MGM Resorts reports Q4 growth, net revenue up 22% driven by China

Updated:2024-03-30 08:47    Views:142

MGM Resorts International has disclosed its financial results for the fourth quarter and full year ending 31 December 2023. The company reported achievements across its various segments.

In the fourth quarter of 2023, MGM Resorts reported consolidated net revenues of $4.4bn, marking a 22% increase compared to the same period in the previous year.

But this growth was primarily driven by strong revenue generation at MGM China, facilitated by the easing of Covid-19 related entry restrictions in Macau. However, declines in casino revenues at regional operations and the disposition of certain properties partially offset this increase, while Las Vegas revenue only saw a very slight rise.

MGM Resorts President and CEO Bill Hornbuckle commented: "Our Las Vegas Strip Resorts and MGM China set new all-time records for full year and fourth quarter adjusted property EBITDAR. Our premium positioning and offerings in Las Vegas enable us to capture incremental profit during major events such as the inaugural Formula 1 race and our first Super Bowl. 2024 is off to a winning start with the launch of our Marriott relationship as well as opportunities to increase our convention room nights and international mix."

Operating income for the quarter totalled $419m, a notable improvement compared to the operating loss reported in the fourth quarter of the previous year. The company reported a net income attributable to MGM Resorts of $313m for the quarter. 

Key highlights from the financial results include:

- Las Vegas Strip resorts achieved net revenue of $2.4bn in the fourth quarter, with an adjusted property EBITDAR of $864m.

- Regional operations experienced a decrease in net revenues to $873m, with an adjusted property EBITDAR of $233m. 

- MGM China reported an increase in net revenues to $983m, with an adjusted property EBITDAR of $262m.

Jonathan Halkyard, MGM Resorts CFO and Treasurer,Play Casino Online said: "Yesterday, we closed on an amendment and extension to our senior secured credit facility, providing us with $610m in additional capacity and extending the maturity by over two years to 2029.

"We continue to see great value in our shares and are returning capital to shareholders by repurchasing our shares. We have already bought back approximately 6 million shares for an estimated $249m year-to-date, adding to the approximate 54 million shares that we repurchased in 2023, totalling $7.1bn of repurchases since 2021."

In comparison, BetMGM, jointly owned by Entain and MGM Resorts, reported strong performance for fiscal year 2023. The company achieved net revenue from operations of $1.96bn, representing a 36% year-over-year increase.

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