MGM reports 66% year-on-year Q3 revenue decline
MGM Resorts International has reported Q3 2020 revenue of $1.1bn, a 66% year-on-year decline as the company continues to struggle during the ongoing coronavirus pandemic.
The firm’s Las Vegas resorts witnessed a 68% decline in revenue to $481m, with MGM China in Macau reporting a 94% decrease to $47m.
MGM’s regional US operations, however, fared better, posting a 40% decline in revenue to $557m.
Despite the drop in revenue, MGM Resorts International CEO Bill Hornbuckle said there were positive signs among the latest figures.
“The third quarter offered signs of stability and recovery driven by strength at our U.S. Regional Operations,” said Hornbuckle.
“We saw sequential improvement in all our markets and several of our regional properties delivered quarterly Adjusted Property EBITDAR records.”
All of MGM’s US properties have reopened following their closure amid the pandemic, but the company has announced several job losses in recent weeks.
“We remain focused on responding to the pandemic with effective health and safety protocols,” added Hornbuckle.
“We have modified our operating model to adapt to the current environment and we are executing on our long-term growth initiatives, particularly in U.S. sports betting and iGaming, where BetMGM has gained significant momentum.”
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