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Form 8-K MGM Resorts Internationa For: Oct 30

October 30, 2014 8:16 AM EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): October�30, 2014

MGM Resorts International

(Exact name of registrant as specified in its charter)

Delaware 001-10362 88-0215232

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109

(Address of principal executive offices � Zip Code)

(702) 693-7120

(Registrant�s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


ITEM�2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

This current report on Form 8-K is being furnished to disclose the press release issued by the Registrant on October�30, 2014. The purpose of the press release, furnished as Exhibit 99.1, was to announce the Registrant�s results of operations for the quarter ended September�30, 2014. The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed �filed� for purposes of Section�18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

ITEM�9.01 FINANCIAL STATEMENTS AND EXHIBITS

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits:

99.1 Press release of the Registrant dated October�30, 2014, announcing financial results for the quarter ended September�30, 2014.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MGM Resorts International
Date: October 30, 2014 By:

/s/ Robert C. Selwood

Robert C. Selwood
Executive Vice President and Chief Accounting Officer

Exhibit 99.1

LOGO

MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER FINANCIAL RESULTS

MGM China�s Adjusted EBITDA Increased 12% Driven by Mass Market Growth

Las Vegas, Nevada, October�30, 2014 � MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended September�30, 2014. Diluted loss per share for the third quarter of 2014 was $0.04 compared to diluted loss per share of $0.05 in the prior year third quarter.

�Our consolidated net revenues increased by 1% and EBITDA increased by 2% during the quarter.�In Las Vegas, the market continues to improve as our top line revenues grew 3%.�While we expected to have some negative impact to margins during the quarter as a result of the disruptions related to our investments in Delano at Mandalay Bay and the Strip frontage at Monte Carlo, we were also negatively affected by lower year over year table games hold and an increase in certain expenses.�Looking forward, we remain highly focused on increasing revenues and expanding margins while driving operating leverage in an improving market,� said Jim Murren, Chairman and Chief Executive Officer of MGM Resorts International, �MGM China reported a 12% increase in EBITDA to $214 million and margin expansion of 330 basis points despite a difficult market.�The construction of MGM Cotai is progressing well and is on time, and on budget, for a fall 2016 opening.�

Key results for the third quarter of 2014 include the following:

Consolidated net revenue was $2.5 billion, a 1% increase over the prior year quarter;

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 5% with a 6% increase in REVPAR(1) at the Company�s Las Vegas Strip resorts compared to the prior year quarter;

Adjusted Property EBITDA(2) was $570 million, a 2% increase compared to the prior year quarter;

The Company�s wholly owned domestic resorts earned Adjusted Property EBITDA of $328 million, a 6% decrease compared to the prior year quarter, primarily due to a decrease in table games hold percentage at its Las Vegas Strip resorts which negatively affected Adjusted Property EBITDA by approximately $18 million;

MGM China�s Adjusted EBITDA was $214 million, a 12% increase compared to the prior year quarter, including $12 million of branding fee expense in the current quarter compared to $8 million in the prior year quarter; and

CityCenter earned Adjusted EBITDA related to resort operations of $64 million, a 2% increase over the prior year quarter.

Certain Items Affecting Third Quarter Results

The following table lists 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 September�30,

�� 2014 2013

Preopening and start-up expenses

�� $ (0.01 )� $ ��� ��

Property transactions, net

�� (0.01 )� (0.03 )�

Property transactions, net in the prior year quarter included a non-cash impairment charge of $20 million related to land holdings in Jean and Sloan, Nevada.

Page 1 of 12


Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts decreased 4% compared to the prior year quarter due primarily to a decrease in table games hold percentage. Table games hold percentage in the third quarter of 2014 was 19.8% compared to 21.5% in the prior year quarter. Slots revenue decreased slightly at the Company�s wholly owned domestic resorts compared to the prior year quarter but increased 1% at the Company�s Las Vegas Strip resorts.

Rooms revenue increased 5% 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 September�30,

�� 2014 2013

Occupancy %

�� 95 %� 93 %�

Average Daily Rate (ADR)

�� $ 131 �� $ 127 ��

Revenue per Available Room (REVPAR)

�� $ 124 �� $ 117 ��

Food and beverage revenue increased 9% as a result of increased convention and banquet business and the opening of several new outlets. Adjusted Property EBITDA margin decreased to 20.8% from 22.6% in the prior year quarter and was negatively affected by a decrease in table games hold percentage, an increase in certain expenses and disruption from the Company�s investments in Delano at Mandalay Bay and the new Strip frontage at Monte Carlo.

MGM China

Key third quarter results for MGM China include the following:

MGM China earned net revenue of $794 million, a 2% decrease compared to the prior year quarter;

VIP table games revenue decreased 19% due primarily to a decrease in VIP table games turnover of 19% compared to the prior year quarter, as well as a decrease in hold percentage to 2.7% in the current year quarter compared to 2.8% in the prior year quarter;

Main floor table games revenue increased 34% compared to the prior year quarter. Main floor table games volume increased 15% and hold percentage was 28.0% in the current year quarter compared to 24.0% in the prior year quarter;

MGM China�s Adjusted EBITDA was $214 million, a 12% increase compared to the prior year quarter, including $12 million of branding fee expense in the current quarter compared to $8 million in the prior year quarter;

MGM China�s Adjusted EBITDA margin increased by 330 basis points compared to the prior year quarter to 26.9%; and

Operating income was $140 million compared to $114 million in the prior year quarter.

