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MGM Resorts CEO Discusses Q2 2012 Results Good morning, and welcome to the MGM Resorts International Second Quarter 2012 Earnings Conference Call. Joining the call from the company today are Jim Murren, Chairman and Chief Executive Officer; Bobby Baldwin, Chief Design and Construction Officer of MGM Resorts International and President and CEO of CityCenter; Dan D Arrigo, Executive Vice President, Chief Financial Officer and Treasurer; Grant Bowie, Chief Executive Officer of MGM China Holdings Limited. Participants are in a listen only mode. After the company s remarks, there will be a question and answer session.Thank you, Mackenzie, and good morning everyone and welcome to our second quarter earnings call. This morning, we ve furnished our press release on Form 8 K with the SEC as well.Before turning it over to Jim, on this call, we will make forward looking statements under the Safe Harbor provisions of the federal securities laws. Actual results might differ materially from those projected in the forward looking statements. Additional information concerning factors that could cause actual results to materially differ from those in these forward looking statements is contained in today s press release and in our periodic filings with the SEC, including our most recent Form 10 K.During the call, Moncler Jackets Women Fur Collar Style Pink we will also discuss non GAAP financial measures in talking about the company s performance. You can find the reconciliation of these measures to GAAP financial measures in our press release, which is available on our website. Finally, please note that the presentation is being recorded.And with that, I ll now turn it over to Jim.Well, thanks Dan, and good morning, everyone. This morning we ve reported solid second quarter results led by wholly owned domestic resorts adjusted property EBITDA growth of 4% and record EBITDA for both CityCenter and Macau. These results were achieved despite the economic headwinds all companies are facing in these volatile times.Our operating teams remained quite focused on maximizing our revenue and keeping costs in check to drive cash flows throughout our portfolio properties. And at the same time, we continue to reinvest in our properties for the future and constantly introduce new and exciting offerings for the guests. consumer beginning in mid May. This was reflected in spend particularly in domestic table games, entertainment and in retail.We also experienced slower than anticipated in the year, for the year convention bookings during that brief period. And based on these current trends, we expect RevPAR in the third quarter will be slightly down. But despite these headwinds, we were able to grow our EBITDA, our RevPAR and our market share during the second quarter.The softness we experienced during the second quarter for convention bookings in the year, for the year has not impacted long term bookings. In fact looking out into 2013, we re encouraged to see convention bookings, the pace being up year over year and although it s still early, 2014 pace is even stronger. consumer trends at our wholly owned properties.We remain focused on driving market share and profitability in a variety of non capital intensive opportunities; for example, M life. Our success here overall is evident in the fact that we ve grown our market share to date in table games and in slots, and we continue to outperform the Pink Moncler market in terms of ADR and occupancy. regional gaming markets. And we believe this is due to our M life customer loyalty program as being working.We ve been actively cross marketing our Las Vegas resorts to our regional customers and this program has done very well with approximately 20,000 room nights booked through this campaign since its inception in April. And our marketing alliances are successful in building loyalty. Ameristar has been a great partner so far and we look forward to continuing to grow our network.Yesterday, we announced a partnership with the Morgans Hotel Group. Through this partnership, Morgans will transform what is now THEhotel at Mandalay Bay into the Delano Las Vegas. We will begin remodeling the rooms of THEhotel in mid 2013. And through the Light Group, a subsidiary of Morgans, we will be introducing three new restaurants and a cutting edge new nightclub, injecting some fresh energy into Mandalay Moncler Kids Down Jackets Blue Short Hood With Fur Bay.We continue to be very focused on customer acquisition and expanding our reach into social media. And we have partnered with Playstudios to create and launch myVEGAS. myVEGAS is a social gaming app that recreates the Las Vegas trip experience and exclusively features our brands. It represents our collective thinking about how to leverage our brands and social channels to further engage our customers. It s a unique and fresh take on social gambling and it s a very cost effective vehicle to acquire customers.And of course, we re looking to expand our brands and operating expertise into some key