MGM Resorts International Reports First Quarter Financial Results - CW15 - OMAHA

MGM Resorts International Reports First Quarter Financial Results

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SOURCE MGM Resorts International

Consolidated Net Revenue Increased 12% Year Over Year; Adjusted EBITDA Growth of 19% on Strong Results for Both Macau and Las Vegas

LAS VEGAS, April 29, 2014 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today reported financial results for the quarter ended March 31, 2014.  Diluted earnings per share for the first quarter of 2014 was $0.21, an improvement compared to diluted earnings per share of $0.01 in the prior year first quarter. 

"We are off to a strong start in 2014, with double digit Adjusted EBITDA growth at our wholly owned domestic resorts and record results at MGM China and CityCenter," said Jim Murren, Chairman and CEO.  "In the U.S., we are executing on our strategy to drive customer loyalty by increasing incremental convention business to our properties mid-week, hosting the best events on the weekends, and continually bringing new and exciting capital initiatives to our properties. Our development projects are well underway as MGM Cotai, our second Macau property, is on schedule to open in early 2016 and we are preparing to break ground on MGM National Harbor, in Maryland this summer, where we expect to open in 2016."

Key results for the first quarter of 2014 include the following:

  • Consolidated net revenue was $2.6 billion, a 12% increase over the prior year first quarter;
  • Consolidated casino revenue increased 13% compared to the prior year quarter;
  • Rooms revenue at wholly owned domestic resorts increased 13% with a 14% increase in REVPAR(1) at the Company's Las Vegas Strip resorts compared to the prior year quarter;
  • Adjusted Property EBITDA(2) was $682 million compared to $574 million, a 19% increase compared to the prior year quarter;
  • The Company's wholly owned domestic resorts earned Adjusted Property EBITDA of $403 million, a 12% increase compared to the prior year quarter;
  • MGM China's Adjusted EBITDA was a record $241 million, a 33% increase compared to the prior year quarter, including $16 million of branding fee expense in the current quarter versus $13 million in the prior year quarter;
  • CityCenter earned record Adjusted EBITDA related to resort operations of $95 million; and
  • Consolidated operating income was $413 million compared to $302 million in the prior year quarter.

Certain Items Affecting First Quarter Results

The following table lists items that affect the comparability of the current and prior year quarterly results (approximate EPS impact shown, net of tax, per share; negative amounts represent charges to income):


Three months ended   March 31,

2014

2013

Preopening and start-up expenses

$ (0.01)

$ -

Property transactions, net

-

(0.01)

Tax adjustments, net

-

(0.01)

Wholly Owned Domestic Resorts

Casino revenue related to wholly owned domestic resorts decreased 2% compared to the prior year quarter, due to a decrease in table games hold percentage and a small decrease in slots revenue. Table games hold percentage in the first quarter of 2014 was 20.8% compared to 21.9% for the prior year quarter. Slots revenue increased 1% compared to the prior year quarter at the Company's Las Vegas Strip resorts, but decreased 5% at the Company's other wholly owned domestic resorts.

Rooms revenue increased 13% with Las Vegas Strip REVPAR up 14%.  The following table shows key hotel statistics for the Company's Las Vegas Strip resorts:

Three months ended March 31,

2014

2013

Occupancy %     

92%

90%

Average Daily Rate (ADR)  

$ 147

$ 132

Revenue per Available Room (REVPAR) 

$ 135

$ 118

Food and beverage revenue increased 6% as a result of increased convention and banquet business and the opening of several new outlets. Operating income for the Company's wholly owned domestic resorts increased 20% for the first quarter of 2014 compared to the prior year quarter due primarily to the increase in rooms revenues and improved rooms margins.

MGM China

Key first quarter results for MGM China include the following:

  • MGM China earned net revenue of $941 million, a 26% increase compared to the prior year quarter;
  • VIP table games turnover increased 12% from the prior year quarter and hold percentage was 3.0% in the current year quarter compared to 2.8% in the prior year quarter;
  • Main floor table games revenue increased 45% compared to the prior year quarter;
  • MGM China's Adjusted EBITDA was a record $241 million, a 33% increase compared to the prior year quarter, including $16 million of branding fee expense in the current quarter versus $13 million in the prior year quarter; and
  • Operating income was $165 million compared to $99 million in the prior year quarter.

MGM China paid a $499 million dividend in March 2014, of which $254 million was distributed to MGM Resorts and $245 million was distributed to noncontrolling interests.