MGM China paid a $137 million dividend in September 2014, of which $70 million was distributed to MGM Resorts and $67 million was distributed to noncontrolling interests.

Page 2 of 12


Income (Loss) from Unconsolidated Affiliates

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

Three months ended September�30,

�� 2014 2013
�� (In�thousands)

CityCenter

�� $ (6,719 )� $ (2,881 )�

Borgata

�� 22,397 �� 15,034 ��

Other

�� 7,325 �� 6,809 ��
��

�� $ �23,003 �� $ �18,962 ��
��

In September 2014, the Company was relicensed in the state of New Jersey. As a result, the Company resumed accounting for its 50% interest in Borgata under the equity method and has adjusted its prior period financial statements retroactively as required by generally accepted accounting principles.

Results for CityCenter Holdings, LLC for the third quarter of 2014 include the following (see schedules accompanying this release for further detail on CityCenter�s third quarter results):

Net revenue from resort operations increased by 5% to $280 million compared to $268 million in the prior year quarter;

Adjusted EBITDA from resort operations was $64 million, an increase of 2% compared to the prior year quarter;

Aria�s table games hold percentage was 21.7% compared to 22.5% in the prior year quarter;

Aria�s occupancy percentage was 94% and its ADR was $206, resulting in REVPAR of $194, a 10% increase compared to the prior year quarter;

Vdara reported REVPAR of $153, an increase of 12% compared to the prior year quarter; and

Crystals reported Adjusted EBITDA of $11 million, an increase of 8% from the prior year quarter.

Financial Position

�Since our last earnings release, we have made significant progress in achieving certain financial goals. We were unanimously approved for a casino license in the state of New Jersey, and as a result received $83 million in cash from our previous trust arrangement,� said Dan D�Arrigo, Executive Vice President, CFO and Treasurer of MGM Resorts International. �MGM Resorts along with AEG secured a $200 million bank facility to fund the development and construction of our new 20,000 seat arena which is underway on the Las Vegas Strip between New York-New York and Monte Carlo.�

The Company�s cash balance at September�30, 2014 was $1.3 billion, which included $540 million at MGM China. At September�30, 2014 the Company had $2.8 billion of borrowings outstanding under its $4.0 billion senior secured credit facility and $552 million outstanding under the $2.0 billion MGM China credit facility.

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 6307991. A replay of the call will be available through Friday, November�7, 2014.�The replay may be accessed by dialing 1-877-344-7529 or 1-412-317-0088.�The replay access code is 10054034. The call will be archived at www.mgmresorts.com.

Page 3 of 12


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.

* * *

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 also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA resort and 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, statements regarding the timing and costs of our development projects, including MGM Cotai, and the Company�s ability to increase its revenues, margins and the operating leverage of its resort portfolio. 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
SARAH ROGERS �� CLARK DUMONT
Vice President Investor Relations �� Senior Vice President of Corporate Communications
(702) 693-8654 or [email protected] �� (702) 891-1836 or [email protected]

Page 4 of 12


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

�� Three Months Ended Nine Months Ended
�� September�30, September�30, September�30, September�30,
�� 2014 2013 2014 2013

Revenues:

��

Casino

�� $ 1,420,538 �� $ 1,460,300 �� $ 4,479,135 �� $ 4,304,877 ��

Rooms

�� 433,005 �� 413,060 �� 1,348,542 �� 1,252,020 ��

Food and beverage

�� 396,470 �� 366,988 �� 1,192,585 �� 1,121,117 ��

Entertainment

�� 146,315 �� 145,799 �� 418,827 �� 380,654 ��

Retail

�� 50,720 �� 52,151 �� 146,147 �� 149,606 ��

Other

�� 132,126 �� 123,180 �� 391,621 �� 374,920 ��

Reimbursed costs

�� 98,317 �� 92,038 �� 289,037 �� 275,015 ��
��

�� 2,677,491 �� 2,653,516 �� 8,265,894 �� 7,858,209 ��

Less: Promotional allowances

�� (192,484 )� (190,479 )� (569,456 )� (561,759 )�
��

�� 2,485,007 �� 2,463,037 �� 7,696,438 �� 7,296,450 ��
��

Expenses:

��

Casino

�� 884,177 �� 913,137 �� 2,791,828 �� 2,705,190 ��

Rooms

�� 143,993 �� 132,386 �� 420,644 �� 394,096 ��

Food and beverage

�� 234,307 �� 214,683 �� 695,489 �� 645,119 ��

Entertainment

�� 109,757 �� 107,939 �� 313,455 �� 281,604 ��

Retail

�� 26,183 �� 28,053 �� 75,714 �� 81,884 ��

Other

�� 96,324 �� 91,841 �� 275,978 �� 270,633 ��

Reimbursed costs

�� 98,317 �� 92,038 �� 289,037 �� 275,015 ��

General and administrative

�� 347,487 �� 342,847 �� 994,217 �� 961,072 ��

Corporate expense

�� 61,563 �� 54,190 �� 169,353 �� 153,178 ��

Preopening and start-up expenses

�� 10,233 �� 4,279 �� 25,628 �� 9,931 ��

Property transactions, net

�� 6,794 �� 26,127 �� 40,522 �� 122,749 ��

Depreciation and amortization

�� 202,386 �� 211,682 �� 613,111 �� 641,751 ��
��

�� 2,221,521 �� 2,219,202 �� 6,704,976 �� 6,542,222 ��
��

Income from unconsolidated affiliates

�� 23,003 �� 18,962 �� 65,963 �� 52,919 ��
��

Operating income

�� 286,489 �� 262,797 �� 1,057,425 �� 807,147 ��
��

Non-operating income (expense):

