- Record Las Vegas Strip Adjusted Property EBITDAR and record second quarter Regional Operations Adjusted Property EBITDAR
- Acquired the operations of The Cosmopolitan of Las Vegas; announced the sale of the operations of Gold Strike Tunica for $450 million
- Repurchased $1.1 billion of shares of common stock during the second quarter, or 8% of outstanding shares
- Continue to pursue a commercial gaming license in New York and development of an Integrated Resort in Osaka, Japan
MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today reported financial results for the quarter ended June 30, 2022.
"Our second quarter results were outstanding, representing the best ever Adjusted Property EBITDAR quarter at the Company's Las Vegas Strip Resorts and best second quarter Adjusted Property EBITDAR at our Regional Operations driven by consistent strong demand from the leisure consumer and a return from our convention customers," said Bill Hornbuckle, Chief Executive Officer and President of MGM Resorts International. "We announced several important portfolio changes during the quarter, with the acquisition of the operations of The Cosmopolitan of Las Vegas and the announcement of the sale of Gold Strike Tunica. We look to the future with optimism, as our convention and event calendar for the next year remain notably strong and BetMGM continues to be a market leader with a roadmap for growth. We remain focused on achieving our vision to be the world's premier gaming entertainment company."
"We see exceptional value in our Company's shares and have returned capital to our shareholders by repurchasing over $1.1 billion of our stock in the second quarter," said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts International. "Since early 2021, the execution of our asset light strategy has allowed us to repurchase 31% of our market cap while accumulating domestic cash in excess of debt on our balance sheet."
Second Quarter 2022 Financial Highlights:
Consolidated Results
- Consolidated net revenues of $3.3 billion compared to $2.3 billion in the prior year quarter, an increase of 44%. The current quarter benefited from the inclusion of the operating results of The Cosmopolitan of Las Vegas ("The Cosmopolitan") and Aria and Vdara (collectively "Aria") upon acquisition in May 2022 and September 2021, respectively. Additionally, results improved over the prior year quarter due to increased business volume and travel activity primarily at the Las Vegas Strip Resorts;
- Net income attributable to MGM Resorts of $1.8 billion, which included a gain related to the deconsolidation of MGM Growth Properties LLC ("MGP"), compared to $105 million in the prior year quarter;
- Diluted earnings per share of $4.20 in the current quarter compared to $0.14 in the prior year quarter;
- Adjusted diluted earnings per share ("Adjusted EPS")(1) was $0.03 in the current quarter compared to a loss of $0.13 in the prior year quarter; and
- Consolidated Adjusted EBITDAR(2) of $920 million and Consolidated Adjusted EBITDAR margin(2) of 28.2% in the current quarter.
Las Vegas Strip Resorts
- Net revenues of $2.1 billion in the current quarter compared to $1.0 billion in the prior year quarter, an increase of 113%. The current quarter benefited from the inclusion of The Cosmopolitan and Aria and an increase in business volume and travel activity compared to the prior year quarter;
- Same-store net revenues (adjusted for acquisitions/dispositions) of $1.6 billion in the current quarter, an increase of 60% compared to the prior year quarter;
- Adjusted Property EBITDAR(2) of $825 million in the current quarter compared to $397 million in the prior year quarter, an increase of 108%;
- Same-Store Adjusted Property EBITDAR(2) of $599 million in the current quarter compared to $397 million in the prior year quarter, an increase of 51%; and
- Adjusted Property EBITDAR margin(2) of 38.6% in the current quarter compared to 39.5% in the prior year quarter, a decrease of 89 basis points due primarily to an increase in contribution from lower-margin non-gaming outlets and venues.
Regional Operations
- Net revenues of $960 million in the current quarter compared to $856 million in the prior year quarter, an increase of 12% due to an increase in business volume;
- Adjusted Property EBITDAR of $340 million in the current quarter compared to $318 million in the prior year quarter, an increase of 7%; and
- Adjusted Property EBITDAR margin of 35.4% in the current quarter compared to 37.2% in the prior year quarter, a decrease of 176 basis points due primarily to an increase in contribution from lower-margin non-gaming outlets and venues.
