MGM Resorts International reports a 21% increase in Q2 revenue
MGM Resorts International has reported revenue of $3.9bn for the second quarter of 2023.
US.- MGM Resorts International has reported financial results for the quarter ended June 30. The company reported record revenue of $3.9bn, up 21 per cent compared to the same period the previous year.
MGM’s revenue comprises three divisions, Las Vegas, US regional operations and MGM China. Las Vegas is the largest market, recording $2.15bn in revenue for Q2, up from $2.14bn in Q2 2022. MGM’s Q2 regional revenue was $926m, down 4 per cent (Q2 2022: $960m). MGM China’s revenue totalled $741m, a 418 per cent rise on Q2 2022’s $143m. This is primarily down to the end of travel restrictions in Macau and China’s zero-Covid policy.
Consolidated adjusted EBITDAR was $1.1bn, and BetMGM reported its first positive EBITDA quarter, remaining “on track to achieve its milestone of second-half profitability.”
Bill Hornbuckle, CEO and president of MGM Resorts, said: “Beyond MGM’s outstanding second quarter performance, we also cemented a long-term agreement with Marriott which will provide us with an expansive customer booking channel to further bolster our profitability,” said
He added: “Looking forward to the rest of 2023 and beyond, we are encouraged by the pacing of both Formula 1 and the Super Bowl and the announced relocation of the A’s, which will further solidify Las Vegas as the sports and entertainment capital of the world.”
