MGM Resorts reports $16.16bn in revenue for 2023

Revenue was up 23 per cent compared to 2022.

US.- MGM Resorts International, has reported net revenue of $16.16bn for 2023. That’s a rise of 23 per cent year-on-year, boosted by a record performance in the fourth quarter.  Las Vegas Strip Resorts achieved record full year and fourth quarter net revenue and adjusted property EBITDAR, while MGM China reported a new high in adjusted property EBITDAR.

For the full year, MGM Resorts reported consolidated net revenue of $16.2bn, with casino revenue coming in at $8.1bn (2022: $5.7bn), rooms at $3.5bn (2022: $3.1bn), food and beverage at $2.9bn (2022: $2.6bn) and entertainment, retail and other at $1.6bn (2022: $1.7bn).

Operating income for the full year stood at $1.9bn, up in comparison to $1.4bn recorded in 2022. Net income came in at $1.1bn (2022: $1.5bn) while consolidated adjusted EBITDAR stood at $4.6bn.

For the fourth quarter of 2023, MGM Resorts reported consolidated net revenue of $4.4bn, a 22 per cent increase compared to the same period in the previous year. Operating income for the quarter totalled $419m.

Bill Hornbuckle, chief executive officer and president of MGM Resorts said: “Our Las Vegas Strip Resorts and MGM China set new all-time records for full year and fourth quarter Adjusted Property EBITDAR.

“Our premium positioning and offerings in Las Vegas enable us to capture incremental profit during major events such as the inaugural Formula 1 race and our first Super Bowl. 2024 is off to a winning start with the launch of our Marriott relationship as well as opportunities to increase our convention room nights and international mix.”