MGM reports Q3 operating loss of $495m

Las Vegas properties continue to suffer amid the pandemic.
Las Vegas properties continue to suffer amid the pandemic.

Operating losses could lead the casino giant to reduce opening hours following in the footsteps of other operators on the strip.

US.- MGM Resorts has reported an operating loss of $495m for the third quarter as the Las Vegas strip continues to suffer amid the pandemic. The figure represents a $238m decline from the same period last year.

Revenues amounted to $1.1 billion, down 66 per cent.

Owner and CEO Bill Hornbuckle said in a call on Thursday: “Amid this uncertainty, we are charting a plan for growth. We head into the end of the fiscal year with a hopeful but cautious view of the future.”

He said the company is considering following in the footsteps of Wynn Resorts and reducing operating hours by closing completely on Tuesdays and Wednesdays due to a lack of business.

He said: “We’re going through an exercise, we’re doing it now, about what do we keep open and what do we close.

“There are certain amenities, certain towers, certain brands potentially that could face closure from mid-November – give or take – through the holiday season.”