MGM Resorts International reported a $0.23 per share loss for the fourth quarter of 2011, compared to a loss of $0.29 per share for the fourth quarter of 2010. 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 percent compared to the prior year quarter.
- Rooms revenue at wholly owned domestic resorts increased 10 percent with a 13 percent increase 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 percent increase compared to the prior year quarter.
CityCenter's Adjusted Property EBITDA related to resort operations was $58 million, a 62 percent increase compared to the prior year quarter.
Net revenue for 2011 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.
Visit www.mgmresorts.com
