LAS VEGAS, Aug. 5 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM)
today reported its second quarter 2008 financial results. The Company
achieved 97% occupancy at its Las Vegas Strip resorts, while company-wide
net revenue declined 2%. The Company earned $0.40 per diluted share from
continuing operations in the 2008 second quarter, compared to $0.62 in the
prior year second quarter. The 2007 quarter included $63 million, or $0.14
per diluted share net of tax, of residential sales at The Signature at MGM
Grand. The 2008 quarter includes $19 million, or $0.04 per diluted share
net of tax, of insurance recovery income related to the Monte Carlo fire.
Overall trends were similar to those experienced in the first quarter
of 2008 -- guests continued to visit the Company's resorts in high numbers,
but at lower room rates, and current economic conditions led to lower
visitor spending. Gaming revenues were impacted slightly more than
non-gaming revenues, with the Company experiencing a 4% decline in gaming
revenues on a quarter-over-quarter basis. Net non-gaming revenues were flat
as relative strength in food and beverage and entertainment revenue offset
lower revenue in rooms and retail. The Company also notes that results at
its regional properties in Mississippi and Michigan improved compared to
first quarter performance and exceeded 2007 results.
Key results for the quarter include:
-- Net revenue decreased 2% to $1.9 billion;
-- Las Vegas Strip REVPAR(1) decreased 5%; occupancy was 97% at the
Company's Las Vegas Strip resorts versus 98% a year ago;
-- Casino revenue decreased 4%, mainly as result of lower table games
volume at the Company's Las Vegas Strip resorts and a 10% decline in
Las Vegas Strip slots revenue, offset by increased slots revenue at
the larger MGM Grand Detroit and increases at Beau Rivage and Gold
Strike Tunica;
-- Property EBITDA(2) decreased 12% on a comparable basis, after removing
the impact of the prior year residential profits and current year
insurance recoveries. On an absolute basis, Property EBITDA was $564
million in the 2008 quarter, an 18% decrease from the prior year;
-- Bellagio and Mandalay Bay reported increases in Property EBITDA, with
Bellagio reporting its highest ever quarterly hotel revenue and
leading the Las Vegas market in Property EBITDA; Mandalay Bay produced
a record for second quarter EBITDA.
The following table lists certain items which affect the comparability
of the current year and prior year quarterly results (earnings per share
impact shown, net of tax, per diluted share; negative amounts represent
charges to income):
Three months ended June 30, 2008 2007
--------------------------- ------ ------
Profits from The Signature at MGM Grand $ - $ 0.14
Preopening and start-up expenses (0.02) (0.03)
Monte Carlo fire business interruption
(recorded as a reduction of general
and administrative expenses) 0.02 -
Property transactions, net:
Monte Carlo fire property damage insurance 0.02 -
Other property transactions (0.02) (0.01)
"Our resorts were near capacity and we believe our market share
increased, as discriminating customers seek the best resort and
entertainment experiences," said Terry Lanni, Chairman and CEO of MGM
MIRAGE. "Our track record of successfully navigating through changing
economic conditions is solid and is reinforced by our results this
quarter."
Detailed Discussion of Second Quarter Operating Results
Casino revenue decreased 4%, mainly due to a decrease in table games
volume of 7%. The table games hold percentage was at the mid-point of the
normal 18% to 22% range in the current quarter and slightly higher than in
the 2007 quarter. Slots revenue decreased 2% in the quarter, with the
Company's Las Vegas Strip resorts posting a 10% decrease. However, slots
revenue increased in the high single digits at Beau Rivage and Gold Strike
Tunica and 18% at MGM Grand Detroit. MGM Grand Detroit continues to gain
market share as a result of its upgraded amenities.