MGM China
- Net revenues of $143 million in the current quarter compared to $311 million in the prior year quarter, a decrease of 54%. The current and prior year quarter were significantly impacted by travel and entry restrictions in Macau; and
- Adjusted Property EBITDAR loss of $52 million in the current quarter compared to Adjusted Property EBITDAR of $9 million in the prior year quarter.
Adjusted Diluted Earnings Per Share
The following table reconciles diluted income per share ("EPS") to Adjusted EPS (approximate EPS impact shown, per share; positive adjustments represent charges to income):
|
Three Months Ended June 30, |
2022 |
2021 |
||
|
Diluted income per share |
$ 4.20 |
$ 0.14 |
||
|
Property transactions, net |
(0.05) |
(0.06) |
||
|
Gain on REIT transactions, net |
(5.41) |
— |
||
|
Non-operating items: |
||||
|
Loss (gain) related to equity investments |
0.05 |
(0.17) |
||
|
Foreign currency loss on MGM China senior notes |
0.01 |
— |
||
|
Change in fair value of unhedged MGP swaps |
— |
0.01 |
||
|
Change in fair value of foreign currency contracts |
0.05 |
— |
||
|
Unconsolidated affiliate items: |
||||
|
Gain related to the sale of Harmon Land |
— |
(0.10) |
||
|
Income tax impact on net income adjustments(1) |
1.18 |
0.05 |
||
|
Adjusted diluted income (loss) per share |
$ 0.03 |
$ (0.13) |
|
(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. |
The current quarter also included a non-cash income tax charge of $90 million resulting from an increase in the valuation allowance on Macau deferred tax assets and a non-cash income tax benefit of $37 million to record the impact of the VICI transaction on state deferred tax liabilities.
Las Vegas Strip Resorts
The following table shows key gaming statistics for Las Vegas Strip Resorts:
|
Three Months Ended June 30, |
2022 |
2021 |
% Change |
|
|
(Dollars in millions) |
||||
|
Casino Revenues |
$ 499 |
$ 353 |
41 % |
|
|
Table Games Drop |
$ 1,429 |
$ 777 |
84 % |
|
|
Table Games Win |
$ 330 |
$ 173 |
91 % |
|
|
Table Games Win % |
23.1 % |
22.3 % |
||
|
Slots Handle |
$ 5,344 |
$ 3,641 |
47 % |
|
|
Slots Win |
$ 498 |
$ 351 |
42 % |
|
|
Slots Win % |
9.3 % |
9.6 % |
||
The following table shows key hotel statistics for Las Vegas Strip Resorts:
|
Three Months Ended June 30, |
2022 |
2021 |
% Change |
|
|
Room Revenue (In millions) |
$ 696 |
$ 299 |
133 % |
|
|
Occupancy |
92 % |
77 % |
||
|
Average daily rate (ADR) |
$ 225 |
$ 149 |
51 % |
|
|
Revenue per available room (REVPAR)(3) |
$ 208 |
$ 115 |
82 % |
|
Regional Operations
The following table shows key gaming statistics for Regional Operations:
|
Three Months Ended June 30, |
2022 |
2021 |
% Change |
|
|
(Dollars in millions) |
||||
|
Casino Revenue |
$ 734 |
$ 708 |
4 % |
|
|
Table Games Drop |
$ 1,090 |
$ 972 |
12 % |
|
|
Table Games Win |
$ 228 |
$ 203 |
12 % |
|
|
Table Games Win % |
20.9 % |
20.9 % |
||
|
Slots Handle |
$ 7,102 |
$ 6,514 |
9 % |
|
|
Slots Win |
$ 675 |
$ 622 |
8 % |
|
|
Slots Win % |
9.5 % |
9.6 % |
||
MGM China
The following table shows key gaming statistics for MGM China:
|
Three Months Ended June 30, |
2022 |
2021 |
% Change |
|
|
(Dollars in millions) |
||||
|
Casino Revenue |
$ 121 |
$ 271 |
(55) % |
|
|
VIP Table Games Turnover |
$ 684 |
$ 2,590 |
(74) % |
|
|
VIP Table Games Win |
$ 24 |
$ 71 |
(66) % |
|
|
VIP Table Games Win % |
3.5 % |
2.7 % |
||
|
Main Floor Table Games Drop |
$ 425 |
$ 1,258 |
(66) % |
|
|
Main Floor Table Games Win |
$ 105 |
$ 252 |
(58) % |
|
|
Main Floor Table Games Win % |
24.8 % |
20.1 % |
||
License fee expense was $3 million in the current quarter and $5 million in the prior year quarter.
