MGM Resorts International Reports Recent Developments and Preliminary Third Quarter Results

  • MGM MIRAGE
  • 10.14.10
MGM Resorts International (the company) announced certain recent developments and its preliminary expectations of financial results for the third quarter of 2010 (NYSE: MGM).

The operating results in this release reflect preliminary expectations of financial results for the third quarter of 2010, have not been reviewed by the company's auditors, and are subject to change. The company expects to report its full results for the quarter, and conduct a conference call to discuss its earnings, during the week of November 1, 2010.

Recent Developments
The company expects to receive approximately $125 million from MGM Macau during October 2010, which represents a partial repayment of principal and accrued interest on the company's interest and non-interest bearing notes to that entity.

The company recently received an offer for its 50 percent economic interest in the Borgata Hotel Casino & Spa (Borgata) based on an enterprise value of $1.35 billion for the entire asset. The company's board of directors has authorized submission of this offer to Boyd Gaming Corporation, which owns the other 50 percent interest, in accordance with the right of first refusal provisions included in the joint venture agreement. Based on Borgata's September debt balances, the offer equates to slightly in excess of $250 million for the company's 50 percent interest. This is less than the carrying value of the company's investment in Borgata; therefore, the company will record a pre-tax impairment charge of approximately $128 million in the third quarter of 2010. The consummation of any such transaction as a result of the offer is subject to negotiation of final documents, due diligence, and regulatory approval.

The company expects its previously announced sale of short-term land leases and associated real property parcels underlying Borgata to close in the fourth quarter of 2010, with net proceeds to the company's New Jersey trust account of approximately $71 million.

The company's New Jersey trust account received a distribution of approximately $105 million from Borgata during the third quarter.  The balance in the trust account was approximately $114 million at September 30, 2010.  All amounts in the trust account, including the proceeds from the sale of the company's Borgata interest and the underlying land parcels, will be distributed to the company upon consummation of the sale of the company's Borgata interest.

As of September 30, 2010, the company recognized an increase of $232 million in its total net obligation under its CityCenter completion guarantee, and a corresponding increase in its investment in CityCenter. The increase primarily reflects revisions to prior estimates based on the company's assessment of the most current information derived from the CityCenter close-out and litigation processes. This accrual does not reflect certain potential recoveries that CityCenter is pursuing as part of the litigation process. The company reviewed its investment in CityCenter due to such increase and expects to record a pre-tax impairment charge of approximately $182 million in the third quarter.

Preliminary Earnings Results
The company expects a third quarter diluted loss per share (EPS) of approximately $0.72 compared to a loss of $1.70 per share in the prior year third quarter. The current year results include expected pre-tax impairment charges totaling $357 million, or $0.51 per diluted share, net of tax, including the impairment charge related to the company's investment in CityCenter, a pre-tax charge of $46 million related to impairment of CityCenter's residential real estate inventory, and the impairment charge related to the company's Borgata investment. The prior year results include pre-tax impairment charges totaling $1.17 billion, or $1.72 loss per diluted share, net of tax, including a pre-tax impairment charge of $956 million related to the company's investment in CityCenter and a pre-tax impairment charge of $203 million related to impairment of CityCenter's residential real estate under development.

The following table lists these and other items which affect the comparability of the current and prior year quarterly results (approximate EPS impact shown, net of tax, per diluted share; negative amounts represent charges to income):
 
 

Three months ended September 30,

2010

2009

Preopening and start-up expenses

$     —

$  (0.01)

Property transactions net:



   Investment in CityCenter impairment charge

(0.27)

(1.40)

   Investment in Borgata impairment charge

(0.17)

   Other property transactions, net

(0.01)

(0.02)

Income (loss) from unconsolidated affiliates:



   CityCenter residential inventory impairment charge

(0.07)

(0.30)

   CityCenter forfeited residential deposits income

0.02

   Borgata insurance proceeds

0.02

Preliminary Operating Results
Net revenue for the third quarter of 2010 is expected to be approximately $1.56 billion. Excluding reimbursed costs revenue mainly related to the company's management of CityCenter (approximately $89 million in the 2010 third quarter and $16 million in the 2009 third quarter), net revenue is expected to be approximately $1.47 billion, a decrease of 3 percent from 2009.  Reimbursed costs revenue represents reimbursement of costs, primarily payroll-related, incurred by the Company in connection with the provision of management services.

