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MGM Resorts International (NYSE:MGM)
MGM Resorts International is one of the world’s leading global hospitality companies, operating a peerless portfolio of destination resort brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company has significant holdings in gaming, hospitality and entertainment, owns and operates 15 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, Illinois and Macau. One of those investments is CityCenter, an unprecedented urban resort destination on the Las Vegas Strip featuring its centerpiece ARIA Resort & Casino.
“We believe the foundation of the Las Vegas recovery is solid and our business is building,” stated Jim Murren, MGM Resorts International Chairman and CEO.
MGM Resorts International financial results for the second quarter ended June 30, 2011 included the following:
Consolidated net revenue for the second quarter was $1.8 billion, up 17% over the prior year; the current quarter included net revenue related to MGM China for the period of consolidation (June 3, 2011 through June 30, 2011) of $193 million;
Net revenue attributable to the Company’s wholly owned domestic resorts segment was $1.5 billion, an increase of 4% compared to the prior year quarter. Rooms revenue increased 9% with a 10% increase in REVPAR(1) at the Company’s Las Vegas Strip resorts;
Consolidated operating income for the second quarter of 2011 was $3.7 billion compared to a $1.0 billion operating loss in the second quarter of 2010, affected by the MGM China transaction gain in the current quarter and an impairment charge related to the Company’s investment in CityCenter in the prior year quarter;
Adjusted EBITDA(2) was $366 million in the 2011 quarter, a 51% increase compared to $243 million in the 2010 quarter, primarily due to strong performances at the Company’s Las Vegas resorts and MGM Macau;
The Company’s wholly owned domestic resorts segment earned Adjusted Property EBITDA of $331 million, up 7% compared to $309 million in the prior year quarter, despite a lower table games hold percentage in the current quarter and an approximately $12 million impact related to the state mandated closure of Gold Strike Tunica in May 2011;
MGM China reportedAdjusted Property EBITDA of $170 million compared to $61 million in the prior year second quarter; and
CityCenter Adjusted Property EBITDA for resort operations increased to $64 million and was positively affected by a higher than normal table games hold percentage.
CityCenter is an urban community filled with fine art and spectacular architecture. It is home to the 4,004 room ARIA Resort & Casino, Mandarin Oriental, Las Vegas, the astonishing Crystals retail and entertainment district, Vdara Hotel & Spa, and Veer Towers. All these come together amidst plazas and common spaces alongside pools and beautiful landscaping. CityCenter is a place of high-tech meeting spaces, brilliant residences, world-class spas, extraordinary dining, sophisticated gaming and modern art, seductive bars and Viva ELVIS™ by Cirque du Soleil, a harmonious fusion of dance, acrobatics and live music that pays tribute to the life and music of Elvis Presley.
MGM has been honored with numerous awards and recognitions for its industry-leading Diversity Initiative, its community philanthropy programs and the Company’s commitment to sustainable development and operations. ARIA Resort & Casino, the crown jewel of CityCenter, has earned the prestigious AAA Five Diamond Award for its Sky Suites, joining an elite class of resorts recognized with two AAA Five Diamond Awards for two distinct hotel experiences within one property.
In addition, The Light Group, Las Vegas’ leading hospitality, development and management company, is excited to announce the opening of 1OAK at The Mirage Hotel & Casino. In a unique partnership with The Butter Group, New York’s preeminent lifestyle and hospitality company and owners of elite restaurants The Darby and Butter; lounges and nightclubs The Darby Downstairs, 1OAK NYC, Butter NC and 1OAK Brazil, 1OAK Las Vegas will offer a one-of-a-kind nightlife experience beginning New Year’s Eve 2011.
For more information about the MGM Resorts International please visit http://www.mgm-mirage.com
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Crown Equity Holdings Inc. (CRWE.OB)
Internet is a global platform. It offers businesses an exposure to a worldwide audience. Business is no more limited to an area or location and can reach even the remotest places possible. People from any part of the world can visit websites, hence, giving businesses a global presence.
China’s population in 2010 estimated a population of 1,330,141,295 with 420,000,000 internet users with a growth rate of 1,766.7 % between the year of 2000-2010 making china equivalent to 21.4 % of internet users in the world. Furthermore, the United States in 2010 estimated a population 310,232,863 with 239,893,600 internet users with a growth rate of 151.6 % between the year of 2000-2010 making United States equivalent to 12.2 % percent of internet users in the world.
CRWE together with its digital network of Websites, offers advertising branding and marketing services as a worldwide online multi-media publisher.
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