MGM Resorts reports record $4.33bn revenue for Q2
Revenue was up 9.8 per cent year-on-year.
US.- MGM Resorts International has reported financial results for the quarter ended June 30. The company reported record revenue of $4.33bn, up 9.8 per cent compared to the same period last year. The rise was primarily due to an increase in revenue from MGM China due to the removal of Covid-19-related entry restrictions in Macau.
Net income attributable to MGM Resorts was $187.1m, down 6.8 per cent. The company’s consolidated adjusted earnings before interest, taxes, depreciation, amortisation and rent (EBITDAR) stood at $1.2bn while diluted earnings per share increased 9 per cent to $0.60. Adjusted diluted earnings per share were reported at $0.86, up 45 per cent.
Las Vegas Strip resorts reported net revenue of $2.21bn, reflecting a 2.7 per cent increase. This was primarily attributed to a rise in room revenue, driven by a higher average daily rate (ADR) and increased catering and banquet revenue. Adjusted property EBITDAR for Las Vegas Strip operations was $782.3m, up by 0.6 per cent. Room occupancy on the Strip was 97 per cent.
See also: BetMGM reports $1bn in net revenue for H1
Regional operations remained steady with net revenues of $927.1m, but adjusted property EBITDAR for decreased by 2 per cent to $288.4m. MGM China reported net revenue of $1.02bn, a 37 per cent increase. The adjusted property EBITDAR for MGM China increased by 40 per cent to $293.9m.
MGM Resorts International CEO and president Bill Hornbuckle said: “MGM Resorts continued to drive positive financial results and solid growth in the second quarter, with record MGM China adjusted property EBITDAR and further growth in Las Vegas, where our Marriott relationship continues to exceed expectations and our meetings and convention business continues to strengthen thanks to our recently completed remodel of Mandalay Bay.
“We made significant progress with our international digital strategy by adding both an in-house sports product and live-dealer capabilities to our online gaming offerings. We anticipate carrying our current momentum into the back half of the year.”
