MGM Resorts Reports Flat Net Revenue for Fourth Quarter
Hotel & Resort MGM Resorts International Mimi Kmet February 20, 2013
MGM Resorts International has reported financial results for the fourth quarter and full year ended Dec. 31, 2012, with consolidated net revenue of $2.3 billion in both the current and prior-year fourth quarter. The company also reported a loss per share for the fourth quarter of 2012 of $2.50 compared to a loss per share of 23 cents in the prior-year fourth quarter. Consolidated operating loss was $425 million compared to operating income of $91 million in the fourth quarter of 2011, impacted by impairment charges in each period, according to the company.
Rooms revenue at wholly owned domestic resorts increased 2 percent, while revenue per available room (RevPAR) increased 1 percent at the company’s Las Vegas Strip resorts. Adjusted property EBITDA was $505 million compared to $482 million in the prior-year quarter, and the company’s wholly owned domestic resorts earned adjusted property EBITDA of $334 million, a 5 percent increase compared to the prior-year quarter.
CityCenter’s adjusted EBITDA related to resort operations was $68 million, a 17 percent increase compared to the prior-year quarter. Net revenue from resort operations increased to $272 million compared to $265 million in the prior-year quarter. Adjusted EBITDA from resort operations was $68 million, an increase of 17 percent compared to the prior-year quarter. Aria’s occupancy percentage was 86 percent, and its ADR was $202, resulting in RevPAR of $173, a 2 percent increase compared to the prior-year quarter.
Operating income for the company’s wholly owned domestic resorts for the fourth quarter of 2012 was $202 million, an increase of 8 percent compared to the prior-year quarter.
MGM China earned net revenue of $731 million, a 2 percent increase over the prior-year quarter. MGM China’s adjusted EBITDA was $176 million, a 1 percent increase compared to the prior-year quarter. MGM China’s operating income was $83 million, an 8 percent increase over the prior-year quarter.
For the full year 2012, net revenue was $9.2 billion, which included a full year of results from MGM China. Net revenue from wholly owned domestic resorts was $5.9 billion, a 1 percent increase compared to 2011. Adjusted property EBITDA from wholly owned domestic resorts increased 2 percent to $1.3 billion for 2012.
MGM China reported net revenues of $2.8 billion and adjusted EBITDA of $679 million for the full year 2012. Excluding branding fees of $30 million in 2012 and $15 million in 2011, adjusted EBITDA increased by 10 percent year over year.
CityCenter reported net revenue from resort operations of $1.1 billion, a 1 percent decrease compared to the prior year, and adjusted EBITDA related to resort operations of $230 million, a 3 percent decrease, for the full year 2012.
Loss per share attributable to MGM Resorts International for 2012 was $3.62 compared to diluted income per share of $5.62 in 2011.
For more information on MGM Resorts International, Las Vegas
For more Hotel & Resort News
More by Mimi Kmet
Comments
You may use your Facebook account to add a comment, subject to Facebook's Terms of Service and Privacy Policy. Your Facebook information, including your name, photo & any other personal data you make public on Facebook will appear with your comment, and may be used on TravelPulse.com. Click here to learn more.
LOAD FACEBOOK COMMENTS