MGM Resorts International reports 26% increase in Q3 revenue
MGM Resorts International has reported revenue of $3.4bn for the third quarter of 2023.
US.- MGM Resorts International has reported financial results for the quarter ended September 30. The company reported revenue of $3.4bn, up 26 per cent year-on-year.
It reported an operating loss was $1bn, compared to operating income of $1.9bn in the prior-year quarter, and a net loss of $577m, compared to net income of $1.4bn. Consolidated adjusted EBITDAR for the period was $950m.
The quarter benefited from the inclusion of results from The Cosmopolitan of Las Vegas and Aria and Vdara, after their acquisition in May 2022 and September 2021 respectively. Results also improved due to increased business volume and travel primarily at the Las Vegas Strip Resorts.
Bill Hornbuckle, chief executive officer and president of MGM Resorts International, said: “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.
He added: “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.”
See also: MGM Resorts sells The Mirage to Hard Rock for $1bn
