MGM Resorts unveils $4.18bn revenue for Q3 of this year

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MGM Resorts International reported financial results for the quarter ended September 30. The company reported record revenue of $4.18 billion, up 5.3% year over year. The increase was primarily driven by higher revenue from MGM China.

Net income attributable to MGM Resorts was $184.6 million, up 14.6%. The company’s consolidated adjusted earnings before interest, taxes, depreciation, amortization and rent (EBITDAR) was $1.14 billion.

Casino revenue was $2.12 billion, rooms $883.6 million, food and beverage $755.3 million, and entertainment, retail and other $411.3 million. Reimbursed expenses were $11.9 million.

Net revenue from operations at MGM China was $929.5 million for the third quarter, up 14.4% year over year. Adjusted EBITDAR for the property was $237.4 million. Las Vegas Strip revenue was $2.1 billion, up 1% compared to the third quarter of 2023, driven by higher non-gaming revenue. Adjusted EBITDAR was $731 million, up 2%.

Regional properties generated revenue of $952 million, up 3%. Adjusted EBITDAR was $300 million, up 2%, including $37 million in business interruption revenue related to the September 2023 cybersecurity issue.

MGM Resorts International CEO and President Bill Hornbuckle commented:

We are thrilled to report record-breaking consolidated net revenues for the third quarter, led by outstanding results from MGM China. In Las Vegas, we achieved steady progress throughout the quarter, with key metrics such as ADR and occupancy reflecting strong growth. MGM Resorts is strategically positioned for sustained growth, supported by an upcoming positive shift in our digital investments and our exciting pipeline of integrated resort developments in Japan, as well as new opportunities in New York and beyond.