MGM Resorts International Reports Third Quarter Results

           MGM Resorts International Reports Third Quarter Results

PR Newswire

LAS VEGAS, Oct. 31, 2012

LAS VEGAS, Oct. 31, 2012 /PRNewswire/ --MGM Resorts International (NYSE: MGM)
today reported its third quarter 2012 results. Net loss per share attributable
to the Company was $0.37 compared to a loss of $0.25 in the prior year third
quarter. Comparability of the current and prior year quarterly consolidated
results was affected by certain items discussed further below. Key results for
the third quarter of 2012 include the following:

  oConsolidated net revenue increased 1% to $2.3 billion, driven by a 7%
    increase in MGM China's net revenue;
  oConsolidated casino revenue increased 4%, representing a 7% increase at
    MGM China and a 2% increase at the Company's wholly owned domestic
    resorts;
  oRooms revenue decreased 3%, primarily due to a 2% decrease in REVPAR^(1)
    at the Company's Las Vegas Strip resorts;
  oThe Company's wholly owned domestic resorts earned Adjusted Property
    EBITDA^(2) of $325 million, a 7% decrease compared to the prior year
    quarter;
  oMGM China reported record third quarter Adjusted EBITDA of $152 million
    which included $5 million of branding fee expense. Excluding branding
    fees, Adjusted EBITDA increased 5% compared to the prior year quarter; and
  oCityCenter reported Adjusted EBITDA from resort operations of $59 million,
    an 18% increase from the prior year quarter.

"Our third quarter operating results are reflective of a challenging consumer
environment, but we had some bright spots with strong results from MGM Grand
Las Vegas and The Mirage and record third quarters from MGM China and
CityCenter," said Jim Murren, Chairman and CEO of MGM Resorts International.
"We have achieved a great milestone with MGM China by accepting the formal
land concession agreement and look forward to continuing to make progress
towards a second resort and casino in Macau. Meanwhile, early fourth quarter
trends are improving at our domestic resorts and forward convention booking
pace is showing growth in 2013 and is further accelerating into 2014."

Certain Items Affecting Third Quarter Results

The following table lists items that affect the comparability of the current
and prior year quarterly results (approximate diluted per share impact on net
income (loss) attributable to MGM Resorts International, net of tax; negative
amounts represent charges to income):

Three months ended September 30,                       2012     2011
Property transactions, net:
 Circus Circus Reno impairment charge          $   — $ (0.11)
 Other property transactions, net (0.01)   —
Income (loss) from unconsolidated affiliates:
 CityCenter residential impairment charge     (0.02)   —
 CityCenter Harmon demolition cost            (0.02)   —
Income tax provision:
 Deferred tax valuation allowance             (0.09)   —

Current quarter results were affected by a valuation allowance for a portion
of U.S. deferred tax assets and the Company's share of CityCenter's non-cash
residential impairment charge related to Mandarin Oriental and estimated costs
accrued for the demolition of the Harmon. The prior year quarter included an
impairment charge of $80 million related to Circus Circus Reno.

Wholly Owned Domestic Resorts

Net revenues related to wholly owned domestic resorts decreased 2% to $1.5
billion. Casino revenue increased 2% compared to the prior year quarter. The
overall table games hold percentage in the third quarter of 2012 was 20.4%
compared to 19.5% for the prior year third quarter. Table games hold at the
Bellagio was significantly below normal but was offset by other Las Vegas
Strip resorts. Slots revenue increased 1% compared to the prior year quarter.

Rooms revenue decreased 3% with Las Vegas Strip REVPAR down 2%. The following
table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended September 30, 2012     2011
Occupancy %                           92%      95%
Average Daily Rate (ADR)                   $  124 $  124
Revenue per Available Room (REVPAR)       $  114 $  117

Operating income for the Company's wholly owned domestic resorts for the third
quarter of 2012 was $195 million compared to $130 million in the prior year
quarter. The prior year quarter included an $80 million impairment charge
related to Circus Circus Reno. Adjusted Property EBITDA for wholly owned
domestic resorts decreased 7% to $325 million for the third quarter of 2012.
Corporate expense increased by approximately $19 million during the current
quarter, largely as a result of approximately $17 million of costs associated
with the ongoing referendum in Maryland and development efforts in
Massachusetts and Toronto.

