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Jun 30, 2021
MGM Q2 2021 Earnings Report
MGM Resorts International reported a strong second quarter, driven by robust demand and productivity efforts across its domestic portfolio.
Key Takeaways
MGM Resorts International reported a significant increase in consolidated net revenues, reaching $2.3 billion, a 683% increase compared to the prior year quarter. Consolidated operating income was $264 million, a substantial improvement from the prior year's operating loss of $1.0 billion. Net income attributable to MGM Resorts was $105 million, compared to a net loss of $857 million in the prior year quarter.
Las Vegas Strip and Regional Operations Adjusted Property EBITDAR margins reached all-time records.
Regional Operations delivered an all-time quarterly record in Adjusted Property EBITDAR.
Strategic transactions, including the monetization of MGP Operating Partnership units and real estate assets, bolstered liquidity and simplified corporate structure.
Company returned capital to shareholders through share repurchases and expects to remain programmatic in its approach.
Revenue by Segment
Forward Guidance
MGM Resorts did not provide specific forward guidance in this earnings report. The report highlighted strategic transactions aimed at bolstering liquidity and streamlining the company's structure. The company expects to remain programmatic in its approach to returning capital to shareholders through share repurchases.
Positive Outlook
- Expected closing of the VICI Properties, Inc. acquisition of MGP.
- Expected closing of the purchase of the remaining ownership interest in CityCenter.
- Expected closing of the acquisition of the real estate assets of Aria and Vdara by a fund managed by Blackstone Group Inc.
- Expected closing of the acquisition of the real estate assets of MGM Springfield by MGP.
- Continued growth and success of BetMGM.
Challenges Ahead
- Continued impact of COVID-19 on business.
- Economic conditions and market conditions in the markets in which the Company operates.
- Competition with other destination travel locations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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