��

Interest expense, net of amounts capitalized

�� (202,835 )� (208,939 )� (616,158 )� (648,886 )�

Non-operating items from unconsolidated affiliates

�� (22,810 )� (34,439 )� (69,021 )� (115,452 )�

Other, net

�� (254 )� (676 )� (1,997 )� (6,909 )�
��

�� (225,899 )� (244,054 )� (687,176 )� (771,247 )�
��

Income before income taxes

�� 60,590 �� 18,743 �� 370,249 �� 35,900 ��

Benefit (provision) for income taxes

�� (10,208 )� 14,428 �� 44,401 �� (16,933 )�
��

Net income

�� 50,382 �� 33,171 �� 414,650 �� 18,967 ��

Less: Net income attributable to noncontrolling interests

�� (70,652 )� (55,484 )� (222,260 )� (133,896 )�
��

Net income (loss) attributable to MGM Resorts International

�� $ (20,270 )� $ (22,313 )� $ 192,390 �� $ (114,929 )�
��

Per share of common stock:

��

Basic:

��

Net income (loss) attributable to MGM Resorts International

�� $ (0.04 )� $ (0.05 )� $ 0.39 �� $ (0.23 )�
��

Weighted average shares outstanding

�� 490,914 �� 489,672 �� 490,746 �� 489,484 ��
��

Diluted:

��

Net income (loss) attributable to MGM Resorts International

�� $ (0.04 )� $ (0.05 )� $ 0.39 �� $ (0.23 )�
��

Weighted average shares outstanding

�� 490,914 �� 489,672 �� 497,228 �� 489,484 ��
��

Page 5 of 12


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

�� September�30, �� December�31,
�� 2014 �� 2013
ASSETS ��

Current assets:

�� ��

Cash and cash equivalents

�� $ 1,313,427 �� �� $ 1,803,669 ��

Accounts receivable, net

�� 433,853 �� �� 488,217 ��

Inventories

�� 99,274 �� �� 107,907 ��

Deferred income taxes, net

�� ��� �� �� 80,989 ��

Prepaid expenses and other

�� 144,503 �� �� 238,657 ��
��

��

Total current assets

�� 1,991,057 �� �� 2,719,439 ��
��

��

Property and equipment, net

�� 14,253,703 �� �� 14,055,212 ��

Other assets:

�� ��

Investments in and advances to unconsolidated affiliates

�� 1,555,353 �� �� 1,469,261 ��

Goodwill

�� 2,893,467 �� �� 2,897,442 ��

Other intangible assets, net

�� 4,331,768 �� �� 4,511,861 ��

Other long-term assets, net

�� 423,138 �� �� 431,395 ��
��

��

Total other assets

�� 9,203,726 �� �� 9,309,959 ��
��

��

�� $ 25,448,486 �� �� $ 26,084,610 ��
��

��

LIABILITIES AND STOCKHOLDERS� EQUITY ��

Current liabilities:

�� ��

Accounts payable

�� $ 266,696 �� �� $ 241,192 ��

Income taxes payable

�� 2,390 �� �� 14,813 ��

Current portion of long-term debt

�� 1,191,542 �� �� ��� ��

Deferred income taxes, net

�� 18,815 �� �� ��� ��

Accrued interest on long-term debt

�� 180,792 �� �� 188,522 ��

Other accrued liabilities

�� 1,709,079 �� �� 1,770,801 ��
��

��

Total current liabilities

�� 3,369,314 �� �� 2,215,328 ��
��

��

Deferred income taxes

�� 2,339,171 �� �� 2,419,967 ��

Long-term debt

�� 11,723,655 �� �� 13,447,230 ��

Other long-term obligations

�� 117,710 �� �� 141,590 ��

Stockholders� equity:

�� ��

Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 490,889,936 and 490,360,628 shares

�� 4,909 �� �� 4,904 ��

Capital in excess of par value

�� 4,173,205 �� �� 4,156,680 ��

Retained earnings

�� 234,354 �� �� 41,964 ��

Accumulated other comprehensive income

�� 8,388 �� �� 12,503 ��
��

��

Total MGM Resorts International stockholders� equity

�� 4,420,856 �� �� 4,216,051 ��

Noncontrolling interests

�� 3,477,780 �� �� 3,644,444 ��
��

��

Total stockholders� equity

�� 7,898,636 �� �� 7,860,495 ��
��

��

�� $ 25,448,486 �� �� $ 26,084,610 ��
��

��

Page 6 of 12


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

�� Three Months Ended �� Nine Months Ended
�� September�30, �� September�30, �� September�30, �� September�30,
�� 2014 �� 2013 �� 2014 �� 2013

