MGM Resorts International (NYSE: MGM) yesterday reported financial results for the quarter ended March 31, 2022.
"We delivered a strong first quarter in our domestic operations driven by weekend demand and a better mix of business. Our midweek business is improving with each quarter and our group base is growing after a tough January. The results demonstrate the robust demand for our gaming entertainment offerings with the backdrop of increased sports and entertainment programming in the Las Vegas market," said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International. "We reached another milestone in the completion of our asset light strategy with the closing of the VICI transaction, allowing us to simplify our corporate structure and bolster our liquidity while deploying capital into growth projects with the highest shareholder return. We announced this morning the tender offer for 100% of the shares of LeoVegas which will allow us to expand into international online gaming with a world class management team, strong IT platform and growth prospects. We remain focused on achieving our vision to be the world's premier gaming entertainment company."
"Our strong liquidity position, coupled with our confidence in the long-term recovery of our core business, has allowed us to continue to focus on maximizing long-term shareholder value. To that end, we continued to repurchase our stock in the first quarter, reaching over $1.0 billion during the first quarter of 2022 and we repaid $1.0 billion of notes in March," said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts International. "We are disciplined in our approach to capital deployment and are focused on maintaining a strong balance sheet with adequate liquidity, while at the same time pursuing growth opportunities with the greatest return to shareholders."
First Quarter 2022 Financial Highlights:
Consolidated Results
- Consolidated net revenues of $2.9 billion compared to $1.6 billion in the prior year quarter, an increase of 73%. The current quarter benefited from the inclusion of the operating results of Aria and Vdara (collectively "Aria") due to its consolidation in September 2021 and was negatively affected by a decrease in business volume and travel due to the spread of the omicron variant in the early part of the quarter; however, results improved over the prior year quarter which was negatively affected by midweek property and hotel closures, lower business volume and travel activity, and operational restrictions due to the COVID-19 pandemic primarily at the Las Vegas Strip Resorts;
- Net loss attributable to MGM Resorts of $18 million compared to net loss attributable to MGM Resorts of $332 million in the prior year quarter, and net income attributable to MGM Resorts of $31 million in the first quarter of 2019;
- Diluted loss per share of $0.06 in the current quarter compared to diluted loss per share of $0.69 in the prior year quarter;
- Adjusted diluted earnings per share ("Adjusted EPS")(1) of $0.01 in the current quarter compared to an Adjusted EPS loss per share of $0.68 in the prior year quarter; and
- Consolidated Adjusted EBITDAR(2) of $670 million and Consolidated Adjusted EBITDAR margin(2) of 23.5% in the current quarter.
Las Vegas Strip Resorts
- Net revenues of $1.7 billion in the current quarter compared to $545 million in the prior year quarter, an increase of 205%. The current quarter benefited from the inclusion of Aria and was negatively affected by a decrease in business volume and travel due to the spread of the omicron variant in the early part of the quarter; however, the prior year quarter was negatively affected by midweek property and hotel closures at certain properties, lower business volume and travel activity, and operational restrictions due to the COVID-19 pandemic;
- Same-store net revenues (adjusted for acquisitions/dispositions, as further described in our discussion of non-GAAP measures in footnote 2 below) of $1.4 billion in the current quarter, a decrease of 1% compared to the first quarter of 2019;
- Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues(3) of $1.7 billion compared to $544 million in the prior year quarter, an increase of 204%;
- Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues(3) of $1.3 billion compared to $1.4 billion in the first quarter of 2019, a decrease of 2%;
- Adjusted Property EBITDAR(2) of $594 million in the current quarter compared to $108 million in the prior year quarter, an increase of 449%;
- Same-Store Adjusted Property EBITDAR(2) of $472 million in the current quarter compared to $391 million in the first quarter of 2019, an increase of 21%;
- Adjusted Property EBITDAR margin(2) of 35.7% in the current quarter compared to 19.8% in the prior year quarter, an increase of 1,586 basis points;
- Same-Store Adjusted Property EBITDAR margin(2) of 35.0% in the current quarter compared to 28.6% in the first quarter of 2019, an increase of 638 basis points;
- Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR(2) of $587 million in the current quarter compared to $107 million in the prior year quarter, an increase of 448%; and
- Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR(2) of $464 million compared to $396 million in the first quarter of 2019, an increase of 17%.
