MGM Resorts International released its second quarter 2023 results, revealing an all-time high in consolidated net revenue.
The figure reached US$3.9 billion, which is an increase of 21% on the same quarter of the previous year, although this is mainly due to the lifting of Covid-19 restrictions in Macau.
Earnings Before Interest, Taxes, Depreciation, Amortization and Consolidated Adjusted Revenues (Consolidated Adjusted EBITDAR) was US$1.1 billion, and BetMGM reported its positive first quarter of EBITDA, remaining “on track to reach its profitability in the second half.”
“In addition to MGM’s exceptional Q2 performance, we also entered into a long-term agreement with Marriott, which will provide us with a broad customer booking channel to further strengthen our profitability,” said Bill Hornbuckle, CEO and President, MGM Resorts.
“Looking ahead to the remainder of 2023 and beyond, we are excited by the pace of both Formula 1 and the Super Bowl and the announcement of the A’s move, which will further solidify Las Vegas as the sports and entertainment capital of the world.” completed Hornbuckle.
The results also reveal that MGM China has outpaced the Macau market recovery, with Adjusted Property EBITDAR and Net Revenues outperforming the second quarter of 2019.
MGM repurchased approximately 15 million shares for $626 million during the quarter.
About MGM Resorts
MGM Resorts International is a company with national and international businesses that offer best-in-class hotels and casinos.
The global entertainment brand delivers immersive, iconic experiences through its suite of Las Vegas-inspired brands.
The company’s portfolio spans 29 unique hotel and gaming destination offerings across the United States and Macau.
In addition, the company also owns some of the industry’s most recognized resort brands such as Bellagio, MGM Grand, ARIA and Park MGM.
