MGM Resorts International reported financial results for the quarter and year ended December 31, 2015.
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Loss per share for the fourth quarter of 2015 was $1.38, including the non-cash goodwill impairment charge of $1.5 billion, or $1.33 per share, compared to loss per share of $0.70 in the prior year fourth quarter.
Net revenue at the company's wholly owned domestic resorts increased 2% compared to the prior year quarter.
Rooms revenue at wholly owned domestic resorts increased 10%, with a 12% increase in REVPAR at the company's Las Vegas Strip resorts compared to the prior year quarter.
The company's wholly owned domestic resorts earned Adjusted Property EBITDA of $431 million, a 15% increase compared to the prior year quarter.
Wholly owned domestic resorts Adjusted Property EBITDA margin was 27.3%, a 330 basis point increase compared to the prior year quarter.
MGM China's net revenue was $499 million and Adjusted EBITDA was $131 million, a decrease of 31% and 29%, respectively, compared to the prior year quarter.
MGM China's operating loss was $1.4 billion in the current year quarter, which included a $1.5 billion non-cash impairment charge on goodwill from the 2011 MGM China acquisition.
CityCenter earned an all time record Adjusted EBITDA related to resort operations of $106 million, a 36% increase compared to the prior year quarter.
Full year 2015 results
Consolidated net revenue for 2015 was $9.2 billion, a 9% decrease over 2014, and Adjusted Property EBITDA increased 2% compared to the prior year to $2.5 billion.
Net revenue from wholly owned domestic resorts was $6.5 billion, a 2% increase compared to the prior year. Adjusted Property EBITDA from wholly owned domestic resorts increased 11% to $1.7 billion for 2015.
MGM China net revenue was $2.2 billion for 2015, a 33% decrease from 2014, and Adjusted EBITDA was $540 million compared to $850 million in the prior year.
CityCenter reported a record $1.2 billion net revenue from resort operations, a 3% increase compared to the prior year, and Adjusted EBITDA related to resort operations was a record $348 million compared to $317 million in the prior year.
Loss per share attributable to the company for 2015 was $0.82 compared to loss per share of $0.31 in 2014. ■