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MGM Grand Annual Report

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MGM Grand Annual Report * MGM GRAND, INC. Our Mission MGM Grand consistently provides the premier entertainment experience while maximizing value and opportunity for our guests, cast members, business partners and shareholders. MGM Grand is a premier owner, developer and operator of entertainment/gaming destination resorts in the United States, Australia and South Africa. The Company owns the MGM Grand's "City of Entertainment," the New York-New York Hotel and Casino on the Las Vegas Strip and other properties in Nevada acquired from Primadonna Resorts. A temporary casino is scheduled to open in Detroit, Michigan, this year, and planning continues on a resort hotel/casino in Atlantic City, New Jersey. * F i n a n c i a l H i g h l i g h t s (IN THOUSANDS EXCEPT SHARE DATA) FOR THE YEARS ENDED DECEMBER 1998 1997 1996 1995 1994 31, NET REVENUES $ 773,863 $ 827,597 $ 800,189 $ 718,781 $ 739,676 EBITDA(1) 218,547 287,064 258,781 169,837 181,827 OPERATING PROFTIT BEFORE 142,263 222,960 196,585 113,905 137,147 NON-RECURRING ITEMS AND CORPORATE EXPENSE OPERATING INCOME 131,574 190,970 129,294 103,823 129,715 INCOME BEFORE INCOME TAXES, 109,528 180,301 99,151 46,565 73,540 DISCONTINUED OPERATIONS AND EXTRAORDINARY ITEM NET INCOME 68,948 111,018 43,706 46,565 74,576 BASIC EARNINGS PER SHARE: INCOME BEFORE DISCONTINUED $ 1.24 $ 2.00 $ 1.41 $ 0.97 $ 1.53 OPERATIONS AND EXTRAORDINARY ITEM DISCONTINUED OPERATIONS - - - - 0.02 EXTRAORDINARY ITEM - LOSS ON - (0.07) (0.58) - - EARLY EXTINGUISHMENT OF DEBT, NET OF INCOME TAX BENEFIT NET INCOME PER SHARE $ 1.24 $ 1.93 $ 0.83 $ 0.97 $ 1.55 WEIGHTED AVERAGE NUMBER OF 55,678,000 57,475,000 52,759,000 48,076,000 48,232,000 SHARES DILUTED EARNINGS PER SHARE: INCOME BEFORE DISCONTINUED $ 1.22 $ 1.96 $ 1.38 $ 0.96 $ 1.50 OPERATIONS AND EXTRAORDINARY ITEM DISCONTINUED OPERATIONS - - - - 0.02 EXTRAORDINARY ITEM - LOSS ON - (0.07) (0.57) - - EARLY EXTINGUISHMENT OF DEBT, NET OF INCOME TAX BENEFIT NET INCOME PER SHARE $ 1.22 $ 1.89 $ 0.81 $ 0.96 $ 1.52 WEIGHTED AVERAGE NUMBER OF 56,342,000 58,835,000 54,257,000 48,544,000 48,988,000 SHARES AT YEAR END TOTAL ASSETS $ 1,773,794 $ 1,398,374 $ 1,287,689 $ 1,282,222 $ 1,153,511 TOTAL DEBT, EXCLUDING CAPITAL 544,874 57,830 83,391 551,099 473,000 LEASES STOCKHOLDERS' EQUITY 964,381 1,101,622 973,382 584,548 529,379 STOCKHOLDERS' EQUITY PER SHARE $ 18.53 $ 19.00 $ 16.82 $ 11.98 $ 11.05 NUMBER OF SHARES AT YEAR END, 52,033,000 57,985,000 57,884,000 48,775,000 47,925,000 NET OF TREASURY SHARES The selected financial data above includes information for New York-New York, which was 50% owned and commenced operations on January 3, 1997, MGM Grand Las Vegas, which commenced operations on December 18, 1993, MGM Grand Australia, which was acquired on September 7, 1995, and MGM Grand Air until December 31, 1994, when the company was sold. (1) EBITDA consists of net income plus net interest expense, other nonoperating expense, taxes, depreciation & amortization, one-time charges (which consist of Master Plan asset disposition, Preopening, Discontinued Operations and Extraordinary Items) and Corporate expense T o O u r S t o c k h o l d e r s a n d O w n e r s * With a superior cash flow With a commitment to build position and our strong the world's most successful balance sheet, we were able gaming and entertainment to move aggressively on the company, MGM Grand, Inc. $570- million Master Plan, devoted 1998 to setting the transforming our flagship stage for global expansion property in Las Vegas into and growth. Key to this "The City of Entertainment." strategy was ensuring that Bringing together the your Company's balance amenities of a four-star hotel sheet remained the strongest experience with an in the gaming industry. * unparalleled panopoly of Through concentrated effort entertainment choices, we over the past two years, we NET REVENUES now offer a combination of have achieved that goal. We in millions attractions unavailable have prudently reduced anywhere else. In April operating costs, improved 1998, we opened a new profit margins, streamlined 380,000 square-foot systems and raised conference center, which has approximately $500 million been operating at near in low-interest, long-term capacity ever since. This fixed debt. Our state-of-the-art facility has debt-to-capital ratio now generated group business stands at 36% at a time when that has significantly our peer group averages improved our midweek 60%. In 1998, we further occupancy, traditionally a enhanced shareholder value slower period in the resort by buying