MGM Resorts reports 44% revenue rise in second quarter of 2022
It also announced a company record in Las Vegas adjusted property EBITDAR.
MGM Resorts International has announced its Q2 results for this year, reporting a record Las Vegas Strip adjusted property EBITDAR. It also showed consolidated revenue of $3.3bn, compared to $2.3bn year-on-year, an increase of 44%.
The net income of MGM Resorts was $1.8bn, which included a gain related to the deconsolidation of MGM Growth Properties LLC, compared to $105m in Q2 of 2021.
This strong performance was bolstered by the lucrative operation of The Cosmopolitan in Las Vegas and the sale of Gold Strike Tunica for $450m. The company also repurchased $1.1bn in common stock during the second quarter – 8% of its outstanding shares.
Another reason for improved annual results was increased business volume and travel activity at MGM’s Las Vegas Strip Resorts; primarily The Cosmopolitan and the ARIA.
The consolidated adjusted EBITDAR of $920m was a record for MGM Resorts. This can be largely attributed to the performance of Strip casinos which drove net revenues to £2.1bn, a 113% rise from the $1bn performance of the prior year’s second quarter.
MGM Resorts International CEO and President Bill Hornhuckle commented: “Our second quarter results were outstanding, representing the best ever adjusted property EBITDAR quarter at the company’s Las Vegas Strip Resorts, driven by consistent strong demand from the leisure consumer and a return from our convention customers.
“We announced several important portfolio changes during the quarter, with the acquisition of the operations of The Cosmopolitan of Las Vegas and the announcement of the sale of Gold Strike Tunica. We remain focused on achieving our vision to be the world’s premier gaming entertainment company.”
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