MGM reports a 16% revenue increase in Q3 2023
MGM Resorts’ latest quarterly financial analysis highlighted a healthy increase in the firm’s revenue.
The report’s headline figure was a revenue of 4 billion dollars, up from last year’s revenue of just over 3.3 billion dollars. MGM’s operating income grew to 370 million dollars, up from the loss of a billion dollars the company experienced in the third quarter of last year. This also helped the company’s net income get into the positives, up from last year’s 577 million dollar loss to an income of 161 million dollars.
The report then broke down the figures by the company’s operating regions, starting with MGM’s properties on the Las Vegas Strip. These operations generated 2.1 billion dollars in the quarter, slightly less than last year’s revenue of 2.3 billion dollars. The company mentioned that one of the driving factors for this decrease was the recent cyber attack its Las Vegas properties experienced in September.
MGM then highlighted the performance of its regional properties, which generated 925 million dollars in the quarter, down by 5% from last year’s revenue of 974 million dollars. The firm’s Chinese operations, on the other hand, experienced a massive over 800% year-over-year increase, going from a revenue of 87 million dollars to 813 million dollars. The main reason behind this increase was the loosening of pandemic-related travel restrictions in China and around the world.