Exhibit 99.1

 

 

MGM RESORTS INTERNATIONAL REPORTS SECOND QUARTER

FINANCIAL AND OPERATING RESULTS

 

Las Vegas, Nevada, August 2, 2018

– MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today reported financial results for the quarter ended June 30, 2018. On January 1, 2018, the Company adopted the new revenue recognition accounting standard (ASC 606). As such, certain previously reported 2017 numbers have been retrospectively adjusted under the new standard to assist with comparability to the prior period.

 

“Our second quarter came in better than we expected and we made significant progress to capitalize on future growth opportunities in sports betting and Japan,” said Jim Murren, Chairman and CEO of MGM Resorts International. “Earlier this week, we announced major alliances with GVC, Boyd Gaming and the NBA to cement our leadership position in the developing sports betting market in the U.S. Further, the recent passage of Japan’s Integrated Resort Implementation Act is another historic milestone, and we believe we are well positioned in that market.”

 

Said Mr. Murren, “We believe our continued focus on maximizing our margins, the near-term completion of our development pipeline, and our ability to accretively sell assets to MGM Growth Properties, will further accelerate our free cash flow generation.  We are confident that we will continue to execute on our long-term strategies and deliver value to our shareholders, as evidenced by the nearly $600 million in share repurchases we made during the quarter.”

 

Second Quarter 2018 Financial Highlights:

 

Diluted earnings per share for the second quarter of $0.21, compared to diluted earnings per share of $0.36 in the prior year quarter;

 

Net revenues increased 3% over the prior year quarter at the Company’s domestic resorts to $2.2 billion. Excluding Park MGM, net revenues increased 4% compared to the prior year quarter;

 

REVPAR(1) increased 2.8% compared to the prior year quarter at the Company’s Las Vegas Strip resorts;

 

Operating income of $449 million at the Company’s domestic resorts, compared to $520 million in the prior year quarter, which benefited from $41 million related to the NV Energy exit fee modification and $36 million related to the Borgata property tax settlement;  

 

Net income attributable to MGM Resorts of $124 million, compared to $210 million in the prior year quarter;

 

Domestic resorts Adjusted Property EBITDA(2) of $626 million, a 5% decrease compared to $657 million in the prior year quarter, which benefited from the $36 million Borgata property tax settlement. Excluding Park MGM, Adjusted Property EBITDA decreased 2% compared to the prior year quarter;

 

Operating margin of 20.7% in the current quarter at the Company’s domestic resorts, a 394 basis point decrease compared to the prior year quarter;

 

Adjusted Property EBITDA margin of 28.9% in the current quarter at the Company’s domestic resorts, a 227 basis point decrease compared to the prior year quarter, and a 183 basis point decrease compared to the prior year quarter excluding Park MGM;

 

MGM China operating income of $46 million in both the current and the prior year quarters and Adjusted Property EBITDA of $120 million, up slightly compared to the prior year quarter, primarily as a result of the ramp-up phase of operations at MGM Cotai and lower win percentages for both main floor and VIP table games compared to the prior year quarter;

 

CityCenter operating income from resort operations of $76 million and Adjusted EBITDA from resort operations of $131 million, a 25% increase in Adjusted EBITDA from resort operations compared to the prior year quarter;

 

Distributed $65 million via the Company’s quarterly dividend of $0.12 per share; and

 

Repurchased $595 million of the Company’s common shares in the second quarter.

Page 1 of 15

 


The following information was filed by Mgm Resorts International (MGM) on Thursday, August 2, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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