MGM Resorts announces $2.7bn in revenue for Q3

This sees the gaming giant’s consolidated net revenue grow by 140%.

MGM Resorts International has released its financial results for the period ending September 30, 2021, citing robust demand for gaming as a key growth factor.

Consolidated net revenue for the gaming juggernaut in Q3 has been recorded at $2.7bn, a 140% year-on-year increase. Growth has been mainly bolstered by the removal of Covid-19-based travel restrictions.

Meanwhile, consolidated operating income stands at $1.9bn compared to an operating loss of $495m last year. 

“We delivered another strong quarter led by our domestic operations resulting in new historical Adjusted Property EBITDAR records for our Las Vegas Strip and US regional segments. These results demonstrate the continued robust demand for our gaming entertainment offerings across the US and the effectiveness of our operating model,” noted Bill Hornbuckle, chief executive officer and president of MGM Resorts International.

Furthermore, the operator has seen a consolidated adjusted EBITDAR of $765m in the current quarter.

MGM’s Las Vegas properties saw net revenue of $1.4bn, increasing by 187% compared to last year. However, these results reflect an 8% decline when compared to pre-pandemic statistics found in Q3 of 2019.

 “The completion of our asset-light strategy will allow us to simplify our corporate structure and bolster our liquidity. I am also excited about our long-term growth prospects, including BetMGM, which continues to establish itself as a clear leader in US sports betting and iGaming. The Company remains focused on achieving our vision to be the world’s premiere gaming entertainment company,” continued Hornbuckle.

Other highlights for the period include an agreement to acquire the operations of the Cosmopolitan of Las Vegas for a cash consideration of $1.63bn. MGM will also agree to purchase a thirty-year lease for the property, paying $200m per year.

“Our strong liquidity position, coupled with our confidence in the long-term recovery of our core business, has allowed us to continue to focus on maximizing long-term shareholder value. To that end, we continued to repurchase our stock in the third quarter, reaching over $1bn of share repurchases since beginning the program this year,” added Jonathan Halkyard, chief financial officer and treasurer of MGM Resorts International.

“As we navigate future uses of our capital, we will remain disciplined in maintaining a strong balance sheet, pursuing targeted growth opportunities and returning cash to shareholders.”

Henry Moore

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