Rooms revenue decreased 6%, with a 5% decline in Las Vegas Strip
REVPAR. Average room rates were down 5% at the Company's Las Vegas Strip
resorts. Las Vegas Strip occupancy decreased slightly, and the Company had
approximately 32,000 less rooms available at its Las Vegas Strip resorts,
mainly due to the lower room count at Monte Carlo. The following table
shows key hotel statistics for the Company's Las Vegas Strip resorts:
Three months ended June 30, 2008 2007
--------------------------- ------ ------
Occupancy % 97% 98%
Average Daily Rate (ADR) $155 $162
Revenue per Available Room (REVPAR) $150 $159
These trends are largely in line with the Company's experience in the
first quarter, when Las Vegas Strip REVPAR decreased 4%. In the second
quarter, the Company strategically managed its room rates to ensure that
occupancy was maximized in line with historical levels.
Food and beverage revenue increased 2% and entertainment revenues also
performed well, only down 4% despite a difficult comparison as the second
quarter of 2007 featured the Oscar de la Hoya-Floyd Mayweather fight. The
Company's Cirque du Soleil production shows generated a combined 3%
increase in revenue. The Company believes its restaurants, nightclubs and
shows continue to attract guests seeking the highest quality experience,
and the Company has continued to introduce new venues such as the recently
opened Brand Steakhouse at Monte Carlo, Tender Steakhouse at Luxor, BLT
Burger at The Mirage, and Yellowtail sushi restaurant at Bellagio; and the
soon-to-open RokVegas nightclub at New York-New York. In addition, the new
production show from Cirque du Soleil and Criss Angel, Believe, will open
in the fall.
The Company recorded $19 million of insurance recovery income in the
quarter related to the January 2008 Monte Carlo fire -- $9 million related
to business interruption recorded as a reduction of general and
administrative expenses, and $10 million related to property damage
recorded as property transactions. Through June 30, 2008, the Company had
received $50 million from its insurers. Excluding the insurance recovery
income, Monte Carlo earned Property EBITDA of $17 million in the 2008
second quarter compared to $32 million reported in the 2007 second quarter;
the property is still without nearly 200 rooms, mostly suites, as a result
of the fire.
Corporate expense decreased from $44 million in the 2007 quarter to $27
million in 2008, due to the impact of cost reduction measures implemented
during the quarter and lower accruals for profit-based bonuses.
MGM Grand Macau, of which the Company owns 50%, recorded Property
EBITDA of $23 million and an operating loss of $5 million. The Company
recognized its share of MGM Grand Macau's results as follows: $4 million of
loss in the "Income from unconsolidated affiliates" line and $3 million of
expense in "Non-operating items from unconsolidated affiliates."
"As these results represent only our second full quarter of operations
at MGM Grand Macau, we believe we are still in the early stages of
realizing the potential of this resort," said Mr. Lanni. "We have taken
several steps to improve our operating performance over the past several
months and based on our results in June and July, we believe these measures
are having the desired impact as evidenced by our increased market share."
Operating income decreased 29% for the quarter to $334 million, a
larger percentage decrease than the 18% drop in Property EBITDA as a result
of higher depreciation expense, including the larger MGM Grand Detroit.
Year-over-year comparisons for both Property EBITDA and operating income
were impacted by the prior year Signature profits of $63 million and the
other items described earlier in the release. On a comparable basis
excluding these items in both quarterly periods, Property EBITDA decreased
12% with a margin of 30% in 2008 versus 33% in 2007; and operating income
decreased 21% with a margin of 17% versus 22%.
Net income, including discontinued operations, decreased to $113
million, or $0.40 per diluted share, from $360 million, or $1.22 per
diluted share. In addition to the factors described above, the decrease
resulted from the $264 million of pre-tax gains recorded in the prior year
quarter from the sale of discontinued operations (the Primm Valley Resorts
and Laughlin Properties).
