MGM Q3 2022 Earnings Report
Key Takeaways
MGM Resorts International reported a 26% increase in consolidated net revenues to $3.4 billion, driven by the inclusion of The Cosmopolitan and Aria, and increased Las Vegas Strip Resorts activity. However, the company experienced an operating loss of $1.0 billion, and a net loss attributable to MGM Resorts of $577 million, primarily due to increased noncash amortization expense and the absence of a prior-year gain on consolidation of CityCenter.
Consolidated net revenues increased by 26% to $3.4 billion, driven by Las Vegas Strip Resorts.
Operating loss was $1.0 billion, compared to an operating income of $1.9 billion in the prior year quarter, due to increased noncash amortization expense and the absence of a prior-year gain.
Net loss attributable to MGM Resorts was $577 million, compared to a net income of $1.4 billion in the prior year quarter.
The company repurchased approximately 10 million shares for an aggregate amount of $307 million in the quarter.
MGM
MGM
MGM Revenue by Segment
Forward Guidance
MGM Resorts' outlook remains promising, with continued progress in operations with BetMGM and development initiatives in New York and Japan, as well as strong bookings into 2023 in domestic operations.
Positive Outlook
- Continued progress in operations with BetMGM
- Development initiatives in New York and Japan
- Strong bookings into 2023 in domestic operations
Revenue & Expenses
Visualization of income flow from segment revenue to net income