Bellagio

�� $ 302,024 �� �� $ 274,812 �� �� $ 954,093 �� �� $ 878,643 ��

MGM Grand Las Vegas

�� 273,272 �� �� 274,265 �� �� 806,611 �� �� 788,581 ��

Mandalay Bay

�� 216,956 �� �� 214,289 �� �� 669,846 �� �� 595,108 ��

The Mirage

�� 136,199 �� �� 146,290 �� �� 431,117 �� �� 433,226 ��

Luxor

�� 92,395 �� �� 85,903 �� �� 267,155 �� �� 247,075 ��

New York-New York

�� 70,658 �� �� 66,485 �� �� 215,491 �� �� 204,823 ��

Excalibur

�� 67,238 �� �� 67,807 �� �� 206,936 �� �� 199,583 ��

Monte Carlo

�� 69,198 �� �� 64,971 �� �� 210,141 �� �� 200,362 ��

Circus Circus Las Vegas

�� 57,741 �� �� 55,044 �� �� 160,408 �� �� 152,227 ��

MGM Grand Detroit

�� 127,703 �� �� 133,764 �� �� 397,201 �� �� 407,225 ��

Beau Rivage

�� 89,049 �� �� 91,968 �� �� 259,063 �� �� 258,837 ��

Gold Strike Tunica

�� 43,196 �� �� 39,525 �� �� 119,615 �� �� 112,967 ��

Other resort operations

�� 32,507 �� �� 32,990 �� �� 89,963 �� �� 94,640 ��
��

��

��

��

Wholly owned domestic resorts

�� 1,578,136 �� �� 1,548,113 �� �� 4,787,640 �� �� 4,573,297 ��
��

��

��

��

MGM China

�� 794,265 �� �� 808,471 �� �� 2,563,641 �� �� 2,391,177 ��

Management and other operations

�� 112,606 �� �� 106,453 �� �� 345,157 �� �� 331,976 ��
��

��

��

��

�� $ 2,485,007 �� �� $ 2,463,037 �� �� $ 7,696,438 �� �� $ 7,296,450 ��
��

��

��

��

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)

�� Three Months Ended �� Nine Months Ended
�� September�30, �� September�30, �� September�30, �� September�30,
�� 2014 �� 2013 �� 2014 �� 2013

Bellagio

�� $ 88,420 �� �� $ 70,111 �� �� $ 309,188 �� �� $ 259,212 ��

MGM Grand Las Vegas

�� 53,847 �� �� 66,098 �� �� 170,451 �� �� 177,738 ��

Mandalay Bay

�� 29,796 �� �� 42,036 �� �� 138,799 �� �� 130,808 ��

The Mirage

�� 17,844 �� �� 29,775 �� �� 82,173 �� �� 84,464 ��

Luxor

�� 17,563 �� �� 15,285 �� �� 56,863 �� �� 49,147 ��

New York-New York

�� 20,521 �� �� 20,709 �� �� 70,626 �� �� 67,781 ��

Excalibur

�� 13,690 �� �� 15,336 �� �� 53,286 �� �� 50,216 ��

Monte Carlo

�� 14,150 �� �� 15,245 �� �� 54,044 �� �� 52,614 ��

Circus Circus Las Vegas

�� 6,093 �� �� 5,848 �� �� 18,615 �� �� 15,701 ��

MGM Grand Detroit

�� 34,583 �� �� 36,855 �� �� 107,602 �� �� 115,170 ��

Beau Rivage

�� 20,053 �� �� 21,258 �� �� 53,183 �� �� 51,597 ��

Gold Strike Tunica

�� 10,514 �� �� 9,502 �� �� 30,266 �� �� 28,007 ��

Other resort operations

�� 904 �� �� 2,002 �� �� 126 �� �� 4,245 ��
��

��

��

��

Wholly owned domestic resorts

�� 327,978 �� �� 350,060 �� �� 1,145,222 �� �� 1,086,700 ��
��

��

��

��

MGM China

�� 213,796 �� �� 190,772 �� �� 665,009 �� �� 576,042 ��

Unconsolidated resorts(1)

�� 23,003 �� �� 18,962 �� �� 65,963 �� �� 52,919 ��

Management and other operations

�� 5,184 �� �� 1,644 �� �� 37,138 �� �� 26,465 ��
��

��

��

��

�� $ 569,961 �� �� $ 561,438 �� �� $ 1,913,332 �� �� $ 1,742,126 ��
��

��

��

��

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

Page 7 of 12


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three Months Ended September�30, 2014

�� Operating
income
(loss)
Preopening
and
start-up

expenses
�� Property
transactions,
net
Depreciation
and
amortization
�� Adjusted
EBITDA

