MGM Resorts International reported financial results for the quarter and full year ended December 31, 2016 and announced a quarterly dividend.
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Diluted earnings per share for the fourth quarter of 2016 of $0.04, compared to diluted loss per share of $1.38 in the prior year quarter which included a $1.5 billion, or $1.33 per share, non-cash goodwill impairment charge related to the 2011 MGM China acquisition.
The company's board of directors approved a quarterly dividend on February 15, 2017.
The dividend of $0.11 per share will be payable on March 15, 2017 to stockholders of record at the close of business on March 10, 2017, and will equate to approximately $63 million in aggregate.
Net revenues of $1.8 billion at the company's domestic resorts, a 17% increase over the prior year quarter, and a 2% increase on a same-store basis, excluding contributions from Borgata which the company began consolidating in August 2016, MGM National Harbor which opened in December of 2016, and Circus Circus Reno, which the company sold in 2015.
REVPAR growth of 3% over the prior year quarter at the company's Las Vegas Strip resorts.
Operating income of $312 million at the company's domestic resorts;
Net income attributable to MGM Resorts of $25 million, compared to a net loss attributable to MGM Resorts of $781 million in the prior year quarter.
Adjusted Property EBITDA of $493 million at the company's domestic resorts, a 14% increase over the prior year quarter and a 1% increase on a same-store basis.
Profit Growth Plan contribution of approximately $30 million of year over year Adjusted Property EBITDA growth to domestic resorts and approximately $1 million of Adjusted EBITDA growth from the company's 50% share of CityCenter, which resulted in cumulative fourth quarter contributions of $68 million and $6 million, respectively, since the start of the plan.
Same-store operating margin of 19.5% in the current quarter at the company's domestic resorts compared to 19.7% in the prior year quarter.
Same-store Adjusted Property EBITDA margin of 27.5% at the company's domestic resorts, for both current and prior year quarters; an
MGM China operating income of $72 million compared to an operating loss of $1.4 billion in the prior year quarter, which included the $1.5 billion non-cash goodwill impairment charge, and a 5% increase in MGM China's Adjusted EBITDA compared to the prior year quarter.
Full year 2016 financial highlights:
Consolidated net revenues of $9.5 billion and domestic resorts net revenues of $7.1 billion, a 9% increase over the prior year and a 4% increase on a same-store basis.
REVPAR growth of 6% over the prior year at the company's Las Vegas Strip resorts.
Operating income of $1.4 billion at the company's domestic resorts.
Net income attributable to MGM Resorts of $1.1 billion, compared to a net loss attributable to MGM Resorts of $448 million in the prior year.
Adjusted Property EBITDA of $2.1 billion at the company's domestic resorts, a 22% increase over the prior year and a 17% increase on a same-store basis.
Bellagio produced all-time records in net revenues, Adjusted Property EBITDA and Adjusted Property EBITDA margins.
Profit Growth Plan contribution of approximately $244 million of year over year Adjusted Property EBITDA growth to domestic resorts and approximately $22 million of Adjusted EBITDA growth from the company's 50% share of CityCenter, which resulted in cumulative contributions of $315 million and $30 million, respectively, since the start of the plan.
Same-store Adjusted Property EBITDA margin of 29.6% at the company's domestic resorts, a 336 basis point increase compared to the prior year. ■