Las Vegas Strip REVPAR1 was $97 for the third quarter of 2010, a decrease of 2 percent from the third quarter of 2009, with occupancy of 93 percent and an average daily rate of $105.  Bellagio and Mandalay Bay both recorded REVPAR increases in the third quarter.

Third quarter total casino revenue was approximately 9 percent lower than the prior year, with slots revenue down approximately 3 percent for the quarter.  The company's table games volume, excluding baccarat, was down 7 percent in the quarter, while baccarat volume was down 6 percent compared to the prior year quarter.  The overall table games hold percentage was lower in 2010 than the prior year quarter; in the current year third quarter the hold percentage was above the midpoint of the company's normal 18 percent to 22 percent, while in the 2009 quarter it was above the high end of the range.

Operating loss for the third quarter of 2010 is expected to be approximately $206 million which includes the CityCenter investment impairment, the Borgata impairment and the company's share of the CityCenter residential impairment charge discussed further below. Prior year operating loss was $963 million and included an impairment charge related to the company's investment in CityCenter and the company's share of a CityCenter residential impairment charge.

Adjusted property EBITDA2 attributable to wholly-owned operations is expected to be approximately $314 million in the 2010 quarter, down 13 percent compared to the prior year.

Income from Unconsolidated Affiliates
The company expects a loss from unconsolidated affiliates of $7 million in the third quarter of 2010 compared to a loss of $133 million in the prior year third quarter.

MGM Macau is expected to earn operating income of $61 million in the third quarter of 2010 – including depreciation expense of $22 million – compared to operating income of $50 million in the 2009 third quarter – which included depreciation expense of $23 million.

Expected results for CityCenter for the third quarter of 2010 include the following (see schedules accompanying this release for further detail on CityCenter Holdings, LLC's third quarter and year-to-date 2010 results):

CityCenter expects net revenues of $413 million in the third quarter, including $166 million related to residential operations, of which $28 million related to forfeited residential deposits;
Aria expects net revenue of $219 million and Adjusted EBITDA of $41 million.  Aria's results were positively affected by a high table games hold percentage, which increased Adjusted EBITDA by approximately $26 million;
Aria's occupancy percentage was 82 percent and its average daily rate was $175, resulting in REVPAR of $142; and CityCenter's recorded an approximately $93 million impairment charge related to its residential inventory due to an increase in estimated final costs of the residential components, and expects to record a $279 million impairment charge related to its Harmon Hotel & Spa component; the Harmon impairment did not affect the company's loss from unconsolidated affiliates because the company's 50 percent share of the impairment charge had been previously recognized by the company in connection with prior impairments of its investment balance.

The company recorded its share of CityCenter's results, including adjustments for recognition of basis differences as follows (expense)/income):

Three months ended September 30,

2010

2009


(In thousands)

Preopening and start-up expenses

$          —

$   (10,671)

Income (loss) from unconsolidated affiliates

(46,420)

(204,333)

Non-operating items from unconsolidated affiliates

(21,199)

(758)


Financial Position
At September 30, 2010, the company had approximately $12.9 billion of indebtedness (with a carrying value of $12.6 billion), including $3.4 billion of borrowings outstanding under its senior credit facility, with available borrowing capacity under the senior credit facility of approximately $1.3 billion.

1 REVPAR is hotel revenue per available room.

2 "Adjusted EBITDA" is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses, and property transactions, net.  "Adjusted Property EBITDA" is Adjusted EBITDA before corporate expense and stock compensation expense.  Adjusted EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because management believes these measures are 1) widely used measures of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies. 

