MGM Resorts International, a renowned leader in the hospitality and entertainment industry, recently disclosed its financial results for the fourth quarter and full year ending December 31, 2023.
In the fourth quarter of 2023, MGM Resorts reported consolidated net revenues of $4.4 billion, representing a significant 22% increase compared to the same period in the previous year. This notable growth was primarily driven by strong revenue generation at MGM China, attributed to the easing of COVID-19-related entry restrictions in Macau.
Key Financial Highlights
- Las Vegas Strip Resorts
- Net revenue: $2.4 billion
- Adjusted property EBITDAR: $864 million
Regional Operations
- Net revenue: $873 million
- Adjusted property EBITDAR: $233 million
MGM China
- Net revenue: $983 million
- Adjusted property EBITDAR: $262 million
Bill Hornbuckle, President and CEO of MGM Resorts, expressed satisfaction with the company’s performance, highlighting record-breaking achievements at Las Vegas Strip Resorts and MGM China. Hornbuckle emphasized MGM Resorts’ premium positioning in Las Vegas and its ability to capture incremental profit during major events, such as the inaugural Formula 1 race and the Super Bowl. Looking ahead to 2024, Hornbuckle conveyed optimism regarding strategic partnerships and growth opportunities, including the recently launched Marriott relationship and plans to increase convention room nights and international presence.
Jonathan Halkyard, CFO and Treasurer of MGM Resorts, provided insights into the company’s financial strategies and initiatives. Halkyard announced the successful amendment and extension of MGM Resorts’ senior secured credit facility, enhancing the company’s financial flexibility and extending the maturity to 2029. He also highlighted MGM Resorts’ commitment to returning capital to shareholders through share repurchases, with approximately 6 million shares repurchased year-to-date.
In comparison, BetMGM, a joint venture between Entain and MGM Resorts, reported robust performance for fiscal year 2023. The company achieved net revenue from operations of $1.96 billion, reflecting a 36% year-over-year increase.
MGM Resorts International’s financial results for the fourth quarter and full year ending December 31, 2023, underscore its resilience and strategic foresight amidst evolving market dynamics. With strong performance across its various operating segments and a commitment to shareholder value, MGM Resorts remains well-positioned for sustained growth and success in the global hospitality and entertainment industry.
