MGM Resorts International Reports Fourth Quarter And Full Year Results

    MGM Resorts International Reports Fourth Quarter And Full Year Results

MGM China Announces $500 Million Special Dividend

PR Newswire

LAS VEGAS, Feb. 20, 2013

LAS VEGAS, Feb. 20, 2013 /PRNewswire/ --MGM Resorts International (NYSE: MGM)
today reported financial results for the fourth quarter and full year ended
December 31, 2012. Loss per share for the fourth quarter of 2012 was $2.50
compared to a loss per share of $0.23 in the prior year fourth quarter.
Comparability of the current and prior year consolidated results was affected
by certain items discussed further below.

"2012 was a transformational year for MGM Resorts International highlighted by
major improvements in our financial position, significant progress on future
growth opportunities and strengthening of our company culture. We closed the
year with strong fourth quarter results driven by a 5% increase in wholly
owned domestic resorts EBITDA," said Jim Murren, MGM Resorts International
Chairman and CEO. "We are off to a great start in 2013, with our Cotai land
recently gazetted, a $500 million special dividend announced by MGM China, and
solid events thus far in Las Vegas including Super Bowl and Chinese New Year."

Key results for the fourth quarter of 2012 include the following:

  oConsolidated net revenue was $2.3 billion in both the current and prior
    year quarter;
  oConsolidated casino revenue increased 1% compared to the prior year
    quarter;
  oRooms revenue at wholly owned domestic resorts increased 2% with a 1%
    increase in REVPAR^(1) at the Company's Las Vegas Strip resorts;
  oAdjusted Property EBITDA^(2) was $505 million compared to $482 million in
    the prior year quarter;
  oThe Company's wholly owned domestic resorts earned Adjusted Property
    EBITDA of $334 million, a 5% increase compared to the prior year quarter;
  oMGM China's Adjusted EBITDA was $176 million, a 1% increase compared to
    the prior year quarter;
  oCityCenter's Adjusted EBITDA related to resort operations was $68 million,
    a 17% increase compared to the prior year quarter; and
  oConsolidated operating loss was $425 million compared to operating income
    of $91 million in the fourth quarter of 2011, impacted by significant
    impairment charges in each period.

Certain Items Affecting Fourth Quarter Results

The following table lists items that affect the comparability of the current
and prior year quarterly results (approximate EPS impact shown, net of tax,
per share; negative amounts represent charges to income):

Three months ended December 31,           2012      2011
Property transactions, net:
 Borgata investment impairment        $ (0.09) $ (0.07)
 Las Vegas Strip land impairment      (0.48)    —
 Atlantic City land impairment        (0.20)    —
 Silver Legacy investment impairment  —         (0.03)
 Other property transactions, net     (0.01)    (0.01)
Other non-operating expense:
 SJTA bond impairment                 (0.06)    —
 Loss on retirement of long-term debt (0.67)    —
Tax adjustments                           (0.76)    0.09

Items in the above table for the fourth quarter of 2012 include:

  oAn impairment charge of $65 million related to the Company's investment in
    Borgata;
  oA $366 million impairment charge related to certain of the Company's land
    holdings on the north end of the Las Vegas Strip and a $167 million
    impairment charge related to the Company's land holdings in Atlantic City;
  oA $47 million write-off related to the Company's holding of South Jersey
    Transportation Authority ("SJTA") road development special revenue bonds;
  oA loss of $505 million related to the Company's December refinancing
    transactions; and
  o$372 million related to the change in valuation allowance for U.S.
    deferred tax assets.

Items in the above table for the fourth quarter of 2011 include:

  oAn impairment charge of $62 million related to the Company's investment in
    Borgata;
  oAn impairment charge of $23 million related to the Company's investment in
    Silver Legacy; and
  oA net $44 million increase in income tax benefit resulting from a decrease
    in net deferred tax liability related to Macau, partially offset by an
    increase in the Michigan net deferred tax liability.

In addition to these items, corporate expense increased to $87 million during
the current year quarter, primarily as a result of approximately $34 million
of costs associated with the Company's development efforts in Maryland and
Massachusetts.

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts was up 1% compared to
the prior year quarter. The overall table games hold percentage in the fourth
quarter of 2012 was 21.9% compared to 22.8% for the prior year quarter. Slots
revenue increased 2% compared to the prior year quarter.