"Our resorts are clearly positioned to be the standard of quality in
our industry, and our results reflect that competitive position," said Jim
Murren, President and Chief Operating Officer of MGM MIRAGE. "While we had
mixed results, some of our properties generated increases in cash flow in
this challenging environment, and our cost reduction efforts continue to
gain traction without impacting guest service; we expect these initiatives
will benefit us well into the future. We believe in the durability of the
Las Vegas market and that over time it will continue to grow in line with
historical trends. Our own forward booking trends show improvement in the
fourth quarter of 2008 and into 2009."
Financial Position
Second quarter capital investments totaled $221 million which included
$73 million on room and suite remodel projects, primarily at The Mirage and
TI; $7 million for the theatre at Luxor; expenditures of $9 million for
remediation efforts at Monte Carlo; and $23 million for the people mover
joining CityCenter, Monte Carlo and Bellagio, and Monte Carlo's share of a
parking garage being constructed for both Monte Carlo and CityCenter. The
remaining $109 million was for other capital expenditures, including
various new and upgraded amenities at the Company's resorts.
The Company repurchased 2.6 million shares of its common stock in the
open market for $134 million during the second quarter, completing the
Company's December 2007 share repurchase authorization. In May 2008, the
Company's Board of Directors approved a new 20 million share repurchase
program; however, the Company has not repurchased any shares under this
authorization. Available borrowing capacity under the Company's senior
credit facility was $1.7 billion as of June 30, 2008; after giving effect
to the repayment of $196 million of senior notes in August 2008, such
availability is $1.5 billion.
During the quarter, the Company and Dubai World each funded $300
million of construction costs for CityCenter. The Company and Dubai World
are currently working with several relationship lenders regarding a $3
billion financing package for the joint venture. To date, CityCenter has
received commitments totaling $1.65 billion from the lead banks -- Bank of
America, Royal Bank of Scotland, UBS, BNP Paribas, and Sumitomo Mitsui. In
addition, CityCenter has received commitments from Deutsche Bank, Morgan
Stanley, and the Bank of Nova Scotia.
"In an unprecedented credit market, CityCenter has received to date
well over half of the financing committed from these institutions and
anticipates finalizing its bank financing this quarter," said Executive
Vice President and Chief Financial Officer of MGM MIRAGE, Dan D'Arrigo.
Related to MGM MIRAGE capital spending, Mr. D'Arrigo noted, "Over the past
several years, we have invested significant capital in our resorts in the
form of new restaurants, entertainment venues and upgraded rooms, and we
maintain them at the highest level. As a result, our required capital
spending for the remainder of this year and into 2009 will be lower than in
the recent past, enhancing our available free cash flow."
MGM MIRAGE will hold a conference call to discuss its second quarter
earnings results and outlook for the third quarter of 2008 at 11:00 a.m.
Eastern Daylight Time today. The call can be accessed live at
http://www.companyboardroom.com or http://www.mgmmirage.com, or by calling
1-800-526-8531 (domestic) or 1-706-634-6528 (international). Until August
12, 2008, a complete replay of the conference call can be accessed by
dialing 1-706-645-9291, access code 54787690. A complete replay of the call
will also be made available at http://www.mgmmirage.com. Supplemental
detailed earnings information will also be available on the Company's
website.
(1) REVPAR is hotel Revenue per Available Room.
(2) "EBITDA" is earnings before interest and other non-operating income
(expense), taxes, depreciation and amortization. "Property EBITDA"
is EBITDA before corporate expense and stock compensation expense.
EBITDA information is presented solely as a supplemental disclosure
because management believes that it is 1) a widely used measure of
operating performance in the gaming industry, and 2) a principal
basis for valuation of gaming companies. In addition, capital
allocation, tax planning, financing and stock compensation awards are
all managed at the corporate level. Management uses Property EBITDA
as the primary measure of the Company's operating resorts'
performance, including the evaluation of operating personnel. EBITDA
should not be construed as an alternative to operating income, as an
indicator of the Company's operating performance; or as an
alternative to cash flows from operating activities, as a measure of
liquidity; or as any other measure determined in accordance with
generally accepted accounting principles. The Company has
significant uses of cash flows, including capital expenditures,
interest payments, taxes and debt principal repayments, which are not
reflected in EBITDA. Also, other gaming companies that report EBITDA
information may calculate EBITDA in a different manner than the
Company. Reconciliations of consolidated EBITDA to net income and of
operating income to Property EBITDA are included in the financial
schedules accompanying this release.
