Exhibit 99.1

                                                                  

 

MGM RESORTS INTERNATIONAL REPORTS FIRST QUARTER

FINANCIAL AND OPERATING RESULTS

 

 

Las Vegas, Nevada, April 29, 2019

– MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today reported financial results for the quarter ended March 31, 2019.

 

First Quarter 2019 Financial Highlights:

 

Consolidated Results

 

 

 

Consolidated net revenues increased 13% compared to the prior year quarter to $3.2 billion;

 

Consolidated operating income increased 3% compared to the prior year quarter to $370 million;

 

Net income attributable to MGM Resorts of $31 million, compared to net income attributable to MGM Resorts of $223 million in the prior year quarter;

 

Diluted earnings per share of $0.05 in the current quarter compared to diluted earnings per share of $0.38 in the prior year quarter;

 

The current quarter included non-cash income tax charges totaling $0.07 per share on a diluted basis resulting from remeasurement of Macau deferred taxes due to the extension of our sub-concession agreement in Macau, the recording of deferred state taxes resulting from the Empire City Casino transaction and adjustments to our foreign tax credit valuation allowance. The prior year quarter included non-cash income tax benefits totaling $0.17 per share on a diluted basis due to a measurement period adjustment for U.S. Tax Reform and the reversal of Macau shareholder dividend tax accruals; and

 

Consolidated Adjusted EBITDA(1) increased 5% to $740 million in the current quarter compared to $701 million in the prior year quarter.

 

“The first quarter came in slightly better than our expectations with consolidated net revenues up by 13% and Adjusted EBITDA up 5%,” said Jim Murren, Chairman and CEO of MGM Resorts International. “Our Las Vegas resorts experienced broad and diversified customer demand. Our non-gaming revenues grew by 4%. We had healthy gaming business outside of baccarat, but previously flagged factors such as a very strong baccarat business in the prior year period and a low win rate in the current period led to flat revenues and a 10% decrease in Adjusted Property EBITDA year over year. Our Regional properties performed exceptionally well with 24% growth in Adjusted Property EBITDA, or 9% on a same store basis. MGM Grand Detroit, MGM National Harbor and our Mississippi properties had strong quarters. MGM Cotai continued to ramp and contributed to the 26% growth in Adjusted Property EBITDA at MGM China. During the quarter, we were very pleased to receive the extension to our Macau sub-concession to June 2022. We remain deeply committed to Macau’s continued evolution into an international leisure and tourism destination.”

 

Mr. Murren continued, “We remain focused on achieving our 2020 targets of $3.6 billion to $3.9 billion in consolidated Adjusted EBITDA and significant growth in free cash flow. Our strategy to achieve these goals includes the continued ramping up of MGM Cotai, Park MGM and MGM Springfield, and the implementation of the MGM 2020 Plan. MGM 2020 is a company-wide initiative aimed at leveraging a more centralized organization to maximize profitability and lay the groundwork for the Company’s digital transformation to drive revenue growth. We are creating a streamlined, nimble organization that empowers leaders to make faster decisions. We are excited about our targeted growth opportunities in Japan, sports betting and interactive initiatives. At the same time, we are maintaining a disciplined approach to capital allocation and creating long term value for shareholders.”


Page 1 of 12

 


The following information was filed by Mgm Resorts International (MGM) on Monday, April 29, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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