Management believes that while items excluded from Adjusted EBITDA and Adjusted Property EBITDA may be recurring in nature and should not be disregarded in evaluation of the company's earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, management believes excluded items may not relate specifically to current operating trends or be indicative of future results. For example, pre-opening and start-up expenses will be significantly different in periods when the company is developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within our resorts, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period.

In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Therefore, management uses Adjusted Property EBITDA as the primary measure of the company's operating resorts' performance.

Statements in this release which are not historical facts are forward-looking statements and safe harbor statements within the meaning of Section 21E of the U.S. the Securities Exchange Act of 1934, as amended, and other related laws that involve risks and/or uncertainties, including risks and/or uncertainties as described in the company's public filings with the Securities and Exchange Commission. We have based those forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding the company's expectations to report the third quarter 2010 results described in this release. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the preliminary stage of our financial statement preparation for the third quarter of 2010 and the possibility of revisions to these results in connection with our, and our auditor's, final review and approval of such financial statements.  In providing forward-looking statements, the company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise except as required by law.
 
 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)









Three Months Ended


Nine Months Ended


September 30,
2010


September 30,
2009


September 30,
2010


September 30,
2009

Bellagio

$           269,370


$           262,436


$           766,973


$           795,017

MGM Grand Las Vegas

231,626


266,349


708,061


737,108

Mandalay Bay

186,129


185,539


545,959


553,711

The Mirage

152,306


182,376


423,992


483,352

Luxor

81,514


88,609


238,900


263,038

Treasure Island (1)

-


-


-


66,329

New York-New York

64,393


60,721


185,987


191,609

Excalibur

65,631


71,451


190,565


203,944

Monte Carlo

57,315


52,120


167,623


153,223

Circus Circus Las Vegas

52,038


54,962


141,721


155,768

MGM Grand Detroit

132,366


124,753


404,893


389,365

Beau Rivage

85,792


85,970


252,915


251,610

Gold Strike Tunica

40,389


39,493


114,879


118,057

Management operations

101,690


25,374


307,820


69,197

Other operations

38,480


33,070


103,838


94,845


$        1,559,039


$        1,533,223


$        4,554,126


$        4,526,173









MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA
(In thousands)
(Unaudited)










Three Months Ended


Nine Months Ended


September 30,
2010


September 30,
2009


September 30,
2010


September 30,
2009

Bellagio

$             75,858


$             61,876


$           195,137


$           206,336

MGM Grand Las Vegas

40,011


70,727


130,604


168,040

Mandalay Bay

30,435


36,222


96,177


128,059

The Mirage

31,980


54,513


80,624


116,611

Luxor

14,114


18,989


44,455


59,797

Treasure Island (1)

-


-


-


12,729

New York-New York

21,943


17,990


59,561


61,587

Excalibur

15,881


19,176


49,158


57,140

Monte Carlo

7,930


3,930


24,038


32,172

Circus Circus Las Vegas

6,126


7,753


13,350


24,861

MGM Grand Detroit

40,466


32,729


118,436


106,898

Beau Rivage

17,637


18,046


51,040


52,905

Gold Strike Tunica

11,704


11,534


31,590


36,965

Management operations

(1,554)


4,347


(9,120)


13,258

Other operations

1,893


1,704


2,032


3,412

 Wholly-owned operations

314,424


359,536


887,082


1,080,770

CityCenter (50%)

(46,420)


(204,334)


(220,593)


(207,204)

Macau (50%)

29,372


23,557


71,165


14,866

Other unconsolidated resorts

9,924


48,070


35,484


79,755


$           307,300


$           226,829


$           773,138


$           968,187









(1)  Treasure Island was sold in March 2009.



MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA
(In thousands)
(Unaudited)


Three Months Ended September 30, 2010












Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions,
net


Depreciation
and
amortization


Adjusted
EBITDA

Bellagio

$           52,040


$                        -


$               (18)


$                 23,836


$   75,858

MGM Grand Las Vegas

20,855


-


(45)


19,201


40,011

Mandalay Bay

5,023


-


2,181


23,231


30,435

The Mirage

16,104


-


450


15,426


31,980

Luxor

3,666


-


11


10,437


14,114

New York-New York

14,307


-


763


6,873


21,943

Excalibur

10,300


-


-


5,581


15,881

Monte Carlo

(1,954)


-


3,765


6,119


7,930

Circus Circus Las Vegas

1,024


-


4


5,098


6,126

MGM Grand Detroit

30,724


-


(484)


10,226


40,466

Beau Rivage

4,950


-


348


12,339


17,637

Gold Strike Tunica

7,532


-


549


3,623


11,704

Management operations

(4,986)


-


-


3,432


(1,554)

Other operations

(53)


30


(1)


1,917


1,893

 Wholly-owned operations

159,532


30


7,523


147,339


314,424

CityCenter (50%)

(46,420)


-


-


-


(46,420)

Macau (50%)

29,372


-


-


-


29,372

Other unconsolidated resorts

9,924


-


-


-


9,924


152,408


30


7,523


147,339


307,300

Stock compensation

(8,599)


-


-


-


(8,599)

Corporate

(349,710)


-


310,631


11,518


(27,561)


$       (205,901)


$                      30


$       318,154


$               158,857


$ 271,140











Three Months Ended September 30, 2009












Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions,
net


Depreciation
and
amortization


Adjusted
EBITDA

Bellagio

$           29,495


$                        -


$           1,206


$                 31,175


$   61,876

MGM Grand Las Vegas

50,634


-


5


20,088


70,727

Mandalay Bay

13,822


145


(73)


22,328


36,222

The Mirage

37,368


-


17


17,128


54,513

Luxor

10,542


(759)


(12)


9,218


18,989

New York-New York

6,775


-


1,394


9,821


17,990

Excalibur

13,413


-


(14)


5,777


19,176

Monte Carlo

(5,685)


-


2,456


7,159


3,930

Circus Circus Las Vegas

1,910


-


80


5,763


7,753

MGM Grand Detroit

17,889


-


5,906


8,934


32,729

Beau Rivage

5,819


-


-


12,227


18,046

Gold Strike Tunica

7,774


-


-


3,760


11,534

Management operations

847


-


2,473


1,027


4,347

Other operations

238


-


-


1,466


1,704

 Wholly-owned operations

190,841


(614)


13,438


155,871


359,536

CityCenter (50%)

(215,006)


10,672


-


-


(204,334)

Macau (50%)

23,557


-


-


-


23,557

Other unconsolidated resorts

48,070


-


-


-


48,070


47,462


10,058


13,438


155,871


226,829

Stock compensation

(9,319)


-


-


-


(9,319)

Corporate

(1,001,562)


-


957,770


14,780


(29,012)


$       (963,419)


$               10,058


$       971,208


$               170,651


$ 188,498













MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA
(In thousands)
(Unaudited)


Nine Months Ended September 30, 2010








Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions,
net


Depreciation
and
amortization


Adjusted
EBITDA

Bellagio

$         122,871


$                        -


$             (125)


$                 72,391


$  195,137

MGM Grand Las Vegas

72,134


-


(45)


58,515


130,604

Mandalay Bay

23,758


-


2,840


69,579


96,177

The Mirage

29,535


-


311


50,778


80,624

Luxor

12,237


-


1


32,217


44,455

New York-New York

31,737


-


6,858


20,966


59,561

Excalibur

31,103


-


784


17,271


49,158

Monte Carlo

1,928


-


3,765


18,345


24,038

Circus Circus Las Vegas

(2,529)


-


229


15,650


13,350

MGM Grand Detroit

88,391


-


(484)


30,529


118,436

Beau Rivage

13,768


-


351


36,921


51,040

Gold Strike Tunica

21,336


-


(551)


10,805


31,590

Management operations

(19,453)


-


-


10,333


(9,120)

Other operations

(3,546)