MGM China

Key third quarter results for MGM China include the following:

  oMGM China earned net revenue of $665 million, a 7% increase over the prior
    year quarter driven by increases in volume for main floor table games and
    slots of 10% and 37%, respectively. VIP table games turnover decreased 5%
    from the prior year quarter, while hold percentage was 3.0% in the current
    year quarter compared to 2.9% in the prior year quarter; and
  oMGM China's operating income was $61 million and Adjusted EBITDA was $152
    million. Branding fee expense was $5 million in the current year
    quarter, as the annual branding fee cap was reached in August, compared to
    $11 million in the prior year quarter. Adding back the branding fees in
    both periods, Adjusted EBITDA increased 5%.

As previously announced, MGM China, through its wholly owned subsidiary MGM
Grand Paradise S.A. ("MGM Grand Paradise"), formally accepted a land
concession contract with the Macau government in October 2012 and received
approval to develop a five-star luxury resort and casino in Cotai, Macau. The
contract will not become effective until the Macau government publishes it in
the Official Gazette of Macau (the "Publication Date"). The initial term of
the contract is 25 years from the Publication Date and MGM Grand Paradise is
required to complete the development of the land within 60 months of the
Publication Date. The total land premium payable to the Macau government is
approximately $161 million. In addition to the land premium payment, MGM
Grand Paradise is required to pay an annual rent to the Macau government.

In October 2012, MGM China and MGM Grand Paradise, as co-borrowers, entered
into an amended and restated credit facility agreement which consists of $550
million of term loans and a $1.45 billion revolving credit facility due
October 2017. The interest rate on the facility will fluctuate based on HIBOR
plus a margin, set at 2.5% for the first six months and ranging between 1.75%
and 2.5% thereafter based on MGM China's leverage ratio. The credit facility
will be used for general corporate purposes and for the development of the
proposed Cotai development.

Income (Loss) from Unconsolidated Affiliates

The following table summarizes the Company's income (loss) from unconsolidated
affiliates:

Three months ended September 30, 2012         2011
                                 (In thousands)
CityCenter                    $  (42,814) $  (7,723)
Other                    4,871        8,262
                                 $  (37,943) $    539

The Company's share of CityCenter's operating losses in the current year
quarter includes $18 million related to a residential impairment charge and
$16 million related to the accrual of estimated costs for the future
demolition of the Harmon.

Results for CityCenter Holdings, LLC for the third quarter of 2012 include the
following (see schedules accompanying this release for further detail on
CityCenter's third quarter results):

  oNet revenue from resort operations increased 3% to $263 million;
  oAdjusted EBITDA from resort operations was $59 million, an increase of 18%
    compared to $50 million in the prior year quarter;
  oAria's table games hold percentage for the third quarter of 2012 was 29.3%
    compared to 25.5% for the prior year quarter. The estimated effect of the
    increase in hold percentage compared to the prior year quarter for
    Adjusted EBITDA was $8 million;
  oAria's occupancy percentage was 88% and its ADR was $192, resulting in
    REVPAR of $170, a 2% decrease compared to the prior year third quarter;
    and
  oCityCenter recorded approximately $36 million for a residential impairment
    charge related to the Mandarin Oriental and $32 million for accrued costs
    related to the future demolition of the Harmon within "Property
    transactions, net."

Financial Position

The Company's cash balance at September 30, 2012 was $2.4 billion, which
included approximately $936 million of cash and cash equivalents related to
MGM China. At September 30, 2012, the Company had approximately $13.9 billion
of indebtedness (with a carrying value of $13.8 billion) including $1.3
billion of borrowings outstanding under its senior credit facility and $539
million related to the MGM China credit facility. In September, the Company
issued $1.0 billion of 6.75% senior notes due 2020, for net proceeds to the
Company of approximately $986 million.

At September 30, 2012, the Company's senior credit facility consisted of
approximately $820 million in term loans and a $1.3 billion revolver
(approximately $360 million of which has not been extended and matures in
February 2014) and had approximately $855 million of available borrowing
capacity. The interest rate on extending loans was 5% at September 30, 2012.
Interest on non-extending revolving loans remains at 7%.

"We have opportunistically accessed the capital markets enabling us to extend
maturities at lower borrowing rates. Our most recent senior notes issuance was
done at the lowest interest rate we have achieved since 2006. We remain
focused on executing additional transactions to further reduce our interest
expense and improve free cash flow," said Dan D'Arrigo, Executive Vice
President, CFO and Treasurer of MGM Resorts International.

