MGM Resorts reports strong 4Q18

The company reported its financial results for the fourth and final quarter of 2018.

US.- MGM Resorts International released its latest financial results, which indicate that consolidated net revenues in the fourth quarter of 2018 increased by 18% compared to the prior quarter to US$3.1 billion. Consolidated operating income also rose 50% when compared to US$336 million.

Jim Murren, chairman and CEO of MGM Resorts International, said that the company had a strong finish to the year, driving growth across all Las Vegas segments in the last three-month period of 2018. Fourth quarter consolidated net revenues grew by 18% and consolidated adjusted EBITDA by 21%, before certain one-time benefits, explained Murren.

“Our Las Vegas Strip resorts achieved the best fourth quarter adjusted property EBITDA since 2007. We also continued to gain share within our regional markets and realised record fourth quarter revenues and adjusted property EBITDA performance at MGM Grand Detroit, MGM National Harbor, Beau Rivage and Gold Strike Tunica. Additionally, we closed out the year with the official openings of Park MGM and NoMad Las Vegas, both of which have received overwhelmingly positive responses.

“Looking ahead, we remain highly focused on our strategic priorities, including maximising the performance of our premier properties, driving consolidated free cash flow growth and successfully executing MGM 2020 – our recently announced plan dedicated to improving efficiencies, reducing costs and investing in key technologies to position the company for further profitability.”