MGM Resorts International (NYSE: MGM) today reported financial results for the second quarter ended June 30, 2011. Diluted earnings per share attributable to MGM Resorts International was $6.22 per share compared to a loss of $2.00 per share in the prior year second quarter.
The current year results include a gain of $3.5 billion (or $6.30 per share) as a result of acquiring a controlling interest in MGM China Holdings Limited (“MGM China”), which the Company began consolidating as of June 3, 2011. The prior year results include a non-cash charge of approximately $1.12 billion (or $1.64 per share, net of tax) relating to an impairment of the Company’s investment in the CityCenter joint venture.
Key results for the 2011 second quarter included the following:
— Consolidated net revenue for the second quarter was $1.8 billion, up 17%
over the prior year; the current quarter included net revenue related to
MGM China for the period of consolidation (June 3, 2011 through June 30,
2011) of $193 million;
— Net revenue attributable to the Company’s wholly owned domestic resorts
segment was $1.5 billion, an increase of 4% compared to the prior year
quarter. Rooms revenue increased 9% with a 10% increase in REVPAR(1) at
the Company’s Las Vegas Strip resorts;
— Consolidated operating income for the second quarter of 2011 was $3..7
billion compared to a $1.0 billion operating loss in the second quarter
of 2010, affected by the MGM China transaction gain in the current
quarter and an impairment charge related to the Company’s investment in
CityCenter in the prior year quarter;
— Adjusted EBITDA(2) was $366 million in the 2011 quarter, a 51% increase
compared to $243 million in the 2010 quarter, primarily due to strong
performances at the Company’s Las Vegas resorts and MGM Macau;
— The Company’s wholly owned domestic resorts segment earned Adjusted
Property EBITDA of $331 million, up 7% compared to $309 million in the
prior year quarter, despite a lower table games hold percentage in the
current quarter and an approximately $12 million impact related to the
state mandated closure of Gold Strike Tunica in May 2011;
— MGM China reported Adjusted Property EBITDA of $170 million compared to
$61 million in the prior year second quarter; and
— CityCenter Adjusted Property EBITDA for resort operations increased to
$64 million and was positively affected by a higher than normal table
games hold percentage.
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