Las Vegas Strip Resorts and Regional Operations' adjusted property EBITDAR increased 21% and 29% respectively. The report shows a consolidated operating income of $1.9bn compared to a consolidated operating loss of $495m for Q3 2020.
Bill Hornbuckle, CEO and President of MGM Resorts International, said: “These results demonstrate the continued robust demand for our gaming entertainment offerings across the US and the effectiveness of our operating model. The completion of our asset-light strategy will allow us to simplify our corporate structure and bolster our liquidity.
"I am also excited about our long-term growth prospects, including BetMGM, which continues to establish itself as a clear leader in US sports betting and iGaming; our selection as Osaka's partner to build and operate a large-scale integrated resort in Japan; and the announcement of our agreement to acquire the operations of The Cosmopolitan of Las Vegas.
"The company remains focused on achieving our vision to be the world's premiere gaming entertainment company."
Additionally, the group currently owns a 100% ownership interest in CityCenter after having completed its acquisition of the remaining 50% ownership interest in September 2021.
During Q3 2021, MGM Resorts repurchased almost 17 million shares of its common stock, at an average price of $39.89 per share for an aggregate amount of $687m. All shares repurchased under the company’s program have been retired.
