MGM Resorts International (MGM) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

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Exhibit 99.1

                                                                  

 

MGM RESORTS INTERNATIONAL REPORTS FOURTH QUARTER AND FULL YEAR

FINANCIAL AND OPERATING RESULTS

 

Announces 9% Percent Increase to Quarterly Cash Dividend

 

Las Vegas, Nevada, February 20, 2018

– MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today reported financial results for the quarter and year ended December 31, 2017.

 

“Our fourth quarter results further exhibited the strength and durability of our organization, and I am proud of the 78,000 men and women within our MGM family, who remain dedicated to the continued success and evolution of our Company,” said Jim Murren, Chairman & CEO of MGM Resorts. "Over the years, our plan of instilling a culture of continuous improvement to elevate the guest experience, drive profitability, and enhance our financial position has allowed us to further demonstrate our disciplined approach to capital allocation and maximizing shareholder value. Our success in executing on this plan continued to mark milestone achievements in 2017."

 

Mr. Murren continued, “We look forward to another rewarding year in 2018. MGM COTAI, Macau’s most technologically advanced resort opened its doors last week. This year, we will also welcome MGM Springfield in the third quarter, the completion of Park MGM and NoMad by the end of the year, and celebrate many more new and creative ways to entertain our guests at our destinations worldwide."

 

Fourth Quarter 2017 Financial Highlights:

 

 

Diluted earnings per share for the fourth quarter of $2.42, including a non-recurring, non-cash income tax benefit of $2.52 due to enactment of U.S. Tax Reform at the end of 2017, compared to diluted earnings per share of $0.04 in the prior year quarter;

 

Net revenues increased 5% over the prior year quarter at the Company’s domestic resorts to $1.9 billion and decreased 3% on a same-store basis, excluding contributions from MGM National Harbor. Excluding Monte Carlo and MGM National Harbor, net revenues decreased 1% compared to the prior year quarter;

 

REVPAR(1) decreased 4.9% compared to the prior year quarter at the Company’s Las Vegas Strip resorts;

 

Operating income of $305 million at the Company’s domestic resorts, a 2% decrease over the prior year quarter;  

 

Net income attributable to MGM Resorts of $1.4 billion, including a non-recurring, non-cash income tax benefit of $1.4 billion due to U.S. Tax Reform, compared to $25 million in the prior year quarter;

 

Adjusted Property EBITDA(2) increased 1% over the prior year quarter to $496 million at the Company’s domestic resorts, and decreased 3% on a same-store basis. Excluding Monte Carlo and MGM National Harbor, Adjusted Property EBITDA increased slightly compared to the prior year quarter;

 

Same-store operating margin of 17.2% in the current quarter at the Company’s domestic resorts, a decrease of 97 basis points compared to the prior year quarter;

 

Same-store Adjusted Property EBITDA margin of 26.9% at the Company’s domestic resorts, compared to 27.0% in the prior year quarter, and 27.5% excluding Monte Carlo and MGM National Harbor;

 

MGM China operating income of $43 million compared to $72 million in the prior year quarter, and Adjusted EBITDA of $147 million, a 7% increase compared to the prior year quarter; and a 25% increase compared to the third quarter of 2017; and

 

CityCenter operating income from resort operations of $30 million and Adjusted EBITDA from resort operations of $97 million, a 7% increase in Adjusted EBITDA compared to the prior year quarter.

 

 

 

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The following information was filed by MGM Resorts International on Tuesday, February 20, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Companies may provide additional information to their SEC Filings as exhibits. Click a link below to view an exhibit that was filed with this report:

Exhibit 10.5(40) - MATERIAL CONTRACT

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Exhibit 10.5(41) - MATERIAL CONTRACT

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Exhibit 12 - STATEMENT REGARDING CALCULATION OF RATIOS

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Exhibit 21 - SUBSIDARIES OF THE REGISTRANT

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Exhibit 23.1 - CONSENTS OF EXPERTS AND COUNSEL

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Exhibit 23.2 - CONSENTS OF EXPERTS AND COUNSEL

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Exhibit 31.1 - RULE 13A-14(A)/15D-14(A) CERTIFICATION

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Exhibit 31.2 - RULE 13A-14(A)/15D-14(A) CERTIFICATION

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Exhibit 32.1 - SECTION 1350 CERTIFICATION

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Exhibit 32.2 - SECTION 1350 CERTIFICATION

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Exhibit 99.1 - ADDITIONAL EXHIBITS

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Exhibit 99.2 - ADDITIONAL EXHIBITS

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Exhibit 99.3 - ADDITIONAL EXHIBITS

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  • Form Type: Annual
  • Number of times amended: 0
  • Accession Number: 0001564590-18-003942
  • Submitted to the SEC: Thursday, March 1, 2018 6:04:26 AM EST
  • Accepted by the SEC: Thursday, March 1, 2018
  • Fiscal Year ending: December 2017
  • Industry: Hotels And Motels