Corporate Expense
Corporate expense, including share-based compensation for corporate employees, increased to $120 million in the second quarter of 2022, from $97 million in the prior year quarter, partially due to an increase in payroll expense. The current quarter also included $21 million in transaction costs and the prior year quarter included $6 million of transaction costs.
Unconsolidated Affiliates
The following table summarizes information related to the Company's share of operating income (loss) from unconsolidated affiliates:
|
Three Months Ended June 30, |
2022 |
2021 |
|
|
(In thousands) |
|||
|
CityCenter |
$ — |
$ 90,212 |
|
|
VICI BREIT Venture (through April 28, 2022) |
12,116 |
38,954 |
|
|
BetMGM |
(71,229) |
(45,979) |
|
|
Other |
3,530 |
151 |
|
|
$ (55,583) |
$ 83,338 |
||
MGM Resorts Dividend and Share Repurchases
On August 3, 2022, the Company's Board of Directors approved a quarterly dividend of $0.0025 per share. The dividend will be payable on September 15, 2022 to holders of record on September 9, 2022.
During the second quarter of 2022, the Company repurchased approximately 32 million shares of its common stock at an average price of $34.42 per share for an aggregate amount of $1.1 billion, pursuant to the February 2020 and March 2022 repurchase plans. In connection with these repurchases, the February 2020 $3.0 billion stock repurchase program was completed. The remaining availability under the March 2022 repurchase program was $1.1 billion as of June 30, 2022. All shares repurchased under the Company's programs have been retired.
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
|
(In thousands, except per share data) |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||||||
|
June 30, |
June 30, |
June 30, |
June 30, |
||||||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||||||||
|
Revenues: |
|||||||||||||||
|
Casino |
$ |
1,357,134 |
$ |
1,336,124 |
$ |
2,778,044 |
$ |
2,434,757 |
|||||||
|
Rooms |
774,732 |
365,028 |
1,331,805 |
563,447 |
|||||||||||
|
Food and beverage |
677,756 |
302,666 |
1,170,610 |
460,078 |
|||||||||||
|
Entertainment, retail and other |
445,342 |
189,011 |
816,908 |
324,233 |
|||||||||||
|
Reimbursed costs |
9,924 |
75,133 |
21,830 |
133,194 |
|||||||||||
|
3,264,888 |
2,267,962 |
6,119,197 |
3,915,709 |
||||||||||||
|
Expenses: |
|||||||||||||||
|
Casino |
622,166 |
616,903 |
1,296,531 |
1,168,808 |
|||||||||||
|
Rooms |
232,429 |
137,287 |
428,542 |
241,500 |
|||||||||||
|
Food and beverage |
480,121 |
214,159 |
848,783 |
349,386 |
|||||||||||
|
Entertainment, retail and other |
265,184 |
102,170 |
483,933 |
180,551 |
|||||||||||
|
Reimbursed costs |
9,924 |
75,133 |
21,830 |
133,194 |
|||||||||||
|
General and administrative |
1,028,765 |
590,209 |
1,805,602 |
1,136,616 |
|||||||||||
|
Corporate expense |
119,610 |
96,870 |
230,851 |
174,907 |
|||||||||||
|
Preopening and start-up expenses |
542 |
90 |
976 |
95 |
|||||||||||
|
Property transactions, net |
