MGM Resorts International Presents at Wells Fargo's Second Annual Boston Gaming Forum 2013, Dec-05-2013
Dec 3 13
MGM Resorts International Presents at Wells Fargo's Second Annual Boston Gaming Forum 2013, Dec-05-2013 . Venue: InterContinental Hotel, 510 Atlantic Avenue, Boston, MA 02210, United States. Speakers: James Joseph Murren, Chairman and Chief Executive Officer.
MGM Resorts International Casino Workers Approve Union Contract
Nov 21 13
Union workers at Las Vegas Strip casinos owned by MGM Resorts International have approved a contract that preserves health benefits and aims to bring back workers laid off when restaurants closed during the recession. Officials with the Culinary Union Local 226 and Bartenders Union Local 165 said 97% of voters approved the agreement on November 20, 2013. The contract will cover more than 21,000 employees at Aria, Bellagio, Circus Circus, Slots A Fun, Excalibur, Luxor, Mandalay Bay, The Mirage, Monte Carlo and the New York-New York Hotel. Some of the terms would apply to about 5,000 additional workers at the MGM Grand Las Vegas, Signature and Vdara hotels.
AEG and MGM Resorts International Unveil First Renderings of New Las Vegas Arena
Nov 8 13
Joint venture partners AEG and MGM Resorts International have released the first images and details of the 20,000-seat sports and entertainment venue, which will be located near the heart of the Las Vegas Strip and adjacent to the I-15 corridor. The images were unveiled as part of a project update by the ownership group for the new arena, which is expected to break ground in April 2014. The arena is being designed with an array of unrivaled premium offerings and club experiences as well as features that will make it immediately available to host NBA and NHL teams, concerts, boxing, mixed martial arts, family shows, award shows and other major events. The arena, which will be the centerpiece of the revitalization of the area between New York-New York and Monte Carlo resorts, extending from Las Vegas Blvd. to Frank Sinatra Drive, is scheduled to open in the spring of 2016. The project's anticipated cost of approximately $350 million will be financed entirely with equity contributions from the partners and privately funded third-party debt financing. In keeping with the partners' commitment to building responsibly, the arena is being designed to meet the U.S. Green Building Council's standards for LEED Gold Certification.
MGM Resorts International Announces Consolidated Unaudited Earnings Results for Third Quarter and Nine Months Ended Sept. 30, 2013; Announces Non-Cash Impairment Charges for the Third Quarter 2013; Provides CapEx Guidance for 2013
Oct 31 13
MGM Resorts International announced consolidated unaudited earnings results for third quarter and nine months ended Sept. 30, 2013. For the quarter, the company reported revenues of $2,653,516,000, operating income of $247,763,000, income before income taxes of $15,475,000, net loss attributable to company of $31,859,000 or $0.07 diluted per share, adjusted EBITDA of $489,851,000 compared to the revenues of $2,438,253,000, operating income of $137,401,000, loss before income taxes of $157,259,000, net loss attributable to company of $181,159,000 or $0.37 diluted per share, adjusted EBITDA of $372,383,000 for the same quarter a year ago. During the third quarter, the company spent approximately $78 million in CapEx at wholly-owned domestic resorts.
For the year to date, the company reported revenues of $7,858,209,000, operating income of $781,182,000, income before income taxes of $41,771,000, net loss attributable to company of $118,271,000 or $0.24 diluted per share, adjusted EBITDA of $1,555,613,000 compared to the revenues of $7,417,232,000, operating income of $505,382,000, loss before income taxes of $455,175,000, net loss attributable to company of $543,864,000 or $1.11 diluted per share, adjusted EBITDA of $1,304,200,000 for the same period a year ago.
The company announced that the current year third quarter 2013 results were affected by non-cash impairment charges of $26 million, primarily related to land holdings in Jean and Sloan, Nevada.
Wholly-owned full year 2013 CapEx looks like to come in closer to $300 million to $325 million this year versus previous guidance of $350 million due to timing of certain projects.