MGM Resorts International reports 18% increase in Q4 revenue
MGM Resorts International has reported revenue of $3.6bn for the fourth quarter of 2022.
US.- MGM Resorts International has reported financial results for the quarter ended December 31. The company reported revenue of $3.6bn, up 18 per cent compared to the same period the previous year.
The company cited an increase in business and travel volume at its Las Vegas Strip properties as one of the reasons for the increase, along with the inclusion of operating results from the Cosmopolitan, acquired in May 2022.
MGM posted a $2m loss for the quarter, compared to operating income of $369m over the same period in 2021. Net income for the quarter was $284m, compared to $131m in Q4 2021.
MGM’s Las Vegas Strip properties generated revenue of $2.3bn, an increase of 27 per cent, compared to $1.8bn in Q4 2021. Regional properties brought in $991m, a year-over-year increase of 10 per cent compared to $900m in Q4 2021.
Bill Hornbuckle, chief executive officer and president of MGM Resorts International, highlighted the “record fourth-quarter EBITDAR for Las Vegas and regional resorts.” He noted that MGM’s Las Vegas adjusted property EBITDAR increased by more than 80 per cent year over year.
“These outstanding results are evidence of our focus on optimizing growth in our business and operations,” Hornbuckle added during Wednesday’s investor’s call, “as well as our strategic vision of becoming the world’s premier gaming entertainment company.”
MGM reported revenue of $13.1bn for 2022, an increase of 36 per cent from 2021’s $9.7bn. Net income for 2022 was $1.5bn compared to $1.4bn the previous year. Operating income for the year was $1.4bn compared to $2.3bn in 2021.
MGM’s Las Vegas Strip properties reported revenue of $8.4bn, a 77 per cent year-over-year increase compared to 2021 revenue of $4.7bn. Regional operations generated $3.8bn compared to $3.4bn in 2021, a 12 per cent increase.
