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MGM Resorts has reported record Las Vegas resorts revenue in its latest set of Q3 results, with its consolidated revenue up 26% year-over-year to $3.4bn. The operator benefited from the inclusion of recently acquired venues – The Cosmopolitan and Aria and Vdara, purchased in May 2022 and September 2021 respectively.
When isolated, the company’s Las Vegas Strip Resort revenue showed an annual increase of 67% to $2.3bn compared to $1.4bn in the same prior year period, a record for MGM Resorts.
Operating loss also fell 37% from $1.9bn to $1bn, which the company stated was due to several factors including new Macau gaming laws and a $2.3bn gain on its consolidation of CityCenter. Net attributable loss also plummeted 58% from $1.4bn in Q3 of 2021 to $577m this quarter.
Adjusted EBITDA showed $846m this quarter, a 58% rise from its showing of $535m in the prior year period – another record for MGM.
MGM Resorts CEO and President Bill Hornbuckle commented: “We're proud to report the best quarter in our Las Vegas Strip history, both on a revenue and adjusted property EBITDAR basis, driven by the continued appeal of our entertainment and meetings offerings.
"We achieved several key milestones during the quarter, including closing on the acquisition of LeoVegas and submitting our tender 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 into 2023 in our domestic operations. We remain focused on achieving our vision to be the world's premier gaming entertainment company."
