MGM Resorts International reports 26% increase in third-quarter revenue

MGM Resorts International reported revenue of $3.4 billion in the third quarter of 2022, up 26% from the year-ago period.

The operator highlighted that the quarter benefited from the inclusion of the results of The Cosmopolitan of Las Vegas and Aria and Vdara, including their acquisition in May 2022 and September 2021 respectively.

Results also improved due to increased business volume and travel activity primarily at Las Vegas Strip Resorts.

“We are proud to report the best quarter in our history on the Las Vegas Strip in both revenue and adjusted property EBITDAR, driven by the continued appeal of our entertainment and meeting offerings,” said MGM Resorts International CEO and President Bill Hornbuckle.

“We reached several important milestones during the quarter, including the closing of the LeoVegas acquisition and the submission of our proposal 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 in 2023 in our domestic operations. We remain focused on achieving our vision of being the world’s premier gaming entertainment company.”

Third-quarter 2022 operating loss was $1 billion, compared to operating income of $1.9 billion in the prior-year quarter. Net loss was $577 million, compared to net income of $1.4 billion in the prior-year quarter. Consolidated adjusted EBITDAR for the period was US$950 million.

Representative of MGM Resorts analyzes results obtained

MGM Resorts International CFO and Treasurer Jonathan Halkyard commented, “We continue to see great value in our company’s stock and repurchased approximately 10 million shares for an aggregate value of $307 million in the quarter.”

“We remain disciplined in our approach to capital investment and are focused on maintaining a strong balance sheet with adequate liquidity, while pursuing growth opportunities with the highest return for shareholders,” he concluded.