Exhibit 99.1

  

 

MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER

FINANCIAL AND OPERATING RESULTS

 

Las Vegas, Nevada, October 30, 2018

– MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today reported financial results for the quarter ended September 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 third quarter operating performance exceeded our expectations despite the tough year on year comparison, resulting from robust casino business and an exceptionally strong event calendar last year.” said Jim Murren, Chairman and CEO of MGM Resorts International. “During the quarter, we successfully opened MGM Springfield, which has been well received by our customers. Earlier this month, we also officially opened the NoMad Hotel at Park MGM, which will help expand our customer reach. We remain highly focused on our strategic priorities, including maximizing the performance of our portfolio of premier properties, driving growth in free cash flow and delivering on our capital allocation strategy.”

 

Said Mr. Murren, “Stabilizing market conditions are positioning MGM Resorts for improvement in the fourth quarter. Looking further out, our growth will be driven by the continued ramp of our newly opened properties along with our disciplined approach to improve our margins throughout our resort portfolio. We also are executing on additional targeted growth opportunities in key areas including sports betting and Japan’s upcoming Integrated Resort market. Our focus on balance sheet strength will help ensure prudent capital allocation and the continued return of capital to shareholders. Overall, we remain confident that we will deliver on our 2020 goals.”

 

Third Quarter 2018 Financial Highlights:

 

 

Diluted earnings per share of $0.26 in both the current and prior year quarters;

 

Consolidated net revenues increased 7% compared to the prior year quarter to $3.0 billion;

 

Net revenues decreased 2% compared to the prior year quarter at the Company’s domestic resorts to $2.2 billion and decreased 3% on a same-store basis, excluding contributions from the opening of MGM Springfield on August 24, 2018;

 

REVPAR(1) decreased 3.9% compared to the prior year quarter at the Company’s Las Vegas Strip resorts;

 

Operating income of $435 million at the Company’s domestic resorts, compared to $545 million in the prior year quarter. The current quarter was impacted by $31 million of preopening expenses at MGM Springfield, continued disruption at Park MGM and a decrease in casino and non-casino revenues at the Company’s Las Vegas Strip resorts;  

 

Net income attributable to MGM Resorts of $143 million, compared to $148 million in the prior year quarter;

 

Domestic resorts Adjusted Property EBITDA(2) of $627 million, a 12% decrease compared to $712 million in the prior year quarter and a 13% decrease on a same-store basis;

 

Same-store operating margin of 21.2% in the current quarter at the Company’s domestic resorts, a 283 basis point decrease compared to the prior year quarter;

 

Same-store Adjusted Property EBITDA margin of 28.3% in the current quarter at the Company’s domestic resorts, a 313 basis point decrease compared to the prior year quarter;

 

MGM China operating income of $52 million compared to $38 million in the prior year quarter and Adjusted Property EBITDA of $130 million, a 7% increase compared to the prior year quarter as a result of the opening of MGM Cotai;

Page 1 of 15

 


The following information was filed by Mgm Resorts International (MGM) on Tuesday, October 30, 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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