MGM Resorts International has just disclosed its third-quarter earnings for 2023, revealing an impressive revenue leap to $4 billion. This surge is predominantly driven by its Macau operations, which saw an 829% increase following the easing of travel restrictions.
Despite facing a cybersecurity incident and the sale of The Mirage and Gold Strike Tunica, the company’s net revenues rose by 16%. CEO Bill Hornbuckle commended his workforce’s resilience through these challenging times, which has evidently positioned MGM for robust future growth. The company’s operation income demonstrated a remarkable recovery from a loss the previous year to a profit of $370 million.
MGM China, the company’s arm in Asia, was notably successful, with revenues skyrocketing to $813 million for the quarter. This marks a significant recovery from the previous year and even exceeds pre-pandemic figures by 10%. The Las Vegas Strip, however, saw an 8% decrease in revenue, attributed to the disposals of certain assets. Despite this, the Strip’s table games and room revenues continue to attract visitors, indicating sustained interest in MGM’s offerings.
Looking ahead, MGM Resorts is optimistic about upcoming high-profile events, including Formula 1’s inaugural Las Vegas race, the launch of the MGM Collection with Marriott Bonvoy, and hosting the Super Bowl. These events are expected to further solidify MGM’s market position. Additionally, Hornbuckle points to MGM China’s exceptional performance and development prospects in New York and Japan as positive indicators for future growth.
Furthermore , the company has also reached a tentative five-year contract with the Culinary Union, heading off the possibility of a strike. This agreement is a critical step in ensuring operational continuity and staff satisfaction on the Las Vegas Strip.
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