MGM Resorts International Reports Second Quarter Financial And Operating Results

Financial Highlights:

  • Diluted earnings per share for the second quarter of 2017 of $0.36, including a benefit of $0.04 related to a Borgata property tax settlement and a benefit of $0.05 from a modification of the 2016 NV Energy exit fee, compared to $0.83 in the prior year quarter, which included $0.57 related to a gain on CityCenter's sale of Crystals;
  • Net revenues increase of 22% over the prior year quarter at the Company's domestic resorts to $2.1 billion, due to the inclusion of MGM National Harbor and Borgata, and a decrease of 1% on a same-store basis primarily due to lower year over year table games hold;
  • REVPAR(1) growth of 1.2% over the prior year quarter at the Company's Las Vegas Strip resorts;
  • Operating income of $520 million at the Company's domestic resorts, a 33% increase over the prior year quarter, including the impact of $41 million related to the NV Energy exit fee modification and $36 million related to the Borgata property tax settlement;
  • Net income attributable to MGM Resorts of $211 million, compared to $474 million in the prior year quarter;
  • Adjusted Property EBITDA(2) growth of 28% over the prior year quarter to $658 million at the Company's domestic resorts, and an increase of 1% on a same-store basis;
  • Same-store operating margin of 25.1% in the current quarter at the Company's domestic resorts, an increase of 205 basis points compared to the prior year quarter;
  • Same-store Adjusted Property EBITDA margin of 30.8% at the Company's domestic resorts, an increase of 44 basis points compared to the prior year quarter;
  • MGM China operating income of $43 million compared to $51 million in the prior year quarter, and Adjusted EBITDA of $116 million, a 2% decrease compared to the prior year quarter; and
  • CityCenter operating income of $57 million and Adjusted EBITDA of $105 million, a 36% increase in Adjusted EBITDA compared to the prior year quarter.

To view full quarterly results please visit: http://mgmresorts.investorroom.com/2017-07-27-MGM-Resorts-International-Reports-Second-Quarter-Financial-And-Operating-Results

Las Vegas Sands Reports Second Quarter 2017 Results

Highlights include:

  • Consolidated Net Revenue Increased 18.6% to $3.14 Billion
  • Net Income Increased 61.9% to $638 Million
  • GAAP Earnings per Diluted Share Increased 68.3% to $0.69; Adjusted Earnings per Diluted Share Increased 37.7% to $0.73
  • Consolidated Adjusted Property EBITDA Increased 26.5% to $1.21 Billion, With Margin Increasing 240 Basis Points to 38.5%
  • In Macao, Adjusted Property EBITDA Increased 23.0% to $600 Million
  • At Marina Bay Sands in Singapore, Adjusted Property EBITDA Increased 37.8% to $492 Million
  • At Our Las Vegas Operating Properties, Adjusted Property EBITDA Increased 9.7% to $79 Million
  • The Company Paid Quarterly Dividends of $0.73 per Share During the Quarter
  • The Company Repurchased $75 Million of Common Stock During the Quarter

To view full quarterly results please visit: http://investor.sands.com/ir-home/press-releases/news-details/2017/Las-Vegas-Sands-Reports-Second-Quarter-2017-Results/default.aspx

Host Hotels & Resorts, Inc. Reports Second Quarter Results, Raises Full-Year Outlook

OPERATING PERFORMANCE & OTHER KEY HIGHLIGHTS

GAAP Metrics

  • Net income decreased $139 million to $212 million for the quarter and $162 million to $373 million for year-to-date, primarily due to a decrease in gain on sales of assets of $143 million and $185 million, respectively.
  • Improvements in RevPAR, described below, helped drive GAAP operating profit margin growth of 50 basis points for the quarter and 100 basis points for year-to-date.
  • Total revenues decreased 1.2% for the quarter and 0.3% for year-to-date, primarily due to a decrease of $53 million and $117 million, respectively, due to lost revenues from the sale of 12 hotels in 2016 and 2017.
  • Diluted earnings per share decreased by 40.4% for the quarter and 29.6% for the year-to-date as a result of the decrease in net income.

Other Metrics

  • Comparable RevPAR on a constant dollar basis improved 1.7% for the quarter, driven by a 0.8% increase in average room rate and a 70 basis point increase in occupancy to 83.2%. Year-to-date, comparable RevPAR on a constant dollar basis improved 2.5%, driven by a 1.6% increase in average room rate and a 70 basis point increase in occupancy.
  • Comparable hotel revenues were consistent with the Company’s 2016 second quarter, but increased 1.4% for year-to-date. For the quarter, RevPAR improvements were offset by a decline in food and beverage revenues.
  • Comparable hotel EBITDA improved $1 million, or 0.4%, for the quarter and $21 million, or 2.9%, year-to-date, driven by comparable hotel EBITDA margin improvement of 15 basis points and 45 basis points, respectively.
  • Adjusted EBITDA increased $8 million, or 1.8%, for the quarter and $29 million, or 3.7%, year-to-date due to improvement in comparable hotel EBITDA and the strong performance of the Company’s non-comparable hotels, which was offset by the sale of 12 hotels in 2016 and 2017.
  • Adjusted FFO per diluted share was unchanged from the prior quarter and increased 4.4% year-to-date, reflecting the operating results described above.

Key Highlights

  • Completed the sale of the Sheraton Memphis Downtown for $67 million and recorded a gain of approximately $28 million in the second quarter. The Company expects to complete the sale of the Hilton Melbourne South Wharf for A$230 million ($182 million) on July 28, 2017, subject to customary closing conditions.
  • Executed an amended and restated credit facility, extending the final maturity, including extension options, which are subject to various conditions, to 2022 for the revolver portion and the $500 million term loan that was due to mature in 2017.

To view full quarterly results please visit: http://ir.hosthotels.com/phoenix.zhtml?c=60734&p=irol-newsArticle&ID=2289137

AccorHotels reports 33.5% revenue increase in H1 2017

* Revenue up 33.5% to €922 million (+8.3% LFL)

* EBIT up 68.0% to €226 million (+33.9% LFL)

* 23,000 rooms opened during the first half (115 hotels)

Significant events and strategic transactions in H1 2017

  • Solid results in most of the Group's key markets, particularly with the recovery in France & Switzerland
  • Development corresponding to 23,000 additional rooms (115 hotels), of which 94% under franchise agreements and management contracts (including 7,000 rooms from Rixos Hotels)
  • Portfolio of 4,195 hotels (597,132 rooms) at the end of June 2017
  • Pipeline of 910 hotels and 167,000 rooms, of which 81% in emerging markets and 45% in the Asia-Pacific region

To view full quarterly results please visit: http://www.accorhotels.group/en/investors