MGM Resorts reports $4.18bn revenue for Q3
Revenue was up 5.3 per cent year-on-year.
US.- MGM Resorts International has reported financial results for the quarter ended September 30. The company reported record revenue of $4.18bn, up 5.3 per cent compared to the same period last year. The rise was primarily due to an increase in revenue from MGM China.
Net income attributable to MGM Resorts was $184.6m, up 14.6 per cent. The company’s consolidated adjusted earnings before interest, taxes, depreciation, amortisation and rent (EBITDAR) stood at $1.14bn.
Casino revenue was $2.12bn, rooms $883.6m, food and beverage $755.3m and entertainment, retail and other $411.3m. Reimbursed costs were $11.9m.
Net revenue from operations at MGM China totalled $929.5m for Q3, up 14.4 per cent year-on-year. Adjusted property EBITDAR came to $237.4m. Las Vegas Strip revenue was $2.1bn, an increase of 1 per cent compared to Q3, 2023, due to an increase in non-gaming revenue. Adjusted EBITDAR was $731m, up 2 per cent.
Regional properties generated revenue of $952m, a 3 per cent increase. Adjusted EBITDAR was $300m, an increase of 2 per cent including $37m of business-interruption proceeds related to the September 2023 cybersecurity issue.
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MGM Resorts International CEO and president Bill Hornbuckle said: “We are pleased to report record consolidated net revenues for the third quarter, driven by record results from MGM China. In Las Vegas, we drove sequential improvement throughout the quarter and many key metrics are demonstrating strength including growth in ADR and occupancy.
“MGM Resorts is well positioned for long-term growth driven by the positive inflection to come in our digital investments alongside the enviable integrated resorts pipeline of development that we have in Japan as well as opportunities in New York and beyond.”