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected
development companies with significant holdings in gaming, hospitality and
entertainment, owns and operates 17 properties located in Nevada,
Mississippi and Michigan, and has 50% investments in four other properties
in Nevada, New Jersey, Illinois and Macau. MGM MIRAGE is developing major
casino and non-casino resorts, separately and with partners in Las Vegas,
Atlantic City, the People's Republic of China and Abu Dhabi, U.A.E. MGM
MIRAGE supports responsible gaming and has implemented the American Gaming
Association's Code of Conduct for Responsible Gaming at its properties. MGM
MIRAGE has received numerous awards and recognitions for its
industry-leading Diversity Initiative and its community philanthropy
programs. For more information about MGM MIRAGE, please visit the company's
website at http://www.mgmmirage.com.
Statements in this release which are not historical facts are "forward
looking" statements and "safe harbor statements" under the Private
Securities Litigation Reform Act of 1995 that involve risks and/or
uncertainties, including risks and/or uncertainties as described in the
company's public filings with the Securities and Exchange Commission.
MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(In thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
---------------------- ----------------------
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
---------- ---------- ---------- ----------
Revenues:
Casino $ 742,183 $ 773,931 $1,532,647 $1,585,870
Rooms 523,530 555,107 1,042,271 1,104,111
Food and beverage 431,563 424,717 833,955 842,166
Entertainment 138,030 143,237 272,868 277,485
Retail 68,818 79,072 132,855 147,322
Other 155,984 134,760 303,957 256,830
---------- ---------- ---------- ----------
2,060,108 2,110,824 4,118,553 4,213,784
Less: Promotional
allowances (164,389) (174,408) (339,201) (347,933)
---------- ---------- ---------- ----------
1,895,719 1,936,416 3,779,352 3,865,851
---------- ---------- ---------- ----------
Expenses:
Casino 400,979 401,342 817,542 813,134
Rooms 139,736 137,078 276,533 272,263
Food and beverage 246,799 240,701 483,071 476,405
Entertainment 98,286 103,389 193,950 200,632
Retail 42,495 48,830 85,659 92,574
Other 96,196 75,252 188,760 144,060
General and
administrative 323,811 329,711 644,185 641,385
Corporate expense 26,621 43,668 59,071 77,623
Preopening and start-up
expenses 6,957 14,148 12,121 28,424
Restructuring costs - - 329 -
Property transactions, net (118) 2,407 2,658 7,426
Depreciation and
amortization 197,218 167,509 391,557 335,786
---------- ---------- ---------- ----------
1,578,980 1,564,035 3,155,436 3,089,712
---------- ---------- ---------- ----------
Income from
unconsolidated
affiliates 17,045 96,592 51,156 137,967
---------- ---------- ---------- ----------
Operating income 333,784 468,973 675,072 914,106
---------- ---------- ---------- ----------
Non-operating income
(expense):
Interest income 3,680 5,509 7,146 8,166
Interest expense, net (145,304) (183,429) (295,093) (367,440)
Non-operating items
from unconsolidated
affiliates (7,288) (4,714) (17,179) (9,820)
Other, net (1,564) (804) (1,334) (3,532)
---------- ---------- ---------- ----------
(150,476) (183,438) (306,460) (372,626)
---------- ---------- ---------- ----------
Income from continuing
operations before income
taxes 183,308 285,535 368,612 541,480
Provision for income
taxes (70,207) (102,637) (137,165) (195,572)
---------- ---------- ---------- ----------
Income from continuing
