Exhibit 99.1

                                                                  

 

MGM RESORTS INTERNATIONAL REPORTS FOURTH QUARTER AND FULL YEAR

FINANCIAL AND OPERATING RESULTS

 

Announces 8% Increase to Quarterly Cash Dividend

 

Las Vegas, Nevada, February 13, 2019

– MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today reported financial results for the quarter and year ended December 31, 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.

Fourth Quarter 2018 Financial and Strategic Highlights:

Consolidated Results

 

 

Consolidated net revenues increased 18% compared to the prior year quarter to $3.1 billion;

 

Consolidated operating income increased 50% compared to the prior year quarter to $336 million;

 

Net loss attributable to MGM Resorts of $23 million, compared to net income of $1.4 billion in the prior year quarter;

 

Diluted loss per share of $0.06 in the current quarter compared to diluted earnings per share of $2.39 in the prior year quarter;

 

The current quarter included a non-recurring, non-cash income tax expense of $92 million, $0.17 per share on a diluted basis, primarily resulting from recently issued guidance on certain international provisions of the U.S. Tax Cut and Jobs Act (“Tax Act”), including the treatment of foreign tax credits resulting from Global Intangible Low-Taxed Income and other provisions impacting foreign tax credit utilization. The prior year quarter included a non-recurring, non-cash income tax benefit of $2.50 per share on a diluted basis, due to enactment of the Tax Act at the end of 2017; and

 

Consolidated Adjusted Property EBITDA increased 21% compared to the prior year quarter to $821 million.

 

Las Vegas Strip Resorts

 

 

Net revenues increased 6% to $1.4 billion compared to the prior year quarter;

 

REVPAR(1) increased 8.2% compared to the prior year quarter; and

 

Adjusted Property EBITDA(2) of $401 million, a 15% increase compared to $349 million in the prior year quarter and Adjusted Property EBITDA margin of 29.1%, a 222 basis point increase compared to the prior year quarter. Excluding insurance proceeds of $24 million in the current year quarter, Adjusted Property EBITDA increased 8% and Adjusted Property EBITDA margin increased 51 basis points compared to the prior year quarter.

 

Regional Operations

 

 

Net revenues increased 18% to $782 million including contributions from the opening of MGM Springfield on August 24, 2018 of $78 million; and

 

Adjusted Property EBITDA of $195 million, a 32% increase compared the prior year quarter and Adjusted Property EBITDA margin of 24.9% in the current quarter, a 277 basis point increase compared to the prior year quarter. The prior year quarter was negatively affected by a $15 million real estate transfer tax charge at MGM National Harbor.

 

MGM China

 

 

 

Net revenues increased 33% to $687 million including contributions from the opening of MGM Cotai of $287 million; and

Page 1 of 17

 


The following information was filed by Mgm Resorts International (MGM) on Wednesday, February 13, 2019 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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