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
1-877-355-2280 for domestic callers and 1-706-758-3659 for international
callers. The conference call access code is 30530814. A replay of the call
will be available through Wednesday, November 7, 2012. The replay may be
accessed by dialing 1-855-859-2056 or 1-404-537-3406. The replay access code
is 30530814. The call will also be archived at www.mgmresorts.com

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, property transactions, net and the gain on the MGM China
transaction. "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 peerless portfolio of destination resort
brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage. In
addition to its 51% interest in MGM China Holdings, Limited, which owns the
MGM Macau resort and casino and is in the process of developing a gaming
resort in Cotai, the Company has significant holdings in gaming, hospitality
and entertainment, owns and operates 15 properties located in Nevada,
Mississippi and Michigan, and has 50% investments in three other properties in
Nevada and Illinois. One of those investments is CityCenter, an unprecedented
urban resort destination on the Las Vegas Strip featuring its centerpiece ARIA
Resort & Casino. Leveraging MGM Resorts' unmatched amenities, the M life
loyalty program delivers one-of-a-kind experiences, insider privileges and
personalized rewards for guests at the Company's renowned properties
nationwide. Through its hospitality management subsidiary, the Company holds a
growing number of development and management agreements for casino and
non-casino resort projects around the world. MGM Resorts International
supports responsible gaming and has implemented the American Gaming
Association's Code of Conduct for Responsible Gaming at its gaming properties.
The Company has been honored with numerous awards and recognitions for its
industry-leading Diversity Initiative, its community philanthropy programs and
the Company's commitment to sustainable development and operations. 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 involving risks and/or uncertainties, including those described in
the company's public filings with the Securities and Exchange Commission. We
have 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 future operating results and our
ability to execute additional transactions to further reduce our interest
expense and improve free cash flow. 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 we operate 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 our 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.



MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
                           Three Months Ended        Nine Months Ended
                           September    September    September    September
                           30,          30,          30,          30,
                           2012         2011         2012         2011
Revenues:
  Casino                   $          $           $          $ 
                           1,294,318    1,241,959   3,928,548    2,629,674
  Rooms                    393,055      405,173      1,205,441    1,170,301
  Food and beverage        361,252      369,484      1,126,096    1,078,268
  Entertainment            123,168      132,350      364,477      382,037
  Retail                   51,211       55,509       149,921      155,951
  Other                    127,567      128,204      373,590      371,253
  Reimbursed costs         87,682       87,144       269,159      262,914
                           2,438,253    2,419,823    7,417,232    6,050,398
  Less: Promotional        (183,275)    (186,236)    (550,899)    (497,975)
  allowances
                           2,254,978    2,233,587    6,866,333    5,552,423
Expenses:
  Casino                   826,072      795,652      2,519,757    1,632,382
  Rooms                    128,546      125,864      384,598      366,736
  Food and beverage        209,686      214,412      643,892      628,559
  Entertainment            92,888       96,889       270,235      279,605
  Retail                   29,064       32,641       85,888       94,279
  Other                    88,616       90,021       263,673      256,710
  Reimbursed costs         87,682       87,144       269,159      262,914
  General and              319,106      304,049      931,873      875,193
  administrative
  Corporate expense        62,992       43,523       147,792      120,024
  Preopening and start-up  765          -            765          (316)
  expenses
  Property transactions,   5,803        81,837       97,187       82,828
  net
  Gain on MGM China        -            -            -            (3,496,005)
  transaction
  Depreciation and         228,414      249,520      700,866      579,384
  amortization
                           2,079,634    2,121,552    6,315,685    1,682,293
Income (loss) from         (37,943)     539          (45,266)     95,909
unconsolidated affiliates
Operating income          137,401      112,574      505,382      3,966,039
Non-operating income
(expense):
  Interest expense, net of (275,771)    (272,542)    (836,436)    (812,680)
  amounts capitalized
  Non-operating items from
  unconsolidated           (20,901)     (24,692)     (68,603)     (92,984)
  affiliates
  Other, net               2,012        (1,595)      (55,518)     (18,567)
                           (294,660)    (298,829)    (960,557)    (924,231)
Income (loss) before       (157,259)    (186,255)    (455,175)    3,041,808
income taxes
  Benefit for income taxes 2,585        79,680       26,760       212,437
Net income (loss)          (154,674)    (106,575)    (428,415)    3,254,245
  Less: net income
  attributable to          (26,485)     (17,211)     (115,449)    (25,917)
  noncontrolling interests
Net income (loss)          $         $          $         $ 
attributable to MGM        (181,159)    (123,786)   (543,864)    3,228,328
Resorts International
Per share of common stock:
  Basic:
  Net income (loss)        $       $       $       $     
  attributable to MGM       (0.37)     (0.25)       (1.11)      6.61
  Resorts International
  Weighted average shares  488,945      488,636      488,913      488,595
  outstanding
  Diluted:
  Net income (loss)        $       $       $       $     
  attributable to MGM       (0.37)     (0.25)       (1.11)      5.83
  Resorts International
  Weighted average shares  488,945      488,636      488,913      558,544
  outstanding



MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
                                                   September 30,  December 31,
                                                   2012           2011
                                      ASSETS
Current assets:
       Cash and cash equivalents                   $            $  
                                                   2,443,159     1,865,913
       Accounts receivable, net                    412,390        491,730
       Inventories                                 107,772        112,735
       Deferred income taxes, net                  140,831        91,060
       Prepaid expenses and other                  243,665        251,282
       Total current assets       3,347,817      2,812,720
Property and equipment, net                        14,765,349     14,866,644
Other assets:
       Investments in and advances to              1,488,662      1,635,572
       unconsolidated affiliates
       Goodwill                                   2,901,273      2,896,609
       Other intangible assets, net                4,813,183      5,048,117
       Other long-term assets, net                 515,077        506,614
        Total other assets         9,718,195      10,086,912
                                                   $             $ 
                                                   27,831,361    27,766,276
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
       Accounts payable                            $          $    
                                                   201,150        170,994
       Income taxes payable                        358            7,611
       Accrued interest on long-term debt          249,676        203,422
       Other accrued liabilities                   1,574,670      1,362,737
        Total current              2,025,854      1,744,764
       liabilities
Deferred income taxes                             2,527,828      2,502,096
Long-term debt                                     13,825,451     13,470,167
Other long-term obligations                        186,725        167,027
Stockholders' equity:
       Common stock, $.01 par value: authorized
       1,000,000,000 shares,
        issued and outstanding 488,955,913 and   4,890          4,888
       488,834,773 shares
       Capital in excess of par value              4,098,322      4,094,323
       Retained earnings                          1,437,525      1,981,389
       Accumulated other comprehensive income     12,533         5,978
       Total MGM Resorts International             5,553,270      6,086,578
       stockholders' equity
       Noncontrolling interests                    3,712,233      3,795,644
       Total stockholders' equity 9,265,503      9,882,222
                                                   $             $ 
                                                   27,831,361    27,766,276



MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
                                Three Months Ended      Nine Months Ended
                                September    September  September  September
                                30,          30,        30,        30,
                                2012         2011       2012       2011
 Bellagio                       $         $       $       $     
                                259,501     275,884   840,233   805,892
 MGM Grand Las Vegas            239,713      243,037    702,589    707,618
 Mandalay Bay                   183,466      199,166    555,857    587,525
 The Mirage                    162,920      140,989    457,388    433,912
 Luxor                          81,343       88,203     247,986    252,420
 New York-New York             67,166       68,449     206,807    202,147
 Excalibur                      66,809       67,831     197,808    196,341
 Monte Carlo                    64,425       65,321     195,788    193,602
 Circus Circus Las Vegas        56,807       56,559     158,606    149,694
 MGM Grand Detroit              139,284      139,049    431,676    425,189
 Beau Rivage                    91,704       89,713     265,254    261,448
 Gold Strike Tunica             39,789       40,415     115,797    108,485
 Other resort operations        33,228       34,759     95,192     96,840
  Wholly owned domestic        1,486,155    1,509,375  4,470,981  4,421,113
 resorts
 MGM China(1)                   665,074      623,050    2,076,460  816,034
 Management and other           103,749      101,162    318,892    315,276
 operations
                                $          $        $        $    
                                2,254,978    2,233,587  6,866,333  5,552,423
 (1) For the nine months ended September 30, 2011, represents the net revenues
 of MGM China Holdings Limited ("MGM China") from June 3, 2011 (the first day
 of the Company's majority ownership of MGM China) through September 30, 2011.
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA
(In thousands)
(Unaudited)
                                Three Months Ended      Nine Months Ended
                                September    September  September  September
                                30,          30,        30,        30,
                                2012         2011       2012       2011
 Bellagio                       $        $      $       $     
                                54,133      74,251    207,929   205,522
 MGM Grand Las Vegas            48,378       42,221     114,735    114,646
 Mandalay Bay                   34,392       41,372     120,605    129,417
 The Mirage                    39,507       25,406     91,993     82,145
 Luxor                          15,717       21,065     51,426     60,020
 New York-New York             20,954       22,738     68,929     66,089
 Excalibur                      15,394       17,463     48,698     51,974
 Monte Carlo                    13,150       14,466     44,554     43,870
 Circus Circus Las Vegas        8,322        8,898      21,611     20,524
 MGM Grand Detroit              39,264       39,897     124,840    125,593
 Beau Rivage                    22,722       25,501     59,173     57,925
 Gold Strike Tunica             11,041       13,464     33,662     21,219
 Other resort operations        1,790        852        2,739      (2)
  Wholly owned domestic        324,764      347,594    990,894    978,942
 resorts
 MGM China(1)                   152,491      139,326    503,572    185,748
 MGM Macau (50%)(2)             -            -          -          115,219
 CityCenter (50%)(3)            (42,814)     (7,723)    (60,745)   (46,029)
 Other unconsolidated           4,871        8,262      15,479     26,719
 resorts(3)
 Management and other           (409)        4,637      14,394     6,159
 operations
                                $         $       $        $    
                                438,903     492,096   1,463,594  1,266,758
 (1) For the nine months ended September 30, 2011, represents the Adjusted
 EBITDA of MGM China Holdings Limited ("MGM China") from June 3, 2011 (the
 first day of the Company's majority ownership of MGM China) through September
 30, 2011.
 (2) Represents the Company's share of operating income (loss), adjusted for
 the effect of certain basis differences for the approximately five months
 ended June 2, 2011.
 (3) Represents the Company's share of operating income (loss), adjusted for
 the effect of certain basis differences.





