Exhibit 99.1

                                                      

 

MGM RESORTS INTERNATIONAL REPORTS THIRD QUARTER

FINANCIAL AND OPERATING RESULTS

 

 

Las Vegas, Nevada, October 30, 2019

– MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today reported financial results for the quarter ended September 30, 2019.

 

Third Quarter 2019 Financial Highlights:

Consolidated Results

 

 

Consolidated net revenues increased 9% compared to the prior year quarter to $3.3 billion;

 

Consolidated operating income decreased 42% compared to the prior year quarter to $238 million. Excluding a non-cash impairment charge of $219 million in the current quarter related to Circus Circus Las Vegas and adjacent land, included within property transactions, net, consolidated operating income increased 11% compared to the prior year quarter;

 

Net loss attributable to MGM Resorts of $37 million, including the $219 million non-cash impairment charge discussed above, compared to net income attributable to MGM Resorts of $143 million in the prior year quarter;

 

Diluted loss per share of $0.08 in the current quarter compared to diluted earnings per share of $0.26 in the prior year quarter;

 

Adjusted diluted earnings per share (“Adjusted EPS”)(1) of $0.31 in the current quarter compared to Adjusted EPS of $0.23 in the prior year quarter; and

 

Consolidated Adjusted EBITDA(2) increased 14% to $814 million in the current quarter compared to $716 million in the prior year quarter.

 

“We performed well in the third quarter, which came in line with our expectations. Our consolidated net revenues increased by 9 percent and consolidated Adjusted EBITDA increased by 14 percent” said Jim Murren, Chairman and CEO of MGM Resorts. “Our Las Vegas Strip Resorts saw an increase in revenues by 4 percent with non-gaming revenues up 6 percent thanks to a robust performance in rooms and food and beverage. Gaming revenues at our Las Vegas Strip Resorts declined by 3 percent due to ongoing weakness in Far East baccarat volumes, offset by increases in slots and domestic table games play. Adjusted Property EBITDA at our Regional Properties increased by 27 percent with notable strength at MGM National Harbor and Borgata. We were very pleased with the ramp up of our Cotai property, which generated $80 million in Adjusted Property EBITDA during the quarter, despite some challenges in the market place.”

 

Mr. Murren continued, “We recently announced two significant transactions, which form part of our broader asset-light strategy and the shift in our business model away from a capital-intensive real estate business towards a developer, manager and operator of leading gaming, hospitality and entertainment properties. We entered into an agreement to sell Circus Circus Las Vegas for consideration of $825 million and entered into an agreement with Blackstone Real Estate Income Trust that values the real estate of Bellagio at $4.25 billion, representing a purchase price multiple of 17.3x rent. We expect that the agreements to sell Circus Circus Las Vegas and to monetize the Bellagio real estate assets will provide us with net after tax cash proceeds, including expected debt breakage costs, of $4.3 billion, a majority of which will be used to fortify our balance sheet and then return capital to shareholders. Following these transactions, we will still retain several highly valuable real estate assets including MGM Grand Las Vegas, MGM Springfield, our 50 percent stake in CityCenter and our 68 percent economic ownership in MGM Growth Properties LLC. I am excited about the prospects for our business as we enter 2020.  We expect the combination of a healthy Las Vegas market and successful implementation of MGM 2020 to drive EBITDA and free cash flow growth.  Simultaneously our asset light transition will generate significant proceeds from real estate monetization that can be used to strengthen our balance sheet, meaningfully reduce our shares outstanding, and invest in select growth initiatives.  Our increased profits spread across fewer shares outstanding will result in enhanced free cash flow per share and generate meaningful value for our shareholders.”

Page 1 of 14

 


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