567


4


5,007


2,032

 Wholly-owned operations

423,270


567


13,938


449,307


887,082

CityCenter (50%)

(224,087)


3,494


-


-


(220,593)

Macau (50%)

71,165


-


-


-


71,165

Other unconsolidated resorts

35,484


-


-


-


35,484


305,832


4,061


13,938


449,307


773,138

Stock compensation

(26,156)


-


-


-


(26,156)

Corporate

(1,545,817)


-


1,431,187


37,450


(77,180)


$    (1,266,141)


$                 4,061


$    1,445,125


$               486,757


$  669,802











Nine Months Ended September 30, 2009












Operating
income (loss)


Preopening and
start-up
expenses


Property
transactions,
net


Depreciation
and
amortization


Adjusted
EBITDA

Bellagio

$         115,925


$                        -


$           2,360


$                 88,051


$  206,336

MGM Grand Las Vegas

99,022


-


81


68,937


168,040

Mandalay Bay

56,954


897


(70)


70,278


128,059

The Mirage

66,158


-


313


50,140


116,611

Luxor

30,300


(759)


259


29,997


59,797

Treasure Island (1)

12,730


-


(1)


-


12,729

New York-New York

35,549


-


1,631


24,407


61,587

Excalibur

39,543


-


(12)


17,609


57,140

Monte Carlo

18,521


-


(4,737)


18,388


32,172

Circus Circus Las Vegas

7,413


-


(35)


17,483


24,861

MGM Grand Detroit

70,658


-


5,906


30,334


106,898

Beau Rivage

16,139


-


157


36,609


52,905

Gold Strike Tunica

24,636


-


-


12,329


36,965

Management operations

4,699


-


2,473


6,086


13,258

Other operations

(1,131)


-


6


4,537


3,412

 Wholly-owned operations

597,116


138


8,331


475,185


1,080,770

CityCenter (50%)

(233,790)


26,586


-


-


(207,204)

Macau (50%)

14,866


-


-


-


14,866

Other unconsolidated resorts

78,940


815


-


-


79,755


457,132


27,539


8,331


475,185


968,187

Stock compensation

(27,076)


-


-


-


(27,076)

Corporate

(907,277)


-


771,000


46,692


(89,585)


$       (477,221)


$               27,539


$       779,331


$               521,877


$  851,526











(1)  Treasure Island was sold in March 2009.



MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS
(In thousands)
(Unaudited)












Three Months Ended


Nine Months Ended



September 30,
2010


September 30,
2009


September 30,
2010


September 30,
2009









Adjusted EBITDA

$               271,140


$                188,498


$               669,802


$              851,526

 Preopening and start-up expenses

(30)


(10,058)


(4,061)


(27,539)

 Property transactions, net

(318,154)


(971,208)


(1,445,125)


(779,331)

 Depreciation and amortization

(158,857)


(170,651)


(486,757)


(521,877)

Operating loss

(205,901)


(963,419)


(1,266,141)


(477,221)










Non-operating income (expense):








 Interest expense, net

(285,139)


(181,899)


(840,483)


(554,822)

 Other

(19,887)


(12,930)


75,633


(261,216)



(305,026)


(194,829)


(764,850)


(816,038)










Loss before income taxes

(510,927)


(1,158,248)


(2,030,991)


(1,293,259)

 Benefit for income taxes

193,711


407,860


733,558


435,495

Net loss

$             (317,216)


$              (750,388)


$          (1,297,433)


$             (857,764)










MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP
(Unaudited)











Three Months Ended


Nine Months Ended



September 30,
2010


September 30,
2009


September 30,
2010


September 30,
2009


Bellagio









  Occupancy %

94.8%


95.7%


93.5%


95.0%


  Average daily rate (ADR)

$200


$195


$203


$203


  Revenue per available room (REVPAR)