Regional Operations
- Net revenues of $891 million in the current quarter compared to $711 million in the prior year quarter, an increase of 25%, and an increase of 11% compared to $804 million in the first quarter of 2019. The prior year quarter was negatively affected by midweek hotel closures at certain properties and operational restrictions;
- Adjusted Property EBITDAR of $313 million in the current quarter compared to $242 million in the prior year quarter, an increase of 29%, and an increase of 48% compared to $212 million in the first quarter of 2019; and
- Adjusted Property EBITDAR margin of 35.2% in the current quarter compared to 34.0% in the prior year quarter, an increase of 115 basis points, and an increase of 882 basis points compared to 26.3% in the first quarter of 2019 due primarily to an increase in revenues and realized benefits of the Company's costs savings initiatives.
MGM China
- Net revenues of $268 million in the current quarter compared to $296 million in the prior year quarter, a decrease of 9%, and a decrease of 63% compared to $734 million in the first quarter of 2019. The current and prior year quarter were significantly impacted by travel and entry restrictions in Macau; and
- Adjusted Property EBITDAR loss of $26 million in the current quarter compared to Adjusted Property EBITDAR of $5 million in the prior year quarter, and $193 million in the first quarter of 2019. The current quarter included a charge of $18 million related to litigation reserves.
Adjusted Diluted Earnings Per Share
The following table reconciles diluted loss per share ("EPS") to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income):
| Three Months Ended March 31, | 2022 | 2021 | |
| Diluted loss per share | $ (0.06) | $ (0.69) | |
| Property transactions, net | 0.12 | 0.05 | |
| Non-operating items: | |||
| Gain related to equity investment | (0.03) | — | |
| Foreign currency loss on MGM China senior notes | 0.02 | 0.01 | |
| Change in fair value of unhedged MGP swaps | (0.03) | (0.04) | |
| Unconsolidated affiliate items: | |||
| Change in fair value of unhedged CityCenter swaps | — | (0.01) | |
| Income tax impact on net income adjustments(1) | (0.01) | — | |
| Adjusted diluted earnings (loss) per share | $ 0.01 | $ (0.68) |
| (1) | The income tax impact includes current and deferred income tax expense based upon the nature of the adjustment and the jurisdiction in which it occurs. |
Las Vegas Strip Resorts
The following table shows key gaming statistics for Las Vegas Strip Resorts:
| Three Months Ended March 31, | 2022 | 2021 | % Change | |
| (Dollars in millions) | ||||
| Casino Revenue | $ 475 | $ 232 | 105% | |
| Table Games Drop | $ 1,203 | $ 529 | 127% | |
| Table Games Win | $ 296 | $ 127 | 132% | |
| Table Games Win % | 24.6% | 24.1% | ||
| Slots Handle | $ 4,607 | $ 2,301 | 100% | |
| Slots Win | $ 427 | $ 212 | 101% | |
| Slots Win % | 9.3% | 9.2% | ||
The following table shows key hotel statistics for Las Vegas Strip Resorts:
| Three Months Ended March 31, | 2022 | 2021 | % Change | |
| Room Revenue (In millions) | $ 485 | $ 144 | 236% | |
| Occupancy(1) | 78% | 46% | ||
| Average daily rate (ADR) | $ 197 | $ 129 | 53% | |
| Revenue per available room (REVPAR)(1)(4) | $ 154 | $ 60 | 157% |
| (1) | Rooms that were out of service, including midweek closures, during the three months ended March 31, 2021 due to the COVID- 19 pandemic were excluded from the available room count when calculating hotel occupancy and REVPAR. |
Regional Operations
The following table shows key gaming statistics for Regional Operations:
| Three Months Ended March 31, | 2022 | 2021 | % Change | |
| (Dollars in millions) | ||||
| Casino Revenue | $ 704 | $ 597 | 18% | |
| Table Games Drop | $ 1,021 | $ 819 | 25% | |
| Table Games Win | $ 216 | $ 173 | 25% | |
| Table Games Win % | 21.2% | 21.2% | ||
| Slots Handle | $ 6,662 | $ 5,384 | 24% | |
| Slots Win | $ 638 | $ 526 | 21% | |
| Slots Win % | 9.6% | 9.8% | ||
MGM China
The following table shows key gaming statistics for MGM China:
| Three Months Ended March 31, | 2022 | 2021 | % Change | |
| (Dollars in millions) | ||||
| Casino Revenue | $ 231 | $ 262 | (12)% | |
| VIP Table Games Turnover | $ 963 | $ 2,373 | (59)% | |
| VIP Table Games Win | $ 23 | $ 78 | (71)% | |
| VIP Table Games Win % | 2.4% | 3.3% | ||
| Main Floor Table Games Drop | $ 1,096 | $ 1,044 | 6% | |
| Main Floor Table Games Win | $ 239 | $ 230 | 5% | |
| Main Floor Table Games Win % | 21.8% | 22.0% | ||
License fee expense was $5 million in each of the current quarter and prior year quarter.
