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MGM Resorts releases Q2 earnings results
MGM Resorts International announced its financial performance during the 2nd quarter of this year, reporting 1 billion dollars in annual revenue.
MGM reported 3.3 billion dollars for Q2, which is 4% more from 2021’s 2.3 billion dollars. MGM Las Vegas produced 2.1 billion dollars, almost 64% more for the 2nd quarter.
The segment took an advantage from the operating outcomes of the Cosmopolitan, which was purchased by the resort along with Aria.
In the meantime, regional operations did not develop so well, but income grew by 12% to 960 million dollars, which is also due to growing business volume.
At the same time, MGM China saw a 54% drop in profit with the amount dropping from 311 million dollars to 143 million dollars which was the result of the latest coronavirus outbreak and new lockdown in Macau.
Consequently, MGM generated 1.8 billion dollars in net income, a growth of more than 1000% in comparison with 105 million dollars of the same period last year.
MGM’s president and the CEO B. Hornbuckle was actually pleased with the outcomes the resort saw for the 2nd quarter.
“The outcome of the Q2 was remarkable with a really good adjusted EBITDAR from the Las Vegas Strip. We also had the best adjusted EBITDAR for regional operations. We are optimistic about the future and BetMGM keeps being considered as a leader in our market.”