back 6 million hotel industry. Equally shares of MGM Grand stock beneficial, our conference at $35 a share and our Board guests have contributed to of Directors has granted us increased casino, the authority to repurchase entertainment and food and an additional 6 million shares beverage revenue and have in the future. generated higher room rates. * Represents the proforma impact for the twelve months ended December 31, 1998 of MGM Grand, Inc.'s merger with Primadonna Resorts, Inc. T o O u r S t o c k h o l d e r s a n d O w n e r s * We have also taken steps to array of entertainment maintain and improve our legends, among them Elton leadership in the high-end John, Janet Jackson and Rod segment of the market by Stewart. * In the first quarter providing our guests with the of 1999, we completed the finest facilities available in acquisition of Primadonna Las Vegas. To this end, the Resorts, which brings to your opulent Mansion at the Company the remaining 50% MGM Grand, opening this of New York-New York and spring, features 29 palatial other profitable assets villas with private pools, and located on the perfectly manicured California-Nevada state line, European gardens, all including three hotel-casinos contained inside an envelope and two championship golf of romance. Mansion guests courses. The most will be treated as royalty - spectacular profile on the Las which they often are. * The Vegas Strip skyline, New MGM Grand is renowned for York New York continues to its world-class entertainment. DILUTED E.P.S. be the most profitable resort In 1998, we oversaw the in its market segment. The successful opening of the Primadonna transaction gives Studio 54 nightclub, a luxury us a multi-property presence spa and 6.6-acre pool on the Strip, diversifies our complex, and new celebrity revenues and Nevada assets, chef restaurants and retail and enhances our stores on Studio Walk. An profitability. * In 1998, we interactive Lion Habitat made major strides in Detroit attraction situated in the as well, after your Company middle of our casino will and its Detroit partners were open in the spring. selected as one of three Headliners at our Grand operators to develop a Garden Arena in 1998 casino-based resort in that included a dazzling city. * Represents the proforma impact for the twelve months ended December 31, 1998 of MGM Grand, Inc.'s merger with Primadonna Resorts, Inc. I t t a k e s a r a z o r - s h a r p t e a m o f p r o f e s s i o n a l s a t t h e h e l m t o m a n a g e t h e s e f a r - f l u n g v e n t u r e s a n d s t a y a h e a d o f o u r c o m p e t i t i o n By year-end, we had ground on and anticipate assembled our senior opening a permanent facility management team and began in Johannesburg in late 2000, construction on a temporary subject to various approvals casino facility. In March and regulatory conditions. At 1999, we successfully the same time we continue to completed a $230 million submit bids for additional bank facility with significant casino licenses in other local Michigan bank provinces of that country. * involvement, and expect to It takes a razor-sharp team of open our casino in the late professionals at the helm to summer or early fall of this manage these far-flung year, subject to licensing ventures and stay ahead of approval by the Michigan our competition. In 1998, we Gaming Control Board. * It continued to seek out the is worthy of note that the best, both inside and outside Primadonna acquisition and the gaming and hotel the opening of our new industry. * Over the past casino in Detroit will EBITDA + year, we promoted four new approximately double your in millions presidents within our Company's operating cash organization. Bill flow. * On the international Hornbuckle became front, we opened the third President of MGM Grand and the largest of our three Hotel-Casino in Las Vegas, South African casinos in three months ahead of Johannesburg in late schedule, succeeding Danny September. Developed and Wade who was promoted to managed by MGM Grand Executive Vice President of through a partnership with MGM Grand, Inc., the parent Tsogo Sun Gaming & company. Lyn Baxter, Entertainment, these previously Senior Vice temporary casinos have President-Operations of exceeded our expectations. MGM Grand Hotel-Casino We have broken in (cont...) + EBITDA consists of net income plus net * Represents the proforma impact for the interest expense, other nonoperating twelve months ended December 31, 1998 of expenses, depreciation and amortization, MGM Grand, Inc.'s merger with Primadonna one-time charges (which consists of Master Resorts, Inc.
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