MGM reports successful Q4 and FY 2023

MGM reports successful Q4 and FY 2023

Added:
MGM reports successful Q4 and FY 2023

MGM Resorts’s latest financial analysis has revealed a healthy growth momentum for the firm.

Starting off with the company’s Q4 performance, MGM Resorts experienced a 22% year-over-year increase in its net revenues, generating 4.4 billion dollars in the three-month period. This led to significant increases in the firm’s operating and net incomes, the former of which went from a loss of 2 million dollars to an income of 419 million dollars, while the latter grew from 284 million dollars to 313 million dollars. MGM Resorts’ adjusted EBITDAR, on the other hand, was recorded at around 1.2 billion dollars.

The company’s performance in the financial year involved a set of similar increases, with MGM’s net revenues growing from 2022’s 13.1 billion dollars to 16.2 billion dollars. This led to an increase in the firm’s operating income, which was recorded at 1.9 billion dollars, however, MGM Resorts’ net income experienced a slight decrease from last year’s 1.5 billion dollars to 1.1 billion dollars. This reduction was due to a number of reasons, including increases in rent and REIT transactions.

Lastly, MGM mentioned that one of the main driving factors behind its revenue increases was the growth in the revenues of its operations in China, along with an increase in the non-gambling revenues of the company’s establishments in Las Vegas.

  • Genting Singapore’s non-gambling focus amid warning Genting Singapore’s non-gambling focus amid warning
  • KSA imposes penalty on Casbit KSA imposes penalty on Casbit