MGM Resorts International Q3 revenue up 26%
MGM Resorts International has reported revenue of $3.4bn for the third quarter of 2023, a 26% increase from the prior-year period.
The operator noted that the quarter benefited from the inclusion of the results of The Cosmopolitan of Las Vegas and Aria and Vdara, upon their acquisition in May 2022 and September 2021 respectively.
Results also improved due to increased business volume and travel activity primarily at the Las Vegas Strip Resorts.
“We’re proud to report the best quarter in our Las Vegas Strip history, both on a revenue and adjusted property EBITDAR basis, driven by the continued appeal of our entertainment and meetings offerings,” said MGM Resorts International CEO and President Bill Hornbuckle.
“We achieved several key milestones during the quarter, including closing on the acquisition of LeoVegas and submitting our tender for a new gaming concession to the Macau SAR Government.
“Our outlook remains promising, with continued progress in our operations with BetMGM and development initiatives in New York and Japan as well as strong bookings into 2023 in our domestic operations. We remain focused on achieving our vision to be the world’s premier gaming entertainment company.”
Operating loss for Q3 2022 was $1bn, compared to operating income of $1.9bn in the prior-year quarter. Net loss was $577m, compared to net income of $1.4bn in the prior-year quarter. Consolidated adjusted EBITDAR for the period was $950m.
MGM Resorts International CFO and Treasurer Jonathan Halkyard commented: “We continue to see great value in our company’s shares and repurchased approximately 10 million shares for an aggregate amount of $307m in the quarter.
“We remain disciplined in our approach to capital deployment and are focused on maintaining a strong balance sheet with adequate liquidity, while also pursuing growth opportunities with the greatest return to shareholders.”
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