Income from Unconsolidated Affiliates

The following table summarizes information related to the Company's share of income from unconsolidated affiliates:

 Three months ended March 31,

2014

2013


 (In thousands)

CityCenter

$ 14,046


$ 11,695

Other  

4,730


4,649


$18,776


$ 16,344

Results for CityCenter Holdings, LLC for the first quarter of 2014 include the following (see schedules accompanying this release for further detail on CityCenter's first quarter results):

  • Net revenue from resort operations increased by 2% to $313 million compared to $308 million in the prior year quarter;
  • Adjusted EBITDA from resort operations was $95 million, an increase of 2% compared to the prior year quarter;
  • Aria's table games hold percentage was 26.8% compared to 28.3% in the prior year quarter;
  • Aria's occupancy percentage was 92% and its ADR was $229, resulting in record REVPAR of $211, a 14% increase compared to the prior year quarter;
  • Vdara reported record REVPAR of $165, an increase of 21% compared to the prior year quarter; and
  • Crystals reported Adjusted EBITDA of $11 million, an increase of 30% from the prior year quarter.

CityCenter's operating income increased to $5 million for the first quarter of 2014 primarily due to increased revenues and strong margins related to its hotel operations.

Financial Position

"Our continued focus on driving revenue growth and maximizing margins is reflected in our strong flow through at our Las Vegas resorts," said Dan D'Arrigo, Executive Vice President, CFO and Treasurer.  "These factors along with continued strength at MGM China and CityCenter contributed to significant year over year growth in net income and earnings per share."

The Company's cash balance at March 31, 2014 was $1.1 billion, which included $556 million at MGM China.  At March 31, 2014 the Company had $2.8 billion of borrowings outstanding under its $4.0 billion senior secured credit facility and $553 million outstanding under the $2.0 billion MGM China credit facility.

Conference Call Details

MGM Resorts International will host a conference call at 11:00 a.m. Eastern Time today which will include a brief discussion of these results followed by a question and answer period. The call will be accessible via the Internet through www.mgmresorts.com under the Investors section or by calling 1-877-355-2280 for domestic callers and 1-706-634-6528 for international callers. The conference call access code is 20455736. A replay of the call will be available through Tuesday, May 6, 2014.  The replay may be accessed by dialing 1-855-859-2056 or 1-404-537-3406.  The replay access code is 20455736. The call will be archived at www.mgmresorts.com.

1    REVPAR is hotel revenue per available room.

2    "Adjusted EBITDA" is earnings before interest and other non-operating income (expense), taxes, depreciation and amortization, preopening and start-up expenses and property transactions, net.  "Adjusted Property EBITDA" is Adjusted EBITDA before corporate expense and stock compensation expense related to the MGM Resorts stock option plan, which is not allocated to each property. MGM China recognizes stock compensation expense related to its stock compensation plan which is included in the calculation of Adjusted EBITDA for MGM China.  Adjusted EBITDA information is presented solely as a supplemental disclosure to reported GAAP measures because management believes these measures are 1) widely used measures of operating performance in the gaming industry, and 2) a principal basis for valuation of gaming companies. 

Management believes that while items excluded from Adjusted EBITDA and Adjusted Property EBITDA may be recurring in nature and should not be disregarded in evaluation of the Company's earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods being presented. Also, management believes excluded items may not relate specifically to current operating trends or be indicative of future results. For example, preopening and start-up expenses will be significantly different in periods when the Company is developing and constructing a major expansion project and will depend on where the current period lies within the development cycle, as well as the size and scope of the project(s). Property transactions, net includes normal recurring disposals, gains and losses on sales of assets related to specific assets within the Company's resorts, but also includes gains or losses on sales of an entire operating resort or a group of resorts and impairment charges on entire asset groups or investments in unconsolidated affiliates, which may not be comparable period over period.

In addition, capital allocation, tax planning, financing and stock compensation awards are all managed at the corporate level. Therefore, management uses Adjusted Property EBITDA as the primary measure of the Company's operating resorts' performance.

Reconciliations of GAAP net income (loss) to Adjusted EBITDA and GAAP operating income (loss) to Adjusted Property EBITDA are included in the financial schedules in this release.

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA resort and casino.  For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.

Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission.  The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding our development projects. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports).  In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)












Three Months Ended




March 31,


March 31,




2014


2013

Revenues:







Casino

$

1,583,432


$

1,401,420


Rooms


452,386



401,250


Food and beverage


383,392



359,882


Entertainment


133,777



113,854


Retail


44,616



44,707


Other


125,427



123,826


Reimbursed costs


94,975



90,236





2,818,005



2,535,175


Less: Promotional allowances


(187,607)



(183,027)





2,630,398



2,352,148

Expenses:







Casino


990,834



875,246


Rooms


134,238



127,709


Food and beverage


220,058



204,740


Entertainment


98,937



83,725


Retail


23,476



25,966


Other


87,577



85,973


Reimbursed costs


94,975



90,236


General and administrative


319,246



303,901


Corporate expense


53,351



46,624


Preopening and start-up expenses 


5,636



2,146


Property transactions, net


558



8,491


Depreciation and amortization


207,655



211,918





2,236,541



2,066,675









Income from unconsolidated affiliates


18,776



16,344









Operating income 


412,633



301,817









Non-operating income (expense):







Interest expense, net of amounts capitalized


(209,387)



(225,447)


Non-operating items from unconsolidated affiliates


(13,723)



(22,079)


Other, net


(1,434)



(1,282)





(224,544)



(248,808)









Income before income taxes


188,089



53,009


Benefit (provision) for income taxes


3,519



(30,431)









Net income 


191,608



22,578


Less: Net income attributable to noncontrolling interests


(83,448)



(16,032)

Net income attributable to MGM Resorts International

$

108,160


$

6,546









Per share of common stock:







Basic:







Net income attributable to MGM Resorts International

$

0.22


$

0.01










Weighted average shares outstanding


490,542



489,291










Diluted:







Net income attributable to MGM Resorts International

$

0.21


$

0.01










Weighted average shares outstanding


513,144



492,305

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)




















March 31,


December 31,




2014


2013









      ASSETS

Current assets:








Cash and cash equivalents

$

1,114,736


$

1,803,669


Accounts receivable, net


492,535



488,217


Inventories


101,553



107,907


Deferred income taxes, net


-



80,989


Prepaid expenses and other


261,806



238,657



Total current assets


1,970,630



2,719,439









Property and equipment, net


14,034,075



14,055,212









Other assets:








Investments in and advances to unconsolidated affiliates


1,416,664



1,374,836


Goodwill 



2,896,542



2,897,442


Other intangible assets, net


4,451,496



4,511,861


Other long-term assets, net


581,302



551,395



Total other assets


9,346,004



9,335,534




$

25,350,709


$

26,110,185

















LIABILITIES AND STOCKHOLDERS' EQUITY









Current liabilities:







Accounts payable

$

220,523


$

241,192


Income taxes payable


20,549



14,813


Deferred income taxes, net


46,642



-


Accrued interest on long-term debt


188,281



188,522


Other accrued liabilities


1,683,569



1,770,801



Total current liabilities


2,159,564



2,215,328









Deferred income taxes 


2,305,322



2,430,414

Long-term debt



12,930,728



13,447,230

Other long-term obligations


132,249



141,590

Stockholders' equity:







Common stock, $.01 par value: authorized 1,000,000,000 shares,







   issued and outstanding 490,609,242 and 490,360,628 shares 


4,906



4,904


Capital in excess of par value


4,160,895



4,156,680


Retained earnings 


165,252



57,092


Accumulated other comprehensive income 


12,236



12,503



Total MGM Resorts International stockholders' equity


4,343,289



4,231,179


Noncontrolling interests


3,479,557



3,644,444



Total stockholders' equity


7,822,846



7,875,623




$

25,350,709


$

26,110,185

 


MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)
















Three Months Ended






March 31,


March 31,






2014


2013

Bellagio





$

319,856


$

300,720

MGM Grand Las Vegas



261,664



258,890

Mandalay Bay




219,384



175,513

The Mirage 





148,248



144,553

Luxor






83,693



77,789

New York-New York 



72,968



69,268

Excalibur






67,573



61,809

Monte Carlo





68,611



66,500

Circus Circus Las Vegas



48,725



45,913

MGM Grand Detroit



133,148



140,868

Beau Rivage





82,426



80,910

Gold Strike Tunica



36,919



37,042

Other resort operations



27,019



29,413

  Wholly owned domestic resorts


1,570,234



1,489,188

MGM China





941,448



747,557

Management and other operations


118,716



115,403






$

2,630,398


$

2,352,148































MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - ADJUSTED PROPERTY EBITDA

(In thousands)

(Unaudited)
