operations 113,101 182,898 231,447 345,908
---------- ---------- ---------- ----------
Discontinued operations:
Income from discontinued
operations - 2,615 - 10,461
Gain on disposal of
discontinued operations - 263,881 - 263,881
Provision for income
taxes - (89,222) - (91,905)
---------- ---------- ---------- ----------
- 177,274 - 182,437
---------- ---------- ---------- ----------
Net income $ 113,101 $ 360,172 $ 231,447 $ 528,345
========== ========== ========== ==========
Per share of common stock:
Basic:
Income from continuing
operations $ 0.41 $ 0.64 $ 0.82 $ 1.22
Discontinued operations - 0.63 - 0.64
---------- ---------- ---------- ----------
Net income per share $ 0.41 $ 1.27 $ 0.82 $ 1.86
========== ========== ========== ==========
Weighted average shares
outstanding 277,468 283,849 283,205 283,933
========== ========== ========== ==========
Diluted:
Income from continuing
operations $ 0.40 $ 0.62 $ 0.79 $ 1.17
Discontinued operations - 0.60 - 0.62
---------- ---------- ---------- ----------
Net income per share $ 0.40 $ 1.22 $ 0.79 $ 1.79
========== ========== ========== ==========
Weighted average shares
outstanding 284,615 295,232 291,508 295,402
========== ========== ========== ==========
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - NET REVENUES
(In thousands)
(Unaudited)
Three Months Ended Six Months Ended
------------------------ ------------------------
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
----------- ----------- ----------- -----------
Las Vegas Strip $ 1,551,148 $ 1,640,648 $ 3,099,205 $ 3,266,991
Other Nevada 38,821 47,058 75,671 91,490
MGM Grand Detroit 145,428 110,470 290,208 226,604
Mississippi 139,401 138,240 273,623 280,766
Other 20,921 - 40,645 -
----------- ----------- ----------- -----------
$ 1,895,719 $ 1,936,416 $ 3,779,352 $ 3,865,851
=========== =========== =========== ===========
MGM MIRAGE AND SUBSIDIARIES
SUPPLEMENTAL DATA - PROPERTY EBITDA
(In thousands)
(Unaudited)
Three Months Ended Six Months Ended
------------------------- ------------------------
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
----------- ----------- ----------- -----------
Las Vegas Strip $ 482,744 $ 531,224 $ 962,240 $ 1,080,066
Other Nevada (735) 6,080 (1,420) 4,084
MGM Grand Detroit 38,524 28,116 72,936 62,942
Mississippi 28,616 27,907 55,986 63,310
Other 4,170 - 8,749 -
Unconsolidated
resorts 10,634 92,952 40,001 131,094
----------- ----------- ----------- -----------
$ 563,953 $ 686,279 $ 1,138,492 $ 1,341,496
=========== =========== =========== ===========
MGM MIRAGE AND SUBSIDIARIES
DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA and EBITDA
(In thousands)
(Unaudited)
Three Months Ended June 30, 2008
--------------------------------
Preopening
and Property
start-up Restructuring transactions,
expenses costs net Total
----------- ----------- ----------- -----------
Las Vegas Strip $ 394 $ - $ (3,628) $ (3,234)
Other Nevada - - 2,187 2,187
MGM Grand Detroit (59) - - (59)
Mississippi - - (3) (3)
Unconsolidated
resorts 6,575 - - 6,575
----------- ----------- ----------- -----------
6,910 - (1,444) 5,466
Corporate and other 47 - 1,326 1,373
----------- ----------- ----------- -----------
$ 6,957 $ - $ (118) $ 6,839
=========== =========== =========== ===========
Three Months Ended June 30, 2007
--------------------------------
Preopening
and Property
start-up Restructuring transactions,
expenses costs net Total
----------- ----------- ----------- -----------
Las Vegas Strip $ 7,131 $ - $ 2,587 $ 9,718
Other Nevada - - (20) (20)
