Las Vegas casino giant MGM Resorts International reported improved financial results for the fourth quarter ended Dec. 31, 2011.  According to the company, the loss per share was $0.23 compared to a loss of $0.29 per share in the prior year fourth quarter. In particular, the improved results were due to the newly included MGM China unit and much better results at CityCenter.

Consolidated net revenue was $2.3 billion; excluding the newly included MGM China, net revenue increased 7 percent compared to the prior year quarter, and rooms revenue at wholly owned domestic resorts increased 10 percent with a 13 percent increase in revenue per available room (revPAR) at the company’s Las Vegas Strip resorts, showing that Las Vegas rates are now on the upswing.

Consolidated operating income was $91 million compared to $107 million in the fourth quarter of 2010. Adjusted Property EBITDA 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, up 18 percent compared to the prior year quarter. MGM China’s Adjusted Property EBITDA was $174 million, a 23 percent increase compared to the prior year quarter; and CityCenter’s Adjusted Property EBITDA related to resort operations was $58 million, a 62 percent increase compared to the prior year quarter.

 “2011 was a year in which we achieved many goals: operationally, strategically, and financially,” said Jim Murren, MGM Resorts International Chairman and CEO.  “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. Going forward we expect to build off of these strategies to grow our company and maximize shareholder value.”

Casino revenue related to wholly-owned domestic resorts increased 8 percent compared to the prior year quarter. The overall table games hold percentage in the fourth quarter of 2011 was near the high end of MGM Resorts’ normal range of 19 percent to 23 percent. Rooms revenue increased 10 percent with Las Vegas Strip revPAR up 13 percent. Operating income for the company’s wholly owned domestic resorts for the fourth quarter of 2011 was $186 million, an increase of 36 percent compared to the fourth quarter of 2010.

MGM China earned net revenue of $719 million for the fourth quarter of 2011 compared to $570 million in the fourth quarter of 2010.  The increase was driven by year-over-year increases in volume for VIP table games, main floor table games, and slots of 29 percent, 13 percent and 35 percent, respectively.

CityCenter Holdings’ fourth quarter net revenue from resort operations increased to $265 million compared to $231 million in the prior year quarter. Adjusted Property EBITDA from resort operations was $58 million, an increase of 62 percent compared to the prior year quarter. Aria’s table games hold percentage was approximately 240 basis points higher in the current year quarter compared to the prior year quarter. Aria’s occupancy percentage was 82 percent and its ADR was $207, resulting in revPAR of $169, a 10 percent increase compared to the prior year fourth quarter.

For the full year of 2011, MGM Resorts’ net revenue was $7.8 billion, which included $1.5 billion of net revenue related to MGM China. Excluding MGM China, net revenue increased 4 percent for the year compared to 2010.  Las Vegas Strip revPAR increased 13 percent for the full year compared to 2010. Adjusted Property EBITDA from wholly owned domestic resorts increased 11 percent to $1.3 billion for 2011 compared to $1.2 billion in 2010. MGM China’s Adjusted Property EBITDA was $360 million for the period from June 3, 2011 through December 31, 2011.

MGM China reported record results for 2011 with net revenues of $2.6 billion and Adjusted EBITDA of $630 million, an increase of 66% and 76% year over year, respectively. CityCenter reported year over year operating improvement with net revenue from resort operations of $1.1 billion and Adjusted Property EBITDA related to resort operations of $236 million.