Corporate Expense
Corporate expense, including share-based compensation for corporate employees, increased to $111 million in the first quarter of 2022, from $78 million in the prior year quarter, partially due to an increase in payroll expense as the prior year quarter reflected the impact of temporary closures due to the pandemic. The current quarter also included $9 million in transaction costs.
Unconsolidated Affiliates
The following table summarizes information related to the Company's share of operating loss from unconsolidated affiliates:
| Three Months Ended March 31, | 2022 | 2021 | |
| (In thousands) | |||
| CityCenter | $ — | $ (2,831) | |
| MGP BREIT Venture | 38,936 | 38,962 | |
| BetMGM | (91,993) | (59,236) | |
| Other | 6,219 | (2,474) | |
| $ (46,838) | $ (25,579) | ||
MGM Growth Properties
During the first quarter of 2022, the Company made rent payments to MGM Growth Properties Operating Partnership LP ("MGP Operating Partnership") in the amount of $218 million and received distributions of $58 million from the MGP Operating Partnership. On April 14, 2022, MGM Growth Properties LLC ("MGP") paid a dividend of $83 million and the Company concurrently received a $59 million distribution.
MGM Resorts Dividend and Share Repurchases
On May 2, 2022, the Company's Board of Directors approved a quarterly dividend of $0.0025 per share. The dividend will be payable on June 15, 2022 to holders of record on June 10, 2022.
On March 2, 2022 the Company announced that its Board of Directors had authorized a new $2.0 billion stock repurchase program, which is in addition to the Company's existing February 2020 $3.0 billion stock repurchase plan. During the first quarter of 2022, the Company repurchased approximately 23 million shares of its common stock at an average price of $42.92 per share for an aggregate amount of $1.0 billion, pursuant to the February 2020 $3.0 billion stock repurchase plan. The aggregate remaining availability under the March 2022 $2.0 billion stock repurchase program and February 2020 $3.0 billion stock repurchase program was $2.2 billion as of March 31, 2022. All shares repurchased under the Company's program have been retired.
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| March 31, | March 31, | |||||||||||||||||
| 2022 | 2021 | |||||||||||||||||
| Revenues: | ||||||||||||||||||
| Casino | $ | 1,420,910 | $ | 1,098,633 | ||||||||||||||
| Rooms | 557,073 | 198,419 | ||||||||||||||||
| Food and beverage | 492,854 | 157,412 | ||||||||||||||||
| Entertainment, retail and other | 371,566 | 135,222 | ||||||||||||||||
| Reimbursed costs | 11,906 | 58,061 | ||||||||||||||||
| 2,854,309 | 1,647,747 | |||||||||||||||||
| Expenses: | ||||||||||||||||||
| Casino | 674,365 | 551,905 | ||||||||||||||||
| Rooms | 196,113 | 104,213 | ||||||||||||||||
| Food and beverage | 368,662 | 135,227 | ||||||||||||||||
| Entertainment, retail and other | 218,749 | 78,381 | ||||||||||||||||
| Reimbursed costs | 11,906 | 58,061 | ||||||||||||||||
| General and administrative | 776,837 | 546,407 | ||||||||||||||||
| Corporate expense | 111,241 | 78,037 | ||||||||||||||||
| Preopening and start-up expenses | 434 | 5 | ||||||||||||||||
| Property transactions, net | 54,738 | 26,071 | ||||||||||||||||
| Depreciation and amortization | 288,638 | 290,551 | ||||||||||||||||
| 2,701,683 | 1,868,858 | |||||||||||||||||
| Loss from unconsolidated affiliates | (46,838) | (25,579) | ||||||||||||||||
| Operating income (loss) | 105,788 | (246,690) | ||||||||||||||||
| Non-operating income (expense): | ||||||||||||||||||
| Interest expense, net of amounts capitalized | (196,091) | (195,295) | ||||||||||||||||
| Non-operating items from unconsolidated affiliates | (15,133) | (20,836) | ||||||||||||||||
| Other, net | 34,302 | 32,185 | ||||||||||||||||
| (176,922) | (183,946) | |||||||||||||||||
| Loss before income taxes | (71,134) | (430,636) | ||||||||||||||||
| Benefit for income taxes | 36,341 | 94,698 | ||||||||||||||||
