The long-term health of MGM Resorts International appears robust after the group released its fourth quarter and full year 2021 results. The conclusion to draw from this? Land-based is back after a disastrous period following the Covid-19 pandemic.
Altogether, the group had a consolidated net revenue of $3.1bn, a year-on-year increase of 105%. MGM Resorts' net income was $131m, a stark difference from the net loss of $448m seen in the same quarter of 2020.
Adjusted property EBITDAR increased by record heights for the Las Vegas strip, reaching $699m after increasing by 1196% from the same quarter the year before.
Performance on the Strip was strong by other measures too: net revenue for MGM Resorts’ Strip location alone was $1.8bn, an increase of 277% from the prior year, and even a 26% increase on the last quarter of 2019, when life was still unaffected by the pandemic.
In other highlights from the year, the company was able to repurchase $1.75bn worth of shares in common stock.
Group CEO Bill Hornbuckle unsurprisingly took the year summation in stride, commenting: “Our record fourth quarter results are a testament to our talented team across the globe, our sharpened focus on operational efficiency, and the proven resiliency of demand for the service and experience that we provide at MGM Resorts.”
Hornbuckle then rounded off some of the year’s highlights: “The strategic milestones we achieved in 2021 position us for further success in 2022, and we remain excited about our long-term opportunities including: leading the US sports betting and iGaming market through BetMGM, pursuing disciplined geographic expansion such as the Japan integrated resort, and reinvesting in our core business to drive sustainable growth.
“As part of these efforts, we are proud to have recently launched our new loyalty program, MGM Rewards, which offers an enhanced and further streamlined experience to millions of our members worldwide.”
