What If OFFERING SUMMARY
what if OFFERING SUMMARY Issuer MGM MIRAGE Amount $500 Million Security Senior Unsecured Notes Form of Offering Registered Shelf Takedown Maturity 2016 Call Protection NC-L Ratings Moody’s Ba2 (Negative) S&P BB (Stable) Repay a Portion of the Outstanding Amount Under Use of Proceeds Our $7.0 Billion Senior Credit Facility & for General Corporate Purposes Citi, Banc of America Securities LLC, Deutsche Bank Bookrunners Securities LLC, JPMorgan, RBS Greenwich Capital what if COMPANY OVERVIEW Collection of Resorts with Worldwide Brand Recognition Diverse Customer Base Signature Brands Across All Business Lines Over 46,000* Hotel Rooms, 1.8* Million Sq. Ft. of Casino, 1,600 Table Games, & 35,000* Slot Machines 2006 Net Revenue of $7.2 Billion 2006 EBITDA of $2.4 Billion Significant Domestic & International Development Pipeline *Excludes Primm Valley Resorts, Laughlin Properties, and Nevada Landing Q1 HIGHLIGHTS Net Revenues up 9% to $1.9 Billion Property EBITDA of $655 Million, up 7% Over Prior Year Several All Time Property EBITDA Records: Bellagio, MGM Grand, Mandalay Bay, Treasure Island, and Monte Carlo Continued Strength in Property EBITDA Margins at 34% Repurchased 2.5 Million Shares for $175 Million Highest Ever First Quarter Diluted EPS from Continuing Operations of $0.55 up 15% Net Income per share of $0.57 CONSISTENT CASH FLOW PRODUCTION Property EBITDA 3 Months Ended 3 Months Ended ($ in Millions) March 31, 2006 March 31, 2007 % Las Vegas Strip $523 $549 +5% Other Nevada 6 (2) -133% Detroit, MI 37 35 -5% Mississippi 9 35 +289% Unconsolidated Resorts 34 38 +12% Total $609 $655 +8% CONSISTENT CASH FLOW PRODUCTION Property EBITDA ($ in Millions) LTM as of March 31, 2007 Las Vegas Strip $2,049 Other Nevada 15 Detroit, MI 149 Mississippi 181 Unconsolidated Resorts 251 Total $2,645 NET REVENUES ($ in millions) $8,000 $7,176 $7,331 $6,129 $6,000 $4,002 $4,000 $3,658 $2,000 $0 2003 2004 2005 2006 LTM 3/31/07 Source: Annual Report / 10-K.
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