Bellagio

�� $ 65,589 �� $ ��� �� �� $ 284 �� $ 22,547 �� �� $ 88,420 ��

MGM Grand Las Vegas

�� 33,236 �� ��� �� �� 44 �� 20,567 �� �� 53,847 ��

Mandalay Bay

�� 10,478 �� ��� �� �� 1,606 �� 17,712 �� �� 29,796 ��

The Mirage

�� 4,896 �� 416 �� �� 288 �� 12,244 �� �� 17,844 ��

Luxor

�� 8,018 �� 2 �� �� 50 �� 9,493 �� �� 17,563 ��

New York-New York

�� 15,854 �� ��� �� �� 84 �� 4,583 �� �� 20,521 ��

Excalibur

�� 9,828 �� ��� �� �� 28 �� 3,834 �� �� 13,690 ��

Monte Carlo

�� 8,646 �� 107 �� �� 19 �� 5,378 �� �� 14,150 ��

Circus Circus Las Vegas

�� 2,133 �� 42 �� �� 69 �� 3,849 �� �� 6,093 ��

MGM Grand Detroit

�� 26,164 �� ��� �� �� 2,411 �� 6,008 �� �� 34,583 ��

Beau Rivage

�� 13,049 �� ��� �� �� 392 �� 6,612 �� �� 20,053 ��

Gold Strike Tunica

�� 7,462 �� ��� �� �� ��� �� 3,052 �� �� 10,514 ��

Other resort operations

�� (1,107 )� ��� �� �� 1,468 �� 543 �� �� 904 ��
��

��

��

Wholly owned domestic resorts

�� 204,246 �� 567 �� �� 6,743 �� 116,422 �� �� 327,978 ��
��

��

��

MGM China

�� 140,257 �� 1,467 �� �� 52 �� 72,020 �� �� 213,796 ��

Unconsolidated resorts

�� 22,986 �� 17 �� �� ��� �� ��� �� �� 23,003 ��

Management and other operations

�� 3,138 �� ��� �� �� ��� �� 2,046 �� �� 5,184 ��
��

��

��

�� 370,627 �� 2,051 �� �� 6,795 �� 190,488 �� �� 569,961 ��
��

��

��

Stock compensation

�� (7,275 )� ��� �� �� ��� �� ��� �� �� (7,275 )�

Corporate

�� (76,863 )� 8,182 �� �� (1 )� 11,898 �� �� (56,784 )�
��

��

��

�� $ 286,489 �� $ 10,233 �� �� $ 6,794 �� $ 202,386 �� �� $ 505,902 ��
��

��

��

Three Months Ended September 30, 2013

�� Operating
income
(loss)
Preopening
and
start-up

expenses
�� Property
transactions,
net
Depreciation
and
amortization
�� Adjusted
EBITDA

Bellagio

�� $ 47,576 �� $ ��� �� �� $ (69 )� $ 22,604 �� �� $ 70,111 ��

MGM Grand Las Vegas

�� 43,059 �� ��� �� �� 422 �� 22,617 �� �� 66,098 ��

Mandalay Bay

�� 19,209 �� 1,076 �� �� 17 �� 21,734 �� �� 42,036 ��

The Mirage

�� 17,198 �� ��� �� �� 30 �� 12,547 �� �� 29,775 ��

Luxor

�� 5,708 �� 646 �� �� (373 )� 9,304 �� �� 15,285 ��

New York-New York

�� 13,631 �� ��� �� �� 1,886 �� 5,192 �� �� 20,709 ��

Excalibur

�� 11,732 �� ��� �� �� 22 �� 3,582 �� �� 15,336 ��

Monte Carlo

�� 10,025 �� 82 �� �� 554 �� 4,584 �� �� 15,245 ��

Circus Circus Las Vegas

�� 863 �� ��� �� �� 1,037 �� 3,948 �� �� 5,848 ��

MGM Grand Detroit

�� 31,265 �� ��� �� �� ��� �� 5,590 �� �� 36,855 ��

Beau Rivage

�� 14,004 �� ��� �� �� (14 )� 7,268 �� �� 21,258 ��

Gold Strike Tunica

�� 6,038 �� ��� �� �� ��� �� 3,464 �� �� 9,502 ��

Other resort operations

�� (21,107 )� ��� �� �� 22,553 �� 556 �� �� 2,002 ��
��

��

��

Wholly owned domestic resorts

�� 199,201 �� 1,804 �� �� 26,065 �� 122,990 �� �� 350,060 ��
��

��

��

MGM China

�� 114,071 �� 2,286 �� �� 20 �� 74,395 �� �� 190,772 ��

Unconsolidated resorts

�� 18,962 �� ��� �� �� ��� �� ��� �� �� 18,962 ��

Management and other operations

�� (1,511 )� 189 �� �� 4 �� 2,962 �� �� 1,644 ��
��

��

��

�� 330,723 �� 4,279 �� �� 26,089 �� 200,347 �� �� 561,438 ��
��

��

��

Stock compensation

�� (5,968 )� ��� �� �� ��� �� ��� �� �� (5,968 )�

Corporate

�� (61,958 )� ��� �� �� 38 �� 11,335 �� �� (50,585 )�
��

��

��

�� $ 262,797 �� $ 4,279 �� �� $ 26,127 �� $ 211,682 �� �� $ 504,885 ��
��

��

��

Page 8 of 12


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA

(In thousands)

(Unaudited)