| Net loss | (34,793) | (335,938) | ||||||||||||||||
| Less: Net loss attributable to noncontrolling interests | 16,777 | 4,109 | ||||||||||||||||
| Net loss attributable to MGM Resorts International | $ | (18,016) | $ | (331,829) | ||||||||||||||
| Loss per share: | ||||||||||||||||||
| Basic | $ | (0.06) | $ | (0.69) | ||||||||||||||
| Diluted | $ | (0.06) | $ | (0.69) | ||||||||||||||
| Weighted average common shares outstanding: | ||||||||||||||||||
| Basic | 442,916 | 494,864 | ||||||||||||||||
| Diluted | 442,916 | 494,864 | ||||||||||||||||
| MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | ||||||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||||||
| (In thousands, except share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| March 31, | December 31, | |||||||||||||||
| 2022 | 2021 | |||||||||||||||
| ASSETS | ||||||||||||||||
| Current assets: | ||||||||||||||||
| Cash and cash equivalents | $ | 2,719,115 | $ | 4,703,059 | ||||||||||||
| Restricted cash (1) | 500,101 | 500,000 | ||||||||||||||
| Accounts receivable, net | 593,466 | 583,915 | ||||||||||||||
| Inventories | 102,050 | 96,374 | ||||||||||||||
| Income tax receivable | 234,659 | 273,862 | ||||||||||||||
| Prepaid expenses and other | 365,554 | 258,972 | ||||||||||||||
| Total current assets | 4,514,945 | 6,416,182 | ||||||||||||||
| Property and equipment, net | 14,144,526 | 14,435,493 | ||||||||||||||
| Other assets: | ||||||||||||||||
| Investments in and advances to unconsolidated affiliates | 1,008,144 | 967,044 | ||||||||||||||
| Goodwill | 3,474,861 | 3,480,997 | ||||||||||||||
| Other intangible assets, net | 3,555,466 | 3,616,385 | ||||||||||||||
| Operating lease right-of-use assets, net | 11,438,442 | 11,492,805 | ||||||||||||||
| Other long-term assets, net | 513,621 | 490,210 | ||||||||||||||
| Total other assets | 19,990,534 | 20,047,441 | ||||||||||||||
| $ | 38,650,005 | $ | 40,899,116 | |||||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||
| Current liabilities: | ||||||||||||||||
| Accounts payable | $ | 281,225 | $ | 263,097 | ||||||||||||
| Construction payable | 20,703 | 23,099 | ||||||||||||||
| Current portion of long-term debt | 1,250,000 | 1,000,000 | ||||||||||||||
| Accrued interest on long-term debt | 169,630 | 172,624 | ||||||||||||||
| Other accrued liabilities | 1,878,043 | 1,983,444 | ||||||||||||||
| Total current liabilities | 3,599,601 | 3,442,264 | ||||||||||||||
| Deferred income taxes, net | 2,442,618 | 2,439,364 | ||||||||||||||
| Long-term debt, net | 10,507,140 | 11,770,797 | ||||||||||||||
| Other long-term obligations | 280,077 | 319,914 | ||||||||||||||
| Operating lease liabilities | 11,810,047 | 11,802,464 | ||||||||||||||
| Redeemable noncontrolling interest | 130,898 | 147,547 | ||||||||||||||
| Stockholders' equity: | ||||||||||||||||
| Common stock, $.01 par value: authorized 1,000,000,000 shares, | ||||||||||||||||
| issued and outstanding 430,562,057 and 453,803,759 shares | 4,306 | 4,538 | ||||||||||||||
| Capital in excess of par value | 761,559 | 1,750,135 | ||||||||||||||
| Retained earnings | 4,321,482 | 4,340,588 | ||||||||||||||
| Accumulated other comprehensive loss | (22,007) | (24,616) | ||||||||||||||
| Total MGM Resorts International stockholders' equity | 5,065,340 | 6,070,645 | ||||||||||||||
| Noncontrolling interests | 4,814,284 | 4,906,121 | ||||||||||||||
| Total stockholders' equity | 9,879,624 | 10,976,766 | ||||||||||||||
| $ | 38,650,005 | $ | 40,899,116 | |||||||||||||
| (1) Relates to the acquisition of The Cosmopolitan of Las Vegas |
| MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | ||||||||||||
| SUPPLEMENTAL DATA - NET REVENUES | ||||||||||||
| (In thousands) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, | March 31, | March 31, | ||||||||||
| 2022 | 2021 | 2019 | ||||||||||
| Las Vegas Strip Resorts (1) | $ | 1,662,892 | $ | 544,964 | $ | 1,428,188 | ||||||