(19,395) |
(28,906) |
35,343 |
(2,835) |
|||||||||||
|
Gain on REIT transactions, net |
(2,277,747) |
- |
(2,277,747) |
- |
|||||||||||
|
Depreciation and amortization |
366,255 |
283,625 |
654,893 |
574,176 |
|||||||||||
|
827,854 |
2,087,540 |
3,529,537 |
3,956,398 |
||||||||||||
|
Income (loss) from unconsolidated affiliates |
(55,583) |
83,338 |
(102,421) |
57,759 |
|||||||||||
|
Operating income |
2,381,451 |
263,760 |
2,487,239 |
17,070 |
|||||||||||
|
Non-operating income (expense): |
|||||||||||||||
|
Interest expense, net of amounts capitalized |
(136,559) |
(202,772) |
(332,650) |
(398,067) |
|||||||||||
|
Non-operating items from unconsolidated affiliates |
(6,120) |
(23,216) |
(21,253) |
(44,052) |
|||||||||||
|
Other, net |
(43,308) |
87,358 |
(9,006) |
119,543 |
|||||||||||
|
(185,987) |
(138,630) |
(362,909) |
(322,576) |
||||||||||||
|
Income (loss) before income taxes |
2,195,464 |
125,130 |
2,124,330 |
(305,506) |
|||||||||||
|
Benefit (provision) for income taxes |
(572,839) |
(34,826) |
(536,498) |
59,872 |
|||||||||||
|
Net income (loss) |
1,622,625 |
90,304 |
1,587,832 |
(245,634) |
|||||||||||
|
Less: Net loss attributable to noncontrolling interests |
161,312 |
14,449 |
178,089 |
18,558 |
|||||||||||
|
Net income (loss) attributable to MGM Resorts International |
$ |
1,783,937 |
$ |
104,753 |
$ |
1,765,921 |
$ |
(227,076) |
|||||||
|
Earnings (loss) per share: |
|||||||||||||||
|
Basic |
$ |
4.24 |
$ |
0.14 |
$ |
4.06 |
$ |
(0.56) |
|||||||
|
Diluted |
$ |
4.20 |
$ |
0.14 |
$ |
4.02 |
$ |
(0.56) |
|||||||
|
Weighted average common shares outstanding: |
|||||||||||||||
|
Basic |
417,393 |
489,459 |
430,084 |
491,785 |
|||||||||||
|
Diluted |
421,303 |
495,302 |
434,336 |
491,785 |
|||||||||||
|
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES |
|||||||
|
CONSOLIDATED BALANCE SHEETS |
|||||||
|
(In thousands, except share data) |
|||||||
|
(Unaudited) |
|||||||
|
June 30, |
December 31, |
||||||
|
2022 |
2021 |
||||||
|
ASSETS |
|||||||
|
Current assets: |
|||||||
|
Cash and cash equivalents |
$ |
5,784,173 |
$ |
4,703,059 |
|||
|
Restricted cash (1) |
- |
500,000 |
|||||
|
Accounts receivable, net |
668,919 |
583,915 |
|||||
|
Inventories |
115,100 |
96,374 |
|||||
|
Income tax receivable |
232,621 |
273,862 |
|||||
|
Prepaid expenses and other |
337,701 |
258,972 |
|||||
|
Assets held for sale |
2,028,267 |
- |
|||||
|
Total current assets |
9,166,781 |
6,416,182 |
|||||
|
Property and equipment, net |
5,027,668 |
14,435,493 |
|||||
|
Other assets: |
|||||||
|
Investments in and advances to unconsolidated affiliates |
155,600 |
967,044 |
|||||
|
Goodwill |
4,705,842 |
3,480,997 |
|||||
|
Other intangible assets, net |
3,598,127 |
3,616,385 |
|||||
|
Operating lease right-of-use assets, net |
24,773,652 |
11,492,805 |
|||||
|
Other long-term assets, net |
1,004,468 |
490,210 |
|||||
|
Total other assets |
34,237,689 |
20,047,441 |
|||||
|
$ |
48,432,138 |
$ |
40,899,116 |