Rooms revenue increased 2% with Las Vegas Strip REVPAR up 1%. The following
table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended December 31,      2012     2011
Occupancy %                          86%      87%
Average Daily Rate (ADR)             $  130 $  129
Revenue per Available Room (REVPAR) $  112 $  111

Operating income for the Company's wholly owned domestic resorts for the
fourth quarter of 2012 was $202 million, an increase of 8% compared to the
prior year quarter.

MGM China

On February 20, 2013, MGM China's Board of Directors announced a special
dividend of $500 million, which will be paid to shareholders of record as of
March 11, 2013 and distributed on or about March 18, 2013. MGM Resorts
International will receive $255 million, representing its 51% share of the
dividend.

Key fourth quarter results for MGM China include the following:

  oMGM China earned net revenue of $731 million, a 2% increase over the prior
    year quarter driven by increases in volume for main floor table games and
    slots of 13% and 37%, respectively. VIP table games turnover increased 6%
    from the prior year quarter, while hold percentage was 2.9% in the current
    year quarter compared to 3.2% in the prior year quarter; and
  oMGM China's operating income was $83 million, an 8% increase over the
    prior year quarter and Adjusted EBITDA was $176 million compared to $174
    million in the prior year quarter.

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 became effective on January 9, 2013 when the Macau government
published it in the Official Gazette of Macau.

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 fluctuates based on HIBOR plus a margin, set
at 2.5% for the first six months of the agreement and ranging between 1.75%
and 2.5% thereafter based on MGM China's leverage ratio. The credit facility
is being used for general corporate purposes and for the development of the
Cotai project.

"We have made significant progress in the design and development of our Cotai
resort and casino. With the recent approval of our general building plan, we
look forward to our groundbreaking ceremony next week. We remain on track for
an early to mid 2016 opening of what will be our most stunning resort and
casino yet," said Jim Murren, MGM Resorts International Chairman and CEO.

Income (Loss) from Unconsolidated Affiliates

The following table summarizes information related to the Company's share of
income (loss) from unconsolidated affiliates:

Three months ended December 31, 2012                 2011
                                (In thousands)
CityCenter                      $      (7,461)  $    (10,262)
Other                           6,345                5,447
                                $      (1,116)  $     (4,815)

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

  oNet revenue from resort operations increased to $272 million compared to
    $265 million in the prior year quarter;
  oAdjusted EBITDA from resort operations was $68 million, an increase of 17%
    compared to the prior year quarter;
  oAria's table games hold percentage was 23.9% in the current year quarter
    compared to 27.2% in the prior year quarter;
  oAria's occupancy percentage was 86% and its ADR was $202, resulting in
    REVPAR of $173, a 2% increase compared to the prior year quarter; and
  oIn December 2012, CityCenter closed on a sale of 427 of the remaining 438
    units at Veer for $119 million in proceeds.

Full Year 2012 Results

Net revenue for 2012 was $9.2 billion, which included a full year of results
from MGM China. Net revenue from wholly owned domestic resorts was $5.9
billion, a 1% increase compared to 2011. Adjusted Property EBITDA from wholly
owned domestic resorts increased 2% to $1.3 billion for 2012.

MGM China reported record results for 2012 with net revenues of $2.8 billion
and Adjusted EBITDA of $679 million. Excluding branding fees of $30 million
in 2012 and $15 million in 2011, Adjusted EBITDA increased by 10% year over
year. CityCenter reported net revenue from resort operations of $1.1 billion,
a 1% decrease compared to the prior year, and Adjusted EBITDA related to
resort operations of $230 million, a 3% decrease.

Loss per share attributable to MGM Resorts International for 2012 was $3.62
compared to diluted income per share of $5.62 in 2011. The following table
lists items that affect the comparability of the current year and prior year
annual results in addition to the consolidation of MGM China (approximate EPS
impact shown, net of tax, per share; negative amounts represent charges to
income):

Year ended December 31,                              2012       2011
Gain on MGM China                                    $    — $  6.23
Property transactions, net:
 Borgata investment impairment                   (0.09)     (0.06)
 Las Vegas Strip land impairment                 (0.48)     —
 Atlantic City land impairment                   (0.20)     —
 Grand Victoria investment impairment            (0.11)     —
 Silver Legacy investment impairment             —          (0.03)
 Circus Circus Reno impairment                  —          (0.09)
 Other property transactions, net                (0.03)     (0.02)
Income (loss) from unconsolidated affiliates:
 CityCenter residential impairment               (0.02)     (0.03)
 CityCenter Harmon demolition cost               (0.02)     —
Non-operating items from unconsolidated affiliates:
 CityCenter loss on retirement of long-term debt (0.01)     —
Other non-operating expense:
 SJTA bond impairment                            (0.06)     —
 Loss on retirement of long-term debt            (0.74)     (0.01)
Tax adjustments                                      (1.17)     0.10

Financial Position

"We achieved several financial milestones in 2012, culminating with the
refinancing transactions in December which allowed us to lower interest
expense by over $200 million annually," said Dan D'Arrigo, MGM Resorts
International Executive Vice President, CFO and Treasurer. "We remain focused
on reducing debt while continuing to maximize our free cash flow and have set
a foundation for the execution of growth and development initiatives at our
existing resorts and in new markets."

