MGM Resorts International reports $1bn year-on-year revenue rise for Q2

Driven by its Las Vegas operations, MGM Resorts International has reported a 44 per cent increase in revenue for Q2.

US.- MGM Resorts International CEO and president Bill Hornbuckle has presented the company’s quarterly earnings conference call. The operator recorded $3.3bn in Q2 revenue, up 44 per cent from last year’s $2.3bn.

MGM Resorts’ Las Vegas operations contributed $2.1bn, 64 per cent of the total and up by 113 per cent year-on-year. Las Vegas Strip adjusted property earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) was $920m.

Hornbuckle said during the call: “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.”

MGM benefited from the inclusion of newly acquired properties The Cosmopolitan and the Aria Resort & Casino. Same-store net revenue, adjusted for acquisitions and dispositions, was $1.6bn, a year-over-year increase of 60 per cent.

Adjusted property EBITDAR at regional properties totalled $340m. Regional properties saw revenue rise by 12 per cent to $960m. However, MGM China experienced a 54 per cent decrease in revenue from $311m to $143m.

See also: MGM Resorts International agrees to sell Gold Strike Tunica operations for $450m