MGM Resorts International reports second quarter results
MGM Resorts International (NYSE: MGM) today reported its second quarter 2012 results. Net loss per share attributable to the Company was $0.30 compared to diluted net income per share of $6.22 in the prior year second quarter. The prior year quarter included a gain of $6.30 per share recognized on the consolidation of MGM China Holdings, Limited (“MGM China”). Comparability of the current and prior quarter consolidated results was also affected by certain impairment charges and tax provision items discussed below. Key results for the second quarter of 2012 include the following:
Net revenue for the Company’s wholly owned domestic resorts was $1.5 billion in both the current and prior year second quarters. Casino revenue decreased 1% at the Company’s wholly owned domestic resorts, while rooms revenue increased 3% with a 5% increase in REVPAR(1) at the Company’s Las Vegas Strip resorts;
The Company’s wholly owned domestic resorts earned Adjusted Property EBITDA(2) of $345 million, a 4% increase compared to the prior year quarter, which was impacted by the temporary closure of Gold Strike Tunica in May 2011;
MGM China reported record Adjusted Property EBITDA of $187 million, which included $12 million of branding fee expense; excluding these fees, Adjusted Property EBITDA increased 14% over MGM Macau’s prior year quarter; and
CityCenter reported record Adjusted Property EBITDA for resort operations, increasing 11% from the prior year quarter to $71 million.
“Our wholly owned domestic resorts Adjusted Property EBITDA grew 4% year over year and we achieved record quarters for both MGM China and CityCenter,” said Jim Murren, MGM Resorts International Chairman and CEO. “We continue to focus on maximizing profitability by managing costs, improving our customer relationships via M life and social media outlets such as myVEGAS, as well as exploring growth opportunities in key strategic regions across the U.S. and internationally.”