In December 2012, the Company amended and restated its senior credit facility
which increased its total capacity to $4.0 billion, issued $1.25 billion of
6.625% senior notes due 2021, and used the proceeds from these transactions,
together with cash on hand, to repurchase and fund the satisfaction and
discharge of all of its outstanding senior secured notes.

The Company's cash balance at December 31, 2012 was $1.5 billion, which
included approximately $952 million of cash and cash equivalents related to
MGM China. At December 31, 2012, the Company had approximately $13.6 billion
of indebtedness, including $2.8 billion of borrowings outstanding under its
senior credit facility and $554 million outstanding under the MGM China credit
facility.

At December 31, 2012, the Company's senior credit facility consisted of
approximately $1.05 billion in term A loans, $1.75 billion in term B loans,
and $1.2 billion of revolving loan commitments. At December 31, 2012 the
Company had approximately $1.2 billion of available borrowing capacity under
its revolving facility. At December 31, 2012, the interest rate on the term A
loans was 3.3% and the interest rate on the term B loans was 4.25%.

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 1-706-634-6528 for international
callers. The conference call access code is 92557344. A replay of the call
will be available through Wednesday, February 27, 2013. The replay may be
accessed by dialing 1-855-859-2056 or 1-404-537-3406. The replay access code
is 92557344. 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, within the meaning of the Private Securities Litigation Reform Act
of 1995 and involve risks and/or uncertainties, including those described in
the company's public filings with the Securities and Exchange Commission. 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, the
amount we will receive as a result of the MGM China special dividend and our
ability to execute growth and development activities. 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. If we update one or more forward-looking statements, no inference should
be drawn that we will make additional updates with respect to those other
forward-looking statements.



MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
                    Three Months Ended            Twelve Months Ended
                    December 31,    December 31,  December 31,   December 31,
                    2012            2011          2012           2011
Revenues:
 Casino             $  1,390,941  $            $             $ 
                                    1,373,311    5,319,489     4,002,985
 Rooms              383,329         377,464       1,588,770      1,547,765
 Food and beverage  346,286         347,160       1,472,382      1,425,428
 Entertainment      119,469         132,846       483,946        514,883
 Retail             47,017          48,855        196,938        204,806
 Other              108,957         114,408       482,547        485,661
 Reimbursed costs   88,438          88,293        357,597        351,207
                    2,484,437       2,482,337     9,901,669      8,532,735
 Less: Promotional  (189,926)       (185,448)     (740,825)      (683,423)
 allowances
                    2,294,511       2,296,889     9,160,844      7,849,312
Expenses:
 Casino             876,995         882,897       3,396,752      2,515,279
 Rooms              123,258         119,015       507,856        485,751
 Food and beverage  200,737         200,459       844,629        829,018
 Entertainment      86,699          95,954        356,934        375,559
 Retail             26,844          29,784        112,732        124,063
 Other              81,109          88,774        344,782        345,484
 Reimbursed costs   88,438          88,293        357,597        351,207
 General and        307,901         307,312       1,239,774      1,182,505
 administrative
 Corporate expense  87,215          54,947        235,007        174,971
 Preopening and     1,362           -             2,127          (316)
 start-up expenses
 Property           610,862         95,770        708,049        178,598
 transactions, net
 Gain on MGM China  -               -             -              (3,496,005)
 transaction
 Depreciation and   226,831         237,762       927,697        817,146
 amortization
                    2,718,251       2,200,967     9,033,936      3,883,260
Income (loss) from
unconsolidated      (1,116)         (4,815)       (46,382)       91,094
affiliates
Operating income    (424,856)       91,107        80,526         4,057,146
(loss)
Non-operating
income (expense):
 Interest expense,
 net of amounts     (279,922)       (274,152)     (1,116,358)    (1,086,832)
 capitalized
 Non-operating
 items from         (21,417)        (26,029)      (90,020)       (119,013)
 unconsolidated
 affiliates
 Other, net         (552,843)       (1,103)       (608,361)      (19,670)
                    (854,182)       (301,284)     (1,814,739)    (1,225,515)
Income (loss)
before income       (1,279,038)     (210,177)     (1,734,213)    2,831,631
taxes
 Benefit for        90,541          190,876       117,301        403,313
 income taxes
Net income (loss)   (1,188,497)     (19,301)      (1,616,912)    3,234,944
 Less: net income
 attributable to    (35,330)        (94,390)      (150,779)      (120,307)
 noncontrolling
 interests
Net income (loss)
attributable to     $ (1,223,827)  $            $              $ 
MGM Resorts                         (113,691)    (1,767,691)   3,114,637
International
Per share of
common stock:
 Basic:
 Net income (loss)
 attributable to    $         $        $        $     
 MGM Resorts        (2.50)          (0.23)        (3.62)           6.37
 International
 Weighted average
 shares             489,211         488,823       488,988        488,652
 outstanding
 Diluted:
 Net income (loss)
 attributable to    $         $        $        $     
 MGM Resorts        (2.50)          (0.23)       (3.62)           5.62
 International
 Weighted average
 shares             489,211         488,823       488,988        560,895
 outstanding







MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
                                              December 31,    December 31,
                                              2012            2011
ASSETS
Current assets:
    Cash and cash equivalents                 $  1,543,509  $  1,865,913
    Accounts receivable, net                  443,677         491,730
    Inventories                               107,577         112,735
    Deferred income taxes, net                179,431         91,060
    Prepaid expenses and other                232,898         251,282
                Total current assets          2,507,092       2,812,720
Property and equipment, net                   14,194,652      14,866,644
Other assets:
    Investments in and advances to            1,444,547       1,635,572
    unconsolidated affiliates
    Goodwill                                  2,902,847       2,896,609
    Other intangible assets, net              4,737,833       5,048,117
    Other long-term assets, net               497,767         506,614
                Total other assets            9,582,994       10,086,912
                                              $  26,284,738  $  27,766,276
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
    Accounts payable                          $   199,620  $   170,994
    Income taxes payable                      1,350           7,611
    Accrued interest on long-term debt        206,736         203,422
    Other accrued liabilities                 1,517,965       1,362,737
                Total current liabilities     1,925,671       1,744,764
Deferred income taxes                         2,473,889       2,502,096
Long-term debt                                13,589,283      13,470,167
Other long-term obligations                   179,879         167,027
Stockholders' equity:
    Common stock, $.01 par value: authorized
    1,000,000,000 shares,
     issued and outstanding 489,234,401 and  4,892           4,888
    488,834,773 shares
    Capital in excess of par value            4,132,655       4,094,323
    Retained earnings                         213,698         1,981,389
    Accumulated other comprehensive income    14,303          5,978
                Total MGM Resorts
                International stockholders'   4,365,548       6,086,578
                equity
    Noncontrolling interests                  3,750,468       3,795,644
                Total stockholders' equity    8,116,016       9,882,222
                                              $  26,284,738  $  27,766,276







MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
                  Three Months Ended              Twelve Months Ended
                  December 31,    December 31,    December 31,    December 31,
                  2012            2011            2012            2011
Bellagio          $             $             $              $ 
                  307,254        308,819        1,147,487      1,114,711
MGM Grand Las     258,657         233,389         961,246         941,007
Vegas
Mandalay Bay      161,642         189,762         717,499         777,287
The Mirage        142,806         136,612         600,194         570,524
Luxor             74,356          80,789          322,342         333,209
New York-New      67,838          66,712          274,645         268,859
York
Excalibur         60,333          60,706          258,141         257,047
Monte Carlo       63,216          61,978          259,004         255,580
Circus Circus     45,158          45,981          203,764         195,675
Las Vegas
MGM Grand         137,045         140,883         568,721         566,072
Detroit
Beau Rivage       81,076          79,492          346,330         340,940
Gold Strike       34,764          36,735          150,561         145,220
Tunica
Other resort      27,665          29,931          122,857         126,771
operations
 Wholly owned
domestic          1,461,810       1,471,789       5,932,791       5,892,902
resorts
MGM China(1)      731,216         718,929         2,807,676       1,534,963
Management and
other             101,485         106,171         420,377         421,447
operations
                  $              $              $              $ 
                  2,294,511      2,296,889      9,160,844      7,849,312
(1) For the twelve months ended December 31, 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 December 31, 2011.







MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA
(In thousands)
(Unaudited)
                         Three Months Ended      Twelve Months Ended
                         December    December    December 31,    December 31,
                         31,         31,
                         2012        2011        2012            2011
Bellagio                 $         $        $   302,854   $   302,497
                         94,925     96,975
MGM Grand Las Vegas      65,991      34,490      180,726         149,136
Mandalay Bay             26,156      39,707      146,761         169,124
The Mirage               25,625      20,298      117,618         102,443
Luxor                    11,834      18,061      63,260          78,081
New York-New York        21,576      21,195      90,505          87,284
Excalibur                13,090      13,283      61,788          65,257
Monte Carlo              14,127      13,534      58,681          57,404
Circus Circus Las        2,461       2,420       24,072          22,944
Vegas
MGM Grand Detroit        40,830      40,426      165,670         166,019
Beau Rivage              12,188      12,095      71,361          70,020
Gold Strike Tunica       6,807       8,447       40,469          29,666
Other resort             (1,284)     (1,757)     1,455           (1,759)
operations
 Wholly owned           334,326     319,174     1,325,220       1,298,116
domestic resorts
MGM China(1)             175,773     173,938     679,345         359,686
MGM Macau (50%)(2)       -           -           -               115,219
CityCenter (50%)(3)      (7,461)     (10,262)    (68,206)        (56,291)
Other unconsolidated     6,345       5,447       21,824          32,166
resorts(3)
Management and other     (4,447)     (5,872)     9,947           287
operations
                         $         $         $              $ 
                         504,536     482,425     1,968,130      1,749,183
(1) For the twelve months ended December 31, 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 December
31, 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 December 31, 2012
                            Preopening                 Depreciation
                Operating   and         Property                     Adjusted
                                                       and
                income      start-up    transactions,                EBITDA
                (loss)                  net            amortization
                            expenses
Bellagio        $        $       $        $          $   
                70,805       -        1,695          22,425        94,925
MGM Grand Las   43,733      -           1,644          20,614        65,991
Vegas
Mandalay Bay    4,001       830         2,849          18,476        26,156
The Mirage      12,575      -           318            12,732        25,625
Luxor           (2,914)     -           3,844          10,904        11,834
New York-New    16,273      -           190            5,113         21,576
York
Excalibur       8,571       -           2              4,517         13,090
Monte Carlo     9,183       -           761            4,183         14,127
Circus Circus   (2,565)     -           29             4,997         2,461
Las Vegas
MGM Grand       35,589      -           1              5,240         40,830
Detroit
Beau Rivage     4,461       -           20             7,707         12,188
Gold Strike     3,662       -           (56)           3,201         6,807
Tunica
Other resort    (1,862)     -           8              570           (1,284)
operations
 Wholly owned
domestic        201,512     830         11,305         120,679       334,326
resorts
MGM China       83,223      -           417            92,133        175,773
CityCenter      (7,993)     532         -              -             (7,461)
(50%)
Other
unconsolidated  6,345       -           -              -             6,345
resorts
Management and
other           (7,950)     -           -              3,503         (4,447)
operations
                275,137     1,362       11,722         216,315       504,536
Stock           (7,976)     -           -              -             (7,976)
compensation
Corporate       (692,017)   -           599,140        10,516        (82,361)
                $          $        $            $           $  
                (424,856)  1,362      610,862       226,831      414,199
Three Months Ended December 31, 2011
                            Preopening                 Depreciation
                Operating   and         Property                     Adjusted
                                                       and
                income      start-up    transactions,                EBITDA
                (loss)                  net            amortization
                            expenses
Bellagio        $        $       $           $          $   
                70,537      -          1,952         24,486        96,975
MGM Grand Las   14,925      -           231            19,334        34,490
Vegas
Mandalay Bay    20,740      -           462            18,505        39,707
The Mirage      6,215       -           229            13,854        20,298
Luxor           8,267       -           104            9,690         18,061
New York-New    15,499      -           9              5,687         21,195
York
Excalibur       7,898       -           423            4,962         13,283
Monte Carlo     8,369       -           98             5,067         13,534
Circus Circus   (2,303)     -           5              4,718         2,420
Las Vegas
MGM Grand       29,415      -           1,043          9,968         40,426
Detroit
Beau Rivage     4,549       -           7              7,539         12,095
Gold Strike     4,963       -           36             3,448         8,447
Tunica
Other resort    (2,689)     -           445            487           (1,757)
operations
 Wholly owned
domestic        186,385     -           5,044          127,745       319,174
resorts
MGM China       77,204      -           813            95,921        173,938
CityCenter      (10,262)    -           -              -             (10,262)
(50%)
Other
unconsolidated  5,447       -           -              -             5,447
resorts
Management and
other           (9,524)     -           (1)            3,653         (5,872)
operations
                249,250     -           5,856          227,319       482,425
Stock           (9,616)     -           -              -             (9,616)
compensation
Corporate       (148,527)   -           89,914         10,443        (48,170)
                $        $       $           $           $  
                91,107      -          95,770         237,762      424,639







MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED
EBITDA
(In thousands)
(Unaudited)
Twelve Months Ended December 31, 2012
                            Preopening                 Depreciation
                Operating   and         Property                     Adjusted
                                                       and
                income      start-up    transactions,                EBITDA
                (loss)                  net            amortization
                            expenses
Bellagio        $         $       $           $          $  
                206,679     -        2,101         94,074        302,854
MGM Grand Las   94,529      -           6,271          79,926        180,726
Vegas
Mandalay Bay    64,818      830         3,786          77,327        146,761
The Mirage      65,266      -           929            51,423        117,618
Luxor           20,777      -           4,794          37,689        63,260
New York-New    68,591      -           581            21,333        90,505
York
Excalibur       43,978      -           5              17,805        61,788
Monte Carlo     38,418      -           1,328          18,935        58,681
Circus Circus   4,514       -           106            19,452        24,072
Las Vegas
MGM Grand       130,564     641         922            33,543        165,670
Detroit
Beau Rivage     40,713      -           (50)           30,698        71,361
Gold Strike     27,420      -           (53)           13,102        40,469
Tunica
Other resort    (904)       -           (14)           2,373         1,455
operations
 Wholly owned
domestic        805,363     1,471       20,706         497,680       1,325,220
resorts
MGM China       302,092     -           2,307          374,946       679,345
CityCenter      (68,862)    656         -              -             (68,206)
(50%)
Other
unconsolidated  21,824      -           -              -             21,824
resorts
Management and
other           (4,258)     -           -              14,205        9,947
operations
                1,056,159   2,127       23,013         886,831       1,968,130
Stock           (33,974)    -           -              -             (33,974)
compensation
Corporate       (941,659)   -           685,036        40,866        (215,757)
                $        $        $            $           $ 
                80,526      2,127      708,049       927,697      1,718,399
Twelve Months Ended December 31, 2011
                                        Gain on MGM
                                                       Depreciation
                Operating   Preopening  China                        Adjusted
                            and         transaction    and
                income      start-up                                 EBITDA
                (loss)      expenses    and Property   amortization
                                        transactions,
                                        net
Bellagio        $         $       $           $          $  
                203,026     -        2,772         96,699        302,497
MGM Grand Las   71,762      -           232            77,142        149,136
Vegas
Mandalay Bay    84,105      -           531            84,488        169,124
The Mirage      41,338      -           1,559          59,546        102,443
Luxor           39,866      -           112            38,103        78,081
New York-New    63,824      -           (76)           23,536        87,284
York
Excalibur       44,428      -           646            20,183        65,257
Monte Carlo     35,059      -           131            22,214        57,404
Circus Circus   4,040       -           (1)            18,905        22,944
Las Vegas
MGM Grand       125,235     -           1,415          39,369        166,019
Detroit
Beau Rivage     30,313      -           58             39,649        70,020
Gold Strike     15,991      -           36             13,639        29,666
Tunica
Other resort    (86,012)    -           80,120         4,133         (1,759)
operations
 Wholly owned
domestic        672,975     -           87,535         537,606       1,298,116
resorts
MGM China       137,440     -           1,120          221,126       359,686
MGM Macau       115,219     -           -              -             115,219
(50%)
CityCenter      (56,291)    -           -              -             (56,291)
(50%)
Other
unconsolidated  32,166      -           -              -             32,166
resorts
Management and
other           (13,813)    (316)       -              14,416        287
operations
                887,696     (316)       88,655         773,148       1,749,183
Stock           (36,528)    -           -              -             (36,528)
compensation
Corporate       3,205,978   -           (3,406,062)    43,998        (156,086)
                $          $        $              $           $ 
                4,057,146  (316)      (3,317,407)   817,146      1,556,569







MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)
(In thousands)
(Unaudited)
                        Three Months Ended          Twelve Months Ended
                        December 31,    December    December 31,  December 31,
                                        31,
                        2012            2011        2012          2011
Adjusted EBITDA         $   414,199  $         $            $ 
                                        424,639    1,718,399    1,556,569
 Preopening and        (1,362)         -           (2,127)       316
start-up expenses
 Property              (610,862)       (95,770)    (708,049)     (178,598)
transactions, net
 Gain on MGM China     -               -           -             3,496,005
transaction
 Depreciation and      (226,831)       (237,762)   (927,697)     (817,146)
amortization
Operating income        (424,856)       91,107      80,526        4,057,146
(loss)
Non-operating income
(expense):
 Interest expense,
net of amounts          (279,922)       (274,152)   (1,116,358)   (1,086,832)
capitalized
 Other, net            (574,260)       (27,132)    (698,381)     (138,683)
                        (854,182)       (301,284)   (1,814,739)   (1,225,515)
Income (loss) before    (1,279,038)     (210,177)   (1,734,213)   2,831,631
income taxes
 Benefit for income    90,541          190,876     117,301       403,313
taxes
Net income (loss)       (1,188,497)     (19,301)    (1,616,912)   3,234,944
 Less: net income
attributable to         (35,330)        (94,390)    (150,779)     (120,307)
noncontrolling
interests
Net income (loss)                       $          $             $ 
attributable to MGM     $ (1,223,827)  (113,691)  (1,767,691)  3,114,637
Resorts International







MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP
(Unaudited)
                        Three Months Ended          Twelve Months Ended
                        December 31,  December 31,  December 31,  December 31,
                        2012          2011          2012          2011
 Bellagio
  Occupancy %          88.8%         89.0%         92.9%         93.3%
  Average daily rate   $247          $242          $237          $230
 (ADR)
  Revenue per
 available room         $219          $215          $220          $215
 (REVPAR)
 MGM Grand Las Vegas
  Occupancy %          87.7%         89.8%         92.7%         93.2%
  ADR                  $140          $136          $139          $131
  REVPAR               $123          $122          $129          $123
 Mandalay Bay
  Occupancy %          88.1%         86.5%         91.7%         91.7%
  ADR                  $169          $171          $176          $175
  REVPAR               $149          $148          $162          $160
 The Mirage
  Occupancy %          90.7%         92.0%         94.6%         94.8%
  ADR                  $150          $144          $149          $144
  REVPAR               $136          $132          $141          $137
 Luxor
  Occupancy %          88.6%         85.9%         91.0%         90.3%
  ADR                  $90           $92           $89           $91
  REVPAR               $80           $79           $81           $82
 New York-New York
  Occupancy %          92.0%         91.9%         94.6%         93.8%
  ADR                  $109          $109          $110          $108
  REVPAR               $101          $100          $104          $102
 Excalibur
  Occupancy %          84.8%         81.3%         89.4%         87.8%
  ADR                  $72           $74           $72           $73
  REVPAR               $61           $60           $64           $64
 Monte Carlo
  Occupancy %          89.9%         92.4%         93.6%         94.2%
  ADR                  $103          $100          $103          $99
  REVPAR               $93           $92           $97           $93
 Circus Circus Las
 Vegas
  Occupancy %          68.6%         75.0%         77.9%         75.9%
  ADR                  $55           $54           $54           $54
  REVPAR               $38           $40           $42           $41







CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
                     Three Months Ended          Twelve Months Ended
                     December 31,  December 31,  December 31,  December 31,
                     2012          2011          2012          2011
     Aria            $           $           $           $  
                     223,534      221,911      862,306      894,721
     Vdara           21,384        20,134        86,916        75,364
     Crystals        14,257        12,088        53,251        46,317
     Mandarin        12,507        10,725        48,452        41,034
     Oriental
      Resort        271,682       264,858       1,050,925     1,057,436
     operations
     Residential     122,680       4,097         138,929       24,425
     operations
                     $           $           $            $ 
                     394,362      268,955      1,189,854    1,081,861
CITYCENTER HOLDINGS, LLC
RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS
(In thousands)
(Unaudited)
                     Three Months Ended          Twelve Months Ended
                     December 31,  December 31,  December 31,  December 31,
                     2012          2011          2012          2011
Adjusted EBITDA      $          $          $           $  
                     60,044        54,126        206,596      212,104
 Preopening and     (1,064)       -             (1,312)       -
start-up expenses
 Property           (1,011)       (233)         (74,347)      (53,595)
transactions, net
 Depreciation and   (103,594)     (98,871)      (370,856)     (370,141)
amortization
Operating loss       (45,625)      (44,978)      (239,919)     (211,632)
Non-operating
income (expense):
 Interest expense   (24,155)      (20,778)      (91,352)      (78,477)
- sponsor notes
 Interest expense   (43,025)      (46,645)      (174,674)     (189,359)
- other
 Other, net         809           (2,140)       (5,023)       (22,706)
                     (66,371)      (69,563)      (271,049)     (290,542)
Net loss             $            $            $            $ 
                     (111,996)    (114,541)    (510,968)    (502,174)







CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended December 31, 2012
                            Preopening  Property       Depreciation
                 Operating  and                                      Adjusted
                                        transactions,  and
                 income     start-up                                 EBITDA
                 (loss)                 net            amortization
                            expenses
 Aria            $        $        $          $          $   
                 (20,240)   1,064      (14)           73,380        54,190
 Vdara           (6,440)    -           -              11,553        5,113
 Crystals        1,033      -           -              8,084         9,117
 Mandarin        (9,876)    -           -              9,762         (114)
 Oriental
  Resort        (35,523)   1,064       (14)           102,779       68,306
 operations
 Residential     (177)      -           1,025          800           1,648
 operations
 Development
 and             (9,925)    -           -              15            (9,910)
 administration
                 $        $        $           $           $   
                 (45,625)   1,064      1,011         103,594      60,044
Three Months Ended December 31, 2011
                            Preopening  Property       Depreciation
                 Operating  and                                      Adjusted
                                        transactions,  and
                 income     start-up                                 EBITDA
                 (loss)                 net            amortization
                            expenses
 Aria            $        $       $         $          $   
                 (30,245)    -        -             77,417        47,172
 Vdara           (7,010)    -           -              11,419        4,409
 Crystals        2,836      -           191            3,795         6,822
 Mandarin        (5,116)    -           -              5,014         (102)
 Oriental
  Resort        (39,535)   -           191            97,645        58,301
 operations
 Residential     (1,415)    -           -              1,157         (258)
 operations
 Development
 and             (4,028)    -           42             69            (3,917)
 administration
                 $        $       $          $          $   
                 (44,978)    -        233           98,871        54,126







CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Twelve Months Ended December 31, 2012
                             Preopening  Property       Depreciation
                 Operating   and                                      Adjusted
                                         transactions,  and
                 income      start-up                                 EBITDA
                 (loss)                  net            amortization
                             expenses
 Aria            $          $       $          $          $  
                 (104,937)  1,312       5,549         273,909       175,833
 Vdara           (21,104)    -           -              42,609        21,505
 Crystals        5,216       -           -              27,105        32,321
 Mandarin        (22,822)    -           -              23,330        508
 Oriental
  Resort        (143,647)   1,312       5,549          366,953       230,167
 operations
 Residential     (40,013)    -           36,715         3,729         431
 operations
 Development
 and             (56,259)    -           32,083         174           (24,002)
 administration
                 $          $       $           $          $  
                 (239,919)  1,312       74,347        370,856       206,596
Twelve Months Ended December 31, 2011
                             Preopening  Property       Depreciation
                 Operating   and                                      Adjusted
                                         transactions,  and
                 income      start-up                                 EBITDA
                 (loss)                  net            amortization
                             expenses
 Aria            $         $       $         $           $  
                 (87,245)     -        -             282,890      195,645
 Vdara           (22,137)    -           -              39,966        17,829
 Crystals        (201)       -           191            24,117        24,107
 Mandarin        (20,084)    -           -              18,980        (1,104)
 Oriental
  Resort        (129,667)   -           191            365,953       236,477
 operations
 Residential     (64,459)    -           52,624         3,785         (8,050)
 operations
 Development
 and             (17,506)    -           780            403           (16,323)
 administration
                 $          $       $           $           $  
                 (211,632)   -        53,595         370,141      212,104







CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - HOTEL STATISTICS
(Unaudited)
                Three Months Ended          Twelve Months Ended
                December 31,  December 31,  December 31,  December 31,
                2012          2011          2012          2011
 Aria
  Occupancy %  85.6%         81.9%         88.3%         86.0%
  ADR          $202          $207          $200          $202
  REVPAR       $173          $169          $177          $174
 Vdara
  Occupancy %  83.2%         74.0%         84.1%         82.5%
  ADR          $157          $168          $158          $161
  REVPAR       $131          $124          $133          $133





SOURCE MGM Resorts International

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