||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
|
Current liabilities: |
|||||||
|
Accounts payable |
$ |
359,258 |
$ |
263,097 |
|||
|
Construction payable |
21,029 |
23,099 |
|||||
|
Current portion of long-term debt |
1,250,000 |
1,000,000 |
|||||
|
Accrued interest on long-term debt |
82,214 |
172,624 |
|||||
|
Other accrued liabilities |
1,874,659 |
1,983,444 |
|||||
|
Liabilities related to assets held for sale |
1,957,420 |
- |
|||||
|
Total current liabilities |
5,544,580 |
3,442,264 |
|||||
|
Deferred income taxes, net |
2,983,457 |
2,439,364 |
|||||
|
Long-term debt, net |
7,107,155 |
11,770,797 |
|||||
|
Operating lease liabilities |
25,135,947 |
11,802,464 |
|||||
|
Other long-term obligations |
320,407 |
319,914 |
|||||
|
Redeemable noncontrolling interests |
142,909 |
147,547 |
|||||
|
Stockholders' equity: |
|||||||
|
Common stock, $.01 par value: authorized 1,000,000,000 shares, |
|||||||
|
issued and outstanding 398,418,158 and 453,803,759 shares |
3,984 |
4,538 |
|||||
|
Capital in excess of par value |
- |
1,750,135 |
|||||
|
Retained earnings |
5,746,532 |
4,340,588 |
|||||
|
Accumulated other comprehensive loss |
(16,942) |
(24,616) |
|||||
|
Total MGM Resorts International stockholders' equity |
5,733,574 |
6,070,645 |
|||||
|
Noncontrolling interests |
1,464,109 |
4,906,121 |
|||||
|
Total stockholders' equity |
7,197,683 |
10,976,766 |
|||||
|
$ |
48,432,138 |
$ |
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 |
Six Months Ended |
||||||||||||||||
|
June 30, |
June 30, |
June 30, |
June 30, |
June 30, |
June 30, |
||||||||||||
|
2022 |
2021 |
2019 |
2022 |
2021 |
2019 |
||||||||||||
|
Las Vegas Strip Resorts (1) |
$ |
2,137,176 |
$ |
1,004,568 |
$ |
1,466,344 |
$ |
3,800,068 |
$ |
1,549,532 |
$ |
2,894,532 |
|||||
|
Regional Operations |
959,669 |
856,282 |
910,953 |
1,850,498 |
1,567,633 |
1,714,898 |
|||||||||||
|
MGM China |
143,012 |
310,631 |
706,089 |
411,387 |
606,985 |
1,440,293 |
|||||||||||
|
Management and other operations |
25,031 |
96,481 |
139,857 |
57,244 |
191,559 |
350,431 |
|||||||||||
|
$ |
3,264,888 |
$ |
2,267,962 |
$ |
3,223,243 |
$ |
6,119,197 |
$ |
3,915,709 |
$ |
6,400,154 |
||||||
|
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES |
|||||||||||||||||
|
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDAR and ADJUSTED EBITDAR |
|||||||||||||||||
|
(In thousands) |
|||||||||||||||||
|
(Unaudited) |
|||||||||||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||||||||
|
June 30, |
June 30, |
June 30, |
June 30, |
June 30, |
June 30, |
||||||||||||
|
2022 |
2021 |
2019 |
2022 |
2021 |
2019 |
||||||||||||
|
Las Vegas Strip Resorts (1) |
$ |
825,267 |
$ |
396,805 |
$ |
418,339 |
$ |
1,418,901 |
$ |
504,924 |
$ |
821,990 |
|||||
|
Regional Operations |
339,850 |
318,348 |
260,788 |
653,129 |
560,330 |
472,585 |
|||||||||||
|
MGM China |
(52,091) |
8,581 |
172,803 |
(77,747) |
13,356 |
365,614 |
|||||||||||
|
Unconsolidated affiliates (2) |
(70,409) |
