MGM Resorts International, a leading casino and hospitality operator, announced its impressive financial results for the second quarter of the year. Driven by the outstanding performance of its Las Vegas operations, the company recorded a remarkable 44% increase in revenue compared to the previous year. The strong revenue growth was primarily attributed to the inclusion of newly acquired properties, The Cosmopolitan and the Aria Resort & Casino, and solid performance in both regional and Las Vegas Strip resorts. This article provides an overview of MGM Resorts International’s Q2 financial results, highlighting key revenue figures and regional performance.
I. Revenue Growth and Contribution:
MGM Resorts International achieved significant revenue growth in Q2, with total revenue reaching $3.3 billion, a substantial increase of 44% compared to the previous year’s $2.3 billion. Notably, the Las Vegas operations contributed $2.1 billion, accounting for 64% of the total revenue and showcasing an impressive year-on-year growth of 113%. The Las Vegas Strip, in particular, stood out with an Adjusted Property EBITDAR of $920 million, representing the best-ever quarter for the company’s Las Vegas Strip resorts.
II. Regional Operations and Performance:
MGM Resorts International’s regional properties also made a notable impact on the company’s overall revenue growth. Adjusted property EBITDAR at regional properties totaled $340 million, reflecting a solid performance. Regional properties witnessed a 12% increase in revenue, amounting to $960 million. While regional operations remained an important revenue driver for MGM Resorts, the exceptional growth was primarily observed in the Las Vegas market.
III. Acquisition of The Cosmopolitan and Aria Resort & Casino:
The inclusion of recently acquired properties, The Cosmopolitan and the Aria Resort & Casino, played a significant role in MGM Resorts’ impressive financial performance. Same-store net revenue, adjusted for acquisitions and dispositions, reached $1.6 billion, demonstrating a remarkable year-over-year increase of 60%. The strategic acquisition of these properties further solidified MGM Resorts’ presence in the Las Vegas market and contributed to the overall revenue growth.
IV. MGM China’s Performance:
While MGM Resorts International witnessed substantial growth in its Las Vegas and regional operations, MGM China experienced a decline in revenue during Q2. Revenue for MGM China decreased by 54%, from $311 million to $143 million. Despite the challenges faced in the Chinese market, MGM Resorts International remains focused on addressing the situation and seeking avenues for improvement in its operations in the region.
MGM Resorts International’s second-quarter financial results showcased an outstanding 44% increase in revenue, driven by the strong performance of its Las Vegas operations. The company’s Las Vegas Strip resorts and regional properties demonstrated impressive growth, contributing significantly to the overall revenue figures. The strategic acquisitions of The Cosmopolitan and Aria Resort & Casino further bolstered the company’s financial performance. While MGM China faced challenges, the company remains committed to addressing the situation and seeking opportunities for growth. With its strong Q2 results, MGM Resorts International is well-positioned to continue its success in the global hospitality and entertainment industry.