Three Months Ended






March 31,


March 31,






2014


2013

Bellagio





$

105,149


$

89,579

MGM Grand Las Vegas



62,233



62,005

Mandalay Bay




56,000



39,414

The Mirage 





35,419



30,161

Luxor






17,978



15,574

New York-New York 



25,627



23,400

Excalibur






18,890



15,109

Monte Carlo





19,895



17,486

Circus Circus Las Vegas



5,309



4,557

MGM Grand Detroit



33,366



39,653

Beau Rivage





14,641



13,873

Gold Strike Tunica



9,567



9,987

Other resort operations



(1,228)



239

  Wholly owned domestic resorts


402,846



361,037

MGM China





240,725



180,455

CityCenter (50%)(1)



14,046



11,695

Other unconsolidated resorts(1)


4,730



4,649

Management and other operations


19,852



15,761






$

682,199


$

573,597











(1) Represents the Company's share of operating income (loss), adjusted for the effect of certain basis differences. 

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDA AND ADJUSTED EBITDA

(In thousands)

(Unaudited)


Three Months Ended March 31, 2014




Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted EBITDA

Bellagio

$

81,851


$

-


$

(21)


$

23,319


$

105,149

MGM Grand Las Vegas


40,932



197



(8)



21,112



62,233

Mandalay Bay


34,411



802



(2)



20,789



56,000

The Mirage 


22,592



-



147



12,680



35,419

Luxor


8,807



3



(1)



9,169



17,978

New York-New York 


20,887



55



244



4,441



25,627

Excalibur


15,455



-



(1)



3,436



18,890

Monte Carlo


14,014



915



3



4,963



19,895

Circus Circus Las Vegas


1,537



-



(11)



3,783



5,309

MGM Grand Detroit


27,654



-



-



5,712



33,366

Beau Rivage


8,166



-



-



6,475



14,641

Gold Strike Tunica


6,365



-



-



3,202



9,567

Other resort operations


(1,769)



-



-



541



(1,228)

  Wholly owned domestic resorts


280,902



1,972



350



119,622



402,846

MGM China


164,589



2,408



(104)



73,832



240,725

CityCenter (50%)


14,046



-



-



-



14,046

Other unconsolidated resorts


4,711



19



-



-



4,730

Management and other operations


16,961



-



-



2,891



19,852



481,209



4,399



246



196,345



682,199

Stock compensation


(6,699)



-



-



-



(6,699)

Corporate 


(61,877)



1,237



312



11,310



(49,018)


$

412,633


$

5,636


$

558


$

207,655


$

626,482














































Three Months Ended March 31, 2013




Operating

income (loss)


Preopening and

start-up

expenses


Property

transactions, net


Depreciation and

amortization


Adjusted EBITDA

Bellagio

$

66,392


$

-


$

4


$

23,183


$

89,579

MGM Grand Las Vegas


40,972



-



666



20,367



62,005

Mandalay Bay


20,822



(604)



582



18,614



39,414

The Mirage 


13,550



-



4,154



12,457



30,161

Luxor


3,775



-



3,179



8,620



15,574

New York-New York 


17,737



-



31



5,632



23,400

Excalibur


11,162



-



-



3,947



15,109

Monte Carlo


12,858



-



(12)



4,640



17,486

Circus Circus Las Vegas


(389)



-



-



4,946



4,557

MGM Grand Detroit


34,371



-



-



5,282



39,653

Beau Rivage


6,427



-



(298)



7,744



13,873

Gold Strike Tunica


6,820



-



(13)



3,180



9,987

Other resort operations


(328)



-



(1)



568



239

  Wholly owned domestic resorts


234,169



(604)



8,292



119,180



361,037

MGM China


99,117



2,374



195



78,769



180,455

CityCenter (50%)


11,319



376



-



-



11,695

Other unconsolidated resorts


4,649



-



-



-



4,649

Management and other operations


12,783



-



4



2,974



15,761



362,037



2,146



8,491



200,923



573,597

Stock compensation


(6,943)



-



-



-



(6,943)

Corporate 


(53,277)



-



-



10,995



(42,282)


$

301,817


$

2,146


$

8,491


$

211,918


$

524,372

 

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME 

(In thousands)

(Unaudited)










Three Months Ended



March 31,


March 31,



2014


2013

Adjusted EBITDA

$

626,482


$

524,372

  Preopening and start-up expenses


(5,636)



(2,146)

  Property transactions, net


(558)



(8,491)

  Depreciation and amortization


(207,655)



(211,918)

Operating income 


412,633



301,817








Non-operating income (expense):






  Interest expense, net of amounts capitalized


(209,387)



(225,447)

  Other, net


(15,157)



(23,361)




(224,544)



(248,808)








Income before income taxes


188,089



53,009

  Benefit (provision) for income taxes


3,519



(30,431)

