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.”
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