strategic regions. As I m sure you ve seen in the headlines, we are actively pursuing growth opportunities in some gateway cities including Toronto, regions such as Western Mass., Maryland and of course Cotai through MGM China. We believe we re well positioned in these markets and believe that there s not only great opportunities on a standalone basis, but also offer an opportunity to expand our network into Las Vegas through M life.We re weathering this economic environment well. We re proud of our position here in Las Vegas and how we re doing and in the hospitality industry in general and we see many opportunities to grow our company.And with that, I d like to turn it back over to Dan to talk about our operating results and financial position.Thank you, Jim. As Jim mentioned previously, our wholly owned domestic resorts adjusted property EBITDA grew by 4% in the second quarter, despite the fact that our hold was down year over year. Our hold percentage during the second quarter was 17.7% compared to 18.2% in the prior year. Also you recall that Tunica was closed due to the flooding last year and reported a loss in the prior year quarter of approximately $2 million and this year reported EBITDA of approximately $11 million.We grew our wholly owned domestic hotel revenues by approximately 3% year over year despite the MGM Grand having approximately 67,000 rooms out of service for its ongoing room remodel program in the quarter, pretty impactful to the Grand and a little bit more I would say of a disruption to the Grand than we had originally anticipated there.Moving over to our balance sheet, we currently have $855 million in available capacity under our revolver and over $700 million in excess cash, totaling just over $1.5 billion in liquidity excluding MGM China. We believe we will soon have the opportunity to refinance some of our secured debt at progressively lower rates, which will also enhance our free cash flow going forward.Just last week, we launched to the marketplace a refinancing in Macau. The proposed $1.5 billion five year credit facility will be a combination of term loan and revolver. We ve received strong initial support from our lenders and look forward to showing you all of the details of that transaction upon its completion. As you re aware, we continue to be debt free in Macau on a net basis. So this financing will provide MGM China the financial flexibility to carry out its development plans in Cotai.Our second quarter capital expenditures were $102 million including $18 million at MGM China. We continue to expect our CapEx for the full year to be approximately $350 million. Our MGM Grand room remodel continues to progress with approximately 3,300 rooms completed. The project is on schedule for a September completion date. In the fall, we will begin the remodel of the Bellagio Spa Tower rooms, which will cost us approximately $40 million and is included in our full year capital budget. The room remodel will begin here in August and be completed right before the holidays later on this year.Just to give you some guidance in terms of the third quarter, our stock compensation expense is estimated to be approximately $9 million to $10 million. Depreciation expense in the quarter is estimated to be approximately $230 million to $235 million. Our interest expense in the second quarter was $277 million including approximately $6 million from MGM China and $17 million in amortization expense. We estimate that our gross interest expense for the third quarter will be roughly in line with the second quarter.With that, I d like to turn it over to Bobby Baldwin to talk about CityCenter.Thank you, Dan, and good morning, everyone or good afternoon. We re excited to report that ARIA, Vdara, and Crystals each reported record EBITDA in the quarter as well as overall CityCenter resort operations achieving record EBITDA of $71 million in the second quarter of this year.ARIA s second quarter record EBITDA of $56 million was a 5.4% increase from the second quarter last year. The year over year EBITDA growth is impressive given ARIA held 24% in the current year s quarter compared to 29.2% in the prior year in table games. ARIA s growth despite having held a lower year over year rate is indicative of the growing core customers at ARIA.ARIA achieved a significant milestone in the quarter with occupancy of 92.7%, the highest level to date, and the first time occupancy exceeded 90% for an entire quarter. June occupancy in particular was the highest since opening and marked the fourth consecutive month above 90%. ARIA also realized its highest quarterly RevPAR to date of $187. It is noteworthy that the growth in the hotel is occurring in more profitable cash businesses as we continue to perfect the market mix at ARIA.In the casino, we are pleased to report that second quarter table game drop remained strong. Slot revenue also increased indefinitely by 12% compared to the second quarter last year and poker revenues were a record level for the quarter.

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