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MGM Resorts Full 2011 Financials

Las Vegas, NV, USA February 22, 2012 /PRNewswire/ — MGM Resorts International (NYSE: MGM) today reported improved financial results for the fourth quarter ended December 31, 2011.  Loss per share was $0.23 compared to a loss of $0.29 per share in the prior year fourth quarter.  The current quarter results include MGM China Holdings, Limited (“MGM China”), which the Company began consolidating as of June 3, 2011.
Key results for the fourth quarter of 2011 included the following:

  • Consolidated net revenue was $2.3 billion; excluding MGM China, net revenue increased 7% compared to the prior year quarter;
  • Rooms revenue at wholly owned domestic resorts increased 10% with a 13% increase in REVPAR(1) at the Company’s Las Vegas Strip resorts;
  • Consolidated operating income was $91 million compared to $107 million in the fourth quarter of 2010;
  • Adjusted Property EBITDA(2) was $482 million in the 2011 quarter compared to $294 million in the 2010 quarter;
  • The Company’s wholly owned domestic resorts earned Adjusted Property EBITDA of $319 million, an 18% increase compared to the prior year quarter;
  • MGM China’s Adjusted Property EBITDA was $174 million, a 23% increase compared to the prior year quarter; and
  • CityCenter’s Adjusted Property EBITDA related to resort operations was $58 million, a 62% increase compared to the prior year quarter.

“2011 was a year in which we achieved many goals: operationally, strategically, and financially.  Operationally, we enhanced our customer experience through targeted reinvestment in our properties and improved relationships through our M life customer loyalty program. Strategically, we acquired a majority interest in MGM China and began expanding our brand presence in key markets throughout the world, particularly Asia.  Financially, our revenues and margins have improved year over year increasing our cash flow and strengthening our financial profile,” said Jim Murren, MGM Resorts International Chairman and CEO.  “Going forward we expect to build off of these strategies to grow our company and maximize shareholder value.”

Read the full press release on IPM NewsDocs

ABOUT MGM RESORTS INTERNATIONAL
MGM Resorts International (NYSE: MGM) is one of the world’s leading global hospitality companies, operating a peerless portfolio of destination resort brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage.  In addition to its 51% interest in MGM China Holdings, Limited, which owns the MGM Macau resort and casino, the Company has significant holdings in gaming, hospitality and entertainment, owns and operates 15 properties located in Nevada, Mississippi and Michigan, and has 50% investments in three other properties in Nevada and Illinois. One of those investments is CityCenter, an unprecedented urban resort destination on the Las Vegas Strip featuring its centerpiece ARIA Resort & Casino. Leveraging MGM Resorts’ unmatched amenities, the M life loyalty program delivers one-of-a-kind experiences, insider privileges and personalized rewards for guests at the Company’s renowned properties nationwide. Through its hospitality management subsidiary, the Company holds a growing number of development and management agreements for casino and non-casino resort projects around the world. MGM Resorts International supports responsible gaming and has implemented the American Gaming Association’s Code of Conduct for Responsible Gaming at its gaming properties. The Company has been honored with numerous awards and recognitions for its industry-leading Diversity Initiative, its community philanthropy programs and the Company’s commitment to sustainable development and operations. For more information about MGM Resorts International, visit the Company’s website at www.mgmresorts.com.
Joe Kleimanhttp://www.themedreality.com
Raised in San Diego on theme parks, zoos, and IMAX films, Joe Kleiman would expand his childhood loves into two decades as a projectionist and theater director within the giant screen industry. In addition to his work in commercial and museum operations, Joe has volunteered his time to animal husbandry at leading facilities in California and Texas and has played a leading management role for a number of performing arts companies. Joe has been News Editor and contributing author to InPark Magazine since 2011. HIs writing has also appeared in Sound & Communications, LF Examiner, Jim Hill Media, and MiceChat. His blog, ThemedReality.com takes an unconventional look at the attractions industry. Follow on twitter @themedreality Joe lives in Sacramento, California with his fiancé, two dogs, and a ghost.

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