Net income for the quarter was $105m compared to net loss of $857 in the prior year quarter. Operating income was $264m versus operating loss of $1bn in Q2 2020. Adjusted EBITDA was $167m.
MGM had $5.6bn in cash and cash equivalents on June 30, 2021, while total liquidity was $9.9bn. That includes $1.6bn at the MGM Growth Properties (MGP) Operating Partnership.
On August 4, VICI Properties acquired MGP for $17.2bn.
MGM saw Las Vegas properties generate Q2 revenue of $1bn, up 56% y-o-y and a decrease of 31% from the same quarter in 2019.
Adjusted property EBITDA was $397m compared to a loss of $104 a year prior.
MGM benefited greatly from table games, which produced EBITDA of $403m versus a loss of $112m in the prior year quarter.
MGM Chief Financial Officer Jonathan Halkyard said the company’s Q2 occupancy rate was 77%, including 94% on weekends. Occupancy rose to 83% after Covid-19 restrictions went away in June, while weekend occupancy jumped to 96%.
Regional operations produced $856m in revenue, up 859% y-o-y and down 6% from the same quarter in 2019. Adjusted property EBITDA increased to $318m, up from a loss of $112m in Q2 2020 and a 22% increase from 2019.
“We delivered a strong second quarter, driven by robust demand and productivity efforts across our domestic portfolio,” MGM President Bill Hornbuckle said. “Our Las Vegas Strip and Regional Operations Adjusted Property EBITDAR margins reached all-time records and our Regional Operations also delivered an all-time quarterly record in Adjusted Property EBITDAR.”
Hornbuckle said BetMGM is the No. 2 operator nationwide.
