MGM Resorts International posts 44% revenue increase for Q2

By Gambling Insider

MGM Resorts International has reported a $1bn year-on-year revenue rise for Q2, driven by its Las Vegas operations.

The operator recorded $3.3bn in second quarter revenue, a 44% increase from last year’s $2.3bn. Of this, MGM Resorts’ Las Vegas operations contributed $2.1bn, approximately 64% of its Q2 total and up by 113%.

This latter segment benefitted from the inclusion of The Cosmopolitan’s operating results, acquired by MGM Resorts during Q2, alongside Aria and an overall improvement in business volume and travel activity.

Meanwhile, regional operations didn’t fare as well but nonetheless saw revenue rise by 12% to $960m, likewise attributable to an increase in business volume.

MGM China, however, experienced a 54% revenue decrease, dropping from $311m to $143m due in large part to travel and entry restrictions imposed by Macau’s government in response to Covid-19.

From these results, MGM Resorts generated $1.8bn in overall net income, an over 1,000% rise from the prior-year period’s $105m.

Bill Hornbuckle, CEO and President of MGM Resorts International, was pleased with the company’s Q2 performance, which he said was driven by “consistent strong demand” from consumers.

"Our second quarter results were outstanding, representing the best ever adjusted property EBITDAR quarter at the company’s Las Vegas Strip resorts and best second quarter adjusted property EBITDAR at our regional operations driven by consistent strong demand from the leisure consumer and a return from our convention customers,” he commented.

Looking forward, Hornbuckle added: “We look to the future with optimism, as our convention and event calendar for the next year remain notably strong and BetMGM continues to be a market leader with a roadmap for growth.”

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