(8,082) |
28,357 |
(158,893) |
(75,333) |
68,839 |
|||||||||||
|
Management and other operations |
1,188 |
1,880 |
(7,444) |
(2,413) |
15,466 |
23,212 |
|||||||||||
|
Stock compensation |
(15,379) |
(10,509) |
(14,566) |
(38,723) |
(26,538) |
(30,861) |
|||||||||||
|
Corporate |
(108,692) |
(90,266) |
(93,953) |
(204,116) |
(157,563) |
(209,327) |
|||||||||||
|
$ |
919,734 |
$ |
1,590,138 |
||||||||||||||
|
(1) The three and six months ended June 30, 2022 includes The Cosmopolitan, which was acquired May 17, 2022 and Aria, which was acquired 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 Company's share of operating results of CityCenter during the three and six months ended June 30, 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 |
Six Months Ended |
|||||||||||||||||||||
|
June 30, |
June 30, |
June 30, |
June 30, |
June 30, |
June 30, |
|||||||||||||||||
|
2022 |
2021 |
2019 |
2022 |
2021 |
2019 |
|||||||||||||||||
|
Net income (loss) attributable to MGM Resorts International |
$ |
1,783,937 |
$ |
104,753 |
$ |
43,405 |
$ |
1,765,921 |
$ |
(227,076) |
$ |
74,702 |
||||||||||
|
Plus: Net income (loss) attributable to noncontrolling interests |
(161,312) |
(14,449) |
32,764 |
(178,089) |
(18,558) |
67,624 |
||||||||||||||||
|
Net income (loss) |
1,622,625 |
90,304 |
76,169 |
1,587,832 |
(245,634) |
142,326 |
||||||||||||||||
|
(Benefit) provision for income taxes |
572,839 |
34,826 |
11,734 |
536,498 |
(59,872) |
83,245 |
||||||||||||||||
|
Income (loss) before income taxes |
2,195,464 |
125,130 |
87,903 |
2,124,330 |
(305,506) |
225,571 |
||||||||||||||||
|
Non-operating (income) expense: |
||||||||||||||||||||||
|
Interest expense, net of amounts capitalized |
136,559 |
202,772 |
215,829 |
332,650 |
398,067 |
431,949 |
||||||||||||||||
|
Other, net |
49,428 |
(64,142) |
67,753 |
30,259 |
(75,491) |
84,225 |
||||||||||||||||
|
185,987 |
138,630 |
283,582 |
362,909 |
322,576 |
516,174 |
|||||||||||||||||
|
Operating income |
2,381,451 |
263,760 |
371,485 |
2,487,239 |
17,070 |
741,745 |
||||||||||||||||
|
Preopening and start-up expenses |
542 |
90 |
879 |
976 |
95 |
4,166 |
||||||||||||||||
|
Property transactions, net |
(19,395) |
(28,906) |
5,790 |
35,343 |
(2,835) |
14,566 |
||||||||||||||||
|
Depreciation and amortization |
366,255 |
283,625 |
334,788 |
654,893 |
574,176 |
651,202 |
||||||||||||||||
|
Gain on REIT transactions, net |
(2,277,747) |
- |
- |
(2,277,747) |
- |
- |
||||||||||||||||
|
Restructuring |
- |
- |
42,990 |
- |
- |
84,088 |
||||||||||||||||
|
Triple net operating lease and ground lease rent expense |
483,454 |
189,609 |
8,392 |
745,906 |
379,229 |
16,285 |
||||||||||||||||
|
Gain related to sale of Harmon land - unconsolidated affiliate |
- |
(49,755) |
- |
- |
(49,755) |
- |
||||||||||||||||
|
Income from unconsolidated affiliates related to real estate ventures |
(14,826) |
(41,666) |
- |
(56,472) |
(83,338) |
- |
||||||||||||||||
|
Adjusted EBITDAR |
$ |
919,734 |
$ |
1,590,138 |