Nine Months Ended September�30, 2014

�� Operating
income

(loss)
Preopening
and
start-up

expenses
�� Property
transactions,

net
Depreciation
and
amortization
�� Adjusted
EBITDA

Bellagio

�� $ 241,467 �� $ ��� �� �� $ 857 �� $ 66,864 �� �� $ 309,188 ��

MGM Grand Las Vegas

�� 108,597 �� 197 �� �� 243 �� 61,414 �� �� 170,451 ��

Mandalay Bay

�� 78,413 �� 1,133 �� �� 1,845 �� 57,408 �� �� 138,799 ��

The Mirage

�� 41,850 �� 438 �� �� 2,236 �� 37,649 �� �� 82,173 ��

Luxor

�� 28,559 �� 2 �� �� 50 �� 28,252 �� �� 56,863 ��

New York-New York

�� 56,496 �� 102 �� �� 426 �� 13,602 �� �� 70,626 ��

Excalibur

�� 41,888 �� ��� �� �� 359 �� 11,039 �� �� 53,286 ��

Monte Carlo

�� 36,751 �� 1,486 �� �� 176 �� 15,631 �� �� 54,044 ��

Circus Circus Las Vegas

�� 6,978 �� 78 �� �� 61 �� 11,498 �� �� 18,615 ��

MGM Grand Detroit

�� 87,622 �� ��� �� �� 2,489 �� 17,491 �� �� 107,602 ��

Beau Rivage

�� 32,691 �� ��� �� �� 951 �� 19,541 �� �� 53,183 ��

Gold Strike Tunica

�� 20,478 �� ��� �� �� 265 �� 9,523 �� �� 30,266 ��

Other resort operations

�� (2,962 )� ��� �� �� 1,460 �� 1,628 �� �� 126 ��
��

��

��

Wholly owned domestic resorts

�� 778,828 �� 3,436 �� �� 11,418 �� 351,540 �� �� 1,145,222 ��
��

��

��

MGM China

�� 438,958 �� 6,792 �� �� (4 )� 219,263 �� �� 665,009 ��

Unconsolidated resorts

�� 65,826 �� 137 �� �� ��� �� ��� �� �� 65,963 ��

Management and other operations

�� 30,153 �� ��� �� �� 1 �� 6,984 �� �� 37,138 ��
��

��

��

�� 1,313,765 �� 10,365 �� �� 11,415 �� 577,787 �� �� 1,913,332 ��
��

��

��

Stock compensation

�� (20,367 )� ��� �� �� ��� �� ��� �� �� (20,367 )�

Corporate

�� (235,973 )� 15,263 �� �� 29,107 �� 35,324 �� �� (156,279 )�
��

��

��

�� $ 1,057,425 �� $ 25,628 �� �� $ 40,522 �� $ 613,111 �� �� $ 1,736,686 ��
��

��

��

Nine Months Ended September 30, 2013

�� Operating
income

(loss)
Preopening
and
start-up

expenses
�� Property
transactions,

net
Depreciation
and
amortization
�� Adjusted
EBITDA

Bellagio

�� $ 185,354 �� $ ��� �� �� $ 272 �� $ 73,586 �� �� $ 259,212 ��

MGM Grand Las Vegas

�� 113,431 �� ��� �� �� 1,192 �� 63,115 �� �� 177,738 ��

Mandalay Bay

�� 63,445 �� 1,550 �� �� 2,453 �� 63,360 �� �� 130,808 ��

The Mirage

�� 42,462 �� ��� �� �� 4,325 �� 37,677 �� �� 84,464 ��

Luxor

�� 18,580 �� 758 �� �� 2,554 �� 27,255 �� �� 49,147 ��

New York-New York

�� 49,326 �� ��� �� �� 2,416 �� 16,039 �� �� 67,781 ��

Excalibur

�� 39,276 �� ��� �� �� 35 �� 10,905 �� �� 50,216 ��

Monte Carlo

�� 35,066 �� 140 �� �� 3,506 �� 13,902 �� �� 52,614 ��

Circus Circus Las Vegas

�� 1,275 �� ��� �� �� 1,047 �� 13,379 �� �� 15,701 ��

MGM Grand Detroit

�� 98,345 �� ��� �� �� ��� �� 16,825 �� �� 115,170 ��

Beau Rivage

�� 29,163 �� ��� �� �� (305 )� 22,739 �� �� 51,597 ��

Gold Strike Tunica

�� 16,824 �� ��� �� �� 1,174 �� 10,009 �� �� 28,007 ��

Other resort operations

�� (19,994 )� ��� �� �� 22,552 �� 1,687 �� �� 4,245 ��
��

��

��

Wholly owned domestic resorts

�� 672,553 �� 2,448 �� �� 41,221 �� 370,478 �� �� 1,086,700 ��
��

��

��

MGM China

�� 339,322 �� 6,918 �� �� 365 �� 229,437 �� �� 576,042 ��

Unconsolidated resorts

�� 52,543 �� 376 �� �� ��� �� ��� �� �� 52,919 ��

Management and other operations

�� 17,383 �� 189 �� �� 4 �� 8,889 �� �� 26,465 ��
��

��

��

�� 1,081,801 �� 9,931 �� �� 41,590 �� 608,804 �� �� 1,742,126 ��
��

��

��

Stock compensation

�� (19,157 )� ��� �� �� ��� �� ��� �� �� (19,157 )�

Corporate

�� (255,497 )� ��� �� �� 81,159 �� 32,947 �� �� (141,391 )�
��

��

��

�� $ 807,147 �� $ 9,931 �� �� $ 122,749 �� $ 641,751 �� �� $ 1,581,578 ��
��

��

��

Page 9 of 12


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

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

(In thousands)

(Unaudited)

�� Three Months Ended Nine Months Ended
�� September�30, September�30, September�30, September�30,
�� 2014 2013 2014 2013

Adjusted EBITDA

�� $ 505,902 �� $ 504,885 �� $ 1,736,686 �� $ 1,581,578 ��

Preopening and start-up expenses

�� (10,233 )� (4,279 )� (25,628 )� (9,931 )�

Property transactions, net

�� (6,794 )� (26,127 )� (40,522 )� (122,749 )�

Depreciation and amortization

�� (202,386 )� (211,682 )� (613,111 )� (641,751 )�
��

Operating income

�� 286,489 �� 262,797 �� 1,057,425 �� 807,147 ��
��

Non-operating income (expense):

��

Interest expense, net of amounts capitalized

�� (202,835 )� (208,939 )� (616,158 )� (648,886 )�

Other, net

�� (23,064 )� (35,115 )� (71,018 )� (122,361 )�
��

�� (225,899 )� (244,054 )� (687,176 )� (771,247 )�
��

Income before income taxes

�� 60,590 �� 18,743 �� 370,249 �� 35,900 ��

Benefit (provision) for income taxes

�� (10,208 )� 14,428 �� 44,401 �� (16,933 )�
��

Net income

�� 50,382 �� 33,171 �� 414,650 �� 18,967 ��

Less: Net income attributable to noncontrolling interests

�� (70,652 )� (55,484 )� (222,260 )� (133,896 )�
��

Net income (loss) attributable to MGM Resorts International

�� $ (20,270 )� $ (22,313 )� $ 192,390 �� $ (114,929 )�
��

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)

