MGM Resorts International reported financial results for the quarter ended March 31, 2013. Diluted earnings per share for the first quarter of 2013 was $0.01 compared to a loss per share of $0.44 in the prior year first quarter. Comparability of the current and prior year consolidated results was affected by certain items discussed further below.
"Our first quarter 2013 results are the best we have reported since the beginning of the downturn five years ago, led by improved results at our Las Vegas Strip resorts, a record first quarter at MGM China and an all-time record at CityCenter," said Jim Murren, MGM Resorts International Chairman and CEO. "MGM Resorts International returned to profitability in the quarter and we are excited about our future."
Key results for the first quarter of 2013 include the following:
- Consolidated net revenue increased 3 percent over the prior year quarter to $2.4 billion;
- Consolidated casino revenue increased 5 percent;
- Rooms revenue at wholly owned domestic resorts increased 2 percent with a 1 percent increase in REVPAR((1)) at the Company's Las Vegas Strip resorts;
- Adjusted Property EBITDA((2)) was $574 million, a 20 percent increase compared to the prior year quarter;
- The Company's wholly owned domestic resorts earned Adjusted Property EBITDA of $361 million, a 12 percent increase compared to the prior year quarter;
- MGM China's Adjusted EBITDA was $180 million, which included $13 million of branding fee expense, a 10 percent increase compared to the prior year quarter;
- CityCenter's Adjusted EBITDA related to resort operations was $93 million, nearly three times the $32 million reported in the prior year quarter; and
- Consolidated operating income was $302 million compared to operating income of $193 million in the prior year quarter
"In addition, quarterly results were enhanced by the Company's December 2012 debt refinancing, as interest expense was reduced by almost $60 million compared to the prior year first quarter,” said Dan D'Arrigo, MGM Resorts International Executive Vice President, CFO and Treasurer.
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