MGM Resorts International Reports Third Quarter Financial And Operating Results

LAS VEGAS, Nov. 8, 2017

"We delivered excellent third quarter results across all key metrics, resulting in diluted earnings per share of $0.26 and double-digit growth in net revenues and Adjusted EBITDA — a strong affirmation of the strategies we have implemented to drive profitability and increase operational efficiency," said Jim Murren, Chairman & CEO of MGM Resorts. "We continue to stimulate increased demand by leveraging our unique portfolio of offerings, including sports and entertainment events and a strong convention business, while maximizing profits throughout the entire enterprise. Our strong business model and prominent position in key markets give us confidence in our long-term fundamentals and ability to continue driving shareholder value."

"We again wish to thank our employees and first responders – including the men and women who acted heroically –for their incredible acts of compassion and courage during the tragic and senseless events of October 1^st, a date we will not forget. We are grateful to our loyal guests, partners and the many corporate and civic leaders who have stood beside us during the most challenging of days.  We remember all those we lost and continue to pray for those who are working toward recovery," said Mr. Murren.

Financial Highlights:

• Diluted earnings per share for the third quarter of 2017 of $0.26, compared to $0.93 in the prior year quarter, which included a benefit of $0.60 related to a $430 million gain on the Borgata acquisition and a $0.20 charge related to the NV Energy exit. The third quarter of 2017 included a non-cash charge of $38 million ($0.07 per share) related to foreign tax credit valuation while the prior year quarter included a net non-cash benefit of $133 million ($0.23 per share) related to foreign tax credit valuation and remeasurement of Macau deferred tax liabilities;
• Net revenues increase of 18% over the prior year quarter at the Company's domestic resorts to $2.2 billion and an increase of 4% on a same-store basis, excluding contributions from Borgata and MGM National Harbor;
• REVPAR⁽¹⁾  growth of 4.2% over the prior year quarter at the Company's Las Vegas Strip resorts;
• Operating income of $546 million at the Company's domestic resorts, an 82% increase over the prior year quarter, which included $139 million related to the NV Energy exit expense; 
• Net income attributable to MGM Resorts of $149 million, compared to $536 million in the prior year quarter, which included a $430 million gain on the Borgata acquisition;
• Adjusted Property EBITDA⁽²⁾ growth of 25% over the prior year quarter to $714 million at the Company's domestic resorts, and an increase of 12% on a same-store basis;
• Same-store operating margin of 25.8% in the current quarter at the Company's domestic resorts, an increase of 987 basis points compared to the prior year quarter;
• Same-store Adjusted Property EBITDA margin of 33.0% at the Company's domestic resorts, an increase of 241 basis points compared to the prior year quarter;
• MGM China operating income of $35 million compared to $84 million in the prior year quarter, and Adjusted EBITDA of $118 million, a 21% decrease compared to the prior year quarter; and a 2% increase compared to the second quarter of 2017;
• CityCenter operating income of $51 million and Adjusted EBITDA of $107 million, a 17% increase in Adjusted EBITDA compared to the prior year quarter; and
• Over $500 million returned to shareholders through buybacks and dividends year to date.

Certain Items Affecting Third Quarter Results

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

Three Months Ended September 30, ARIVA.DE Börsen-Geflüster Werbung Weiter abwärts? Kurzfristig positionieren in MGM Resorts International Ltd. VM1PH4 Ask: 0,66 Hebel: 4,70 mit moderatem Hebel Zum Produkt Vontobel Den Basisprospekt sowie die Endgültigen Bedingungen und die Basisinformationsblätter erhalten Sie hier: VM1PH4,. Beachten Sie auch die weiteren Hinweise zu dieser Werbung. Der Emittent ist berechtigt, Wertpapiere mit open end-Laufzeit zu kündigen. Kurse MGM Resorts International Ltd. 39,51 € -0,99%		2017				2016
NV Energy exit expense		$	—			$	(0.18)
Preopening and start-up expenses			(0.03)				(0.03)
Property transactions, net			(0.01)				—
Gain on Borgata Transaction			—				0.60
Income from unconsolidated affiliates:
CityCenter NV Energy exit expense			—				(0.02)
Non-operating expense:
Loss on retirement of long-term debt			(0.04)				(0.02)

Domestic Resorts

Casino revenue for the third quarter of 2017 increased 32% compared to the prior year quarter, due primarily to the acquisition of the Borgata Hotel Casino and Spa ("Borgata") in August 2016 and the MGM National Harbor opening in December 2016. Casino revenues increased 6% on a same-store basis compared to the prior year quarter. Same-store table games revenue increased 11% due primarily to an 8% increase in table games drop and higher year-over-year table games hold. Same-store slots revenue increased 2%.