Net income


191,608



22,578

  Less: Net income attributable to noncontrolling interests


(83,448)



(16,032)

Net income attributable to MGM Resorts International

$

108,160


$

6,546















MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

SUPPLEMENTAL DATA - HOTEL STATISTICS - LAS VEGAS STRIP

(Unaudited)










Three Months Ended



March 31,


March 31,



2014


2013


Bellagio







   Occupancy %


92.3%



92.7%


   Average daily rate (ADR)


$262



$240


   Revenue per available room (REVPAR)


$242



$222









MGM Grand Las Vegas







   Occupancy %


95.2%



93.0%


   ADR


$160



$145


   REVPAR


$152



$135









Mandalay Bay 







   Occupancy %


92.3%



88.7%


   ADR


$202



$182


   REVPAR


$186



$161









The Mirage







   Occupancy %


94.6%



95.1%


   ADR


$170



$149


   REVPAR


$161



$142









Luxor 







   Occupancy %


93.3%



90.5%


   ADR


$102



$86


   REVPAR


$95



$78









New York-New York







   Occupancy %


97.9%



97.3%


   ADR


$126



$112


   REVPAR


$124



$109









Excalibur 







   Occupancy %


91.2%



85.7%


   ADR


$82



$72


   REVPAR


$75



$61









Monte Carlo 







   Occupancy %


96.0%



95.7%


   ADR


$116



$104


   REVPAR


$111



$99









Circus Circus Las Vegas







   Occupancy %


74.8%



73.4%


   ADR


$63



$54


   REVPAR


$47



$39

 

 

CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - NET REVENUES

(In thousands)

(Unaudited)




















Three Months Ended








March 31,


March 31,








2014


2013














Aria






$

253,689


$

258,510


Vdara







26,250



22,059


Crystals







16,752



13,957


Mandarin Oriental




16,441



13,720


 Resort operations




313,132



308,246


Residential operations




23,285



6,896








$

336,417


$

315,142





































CITYCENTER HOLDINGS, LLC

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(In thousands)

(Unaudited)




















Three Months Ended








March 31,


March 31,








2014


2013













Adjusted EBITDA




$

95,058


$

86,987

  Preopening and start-up expenses



-



(752)

  Property transactions, net




(2,575)



-

  Depreciation and amortization



(87,520)



(86,403)

Operating income (loss)




4,963



(168)













Non-operating income (expense):







  Interest expense - sponsor notes



-



(24,948)

  Interest expense - other




(22,852)



(43,470)

  Other, net







(2,313)



743









(25,165)



(67,675)

Net loss






$

(20,202)


$

(67,843)













CITYCENTER HOLDINGS, LLC

SUPPLEMENTAL DATA - HOTEL STATISTICS

(Unaudited)




















Three Months Ended








March 31,


March 31,








2014


2013


Aria












   Occupancy %





92.0%



89.0%


   ADR







$229



$209


   REVPAR







$211



$186














Vdara












   Occupancy %





89.5%



85.7%


   ADR







$185



$160


   REVPAR







$165



$137

 


CITYCENTER HOLDINGS, LLC


RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA


(In thousands)


(Unaudited)


















Three Months Ended March 31, 2014






Operating income

(loss)


Preopening and

start-up expenses


Property

transactions, net


Depreciation and

amortization


Adjusted EBITDA


Aria

$

7,556


$

-


$

1,307


$

65,629


$

74,492


Vdara


(2,951)



-



-



10,225



7,274


Crystals


4,233



-



79



6,742



11,054


Mandarin Oriental


(2,710)



-



-



4,719



2,009


 Resort operations


6,128



-



1,386



87,315



94,829


Residential operations


2,607



-



1,114



205



3,926


Development and administration


(3,772)



-



75



-



(3,697)



$

4,963


$

-


$

2,575


$

87,520


$

95,058


















































Three Months Ended March 31, 2013






Operating income

(loss)


Preopening and

start-up expenses


Property

transactions, net


Depreciation and

amortization


Adjusted EBITDA


Aria

$

13,099


$

694


$

-


$

63,770


$

77,563


Vdara


(5,296)



-



-



10,815



5,519


Crystals


2,003



58



-



6,444



8,505


Mandarin Oriental


(3,745)



-



-



5,010



1,265


 Resort operations


6,061



752



-



86,039



92,852


Residential operations


(1,044)



-



-



356



(688)


Development and administration


(5,185)



-



-



8



(5,177)



$

(168)


$

752


$

-


$

86,403


$

86,987

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