Published

MGM Resorts reports Q2 revenue fall

MGM

MGM
Resorts International has reported a drop in Q2 revenue of 7.6%, falling to $2.39bn compared to $2.58bn for the same period in 2014.

MGM China’s Q2 net revenue also decreased year-on-year, down 33% to $557m.

MGM Resorts CEO and chairman Jim Murren announced a new profit growth plan alongside the earnings report.

He said: “We are focused on positioning the company for future growth, and are pleased to announce the implementation of our profit growth plan to further enhance our business practices and profitability.”

Murren also noted the operator’s growth in wholly owned adjusted property EBITDA, up 11% on the prior year quarter to $458m, attributing this rise to “growth at our Las Vegas and regional resorts”.

Adjusted property EBITDA for Bellagio fell $11.8m from the second quarter of 2014, but rose for many of the operator’s other properties, including Mandalay Bay and The Mirage.

Murren recently denied that The Mirage, located on the Las Vegas Strip, was up for sale.

The operator’s wholly owned United States resorts experienced a rise in net revenue of 4% on the same quarter last year, up from $1.64bn to $1.7bn, while it reported a room revenue increase of 6% and a rise of 3% in revenue from food and beverage sales.

MGM Resorts' report links this rise in food and beverage revenue to the recent boxing match between Floyd Mayweather and Manny Pacquiao, held on 2 May at the MGM Grand Garden Arena.

Premium+ Connections
Premium

Lynon

 
Premium

Sport Generate

 
Premium

GammaStack

 
Premium

Galaxsys

 
Premium

Digitain

 
 
Premium

PIN-UP Partners

 
Premium

Imagine Live

 
Premium

RISK

 
Premium

Revsharks

 
Premium

1xBet Partners

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...