�� Three Months Ended Nine Months Ended
�� September�30, September�30, September�30, September�30,
�� 2014 2013 2014 2013

Bellagio

��

Occupancy %

�� 95.7 %� 93.2 %� 94.6 %� 93.9 %�

Average daily rate (ADR)

�� $ 239 �� $ 232 �� $ 253 �� $ 240 ��

Revenue per available room (REVPAR)

�� $ 229 �� $ 216 �� $ 240 �� $ 225 ��

MGM Grand Las Vegas

��

Occupancy %

�� 97.7 %� 95.2 %� 97.0 %� 94.9 %�

ADR

�� $ 143 �� $ 135 �� $ 151 �� $ 141 ��

REVPAR

�� $ 140 �� $ 129 �� $ 146 �� $ 134 ��

Mandalay Bay

��

Occupancy %

�� 94.2 %� 91.5 %� 93.8 %� 91.5 %�

ADR

�� $ 181 �� $ 176 �� $ 194 �� $ 184 ��

REVPAR

�� $ 170 �� $ 161 �� $ 182 �� $ 168 ��

The Mirage

��

Occupancy %

�� 96.4 %� 96.1 %� 96.0 %� 95.9 %�

ADR

�� $ 147 �� $ 144 �� $ 159 �� $ 148 ��

REVPAR

�� $ 142 �� $ 138 �� $ 153 �� $ 142 ��

Luxor

��

Occupancy %

�� 94.7 %� 92.9 %� 95.1 %� 92.9 %�

ADR

�� $ 89 �� $ 87 �� $ 96 �� $ 88 ��

REVPAR

�� $ 84 �� $ 81 �� $ 91 �� $ 81 ��

New York-New York

��

Occupancy %

�� 98.6 %� 96.9 %� 98.6 %� 97.5 %�

ADR

�� $ 114 �� $ 108 �� $ 121 �� $ 112 ��

REVPAR

�� $ 112 �� $ 105 �� $ 119 �� $ 109 ��

Excalibur

��

Occupancy %

�� 94.3 %� 92.2 %� 94.5 %� 91.2 %�

ADR

�� $ 75 �� $ 73 �� $ 79 �� $ 73 ��

REVPAR

�� $ 71 �� $ 67 �� $ 75 �� $ 66 ��

Monte Carlo

��

Occupancy %

�� 98.4 %� 95.3 %� 97.9 %� 96.3 %�

ADR

�� $ 105 �� $ 103 �� $ 111 �� $ 104 ��

REVPAR

�� $ 103 �� $ 98 �� $ 109 �� $ 100 ��

Circus Circus Las Vegas

��

Occupancy %

�� 85.4 %� 83.3 %� 81.5 %� 80.8 %�

ADR

�� $ 58 �� $ 55 �� $ 60 �� $ 55 ��

REVPAR

�� $ 50 �� $ 45 �� $ 49 �� $ 44 ��

Page 10 of 12


CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)

�� Three Months Ended �� Nine Months Ended
�� September�30, �� September�30, �� September�30, �� September�30,
�� 2014 �� 2013 �� 2014 �� 2013

Aria

�� $ 224,108 �� �� $ 217,495 �� �� $ 722,941 �� �� $ 702,107 ��

Vdara

�� 25,544 �� �� 21,865 �� �� 78,661 �� �� 68,279 ��

Crystals

�� 16,682 �� �� 15,620 �� �� 50,083 �� �� 45,071 ��

Mandarin Oriental

�� 14,078 �� �� 12,690 �� �� 45,930 �� �� 40,184 ��
��

��

��

��

Resort operations

�� 280,412 �� �� 267,670 �� �� 897,615 �� �� 855,641 ��

Residential operations

�� 16,990 �� �� 26,660 �� �� 56,079 �� �� 87,005 ��
��

��

��

��

�� $ 297,402 �� �� $ 294,330 �� �� $ 953,694 �� �� $ 942,646 ��
��

��

��

��

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)

�� Three Months Ended Nine Months Ended
�� September�30, September�30, September�30, September�30,
�� 2014 2013 2014 2013

Adjusted EBITDA

�� $ 57,590 �� $ 61,261 �� $ 230,357 �� $ 220,914 ��

Preopening and start-up expenses

�� ��� �� ��� �� ��� �� (752 )�

Property transactions, net

�� (3,897 )� (4,413 )� (22,593 )� (14,526 )�

Depreciation and amortization

�� (89,885 )� (86,638 )� (263,828 )� (259,368 )�
��

Operating loss

�� (36,192 )� (29,790 )� (56,064 )� (53,732 )�
��

Non-operating income (expense):

��

Interest expense - sponsor notes

�� ��� �� (27,128 )� ��� �� (78,011 )�

Interest expense - other

�� (18,897 )� (43,015 )� (64,267 )� (129,469 )�

Other, net

�� (4,012 )� (1,095 )� (10,760 )� (33,425 )�
��

�� (22,909 )� (71,238 )� (75,027 )� (240,905 )�
��

Net loss

�� $ (59,101 )� $ (101,028 )� $ (131,091 )� $ (294,637 )�
��

CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Three�Months�Ended�September�30,�2014

�� Operating
income

(loss)
Preopening
and
start-up
expenses
�� Property
transactions,
net
Depreciation
and
amortization
�� Adjusted
EBITDA