$190


$187


$190


$193











MGM Grand Las Vegas









  Occupancy %

94.6%


97.1%


94.1%


95.7%


  ADR

$108


$109


$114


$113


  REVPAR

$102


$106


$107


$108











Mandalay Bay









  Occupancy %

91.2%


93.6%


90.0%


90.3%


  ADR

$155


$147


$157


$161


  REVPAR

$142


$137


$141


$145











The Mirage









  Occupancy %

95.8%


97.1%


93.3%


95.0%


  ADR

$117


$119


$122


$127


  REVPAR

$112


$115


$114


$120











Luxor









  Occupancy %

92.1%


94.4%


89.7%


91.7%


  ADR

$73


$75


$76


$80


  REVPAR

$67


$71


$68


$74











New York-New York









  Occupancy %

93.2%


96.7%


92.1%


94.0%


  ADR

$87


$92


$91


$96


  REVPAR

$81


$89


$84


$90











Excalibur









  Occupancy %

94.9%


95.0%


89.6%


89.6%


  ADR

$54


$59


$57


$61


  REVPAR

$51


$56


$51


$55











Monte Carlo









  Occupancy %

95.5%


95.6%


91.4%


92.3%


  ADR

$74


$82


$78


$84


  REVPAR

$71


$78


$71


$78











Circus Circus Las Vegas









  Occupancy %

86.8%


88.8%


78.9%


85.6%


  ADR

$42


$43


$43


$44


  REVPAR

$37


$39


$34


$38



CITYCENTER HOLDINGS, LLC
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)














Three Months
Ended


Nine Months
Ended








September 30,
2010


September 30,
2010


















Aria

$          219,418


$             535,915








Vdara

10,859


28,629








Crystals

9,182


22,952








Mandarin Oriental

7,470


21,528








Resort operations

246,929


609,024








Residential operations

165,965


464,417









$          412,894


$          1,073,441





























CITYCENTER HOLDINGS, LLC
RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS
(In thousands)
(Unaudited)














Three Months
Ended


Nine Months
Ended







September 30,
2010


September 30,
2010

















Adjusted EBITDA

$            52,357


$               52,419







 Preopening and start-up expenses

-


(6,202)







 Property transactions, net

(372,035)


(600,133)







 Depreciation and amortization

(80,821)


(230,004)







Operating loss

(400,499)


(783,920)







Non-operating income (expense):










 Interest expense, net

(65,618)


(174,342)







 Other

(189)


(4,910)









(65,807)


(179,252)







Net loss

$         (466,306)


$           (963,172)


















CITYCENTER HOLDINGS, LLC
RECONCILIATION OF OPERATING LOSS TO ADJUSTED EBITDA
(In thousands)
(Unaudited)














Three Months Ended September 30, 2010














Operating loss


Preopening and
start-up
expenses


Property
transactions,
net


Depreciation
and
amortization


Adjusted
EBITDA


Aria

$           (19,594)


$                        -


$                   -


$                60,965


$  41,371


Vdara

(9,646)


-


-


9,059


(587)


Crystals

(3,158)


-


-


5,599


2,441


Mandarin Oriental

(7,935)


-


-


4,311


(3,624)


Resort operations

(40,333)


-


-


79,934


39,601


Residential operations

(67,056)


-


92,813


308


26,065


Development and administration

(293,110)


-


279,222


579


(13,309)



$         (400,499)


$                      -


$       372,035


$                80,821


$  52,357














Nine Months Ended September 30, 2010














Operating loss


Preopening and
start-up
expenses


Property
transactions,
net


Depreciation
and
amortization


Adjusted
EBITDA


Aria

$         (160,725)


$                        -


$                 -


$              173,061


$  12,336


Vdara

(31,175)


-


-


26,182


(4,993)


Crystals

(10,405)


-


-


16,013


5,608


Mandarin Oriental

(23,629)


-


-


12,065


(11,564)


Resort operations

(225,934)


-


-


227,321


1,387


Residential operations

(244,648)


-


320,911


914


77,177


Development and administration

(313,338)


6,202


279,222


1,769


(26,145)



$         (783,920)


$                 6,202


$       600,133


$              230,004


$  52,419




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