MGM Grand Detroit 3,205 - - 3,205
Mississippi - - 603 603
Unconsolidated
resorts 3,640 - - 3,640
----------- ----------- ----------- -----------
13,976 - 3,170 17,146
Corporate and
other 172 - (763) (591)
----------- ----------- ----------- -----------
$ 14,148 $ - $ 2,407 $ 16,555
=========== =========== =========== ===========
MGM MIRAGE AND SUBSIDIARIES
DETAIL OF CERTAIN CHARGES AFFECTING PROPERTY EBITDA and EBITDA
(continued)
(In thousands)
(Unaudited)
Six Months Ended June 30, 2008
------------------------------
Preopening
and Property
start-up Restructuring transactions,
expenses costs net Total
----------- ----------- ----------- -----------
Las Vegas Strip $ 620 $ 329 $ (839) $ 110
Other Nevada - - 2,187 2,187
MGM Grand Detroit 135 - 8 143
Mississippi - - 2 2
Unconsolidated
resorts 11,319 - - 11,319
----------- ----------- ----------- -----------
12,074 329 1,358 13,761
Corporate and other 47 - 1,300 1,347
----------- ----------- ----------- -----------
$ 12,121 $ 329 $ 2,658 $ 15,108
=========== =========== =========== ===========
Six Months Ended June 30, 2007
------------------------------
Preopening
and Property
start-up Restructuring transactions,
expenses costs net Total
----------- ----------- ----------- -----------
Las Vegas Strip $ 15,603 $ - $ 2,865 $ 18,468
Other Nevada - - 4,610 4,610
MGM Grand Detroit 5,584 - - 5,584
Mississippi - - 601 601
Unconsolidated
resorts 6,873 - - 6,873
----------- ----------- ----------- -----------
28,060 - 8,076 36,136
Corporate and other 364 - (650) (286)
----------- ----------- ----------- -----------
$ 28,424 $ - $ 7,426 $ 35,850
=========== =========== =========== ===========
MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF CONSOLIDATED EBITDA TO INCOME FROM CONTINUING
OPERATIONS
(In thousands)
(Unaudited)
Three Months Ended Six Months Ended
---------------------- ----------------------
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
---------- ---------- ---------- ----------
EBITDA $ 531,002 $ 636,482 $1,066,629 $1,249,892
Depreciation and
amortization (197,218) (167,509) (391,557) (335,786)
---------- ---------- ---------- ----------
Operating income 333,784 468,973 675,072 914,106
---------- ---------- ---------- ----------
Non-operating income
(expense):
Interest expense, net (145,304) (183,429) (295,093) (367,440)
Other (5,172) (9) (11,367) (5,186)
---------- ---------- ---------- ----------
(150,476) (183,438) (306,460) (372,626)
---------- ---------- ---------- ----------
Income from continuing
operations before
income taxes 183,308 285,535 368,612 541,480
Provision for income taxes (70,207) (102,637) (137,165) (195,572)
---------- ---------- ---------- ----------
Income from continuing
operations $ 113,101 $ 182,898 $ 231,447 $ 345,908
========== ========== ========== ==========
MGM MIRAGE AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO PROPERTY EBITDA
(In thousands)
(Unaudited)
Three Months Ended June 30, 2008
--------------------------------
Depreciation
Operating and
income amortization EBITDA
------------ ------------ ------------
Las Vegas Strip $ 334,457 $ 148,287 $ 482,744
Other Nevada (2,220) 1,485 (735)
MGM Grand Detroit 24,227 14,297 38,524
Mississippi 13,148 15,468 28,616
Other 2,091 2,079 4,170
Unconsolidated resorts 10,634 - 10,634
------------ ------------ ------------
382,337 181,616 563,953
Stock compensation (9,592)
Corporate and other (23,359)
------------
$ 531,002
============
Three Months Ended June 30, 2007
--------------------------------
Depreciation
Operating and
income amortization EBITDA
