MGM Resorts International (MGM) 10-K2016 FY Annual report

Filed: 1 Mar 17, 12:00am

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New words: abroad, absolute, absorb, accretion, advisory, aforementioned, agility, ancillary, arrive, Athena, ATM, automate, awaiting, baseline, Beltway, bore, breakage, bridge, broader, bundled, Chicago, clarifying, cloud, column, condemnation, consumption, correspondingly, curtailing, decommissioning, EBITDAR, Elisa, EmployerIdentification, encumbrance, endangered, entirety, expedient, family, Fenner, freeze, fullest, GPM, grid, guaranty, Hang, hedge, hedging, HEREIU, holder, hunger, inception, ineffective, input, institutionalize, Jr, Kilroy, Kirk, Korea, label, landlord, launch, launched, leaseback, levied, lot, LP, LRL, lump, Lynch, macroeconomic, martial, Merrill, metropolitan, mitigate, modification, Morgan, noncash, notified, notional, notwithstanding, NV, objector, occasionally, omission, overlapping, Pennsylvania, petition, phone, Pierce, presale, proactively, propensity, prove, qualitative, quantitative, rebranding, rehabilitation, relet, remanded, remeasurement, requisite, retiree, RSU, Saving, Seng, sizable, Smith, speed, sublease, Subtopic, surcharge, surface, swap, Task, tenant, territorial, therewith, timeframe, title, today, tool, transferee, TSR, umbrella, unchanged, unfavorable, unfavorably, unprofitable, unrealized, UPREIT, valet, VIE, virtually, vulnerability, winding, withheld, yrs

Removed: Africa, aging, allege, answered, appointed, authorization, Banco, blend, boat, Branch, branded, casual, challenging, circumstance, collateralized, covenant, deductible, denied, Diaoyutai, discharged, discovery, fine, forward, Gloria, granting, Guesthouse, hearing, Honorable, India, insurer, integration, Jackson, Lottery, Macanese, Michael, middle, motion, move, Nacional, Navarro, negotiated, nongaming, opposition, overrun, partial, perfected, Perini, PIK, pledged, pool, positively, Prepaid, priority, privately, PRMA, rated, recover, requirement, resolved, restructuring, retire, revocation, rooftop, Sanya, scheduling, sharing, spent, standardization, standardizing, stay, striving, suited, tender, toggle, traditionally, transparent, Ultramarino, underway, unused, write

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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,
	2016			2015			2014			2013			2012
	(In thousands)
Earnings:
Income (loss) from continuing operations before income taxes and (income) loss from unconsolidated affiliates	$	787,868		$	(1,224,189	)	$	435,761		$	202,550		$	(1,585,912	)
Fixed charges (see below)		814,731			862,377			846,321			862,417			1,117,327
Distributed income from unconsolidated affiliates		559,002			230,945			15,700			17,038			23,000
		2,161,601			(130,867	)		1,297,782			1,082,005			(445,585	)
Capitalized interest		(119,958	)		(64,798	)		(29,260	)		(5,070	)		(969	)
		2,041,643			(195,665	)		1,268,522			1,076,935			(446,554	)
Fixed charges:
Interest expense, net (a)	$	694,773		$	797,579		$	817,061		$	857,347		$	1,116,358
Capitalized interest		119,958			64,798			29,260			5,070			969
		814,731			862,377			846,321			862,417			1,117,327
Ratio of earnings to fixed charges	2.51x			(b)			1.50x			1.25x			(b)
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.