,076,935			(446,554	)		4,010,826
Fixed charges:
Interest expense, net (a)	$	797,579		$	817,061		$	857,347		$	1,116,358		$	1,086,832
Capitalized interest		64,798			29,260			5,070			969			33
		862,377			846,321			862,417			1,117,327			1,086,865
Ratio of earnings to fixed charges	(b)			1.50x			1.25x			(b)			3.69x
Deficiency	$	1,058,042		$	–		$	–		$	1,563,881		$	–

(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.