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MGM RESORTS INTERNATIONAL REPORTS FOURTH QUARTER AND FULL YEAR
FINANCIAL AND OPERATING RESULTS; ANNOUNCES QUARTERLY DIVIDEND
Increased diluted earnings per share in the fourth quarter of 2016 to $0.04 from a loss per share of
$1.38 in the prior year quarter
Increased diluted earnings per share in 2016 to $1.92 from a loss per share of $0.82 in 2015
Initiated a quarterly dividend program to further drive shareholder value
Las Vegas, Nevada, February 16, 2017 MGM Resorts International (NYSE: MGM) (MGM Resorts or the Company) today reported financial results for the quarter and full year ended December 31, 2016 and announced a quarterly dividend.
In 2016, MGM Resorts produced diluted earnings per share of $1.92 and delivered the best same-store domestic Adjusted Property EBITDA and Adjusted Property EBITDA margins in nine years. The achievement of key financial and strategic milestones demonstrates our continued focus on driving profitability and shareholder value, strengthening our balance sheet, and further positioning MGM Resorts as a leading entertainment and destination-resort company, said Jim Murren, Chairman & CEO of MGM Resorts. We are excited about the outlook for 2017, including the full year contributions from MGM National Harbor and Borgata, the continued favorable Las Vegas dynamics supported by our investments including T-Mobile Arena and the Park Theater, the opening of MGM Cotai in Macau, and our persistent drive for continuous improvement throughout all aspects of our Company.
MGM Resorts Dividend:
The Companys Board of Directors approved a quarterly dividend on February 15, 2017. The dividend of $0.11 per share will be payable on March 15, 2017 to stockholders of record at the close of business on March 10, 2017, and will equate to approximately $63 million in aggregate.
Mr. Murren continued, The initiation of a quarterly dividend reinforces the Companys commitment to executing on our disciplined, long term strategy of maximizing value for our shareholders while demonstrating confidence in our ability to continue growing the business and maintaining a strong balance sheet.
Fourth Quarter 2016 Financial Highlights:
Diluted earnings per share for the fourth quarter of 2016 of $0.04, compared to diluted loss per share of $1.38 in the prior year quarter which included a $1.5 billion, or $1.33 per share, non-cash goodwill impairment charge related to the 2011 MGM China acquisition;
Net revenues of $1.8 billion at the Companys domestic resorts, a 17% increase over the prior year quarter, and a 2% increase on a same-store basis, excluding contributions from Borgata which the Company began consolidating in August 2016, MGM National Harbor which opened in December of 2016, and Circus Circus Reno, which the Company sold in 2015;
REVPAR(1) growth of 3% over the prior year quarter at the Companys Las Vegas Strip resorts;
Operating income of $312 million at the Companys domestic resorts;
Net income attributable to MGM Resorts of $25 million, compared to a net loss attributable to MGM Resorts of $781 million in the prior year quarter;
Adjusted Property EBITDA(2) of $493 million at the Companys domestic resorts, a 14% increase over the prior year quarter and a 1% increase on a same-store basis;
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The following information was filed by Mgm Resorts International (MGM) on Thursday, February 16, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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