| Regional Operations | 890,829 | 711,351 | 803,945 | |||||||||
| MGM China | 268,375 | 296,354 | 734,204 | |||||||||
| Management and other operations | 32,213 | 95,078 | 210,574 | |||||||||
| $ | 2,854,309 | $ | 1,647,747 | $ | 3,176,911 | |||||||
| MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | |||||||||||||
| SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDAR and ADJUSTED EBITDAR | |||||||||||||
| (In thousands) | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended | |||||||||||||
| March 31, | March 31, | March 31, | |||||||||||
| 2022 | 2021 | 2019 | |||||||||||
| Las Vegas Strip Resorts (1) | $ | 593,634 | $ | 108,119 | $ | 403,651 | |||||||
| Regional Operations | 313,279 | 241,982 | 211,797 | ||||||||||
| MGM China | (25,656) | 4,775 | 192,811 | ||||||||||
| Unconsolidated affiliates (2) | (88,484) | (67,251) | 40,482 | ||||||||||
| Management and other operations | (3,601) | 13,586 | 30,656 | ||||||||||
| Stock compensation | (23,344) | (16,029) | (16,295) | ||||||||||
| Corporate | (95,424) | (67,297) | (115,374) | ||||||||||
| $ | 670,404 | ||||||||||||
| (1) The three months ended March 31, 2022 includes the operating results of Aria, which was consolidated commencing September 27, 2021 | |||||||||||||
| (2) Represents the Company's share of operating income (loss) excluding investments in real estate ventures, adjusted for the effect of certain basis differences. Includes the operating results of CityCenter during the three months ended March 31, 2021 and 2019 | |||||||||||||
| MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | ||||||||||||||||||||||
| RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO MGM RESORTS INTERNATIONAL TO ADJUSTED EBITDAR | ||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||
| March 31, | March 31, | March 31, | ||||||||||||||||||||
| 2022 | 2021 | 2019 | ||||||||||||||||||||
| Net income (loss) attributable to MGM Resorts International | $ | (18,016) | $ | (331,829) | $ | 31,297 | ||||||||||||||||
| Plus: Net income (loss) attributable to noncontrolling interests | (16,777) | (4,109) | 34,860 | |||||||||||||||||||
| Net income (loss) | (34,793) | (335,938) | 66,157 | |||||||||||||||||||
| (Benefit) provision for income taxes | (36,341) | (94,698) | 71,511 | |||||||||||||||||||
| Income (loss) before income taxes | (71,134) | (430,636) | 137,668 | |||||||||||||||||||
| Non-operating (income) expense: | ||||||||||||||||||||||
| Interest expense, net of amounts capitalized | 196,091 | 195,295 | 216,120 | |||||||||||||||||||
| Other, net | (19,169) | (11,349) | 16,472 | |||||||||||||||||||
| 176,922 | 183,946 | 232,592 | ||||||||||||||||||||
| Operating income (loss) | 105,788 | (246,690) | 370,260 | |||||||||||||||||||
| Preopening and start-up expenses | 434 | 5 | 3,287 | |||||||||||||||||||
| Property transactions, net | 54,738 | 26,071 | 8,776 | |||||||||||||||||||
| Depreciation and amortization | 288,638 | 290,551 | 316,414 | |||||||||||||||||||
| Restructuring | - | - | 41,098 | |||||||||||||||||||
| Triple net operating lease and ground lease rent expense | 262,452 | 189,620 | 7,893 | |||||||||||||||||||
| Income from unconsolidated affiliates related to real estate ventures | (41,646) | (41,672) | - | |||||||||||||||||||
| Adjusted EBITDAR | $ | 670,404 | ||||||||||||||||||||
| MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | |||||||||||
| RECONCILIATIONS OF LAS VEGAS STRIP RESORTS NET REVENUES AND LAS VEGAS STRIP RESORTS ADJUSTED PROPERTY EBITDAR TO TABLE GAMES HOLD ADJUSTED | |||||||||||
| LAS VEGAS STRIP RESORTS NET REVENUES AND TABLE GAMES HOLD ADJUSTED LAS VEGAS STRIP RESORTS ADJUSTED PROPERTY EBITDAR | |||||||||||
| (In thousands) | |||||||||||
| (Unaudited) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, | March 31, | ||||||||||
| 2022 | 2021 | ||||||||||
| Las Vegas Strip Resorts net revenues | $ | 1,662,892 | $ | 544,964 | |||||||
| Hold adjustment (1) | (7,832) | (1,071) | |||||||||
| Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues | $ | 1,655,060 | $ | 543,893 | |||||||
| Las Vegas Strip Resorts Adjusted Property EBITDAR | $ | 593,634 | $ | 108,119 | |||||||
| Hold adjustment (2) | (6,665) | (945) | |||||||||
| Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR | $ | 586,969 | $ | 107,174 | |||||||
| (1) For the Las Vegas Strip Resorts, hold adjustment represents the estimated incremental table games win or loss had the Company's win percentage equaled the mid-point of the expected normal range of 25.0% to 35.0% for Baccarat and 19.0% to 23.0% for non-Baccarat. Amounts include estimated discounts and other incentives related to increases or decreases in table games win. |
| (2) These amounts include estimated incremental expenses (gaming taxes and bad debt expense) that would have been incurred or avoided on the incremental table games win or loss calculated in (1) above. |
| MGM RESORTS INTERNATIONAL AND SUBSIDIARIES | |||||||||||||||||||
| RECONCILIATIONS OF LAS VEGAS STRIP RESORTS NET REVENUES TO TABLE GAMES HOLD ADJUSTED LAS VEGAS STRIP RESORTS SAME-STORE NET REVENUES AND | |||||||||||||||||||
| LAS VEGAS STRIP RESORTS ADJUSTED PROPERTY EBITDAR TO LAS VEGAS STRIP RESORTS SAME-STORE ADJUSTED PROPERTY EBITDAR | |||||||||||||||||||
| AND TABLE GAMES HOLD ADJUSTED LAS VEGAS STRIP RESORTS SAME-STORE ADJUSTED PROPERTY EBITDAR | |||||||||||||||||||
| (In thousands) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| March 31, | March 31, | ||||||||||||||||||
| 2022 | 2019 | ||||||||||||||||||
| Las Vegas Strip Resorts net revenues | $ | 1,662,892 | $ | 1,428,188 | |||||||||||||||
| Acquisitions (1) | (311,293) | - | |||||||||||||||||
| Dispositions (1) | - | (59,290) | |||||||||||||||||
| Las Vegas Strip Resorts same-store net revenues | 1,351,599 | 1,368,898 | |||||||||||||||||
| Hold adjustment (2) | (9,608) | 5,290 | |||||||||||||||||
| Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues | $ | 1,341,991 | $ | 1,374,188 | |||||||||||||||
| Las Vegas Strip Resorts Adjusted Property EBITDAR | $ | 593,634 | $ | 403,651 | |||||||||||||||
| Acquisitions (1) | (121,220) | - | |||||||||||||||||
| Dispositions (1) | - | (12,538) | |||||||||||||||||
| Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR | 472,414 | 391,113 | |||||||||||||||||
| Hold adjustment (3) | (8,169) | 4,472 | |||||||||||||||||
| Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR | $ | 464,245 | $ | 395,585 | |||||||||||||||
| (1) The Company has excluded the net revenues and Adjusted Property EBITDAR of Aria (including Vdara) for periods subsequent to its acquisition on September 27, 2021 and the net revenues and Adjusted Property EBITDAR of Circus Circus Las Vegas for periods prior to its disposition on December 19, 2019 in determining Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues, Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR, and Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR. |
| (2) For the Las Vegas Strip Resorts, hold adjustment represents the estimated incremental table games win or loss had the Company's win percentage equaled the mid-point of the expected normal range of 25.0% to 35.0% for Baccarat and 19.0% to 23.0% for non-Baccarat. Amounts include estimated discounts and other incentives related to increases or decreases in table games win. The Company has excluded the hold adjustment related to Aria (including Vdara) for periods subsequent to its acquisition on September 27, 2021 and the hold adjustment related to Circus Circus Las Vegas for periods prior to its disposition on December 19, 2019 in determining Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues and Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR. |
| (3) These amounts include estimated incremental expenses (gaming taxes and bad debt expense) that would have been incurred or avoided on the incremental table games win or loss calculated in (2) above. |
SOURCE MGM Resorts International