Aria

�� $�(24,580) �� $ ��� �� �� $ �4,280 �� $ �67,808 �� �� $ �47,508 ��

Vdara

�� (5,311 )� ��� �� �� 20 �� 10,375 �� �� 5,084 ��

Crystals

�� 3,722 �� ��� �� �� 8 �� 6,911 �� �� 10,641 ��

Mandarin Oriental

�� (4,419 )� ��� �� �� ��� �� 4,722 �� �� 303 ��
��

��

��

Resort operations

�� (30,588 )� ��� �� �� 4,308 �� 89,816 �� �� 63,536 ��

Residential operations

�� 2,561 �� ��� �� �� 1 �� 69 �� �� 2,631 ��

Development and administration

�� (8,165 )� ��� �� �� (412 )� ��� �� �� (8,577 )�
��

��

��

�� $ (36,192 )� $ ��� �� �� $ 3,897 �� $ 89,885 �� �� $ 57,590 ��
��

��

��

Three�Months�Ended�September�30,�2013

�� Operating
income

(loss)
Preopening
and
start-up
expenses
�� Property
transactions,
net
�� Depreciation
and
amortization
�� Adjusted
EBITDA
Aria �� $�(15,808) �� $ ��� �� �� $ 1 �� �� $�64,645 �� �� $�48,838 ��

Vdara

�� (6,513 )� ��� �� �� 49 �� �� 10,377 �� �� 3,913 ��

Crystals

�� 2,893 �� ��� �� �� 57 �� �� 6,901 �� �� 9,851 ��

Mandarin Oriental

�� (4,814 )� ��� �� �� ��� �� �� 4,698 �� �� (116 )�
��

��

��

��

Resort operations

�� (24,242 )� ��� �� �� 107 �� �� 86,621 �� �� 62,486 ��

Residential operations

�� 643 �� ��� �� �� 4,306 �� �� 7 �� �� 4,956 ��

Development and administration

�� (6,191 )� ��� �� �� ��� �� �� 10 �� �� (6,181 )�
��

��

��

��

�� $ (29,790 )� $ ��� �� �� $ 4,413 �� �� $ 86,638 �� �� $ 61,261 ��
��

��

��

��

Page 11 of 12


CITYCENTER HOLDINGS, LLC

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands)

(Unaudited)

Nine Months Ended September�30, 2014

�� Operating
income
(loss)
Preopening
and
start-up
expenses
�� Property
transactions,

net
�� Depreciation
and
amortization
�� Adjusted
EBITDA

Aria

�� $ (23,298 )� $ ���� �� �� $ 8,603 �� �� $ �197,909 �� �� $ �183,214 ��

Vdara

�� (11,545 )� ��� �� �� 148 �� �� 31,082 �� �� 19,685 ��

Crystals

�� 12,385 �� ��� �� �� 213 �� �� 20,299 �� �� 32,897 ��

Mandarin Oriental

�� (10,707 )� ��� �� �� 44 �� �� 14,151 �� �� 3,488 ��
��

��

��

��

Resort operations

�� (33,165 )� ��� �� �� 9,008 �� �� 263,441 �� �� 239,284 ��

Residential operations

�� 7,252 �� ��� �� �� 1,115 �� �� 387 �� �� 8,754 ��

Development and administration

�� (30,151 )� ��� �� �� 12,470 �� �� ��� �� �� (17,681 )�
��

��

��

��

�� $ (56,064 )� $ ��� �� �� $ 22,593 �� �� $ 263,828 �� �� $ 230,357 ��
��

��

��

��

Nine Months Ended September 30, 2013

�� Operating
income
(loss)
Preopening
and
start-up
expenses
�� Property
transactions,

net
�� Depreciation
and
amortization
�� Adjusted
EBITDA

Aria

�� $ (17,422 )� $ 694 �� �� $ 279 �� �� $ 192,433 �� �� $ 175,984 ��

Vdara

�� (15,703 )� ��� �� �� 49 �� �� 31,586 �� �� 15,932 ��

Crystals

�� 8,052 �� 58 �� �� 57 �� �� 20,221 �� �� 28,388 ��

Mandarin Oriental

�� (12,160 )� ��� �� �� ��� �� �� 14,384 �� �� 2,224 ��
��

��

��

��

Resort operations

�� (37,233 )� 752 �� �� 385 �� �� 258,624 �� �� 222,528 ��

Residential operations

�� (811 )� ��� �� �� 14,141 �� �� 718 �� �� 14,048 ��

Development and administration

�� (15,688 )� ��� �� �� ��� �� �� 26 �� �� (15,662 )�
��

��

��

��

�� $ (53,732 )� $ 752 �� �� $ 14,526 �� �� $ 259,368 �� �� $ 220,914 ��
��

��

��

��

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)

�� Three Months Ended Nine Months Ended
�� September�30, September�30, September�30, September�30,
�� 2014 2013 2014 2013

Aria

��

Occupancy %

�� 94.1 %� 89.5 %� 93.5 %� 90.0 %�

ADR

�� $ 206 �� $ 197 �� $ 217 �� $ 206 ��

REVPAR

�� $ 194 �� $ 177 �� $ 203 �� $ 185 ��

Vdara

��

Occupancy %

�� 95.6 %� 87.7 %� 93.4 %� 88.3 %�

ADR

�� $ 160 �� $ 155 �� $ 173 �� $ 160 ��

REVPAR

�� $ 153 �� $ 136 �� $ 161 �� $ 141 ��

Page 12 of 12



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