The global hospitality and entertainment company, MGM Resorts International, released its latest results, outlining the performance for the third quarter of 2022.
MGM Resorts Revenue Soars in Q3
On Wednesday, the company unveiled its unaudited results, acknowledging that it has seen strong growth in the three months ended September 30, 2022. Total net revenues in Q3 this year hit $3.4 billion, marking a significant 26% increase when compared to the $2.7 billion in revenue reported for the same period in 2021.
A breakdown of the $3.4 billion in revenue shows that casino revenue increased slightly to $1.4 billion in Q3 this year. However, the revenue from rooms, food and beverage and entertainment segments all marked an increase. MGM’s rooms revenue in Q3 this year hit $827.4 million, up from the $490,5 million reported in Q3 last year. Similarly, the company’s food and beverage revenue increased from $416.5 million in Q3, 2021 to $723 million in Q3 this year. Finally, the revenue from entertainment, retail and other verticals increased to $447.6 million.
Besides a year-over-year increase in Q3, MGM Resorts released details regarding the performance of the company for the nine months until September 30, 2022. The total revenue reported for the nine months until September 30, 2021, halted at $6.62 billion. In contrast, for the same period this year, it soared to $9.53 billion.
Operations in Las Vegas Report Strong Results
Bill Hornbuckle, MGM Resorts International’s CEO and president, shared his excitement about the recent results. He outlined that the company’s Las Vegas operations saw their best quarterly performance when it comes to revenue, as well as adjusted property EBITDAR. Hornbuckle acknowledged that this strong performance was primarily driven by the company’s meeting offerings and strong interest in its entertainment segment.
“We’re proud to report the best quarter in our Las Vegas Strip history, both on a revenue and Adjusted Property EBITDAR basis, driven by the continued appeal of our entertainment and meetings offerings.“
Bill Hornbuckle, CEO and President of MGM Resorts International
A breakdown of the $3.4 billion in revenue reaffirms Hornbuckle’s words, considering that the company’s Las Vegas Strip operations reported an increase in revenue of 67% to $2.3 billion. This is a significant increase when compared to the $1.4 billion reported for Q3 last year. Adjusted EBITDAR in Q3 for MGM Resorts’ Las Vegas Operations hit $846 million, marking a 58% increase when compared to Q3 in 2021 when $535 million was reported.
Besides strong performance, MGM completed multiple strategic achievements during the third quarter. The company closed the acquisition of LeoVegas, the global iGaming and sports betting operator. Moreover, it submitted a new 10-year gaming concession tender in Macau.