The following table shows key gaming statistics for the Company's Las Vegas Strip resorts:

Domestic resorts rooms revenue increased 7% compared to the prior year quarter. On a same-store basis, rooms revenue increased 3% compared to the prior year quarter. Las Vegas Strip REVPAR increased 4.2% compared to the prior year quarter.

The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

"The successful execution of our operating strategies continues to provide company-wide margin expansion and allows us to optimize our cash flow," added Mr. Murren.

Operating income at the Company's domestic resorts was $546 million for the third quarter of 2017 compared to $301 million in the prior year quarter and benefited from increases in both casino and non-casino revenues. Operating income in the prior year quarter included $139 million of NV Energy exit expense associated with the Company's strategic decision to exit the fully bundled sales system of NV Energy and $8 million in real estate transfer taxes recorded in connection with the Borgata transaction.

Domestic resorts Adjusted Property EBITDA increased 25% to $714 million in the third quarter of 2017 and was positively impacted by a full quarter of operations at Borgata and $37 million of Adjusted Property EBITDA from MGM National Harbor. Same-store Adjusted Property EBITDA increased 12% compared to the prior year quarter.

Mr. Murren continued, "As a result of the October 1st incident, our business in Las Vegas will be impacted in the near term primarily due to a short-lived uptick in cancellations and a temporary suspension of marketing efforts. Since restarting such efforts, our booking pace has largely rebounded to normal levels. We are also making significant progress on the transformation of Monte Carlo to Park MGM, and as expected, will continue to experience disruption at the property. As a result, in the fourth quarter, we expect our Las Vegas Strip revenues to decrease by a low to mid-single digit percentage, with non-hotel elements partially offsetting a 5%-7% REVPAR decline. Accordingly, we anticipate our fourth quarter Las Vegas Strip Adjusted Property EBITDA margins to decrease by roughly 100 basis points."

Mr. Murren concluded, "We are encouraged by the current trajectory of our business, supported by the strength of our forward convention bookings, our entertainment and sports calendar, and the conclusion of our high returning capital investment projects next year. We remain confident in the stability of our business and the enduring power of the Las Vegas brand."

MGM China

Key third quarter results for MGM China include:

• Net revenues of $471 million, a 6% decrease compared to the prior year quarter;
• Net revenues increased 5% when compared to $449 million in the second quarter of 2017;
• Main floor table games revenue decreased 11% compared to the prior year quarter due to a 3% decrease in volume and a decrease in hold percentage to 18.4% in the current year quarter from 20.1% in the prior year quarter;
• VIP table games revenue decreased 3% compared to the prior year quarter due to a 6% decrease in turnover, partially offset by an increase in hold percentage to 3.3% in the current year quarter from 3.0% in the prior year quarter;
• Operating income was $35 million compared to $84 million in the prior year quarter;
• Adjusted EBITDA decreased 21% to $118 million compared to $150 million in the prior year quarter, including $8 million of license fee expense in the current year quarter and $9 million in the prior year quarter;
• Adjusted EBITDA increased 2% when compared to $116 million in the second quarter of 2017, including $8 million of license fee expense in the second quarter of 2017; and
• Operating margin was 7.4% in the current year quarter, and Adjusted EBITDA margin was 25.1% compared to 30.0% in the prior year quarter.

MGM China paid an interim dividend of $56 million in September 2017. The Company received $32 million representing its 56% share of the dividend.

Unconsolidated Affiliates

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

Three Months Ended September 30,		2017				2016
		(In thousands)
CityCenter		$	34,584			$	12,382
Borgata (through July 31, 2016) Werbung Mehr Nachrichten zur MGM Resorts International Ltd. Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 24.04.24 - PR Newswire Invesco Asia Trust Plc - Transaction in Own Shares 24.04.24 - PR Newswire Ashtead Group Plc - Transaction in Own Shares 24.04.24 - PR Newswire BlackRock Greater Europe Investment Trust Plc - Portfolio Update SolarBank    Wie die Revolution der sauberen Energie eine solide Investitionsmöglichkeit bieten könnte weiterlesen» Anzeige wo-site-teaser-box-16755_site-teaser-box_2024-04-25_09%253A00%253A00_2024-04-26_09%253A00%253A59