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, 2012
                 Operating  Preopening  Property      Depreciation
                            and                                      Adjusted
                 income                 transactions,  and
                            start-up                                EBITDA
                 (loss)                 net            amortization
                            expenses
                 $      $       $        $         $   
Bellagio         30,454                52   23,627       
                             -                                      54,133
MGM Grand Las    24,375     -           3,497          20,506        48,378
Vegas
Mandalay Bay     15,251     -           392            18,749        34,392
The Mirage       25,949     -           541            13,017        39,507
Luxor            6,076      -           765            8,876         15,717
New York-New     15,619     -           148            5,187         20,954
York
Excalibur        11,016     -           -              4,378         15,394
Monte Carlo      8,332      -           9              4,809         13,150
Circus Circus    3,541      -           -              4,781         8,322
Las Vegas
MGM Grand        30,206     641         37             8,380         39,264
Detroit
Beau Rivage      15,129     -           (78)           7,671         22,722
Gold Strike      7,825      -           1              3,215         11,041
Tunica
Other resort     1,176      -           (8)            622           1,790
operations
 Wholly owned   194,949    641         5,356          123,818       324,764
domestic resorts
MGM China        60,527     -           426            91,538        152,491
CityCenter (50%) (42,938)   124         -              -             (42,814)
Other
unconsolidated   4,871      -           -              -             4,871
resorts
Management and   (3,574)    -           -              3,165         (409)
other operations
                 213,835    765         5,782          218,521       438,903
Stock            (7,897)    -           -              -             (7,897)
compensation
Corporate        (68,537)   -           21             9,893         (58,623)
                 $       $       $        $          $   
                 137,401      765     5,803      228,414      372,383
  Three Months Ended September 30, 2011
                 Operating  Preopening  Property      Depreciation
                            and                                      Adjusted
                 income                transactions,  and
                            start-up                                 EBITDA
                 (loss)                 net            amortization
                            expenses
                 $      $       $        $         $   
Bellagio         50,943              503      22,805       
                             -                                      74,251
MGM Grand Las    22,945     -           1              19,275        42,221
Vegas
Mandalay Bay     19,313     -           53             22,006        41,372
The Mirage       6,708      -           1,291          17,407        25,406
Luxor            11,775     -           2              9,288         21,065
New York-New     17,043     -           -              5,695         22,738
York
Excalibur        12,477     -           13             4,973         17,463
Monte Carlo      9,209      -           5              5,252         14,466
Circus Circus    4,192      -           2              4,704         8,898
Las Vegas
MGM Grand        29,991     -           -              9,906         39,897
Detroit
Beau Rivage      15,614     -           (7)            9,894         25,501
Gold Strike      10,083     -           -              3,381         13,464
Tunica
Other resort     (79,990)   -           79,658         1,184         852
operations
 Wholly owned   130,303    -           81,521         135,770       347,594
domestic resorts
MGM China        40,788     -           294            98,244        139,326
CityCenter (50%) (7,723)    -           -              -             (7,723)
Other
unconsolidated   8,262      -           -              -             8,262
resorts
Management and   1,000      -           6              3,631         4,637
other operations
                 172,630    -           81,821         237,645       492,096
Stock            (8,707)    -           -              -             (8,707)
compensation
Corporate        (51,349)   -           16             11,875        (39,458)
                 $       $       $        $          $   
                 112,574          81,837         249,520      443,931
                             -