||||||||||||||||||
|
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 |
Six Months Ended |
||||||||||||||||||||
|
June 30, |
June 30, |
June 30, |
June 30, |
||||||||||||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||||||||||||||
|
Las Vegas Strip Resorts net revenues |
$ |
2,137,176 |
$ |
1,004,568 |
$ |
3,800,068 |
$ |
1,549,532 |
|||||||||||||
|
Hold adjustment (1) |
9,156 |
6,985 |
1,324 |
5,914 |
|||||||||||||||||
|
Table Games Hold Adjusted Las Vegas Strip Resorts Net Revenues |
$ |
2,146,332 |
$ |
1,011,553 |
$ |
3,801,392 |
$ |
1,555,446 |
|||||||||||||
|
Las Vegas Strip Resorts Adjusted Property EBITDAR |
$ |
825,267 |
$ |
396,805 |
$ |
1,418,901 |
$ |
504,924 |
|||||||||||||
|
Hold adjustment (2) |
7,958 |
5,967 |
1,293 |
5,022 |
|||||||||||||||||
|
Table Games Hold Adjusted Las Vegas Strip Resorts Adjusted Property EBITDAR |
$ |
833,225 |
$ |
402,772 |
$ |
1,420,194 |
$ |
509,946 |
|||||||||||||
|
(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 |
Six Months Ended |
||||||||||||||||||||
|
June 30, |
June 30, |
June 30, |
June 30, |
June 30, |
June 30, |
||||||||||||||||
|
2022 |
2021 |
2019 |
2022 |
2021 |
2019 |
||||||||||||||||
|
Las Vegas Strip Resorts net revenues |
$ |
2,137,176 |
$ |
1,004,568 |
$ |
1,466,344 |
$ |
3,800,068 |
$ |
1,549,532 |
$ |
2,894,532 |
|||||||||
|
Acquisitions (1) |
(532,840) |
- |
- |
(844,133) |
- |
- |
|||||||||||||||
|
Dispositions (1) |
- |
- |
(65,913) |
- |
- |
(125,203) |
|||||||||||||||
|
Las Vegas Strip Resorts same-store net revenues |
1,604,336 |
1,004,568 |
1,400,431 |
2,955,935 |
1,549,532 |
2,769,329 |
|||||||||||||||
|
Hold adjustment (2) |
(5,398) |
6,985 |
14,694 |
(15,006) |
5,914 |
19,984 |
|||||||||||||||
|
Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Net Revenues |
$ |
1,598,938 |
$ |
1,011,553 |
$ |
1,415,125 |
$ |
2,940,929 |
$ |
1,555,446 |
$ |
2,789,313 |
|||||||||
|
Las Vegas Strip Resorts Adjusted Property EBITDAR |
$ |
825,267 |
$ |
396,805 |
$ |
418,339 |
$ |
1,418,901 |
$ |
504,924 |
$ |
821,990 |
|||||||||
|
Acquisitions (1) |
(226,332) |
- |
- |
(347,552) |
- |
- |
|||||||||||||||
|
Dispositions (1) |
- |
- |
(17,695) |
- |
- |
(30,233) |
|||||||||||||||
|
Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR |
598,935 |
396,805 |
400,644 |
1,071,349 |
504,924 |
791,757 |
|||||||||||||||
|
Hold adjustment (3) |
(4,542) |
5,967 |
12,579 |
(12,711) |
5,022 |
17,051 |
|||||||||||||||
|
Table Games Hold Adjusted Las Vegas Strip Resorts Same-Store Adjusted Property EBITDAR |
$ |
594,393 |
$ |
402,772 |
$ |
413,223 |
$ |
1,058,638 |
$ |
509,946 |
$ |
808,808 |
|||||||||
|
(1) The Company has excluded the net revenues and Adjusted Property EBITDAR of The Cosmopolitan, Aria, and Circus Circus Las Vegas. |
|||||||||||||||||||||
|
(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 for the acquired and disposed resorts in footnote (1) above. |
|||||||||||||||||||||
|
(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