------------ ------------ -----------
Las Vegas Strip $ 397,731 $ 133,493 $ 531,224
Other Nevada 4,490 1,590 6,080
MGM Grand Detroit 22,204 5,912 28,116
Mississippi 12,781 15,126 27,907
Unconsolidated resorts 92,952 - 92,952
------------ ------------ -----------
530,158 156,121 686,279
Stock compensation (11,060)
Corporate and other (38,737)
-----------
$ 636,482
===========
Six Months Ended June 30, 2008
------------------------------
Depreciation
Operating and
income amortization EBITDA
------------ ------------ -----------
Las Vegas Strip $ 667,754 $ 294,486 $ 962,240
Other Nevada (4,406) 2,986 (1,420)
MGM Grand Detroit 44,288 28,648 72,936
Mississippi 24,961 31,025 55,986
Other 4,672 4,077 8,749
Unconsolidated resorts 40,001 - 40,001
------------ ------------ -----------
777,270 361,222 1,138,492
Stock compensation (20,795)
Corporate and other (51,068)
-----------
$ 1,066,629
===========
Six Months Ended June 30, 2007
------------------------------
Depreciation
Operating and
income amortization EBITDA
------------ ------------ -----------
Las Vegas Strip $ 812,676 $ 267,390 $ 1,080,066
Other Nevada 619 3,465 4,084
MGM Grand Detroit 51,068 11,874 62,942
Mississippi 33,018 30,292 63,310
Unconsolidated resorts 131,094 - 131,094
------------ ------------ -----------
1,028,475 313,021 1,341,496
Stock compensation (24,640)
Corporate and other (66,964)
-----------
$ 1,249,892
===========
MGM MIRAGE AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
June 30, December 31,
2008 2007
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 279,995 $ 416,124
Accounts receivable, net 366,133 412,933
Inventories 125,781 126,941
Income tax receivable 1,752 -
Deferred income taxes 72,437 63,453
Prepaid expenses and other 95,723 106,364
----------- -----------
Total current assets 941,821 1,125,815
----------- -----------
Property and equipment, net 16,924,342 16,870,898
Other assets:
Investments in unconsolidated
affiliates 2,504,529 2,482,727
Goodwill 1,262,922 1,262,922
Other intangible assets, net 360,502 362,098
Deposits and other assets, net 1,136,995 623,226
----------- -----------
Total other assets 5,264,948 4,730,973
----------- -----------
$23,131,111 $22,727,686
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 164,055 $ 220,495
Construction payable 57,658 76,524
Income taxes payable - 284,075
Accrued interest on long-term
debt 190,322 211,228
Other accrued liabilities 875,226 932,365
----------- -----------
Total current liabilities 1,287,261 1,724,687
----------- -----------
Deferred income taxes 3,375,204 3,416,660
Long-term debt 13,010,813 11,175,229
Other long-term obligations 371,518 350,407
Stockholders' equity:
Common stock, $.01 par value:
authorized 600,000,000 shares,
issued 369,110,366 and
368,395,926 shares and
outstanding 276,333,339
and 293,768,899 shares 3,691 3,684
Capital in excess of par value 3,996,481 3,951,162
Treasury stock, at cost:
92,777,027 and 74,627,027
shares (3,355,963) (2,115,107)
Retained earnings 4,451,855 4,220,408
Accumulated other comprehensive
income (loss) (9,749) 556
----------- -----------
Total stockholders' equity 5,086,315 6,060,703
----------- -----------
$23,131,111 $22,727,686
=========== ===========
SOURCE MGM MIRAGE
 back to top
Related links:
http://www.mgmmirage.com
CONTACT:
Investment Community, Daniel J. D'Arrigo,
Executive Vice President, Chief Financial Officer,
+1-702-693-8895, or Alan M. Feldman, Senior Vice President,
Public Affairs, +1-702-650-6947, both of MGM MIRAGE
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