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, 2012
                 Operating  Preopening  Property       Depreciation
                            and
                 income                 transactions,  and           Adjusted
                            start-up                                 EBITDA
                 (loss)                 net            amortization
                            expenses
                 $      $       $        $         $   
Bellagio         135,874              406    71,649       207,929
                             -
MGM Grand Las    50,796     -           4,627          59,312        114,735
Vegas
Mandalay Bay     60,817     -           937            58,851        120,605
The Mirage       52,691     -           611            38,691        91,993
Luxor            23,691     -           950            26,785        51,426
New York-New     52,318     -           391            16,220        68,929
York
Excalibur        35,407     -           3              13,288        48,698
Monte Carlo      29,235     -           567            14,752        44,554
Circus Circus    7,079      -           77             14,455        21,611
Las Vegas
MGM Grand        94,975     641         921            28,303        124,840
Detroit
Beau Rivage      36,252     -           (70)           22,991        59,173
Gold Strike      23,758     -           3              9,901         33,662
Tunica
Other resort     958        -           (22)           1,803         2,739
operations
 Wholly owned   603,851    641         9,401          377,001       990,894
domestic resorts
MGM China        218,869    -           1,890          282,813       503,572
CityCenter       (60,869)   124         -              -             (60,745)
(50%)
Other
unconsolidated   15,479     -           -              -             15,479
resorts
Management and   3,692      -           -              10,702        14,394
other operations
                 781,022    765         11,291         670,516       1,463,594
Stock            (25,998)   -           -              -             (25,998)
compensation
Corporate        (249,642)  -           85,896         30,350        (133,396)
                 $      $       $        $          $  
                 505,382      765    97,187       700,866      1,304,200
Nine Months Ended September 30, 2011
                 Operating              Gain on MGM
                            Preopening  China          Depreciation
                 income     and         transaction    and           Adjusted
                            start-up    and Property   amortization  EBITDA
                 (loss)     expenses    transactions,
                                        net
                 $      $       $        $         $   
Bellagio         132,489              820    72,213       205,522
                             -
MGM Grand Las    56,837     -           1              57,808        114,646
Vegas
Mandalay Bay     63,365     -           69             65,983        129,417
The Mirage       35,123     -           1,330          45,692        82,145
Luxor            31,599     -           8              28,413        60,020
New York-New     48,325     -           (85)           17,849        66,089
York
Excalibur        36,530     -           223            15,221        51,974
Monte Carlo      26,690     -           33             17,147        43,870
Circus Circus    6,343      -           (6)            14,187        20,524
Las Vegas
MGM Grand        95,820     -           372            29,401        125,593
Detroit
Beau Rivage      25,764     -           51             32,110        57,925
Gold Strike      11,028     -           -              10,191        21,219
Tunica
Other resort     (83,323)   -           79,675         3,646         (2)
operations
 Wholly owned   486,590    -           82,491         409,861       978,942
domestic resorts
MGM China        60,236     -           307            125,205       185,748
MGM Macau        115,219    -           -              -             115,219
(50%)
CityCenter       (46,029)   -           -              -             (46,029)
(50%)
Other
unconsolidated   26,719     -           -              -             26,719
resorts
Management and   (4,289)    (316)       1              10,763        6,159
other operations
                 638,446    (316)       82,799         545,829       1,266,758
Stock            (26,912)   -           -              -             (26,912)
compensation
Corporate        3,354,505  -           (3,495,976)    33,555        (107,916)
                 $       $       $           $          $  
                 3,966,039    (316)  (3,413,177)   579,384      1,131,930



MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)
(In thousands)
(Unaudited)
                                 Three Months Ended      Nine Months Ended
                                 September   September   September   September
                                 30,         30,         30,         30,
                                 2012        2011        2012        2011
Adjusted EBITDA                  $        $        $         $  
                                 372,383    443,931    1,304,200   1,131,930
 Preopening and start-up        (765)       -           (765)       316
expenses
 Property transactions, net     (5,803)     (81,837)    (97,187)    (82,828)
 Gain on MGM China transaction  -           -           -           3,496,005
 Depreciation and amortization  (228,414)   (249,520)   (700,866)   (579,384)
Operating income                 137,401     112,574     505,382     3,966,039
Non-operating income (expense):
 Interest expense, net of       (275,771)   (272,542)   (836,436)   (812,680)
amounts capitalized
 Other, net                     (18,889)    (26,287)    (124,121)   (111,551)
                                 (294,660)   (298,829)   (960,557)   (924,231)
Income (loss) before income      (157,259)   (186,255)   (455,175)   3,041,808
taxes
 Benefit for income taxes       2,585       79,680      26,760      212,437
Net income (loss)                (154,674)   (106,575)   (428,415)   3,254,245
 Less: net income attributable  (26,485)    (17,211)    (115,449)   (25,917)
to noncontrolling interests
Net income (loss) attributable   $         $         $         $  
to MGM Resorts International     (181,159)  (123,786)  (543,864)  3,228,328

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP
(Unaudited)
                          Three Months Ended          Nine Months Ended
                          September     September     September    September
                          30,           30,           30,          30,
                          2012          2011          2012         2011
 Bellagio
  Occupancy %           92.7%         96.8%         94.2%        94.7%
  Average daily rate    $232          $230          $234         $226
 (ADR)
  Revenue per           $215          $222          $220         $214
 available room (REVPAR)
 MGM Grand Las Vegas
  Occupancy %           94.1%         95.4%         94.6%        94.3%
  ADR                   $135          $129          $139         $130
  REVPAR                $127          $123          $131         $123
 Mandalay Bay
  Occupancy %           93.4%         95.7%         92.9%        93.5%
  ADR                   $168          $175          $178         $176
  REVPAR                $157          $168          $166         $165
 The Mirage
  Occupancy %           96.4%         96.7%         95.9%        95.8%
  ADR                   $139          $140          $148         $145
  REVPAR                $134          $136          $142         $138
 Luxor
  Occupancy %           91.0%         94.6%         91.7%        91.8%
  ADR                   $86           $87           $88          $90
  REVPAR                $78           $83           $81          $83
 New York-New York
  Occupancy %           94.5%         95.3%         95.5%        94.5%
  ADR                   $108          $108          $110         $108
  REVPAR                $102          $103          $105         $102
 Excalibur
  Occupancy %           91.2%         92.4%         90.9%        90.0%
  ADR                   $71           $70           $72          $72
  REVPAR                $64           $65           $65          $65
 Monte Carlo
  Occupancy %           93.4%         97.2%         94.9%        94.8%
  ADR                   $102          $99           $103         $98
  REVPAR                $96           $96           $98          $93
 Circus Circus Las Vegas
  Occupancy %           83.9%         88.1%         81.1%        76.2%
  ADR                   $52           $52           $54          $54
  REVPAR                $44           $46           $44          $41



CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
                        Three Months Ended          Nine Months Ended
                        September     September     September     September
                        30,           30,           30,           30,
                        2012          2011          2012          2011
 Aria                   $          $          $          $   
                        217,306      214,347      638,772      672,810
 Vdara                  20,969        20,060        65,532        55,230
 Crystals               13,534        11,345        38,994        34,229
 Mandarin Oriental      11,222        9,064         35,945        30,309
 Resort operations     263,031       254,816       779,243       792,578
 Residential            3,399         5,186         16,249        20,328
 operations
                        $          $          $          $   
                        266,430      260,002      795,492      812,906

CITYCENTER HOLDINGS, LLC
RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS
(In thousands)
(Unaudited)
                        Three Months Ended          Nine Months Ended
                        September     September     September     September
                        30,           30,           30,           30,
                        2012          2011          2012          2011
Adjusted EBITDA         $         $         $          $   
                        52,762       46,090       146,552      157,978
 Preopening and        (248)         -             (248)         -
start-up expenses
 Property              (71,257)      (6)           (73,336)      (53,362)
transactions, net
 Depreciation and      (91,110)      (86,093)      (267,262)     (271,270)
amortization
Operating loss          (109,853)     (40,009)      (194,294)     (166,654)
Non-operating income
(expense):
 Interest expense -    (23,346)      (20,092)      (67,197)      (57,699)
sponsor notes
 Interest expense -    (42,681)      (47,665)      (131,649)     (142,714)
other
 Other, net            808           1,129         (5,832)       (20,566)
                        (65,219)      (66,628)      (204,678)     (220,979)
Net loss                $           $           $           $  
                        (175,072)    (106,637)    (398,972)    (387,633)

CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended September 30, 2012
                 Operating   Preopening
                             and         Property       Depreciation  Adjusted
                 income      start-up    transactions,  and           EBITDA
                             expenses    net            amortization
                 (loss)
                 $       $       $         $         $   
 Aria            (25,512)       248   3,577         68,879       
                                                                      47,192
 Vdara           (6,055)     -           -              10,370        4,315
 Crystals        1,522       -           -              6,310         7,832
 Mandarin        (5,156)     -           -              4,529         (627)
 Oriental
 Resort         (35,201)    248         3,577          90,088        58,712
 operations
 Residential     (38,072)    -           35,690         977           (1,405)
 operations
 Development
 and             (36,580)    -           31,990         45            (4,545)
 administration
                 $         $       $          $         $   
                 (109,853)     248   71,257        91,110       
                                                                      52,762
Three Months Ended September 30, 2011
                 Operating   Preopening
                             and         Property       Depreciation  Adjusted
                 income      start-up    transactions,  and           EBITDA
                             expenses    net            amortization
                 (loss)
                 $       $       $        $         $   
 Aria            (23,147)               -      63,566       
                              -                                      40,419
 Vdara           (5,387)     -           -              10,173        4,786
 Crystals        (648)       -           -              6,619         5,971
 Mandarin        (5,782)     -           -              4,449         (1,333)
 Oriental
 Resort         (34,964)    -           -              84,807        49,843
 operations
 Residential     (976)       -           -              1,198         222
 operations
 Development
 and             (4,069)     -           6              88            (3,975)
 administration
                 $       $       $        $         $   
                 (40,009)              6       86,093       
                              -                                      46,090



CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Nine Months Ended September 30, 2012
                 Operating   Preopening  Property       Depreciation
                             and                                      Adjusted
                 income      start-up    transactions,  and
                                                                      EBITDA
                 (loss)      expenses    net            amortization
 Aria            $       $       $         $          $   
                 (84,697)       248   5,563         200,529      121,643
 Vdara           (14,664)    -           -              31,056        16,392
 Crystals        4,183       -           -              19,021        23,204
 Mandarin        (12,946)    -           -              13,568        622
 Oriental
 Resort         (108,124)   248         5,563          264,174       161,861
 operations
 Residential     (39,836)    -           35,690         2,929         (1,217)
 operations
 Development
 and             (46,334)    -           32,083         159           (14,092)
 administration
                 $         $       $          $          $   
                 (194,294)     248   73,336        267,262      146,552
Nine Months Ended September 30, 2011
                 Operating   Preopening  Property       Depreciation
                             and                                      Adjusted
                 income      start-up    transactions,  and
                                                                      EBITDA
                 (loss)      expenses    net            amortization
                 $       $       $        $          $   
 Aria            (57,000)               -      205,473      148,473
                              -
 Vdara           (15,127)    -           -              28,547        13,420
 Crystals        (3,037)     -           -              20,322        17,285
 Mandarin        (14,968)    -           -              13,966        (1,002)
 Oriental
 Resort         (90,132)    -           -              268,308       178,176
 operations
 Residential     (63,044)    -           52,624         2,628         (7,792)
 operations
 Development
 and             (13,478)    -           738            334           (12,406)
 administration
                 $         $       $          $          $   
                 (166,654)         53,362        271,270      157,978
                              -



CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - HOTEL STATISTICS
(Unaudited)
                   Three Months Ended            Nine Months Ended
                   September 30,  September 30,  September 30,  September 30,
                   2012           2011           2012           2011
 Aria
  Occupancy %    88.5%          86.6%          89.2%          87.4%
  ADR            $192           $200           $199           $201
  REVPAR         $170           $173           $178           $176
 Vdara
  Occupancy %    83.2%          83.8%          84.4%          86.0%
  ADR            $153           $157           $159           $158
  REVPAR         $127           $131           $134           $136



SOURCE MGM Resorts International

Website: http://www.mgmresorts.com
Contact: Investment Community, DANIEL D'ARRIGO, Executive Vice President, CFO
& Treasurer, (702) 693-8895, or ALAN M. FELDMAN, Senior Vice President of
Public Affairs, (702) 891-1840, afeldman@mgmresorts.com
 
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