MGM Q3 2023 Earnings Report
Key Takeaways
MGM Resorts International reported consolidated net revenues of $4.0 billion, a 16% increase compared to the prior year quarter. This growth was primarily driven by increased revenue at MGM China, offset by decreased revenues at Las Vegas Strip Resorts and Regional Operations. The company's operating income was $370 million, and net income attributable to MGM Resorts was $161 million.
Consolidated net revenues increased by 16% year-over-year to $4.0 billion.
Operating income reached $370 million, a significant improvement from the prior year's operating loss of $1.0 billion.
Net income attributable to MGM Resorts was $161 million, compared to a net loss of $577 million in the prior year.
Adjusted diluted earnings per share was $0.64, compared to a loss of $1.39 in the prior year.
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MGM Revenue by Segment
MGM Revenue by Geographic Location
Forward Guidance
MGM is optimistic about upcoming events like Formula 1 in Las Vegas and the debut of the MGM Collection with Marriott Bonvoy, as well as the Super Bowl. MGM China is performing well, and there are development opportunities in New York and Japan.
Positive Outlook
- Formula 1 race in Las Vegas expected to drive revenue.
- Debut of the MGM Collection with Marriott Bonvoy anticipated to attract new customers.
- Super Bowl event expected to generate significant revenue.
- MGM China's performance is strong due to the removal of COVID-19 restrictions.
- Potential development opportunities in New York and Japan could expand the company's footprint.
Challenges Ahead
- No negative forward guidance mentioned in the provided text.
Revenue & Expenses
Visualization of income flow from segment revenue to net income